Sharjah Sustainable City first in region for renewable energy storage plan

Sharjah Sustainable City first in region for renewable energy storage plan
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Updated 31 August 2021

Sharjah Sustainable City first in region for renewable energy storage plan

Sharjah Sustainable City first in region for renewable energy storage plan

DUBAI: Residents of Sharjah Sustainable City will be the first in the region to have access to renewable energy storage thanks to an agreement with a leading German company.

Hager Group has signed a memorandum of understanding with the SEE Institute —  the research and development arm of The Sustainable City — to install the batteries in the Dubai-based community.

The agreement, of which Sharjah Sustainable City is the first beneficiary, formalises an ongoing relationship with Hager Group to test and deploy the latest technologies in demand management and smart energy solutions.

Yousef Ahmed Al-Mutawa, chief executive officer of Sharjah Sustainable City said: “Renewable energy is one of the biggest contributors towards achieving net zero carbon and this partnership with Hager Group will allow us to reach the highest possible energy efficiencies and the lowest energy intensities in our development."


Saudi Arabia may raise January oil prices to Asia

Saudi Arabia may raise January oil prices to Asia
Image: Shutterstock
Updated 7 sec ago

Saudi Arabia may raise January oil prices to Asia

Saudi Arabia may raise January oil prices to Asia
  • Global oil prices have lost about $10 a barrel since Thursday when news of Omicron shook investors

 

Top oil exporter Saudi Arabia may raise crude prices for Asia in January following large gains in the Middle East spot market last month, but weak refining margins and an oil reserves release by consumers may cap gains, trade sources said.

The January official selling price (OSP) for flagship Arab Light crude could stay little changed or rise as much as $1.20 a barrel to track a similar gain in Dubai benchmark on strong spot crude demand last month, a Reuters survey of sources from seven Asian refiners showed.

A decision on Thursday by the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, whether to continue increasing production by 400,000 barrels per day in January will also affect how Saudi Arabia sets the OSPs, traders said. read more

In addition to weighing the impact of the 50 million barrels of crude release from the United States which some analysts say could lead to surplus in the first quarter, OPEC+ will also be assessing how the Omicron coronavirus variant could affect fuel demand as nations re-impose border restrictions to curb the disease's spread. read more

Global oil prices have lost about $10 a barrel since Thursday when news of Omicron shook investors.

Two of the seven respondents expect Arab Light's January OSP to rise by more than $1 while forecasts from three others are in the 50-80 cents range. The remaining two expect the price to stay unchanged or rise by 10-20 cents.

Spot premiums for several Middle East and Russian grades hit near two-year highs last month on tight supply and robust winter demand, but the SPR release dented sentiment. read more

There's far too much supply with the SPR release, and refining margins have seen a huge drop, said one respondent, referring to the slide in Singapore complex margins from about $8 to $2

"COVID uncertainty has also set in," he added.

Another trader said supplies from other regions have improved and Saudi crude prices will have to stay competitive. Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting about 9 million barrels per day of crude bound for Asia.

State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.

Saudi Aramco officials as a matter of policy do not comment on the kingdom's monthly OSPs.

 


Indian CARS24 raises $20m from the Commercial Bank of Dubai

Indian CARS24 raises $20m from the Commercial Bank of Dubai
Image: Shutterstock
Updated 26 min 12 sec ago

Indian CARS24 raises $20m from the Commercial Bank of Dubai

Indian CARS24 raises $20m from the Commercial Bank of Dubai
  • The funding came following CARS24 's $450 million funding round last September

RIYADH: India-based automotive e-commerce platform CARS24 raised 75 million dirham ($20 million) in local debt funding from the Commercial Bank of Dubai.

The debt funding fuels the company’s operational expansion in the UAE and provides it with significant funding flexibility, Wamda reported. 

The funding came following CARS24 's $450 million funding round last September, and its announcement of further investing $23 million in the UAE and other GCC countries to expand its presence.

“Since last year, there has been a huge increase in the number of online2offline businesses, partially due to the recent global pandemic.  We see a clear need to back these businesses and provide them with the funds they require to scale up and expand,” 

 CBD chief Bernd van Linder said. 

Founded in 2015, CARS24 launched its operations in the UAE market in May 2021 with a presence in Australia, Saudi Arabia, Thailand, allowing its customers to buy and sell pre-owned vehicles online.


Industry leaders to attend Riyadh mineral summit in 2022

Industry leaders to attend Riyadh mineral summit in 2022
Updated 28 min 47 sec ago

Industry leaders to attend Riyadh mineral summit in 2022

Industry leaders to attend Riyadh mineral summit in 2022

RIYADH: Industry leaders from around the world will attend the Future Minerals Summit, which will be held next year from Jan. 11 to 13 in Riyadh, the Saudi Press Agency reported.

Prominent organizations include ACWA Power, Lucid Motor, Barrick Gold Corp., Ivanhoe Mines, the World Bank, the World Gold Council, and the International Council on Mining and Metals. 

The event aims to showcase investment opportunities in the Kingdom’s mining sector.

More than 50 international speakers will attend the summit. Ministers from over 25 Asian and African countries will also hold a meeting, the Saudi Industry Ministry has confirmed.

Speakers will highlight the existing opportunities in the fast-developing mining sector in Saudi Arabia and the rest of the Middle East, Central Asia and Africa, said Khalid Al-Mudaifer, vice minister for mining affairs at the Saudi Ministry of Industry and Mineral Resources.


UAE’s DEWA selects banks for multi-billion dollar IPO

UAE’s DEWA selects banks for multi-billion dollar IPO
Updated 33 min 7 sec ago

UAE’s DEWA selects banks for multi-billion dollar IPO

UAE’s DEWA selects banks for multi-billion dollar IPO

RIYADH: Dubai’s main supplier of water and electricity, DEWA, has selected Citigroup, HSBC Holdings, Emirates NBD Bank to lead its initial public offering, Bloomberg reported.

The state-owned company is expected to become the biggest listing in the emirate, and is planning to seek a valuation of around $20 billion to $25 billion.

DEWA has also picked other banks for minor roles.

While Dubai requires companies to sell at least 25 percent of their shares in IPO, the state-owned utility may opt for a smaller amount at first.

The company caters to all Dubai residents and operated 12.3 gigawatts of power capacity last year.

 


UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise

UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise
Image: Shutterstock
Updated 42 min 11 sec ago

UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise

UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise
  • ADNOC said that reinforced the UAE’s position as number six in the world for oil reserves and number seven for gas reserves

Abu Dhabi National Oil Company announced on Wednesday a $127 billion capital spending plan for 2022-2026, as it reported an increase in the United Arab Emirates’ oil and natural gas reserves.


The state-owned company said national reserves had risen by 4 billion stock tank barrels, stb, of oil and 16 trillion standard cubic feet, scf, of natural gas, taking the totals to 111 billion stb and 289 trillion scf respectively.


ADNOC said that reinforced the UAE’s position as number six in the world for oil reserves and number seven for gas reserves.


Abu Dhabi Crown Prince Sheikh Moahmmed bin Zayed chaired the company’s annual board meeting, which approved capital spending of 466 billion dirhams ($127 billion) for 2022-2026, up from $122 billion for 2021-25.


The investment will expand upstream production capacity, the company’s downstream portfolio, plus low carbon and clean energy businesses, it said, without giving details.


ADNOC said that since the launch of its so-called in-country value program in 2018, it had driven 105 billion dirhams back into the UAE economy and created over 3,000 jobs in the private sector, including over 1,000 this year.


It aims to drive over 160 billion dirhams back into the UAE economy across 2022-2026 through the same program, it added.


The ADNOC board also approved a “New Energies Strategy” aimed at reducing its carbon footprint and capitalizing on opportunities in renewable energy, hydrogen and other lower carbon fuels.


Separately, the government announced a global clean energy powerhouse intended to spearhead the drive to net-zero carbon by 2050.

Consolidating their combined efforts in renewable energy and green hydrogen, Abu Dhabi National Energy Company PJSC (TAQA), Mubadala Investment Co. and ADNOC will partner under the Abu Dhabi Future Energy Company (Masdar) brand.


The partnership will have a combined current, committed, and exclusive capacity of over 23 gigawatts (GW) of renewable energy, with the expectation of reaching well over 50 GW total capacity by 2030, TAQA said in a separate statement.


TAQA will take the leading role with a 43 percent shareholding in Masdar’s renewable energy business, with Mubadala holding 33 percent and ADNOC 24 percent.


Meanwhile, ADNOC will take the leading role with a 43 percent shareholding in Masdar’s green hydrogen business, with Mubadala holding 33 percent and TAQA 24 percent, it said.