Siemens and General Electric signed preliminary agreements to add 11 and 14 Gigawatts respectively to Iraq’s power infrastructure amid competition for multibillion dollar contracts.
GE said on Sunday its 14GW power capacity plan for Iraq could result in 65,000 direct and indirect jobs, leading to annual savings and recoverable losses of up to $3 billion (Dh11.02bn). The company said it would secure financing for the projects through its relationships with international credit agencies and financial institutions.
Meanwhile Siemens, which had presented a plan for reconstruction of Iraq’s power sector last September, said its 11GW agreement will examine “a series of short-, medium- and long-term plans to meet the reconstruction goals of Iraq and support the country’s economic development”.
The announcements come amid intense speculation that American GE had beaten the German company to secure Iraqi power contracts under pressure from the Trump administration. Both companies are chasing what could be billions of dollars worth of contracts as they begin work to revamp power plants and reduce gas flared from Iraq's southern oilfields.
A World Bank assessment has pegged the cost of rebuilding Iraq at around $150bn, with the utilities sector ranking high on the government’s priority. The dilapidated power network was the main factor that fuelled protests across Iraqi provinces during the summer months, when temperatures can easily reach up to 50° C, occasionally requiring government mandated holidays to cope with the extreme weather.
Both companies were approached by the Iraqi government to help reduce gas flaring, which the oil ministry hopes to tap by 2021. The World Bank estimates around 16 billion cubic metres of gas from the country's fields was flared in 2015, costing the economy billions in lost revenue.
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Read more:
Siemens to add 11GW capacity to Iraq’s power grid as part of $15bn deal
Iraq could save $5.2bn in four years from flared gas reduction, says Siemens
Exclusive: Siemens expects uptick in growth of regional business on back on Iraq energy needs
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Gas flaring associated with oil production, particularly from the southern fields, remains a critical challenge for Iraq, which has burnt billions of dollars worth of the fuel due to lack of infrastructure.
The Siemens deal, which was signed by its president and chief executive Joe Kaeser with Iraqi Electricity Minister Qasim Al Fahdawi, follows an earlier presentation of a power rehabilitation road map by the company. Siemens had proposed to add up to 50 per cent of current generating capacity as part of a $15bn plan presented to the federal government in Baghdad.
The company had mapped out a phased overhaul of Iraq’s energy infrastructure, with the first scheme set to affect up to 300,000 people and be completed in three months. Medium to long-term plans for the sector could take 10 to 24 months.
“We are ready to start and look forward to working closely with the Iraqi government to immediately produce noticeable improvements for the Iraqi people,” said Mr Kaeser.
Siemens undertook a 12-month study to gauge a viable redevelopment plan highlighting provinces in dire need of priority rehabilitation.
“The economic viability of the plan is secured by billions of US dollars in potential fuel savings and revenue generation for the electricity sector, supporting the development of the future Iraq,” the company said in a statement.
GE, on the other hand, said it would bring online approximately 1.5GW of additional power by 2019 through upgrades at existing plant sites, which would be sufficient to supply up to 1.5 million Iraqi homes.
The company would also undertake “maintenance and rehabilitation services” to secure availability of another 7GW currently under operation, it said.
Other plans include upgrading existing power facilities, conversion of simple cycle power plants to combined cycle and developing substations and overhead lines across the country. It would also develop a centralised energy management system that covers generation, transmission and distribution.
In an interview with The National last November, GE unit Baker Hughes said it had added 400 Megawatts to Iraq's power grid by addressing gas flared from the Nassiriya and Al Gharraf fields.
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
UAE currency: the story behind the money in your pockets
More on Quran memorisation:
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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MATCH INFO
Bangla Tigers 108-5 (10 ovs)
Ingram 37, Rossouw 26, Pretorius 2-10
Deccan Gladiators 109-4 (9.5 ovs)
Watson 41, Devcich 27, Wiese 2-15
Gladiators win by six wickets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Killing of Qassem Suleimani
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
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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 National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
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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.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now