Abu Dhabi conglomerate International Holding Company has acquired a 50 per cent stake in Turkish renewable energy company Kalyon Enerji for Dh1.8 billion ($490 million) as it seeks to expand its clean energy portfolio.
IHC's subsidiary International Energy Holding will hold the stake, adding to IHC's international growth prospects.
Kalyon Enerji is owned by Turkish group Kalyon Holding, which is in the construction, energy and aviation industries.
The deal includes a solar power plant project with an installed capacity of about 1,348 megawatts peak — a unit of measurement for the output of power from renewable sources — in the Karapinar region, IHC said on Thursday.
The agreement also includes a wind power project in the Gaziantep region and other renewable projects in various cities across Turkey.
“This constitutes IHC's second-largest acquisition in the renewable energy sector to date,” IHC chief executive Syed Shueb said.
“With this transaction, IHC is further accelerating its growth in the renewable energy sector by partnering with Kalyon Enerji, and this will complement our renewable energy portfolio, which we will continue to grow across different markets.”
In May, IHC completed a Dh7.3bn strategic investment deal in the green energy sector with India's Adani Group.
This was one of the largest deals between the UAE and India, representing 4.8 per cent of the total trade between the two countries, the company said at the time.
The deal is of “great importance” to the two countries and regional markets, said Cemal Kalyoncu, chairman of Kalyon Holding.
“This strategic co-operation is of historical importance in terms of realising both potential projects in Turkey, and new markets and business fields in geographies that we plan to enter,” he said.
Turkey's Kalyon Karapinar Solar Power Plant, which is included in the deal with IHC, is expected to meet the annual electrical energy needs of about two million people.
Additionally, two million tonnes of fossil waste and carbon emissions will be prevented.
The plant, located on about 2,000 hectares in Konya's Karapinar district, is scheduled to be completed in 2023.
The deal comes at a time when the UAE and Turkey have been increasingly strengthening ties.
The two countries are exploring new investment opportunities and areas of potential collaboration in projects across various sectors to expand economic ties, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, said last month after a two-day visit to Turkey.
Areas of potential collaboration include gas, energy infrastructure, renewable energy, health care, biotechnology, agriculture technology, defence, logistics, digital communication, e-commerce and financial services, the ministry said.
Dr Al Jaber's visit followed UAE President Sheikh Mohamed’s tour to Turkey at the end of 2021, and the subsequent visit of Turkish President Recep Tayyip Erdogan to the Emirates in February.
The two countries signed 13 agreements and protocols in various fields at that time. The central banks of the two countries also signed a currency swap agreement.
In November, the UAE formed a $10bn fund to support investment in Turkey after talks between Sheikh Mohamed and Mr Erdogan.
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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
World Test Championship table
1 India 71 per cent
2 New Zealand 70 per cent
3 Australia 69.2 per cent
4 England 64.1 per cent
5 Pakistan 43.3 per cent
6 West Indies 33.3 per cent
7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
9 Bangladesh 0
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
