Abu Dhabi’s clean energy company Masdar has nearly doubled its clean energy capacity and carbon dioxide displacement in two years.
The company grew its renewable energy capacity to 20 gigawatts in 2022, producing 18,000 gigawatt hours of clean energy and reducing carbon dioxide emissions by 10 million tonnes, Masdar said on Thursday.
The company said it was “on track” to meet its goal of becoming one of the world’s largest renewable energy companies by 2030.
Masdar aims to grow its capacity to at least 100 gigawatts of renewable energy by the end of the decade.
“In the past 17 years, Masdar became one of the world’s largest renewable energy investors and drivers of the energy transition,” said Dr Sultan Al Jaber, Cop28 President-designate and chairman of Masdar.
“Our momentum will see us accelerate global clean energy growth, expand our renewable energy footprint and play a vital role in delivering the UAE’s Net Zero by 2050 strategic initiative.
“As the UAE prepares to host Cop28, we are keen to collaborate with all parties to help the world triple renewable energy capacity by 2030 and achieve the goals of the Paris Agreement,” added Dr Al Jaber, who is also the UAE’s Minister of Industry and Advanced Technology.
Masdar is active in more than 40 countries and has invested in or committed investments to projects worth more than $30 billion.
It holds a 50 per cent stake in the Big Beau solar project in California
Last week, Masdar signed an initial agreement with the International Renewable Energy Agency (Irena) to co-operate on a major research project that will lead to the tripling of global renewable energy capacity by 2030.
The agreement is expected to provide a global baseline for renewable energy with a focus on solar, wind, hydropower, geothermal and other technology, including battery storage.
Last year was "a pivotal year in our legacy of growth. Throughout our history, Masdar has proven to be a pioneering force for sustainable change", said Mohamed Al Ramahi, chief executive of Masdar.
“With a uniquely talented team and a strong network of partners behind us, the future promises to be even brighter for Masdar, the UAE, and the world.”
Masdar has developed a green finance framework to guide future financing, including issuing green bonds, emphasising sustainability and aligning with best financial industry practices.
The issuance of green bonds in the Middle East region grew by 38 per cent between 2016 and 2020, and in 2020 alone, Middle Eastern governments drove 97 per cent of green bond issuances, compared with 13 per cent four years earlier, according to the Boston Consulting Group.
“Sustainable financing is more in demand than ever. Through our work we are creating opportunities for financial institutions to become part of the green financing agenda and to really put sustainable investments at the core of everything they do,” said Niall Hannigan, chief financial officer at Masdar.
“Every dollar of debt capital we raise will be deployed into developing green projects across the globe to the highest ESG standards, and a substantial proportion of that deployment will be in developing countries.”
In December, Masdar announced its new shareholding structure as part of a deal with the Abu Dhabi National Energy Company, better known as Taqa, Mubadala Investment Company and Adnoc, along with the creation of a green hydrogen business unit.
Masdar plans to produce one million tonnes of green hydrogen every year by the end of the decade.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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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
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
MATCH INFO
Newcastle United 1 (Carroll 82')
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Man of the match James Maddison (Leicester)
The specs
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Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
COMPANY%20PROFILE
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
