TAQA switches focus to electricity



Abu Dhabi National Energy Company (Taqa) will turn its focus back to electricity generation after snapping up oil and gas wells across the world, the company's chief executive said today. The new emphasis on acquiring electricity, or "downstream" assets, coincides with the release of a bond prospectus proposing the issuance of up to US$9 billion (Dh33bn) worth of commercial paper, and comes a day after a Taqa official said the firm would enter the Asian power market.

The company has acquired a number of oil and gas assets in the North Sea this year, including exploration blocks and existing wells and pipelines. But Mr Barker Homek said Taqa would now look to bolster its power generation assets, which provide a stable source of revenue for the company. "We are looking at emphasising downstream development at this point just to get our portfolio back towards our ideal," he said. "We're very heavy in upstream in North America, so we'd like to balance back towards the downstream. Similarly in Europe."

Mr Barker-Homek declined to specify whether the proposed bond would be used to fund new acquisitions. "We think it's a good time to test the market's appetite for Taqa paper," he said. "If we were to issue, the first order of business would be to pay down any short-term facilities we've drawn." As of June 30, Taqa had about Dh1.2bn worth of debt due within the year, according to the prospectus, and had access to more than Dh5bn worth of cash and cash equivalent.

cstanton@thenational.ae

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The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
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Boar:loving, tolerant, indulgent   

The years Ramadan fell in May

1987

1954

1921

1888

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Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

Specs
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