Al Jaber News
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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.
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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.
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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.
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At “The Keys,” a cluster of luxury villas on the Atlantic coast modelled on Miami’s palm- tree resorts, builders and gardeners are busy trying to finish before the summer tourist season.
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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.
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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.
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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.
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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.
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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.
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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.
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