Emirates Water and Electricity Company received a record-low bid for a planned two gigawatt solar photovoltaic project being developed in the Al Dhafra region of Abu Dhabi.
The company, a subsidiary of the Abu Dhabi Power Corporation, said it received a cost-competitive tariff for solar photovoltaic energy of 4.97 fils per kilowatt hour (1.35 US cents/kWh) on the basis of levelised electricity costs.
Ewec did not disclose the name of the lowest bidder.
Acwa Power, EDF in consortium with Jinko Power, International Power-Engie, Marubeni in consortium with Total Solar, and SoftBank Energy Global alongside Eni submitted technical and commercial bids for the scheme, according to an Ewec representative.
The company will move ahead with negotiating a power purchase agreement with the shortlisted bidder, he said.
The UAE accounts for 4 per cent of global crude output, much of it from oilfields in Abu Dhabi. The emirate is diversifying its energy mix, adding solar and nuclear sources to its grid, as it looks to free up its hydrocarbons for export markets.
Abu Dhabi intends to generate half of its power requirements from clean energy sources by 2030.
The planned two gigawatt PV project comes after the start-up in June of the 1.7 gigawatt Noor Abu Dhabi plant.
That project, built at a cost of Dh3.2 billion, is a joint venture between Abu Dhabi Power Corporation, Japan's Marubeni and China's Jinko Solar.
The tariff received on the Dhafra scheme is 44 per cent lower than the one generated for the Noor Abu Dhabi project, the emirate's first solar PV scheme.
"Securing such competitive tariffs on our energy projects is fundamental to support economic growth across all sectors in the UAE," said Ewec chief executive Othman Al Ali.
"We look forward to signing the power purchase agreement and to delivering the project in the second quarter of 2022".
With the addition of the latest project to the grid, Abu Dhabi's total solar power generation capacity will stand at 3.2 gigawatts.
Ewec tendered financing, construction, operation, and maintenance packages for the Dhafra solar plant in July, for which 24 companies qualified to submit bids.
The company was created in 2019 after a presidential decree and replaced the Abu Dhabi Water and Electricity Company as part of efforts by the regulator, the Federal Electricity and Water Authority, to consolidate power and water generation assets across the emirate.
The Dhafrah project, which will be built through an independent power producer model, will cover an area of 20 square kilometres and could provide electricity to 110,000 households across the UAE, according to Ewec.
IPPs are typically not owned by the state but build and operate power plants for the sale of electricity to buyers, which could include a utility, the government or end users.
Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
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Match info:
Real Betis v Sevilla, 10.45pm (UAE)
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
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Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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BMW M5 specs
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
