Adnoc and Taqa announced a project to power and decarbonise offshore operations in December 2021. Photo: Adnoc
Adnoc and Taqa announced a project to power and decarbonise offshore operations in December 2021. Photo: Adnoc
Adnoc and Taqa announced a project to power and decarbonise offshore operations in December 2021. Photo: Adnoc
Adnoc and Taqa announced a project to power and decarbonise offshore operations in December 2021. Photo: Adnoc

Adnoc and Taqa conclude $3.8bn clean energy and decarbonisation deal


Shweta Jain
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Abu Dhabi National Oil Company and Abu Dhabi National Energy Company, better known as Taqa, have closed their $3.8 billion strategic project to power and decarbonise Adnoc's offshore production operations.

A consortium comprising Korea Electric Power (Kepco), Kyushu Electric Power Company (Kyuden) and Electricite de France (EDF), will build, own, operate and transfer (BOOT) the high-voltage direct current (HVDC) sub-sea transmission system alongside Adnoc and Taqa, the two Abu Dhabi companies said in a joint statement on Friday to the Abu Dhabi Securities Exchange.

The Kepco-led group of companies collectively holds a 40 per cent stake in the project on a BOOT basis, with Adnoc and Taqa each owning a 30 per cent stake.

The full project will be returned to Adnoc after 35 years of operation.

Given higher interest rates at the time of financial closing, the project's cost is higher, compared to $3.6bn when it was initially announced in December 2021.

"Adnoc has once again demonstrated its ability to successfully structure and close a bold and progressive transaction that will help secure our low-carbon future as we intensify our efforts to decarbonise our operations," said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc.

"Adnoc will continue to work with our partners to advance practical and commercially viable solutions as the energy transition partner of choice.”

The development is expected to reduce the carbon footprint of Adnoc's offshore operations by more than 30 per cent, replacing existing offshore gas turbine generators with more sustainable power sources from the Abu Dhabi onshore power network.

The transmission system will have a total installed capacity of 3.2 gigawatts and comprise two independent sub-sea HVDC links and converter stations that will connect to Taqa’s onshore electricity grid — operated by its subsidiary, Abu Dhabi Transmission and Despatch Company (Transco).

With construction starting earlier this year, commercial operations of the project are expected to start in 2025, the statement said.

The project also offers the potential for Adnoc to more effectively utilise its rich gas — currently being used to power the offshore production facilities — for higher-value purposes that will allow the company to generate additional revenue.

“Reaching financial close is an important milestone for this distinctive project, which will see Taqa providing Adnoc offshore facilities with low-carbon energy securely and efficiently through Transco’s power network system," said Mohamed Al Suwaidi, chairman of Taqa.

"Taqa continues to showcase how its expertise can be utilised to decarbonise industry through strategic partnerships and bringing value to its stakeholders.”

More than half of the value of the project, which aims to to strengthen Adnoc and Taqa's positions in supporting the UAE’s Net Zero by 2050 strategic initiative, will flow back into the UAE’s economy under Adnoc’s In-Country Value (ICV) programme.

It will also attract large-scale investment into the UAE and Adnoc from global energy companies, reinforcing Adnoc’s role in sustainable investment and value creation for Abu Dhabi and the UAE.

Combined investment from the consortium, commercial lenders and export credit agencies yielded more than $3bn in foreign direct investment, underscoring the UAE’s standing as a trusted global investment destination.

“This innovative and first-of-its-kind project in the region is driving responsible and sustainable value creation into Abu Dhabi, further cementing the UAE’s standing as a trusted, go-to investment destination of global capital,” Dr Al Jaber said.

When is VAR used?

Goals

Penalty decisions

Direct red-card incidents

Mistaken identity

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Copa del Rey

Semi-final, first leg

Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')

Second leg, February 27

The biog

Favourite book: Homegoing by Yaa Gyasi

Favourite holiday destination: Spain

Favourite film: Bohemian Rhapsody

Favourite place to visit in the UAE: The beach or Satwa

Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19

Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

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The specs: 2018 Alfa Romeo Stelvio

Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km

What are the main cyber security threats?

Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.

Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

Top tips to avoid cyber fraud

Microsoft’s ‘hacker-in-chief’ David Weston, creator of the tech company’s Windows Red Team, advises simple steps to help people avoid falling victim to cyber fraud:

1. Always get the latest operating system on your smartphone or desktop, as it will have the latest innovations. An outdated OS can erode away all investments made in securing your device or system.

2. After installing the latest OS version, keep it patched; this means repairing system vulnerabilities which are discovered after the infrastructure components are released in the market. The vast majority of attacks are based on out of date components – there are missing patches.

3. Multi-factor authentication is required. Move away from passwords as fast as possible, particularly for anything financial. Cybercriminals are targeting money through compromising the users’ identity – his username and password. So, get on the next level of security using fingertips or facial recognition.

4. Move your personal as well as professional data to the cloud, which has advanced threat detection mechanisms and analytics to spot any attempt. Even if you are hit by some ransomware, the chances of restoring the stolen data are higher because everything is backed up.

5. Make the right hardware selection and always refresh it. We are in a time where a number of security improvement processes are reliant on new processors and chip sets that come with embedded security features. Buy a new personal computer with a trusted computing module that has fingerprint or biometric cameras as additional measures of protection.

UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

UAE Rugby finals day

Games being played at The Sevens, Dubai

2pm, UAE Conference final

Dubai Tigers v Al Ain Amblers

4pm, UAE Premiership final

Abu Dhabi Harlequins v Jebel Ali Dragons

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

The biog

Hobby: Playing piano and drawing patterns

Best book: Awaken the Giant Within by Tony Robbins

Food of choice: Sushi  

Favourite colour: Orange

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

THE LOWDOWN

Photograph

Rating: 4/5

Produced by: Poetic License Motion Pictures; RSVP Movies

Director: Ritesh Batra

Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz

Brief scoreline:

Tottenham 1

Son 78'

Manchester City 0

Company%20Profile
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Ashraf Ghani 50.64 per cent

Abdullah Abdullah 39.52 per cent

Gulbuddin Hekmatyar 3.85 per cent

Rahmatullah Nabil 1.8 per cent

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

BIO

Favourite holiday destination: Turkey - because the government look after animals so well there.

Favourite film: I love scary movies. I have so many favourites but The Ring stands out.

Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.

Favourite colour: Black.

Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.

The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

Gulf Under 19s final

Dubai College A 50-12 Dubai College B

UAE currency: the story behind the money in your pockets

Women & Power: A Manifesto

Mary Beard

Profile Books and London Review of Books 

How Apple's credit card works

The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.

What does it cost?

Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.

What will the interest rate be?

The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts

What about security? 

The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.

Is it easy to use?

Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision. 

* Associated Press 

Generation Start-up: Awok company profile

Started: 2013

Founder: Ulugbek Yuldashev

Sector: e-commerce

Size: 600 plus

Stage: still in talks with VCs

Principal Investors: self-financed by founder

Champion%20v%20Champion%20(PFL%20v%20Bellator)
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UAE squad v Australia

Rohan Mustafa (C), Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Fahad Nawaz, Amjed Gul, Shaiman Anwar, Ahmed Raza, Imran Haider, Muhammad Naveed, Amir Hayat, Ghulam Shabir (WK), Qadeer Ahmed, Tahir Latif, Zahoor Khan

Company%20Profile
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Tips for avoiding trouble online
  • Do not post incorrect information and beware of fake news
  • Do not publish or repost racist or hate speech, yours or anyone else’s
  • Do not incite violence and be careful how to phrase what you want to say
  • Do not defame anyone. Have a difference of opinion with someone? Don’t attack them on social media
  • Do not forget your children and monitor their online activities
Updated: September 23, 2022, 7:18 AM