EXCLUSIVE Renewable Energy Abu Dhabi plans hydrogen carbon certification framework Abu Dhabi plans to roll out a carbon certification framework for the hydrogen industry next year in a bid to become a leader in developing the clean fuel. The emirate plans to apply the framework to both its production and use of hydrogen, Carlos Gasco Travesedo, energy policy adviser and executive director at Abu Dhabi […] October 30, 2023
Finance Insurers take a chance on Mena’s merger market The Middle East and North Africa is a hotspot for mergers and acquisitions in a tricky global market – which also makes it fertile territory for insurance companies that offer protection if deals go wrong. “A couple of years ago, trying to get a UAE deal insured would have been fairly difficult. Now a UAE […] October 26, 2023
Tech G42 and OpenAI launch regional partnership Abu Dhabi’s leading artificial intelligence company G42 is teaming up with OpenAI, the research and development company behind ChatGPT, to develop AI in the UAE and regional markets. The partnership, announced on Wednesday, aims to leverage OpenAI’s generative AI models across sectors where G42 already has expertise, including financial services, energy, healthcare and public services. Using solutions […] October 18, 2023
Tourism Saudi Arabia launches sustainable tourism research centre Saudi Arabia has launched a research centre aimed at making tourism more sustainable and giving the travel and tourism industry the knowledge, tools and resources required to hit net zero. The Global Solutions Hub will be overseen by the Sustainable Tourism Global Centre (STGC) and has partnered with academic institutions including Harvard University, Stanford University, Les […] October 18, 2023
Energy Suez Canal Economic Zone signs $15bn energy deals Egypt’s Suez Canal Economic Zone signed a $6.75 billion deal with China Energy Engineering Corporation on Tuesday, for a green ammonia and green hydrogen project to be built in its Sokhna industrial zone. On the same day, another Chinese company, Hong Kong’s United Energy Group, signed a memorandum of understanding for a potassium chloride production […] October 17, 2023
Markets Egypt issues $500m of green panda bonds in China Egypt issued $500 million of sustainable panda bonds on the Chinese financial market on Tuesday, becoming the first country from the Middle East and North Africa to do so. The panda bonds – securities denominated in yuan but issued by non-Chinese borrowers – will be used to finance projects that support sustainable development goals, in […] October 17, 2023
Manufacturing Chinese cash to supercharge Morocco’s EV battery sector Morocco’s plan to become a centre for electric vehicle manufacturing has received a boost from two Chinese companies, as the kingdom benefits from the cooling relations between Beijing and Washington. CNGR Advanced Material, a Chinese manufacturer of battery components, announced last month that it would join forces with Al Mada, a conglomerate owned by the […] October 10, 2023
Renewable Energy Budget for Xlinks UK-Morocco energy project rises The Xlinks Morocco-UK renewables project has run over budget by £4 billion ($4.8 billion) but the company is continuing to push ahead with the project, saying that it remains good value for money. “The rising cost is no different to what’s happening everywhere else,” Xlinks’ CEO Simon Morrish told AGBI, highlighting changes in supply chain […] October 4, 2023
Analysis Economy Egypt’s investment rules need to be clearer, analysts warn Egypt has long struggled to attract foreign investors, in large part because of concerns about its investment rules. The need to allay potential investors’ fears is becoming ever urgent, as the country’s foreign currency shortage intensifies. Net foreign assets hit a record deficit of EGP837.3 billion ($27.09 billion) in June. Last month, rating agency Capital […] October 3, 2023
Energy Adnoc doubles carbon capture target to 10m tonnes Adnoc, the UAE’s biggest oil producer, plans to capture 10 million tonnes of carbon dioxide emissions annually by 2030, up from a previous target of 5 million tonnes. The announcement was made on Sunday, ahead of Adnoc hosting its main annual oil conference, Adipec, this week as the country prepares to host the UN Cop28 […] October 2, 2023
Renewable Energy Kuwait to resurrect renewable energy mega-project Kuwait is ramping up plans for its much delayed first utility-scale solar and wind powered project, as the Gulf state lags behind its neighbours in its renewable energy ambitions. Kuwait set a target in 2012 for renewable energy to comprise 15 percent of its total energy mix by 2030. Government data shows that renewables accounted […] October 2, 2023
Economy Egypt’s economic outlook darkens as IMF postpones review Egypt’s efforts to revive its economy were dealt a major setback this week after the IMF postponed its eagerly awaited September review of Egypt’s $3 billion bailout programme until the first quarter of 2024. Originally scheduled to take place in March, it would have been the IMF’s first review of the $3 billion loan it […] September 22, 2023
Entrepreneurs Funding options on the rise for Palestine startups Palestine is home to a wealth of entrepreneurial talent but its startups have struggled to gain access to funding. A number of initiatives are aiming to change all that by doubling the amount of startup funding available and offering mentoring opportunities. Support is also being offered to Palestinians living in the Middle East and North […] September 20, 2023
EXCLUSIVE Banking & Finance UAE grey list: UK banks close expat accounts In March last year the Paris-based Financial Action Task Force, an international watchdog, cited “strategic deficiencies” in the systems the UAE uses to counter financial crime and placed the country under enhanced supervision. But burgeoning trade, bumper airline profits and double-digit rent increases have made it difficult to discern much in the way of a […] September 13, 2023
Economy Tunisia teeters on the edge over mounting debt Saddled with mounting levels of debt and dwindling foreign reserves, Tunisia is intensifying concerns over its deteriorating public finances. Bailout talks with the International Monetary Fund have stalled since last October when a preliminary agreement for a 48-month loan worth close to $2 billion was reached. Tunisian president Kais Saied’s government refused to accept the […] September 8, 2023
Economy Morocco’s economic outlook improving, say experts Morocco’s economic outlook is set to brighten and it could take on more foreign debt as long as it accelerates reforms and reins in existing subsidies, according to industry experts. Moroccan GDP contracted sharply in the Covid pandemic, while the subsequent war in Ukraine and a severe drought – its worst in 40 years – […] September 6, 2023
Analysis Renewable Energy Egypt’s green hydrogen goals get BP boost Egypt’s ambitions to develop a green hydrogen industry have been given a major boost with the announcement that BP is to invest $3.5 billion in the country over the next three years. Egyptian president Abdel Fattah El Sisi and BP CEO Bernard Looney announced the plans on Monday. A portion of the funding will go towards […] September 1, 2023
Markets Egypt targets $5bn from state IPOs by mid-2024 Egypt is aiming to raise $5 billion by listing power plants and state-owned companies from October 2023 until the end of June 2024, a local daily reported. The government plans to offer stakes in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant and Zafarana wind farm, in addition to Safi and Watanya, […] August 30, 2023
Sustainability Developer’s out-of-this-world solution to greener cooling Floating around in a space station is the ultimate in circular living. Everything from air to food to waste has to be reused or recycled, and all stored within the same tiny enclosed location. For air conditioning, Nasa made use of a novel system that was more effective in getting rid of flammable gases as […] August 14, 2023
Industry Sabic thermoplastic is key to electric car speed record As it flew around a track at the 2023 Hankook London E-Prix last month, electric race car Genbeta reached nearly 219 kilometres per hour, setting a new Guinness World Record for the fastest speed achieved by a vehicle indoors. Saudi Arabian petrochemicals giant Sabic developed thermoplastic materials to improve the performance of the vehicle – […] August 9, 2023
Video length: 04:13 Food & Drink Supermarkets embrace UAE’s brand of plant-based meat Switch Foods, the plant-based meat brand based in Abu Dhabi, is now available at 133 stores across the UAE as the Gulf’s appetite for alternative diets continues to grow. Consumers can now buy its products from retailers including Carrefour, Organic Food Café, Grandiose, Geant, Union Coop, Sharjah Coop, Al Maya, Abella and Spinneys. Online purchases […] August 8, 2023
Analysis Entrepreneurs Innovation hub helps launch Palestinian startups in Gulf Startups in Palestine are increasingly expanding in the Gulf as a way of overcoming hurdles such as a lack of access to funding and support systems. Central to their strategy is the Intersect Innovation Hub, a business incubator that is helping to build bridges between Palestinian startups and the Gulf region. Rateb Rabi, CEO of […] August 8, 2023
