Abu Dhabi’s clean energy company Masdar has signed a preliminary agreement with Jordan’s Ministry of Energy and Mineral Resources to develop renewable energy projects in the kingdom, strengthening its commitment to sustainability and decarbonisation.
Under the pact signed on Thursday at the Cop27 climate summit in Egypt, the two entities will explore investment in renewable energy projects in Jordan with a production capacity of up to 2 gigawatts, Masdar said.
The collaboration will also include exchange of expertise and knowledge in the areas of renewable energy and infrastructure development, including electricity transformation, distribution and exportation.
The projects will “support Jordan’s ambitious renewable energy goals and help to ensure energy security for the nation”, said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Special Envoy for Climate Change and chairman of Masdar.
“As we look toward hosting Cop28 in the UAE next year, Masdar is dedicated to supporting our neighbouring countries in the Middle East in their energy transitions,” Dr Al Jaber said.
Masdar has more than $20 billion of investments globally and is rapidly expanding its renewables portfolio as countries focus on cutting emissions to limit global warming.
This year, the company signed a number of new agreements to explore and develop renewable energy and green hydrogen projects after increasing its global clean energy portfolio capacity by 40 per cent in 2021.
Masdar aims to reach 100 gigawatts of renewable capacity in the next 10 years.
In Jordan, the company has already accomplished two major renewable energy plants.
In 2015, Masdar delivered the Tafila Wind Farm in Jordan, the first commercial utility-scale wind power project in the Middle East. The 117-megawatt wind farm increased the country’s total power capacity by 3 per cent.
Masdar was also the developer and lead partner on the 200-megawatt Baynouna project, located east of Amman, which is the largest single solar energy project in Jordan, Masdar said.
It generates 563 gigawatt hours of electricity each year, equivalent to 4 per cent of the annual energy consumption of Jordan.
Since 2020, the project has been meeting the annual power needs of approximately 160,000 homes, displacing an estimated 360,000 tonnes of carbon dioxide each year.
Through the latest agreement, Masdar is likely to significantly increase its renewable energy footprint in Jordan, which currently produces around 29 per cent of its electricity from renewable sources, and aims to increase this share to 50 per cent by 2030, according to Saleh Al-Kharabsheh, Jordan’s Minister of Energy and Mineral Resources.
“The country is also looking to become a regional hub for green energy production benefiting from the abundance of renewable energy, in addition to its central location in the Middle East and Africa,” Mr Al-Kharabsheh said.
The partnership with the UAE and Masdar will help Jordan to reach its sustainability ambitions, he said.
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Company Fact Box
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.
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Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Jetour T1 specs
Engine: 2-litre turbocharged
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Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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