Page 15 - DMEA Week 50 2022

DMEA NEWS IN BRIEF DMEA

business new europe bne/IntelliNews

In the past three months, the rial has lost more
than 14% of its value versus the US dollar. Those
months have been marked by the additional eco-
nomic instability caused by the anti-regime pro-
tests that erupted after the death of Mahsa Amini
in mid-September 16 following the arresting of
the 22-year-old by “morality police” in Tehran
for alleged Islamic dress code offences.
The rial by the close on December 11 also fell
to all-time lows against the British pound ster-
ling and euro at IRR458,550 and IRR394,550,
respectively.
Gold prices have jumped to record highs. The
Azadi and Emami gold sovereigns hit IRR178mn
and IRR185mn, respectively.
Foreign traders believed remittances in the
Emirati dirham (AED) were one reason for
the weakening of the IRR on December 11, most developed country’s green hydrogen econ- a global clean energy powerhouse that consoli-
ECOIRAN reported. omy. “Kenya has favourable starting conditions dates the renewable energy and green hydrogen
Seeking to calm markets, the CBI released a and the potential to become a regional pioneer efforts of TAQA, Mubadala, and ADNOC under
statement saying stocks of the greenback in Ira- in this future technology,” according to the BMZ. a refreshed single Masdar brand. TAQA paid
nian vaults were plentiful and there was no need Germany now hopes to finalise details to $1.02bn (AED 3.7bn) in cash for its stake.
for panic. “help Kenya with the necessary technical inno- Mubadala established Masdar in 2006 to
Some market players focused on the impact vations, but also to encourage acceptance of the extend the UAE’s leadership role in the global
of the rial caused by news of a Gulf Cooperation energy transition among the population,” Kofler energy sector, while helping drive the nation’s
Council (GCC)-China agreement that some said. economic diversification and climate action
analysts said may be extremely negative towards bna/IntelliNews, December 14 2022 agenda. Today, Masdar is active in more than 40
and for Iran. The rapprochement of China and countries across six continents and has devel-
Iran’s arch-rival Saudi Arabia could affect the oped and invested in worldwide projects with a
volume of oil China purchases from Iran, hitting COMPANIES combined value of over $20bn.
Tehran’s oil revenues. Under the new partnership, Masdar will
bne/IntelliNews, December 11 2022 TAQA, ADNOC Mubadala become a national clean energy champion for
the UAE and has an ambitious target of growing
Germany pledges €112mn complete landmark to at least 100 GW of renewable energy capacity
globally by 2030.
for Kenya’s renewable transaction for stake from wind and solar technologies. Beyond its
The largest share of this capacity will come
energy, green hydrogen in Masdar initial goals, the company aspires to develop in
excess of 200 GW of renewable energy, reinforc-
development Abu Dhabi National Energy Co. (TAQA), ing its position as a world leader in the renewable
Mubadala Investment Co. (Mubadala) and energy sector.
Germany has pledged at least €112mn to support Abu Dhabi National Oil Co. (ADNOC) have In addition, Masdar’s new green hydrogen
Kenya in “its ambitious goal of switching entirely announced the successful completion of the business will rapidly scale up and target an
to renewable energy sources by 2030,” its eco- Masdar transaction, following which they will annual green hydrogen production capacity of
nomic cooperation and development ministry all become shareholders in Abu Dhabi Future up to 1mn tonnes by 2030, equivalent to saving
(BMZ) has announced. Energy Co. (Masdar), Abu Dhabi’s flagship clean more than 6mn tonnes of CO2 emissions. Green
The move follows a roadmap signed by Ger- energy company. hydrogen, which is produced using water and
many during the COP27 climate conference to This transaction – first announced in Decem- renewable energy, is fast emerging as an impor-
support the East African country’s complete shift ber last year by His Highness Sheikh Mohamed tant carbon-free fuel for the decarbonisation of
to renewable energy. bin Zayed Al Nahyan, President of the United hard to abate sectors such as heavy industry. It
Kenya is already enviably close to that goal Arab Emirates – sees three Abu Dhabi champi- is expected to play a critical role in meeting the
with about 90% of total power production com- ons combining their efforts to rapidly grow Mas- world’s net zero aspirations, with Masdar and the
ing from renewable sources (mainly hydro, geo- dar on a global scale under an expanded mandate UAE set to take a leading role in the hydrogen
thermal and wind power). covering renewable power, green hydrogen and economy.
“Kenya is a particularly advanced country in other enabling clean energy technologies. The new Masdar will target growth oppor-
the energy transition,” BMZ parliamentary state TAQA is taking the leading role in Masdar’s tunities around the world including in the US,
secretary Bärbel Kofler said, noting that the Cli- renewable business with a 43% shareholding, MENA, CIS, APAC and key European countries
mate and Development Partnership will focus while Mubadala retains 33% and ADNOC as well as playing a central role in providing the
not only on expanding renewable energies, the holds 24%. ADNOC is taking the leading role clean energy needed for the UAE to achieve its
electricity grid and hydrogen production, but job in Masdar’s green hydrogen business with a 43% own 2050 net zero target. Growth is expected to
creation as well. stake, Mubadala holding 33%, and TAQA 24%. come from a combination of new and existing
Germany also pledged to support East Africa’s The partnership sets out to develop Masdar into projects, as well as acquisitions.

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