Renewable Energy Egypt and UAE company to develop $600m wind power plant By Pramod Kumar December 15, 2024, 10:58 AM Unsplash.com/Gustavo Quepón Egypt is planning to increase renewable energy’s share in its power mix to 42 percent by 2030, from 11.5 percent as of 2023 Egypt has signed an agreement with Dubai-based energy company AMEA Power to build a 500-megawatt (MW) wind power project in the Gulf of Suez, according to media reports. The $600 million project reflects the country’s commitment to expand its renewable energy capacity, prime minister Mostafa Madbouly said. The renewable energy sector is a key focus for Egypt, the prime minister said, pointing to the vast natural resources and favourable conditions for green energy projects. On Saturday, Madbouli inaugurated a $500 million Abydos Solar PV Plant in the southern city of Aswan governate. With a capacity of 500 MW, the plant was completed in just 18 months and is expected to help alleviate summer power shortages, which have plagued the nation due to rising electricity demand, Agence France-Presse reported quoting the prime minister. Last month, Karim Badawi, minister for petroleum, said Cairo has cut its renewable energy goal for 2040 from 58 percent down to 40 percent and will focus on natural gas to meet increasing energy demand. The government announced a 58 percent target in June, which has now been abandoned, as the cash-strapped Cairo government strives to overcome a deep electricity crisis. In December 2023, Hussein Matar, senior director of business development at AMEA Power, told AGBI at the Cop28 climate conference in Dubai that the company is ready to develop projects worth $15 billion in Africa as it ramps up production of green hydrogen.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 2 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 3 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 3 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 4 hours ago
