United Arab Emirates: Initial Spark for Renewable Energies

Total Page:16

File Type:pdf, Size:1020Kb

United Arab Emirates: Initial Spark for Renewable Energies UAE SPECIAL United Arab Emirates: Initial spark for renewable energies Masdar Initiative and Masdar City herald change for tomorrow’s energy landscape – Mega projects in the area of renewable energies. The Lighthouse: sun and wind energy systems under one roof Animation: Atkins 180 Sun & Wind Energy 3/2008 UAE SPECIAL bout 50 years ago, the first oil fields were dis­ UAE dispose of 8 % of the worldwide resources and the covered in the United Arab Emirates (UAE). fifth largest proven oil reserve. The UAE also dispose of Since then, the region has undergone radical the fifth largest natural gas reserve with a volume of change: Shiny crystal palaces and limousines 3.43 trillion m3 – although still far less developed. have taken the place of Bedouin tents and The UAE oil money keeps pouring into endless con­ Acamel herds. But the nation that has over decades feast­ struction projects and yields an impression as if each ed on the export market begins to rethink its future. The emirate were trying to outrun the other with larger and inevitable exhaustion of the natural oil and gas reserves ever more lavish mega projects. While a few years ago along with the problem of serious environmental dam­ the world still marvelled at the world’s only 7 star hotel age have become an issue the government is ready to Burj Al Arab, new challenges are now found at sea. At address. Measures have been taken in form of green the coast of Dubai, artificial island cities such as Palm mega projects to create a new and worldwide Mecca for Jebel Ali, Palm Jumeirah and The World have been con­ renewable energies. In this line, a new »green building« structed, and already a new skyscraper is rising whose rule in Dubai was established to improve the ecological final record height is yet undecided: The Burj Dubai will balance of buildings within the emirate while Abu be completed in 2009 and rake 1,000 metres or more in­ Dhabi’s Masdar Initiative has been pioneering new ave­ to the sky. Sultan Ahmed Al Jaber, nues for ecological urbanisation. But a truly integral Next, construction of an »Energy and Environment project manager of the ambi- commitment to environmental protection in the region Park« (Enpark) is planned and intended to finish until tious Masdar Initiative is still out of sight. 2010. In this park, which will include office space as well Photos (3): EuPD While less than 170,000 inhabitants were living in as apartments, renewable energies will play a consider­ the sand and stone deserts at the foundation of the able role. At large, Dubai is bringing a total investment UAE in 1971, population has meanwhile exploded to of US$ 300 billion into its construction projects. 4.1 million. About one third are residents of Abu Dhabi, Still, the total picture reveals a systematic approach. the largest emirate in terms of area, one third lives in Combining financial incentives with ideal leisure and Dubai and the remaining are scattered throughout educational infrastructures and modern urban environ­ Sharjah, Ajman, Umm al Quwain, Ras al Khaimah and ments has the goal of attracting experts from every­ Fujairah. Half of the population is under 25 years of the where across the planet and all professional areas. At­ age. Abu Dhabi’s Urban Planning Council expects that the tractive conditions are created for investors in form of capital alone will until 2020 redouble from 930,000 to free trade zones and technology clusters. Different from 2 million inhabitants. Such population boom, however, other countries as, for example, China, this region al­ is not left to chance. As a reaction, mega projects are lows companies to remain entirely in the hands of for­ thought up channelling the growing society into spe­ eign investors. Without income and corporate tax, cap­ cial residential and business districts*. ital and profits can be shifted at any time to any coun­ The region’s power demand is also impressive. About try in the world. As companies are founded without 17,000 kWh is needed in the UAE per capita and year. lengthy licensing procedures, the approach has natural­ And consumption will increase annually by 6.7 % until ly become popular in the emirates. Dubai already dis­ 2030, says Keith Miller, director of Planning & Studies poses of 21 free trade zones. Abu Dhabi is thinking Directorate at the Abu Dhabi Water and Electricity Com­ about declaring its entire territory a free trade zone. pany (ADWEC). In comparison: The current capacity Even the considerably smaller Sharjah disposes of two ranges at 9,501 MWp. Consequently, the emirate needs such zones totalling 14.5 km2. to make an additional 17,000 MWp available until 2030. As long as the new powers plants remain merely Frameworks for renewable energies sketches on a drawing board, saving energy and effi­ cient resource allocation continue to be the only near Due to the rich oil and natural gas reserves in the UAE, term solutions. At present, the UAE is planning to asso­ renewable energies have been playing a rather subor­ ciate network operators and interconnect grids to com­ dinate role. At the same time, however, climate condi­ pensate regional fluctuations. Additionally, progressive tions of 360 days of sunshine and global radiation rates tariffs have been introduced with March 2008 to moti­ with annually 2,200 kWh/m2 at average make solar en­ vate consumers into an economical and efficient hand­ ergy an interesting option. Daytime temperatures that ling of energy. After the increase, prices have surged to hit 50 degrees in the summer place ideal conditions for 20 and 33 Fils/kWh (€ct 3.4 and €ct 5.6) varying with the PV systems, which can compensate the high energy de­ level of consumption in either private household or mands caused by air conditioning. Today, air condition­ industry. In order to allow for a smooth changeover of ing and cooling systems make up 70 % of the total en­ the still moderate increase, the original population is ergy demand. excluded from the modifications. This means that only Besides the low prices for conventional energies, the about 20 % of the consumers will be affected. Consid­ decision­making of the sheiks has also lead to an un­ ering the country’s natural resources, these changes dervaluation of solar energy. Intransparent regulations will not bring about too much headache. 72.1 % of the hamper the process. Private consumers, for example, primary energy demand is still covered though natural can attach solar modules to their buildings only if these gas and 27.9 % through oil. With 97.8 billion barrels, the are not connected to the public grid. Considering that * Compare: Abu Dhabi Water and Electricity Company (ADWEC) Mega pro­ 92 % of all consumers receive their energy through the jects: Electricity demand forecasts. public grid, PV installations are for most part not a real Sun & Wind Energy 3/2008 181 UAE SPECIAL Masdar test facility: about 30 km outside of Abu Dhabi option. At present, a legal regulation for pricing and follow the standards of the US American Leadership in feeding in green energies through the utility compa­ Energy and Environment Design (LEED). nies does not exist, as Majid Al Mansouri, secretary gen­ In expectation of a future market, about 35 solar en­ eral of Environment Agency Abu Dhabi confirms. One ergy companies have settled in the region. One of these example that illustrates the consequences of the miss­ companies is Microsol International in the Fujairah free ing regulatory context is the Solar Tracker in Knowledge trade zone. Microsol is the only solar cell manufacturer Village. The Solar Tracker is a project of the Swedish in the region with a production capacity of 45 MWp. Switchpower that was manufactured by the company Most of the other companies are distributors and sys­ Deger: »As intended, the tracker, equipped with dual tem integrators that have simply added solar products axes, tracks the sun but does not produce electricity be­ to their catalogue of electronic and telecommunication cause it cannot be connected to the grid,« says Andrew technologies. Machirant, business development & communication But also some of the major international solar corpo­ manager at Switchpower. Although the manager is ex­ rations are hiring solar experts for their offices. Addi­ pecting a regulatory change in the future, the exact tionally, manufacturers have begun to rethink the re­ point of time remains unclear. gion and establish their own networks. »Without com­ mercial advertising and corporal presence, solar prod­ »Green Building Initiative« and ucts cannot be retailed in the region,« Jörg Westphal, Masdar – milestones for a new era vice president at Schüco, Germany, explains. European companies, however, do not hold a mo­ Today, activities in the area of PV and solar thermal en­ nopoly. For example, Chinese façade and building spe­ ergy are practically as sparse as desert oases. But ex­ cialists also hope for impulses from the »green building« perts in the region are expecting changes in the future. rule. CG Solar introduced an a­Si thin film module for With the reorganisation of the cabinet in 2006, a Feder­ building integrated solutions to their solar pump pro­ al Environment Ministry was established to formulate duction. With transparencies of 10 % to 25 % these regulations and legal directives for the protection of the modules reach competitive outputs in view of modules environment. At the same time, sheik Mohammed bin with poly­Si and CSI technologies. According to corpo­ Rashid Al Maktoum of Dubai enacted a »green build­ rate information, the modules range 7.5 % and 12 % ing« rule for new constructions with effect on January above modules with the latter technologies.
Recommended publications
  • Global Business
    GLOBAL BUSINESS 1 If you want to see the future of sustainable design, drive southwest from Abu Dhabi’s international airport, stop when you come to the desert—and use your imagination. You’re standing in what will be Masdar City: a radically innovative development powered entirely by renewable energy. Created by the British architect Norman Foster, the new city will be the centerpiece of the Masdar Initiative, a multi-billion-dollar project to promote Abu Dhabi, the hydrocarbon-rich capital of the United Arab Emirates (U.A.E.), as a hub for alternative energy and sustainability. Masdar City is little more than a dream in the desert today, but the beginnings of Abu Dhabi’s transformation are visible in a field of 25 different solar panels sprouting from the sand near the construction site. The shimmering silicon modules are being run through an 18-month field test to determine which kind of photovoltaic technology will work best in this hot and dusty environment. The winner will help power Masdar City - and, eventually, perhaps much of Abu Dhabi, as scientists here learn to tap a renewable energy source that could ultimately be as powerful as the oil that has made this region so wealthy. “I think there is great potential here,” says project manager Sameer Abu Zaid, as he tours the testing facility, the call to evening prayers echoing over the empty desert. “This is very exciting for us?” What’s happening in Abu Dhabi could be very exciting for the rest of us, too - and very surprising. The emirate is the world’s fifth largest exporter of oil and sixth largest producer of natural gas, making it immensely rich, with per-capita GDP’ of $63,000, compared with $45,000 in the U.S.
    [Show full text]
  • Siemens Strengthens Middle East Presence with New Headquarters at Masdar City
    Press Abu Dhabi, UAE, January 22, 2014 Siemens strengthens Middle East presence with new headquarters at Masdar City New Siemens Middle East HQ is Abu Dhabi’s first LEED Platinum building Award-winning office to accommodate around 800 employees in Abu Dhabi Sets benchmark for future buildings in the region and beyond Siemens continues to maintain operations of a similar size in Dubai Siemens, the global powerhouse in electronics and electrical engineering operating in the energy, infrastructure, industry and healthcare sectors, today inaugurated its new Middle East headquarters at Masdar City – Abu Dhabi’s low-carbon, sustaina- ble city – where Siemens is an anchor tenant. The Siemens building has been de- signed with sustainable materials and energy efficient technologies, making it the first LEED Platinum certified office in the United Arab Emirates’ capital city. The building has become a benchmark for future projects in the Middle East and beyond, due to the sustainability standards and development methodology used in building it. “The opening of the new Siemens regional headquarters at Masdar City is testament to our unwavering commitment to the UAE and the Middle East,” said Dietmar Siersdorfer, CEO of Siemens Middle East and UAE. “After more than 150 years in the region, we are proud to achieve another important milestone in the company’s history. With our new headquarters, we strive to serve our customers even better and enrich our contribution to the development of the region’s youth and societies to meet the needs of the future.” One of the world’s most sustainable cities, Masdar City is on a mission to discover a “greenprint” for how cities can accommodate for denser populations, while reducing waste as well as energy and water consumption.
    [Show full text]
  • Business Voice Issue 53
    BUSINESS VOICE ISSUE 53 . JUNE 2021 Homegrown companies flying the UAE flag by manufacturing world-class products locally Investment:SMEs: Abu Dhabi Mubadala is attracting Investment the mostCompany’s exciting record start-ups profit in theand worldgrowth P18 P06 Gaming: How Abu Dhabi is developing an entire gaming ecosystem P26 Sustainability: Masdar’s 15-year legacy of incredibleclimate impact milestones milestones P30 P30 ﻣﻨﺼﺔ رﻗﻤﻴﺔ ... ﺳﻌﺎد اﻟﻤﺘﻌﺎﻣﻠﻴﻦ Customer Happiness Digital Platform ﺧــﺪﻣــﺎت إﻟــﻜــﺘــﺮوﻧـﻴﺔ Online Services Abu Dhabi دﻟﻴﻞ أﺑـﻮﻇـﺒـﻲ اﻟﺘـﺠــﺎري Commercial Directory ﻓـﻌــﺎﻟـﻴـﺎت وﻣــﺆﺗـﻤـﺮات Events & Conferences ﺗـﺴــﺠـﻴـﻞ اﻟـﻤـﻮردﻳـﻦ Suppliers Registration ﺧـﺪﻣـﺎت ﻗــﺎﻧـﻮﻧـﻴــﺔ Legal Services ﺧﺪﻣﺔ اﻟﻮﺳﺎﻃﺔ اﻟﻮدﻳﺔ Amicable Mediation ﺧﺪﻣﺔ ﻣﺮاﺟﻌﺔ اﻟﻌﻘﻮد Contracts Review ﺧــﺪﻣــﺔ اﻻﺳــﺘـﺸــﺎرات Consultancy Service ﺧﺪﻣﺔ اﻻﺳﺘﻌﻼم ﻋﻦ اﻟﺮﺳﻮم Service Cost Calculator www.abudhabichamber.ae 2 . BUSINESS VOICE ﻏـﺮﻓـﺔ أﺑـﻮﻇﺒﻲ اﻟــﺮﻗــﻤـﻴـﺔ Abu Dhabi Digital Chamber FOREWORD From new laws and policies to incubator and The UAE’s dedication to nurturing and supporting accelerator programmes to facilitate business new and future corporate champions is mirrored in its development, the UAE is dedicating resources, time impressive standing in international competitiveness and effort to transform the country into a launchpad indexes related to entrepreneurship. According to the for SMEs. It’s a strategy that’s paying off. Federal Competitiveness and Statistics Centre, the By placing particular emphasis on supporting UAE ranked among
    [Show full text]
  • Public-Private Roundtables at the Clean Energy Ministerial Meeting
    PUBLIC-PRIVATE ROUNDTABLES AT THE CLEAN ENERGY MINISTERIAL MEETING Abu Dhabi, United Arab Emirates 6 April 2011 The Clean Energy Ministerial took place in the Emirates Palace Hotel in Abu Dhabi. After the sessions, participants visited the city of Masdar, constructed south-east of Abu Dhabi, which has a goal to rely entirely on solar energy and other renewable energy sources, with a sustainable, zero-carbon and zero-waste ecology. World Economic Forum World Business Council for Sustainable Development – WBCSD 91-93 route de la Capite Chemin des Conches 4 CH-1223 Cologny/Geneva 1231 Conches-Geneva Switzerland Switzerland Tel.: +41 (0)22 869 1212 Tel.: +41 (0)22 839 3100 Fax: +41 (0)22 786 2744 Fax: +41 (0)22 839 3131 E-mail: [email protected] E-mail: [email protected] www.weforum.org www.wbcsd.org © 2011 World Economic Forum All rights reserved. This material may be copied, photocopied, duplicated and shared provided that it is clearly attributed to the World Economic Forum. This material may not be used for commercial purposes. REF: 210711 “The Clean Energy “We look forward to Ministerial is a unique hosting the third Clean forum for accelerating the Energy Ministerial next transition to clean energy. year in London and will Engaging the private sector be working actively with is essential and the public- partner governments, the private roundtables at private sector and others the second Clean Energy over the next 12 months Ministerial gave fresh to make progress on the insight into the policies deployment of clean energy needed to encourage technologies.
    [Show full text]
  • ADIPEC, the World's Largest Gathering of Oil and Gas Industry
    ADNOC Classification: Internal ADIPEC, the World’s Largest Gathering of Oil and Gas Industry Players set to Convene Virtually H.E. Dr. Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, to inaugurate the opening ceremony on Monday, November 9 Ceremony will feature a ministerial panel session and the 10th annual ADIPEC Awards Over 700 thought leaders and industry experts to participate in 135 online sessions spanning 4 days Abu Dhabi, UAE - 3 November, 2020: The Abu Dhabi International Petroleum and Exhibition Conference (ADIPEC) 2020 Virtual Conference, the world’s largest gathering of oil and gas industry players, is set to begin on Monday, November 9, 2020. Held under the patronage of the United Arab Emirates (UAE) President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and hosted by the Abu Dhabi National Oil Company (ADNOC), the conference provides a global platform for policymakers, industry leaders and professionals to engage on and address the most pressing issues facing the energy sector. His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO will inaugurate the opening ceremony which will take place at 14:00 GST (Gulf Standard Time) on Monday 9 November 2020. Following the inaugural address by H.E. Dr. Al Jaber, a ministerial panel session will be held featuring H.E. Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Infrastructure, His Royal Highness Prince Abdulaziz bin Salman Al-Saud, Minister of Energy, Kingdom of Saudi Arabia, His Excellency Alexander Novak, Minister of Energy, Russian Federation and H.E.
    [Show full text]
  • Board of Directors
    Corporate Review BOARD OF DIRECTORS H.E. Dr. Sultan H.E. Dr. Sultan Ahmed Al Jaber has Abdulla Salem Member of the Nomination Ahmed Al Jaber served as UAE Cabinet Member Al Dhaheri and Remuneration Committee and Minister of State since March (resigned on 5 February 2019) Non-executive 2013, and as Chief Executive Non-executive Mr. Abdulla Salem Al Dhaheri served Chairman Officer of ADNOC since February Director (resigned on as Director, Marketing, Sales and 2016. From January 2014 to 5 February 2019) Trading, of ADNOC from 2016 until February 2016, he served as Chief February 2019. From 2009 to 2016, Executive Officer, Energy, of Mr. Al Dhaheri served as our Chief Mubadala Development Company. Executive Officer. H.E. Dr. Al Jaber is also Chairman of Masdar, Abu Dhabi Ports, the Mr. Al Dhaheri holds a Bachelor’s National Media Council, and several degree in Business Administration other ADNOC Group companies. from California Baptist University, He is also a member of the Riverside, California, USA. Board of Directors of Emirates Global Aluminium. H.E. Dr. Al Jaber holds a BSc in Chemical Engineering from the University of Southern California, a PhD in Business and Economics from Coventry University, and an MBA from California State University. Abdulaziz Mr. Abdulaziz Abdulla Alhajri has Matar Hamdan Member of the Audit Committee served as Downstream Director Abdulla Alhajri Al Ameri Mr. Matar Hamdan Al Ameri has of ADNOC since May 2016. From served as Director, Finance and Non-executive October 2007 to May 2016, he Non-executive Investments of ADNOC since 2012. Director was Chief Executive Officer of Director He also serves as the Vice Abu Dhabi Polymers Company Chairman of Aafaq Islamic Finance (Borouge), a joint venture of ADNOC Company and is a member of the and Borealis.
    [Show full text]
  • Sustainable Development and Climate Change: Practical Solutions in the Energy­Water Nexus
    UN General Assembly Thematic Debate Sustainable Development and Climate Change: Practical Solutions in the Energy­Water Nexus 16 May 2013, New York Draft programme (15 May 2013) TIME PROGRAMME 10:00 – 10:45 am OPENING SESSION H.E. Mr. Vuk Jeremic, President of the General Assembly Mr. Wu Hongbo, Under‐Secretary‐General for Economic and Social Affairs H.E. Dr. Sultan Ahmed Al Jaber, Minister of State and Special Envoy for Energy and Climate Change of UAE Prof. Jeffrey Sachs, SDSN and The Earth Institute, Columbia University 10:45 – 11:15am KEYNOTE ADDRESSES (Confirmed as of 15 May 2013) Mr. Janez Potočnik, European Commissioner for Environment H.E. Ms. Izabella Teixeira, Minister of Environment of Brazil Ms. Beata Jaczewska, Deputy Minister of Environment of Poland 11:15‐ 11:45 am VIEWS FROM THE FRONTLINE Dr. Rajendra Kumar Pachauri, Chairman of the Intergovernmental Panel on Climate Change (IPCC) and Director‐General of The Energy and Resources Institute (TERI) The Hon.Craig Knowles, Chair, Murray‐Darling Basin Authority of Australia Prof. Laurence Tubiana, Director, Institute for Sustainable Development and International Relations, Sciences Po Prof. Johan Rockström, Stockholm Resilience Centre 11.45 am ‐1.00 pm INTERACTIVE DEBATE 2 3:00 – 4:30 pm INTERACTIVE ROUNDTABLE PANEL DISCUSSION I: ENERGY­WATER NEXUS/ GLOBAL GOALS AND FRAMEWORKS Moderator: ‐ H.E. Mr. Geir O. Pedersen, Permanent Representative of Norway to the UN Panellists: ‐ Ms. Amina J. Mohammed, Special Advisor of the Secretary‐General on Post‐2015 Development Planning ‐ Ms. Gisela Alonso Domínguez, President, Cuban Agency of Environment ‐ Ms. Samantha Smith, Director of WWF Global Climate Change and Energy Initiative ‐ Mr.
    [Show full text]
  • 44434 Integrity Masdar Powering UAE Brochure.Ai
    Policy in Action Series The Policy in Action Series is published by the Federal Competitiveness and Statistics Authority (FCSA). The series is intended to raise public awareness and stimulate discussion on key areas of competitiveness & policy work related to the United Arab Emirates (UAE). The Federal Competitiveness and Statistics Authority (FCSA), is a UAE federal government entity created by Presidential Decree No.6 of the year 2015. The authority’s mission is to strengthen and enhance UAE’s national data and competitiveness capacities. The FCSA is one of the official government sources for national statistics and is one of the government representatives on matters related to national competitiveness. The FCSA aims at improving the UAE’s global competitiveness performance by working with stakeholders on defining and implementing reforms and polices across sectors. Copyright © 2017 Federal Competitiveness and Statistics Authority Federal Competitiveness and Statistics Authority: T +971 4 608 0000 F +971 4 327 3535 Email: [email protected] Website: www.fcsa.gov.ae @FCSAUAE ISBN 978–9948 –20–265–3 Published in 2013, Republished in 2017 Dubai - United Arab emirates GLOBAL ENERGY DEMAND Share of Total Demand by 2035 (%) 32.6 OECD 64.8 Non-OECD 100 World 40.1 8.1 Remainder of Asia Europe/Eurasia 6.2 23.4 8.5 Middleiddl East China 5.3 Indiad Africa Table 1: Global Energy Demand Total energy Growth rate Share in total a energy demand demand [Mtoe] [%] [%] 2008 2035 2008-2035b 2008 2035 OECD 5,421 5,877 0.3 44.2 32.6 Non-OECD 6,516 11,696 2.2 53.1 64.8 Europe/Eurasia 1,151 1,470 0.9 9.4 8.1 Remainder of Asia 3,545 7,240 2.7 28.9 40.1 China 2,131 4,215 2.6 17.4 23.4 India 620 1,535 3.4 5.1 8.5 Middle East 596 1,124 2.4 4.9 6.2 Africa 655 948 1.4 5.3 5.3 Latin America 569 914 1.8 4.6 5.1 Worldc 12,271 18,048 1.4 100.0 100.0 a.
    [Show full text]
  • Mubadala, ADNOC and ADQ Form Alliance to Accelerate Abu Dhabi Hydrogen Leadership | ADQ
    1/18/2021 Mubadala, ADNOC and ADQ form alliance to accelerate Abu Dhabi Hydrogen leadership | ADQ home | media | news & views | mubadala, adnoc and adq form alliance to accelerate abu dhabi hydrogen leadership Mubadala, ADNOC and ADQ form alliance to accelerate Abu Dhabi Hydrogen leadership Jan 17, 2021 News Drives green hydrogen opportunities and adoption of a roadmap for Abu Dhabi and the UAE Develops international green and blue hydrogen opportunities across the value chain Creates further In-Country Value opportunities across the knowledge and manufacturing sectors Mubadala Investment Company (Mubadala), The Abu Dhabi National Oil Company (ADNOC), and ADQ, today announced the signing of a Memorandum of Understanding (MoU) to establish the Abu Dhabi Hydrogen Alliance (the Alliance). The Alliance partners will collaborate to establish Abu Dhabi as a trusted leader of low-carbon green and blue hydrogen in emerging international markets. They will also work together to build a substantial green hydrogen economy in the UAE. Under the terms of the agreement, the Alliance will develop a roadmap to accelerate the UAE’s adoption and use of hydrogen in major sectors such as utilities, mobility and industry, through their respective operating companies and with international partners. Mubadala, ADNOC and ADQ will also align on their approach to international markets, for projects developed under the Alliance, with the aim of positioning Abu Dhabi as a reliable and secure supplier of hydrogen and its carriers to customers around the world as demand grows. During a virtual ceremony, the MoU was signed by H.E. Khaldoon Khalifa Al Mubarak, Managing Director and Group Chief Executive Officer of Mubadala Investment Company, H.E.
    [Show full text]
  • ADNOC Distribution Corporate Governance Report 2020
    CORPORATE GOVERNANCE REPORT 2020 CUSTOMER EXCELLENCE CREATING VALUE ADNOC Distribution CONTENTS Introduction 3 Our Corporate Governance Overview 4 Share Dealings 6 ADNOC Distribution’s Board of Directors 7 Executive Management 12 Transactions with Related Parties 15 External Auditor 19 Audit Committee 20 Nomination and Remuneration Committee 21 Executive Committee 22 Insider Dealing Committee 23 Internal Control System 24 Corporate Social Responsibility 26 General Information 28 2 2020 Corporate Governance Report | 3 INTRODUCTION ADNOC Distribution (the Company) we serve. In order to achieve that, we Respectful is the UAE’s largest fuel and retail have created a corporate governance We encourage a culture of inclusivity convenience brand, with 445 service framework that fulfils all applicable and mutual respect, and always operate stations and 326 convenience stores1 laws and regulations while complying to the very highest professional and across the country, servicing all seven with international best practice. This ethical standards. emirates. We take pride in the progress framework was designed, and is being achieved with regards to our smart implemented, in line with our cultural Responsible growth strategy, which helped us deliver values, to ensure the sustainability of We are committed to proactively 10 fold growth in terms of our station our business and to help us achieve identifying ways that we can make a number count across the UAE during our future prospects - as dictated by difference to our community, while 2020, compared with 2019. our vision and mission statements. maintaining an unwavering commitment to health, safety and the environment. In addition, we increased our Our values are the core principles that commitment to the Kingdom of Saudi guide our decision making, and ensure Efficient Arabia, where we have two stations consistency in our employees’ actions We are a performance driven company, already operational, through the and behaviors.
    [Show full text]
  • FAB Board of Directors Biographies
    FAB Board of Directors Biographies HH. Sheikh Tahnoon Bin Zayed Al Nahyan • Chairman of the Board of Directors – Elected as Non-Executive member at the General Assembly Meeting on 31 March 2017. Re-elected on 24 February 2020 • Independent Board Member • Chairman of the Board Remuneration and Nomination Committee External appointments • National Security Advisor of the United Arab Emirates • Chairman of the Royal Group H.E. Sheikh Mohamed Bin Saif Bin Mohamed Al Nahyan • Vice Chairman of the Board of Directors – Elected as Non-Executive member at the General Assembly Meeting on 31 March 2017. Re-elected on 24 February 2020 • Independent Board Member • Chairman of the Board Management Committee • Member of the Board Remuneration and Nomination Committee Overview H.E. Sheikh Mohamed Bin Saif Bin Mohamed Al Nahyan is a knowledgeable business Professional with more than 16 years’ experience. H.E deals with Financials, Real Estate Investments and is self-managing various related projects across the UAE. He holds a degree in International Economics and History from the American University of Paris, France. External appointments • Chairman of Abu Dhabi National Insurance Company • Chairman of the Risk Management Committee of the Abu Dhabi National Insurance Company H.E. Jassim Mohammed Buatabh Al Zaabi • Elected as Non-Executive member at the General Assembly Meeting on 24 February 2020 • Independent Board Member • Member of the Board Risk and Compliance Committee Overview H.E. Jassim Mohammed Buatabh Al Zaabi has served as the Chairman of the Abu Dhabi Department of Finance since April 2019. As one of the eminent Emirati leaders, H.E was assigned several vital positions before that, such as Chairman of the Abu Dhabi Executive Oice, which is the local executive authority of Abu Dhabi.
    [Show full text]
  • The OPEC MOMR App Free of Charge!
    the OPEC MOMRDownload App free of charge! • Essential information on the oil market • 100+ interactive articles and tables detailing crude price movements, oil futures, prices and much more • Analysis of the world economy, world oil supply and demand • Compare data interactively and maximize information extraction OPEC Monthly Oil Market Report 12 June 2018 Feature article: World oil market prospects for the second half of 2018 Oil market highlights i Feature article iii Crude oil price movements 1 Commodity markets 9 World economy 12 World oil demand 32 World oil supply 44 Product markets and refinery operations 61 Tanker market 67 Oil trade 72 Stock movements 79 Balance of supply and demand 86 Strengthening the bonds of friendship and trust Learning more about one another is a wonderful way to deep- case themselves not only to JMMC participants, but also to en friendship and trust. Thus it is that the Joint Ministerial the world. Monitoring Committee (JMMC) meetings, under the umbrella of So it is that the next meeting — the 11th — is to take place the ‘Declaration of Cooperation’ have been frequently rotated in Abu Dhabi, UAE on November 11, 2018, and the country is Commentary in various participating countries, much to the excitement of gearing up to entertain and impress its guests. As the United those hosting the meetings. Arab Emirates is currently holding the rotating Presidency of Back when the ‘Declaration of Cooperation’ was first signed the OPEC Conference, the meeting has even greater significance. in December 2016 between 24 (now 25) OPEC and non-OPEC oil Additionally, the country recently celebrated its 50th anniver- producing countries, nobody estimated the massive success it sary as an OPEC Member, having joined in 1967.
    [Show full text]