The joint venture provides for upgrading the existing power plant in Afsin-Elbistan, above. Courtesy Taqa
The joint venture provides for upgrading the existing power plant in Afsin-Elbistan, above. Courtesy Taqa

Taqa signs $12bn coal plant deal with Turkey



Abu Dhabi plans to develop coal-fired power plants across Turkey at a cost of up to US$12 billion (Dh44.08bn).

The UAE and Turkey signed an agreement yesterday that will see the Abu Dhabi National Energy Company, known as Taqa, spearhead the massive project.

Growing ties in the energy sector between the two countries could even see Abu Dhabi invest in Turkey’s budding nuclear programme, Turkey’s energy minister said.

“We believe that the Turkish investment climate is right. We can only say that we will increase our investment in Turkey,” said Mohamed bin Dhaen Al Hamli, the UAE’s Energy Minister, who flew to Ankara to sign the agreement alongside his Turkish counterpart.

Yesterday’s deal clears the way for Taqa, a company that is majority-owned by Abu Dhabi, to build and operate a power generation base totalling 7,000 megawatts, or about 10 per cent of Turkey’s electricity needs by the time the plants are completed.

The agreement includes the development of lignite coal mines in the Afsin-Elbistan region in southern Turkey, where the plants will be built.

Taqa would operate in a joint venture with the Turkish government utility Elektrik Uretim. The plan provides for upgrading an existing power plant in Afsin-Elbistan, and encompasses four further large-scale plants.

Preparatory work for the first greenfield project will start immediately, as will the feasibility study for the next plant and the necessary mine development.

Taqa and Elektrik Uretim are expected to sell off stakes in the power projects to ease the financial burden, but maintain a majority shareholding.

The plants will be built consecutively, and it will take at least a decade until the construction phase is completed at a cost that could total $12bn.

Turkey’s energy sector is an attractive market for power companies. Driven by strong economic growth, the country’s energy needs are set to expand by more than 6 per cent a year during the next two decades.

Even as Abu Dhabi’s multibillion-dollar entry in Turkey’s energy sector was finalised, there was talk of further cementing ties with investment in Ankara’s nuclear programme.

Turkey will this month announce the winner of the tender for its second nuclear reactor, according to the energy minister Taner Yildiz. Four countries – South Korea, Japan, China and Canada – have companies bidding for the project.

Should the Korean Electric Power Corporation (Kepco) win, Abu Dhabi may become an investor in the Turkish reactor, said Mr Yildiz.

“If we prefer the South Korean’s, then the UAE will participate in the project in financial terms,” said Mr Yildiz, who has previously said that the Asian players are most likely to succeed.

Even if Kepco – which is currently building the UAE’s first four reactors – should not win the bid, Abu Dhabi could still come in as a financial partner.

“We welcome working with all companies,” said Mr Al Hamli. “We are ready to invest in feasible projects.”

Taqa holds a majority stake in all of Abu Dhabi’s large power plants, and in two plants in Fujairah. It also has electricity generating assets in the Middle East, Africa, India and the United States in a power portfolio of more than 15,000MW.

It was on course to win the tender for the first power plant run as a public-private partnership in Dubai last year, only to see the project postponed indefinitely.

The Abu Dhabi Water and Electricity Authority (Adwea) holds a controlling stake in Taqa, while Abu Dhabi’s Farm Owner Fund owns about 20 per cent of the Abu Dhabi Stock Exchange listed company.

On Wednesday, Taqa announced a $600m deal for a controlling stake in the Atrush oil block in Iraqi Kurdistan. Production at the field is expected to begin this year, making it the first hydrocarbon producing site for the company, which pumps oil in the United Kingdom’s North Sea, and extracts natural gas from fields in Canada.

While Taqa already owns a share in a power plant in Iraqi Kurdistan, producing oil in the autonomous region will not go down well with Iraq’s central government, which has a policy of blacklisting oil companies that sign oil contracts with the Kurdish Autonomous Region.

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

COMPANY PROFILE

Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

THE SPECS

Engine: 4-cylinder 2.5-litre / 2-litre turbo
Power: 188hp / 248hp
Torque: 244Nm / 370Nm
Transmission: 7-speed auto
On sale: now
Price: From Dh110,000

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Results

United States beat UAE by three wickets

United States beat Scotland by 35 runs

UAE v Scotland – no result

United States beat UAE by 98 runs

Scotland beat United States by four wickets

Fixtures

Sunday, 10am, ICC Academy, Dubai - UAE v Scotland

Admission is free

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

ANATOMY OF A FALL

Director: Justine Triet

Starring: Sandra Huller, Swann Arlaud, Milo Machado-Graner

Rating: 5/5

War

Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

If you go

Flying

Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.

 

Touring

Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com 

BACK TO ALEXANDRIA

Director: Tamer Ruggli

Starring: Nadine Labaki, Fanny Ardant

Rating: 3.5/5

'Spies in Disguise'

Director: Nick Bruno and Troy Quane

Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones 

Rating: 4 out of 5 stars

Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

MEYDAN CARD

6.30pm Maiden Dh165,000 (Dirt) 1,600m

7.05pm Conditions Dh240,000 (D) 1,600m

7.40pm Handicap Dh190,000 (D) 2,000m

8.15pm Handicap Dh170,000 (D) 2,200m

8.50pm The Entisar Listed Dh265,000 (D) 2,000m

9.25pm The Garhoud Sprint Listed Dh265,000 (D) 1,200m

10pm Handicap Dh185,000 (D) 1,400m

 

The National selections

6.30pm Majestic Thunder

7.05pm Commanding

7.40pm Mark Of Approval

8.15pm Mulfit

8.50pm Gronkowski

9.25pm Walking Thunder

10pm Midnight Sands

SANCTIONED
  • Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
  • Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB. 
  • Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.  
  • Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
  • Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
MATCH INFO

Inter Milan 2 (Vecino 65', Barella 83')

Verona 1 (Verre 19' pen)

MATCH INFO

Barcelona 5 (Lenglet 2', Vidal 29', Messi 34', 75', Suarez 77')

Valladolid 1 (Kiko 15')

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded