Abu Dhabi’s clean energy company Masdar is teaming up with Emirates Steel Arkan to develop a green hydrogen project to decarbonise the hard-to-abate steel sector in the UAE.
The pilot project, which is being hailed as the first of its kind in the Mena region, will be located at Emirates Steel’s production units in the Industrial City of Abu Dhabi and will help the company produce green steel, which is in high demand globally.
The project, expected to be commissioned early next year, will demonstrate the use of green hydrogen, instead of natural gas, to extract iron from iron ore, a key step in steel making, the two companies said on Wednesday.
“Steel is an essential commodity driving economic growth and creating jobs and this project presents huge potential for reducing emissions while increasing trade,” Mohamed Al Ramahi, chief executive of Masdar, said.
Active in more than 40 countries and with a total electricity generation capacity of over 20 gigawatts, Masdar is targeting 100 gigawatts by 2030.
The announcement of the latest project comes as the global green steel market is projected to record an “exponential growth”, expanding about 130 per cent annually between 2023 and 2030, according to a new report from Fairfield Market Research. The market size for green steel is expected to reach $47.2 billion by the end of this decade.
Steel manufacturing contributes between 7 and 8 per cent of worldwide carbon emissions and companies are ramping up efforts to decarbonise their operations.
“We are spearheading the industry's shift towards a more sustainable future, in harmony with the UAE's strategic commitment to achieving net zero by 2050,” Saeed Al Remeithi, group chief executive of Emirates Steel Arkan, said.
In 2022, the Abu Dhabi-listed company achieved a double-digit reduction in energy intensity and in emissions and emissions intensity by using 80 per cent clean electricity, carbon capture and scrap metal utilisation, according to its statement.
The company has pledged to reduce its carbon emissions by 40 per cent by 2030 and achieve net-zero emissions by 2050.
Earlier this year, Emirates Steel Arkan in partnership with AD Ports Group, the operator of industrial cities and free zones in Abu Dhabi, also signed a non-binding initial agreement with Japanese companies to establish a low-carbon iron supply complex in Abu Dhabi.
“A lot of companies are approaching us and leveraging our decarbonisation levels” and the company is in a leading position “in terms of carbon dioxide emissions compared with others”, Mr Al Remeithi told The National in an interview this year.
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SCORES IN BRIEF
New Zealand 153 and 56 for 1 in 22.4 overs at close
Pakistan 227
(Babar 62, Asad 43, Boult 4-54, De Grandhomme 2-30, Patel 2-64)
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
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MATCH INFO
CAF Champions League semi-finals first-leg fixtures
Tuesday:
Primeiro Agosto (ANG) v Esperance (TUN) (8pm UAE)
Al Ahly (EGY) v Entente Setif (ALG) (11PM)
Second legs:
October 23
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Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
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How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
