UAE In-Focus — Dubai summit to focus on climate action; Mubadala, TAQA sign deal to invest in Uzbek power plants

UAE In-Focus — Dubai summit to focus on climate action; Mubadala, TAQA sign deal to invest in Uzbek power plants
UAE In-Focus — Dubai summit to focus on climate action; Mubadala, TAQA sign deal to invest in Uzbek power plants

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Jeddah - Yasmine El Tohamy - DUBAI: The Dubai Electricity and Water Authority and the World Green Economy Organization have announced the theme of the 8th World Green Economy Summit to be held on Sept. 28-29 in Dubai.

The theme of the event is “Climate action leadership through collaboration: The roadmap to net-zero.” It reflect the UAE’s commitment to accelerating climate action, strengthening partnerships, and achieving international climate goals, according to Emirates News Agency WAM.

The summit will be held at the Dubai World Trade Center and focus on ways to accelerate climate initiatives and ensure a smooth transition to a green economy. It will discuss cooperation and exchange of knowledge and experience among stakeholders and international and regional organizations, the statement added.

The main topics of this year’s event will be energy, finance, food security and youth.

Uzbekistan’s power sector

The Mubadala Investment Co., and the Abu Dhabi National Energy Co., TAQA, have signed agreements to invest in the privatization of two gas-fired power plants at Talimarjan in Uzbekistan.

The two companies will each acquire 40 percent stakes in two gas-fired power plants with a combined capacity of 1.6GW, as well as the operation and maintenance of these plants. Talimarjan Issiqlik Elektr Stansiyasi will retain the remaining 20 percent stakes.

The transaction remains subject to certain conditions, including obtaining any applicable regulatory approvals. The deal will take final shape in the second half of 2023.

ADCB issues debut green bond 

Abu Dhabi Commercial Bank, the UAE’s third-largest lender, has launched a 1.8 billion dirham ($500 million) green bond that will help it finance green projects.

According to a statement released by ADCB, the five-year bond carries a 4.5 percent coupon rate.

Local, regional, and international investors ordered $1.9 billion in the transaction, which was oversubscribed 3.8 times, the statement said,

Following a global roadshow, ADCB will issue the bond on Sept. 14 to reflect its approach to managing ESG risks and opportunities, the statement added. 

Alaa Eraiqat, ADCB’s group chief executive, said in a statement: “The successful pricing of the first ADCB green bond is a significant milestone in the bank’s implementation of international best practice in ESG.”

In order to facilitate further capital mobilization for green projects, the bank has adopted a green bond framework.

“We look forward to collaborating with clients and other stakeholders to advance in our shared ambition for a net-zero future,” Eraiqat added.

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