Category: Buying & Selling

DUBAI: A new initiative will explore how to accelerate energy efficiency solutions as part of a joint programme agreed today by the Ministry of Energy and Infrastructure (MoEI), technology giant Siemens, the UAE’s largest bank First Abu Dhabi Bank (FAB), and sustainability consultancy Zest Associates.

The initiative, dubbed Efficient EARTH, aims to reinforce the UAE’s long-term commitment to climate action through a new entity that coordinates, funds and accelerates the deployment of energy efficiency solutions internationally.

Efficient EARTH aims to place the UAE at the technical and financial centre of global energy efficiency deployment, building on its position as an emerging green finance hub and early mover in energy efficiency action, having established Etihad ESCO in 2013.

“The Ministry of Energy and Infrastructure is working with Siemens, FAB and Zest Associates to explore how Efficient EARTH can build on the UAE’s successful track record of facilitating energy-saving solutions. This initiative a
ligns with our practical approach to climate action by combining technology and finance to invest in commercially viable solutions that reduce emissions and leave a lasting legacy beyond COP28,” said Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at MoEI.

Energy efficiency is among the highest potential, lowest cost carbon mitigation options globally. International Energy Agency (IEA) analysis shows that implementing cost-effective energy efficiency measures could deliver around 40% of the emission reductions needed to meet climate goals by 2040.

Efficient EARTH aims to be an action-oriented body that creates the conditions for rapidly deploying energy efficiency projects. It will accelerate, rather than compete with, private sector energy efficiency projects internationally.

Efficient EARTH is part of a suite of initiatives being developed under the UAE EARTH Platform. Efficient EARTH will explore the best tools to facilitate energy efficiency implementation, achieved, for example, throu
gh standardisation, quality control, project aggregation, technical due diligence, financial interlocution, public sector engagement, and support of private sector technology and service providers.

As a centre for energy efficiency initiatives, the UAE will benefit by building on its established track record of facilitating energy efficiency through successful ESCO markets and a vibrant private sector energy service sector.
Source: Emirates News Agency

ABU DHABI: The Emirates Nuclear Energy Corporation (ENEC) announced today that its operating and maintenance subsidiary, Nawah Energy Company, has completed the process of loading fuel assemblies into Unit 4 of the Barakah Nuclear Energy Plant, following all national regulations and the highest international standards.

The Federal Authority for Nuclear Regulation (FANR), the UAE’s independent nuclear regulator, recently issued the Operating Licence for Unit 4 to Nawah. This milestone takes the UAE one step closer to full fleet operations at Barakah, the largest single source of clean electricity in the region.

Once operational, Unit 4, the final Unit of Barakah, will enable the Plant to generate 25% of the UAE’s electricity needs around the clock for the next sixty years.

The three current commercially operating Units at Barakah, delivered in three consecutive years, are already generating more than 30TWh of zero-emission electricity every year. Unit 4 will raise the Barakah Plant’s total clean electricity
generation capacity to 5.6GW, delivering more than 40TWh of clean electricity per year, once commercial operations begin.

arakah is already preventing millions of tons of carbon emissions, the leading cause of climate change, every year.

The operations team will safely progress through a comprehensive testing programme prior to completing the start-up of Unit 4. Testing is undertaken under the continued oversight of FANR.

Once Unit 4 is connected to the national electricity grid, the operations team will continue to gradually raise power levels, known as Power Ascension Testing (PAT). The phase will be continuously monitored and tested until maximum electricity production is reached, while adhering to all regulatory requirements and the highest international standards of safety, quality and security.

The Barakah Plant has had a transformational impact on the UAE’s energy landscape, spearheading the rapid decarbonisation of the UAE’s heavy industries and hard-to-abate sectors. With Unit 4 due to start up i
n 2024, ENEC is now focused on capitalising on the full value of the UAE’s investment in the nuclear energy sector, working closely with key global partners and technology companies to identify the right technology and meet the growing demand for clean electricity and molecules.

As part of this strategy, ENEC recently launched the ENEC ADVANCE Program to harness the latest advancements in nuclear technologies. The ADVANCE Program is designed to strengthen the UAE’s position as a leading nation in delivering climate action and accelerate the global clean energy transition to meet Net Zero targets.

With Barakah moving closer to full completion, ENEC is also focused on evaluating the latest technologies in the advanced, Small Modular Reactor (SMR) and microreactor categories. These solutions can generate clean electrons and molecules, such as steam, hydrogen and ammonia, and process heat for industrial processes.

ENEC, the UAE’s only mandated nuclear energy developer, is working with national stakeholders to
determine deployment pathways and with international partners for both technology and project collaboration opportunities.

The Barakah Plant, a pivotal player in the international nuclear energy sector, boasts four APR-1400 units, marking it as one of the largest nuclear energy facilities globally. The Plant is instrumental in the UAE’s clean energy transition and its ambitious goal of Net Zero by 2050.
Source: Emirates News Agency

DUBAI: Arabian Travel Market (ATM) has announced a strategic partnership with the International Congress and Convention Association (ICCA) and the Global Business Travel Association (GBTA) for the upcoming edition of the event, which takes place from 6th to 9th May 2024 at the Dubai World Trade Centre.

The renowned global organisations have been appointed as ‘Knowledge Partners’ for the regional trade show, providing in-depth insights and opportunities for the thriving segments of business events and travel.

According to the ICCA statistical forecast, which charts the history and performance of the International Association Meetings Industry from 1963 to 2022, 10,602 business events were recorded worldwide last year, of which 9,009 (85 percent) were in-person.

This represented an astounding 349 percent increase from the previous year when only 2,007 in-person events occurred. Interestingly, the Middle East accounted for the highest percentage of in-person delegates (94 percent) in last year’s official figu
res.

The business travel industry is also experiencing significant growth, as evidenced by statistics from the 2023 GBTA Business Travel Index Report, which found that the global business travel industry rebounded faster than expected in 2023. Pent-up demand following the pandemic and healthier economic conditions than forecasted were highlighted as significant contributing factors for this shift.

The report also stated that global business travel spending rose by 47 percent to $1.03 trillion last year and is expected to grow to nearly $1.8 trillion globally by 2027.

Danielle Curtis, Exhibition Director, Arabian Travel Market, said: ‘All of the latest research suggests that the business events and business travel sectors are going from strength to strength. These sectors have always been important verticals at ATM, and the official partnership with ICCA and GBTA for the 2024 edition will take our offering to the next level. By collaborating with these respected industry leaders, ATM aims to deliver even mo
re value and innovation to its attendees and exhibitors.

‘With a focus on these two vital sectors, ATM is committed to offering a world-class event that provides a platform for networking, education, and business opportunities for professionals from around the world.’

During ATM 2024, ICCA will deliver seminars covering a range of topics for the MICE industry, while GBTA will outline the prevailing trends in the business travel sector at the show. These seminars will give the industry valuable insights into recent research, innovations, and best practices.

Dr Senthil Gopinath, CEO of ICCA, said: ‘ICCA proudly announces our collaboration with ATM as we celebrate the exciting inclusion of business events as a foundational segment in future editions. Envisaging a dynamic future, we see global business events seamlessly integrating with ATM’s rich tapestry of opportunities. With ICCA joining as a Knowledge Partner for the MICE segment, we are collectively positioned to redefine the landscape of collaboration,
innovation and success in the interconnected realms of business. We look forward to working together in 2024 and beyond.’

Catherine Logan, Regional Senior Vice President EMEA and APAC, GBTA, added: ‘Although one of the smaller global business travel markets, the MEA region has huge potential for growth and recovered more than any other region in 2022, reaching 95 percent of pre-pandemic business travel spending. Business travel spend in the region is forecast to exceed this figure in 2023 and reach USD$30.6 million and continue its growth trajectory going forward.’
Source: Emirates News Agency

BEIJING: China on Friday reported strong November economic data, with industrial output expanding 6.6 percent year-on-year, the fastest pace in nearly two years, and retail sales also seeing steady 10.1 percent growth, said the National Bureau of Statistics.

Observers told Global Times that the upbeat indicators show China’s economy sustaining “continued recovery and progress” as policies take effect to address challenges like global tensions, weak domestic demand and the property slowdown. With full-year GDP growth likely around 5 percent, analysts see room for further recovery in 2023 if targeted support continues.

The data marked the first major economic figures since the Central Economic Work Conference that set China’s annual policy direction. Economists told Global Times that the latest numbers will guide officials in implementing more tailored measures next year, potentially lifting growth above 5 percent and countering pessimistic Western outlooks.

Fixed asset investment rose 2.9 percent over Janua
ry-November, reversing previous declines. Investment in real estate development fell 9.4 percent, but officials expect gradual recovery as optimisation policies are implemented.

Analysts highlighted November’s industrial rebound, citing overseas demand, supporting policies and positive year-end factors. The IMF recently upgraded its China forecast, praising strong household consumption. Economists remain hopeful domestic demand will continue recovering.

After the Work Conference pledged to focus on expanding domestic demand, November retail sales grew at their fastest pace this year. Steady bond issuance for infrastructure investment also injected growth impetus, analysts said.

Economists told Global Times they dismiss doubts over China’s long-term prospects, forecasting 2023 growth potentially reaching 5.5 percent in the first half if key policies quickly take effect, rebutting collapse claims.
Source: Emirates News Agency

SHANGHAI: Etihad Airways and China Eastern Airlines signalled their intent to strengthen their partnership by signing a Strategic Cooperation Memorandum of Understanding (MoU), to enhance commercial and operational ties.

The accord reflects a commitment to explore a deepened cooperation that will provide travellers with wider choices, higher quality services, and increased value, while contributing to sustainable aviation.

Building upon their successful existing partnership, the airlines plan to implement a broad collaboration including an expanded codeshare, reciprocal loyalty programmes, cargo transport, maintenance, repair and overhaul, ground handling, catering, lounge access, staff training, and several sustainability initiatives. This comprehensive approach will improve efficiencies while maintaining world-renowned hospitality.

The MoU will facilitate China Eastern’s ambition to begin services to Abu Dhabi through its discussions with Abu Dhabi Airports, the Department of Culture and Tourism of Abu D
habi, and other key stakeholders in the UAE capital.

A combination of Etihad and China Eastern services, which would coincide with the newly opened Terminal A at Abu Dhabi International Airport, will create a robust platform for China-UAE air traffic and establish an ideal launchpad for connections between China, the Middle East, and Africa.

Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said that this MoU marks a key milestone to establishing a long-term mutually beneficial cooperation. ‘It also marks a significant development of the direct links between Abu Dhabi and China, and paves the way for an agreement that will boost Abu Dhabi’s economic development, as well as supporting China’s ‘Belt and Road Initiative’.”

Li Yangmin, President of China Eastern Airlines Group, commented, “The MoU builds upon our existing co-operation. It makes possible an agreement that would allow us to collaborate in real and practical ways as part of the continually flourishing relationship between China and the
UAE.

‘The connection between China Eastern’s Shanghai hub and Etihad’s network through Abu Dhabi will significantly enhance our footprint in the Middle East and Africa. It supports our commitment to the construction of the Belt and Road Initiative and the ‘Aerial Silk Road,’ stimulating economic, trade and cultural exchanges between China and partner countries.’
Source: Emirates News Agency

DUBAI: Dubai Electricity and Water Authority (DEWA) released a thought leadership paper on climate resilience at the Mohammed bin Rashid Al Maktoum Solar Park.

The paper, which was developed by DEWA in cooperation with Marsh, a global risk advisor and part of Marsh McLennan Group, demonstrates the methods and mechanisms implemented by DEWA to ensure continuous climate resilience at the solar park. The methods aim to mitigate the effects of climate change and effectively handle different scenarios and risks that may occur over the following decades.

The paper was released during a discussion session titled ‘Risk to Resilience: Adapting to Climate Challenges’.

During the session, DEWA and Marsh presented the findings of the study and highlighted DEWA’s efforts to ensure the highest levels of readiness and current and future climate risk management. The session also underscored DEWA’s efforts to enhance the resilience of the power and water sectors and constantly develop its proactive risk management capabili
ties. This enhances DEWA’s growth and prosperity and consolidates its position as one of the best utilities in the world.

Saeed Mohammed Al Tayer, MD and CEO of DEWA, said, “We follow the wise directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to turn challenges into opportunities and realise the National Climate Change Plan of the UAE 2017-2050 to improve the capacity of adaptation to climate change. DEWA is constantly developing its effective risk management capabilities. At DEWA, we adopt the best corporate resilience and agility practices within a comprehensive system of integrated corporate work that covers all activities and operations. This increases efficiency and productivity as well as encourages creativity and innovation.”

‘DEWA is implementing several globally leading projects to accelerate the transition to clean and renewable energy, reduce greenhouse gas emissions, and build a sustainable future in Dubai. This is in line with t
he Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050, which aims to provide 100 percent of the energy production capacity from clean energy sources by 2050. The paper focuses on the most notable of these projects, which is the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world based on the Independent Power Producer (IPP) model. The solar park has a planned production capacity of 5,000MW by 2030, using photovoltaic panels and concentrated solar power (CSP), with total investments of AED50 billion. When completed, the solar park will reduce more than 6.5 million tonnes of carbon emissions annually. The total capacity of the solar energy projects commissioned at the solar park has reached 2,627MW,’ Al Tayer added.

Ayman El Hout, Chief Executive Officer, Marsh McLennan UAE, commented, ‘Working with DEWA, Marsh McLennan is proactively assessing climate risks across the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, to help shape fu
ture adaptation plans and turn the challenges of climate change into opportunities for further growth and development. We are confident this work will help build the foundations for an innovative approach to climate resilience, which will enable communities to adapt and thrive in the face of climate change and its direct and indirect impact.”

DEWA pioneered the development of several world-leading standards in cooperation with the British Standards Institution (BSI). These include the Business Agility Concept and Framework (PAS 1000:2019), the first-of-its-kind global guide for business agility. DEWA has also developed the PAS 60518 Enterprise Risk Resilience Management standard for the utility sector, the first of its kind in the world. It is a reference for utilities and a key enabler for advancing risk management and resilience, ensuring business continuity and handling emergencies as competently and efficiently as possible.

In 2020, DEWA developed a comprehensive Climate Change Resilience Plan to ensure
the resilience of the power and water sector of the emirate of Dubai. DEWA’s Climate Change Resilience Plan identifies detailed existing mitigation measures, preventive controls and future resilience actions that address the potential impacts of various climate change drivers on its business and operations.
Source: Emirates News Agency

ABU DHABI: The Abu Dhabi Securities Exchange (ADX) saw two large direct deals executed on the stock of Alpha Dhabi Holding PJSC today.

According to market data, the trade was executed on 139.1 million shares worth AED3.597 billion at a price of AED25.86 per share.

Large direct deals are trades that are executed outside the order book and do not affect the closing price of the relevant company’s stock or the price index. They also do not affect the highest and lowest prices that were executed during the session and during the last 52 weeks.
Source: Emirates News Agency