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The Finance World Magazine| Edition: April 2023

The April edition of The Finance World Magazine (TFW) delves into the world of disruptive investment and its potential to transform markets, featuring an exclusive interview with Hadif Abdullah Zamzam, Senior Associate – Value Creation, Disruptive Investments at Mubadala, who shares his insights on this topic. In addition, we feature interviews with prominent CEOs, including Nilay Ranjan Singh of State Bank India, DIFC, Raman Thiagarajan, CEO & Founder of Zenda, and Naveen Bharadwaj, Group CEO of Trescon. They provide valuable insights on various topics related to business and investments, particularly in the fintech area. Through this edition, we also bring you insights on topics like the UAE and Turkey CEPA agreement that sets the ground for novel business opportunities, cryptocurrency adoption in the UAE and how it is expected to disrupt trade and payment systems, buying and selling properties in Dubai and strategies to boost profitability, and many more articles that offer critical analysis and insights on current trends and issues in the business and investment domains. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.

The April edition of The Finance World Magazine (TFW) delves into the world of disruptive investment and its potential to transform markets, featuring an exclusive interview with Hadif Abdullah Zamzam, Senior Associate – Value Creation, Disruptive Investments at Mubadala, who shares his insights on this topic.


In addition, we feature interviews with prominent CEOs, including Nilay Ranjan Singh of State Bank India, DIFC, Raman Thiagarajan, CEO & Founder of Zenda, and Naveen Bharadwaj, Group CEO of Trescon. They provide valuable insights on various topics related to business and investments, particularly in the fintech area.

Through this edition, we also bring you insights on topics like the UAE and Turkey CEPA agreement that sets the ground for novel business opportunities, cryptocurrency adoption in the UAE and how it is expected to disrupt trade and payment systems, buying and selling properties in Dubai and strategies to boost profitability, and many more articles that offer critical analysis and insights on current trends and issues in the business and investment domains.


Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.

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EWEC’s Mirfa 2 Project: Another Groundbreaking<br />

Initiative Propelling UAE to the<br />

Forefront of Sustainable Development<br />

<strong>The</strong> Mirfa 2 project is a significant undertaking in the United Arab Emirates aimed<br />

at advancing the country’s sustainable development objectives. <strong>The</strong> Emirates<br />

Water and Electricity Company (EWEC) is responsible for the project, which is<br />

expected to be one of the largest solar power plants ever constructed. Located<br />

in Abu Dhabi, the project will have a capacity of 2 GW, and its development<br />

will consist of more than 5 million solar panels spread across an area of<br />

approximately 8 square kilometres. Once operational, it is predicted to generate<br />

enough electricity to power 160,000 UAE households and reduce yearly carbon<br />

dioxide emissions by 3.6 million tonnes.<br />

<strong>The</strong> Mirfa 2 initiative marks<br />

a notable milestone for the<br />

UAE’s energy sector as it<br />

demonstrates the country’s<br />

commitment to transitioning to a more<br />

sustainable energy mix. Additionally,<br />

it aligns with the UAE’s objective of<br />

reducing its carbon emissions and<br />

emerging as a global leader in renewable<br />

energy. By investing in renewable<br />

energy projects like Mirfa 2, the UAE<br />

is positioning itself as a key player in<br />

the global shift towards cleaner and<br />

greener energy.<br />

It is expected that the project will<br />

not only promote sustainability but also<br />

bring significant economic benefits.<br />

During the construction phase, the<br />

initiative is predicted to create job<br />

opportunities for thousands of workers<br />

in the UAE while also fostering the<br />

growth of the local solar energy sector.<br />

<strong>The</strong> UAE’s leadership in renewable<br />

energy is likely to attract more<br />

investment, supporting the country’s<br />

broader economic diversification goals.<br />

<strong>The</strong> project’s capacity of 2 GW and<br />

more than 5 million solar panels will<br />

make it one of the largest solar power<br />

plants globally. It is expected to produce<br />

clean and renewable energy, capable<br />

of powering approximately 160,000<br />

homes in the UAE and reducing yearly<br />

carbon dioxide emissions by 3.6 million<br />

tonnes. Along with the solar power<br />

With its capacity<br />

of 2 GW and<br />

over 5 million<br />

solar panels,<br />

the project will<br />

rank among the<br />

world’s largest<br />

solar power<br />

plants.<br />

plant, the initiative also incorporates<br />

a separate reverse osmosis (RO) water<br />

project, which aims to enhance the<br />

water supply stability in Abu Dhabi<br />

Emirate by utilizing RO technology<br />

to desalinate saltwater, generating<br />

up to 150 million imperial gallons of<br />

water per day.<br />

In addition, the Mirfa 2 initiative will<br />

make a considerable contribution to the<br />

ongoing cost-reduction efforts in the<br />

water industry by adopting economical<br />

and efficient RO water desalination<br />

technology. <strong>The</strong> project’s location will<br />

be approximately 110 kilometres to the<br />

west of Abu Dhabi, in close proximity<br />

to the existing Mirfa Plant.<br />

<strong>The</strong> Mirfa 2 project features stateof-the-art<br />

equipment such as Siemens<br />

SGT5-4000F gas turbines, Siemens<br />

SST5-4000 steam turbines, and a 120<br />

MW solar field consisting of over<br />

880,000 photovoltaic panels. Moreover,<br />

the development of the M2 RO water<br />

desalination project has enabled EWEC<br />

to make significant strides towards its<br />

strategic objective of separating water<br />

desalination operations from power<br />

production. This project is expected<br />

to play a crucial role in achieving the<br />

objectives of the UAE Net Zero by 2050<br />

strategic initiative and the UAE Water<br />

Security Plan 2036.<br />

<strong>The</strong> primary source of fuel for the<br />

power plant is natural gas, which<br />

is procured from local suppliers<br />

in the UAE. During daylight hours,<br />

the solar field generates renewable<br />

energy, thereby decreasing the plant’s<br />

reliance on fossil fuels. <strong>The</strong> Mirfa 2<br />

project is designed to comply with<br />

global environmental regulations,<br />

including the Equator Principles and<br />

the Performance Standards of the<br />

<strong>April</strong> <strong>2023</strong> www.thefinanceworld.com 37

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