Day: April 8, 2024

HANOI: Vietnam aims to bring net greenhouse gas emissions to zero by 2050, so ideally all means of transport will use green energy, reported the state news agency (VNA).

For the country, green transportation was also an urgent requirement to build green and smart cities, VNA quoted experts as saying.

The transport sector aims to gradually limit and stop the production, assembly and import of cars and motorbikes using fossil fuels by 2040.

By 2050, all motor vehicles will use electricity and green energy.

Electric vehicles are considered the transportation industry’s future as people in big cities increasingly favour these units. Ministry of Transport statistics show that more than 20,000 electric cars were used nationwide last year.

Source:Emirates News Agency

ABU DHABI: Abu Dhabi Future Energy Company (Masdar) will host the second annual Green Hydrogen Summit on 16th April 2024 at ADNEC in Abu Dhabi as part of the World Future Energy Summit.

The summit aims to accelerate the development of the global green hydrogen economy and support the energy transition.

Highlighting green hydrogen’s growing potential to support economies in reaching net-zero emissions, the Green Hydrogen Summit will bring together diverse stakeholders, including policymakers, industry leaders, forward-thinking investors and pioneering entrepreneurs.

Under the theme, Building the Hydrogen Economy: From Dialogue to Reality, the Summit will provide a platform to engage leading hydrogen players worldwide for in-depth discussions on advancing the low-carbon hydrogen economy, in alignment with global efforts to navigate to net zero.

Fireside chats, high-level panels and outcome-focused working sessions will explore the latest industry trends and developments in production, conversion, transport,
storage and use, as well as green hydrogen’s critical role in decarbonising the global energy system.

As major economies look to decarbonise their end-use sectors, participants will discuss industries representing the largest demand segments for green hydrogen and take an in-depth look at economies and regions leading the emerging green hydrogen market.

Conversations during the Green Hydrogen Summit will explore how governments are enabling progress in investment and developing policy frameworks to scale up and facilitate their hydrogen economies and the global trade of green hydrogen.

Mohamed Jameel Al Ramahi, CEO of Masdar, said, ‘Masdar is working to accelerate the journey to net zero and triple global renewable capacity as part of the historic UAE Consensus reached at COP28. Green hydrogen is key to a sustainable energy transition and a vital component of global decarbonisation efforts. That’s why it is important that we continue to focus on developing the whole green hydrogen value chain, establishing
clear frameworks for cooperation, sharing best practices and aligning regulations to accelerate the transition to a sustainable hydrogen economy.’

Masdar’s green hydrogen business aims to be a leading global producer by 2030, supporting Abu Dhabi’s Low-Carbon Hydrogen Policy announced during COP28, following a trilateral strategic collaboration between Abu Dhabi Department of Energy, ADIO and Masdar to position the UAE as a global hydrogen leader.

Masdar is at the vanguard of making this vision a reality, developing power-to-X projects, both in the UAE and globally, that turn water and electricity into carbon-neutral synthetic fuels. Major announcements in the last 12 months demonstrate Masdar’s commitment to realising large-scale green projects for hydrogen and its derivatives.

Masdar will explore the production of e-methane in Abu Dhabi with Japanese energy companies INPEX, Tokyo Gas and Osaka Gas and has partnered with OMV on a project to produce green hydrogen for decarbonising industrial processes.

A
n agreement between Masdar and France’s Hy24 will provide access to a pipeline of up to pound 2 billion in green hydrogen co-investment and co-development opportunities, while Masdar’s partnership with Emirates Steel Arkan is set to develop an innovative green hydrogen project to decarbonise the UAE’s steel sector.

Masdar and TotalEnergies also conducted the first test flight to demonstrate the potential for converting methanol to sustainable aviation fuel. Masdar has also joined the Hydrogen Council to help advance hydrogen’s role in reaching global decarbonisation goals.

With green hydrogen poised to play a pivotal role in shaping the future of energy sustainability, the Green Hydrogen Summit agenda will delve into crucial aspects such as regulatory frameworks, innovation and sustainable finance to chart a course toward a sustainable energy landscape.

Source:Emirates News Agency

BEIJING: China has introduced fresh measures aimed at enhancing foreign exchange operations to better streamline cross-border trade. The new measures will take effect on 1st June.

According to China Central Television, the State Administration of Foreign Exchange (SAFE) has announced six new measures across three areas. These include enhancing the registration management for foreign trade enterprises, simplifying the process for settling foreign exchange transactions related to cross-border trade, and consolidating regulations concerning foreign exchange in goods trading.

The foreign exchange regulator said more steps will be taken to improve the quality and effectiveness of foreign exchange services to better support the real economy, further improve the business environment, and help ensure the stability and quality of foreign trade.

China’s foreign exchange reserves reached US$3.2457 trillion in March, up US$19.8 billion or 0.62 percent from February, SAFE data showed on Sunday.

Source:Emirates News A
gency

ABU DHABI: Investment Corporation of Dubai (ICD) and Brookfield Corporation (Brookfield) today announced an agreement with Olayan Financing Company and Lunate for the sale of a 49 percent stake in ICD Brookfield Place (ICDBP), a world-class commercial and retail property located in the Dubai International Financial Centre (DIFC).

Upon completion, Lunate, through one of its funds, and Olayan Financing Company will each own a 24.5 percent equity interest in ICDBP. ICD and Brookfield will retain a combined 51 percent equity interest, split equally between the two parties. As the largest institutional third-party single asset real estate transaction in the UAE and one of the largest commercial real estate transactions globally since 2020, this acquisition sets a benchmark for high-quality, large-scale real estate investment in the UAE and the MENA region.

Lunate’s investment in ICD Brookfield Place is aligned with its Long Term Capital strategy and strengthens its Real Assets portfolio. The acquisition, made th
rough one of Lunate’s funds, demonstrates Lunate’s commitment to making strategic investments in high-quality assets globally.

ICD Brookfield Place, the premier mixed-use real estate development located in the DIFC, provides high quality space to major global financial institutions, law firms and multinational corporations. ICD Brookfield Place is over 98 percent occupied at premium rents.

Brookfield Properties, the real estate operating arm of Brookfield Corporation, will continue to manage the property, leveraging its deep expertise in sustainable property management, and its established relationships with existing ICDBP tenants, many of whom lease other offices under Brookfield Properties’ management globally.

Khalid Al Bakhit, Chairman, ICD Brookfield commented, ‘In a very short time ICD Brookfield Place has become a major landmark and the most coveted address in Dubai for businesses and leisure alike. We are delighted to welcome Lunate and Olayan as partners. This transaction underscores the trust and
confidence in this incredible development and in the innovation in Dubai’s real estate.’

Jad Ellawn, Managing Partner, Regional Head of the Middle East, Brookfield, said, ‘We are pleased to welcome Lunate and Olayan and are grateful to ICD for their partnership. This investment is a testament to the continued demand for premier office properties like ICD Brookfield Place and underscores the fact that capital continues to seek high-quality real estate globally.’

“Acquiring this significant stake in ICD Brookfield Place represents a strategic addition to our diverse portfolio. It showcases our commitment to investing in high-quality, sustainable real estate assets that align with our long-term view of value creation,’ commented Nabeel M. Al-Amudi, CEO, Olayan Financing Company. ‘We are excited to join our esteemed partners, ICD, Brookfield, and Lunate, and look forward to contributing to the continued success and legacy of this premier property,” he added.

Reflecting on the agreement, Murtaza Hussain, Managi
ng Partner at Lunate, said, ‘We are pleased to announce our acquisition of a stake in ICD Brookfield Place, one of the most iconic real estate developments in the MENA region. This transaction further supports our Long Term Capital strategy to invest in premium assets, delivering attractive yields and capital appreciation. Importantly, this investment also reinforces our existing relationship with Brookfield and marks the beginning of a valued partnership with ICD.’

Source:Emirates News Agency

ABU DHABI: Air travel between the UAE and Saudi Arabia is witnessing a noticeable surge amid increasing demand from those wishing to perform Umrah rituals during the holy month of Ramadan, reaching its peak during the last ten days of the holy month.

According to the General Civil Aviation Authority’s (GCAA) statistics, there was an increase in the number of flights between the UAE and Saudi Arabia by 13.3 percent during March, which saw the beginning of Ramadan, to approximately 383 weekly flights, compared to around 338 weekly flights in February.

The authority explained that flydubai increased its flights to the Kingdom by 40 percent from 93 weekly flights in February to 130 flights in March, covering destinations such as Abha, Jazan, Neom, AlUla, Qaisumah, Dammam, Qassim, Hail, Hofuf, Jeddah, Riyadh, Madinah, Taif, Yanbu, Najran, and Tabuk.

The authority also noted that Etihad Airways increased its flights to the Kingdom by more than 22.2 percent from 63 flights in February to 77 flights in March, cove
ring destinations such as Dammam, Jeddah, and Riyadh.

According to the GCAA, Emirates flights to the Kingdom reached approximately 67 weekly flights in March, covering Dammam, Jeddah, Madinah, and Riyadh, while Wizz Air Abu Dhabi operated about 21 weekly flights including Dammam and Madinah.

Meanwhile, flights operated by Air Arabia reached approximately 88 weekly flights covering Abha, Al Jowf, Dammam, Qassim, Hail, Jeddah, Madinah, Riyadh, Taif, Yanbu, and Tabuk.

Etihad Airways stated that during Ramadan and the Umrah season, from March 11 to April 7, the airline successfully transported around 45,000 passengers to its destinations in Saudi Arabia.

The airline highlighted Jeddah as the top choice for travelers among Etihad Airways’ destinations in Saudi Arabia during Ramadan, with flights to Jeddah achieving a passenger occupancy rate exceeding 95 percent, reflecting high demand and service efficiency.

Most travellers visiting Saudi Arabia during this period were from the UAE, India, Pakistan, and Indo
nesia. Etihad Airways operates flights to three destinations in the Kingdom using a variety of aircraft, including Dammam and Riyadh using Airbus A320 aircraft, while flights to Jeddah are operated using Airbus A320, Boeing 777, and Boeing 787 aircraft.

As of March 15th, Etihad Airways has permanently increased its services to Jeddah and Riyadh. The airline now operates a total of 77 weekly flights, with 28 flights to Jeddah, 28 flights to Riyadh, and 21 flights to Dammam.

Source:Emirates News Agency