Etihad Credit Insurance, the UAE's federal export credit agency, plans to provide about $3 billion in guarantees to back renewable energy projects in the country and its developers operating abroad, following the Emirates' pledge to become climate neutral.
"The total sector will attract approximately $3bn of investment in the UAE for renewable energies. This is what I see in the next couple of years," Massimo Falcioni, chief executive of Etihad Credit Insurance, told The National in an interview.
The $3bn being pledged over the coming years will support developments undertaken by Masdar, as well as those by SkyPower, Mr Falcioni said.
ECI signed a preliminary agreement with utility-scale solar developer SkyPower to provide trade credit insurance, export and project finance guarantees, as well as investment protection solutions to help hasten the installation of renewable power capacity.
Earlier this year, the credit agency also committed to backing renewable energy investments being developed by Abu Dhabi's Masdar.
"We are assisting Masdar now. It is a wind farm project in the region. The size is $100 million per ticket. The project is in Uzbekistan, in [Zarafshan]. They announced already and we are supporting that. It would be one of the largest wind farm parks in the world," Mr Falcioni said.
The wind power capacity of the Uzbek project has been expanded to 1.5 gigawatts, with commercial operations expected to begin by the end of 2024.
Uzbekistan has become a hotspot for renewable energy investment from key Middle East players. The country aims to install 5 gigawatts of solar and 3 gigawatts of wind power capacity by 2030, as it focuses on meeting 25 per cent of electricity needs from renewable sources by that year.
The ECI issued Dh3.4bn ($925m) worth of revolving credit guarantees as of September 2021. The volume is three times higher than the guarantees issued last year for the same period, the company said.
"We are supporting projects. So, we are offering our guarantees to lenders, in order to develop, to sustain developers of projects in sustainable energy," Mr Falcioni said.
"We are here to support any foreign company based in the UAE, which gives a minimum 20 per cent local content of the UAE. So, our goal is to attract project developers in renewable energy to use UAE manufactured goods or services or engineering."
The ECI is also considering becoming carbon neutral in line with the UAE's vision to reach net-zero emissions by 2050.
The company no longer invests in coal or oil but will continue to invest in gas as a transitional fuel.
"We will support anything [that] helps with decarbonisation. So, we know that this will not happen in one day. It has to be a smooth transition and we are here there to support anything which enhances and reduces emissions. Any project ... so, sometimes it could be still in petrochemicals, as long as it is low carbon," Mr Falcioni said.
The company is also backing efforts to upgrade utility infrastructure, as well as the energy transition efforts of large oil producers such as Iraq.
The ECI signed an agreement earlier this year to provide debt reinsurance for US multinational GE and the Iraqi Ministry of Finance for the rehabilitation of seven power plants in Iraq.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Arrogate's winning run
1. Maiden Special Weight, Santa Anita Park, June 5, 2016
2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016
3. Allowance Optional Claiming, Del Mar, August 4, 2016
4. Travers Stakes, Saratoga, August 27, 2016
5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016
6. Pegasus World Cup, Gulfstream Park, January 28, 2017
7. Dubai World Cup, Meydan Racecourse, March 25, 2017
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
