Saudi Aramco Power Company, the utility asset of the kingdom's oil company, joined the consortium led by Acwa Power to develop the 1.5 Gigawatt Sudair Solar plant in the kingdom. The project reached financial close on Sunday.
The 3.4 billion Saudi riyals ($907m) project, which is backed by the kingdom's Public Investment Fund, will be built within Sudair Industrial City and will provide power to 185,000 homes, offsetting 2.9 million tonnes of carbon dioxide.
In April, Crown Prince Mohammed bin Salman announced the development of the project. The consortium then signed a 25-year power purchase agreement with the Saudi Power Procurement Company. The project is set for commissioning in the second half of 2022 and will become the largest of its kind in the kingdom.
Saudi Arabia, the world's largest exporter of oil, plans to add gas and renewables capacity equating to one million barrels of oil per day by 2030.
The kingdom is looking to green its power mix and export more barrels of oil. It is also committing to lowering emissions and the energy impact of fossil fuels as part of its diversification strategy for 2030.
The PIF holds a 50 per cent stake in Acwa Power, one of the most prolific developers of conventional and renewable energy projects in the kingdom.
The sovereign wealth fund has been given the mandate to develop nearly 70 per cent of renewable projects in Saudi Arabia. Utilities and renewables are among the 13 sectors identified by the fund as part of its Vision 2030 strategy.
Acwa Power and Saudi Arabia's Badeel, which is part of the consortium, will hold a 50 per cent and 35 per cent stake each in the company. Aramco's Sapco will have a 30 per cent interest in the company.
The solar project has one of the lowest tariffs for solar photovoltaic projects globally.
Mizuho Bank, Riyad Bank, Korea Development Bank, Arab Petroleum Investments Corporation, Al Rajhi Banking and Investment Corporation, Standard Chartered are financiers of the project. Bank Al Bilad, Saudi British Bank and SMBC International provided equity bridge financing.
Funding for the scheme is based on limited recourse project financing with senior debt structured as soft mini-perm facility with a tenure of 28 years, covering both conventional and Islamic tranches.
"Our involvement in the Sudair Solar PV plant reflects our efforts to advancing sustainable energy solutions, both within our own operations and the broader energy network," said Aramco senior vice president - downstream, Mohammed Al Qahtani.
"While hydrocarbons will continue to be a vital part of the energy mix for decades to come, renewables like solar have an important role to play in helping achieve the world’s climate goals. Sudair will support Saudi Arabia’s ambition to generate part of the nation’s power needs from renewable energy by 2030, and is one of several low-carbon energy options being deployed by Aramco," he added.
The engineering procurement and construction contract for the project was awarded to Larsen & Toubro in April.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
PREMIER LEAGUE STATS
Romelu Lukaku's goalscoring statistics in the Premier League
Season/club/appearances (substitute)/goals
2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
DUBAI SEVENS 2018 DRAW
Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers
Gulf Men’s Open
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Pool B – Amman Citadel, APB Dubai Sharks, Jebel Ali Dragons 2, Saudi Rugby
Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2
Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
Pool B – Dubai English Speaking College 2, Jumeirah College, Dubai College A, Abu Dhabi Harlequins 2
Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC
Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers
Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins
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Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
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