{"id":89608,"date":"2024-03-01T00:00:00","date_gmt":"2024-03-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/masdar-closes-acquisition-of-rwes-offshore-wind-farms-amea-is-moving-forward-with-egypt-green-ammonia-plant\/"},"modified":"2024-03-01T00:00:00","modified_gmt":"2024-03-01T00:00:00","slug":"masdar-closes-acquisition-of-rwes-offshore-wind-farms-amea-is-moving-forward-with-egypt-green-ammonia-plant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/01\/masdar-closes-acquisition-of-rwes-offshore-wind-farms-amea-is-moving-forward-with-egypt-green-ammonia-plant\/","title":{"rendered":"Masdar closes acquisition of RWE\u2019s offshore wind farms + AMEA is moving forward with Egypt green ammonia plant"},"content":{"rendered":"

ENERGY- <\/p>\n

#1- Masdar closes UK wind farm acquisition:<\/strong> Renewables player Masdar closed theacquisition of a 49% stake in German energy company RWE\u2019s 3 GW Dogger Bank South offshore wind farms, according to a statement<\/a>. The acquisition comes as part of Masdar\u2019s larger GBP 11 bn investment ticket into UK renewables, as the plants are expected to generate 3 GW of wind power, accelerating the decarbonization of the UK's energy system. <\/p>\n

Masdar\u2019s UK expansion was first announced in <\/strong>December<\/a><\/strong>during COP28,<\/strong> paving the way for Masdar and RWE to co-develop the two offshore wind farms<\/a>, with construction starting as early as 2025. The first 800 MW of electricity is planned to come online in 2029, with the aim to fully commission the projects by late 2031.<\/p>\n

ICYMI- The finalized acquisition comes on the heels of Masdar\u2019s subsidiary, Masdar Arlington Energy, <\/strong>breaking ground<\/a><\/strong>on two battery energy storage systems<\/a> in the UK as part of a GBP 1 bn investment program. <\/p>\n

#2- Amea Power moves forward with its green ammonia plant in Egypt: <\/strong>Renewables company Amea Power has started to conduct front end engineering design (FEED) works for its green hydrogen-based ammonia production facility<\/a> in Ain Sokhna, Meed<\/a> reported yesterday. The company also tapped an unnamed engineering procurement and construction (EPC) company to begin construction schemes, the company\u2019s project development manager Ignacio Carreras told Meed, adding that Amea Power is also currently working with a hydrogen electrolyser and ammonia licensor. In the meantime \u201cother contractors for the wind and solar measurement campaign are being mandated as we speak,\u201d Carreras said. The company aims to reach a final investment decision by 1Q 2026.<\/p>\n

RENEWABLES-<\/p>\n

The upcoming phase of MBR solar park may be getting a battery storage facility: <\/strong>The Dubai Water and Electricity Authority (Dewa) is reportedly looking into adding a battery energy storage system to the USD 1.5 bn, 1.8 GW sixth phase \u2014 currently under construction \u2014 of its 4.66 GW Mohammed Bin Rashid Solar Park<\/a>, Meed<\/a> reports, citing a company source familiar with the matter. This comes a month after Dewa and Masdar (tapped as the preferred bidder<\/a> for the project back in August) reached financial close<\/a> for the sixth phase. The planned investment ticket and timeline for the battery project were not disclosed. <\/p>\n

\n

PETROCHEMICALS-<\/p>\n

Borouge sets up shop in Kenya, South Korea:<\/strong> Adnoc petrochemicals JV Borouge<\/a> has established its new international offices in Kenya and South Korea as part of an expansion plan to grow its global presence and \u201cenhance its extensive international sales and supply chain infrastructure,\u201d Wam<\/a> reports. With the launch of the new offices, Borouge has grown its portfolio of international offices to 14 across the UAE, China, Egypt, Japan, India, and Southeast Asia. <\/p>\n

\n

BANKING- <\/p>\n

#1- Introducing the UAE\u2019s first digital Islamic bank:<\/strong> Islamic digital-only bank Ruya is set to launch in the UAE after receiving a license from the Central Bank of the UAE as a specialized bank, Wam<\/a> reports. Headquartered in Ajman, the bank will offer its services nationwide through digital open house forums to operate as branches, \u201c[encouraging] informal interactions between customers, community members and the bank.\u201d<\/p>\n

#2- <\/strong>Ajman Bank<\/a><\/strong> partnered with KPMG ESG services to develop the lender\u2019s inaugural <\/strong>e<\/strong>nvironmental, social, and governance (ESG) framework<\/strong>, a press release<\/a> reads. KPMG will help Ajman Bank undergo an assessment to establish its carbon footprint limits, pinpoint strategic sustainability priorities, and set sustainable goals.<\/p>\n

\n

FINANCE-<\/p>\n

Morgan Stanley<\/a><\/strong> opens its second office in the UAE:<\/strong> Investment bank Morgan Stanely has set up its Abu Dhabi office in Abu Dhabi Global Market, Reuters<\/a> reports. The new office marks its second office in the UAE after the firm set up shop in the Dubai International Financial Center. <\/p>\n

\n

TOURISM-<\/p>\n

Abu Dhabi\u2019s Department of Culture and Tourism <\/strong>(DCT)<\/a><\/strong> and Abu Dhabi Energy Services <\/strong>(<\/strong>ADES<\/a><\/strong>) completed improvements on seven cultural sites<\/strong>,aiming to reduce their water and energy consumption, reports the Abu Dhabi Media Office<\/a>. The sites are Al Jahili Fort, Al Raha Beach Theatre, Al Qattara Arts Centre, Al Ain Oasis, Zayed Central Library, Al Daham Building, and Hosn Al Dhafra . <\/p>\n

\n

TECH-<\/p>\n

#1- <\/strong>Dubai Municipality<\/a><\/strong> introduced an update<\/strong>d \u201cKnowledge and Innovation Strategy,\u201d <\/strong>promoting the use of intellectual capital and advanced technologies to enhance knowledge management and diversify the city\u2019s innovation portfolio, reports the Dubai Media Office<\/a>. The strategy came alongside a revised \u201cKnowledge and Innovation Charter,\u201d geared at allocating resources, forging partnerships, and increasing client participation for innovation.<\/p>\n

#2- <\/strong>Global Cyber Alliance<\/a><\/strong> and <\/strong>DIFC Academy<\/a><\/strong> are offering a cybersecurity toolkit for small <\/strong>businesses<\/strong>, providing UAE-based professionals and organizations with strategies to mitigate cyber risks associated with email and internet usage. The toolkit is accessible from DIFC Academy\u2019s School of Future Skills, reports the Dubai Media Office<\/a>.<\/p>\n

#3- Akrim joins the DIFC: <\/strong>Digital tipping platform Akrim<\/a> received an Innovation Testing License from the Dubai International Financial Centre (DIFC)<\/a>, subjecting the company to regulation under the Dubai Financial Services Authority<\/a>, said DIFC on LinkedIn<\/a> yesterday.<\/p>\n

\n

HEALTHCARE-<\/p>\n

Dubai Health relocated Al Muhaisnah Medical Fitness Center to the <\/strong>Salem Muhaisnah<\/a><\/strong>Medical Fitness Center<\/a><\/strong>, focusing exclusively on visa medical services, Gulf News<\/a> reports. Operating 24 hours from Sunday to Thursday, with specific hours on Fridays, the new facility features additional waiting areas for liaison officers and drivers. Some services, such as embalming and Tawajoud service, will continue at the old facility.<\/p>\n

\n

AVIATION-<\/p>\n

#1- Emirates to resume flights to Cambodia:<\/strong> Emirates has reinstated its daily Phnom Penh service with a transit stop at Singapore, effective 1 May, Dubai Media Office<\/a> said. Emirates SkyCargo will also provide weekly cargo bellyhold capacity exceeding 300 tonnes on Boeing 777-300ER flights to and from Phnom Penh, exporting textiles, pharma, and other commodities.<\/p>\n

#2- <\/strong>Air Arabia<\/a><\/strong> is set to add eight aircraft to its fleet in 2024<\/strong>, CEO Adel Ali told CNBC Arabia (watch: runtime: 6:01<\/a>). The carrier expects to add new routes this year and to expand operations out of its Morocco hub in Rabat after sending three additional aircraft to that location. Air Arabia also does not currently plan to borrow to fund its growth plans as it has sufficient liquidity, but may resort to lending from 2025 onwards, Ali also said. <\/p>\n

#3- Etihad Airways adds new services to Turkey + India: <\/strong>The UAE\u2019s national airline Etihad Airways<\/a> is expanding its network with three weekly seasonal flights to Antalya starting 15 June and four weekly flights to Jaipur starting 16 June, according to a statement<\/a>. <\/p>\n

#4- The Transport Security Department of Dubai Police and flydubai inked an MoU to<\/strong>improve aviation security<\/strong> and integrate transportation systems, the Dubai Media Office<\/a> reports.<\/p>\n

\n

TRANSPORT-<\/p>\n

Dubai\u2019s Roads and Transport Authority signed an MoU with AI service provider <\/strong>Terminus Group<\/a><\/strong> to begin trialing a smart robot surveillance system<\/strong>, Wam<\/a> reports. The initial phase, set to begin in the Jumeirah 3 beach area this month, will assess the robots\u2019 impact on monitoring violations related to bicycles and electric scooters. <\/p>\n

\n

SUSTAINABILITY-<\/p>\n

Gov\u2019t rolls out global water strategy:<\/strong> Recognizing the urgency of tackling global water scarcity, the government launched the Mohamed bin Zayed Water Initiative, geared towards accelerating the adoption and development of water conservation technologies and raising awareness, Wam<\/a> reports. The initiative will see the UAE strike international partnerships to increase global water resilience. Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan is set to chair the initiative. <\/p>\n","protected":false},"excerpt":{"rendered":"

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