Renewable Energy Moroccan-French venture to build $2bn green hydrogen plant By Pramod Kumar November 19, 2023, 8:17 AM Reuters/Denis Balibouse The White Dunes project seeks to produce 10 gigawatts (GW) in wind energy, 7 GW in photovoltaic energy and 8 GW in electrolysis Morocco-headquartered Falcon Capital Dakhla and France’s HDF Energy have signed a deal to build a $2 billion green hydrogen production plant in the Moroccan coastal region of Dakhla. The White Dunes project seeks to produce 10 gigawatts (GW) in wind energy, 7 GW in photovoltaic energy and 8 GW in electrolysis. “We have devoted nearly two full years to feasibility studies, preliminary project design, and phased planning across a projected area of 150,000 hectares,” Majid Slimani, founder and president of Falcon Capital Dakhla. Morocco’s government inNOvember 2022 announced plans to reduce energy costs for factories by 20-30 percent through a combined strategy of investing in renewable energy and the decarbonisation of industries. Morocco has set ambitious targets of generating 52 percent of its energy needs from renewables by 2030 – comprised of 20 percent solar, 20 percent wind and 12 percent hydro. It has also set a target of 80 percent renewables by 2050.
Trade Kenya-UAE Cepa may increase food exports and investment The UAE and Kenya have signed a comprehensive economic partnership agreement (Cepa) that is predicted to lead to a threefold increase in food exports from the East African nation. The trade deal, which was agreed in February last year, is expected to accelerate trade and investment in agriculture, infrastructure, healthcare, travel and tourism, financial services and […] 3 mins ago
Economy Inflation, not war, is Gulf states’ top concern, says WEF Economic concerns such as inflation dominate risk perception for the coming year in the Gulf and across Mena, according to the World Economic Forum. Its survey of thousands of experts and business leaders, the Global Risks Report 2025, found that geopolitical conflict was the No 1 risk globally, selected by respondents as the “most likely […] 46 mins ago
Oil & Gas Adia to help fund $1bn Malaysian oil and gas firm Abu Dhabi Investment Company (Adia) is to invest in an oil and gas equipment-making unit in Malaysia. Adia is participating in the $1 billion funding round for Yinson Holdings’ equipment-maker alongside Asian investment firm RRJ Capital and British Columbia Investment Management. The funding, expected to close in the first quarter of 2025, will primarily support […] 60 mins ago
Finance Former Drake & Scull executives lose appeal in Dubai court UAE-based Drake & Scull International (DSI) has claimed a pivotal legal victory after an appeal from former executives of the company was thrown out. Ex-CEO Khaldoun Rashid Tabari and ex-executive Saleh Muradweij were previously ordered to pay almost AED152 million ($41 million) as compensation “for the material and moral damages suffered by the company”. The […] 2 hours ago
