Abu Dhabi National Energy Company, better known as Taqa, Mubadala Investment Company and Adnoc have completed a deal to become shareholders in the emirate’s flagship clean energy champion Masdar.
This transaction — announced last year by President Sheikh Mohamed — will help Masdar grow rapidly on a global scale under an expanded mandate that covers renewable power, green hydrogen and other enabling clean energy technology, the companies said in a filing to the Abu Dhabi Securities Exchange on Thursday.
“As the founding chief executive of Masdar, I am excited to see Abu Dhabi’s energy leaders coming together to take Masdar to the next level,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, managing director and group chief executive of Adnoc, and chairman of Masdar.
“The Masdar clean energy powerhouse will unlock a new chapter of growth, development and opportunity for renewable energy and green hydrogen projects, both in the UAE and worldwide.”
In June, the parties entered into binding agreements that allowed Taqa and Adnoc to buy Masdar stakes from Mubadala.
Taqa has acquired a 43 per cent controlling stake in Masdar’s renewables business, with Mubadala retaining a 33 per cent interest and Adnoc owning the remaining 24 per cent.
Adnoc holds a 43 per cent controlling stake in Masdar’s new green hydrogen joint venture, Mubadala retains a 33 per cent interest and Taqa controls 24 per cent.
The transaction puts the value of the new Masdar joint ventures at about Dh7 billion ($1.9 billion) on a 100 per cent equity basis, the companies said at the time.
As part of the deal, Taqa, which has paid $1.02 billion in cash for its stake, will contribute its ownership interests in future Abu Dhabi renewable power projects to Masdar.
Masdar City, the emirate’s flagship sustainable urban development, will continue to remain under Mubadala’s ownership as the sole shareholder, according to the bourse disclosure.
The partnership consolidates the renewable energy and green hydrogen efforts of Taqa, Mubadala, and Adnoc under single brand — that of Masdar.
As the UAE continues to deliver on its Net Zero by 2050 programme and prepares to host the Cop28 climate conference next year, Masdar will speed up the delivery of world-scale projects and “help meet the world’s growing demand for clean energy”, Dr Al Jaber said.
“For Adnoc, our participation in Masdar is an important pillar in our strategy to expand clean energy production, unlock new opportunities for industrial development and drive decarbonisation,” he said.
The UAE, Opec's third-largest oil producer, plans to invest Dh600 billion by 2050 in renewable and clean energy capacity and achieve net-zero emissions in the next three decades.
Established by Mubadala in 2006, Masdar took a leadership role in the global energy sector and also helped to drive the nation’s economic diversification and climate action agenda.
Masdar currently operates in 40 countries and has a total investment of about $20 billion.
Last year, the company increased its global clean energy portfolio capacity by 40 per cent. This year, it signed agreements to explore and develop renewable energy and green hydrogen projects with a combined capacity of more than 10 gigawatts.
Masdar has an ambitious target to grow its capacity to at least 100 gigawatts of renewable energy capacity globally by 2030. The largest share of this capacity will come from wind and solar technology.
Beyond the initial goals, the company aspires to develop in excess of 200 gigawatts of renewable energy, aiming to solidify its position as a world leader in the renewable energy sector.
“We established Masdar 16 years ago based on an early conviction that building capabilities and supporting innovation and scale across the clean energy spectrum would be transformative for the nation and an investment in future generations,” said Khaldoon Al Mubarak, managing director and group chief executive of Mubadala.
“This significant milestone helps unlock synergies in Masdar’s continued growth journey and the UAE’s global energy leadership.”
The partners aim to rapidly scale up Masdar’s green hydrogen business as the company pushes to achieve an annual green hydrogen production capacity of up to a million tonnes by 2030, equivalent to saving more than six million tonnes of carbon dioxide emissions.
Hydrogen — which can be produced from both renewable energy and natural gas — is on track to become a more important fuel as economies and industries transition to a low-carbon world to mitigate climate change and global warming.
It comes in various forms, including blue, green and grey. Blue and grey hydrogen are produced from natural gas, while green is derived from renewable sources.
The UAE aims to export hydrogen as demand for clean fuel increases globally amid the energy transition pivot. The country has a goal of capturing a quarter of hydrogen market share worldwide.
Masdar will focus on growth opportunities around the world, including in the US, the Mena region, central Asian states, the Asia-Pacific region and key European countries.
“Growth is expected to come from a combination of new and existing projects, as well as acquisitions,” the regulatory filing said.
Mr Al Mubarak said global co-operation was vital to achieving critical scale in clean energy sources “and we are committed to leveraging our partnerships to enable Masdar to deliver a broader global impact”.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Islamophobia definition
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”.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Roger Federer's 2018 record
Australian Open Champion
Rotterdam Champion
Indian Wells Runner-up
Miami Second round
Stuttgart Champion
Halle Runner-up
Wimbledon Quarter-finals
Cincinnati Runner-up
US Open Fourth round
Shanghai Semi-finals
Basel Champion
Paris Masters Semi-finals
WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
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Killing of Qassem Suleimani
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Griselda
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206.5-litre%20V12%20and%20three%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E1%2C015hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C500Nm%20(estimate)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Early%202024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh2%20million%20(estimate)%3C%2Fp%3E%0A