Day: August 11, 2022

ABU DHABI, International Holding Company (IHC) today announced the acquisition of a 50% stake in Turkish clean energy market leader “Kalyon Enerji” for AED1.8 billion through its subsidiary International Energy Holding.

Kalyon Enerji is owned by the giant Turkish group Kalyon Holding, which operates in the Construction, Energy and Aviation industries. In this transaction, IHC’s subsidiary, International Energy Holding, will have a 50% stake in Kalyon Enerji, adding to IHC Group international growth prospects with access to its power trading capabilities.

Commenting on the acquisition, Syed Basar Shueb, IHC’s Chief Executive Officer, said, “This constitutes IHC’s second-largest acquisition in the renewable energy sector to date. With this transaction, IHC is further accelerating its growth in the renewable energy sector by partnering with Kalyon Enerji. This will complement our renewable energy portfolio, which we will continue to grow across different markets”.

The AED1.8 billion deal included the photovoltaic power plant project with an installed capacity of 1,347.734 MWp / 1,000 MWe in the Karapinar Region in Konya, located in Ankara, the wind Project of 1GW capacity developed by YEKA, 100 MW Solar Project in Nigde, 50 MW Solar Project in Gaziantep, and other renewable projects in various cities of Turkey.

Cemal Kalyoncu, Kalyon Holding Chairman of the Board, stated that this strategic cooperation is of great importance not only for the two countries but also on a regional scale.

“The steps we have taken in the energy sector and the investments we have made have attracted the attention of foreign investors so far. This strategic cooperation is of historical importance in terms of realising both potential projects in Turkey, and new markets and business fields in geographies, that we plan to enter in the world; it will make a great contribution to our geography as well as our country.

“We have always been committed to enriching human life by contributing to social development without losing environmental awareness. With climate change being the defining challenge of our time, we must accelerate our efforts to transform our planet into a sustainable green economy.”

Kalyon Karapinar, Solar Power Plant, was established on approximately 20 million square metres in Konya’s Karapinar district. The installation and commissioning of 3.5 million panels started in August 2020 and are set to be completed in 2023.

When completed, the energy equivalent to the one-week need of a city with a population of 50,000 will begin to be produced in just 1 hour. This facility alone will meet the annual electrical energy needs of approximately 2 million people. In addition, 2 million tons of fossil waste and carbon emissions will be prevented.

The acquisition comes as part of IHC’s long-term investment strategy in the clean energy sector and four months after its AED7.3 billion investment in Indian conglomerate Adani Group- green energy-owned companies.

Source: Emirates News Agency

ABU DHABI, Abu Dhabi National Oil Company (ADNOC) announced today a $1.17 billion (AED4.3 billion) contract for the hire of 13 self-propelled jack-up barges to drive offshore operational efficiencies and support the expansion of its crude oil production capacity to five million barrels per day (mmbpd) by 2030.

The five-year contract was awarded by ADNOC Offshore to ADNOC Logistics & Services (ADNOC L&S) and underpins the world-class capabilities within ADNOC’s group companies.

Over 80 percent of the award value will flow back into the UAE’s economy under ADNOC’s successful In-Country Value (ICV) programme, supporting local economic growth and diversification.

The 13 self-propelled jack-up barges are multi-purpose assets that enable rig-less operations and maintenance with single-point responsibility provided by ADNOC L&S, enabling enhanced efficiencies. The barges, which will be deployed across ADNOC’s offshore fields, are equipped to support a wide scope of operations, including project work, maintenance and accommodation.

Ahmad Saqer Al Suwaidi, ADNOC Offshore CEO, said, “This significant award to ADNOC Logistics & Services will help deliver our production capacity expansion in the offshore and directly support ADNOC’s strategic growth objective of 5 million barrels of daily oil production capacity by 2030.

ADNOC L&S have a proven track record in the industry, and their best-in-class expertise, together with the ready availability of these self-propelled jack-up barges, will help us drive efficiencies and flexibility while cementing ADNOC’s position as a leading low-cost and low-carbon energy producer. Critically, the award enables very high ICV, which can stimulate new business opportunities to support the growth and diversification of UAE’s economy in line with our wise leadership’s directives.”

Speaking on the contract, Captain Abdulkareem Al Masabi, ADNOC Logistics & Services CEO, said, “We are extremely proud to continue the decades-long relationship between ADNOC Offshore and ADNOC Logistics & Services. We are committed to continuing to seize growth opportunities and deliver more value to ADNOC, and this announcement is another milestone in that journey. These vessels represent an important opportunity for growth and diversification for ADNOC L&S and will be a critical enabler of ADNOC Offshore’s growth.”

The self-propelled jack-up barges will be hired along with manpower and equipment. The barges will be utilised for rig-less well intervention and pre- and post-drilling operations, and topside maintenance and integrity restoration activities at our offshore assets.

Instead of these services being provided through several discrete, operationally specific contracts, all requirements have been unified in line with ADNOC’s smart approach of centralising procurement and operational logistics management. This provides ADNOC Offshore and its strategic partners with operational flexibility while enabling cost efficiencies and single-point responsibility by ADNOC L&S.

The award underpins the continued investment and development at ADNOC Offshore and ensures the responsible acceleration of growth and greater value for the UAE, ADNOC and its strategic partners.

Source: Emirates News Agency

ABU DHABI, The Central Bank of the United Arab Emirates (CBUAE) has issued its Financial Stability Report for 2021, which outlines the measures taken by the CBUAE to support the national economy during the COVID-19 pandemic and safeguard the stability of the financial system.

Among these key steps were the CBUAE’s gradual exit strategy from the Targeted Economic Support Scheme (TESS) as the UAE economic recovery commenced, with the first phase completed by the end of 2021, and the second phase concluded by the end of June 2022. The CBUAE will maintain the final third phase of TESS measures during the second half of 2022.

The CBUAE also conducted risk-based supervision and solvency and liquidity stress tests to assess potential vulnerabilities. Overall, these tests indicated that the UAE banking system had adequate capital and liquidity buffers to withstand severe shocks.

The report outlines the risks for the banking system, which stem from the potential deterioration of assets quality and insufficient change in banks’ business models in light of the global digital transformation, climate change and the rising governance requirements.

The response by the UAE government to the COVID-19 pandemic contributed to the rebound in overall UAE economic activity. The CBUAE measures supported the resilience and recovery of the nation’s banking system and the broader financial system to pre-pandemic levels.

Furthermore, the report covers the CBUAE’s payment systems that proved to be robust during 2021. With the acceleration of digitalisation of financial services, the central bank further improved its systems, enhanced digital transformation, and ensured cyber resilience.

Khaled Mohamed Balama, Governor of the Central Bank of the UAE, said, “The Financial Stability Report records the CBUAE’s approach to identifying and mitigating potential systemic risks and safeguarding the stability and resilience of the UAE financial sector. The report projects a positive outlook for the country’s economy and financial system in 2022.

“The global macro-financial outlook, however, could be affected by supply chain disruptions, rising inflationary pressures, and further escalating geopolitical tensions. We will continue to monitor evolving global vulnerabilities closely and stand ready to take additional measures if needed.

“The CBUAE’s vision is to become among the top central banks globally in enhancing monetary and financial stability and supporting UAE’s competitiveness. We share this determination with the UAE leadership and licensed financial institutions, and together we are implementing an ambitious transformation strategy to achieve this.”

Source: Emirates News Agency