Ewec taps Taqa to lead on 2.5 GW Taweelah project, WTW plants deeper roots in Dubai, Al Ansari expands Omani footprint

Ewec taps Taqa to lead on 2.5 GW Taweelah power project

Ewec awards competitive tender project to Taqa: Emirates Water and Electricity Co. (Ewec) awarded a contract to build the 2.5 GW Taweelah C independent power producer project to Taqa, as well as a consortium of Saudi Arabia’s Al Jomaih Energy and Water Co. and Singapore’s state-owned energy firm Sembcorp Industries, according to a press release (pdf). This follows a competitive tender process that attracted bids from three international consortiums, including bidders from Japan and Korea.

The details: The agreement locks in a power purchase agreement that secures Ewec electricity from the plant through to 2050. State-owned Taqa will hold a 60% stake in the plant, with Al Jomaih and Sembcorp holding the remaining 40%. The agreement also includes provisions for an operations and maintenance company, of which the consortium will own 60% and Taqa the remaining 40%. Taqa is leading on designing, financing, building, and maintaining the facility.

REFRESHER- The plant will be built at Al Taweelah Power and Desalination complex and will use high-efficiency combined cycle gas turbine technology as well as carbon-capture technology. It is slated to start commercial operations in 2029.

WTW is planting deeper roots in Dubai

WTW secures DFSA license: London-based and Nasdaq-listed multinational advisory and investment consulting firm Willis Towers Watson (WTW) secured a license from the Dubai Financial Services Authority to offer investment advisory services and arrange access to fund solutions directly from Dubai International Financial Center, according to a press release.

Up next: The approval gives WTW — which has USD 3.6 tn in AUM — access to a wider client base across wealth management, family offices, and end-of-service benefits. WTW has already worked with UAE-based employers on employee pension and savings plans, and it fully took over Dubai-based ins. and reins. brokerage firm Al Futtaim Willis last year.

Al Ansari expands Omani footprint

Al Ansari takes stake in Omani FX player: Al Ansari Financial Services is acquiring a stake in Oman-based FX and remittance firm Mustafa Sultan Exchange, according to a press release (pdf). The stake size and transaction value weren’t disclosed, though the target company is valued at AED 23 mn. The takeover comes as Al Ansari looks to expand its regional footprint by adding the exchange, which targets both retail and corporate clients, to its portfolio.

IN CONTEXT- Al Ansari became the largest remittance and exchange provider in the GCC by branch network last year after wrapping up its full acquisition of Bahraini forex firm BFC Group Holdings.