Saudi Arabia’s Acwa Power signed an investment agreement to develop a 240 megawatt wind power plant in Azerbaijan.
The deal was signed with the country's ministry of energy to develop the project in the Absheron and Khizi regions, Acwa Power said in a statement on Tuesday. The total investment in the project is $300 million.
“The kingdom of Saudi Arabia and Azerbaijan enjoy long-term diplomatic and economic relations, and cooperation between the two countries has been strengthened recently through their participation in Opec+ [the alliance of Opec and non-Opec members]," Saudi Arabia's energy minister Prince Abdulaziz bin Salman said. “Azerbaijan, along with other member countries played an important role in promoting stability in global oil markets.”
Azerbaijan also achieved a “high level of compliance” with the pact aimed at curbing production, which is currently withholding about 7.7 million barrels of oil per day from the markets, Prince Abdulaziz added.
Azerbaijan, which largely relies on natural gas to meet its energy needs, is aiming to diversify its energy mix and is targetting 30 per cent of renewable energy capacity by 2030. The country has committed to reducing its greenhouse gas emissions by 35 per cent by 2030 and is fast tracking public-private partnerships to develop wind projects in the country.
The new wind project will “mark a next stage of economic cooperation between our countries,” Azerbaijan’s energy minister Parviz Shahbazov, said.
“In addition to being the first ever foreign investment based-IPP [independent power producer project], the wind power station annually will help to generate 1 billion KWh electricity, saving up to 220 million cubic metres of gas, cutting down on 400,000 tonnes of emissions annually, create new jobs and new production and service areas.”
Acwa Power also signed two separate deals including a power purchase agreement and transmission connection agreement with Azerenerji, the country’s national power electrical power company, on the project.
The kingdom’s sovereign wealth fund, the Public Investment Fund, is the biggest stakeholder in Acwa Power with a 50 per cent share of the company. The company has eight other stakeholders, including the Saudi Public Pension Agency and the International Finance Corporation, part of the World Bank.
The company operates in 12 countries in the Middle East, Africa and Southeast Asia. It has a portfolio of 60 assets with a total investment of $61.2 billion producing 38.7 gigawatts of power and 5.8 million cubic metres per day of desalinated water.
In March, Acwa Power signed three deals worth up to $2.5bn with the Uzbekistan government to build power plants.
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
More on animal trafficking
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m. Winner: Majd Al Megirat, Sam Hitchcott (jockey), Ahmed Al Shehhi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m. Winner: Dassan Da, Patrick Cosgrave, Helal Al Alawi
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Heba Al Wathba, Richard Mullen, Jean de Roualle
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 (T) 1,400m. Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m. Winner: Jawal Al Reef, Richard Mullen, Ahmed Al Mehairbi
Handicap (TB) Dh100,000 (T) 2,200m. Winner: Harbour Spirit, Adrie de Vries, Jaber Ramadhan.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
