The Kuwait Authority for Partnership Projects (KAPP)’s public offering of its stake in Shamal Azzour Al-Oula, the operator of the Az-Zour North One power and water plant, generated strong investor interest with 127,000 Kuwaitis signing up to subscribe for shares.
The offering is the first Public Private Partnership project to come to market. Under rules governing these schemes, shares in the companies that own projects need to be offered to the public. Some 50 per cent of Shamal Azzour Al-Oula shares have been offered from October 1 to November 29, KAPP said in a statement.
“The public offering is mandated by the IWPP (Independent Water and Power Producers) and PPP (Public Private Partnership) Laws, which form an integral part of an overarching government effort to include citizens in the ownership of mega projects that are offered to private sector institutional investors”, KAPP said in the statement.
“In addition to providing attractive investment opportunities to citizens, PPP projects empower the private sector to take the lead in growing the national non-oil economy.”
The remaining 50 per cent of the company’s shares continue to be owned by its current shareholders: 40 per cent held by Azour North One Holding Company, comprising a consortium of investors including Engie, Sumitomo Corporation and AH Al Sagar & Brothers; 5 per cent by Kuwait Investment Authority; and 5 per cent by the Public Institution for Social Security.
Read More
Power and water produced by the company is supplied entirely to the national power and water grid operated by the Kuwait Ministry of Electricity and Water (MEW), under a 40-year long-term Energy Conversion and Water Purchase Agreement.
Az-Zour North One power and water plant commenced commercial operations in November 2016 and currently supplies about 10 per cent of Kuwait's installed power generation capacity and about 20 per cent of the country’s installed water desalination capacity.
Advisers for KAPP’s IPO were Watani Investments Company (NBK Capital) as lead adviser, Kuwait Clearing Company as technical adviser and International Counsel Bureau as the legal adviser.
SQUADS
India
Virat Kohli (captain), Rohit Sharma (vice-captain), Shikhar Dhawan, Ajinkya Rahane, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni (wicketkeeper), Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Shardul Thakur
New Zealand
Kane Williamson (captain), Martin Guptill, Colin Munro, Ross Taylor, Tom Latham (wicketkeeper), Henry Nicholls, Ish Sodhi, George Worker, Glenn Phillips, Matt Henry, Colin de Grandhomme, Mitchell Santner, Tim Southee, Adam Milne, Trent Boult
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Results for Stage 2
Stage 2 Yas Island to Abu Dhabi, 184 km, Road race
Overall leader: Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Fernando Gaviria COL (UAE Team Emirates) 2. Elia Viviani ITA (Deceuninck - Quick-Step) 3. Caleb Ewan AUS (Lotto - Soudal)
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
KILLING OF QASSEM SULEIMANI
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
All the Money in the World
Director: Ridley Scott
Starring: Charlie Plummer, Mark Wahlberg, Michelle Williams, Christopher Plummer
Four stars
UAE currency: the story behind the money in your pockets
OPINIONS ON PALESTINE & ISRAEL
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Killing of Qassem Suleimani
