UAE’s Barakah plant Unit 2 begins delivering carbon-free electricity

UAE’s Barakah plant Unit 2 begins delivering carbon-free electricity
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Updated 14 September 2021

UAE’s Barakah plant Unit 2 begins delivering carbon-free electricity

UAE’s Barakah plant Unit 2 begins delivering carbon-free electricity
  • When completed Barakah will have four reactors with 5,600 MW of total capacity

DUBAI: The second unit of the Barakah Nuclear Energy Plant has been successfully connected to the national power grid, delivering the first megawatts of carbon-free electricity, the Emirates Nuclear Energy Corp. said on Tuesday.

It said following the safe and successful start-up of Unit 2 on Aug. 27, 2021, the plant has become the first multiunit operating nuclear plant in the UAE and Arab world.

ENEC said: “With the Unit 2 grid connection completed, it is in preparation to adding a further 1,400MW of clean electricity capacity to the UAE grid, with the first megawatts of emissions-free electricity from this unit now being dispatched to businesses, schools, and homes.” 

This milestone takes ENEC and its subsidiaries another step closer to the halfway mark of its goal to supply up to a quarter of the country’s electricity needs 24/7 while driving reductions in carbon emissions — the leading cause of climate change.

The Barakah Nuclear Energy Plant in Abu Dhabi was established as part of the UAE's efforts to diversify its energy sector. 

When completed Barakah, which is being built by Korea Electric Power Corp., will have four reactors with 5,600 MW of total capacity — equivalent to around 25 percent of the UAE’s peak demand.

“The Barakah Plant continues to set new benchmarks for future nuclear programs. The cumulative knowledge and expertise developed by the operations teams on Unit 1 have been used to connect Unit 2 to the grid more efficiently, with a 10 percent reduction in the time between start-up and connection while in parallel, ensuring the highest standards of nuclear safety and operational excellence continue to be applied,” the company said.

The plant is one of the largest nuclear energy plants in the world, with four APR-1400 units. Construction of the facility began in 2012 and has progressed steadily ever since. Units 1 is now producing thousands of megawatts of clean electricity around the clock. Units 3 and 4 are in the final stages of commissioning at 95 percent and 91 percent complete respectively, benefitting from the experience and lessons learned during the construction of Units 1 and 2.


Alibaba appoints new CFO, reshuffles e-commerce businesses

Alibaba appoints new CFO, reshuffles e-commerce businesses
Image: Shutterstock
Updated 6 sec ago

Alibaba appoints new CFO, reshuffles e-commerce businesses

Alibaba appoints new CFO, reshuffles e-commerce businesses
  • Alibaba said that it would be creating an International Digital Commerce team to handle its e-commerce businesses in international markets

China’s largest e-commerce group Alibaba said Monday it is appointing a new chief financial officer and reorganizing its e-commerce businesses amid a regulatory crackdown in the technology industry.


The company said in a statement Monday that Toby Xu will succeed Maggie Wu as its new CFO from April 1, 2022. Xu joined Alibaba from PricewaterhouseCoopers three years ago and was appointed deputy group CFO in July 2019.


Wu, who has been Alibaba’s CFO since 2013 and has helped lead three Alibaba-related company listings, will continue to serve as an executive director on Alibaba’s board.


She will also remain as a partner in the Alibaba Partnership – a group of senior executives who have the right to nominate a simple majority of Alibaba’s board of directors.


“We are focused on the long-term, and succession within our management team on every occasion is always in the service of ensuring Alibaba will be stronger and better positioned for the future,” said Daniel Zhang, chairman and CEO of Alibaba Group.


Separately, Alibaba said that it would be creating an International Digital Commerce team to handle its e-commerce businesses in international markets. A China Digital Commerce team will be in charge of e-commerce operations inside China, according to a post on the company’s Alizila news hub.


The international and domestic digital commerce teams will be led by executives Jiang Fan and Trudy Dai respectively.


Jiang has been in charge of Taobao and Tmall, Alibaba’s core e-commerce sites in China. Dai was the firm’s chief customer officer.


The Hangzhou-based firm was fined a record $2.8 billion for antitrust violations and is under scrutiny as regulators step up oversight of the technology industry at a time when the economy is slowing.


Last month, Alibaba cut its sales outlook for the year amid mounting competition from rivals such as Pinduoduo. It expects growth for its current year to be the slowest since it listed in New York in 2014.


Alibaba’s flagship Singles’ Day shopping extravaganza also posted its slowest-ever growth this year, amid muted marketing campaigns and a shift to sustainability and philanthropy amid Chinese President Xi Jinping’s calls for “common prosperity.”


Alibaba’s New York stock price has plunged more than 50 percent over the last 12 months. The company’s Hong Kong-traded shares were down 4.9 percent Monday.


American, Lebanese lag behind home-grown restaurants as they lead Riyadh’s lifestyle boom 

American, Lebanese lag behind home-grown restaurants as they lead Riyadh’s lifestyle boom 
Updated 5 min 28 sec ago

American, Lebanese lag behind home-grown restaurants as they lead Riyadh’s lifestyle boom 

American, Lebanese lag behind home-grown restaurants as they lead Riyadh’s lifestyle boom 
  • The US and UAE are the second and third largest sources of restaurant chains in Riyadh

RIYADH: Riyadh’s food and beverage scene has come a long way since 2016, when the National Transformation Plan was announced, with the city witnessing 288,000 square meters of new developments so far.

“The Kingdom’s capital is beginning to morph into a foodie’s treasure trove and we’re not done yet,” Faisal Durrani, head of Middle East research at Knight Frank said. 

This growth is led by home-grown restaurants and cafes, he added, with 68 percent of Riyadh’s new outlets being Saudi - 21 percent of which specialize in international cuisine. 

“American food outlets account for 16 percent of Food and beverage outlets, while Lebanese restaurants are the third most prevalent at 13 percent,” Durrani said. 

The US and UAE are the second and third largest sources of restaurant chains in Riyadh, respectively, he added.

“International brands must adapt their proposition across the full spectrum to suit demand, both in terms of operational aspects, as well as the actual menu offering itself,” Pedro Riberio, head of retail advisory KSA at Knight Frank, said.

The Kingdom’s capital will further benefit from upcoming tourism developments, including the Bujairi Terrace and Diriyah Gate, which the Knight Frank report said will add “15,000 sqm of lifestyle retail space to the capital when its 17 restaurants open their doors in 2022.”

This rapid growth and competition are putting pressure on older developments, the report indicated, with some operators struggling to keep vacancy rates and footfall up. 


Will TASI reignite after its slight fall in November? Here are key takeaways: Premarket

Will TASI reignite after its slight fall in November? Here are key takeaways: Premarket
Updated 56 min 28 sec ago

Will TASI reignite after its slight fall in November? Here are key takeaways: Premarket

Will TASI reignite after its slight fall in November? Here are key takeaways: Premarket

RIYADH: Saudi Arabia’s main benchmark index TASI started the week in the green zone with stocks recouping omicron-related declines, up around 350 points from last week.

Al Rajhi Bank traded at 4.8 percent higher this week with around 4 million traded shares.

Sahara International Petrochemical Company saw a recovery of 7.44 percent.

The Kingdom’s oil giant Aramco saw gains of 0.72 percent.

This came as the group announced its entry into the Kingdom’s domestic lubricants as well as its collaboration agreement with French companies including hydrogen car deals with Gaussin.

The International Company for Water & Power Projects, or ACWA Power, and Natixis CIB signed a memorandum of understanding aiming to collaborate on the development of ACWA power in the GCC region.

Natixis CIB will finance up to almost SR7.5 billion ($2 billion) over two years to finance ACWA Power’s projects.

Sadr Logistics’ shareholders approved the board of directors’ recommendation to raise SR175 million through a rights issue worth SR150 million to expand its logistics services. The rights issue trading and new share subscription period will start today Dec.6.

Apart from its rights issue, Sadr Logistics has been on the rise since last week jumping to an all-time high of SR86.2.

With reference to the Public Investment Fund and stc’s earlier announcement, the subscription period for stc’s secondary offering will start on Dec.7 and end on Dec. 8 for retail tranche whereas, for participating parties, it started yesterday and will end on Dec.9.

Saudi Exchange announced the initial public offering of Saudi Tadawul Group Holding Company to be 442.53 percent oversubscribed.

Subscriptions exceeding individual subscribers will be refunded no later than Dec.8, when the listing and trading of the company’s shares on the main market will begin.

Jahez International Company for Information Systems Technology issued the prospectus for its initial public offering at 13 percent of its capital on Nomu, Tadawul’s parallel market.

The offering period will commence on Dec. 23 and end on Dec. 26.


France’s Natixis to finance $2bn ACWA Power projects in 2 years

France’s Natixis to finance $2bn ACWA Power projects in 2 years
Updated 45 min 5 sec ago

France’s Natixis to finance $2bn ACWA Power projects in 2 years

France’s Natixis to finance $2bn ACWA Power projects in 2 years
  • The MoU will allow both parties to “explore opportunities to develop new projects in the region”

RIYADH: France-based Natixis Corporate and Investment Banking has signed an agreement to finance ACWA Power projects over the next two years - with funding of up to $2 billion. 

The MoU will allow both parties to “explore opportunities to develop new projects in the region,” the Saudi clean energy provider said in a bourse filing. 

Natixis has previously underwritten some of ACWA Power’s high-profile projects, including the Sakaka solar project. 


Tadawul IPO 442.53% oversubscribed to reach $1.3bn

Tadawul IPO 442.53% oversubscribed to reach $1.3bn
Updated 06 December 2021

Tadawul IPO 442.53% oversubscribed to reach $1.3bn

Tadawul IPO 442.53% oversubscribed to reach $1.3bn
  • The stock exchange group was offering 10.8 million shares to individual investors

RIYADH: The individual subscribers tranche of Tadawul’s initial public offering was 442.53 percent oversubscribed with a total demand of SR5.02 billion ($1.3 billion). 

The stock exchange group was offering 10.8 million shares to individual investors, or 30 percent of the total offer shares at a final price of SR105. 

Around 598,327 subscribers participated in the period, which started on Nov. 30.