Power market trading strategies dubai
In In The UAE can be a demanding and sometimes frustrating market in which to do business. Competition for business is fierce from the high growth Asian economies as well as the more traditional competitors in Europe and north America. Each emirate retains control of regulatory powers. This covers commercial activities such power market trading strategies dubai issuing of trade licences and the incorporation of corporate entities, where the activity is not already regulated under federal legislation.
The interaction of federal laws, individual emirate laws and free zone laws can be complex and confusing. The UAE economy continues to grow and the overall economic outlook is positive. Hydrocarbons provide the largest single source of income for Abu Dhabi.
This will result in about USD 8 billion worth of opportunities across many sectors particularly in hospitality and construction. The Gulf region has enjoyed continued growth. This has been driven by rising public sector spending, especially on physical and social infrastructure, as well as buoyant private sector activity. A GCC free trade agreement with Lebanon has been ratified, but not implemented.
Department for International Trade DIT provides free international export sales leads from its worldwide network.
Search for export opportunities. British curriculum schools are in demand. UK universities in Dubai have the highest proportion of postgraduate students. Progress has been made with mutual recognition power market trading strategies dubai FE and professional qualifications. Contact Trade and Investment Adviser sunita. Production is currently around 3 million barrels per day bpdwith targets of 3. The UAE has both onshore and offshore oil reserves, which are operated under concessions. It offers UK companies the chance to develop new business opportunities as the UAE government and international oil companies will be present.
The first of 4 nuclear reactors is due to commence operations in Three others are scheduled to come online by This is the first nuclear power in the UAE. Experience of working with APR models or similar reactors would be an advantage. Power market trading strategies dubai UAE is looking to develop its own manufacturing sector so companies who are willing to invest and enter into joint ventures will be welcomed.
The renewables market in the UAE is growing rapidly with:. Dubai South is a new residential and commercial development around the Al Maktoum airport expansion which will:.
Waste to power technology is under consideration to deal with high waste per person rates. Sharjah is building a waste to energy plant. It will be the largest gasification waste to energy plant in the world. The project received UKEF funding. Contact Trade and Investment adviser ifeayin. Dubai has the largest and most sophisticated financial services industry in the region.
The Power market trading strategies dubai and Takaful markets are growing sectors. There are effectively 2 financial services markets in the UAE — power market trading strategies dubai and offshore. UK companies are active in both markets. It focuses on banking, capital markets, asset management and fund registration; insurance and reinsurance; Islamic finance and professional service providers.
The market outside the DFSA is regulated by federal authorities. It concentrates on private banking, wealth management and asset management. Power market trading strategies dubai Financial Services co-ordinator, dominic. Contact Trade and Investment adviser karen.
Government-related entities, and the large merchant families that dominate the private sector are maintaining spending on infrastructure especially in tourism and social infrastructure.
Contact Trade power market trading strategies dubai Investment adviser ivan. The UAE has a large defence and security budget. Contract negotiations can be lengthy and complicated, with an offset threshold of USD 10 million. Opportunities for small and medium enterprises SMEs can be found within these bigger supply chains. These all offer opportunities for UK defence companies.
DIT UAE provides ongoing support to SMEs working in the security sector in the form of liaison with local law enforcement agencies and access to large contract opportunities.
Cyber Security is an power market trading strategies dubai of concern to both local industry and government departments, and so offers opportunities for UK businesses.
You must check your goods you are meeting legal requirements for export. Contact First Secretary of Defence and Security pippa. The Middle East is a thriving market for aviation and power market trading strategies dubai developments. The UAE offers opportunities for UK companies with innovative and cutting edge products and services. Contact Trade and Investment adviser rashid. There are stringent targets for improving air quality, treatment of all waste generated and conservation of water.
Almost all emirates are expanding their drainage network by increasing capacity at existing plants and by power market trading strategies dubai new plants to meet requirements of expanding neighbourhoods. Dubai is moving forward with its first phase of a waste to energy WtE plant that will be capable power market trading strategies dubai incinerating 2, tonnes of waste per day leading to power generation of about 50MW per day.
Contact Trade and Investment adviser adil. The UAE is investing heavily in leisure and entertainment to cement its position as a leading tourism destination. A series of projects, ranging from cultural and artistic, to theme parks and retail are being delivered which continue to transform the UAE. Power market trading strategies dubai ambition is underpinned by Dubai Tourism vision and Abu Dhabi vision and backed by power market trading strategies dubai infrastructure such as integrated transport links and hotels.
The strategy aims to lengthen the stay of visitors and entice them to shop, dine and experience UAE. While government linked developers are the largest players, there are also a significant number of private developers engaged in delivering similar projects.
Dubai and Abu Dhabi development as a tourism and business destination is also creating a buoyant market advertising and media. Contact Trade and Investment Adviser, ranjana. Under federal legislation, the main options available for conducting business in the UAE are:. The scope of activities permitted varies from emirate to emirate, although generally a broad range of commercial activities can be undertaken.
In certain businesses, you need to get the permission of a particular authority; the Central Bank regulates finance; the Municipality in Dubai regulates engineering and construction. If you just intend to export goods or services to the UAEyou may want to appoint an agent, distributor or franchisee, which must be either a UAE national or a company entirely owned by UAE nationals.
The free zones offer a wide variety of benefits to businesses and a degree of flexibility including:. If you intend to trade or invest in the UAEyou need the correct authorisations and licences.
Each emirate may also have additional requirements. Contact the DIT team in power market trading strategies dubai UAE for a list of English speaking lawyers who can help you with commercial disputes and tax and legal advisers. The UAE prohibits and restricts the import of some products. Dubai Trade provides examples of UAE prohibited items.
Exporters who want to re-export within the other GCC markets should take note of the individual member states lists as they are not harmonised, but independently administered. A Certificate of Origin is needed for all exports to clear customs. Certificates of Origin must be provided by the original exporter and recognised by an authorised representative in UK. While a framework of legislation for the main intellectual property IP rights in the UAE does exist, there are no specialist IP courts and a lack of specialist local advocates.
This can make civil litigation a challenge, so enforcement of IP rights is often achieved in power market trading strategies dubai ways. This includes in the case of trade mark infringement by filing complaints about counterfeiters with the police or customs authorities.
There is no direct personal taxation in the UAE. Most emirates levy various municipal taxes. Indirect taxation through official fees is commonplace. Higher rates of duty apply to alcohol and tobacco. Some categories of goods are exempt, such as certain agricultural products, printed material and pharmaceuticals.
Exemptions may also be granted for goods imported for industrial or manufacturing purposes. Where goods are imported into a UAE free zone, customs duties are not payable. Goods can only be imported into the UAE by a company that is registered in the UAE and the goods must be relevant to the licensed business activity of the business. Goods manufactured in Israel cannot be imported into the UAE. You can find more about import tariffs in the Market Access Database.
Abu Dhabi is the capital and the largest emirate. In common with other oil rich GCC nations, electricity production is subsidised and supplied to end users at less than the cost of generation. Currently, there is little renewable energy produced in the UAE but this will change once the Shams 1 solar project is operational expected to be As well as solar, the UAE is looking to nuclear as part of its drive to reduce its carbon footprint.
The UAE has announced that it intends to produce 7 per cent of its electricity from renewable sources by There are a number of motivations for this. One is the availability of natural gas. Wood Mackenzie a UK -based energy consultant estimates that demand for natural gas will treble to 6 billion cubic feet a day by which means that, even with the supplies from the Dolphin gas project, the UAE will struggle to meet demand.
Additionally, the UAE is keen to diversify its economy and sees the development and export of green technology as means of doing this. It is claimed that, when complete, it will use 70 per cent less electricity and 60 per cent less water than power market trading strategies dubai conventional city. The plant will consist of parabolic trough collectors stretching over an area power market trading strategies dubai 2. The Abu Dhabi Government anticipates that the production costs of renewable energy will decrease, possibly to such a level that the green payment becomes redundant.
The planned plant will have a total capacity of 2, tons per annum of high quality solar-grade polysilicon product and is expected to start production in early In Novembera feasibility study was in progress and potential sites for the project were under evaluation. The plant will use either photovoltaic or thermal solar technology. Construction is scheduled to commence in Analysis conducted by official UAE entities has concluded that national annual peak demand for electricity is likely to triple byreflecting a cumulative annual growth rate of roughly 9 per cent from onward.
In evaluating different options to meet this demand, nuclear energy emerged as a proven, environmentally promising and commercially competitive option which could make a significant contribution to the UAE's economy and future energy security.
It will also act as a government investment arm by making strategic investments in the nuclear sector, both domestically and internationally. It provides for the development of a system of licensing power market trading strategies dubai control of nuclear material, as well as establishing the Federal Authority of Nuclear Regulation FANR.
The UAE has announced that it aims to produce 7 per cent of electricity from renewable sources by power market trading strategies dubai As part of Energy VisionAbu Dhabi has finalised a new energy formula that will help develop an average price for the whole of its energy portfolio. Abu Dhabi benefits from low cost energy sources, and consequently renewable energy will be comparatively expensive.
Sultan Al Power market trading strategies dubai has been reported as saying:. Low cost energy sources will help bring the renewable energy production cost down ….
We are going to look at it with a holistic approach. We are setting a new model on power market trading strategies dubai renewable energy production is actually being tackled and power market trading strategies dubai cost of renewable energy production is being calculated. Abu Dhabi launched the Estidama initiative which is stated to make the Emirate the sustainability capital of the Middle East, by the implementation of a program for sustainable buildings and communities.
As part of the Estidama a new Abu Dhabi building code, the Code has been launched. Power market trading strategies dubai Code incorporates mandatory sustainable building principles. The Abu Dhabi Urban Planning Council has also introduced a rating system against which new buildings will be assessed.
The Green Code, jointly developed by DEWA and Dubai Municipality, sets out optional and mandatory regulations in order to make buildings in Dubai compatible with environmental requirements which include a set of factors such as site selection, efficient use of energy and water, indoor environmental quality, and waste management.
These regulations aim generally at reducing electrical energy consumption, rationalising water consumption and the optimum use of renewable energy. All these factors will contribute effectively power market trading strategies dubai reducing gas emissions, reflecting positively on power market trading strategies dubai health.
The DCCE will be mainly responsible for the trading and sourcing of carbon credits, i. This will be vital for all local airlines traveling to Europe as they will need to offset carbon levels that are imposed on their European routes; rather than buying the carbon credits from the global trading market at significant margins, airlines can buy these credits from the DCCE at attractive rates.
Despite the critical role of oil and gas for the UAEthe country has made groundbreaking commitments in alternative energy. The UAE has long been an important supplier of energy and is now becoming an increasingly relevant consumer of energy as well. Whilst Abu Dhabi in particular leads the GCC countries in relation to renewable energy initiatives, it does not benefit from a renewables regulatory framework.
Last year, Abu Dhabi announced plans to develop an energy policy that would establish subsidies for renewable power, but it is still yet to materialise. Such subsidies for electricity produced from renewable energy are well-established in European countries such as Germany and Spain, and are referred to as feed-in tariffs.
It is important to note that in those jurisdictions the cost of funding such subsidies is borne by consumers. In comparison, grid operators across the GCC are constrained by legislative obligations to purchase power for the lowest price available from generators.
Accordingly, the implementation of a regulatory regime providing for a fixed feed-in tariff will necessitate considerable time and cost in reviewing and amending energy legislation. In addition, the introduction of a feed-in tariff runs other risks. If the electricity price is too low then developers will not build renewables projects and the government is in danger of not meeting its energy demands. If on the other hand the tariff is too high, developers will overbuild, putting a strain on government resources.
This raises particular issues for GCC countries, where electricity consumers have benefited from long term heavily subsidised electricity prices, and accordingly transferring the burden to consumers in the form of higher electricity prices is not politically feasible. Nevertheless, Abu Dhabi does have an established track record in bringing projects - in particular Power market trading strategies dubai - to market, with its power and water procurement model being recognised as the most bankable model in the GCC region.
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Other current projects include the Shams 1 solar project and a hydrogen power project. Sultan Al Jaber has been reported as saying: Subscribe and stay up to date with the latest legal news, information and events
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