Emirates Official News
Lebanese Army Commander, General Jospeh Aoun, met on Wednesday at his Yarze office with MPs Wael Abu Faour and Akram Chehayeb, over the current situation on the local scene.
General Aoun later received Belgian Ambassador to Lebanon, Koen Vervaeke, who came to Yarze on a protocol visit.
Source: National News Agency
ABU DHABI, Abu Dhabi National Energy Company (TAQA) has announced that the Mirfa International Power & Water Company (MIPCO), the project company that owns and operates the Mirfa Power & Water Plant (Mirfa IWPP), successfully completed refinancing of AED4 billion (US$1.09 billion).
This long-term financing is denominated in USD and is slated to mature on 30th September, 2042. Nine international and regional lenders participated in this refinancing.
The syndicate of mandated lead arrangers comprised Abu Dhabi Commercial Bank, Bank of China (Dubai) Branch, First Abu Dhabi Bank, KfW IPEX-Bank GMBH, The Norinchukin Bank, Saudi National Bank, Shinsei Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank.
The proceeds from the new long-term senior secured loan were utilised to refinance the Abu Dhabi-based power and water company’s existing debt facilities, which were established in 2014 as part of a soft-mini perm structure, an increasingly popular financing model within the region’s utility sector.
Farid Al Awlaqi, Executive Director of Generation at TAQA Group, commented, “TAQA Group is committed to securing competitive finance for our assets to maximise returns for our shareholders and business partners. The refinancing of more than US$1 billion of MIPCO’s debt facilities showcases the hard work of many of our stakeholders and the appetite for funding major utility projects in Abu Dhabi, at which TAQA is at the helm.”
Frederic Claux, Managing Director, Thermal and Supply AMEA, ENGIE, said, “As a leading independent power and desalination water developer and producer in the GCC, at ENGIE, we are delighted to announce this refinancing deal for our Mirfa independent water and power plant in Abu Dhabi. Not only does this demonstrate our track record in structuring large and complex financing transactions to provide greater security for our shareholders, but also our commitment to meeting the growing demand for electricity and water in the region and reconciling economic performance with a positive impact on people and the planet.”
Frédéric Halkin, Executive Managing Director, MIPCO, said, “The MIPCO Power and Water Plant in Mirfa is a key part of the UAE’s utilities infrastructure, supplying thousands of households with power and water every day. This financial milestone showcases not only the critical role of these assets in meeting the growing demand for power and water, but also how these best-in-class projects continue to attract commercially competitive financing.”
Mirfa International Power and Water plant is a combined-cycle gas turbine power plant along with a modular reverse osmosis plant and three multi-stage flash desalination units. It has a gross installed power capacity of 1.7 gigawatts (GW) and 53 million imperial gallons per day (MIGD) gross water desalination capacity. It is 60% owned by TAQA, with ENGIE and Sojitz owning a 20% stake each.
MIPCO was advised on its refinancing by Allen & Overy LLP, a renowned international law firm, while the group of lead arrangers was supported by Linklaters, a global law firm, and WSP, one of the world’s leading engineering consulting firms.
Source: Emirates News Agency
ABU DHABI, Al Yah Satellite Communications Company (Yahsat) has announced that it will pay an interim cash dividend of AED196.6 million (US$53.5 million) for the first half of 2022. The interim dividend will be paid by 14th October 2022 to all shareholders of record as at 30th September 2022 and is equivalent to 8.06 fils (US$2.19 cents) per share.
On an annualised basis, the Group is on track to deliver a total dividend of at least AED393.3 million (US$107.1 million) for the full 2022 financial year, an increase of 2% over the prior year and reinforcing its commitment to delivering attractive shareholder returns. This would imply a 5.8% annual dividend yield for 2022 (based on a closing share price of AED2.78 on 20th September 2022).
As per the Group’s approved policy, the second and final dividend for 2022 is expected to be paid in April 2023, subject to the Board of Directors’ recommendation and shareholders’ approval at the next annual general assembly.
Musabbeh Al Kaabi, Chairman of Yahsat, commented, “Since our listing on ADX in 2021, we have demonstrated sustained growth and resilience in the face of challenging macroeconomic conditions. Our strong year-to-date performance was evident in our first-half results, when we recorded our highest-ever revenue for the period with significant growth in Adjusted EBITDA and Net Income.
“With good visibility on future earnings, and contracted future revenue exceeding AED7.7 billion, equivalent to 5.2 times our 2021 annual revenue, we are in a solid position to continue to reward shareholders. This interim dividend reaffirms our commitment to grow the dividend by at least 2% per year, and we are on track to pay a total dividend of at least AED393.3 million for the full year.”
Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said, “We are committed to pursuing new growth opportunities and we are confident that our robust balance sheet, agile and resilient business model, and proven track record, will continue to enable us to capture long-term value.
“Our dividend policy is well-supported by strong discretionary free cash flow, which we expect to be approximately twice our full-year dividend payment for this year. The strength of our business today, coupled with our confidence in future revenues and profitability, provide a solid foundation for creating shareholder value through a combination of attractive dividends and growth.”
In August 2022, with approximately 90% of projected annual revenue for 2022 already secured, Yahsat announced the narrowing of the range of its FY2022 revenue guidance. The Group expects annual revenues of at least AED1,542 million (US$420 million) with the upper end of the range unchanged at AED1,616 million (US$440 million). All other guidance remains unchanged.
Source: Emirates News Agency
ABU DHABI, The Ministry of Health and Prevention (MoHAP) announced that it conducted 199,022 additional COVID-19 tests over the past 24 hours, using state-of-the-art medical testing equipment.
In a statement, the Ministry stressed its aim to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out the necessary treatment. As part of its intensified testing campaign, MoHAP announced 366 new coronavirus cases, bringing the total number of recorded cases in the UAE to 1,024,085.
According to the Ministry, the infected individuals are from various nationalities, are in a stable condition, and receiving the necessary care.
The Ministry added that no COVID-19-related deaths have been recorded in the past 24 hours, leaving the death toll unchanged at 2,342.
MoHAP also noted that an additional 325 individuals had fully recovered from COVID-19, bringing the total number of recoveries to 1,003,411.
Source: Emirates News Agency
ABU DHABI, NAFIS, a federal programme that supports Emiratis in the private sector has signed five MoUs with higher educational institutions in the UAE to expand the involvement of Emiratis in the healthcare sector through NAFIS’ ‘National Healthcare Programme’ initiative, which has opened its doors for registration in the end of July 2022.
The ‘National Healthcare Programme’ initiative has received applications from a total of 3,721 Emirati students through Higher Colleges of Technology, Fatima College of Health Sciences and Fujairah University, in addition to the University of Sharjah, University of Ajman, Gulf Medical University and Ras Al-Khaimah Medical & Health Sciences University. 1,621 Emirati students have been accepted and have started their studies, while those who have not fulfilled the eligibility criteria of the initiative will be listed for the initiative’s development programme.
According to the MoUs, NAFIS will be working closely with the five academic institutions: Higher Colleges of Technology, University of Sharjah, University of Ajman, Gulf Medical University and Ras Al-Khaimah Medical & Health Sciences University, to offer paid scholarships, in addition to providing the necessary trainings, laboratories and workshops to develop the student’s skills and equip them with the qualifications they need to thrive in the health sector.
The academic programmes included in the ‘National Healthcare Programme’ involve the Graduate Healthcare Assistance Programme, the Diploma/Higher Diploma in Emergency Medicine, and the Bachelor’s degree in Nursing, in addition to a number of other practical and specialised healthcare and healthcare assistant programmes, which will be implemented in the future to enhance the participation of Emiratis within this vital sector.
Ghannam Al Mazrouei, Secretary-General of the Emirati Talent Competitiveness Council (ETCC), the federal entity overseeing NAFIS, said, “As the UAE evolves to expand its national healthcare system to meet the growing needs of its people, it is our hope that we witness a larger presence of UAE nationals within this vital sector. Starting at the source of the healthcare sector, educational institutions, is a critical step in the country’s ambitious healthcare plans.”
Al Mazrouei added that these partnerships align with the aspirations of the leadership to cooperate with all government and private entities to achieve the objectives of NAFIS and support the implementation of its initiatives and programmemes, stressing that NAFIS will work to provide the necessary budget to cover the expenses of the programmes and study programmes offered by these educational institutions to Emirati students in the field of healthcare.
Commenting on the initiative and recent partnerships, Saif Ahmed Al Suwaidi, Undersecretary for Emiratisation at the Ministry of Human Resources and Emiratisation, said, “The importance of the healthcare sector has drastically increased over the past few years, especially in light of the COVID-19 pandemic, during which the healthcare staff have emerged as the first line of defence in addressing the pandemic. We have also seen a significant interested in joining the healthcare sector as a result of the generous support of the UAE government.”
“In recognition of the government’s efforts in developing this sector, it is a top priority to increase the presence of UAE nationals within healthcare and provide them with all the qualifications and skillset they need,” he added.
Source: Emirates News Agency