Total SA and Abengoa SA, the European energy producers behind the Middle East’s largest concentrated-solar plant, intend to expand further in the region as governments promote renewables to free up oil for export.
Abu Dhabi, the largest sheikhdom in the United Arab Emirates, is making a 10-fold boost in its capacity to generate electricity from the sun by starting the Shams 1 solar plant with partners Total SA and Abengoa SA.
Sheikh Mohamed bin Issa al Jaber, Saudi Arabia’s third-richest person, plans to expand his luxury- hotel holdings in Portugal and elsewhere in Europe as the region’s debt crisis presents a buying opportunity for investors with cash.
Suhail Mohammed Al Mazrouei was appointed energy minister of the United Arab Emirates, replacing an eight-year veteran at the helm of oil policy in the Persian Gulf nation holding 6 percent of global crude reserves.
Al Jaber Group, a family-owned industrial group in Abu Dhabi, reached a deal with creditors including HSBC Holdings Plc to restructure about $4 billion of debt, according to two people familiar with the matter.
Abu Dhabi-based Al Jaber Group is in the final stages of talks with creditors to restructure 16.5 billion dirhams ($4.5 billion) of debt, the National newspaper reported, citing people familiar with the talks.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Masdar, the renewable energy company run by Abu Dhabi’s government, will begin a pilot project to desalinate water using power from renewable sources with the aim of building a full-scale plant by 2020.
Masdar, Abu Dhabi’s government- backed renewable energy company, is on track to develop a clean- energy city on time and intends to maintain its current level of spending, its chief executive officer said.