Turkey's Kalyon Enerji, in which Abu Dhabi’s International Holding Company has a 50 per cent stake through Multiply Group, aims to grow its renewable energy portfolio globally, after signing a $7 billion deal in Syria to construct new power plants in the war-torn country.
Kalyon Enerji is co-owned by Turkish conglomerate Kalyon Holding, which has interests in several sectors including construction, energy and aviation.
“Our renewable portfolio at the moment is more than 2 gigawatts in operation but, in the coming five years, our target is to increase our portfolio to 5 gigawatts,” Kalyon Enerji's chief executive Murtaza Ata said in Istanbul.
“We are looking at opportunities in the Middle East, Eastern Europe and in the US to grow our portfolio.”
In Eastern Europe, Kalyon Enerji is considering Romania and Poland, while in the Middle East and North Africa, it is targeting markets including Algeria, Morocco and Libya, according to Mr Ata.
In the US, “there are many projects that have been offered to us and we are studying them”, he said, without disclosing details.
Globally, countries are boosting investments in renewable projects as they look to cut emissions to meet their clean energy goals. The US aims to achieve net-zero emissions by 2050, while other countries have set their own targets to cut emissions to reduce global warming.
Kalyon Enerji’s portfolio includes a 1.3-gigawatt solar power plant in Turkey, which is the “largest in Europe and has received the largest green financing from UKEF [UK Export Finance]”, Mr Ata said. Its other projects are also based in Turkey.
The Istanbul-based company has “all the capacity and capability to execute projects on its own”, Mustafa Kocar, chief executive of Kalyon Holding, said.
“Currently, we are the biggest renewable investor in Turkey. So basically, we have the technical expertise, we have the capacity to inject more equity in new projects and we can secure the financing through our own resources,” he added.
“We have very good relations with the international financing network.”
New power plants in Syria
Kalyon Enerji is building new power plants in Syria after economic sanctions were lifted on the country by the US and the EU last month.
On Thursday, it signed a $7 billion energy investment agreement with a consortium of companies including Qatar's UCC Holding as well as US company Power international and Cengiz Enerji of Turkey to build a solar power plant with a capacity of 1,000 megawatts and natural gas power plants with a combined capacity of 4,000 megawatts in the country.
“The target is to complete natural gas power plants in three years after financial closure, which maybe four years from today. For solar one and a half year after financial closure, which is two and a half years from today,” said Mr Ata.
After 14 years of war, Syria's electricity sector has been suffering from severe damage to its grid and power stations, ageing infrastructure, and persistent fuel shortages, generating only 1.6 gigawatts of electricity, down from 9.5 gigawatts before 2011, according to a Reuters report.
Reconstructing the country's power sector is expected to cost about $11 billion and the new administration is betting on the private sector shouldering the burden, underlining a shift from the state-led economic policies of the former regime led by Bashar Al Assad.
“We are really happy to contribute to the development of Syria after the new situation,” Mr Ata said.
Global expansion in construction
Meanwhi, Kalyon Holding is also eyeing opportunities in other verticals of its business including in construction, according to Mr Kocar.
“We were more [of] a local company, but in the last couple of years, with this strategy of internationalisation, on the construction side, we are undertaking some works in Azerbaijan in rail and highway,” he said.
“We are also doing a gas pipeline project for Romania’ state-owned Transgaz and are bidding for many tenders on the construction side in the Middle East, CIS [Commonwealth of Independent States], North Africa and Eastern Europe.”
Kalyon Holding is also eyeing opportunities in airport construction in Turkey and other parts of the Middle East after building Istanbul airport in 2019.
“We have a 55 per cent stake in Istanbul airport, and we have completed its construction, and we are now managing the airport together with our partner there,” Mr Kocar said.
“Airport construction investment is also an area that we are looking at, not only in Turkey but also in the region.”
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Retail gloom
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Richard Jewell
Director: Clint Eastwood
Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
Two-and-a-half out of five stars
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
