Economy Abu Dhabi to announce new 2045 strategy for GDP growth Abu Dhabi will soon launch a new economic strategy aimed at tripling its GDP by 2045, sources told AGBI. The strategy, expected to be released by the end of the year, outlines a broad transformation that seeks to further diversify the emirate’s economy, significantly reduce its reliance on oil, and position Abu Dhabi as a […] October 6, 2024
Analysis Manufacturing Gulf spots opening in China’s polysilicon boom-bust cycle Solar power capacity across the Middle East region trebled from 3 gigawatts to 9GW between 2020 and 2023, according to the trade association Energy Industries Council. In the Gulf alone, a further 40GW of photovoltaic (PV) solar power are scheduled for installation by 2030, the International Renewable Energy Agency (Irena), an intergovernmental organisation, says. For […] October 4, 2024
Finance Omani fund secures $2bn investment in new projects The Oman Future Fund has secured local and foreign investments worth OMR832 million ($2.2 billion) across 10 economic sectors. The OMR2 billion fund, owned by the Oman Investment Authority (OIA), will invest OMR220 million in these projects, while foreign investments account for OMR609 million. The major project categories include technology, industry, tourism, energy and electric […] October 3, 2024
Renewable Energy Abu Dhabi invites companies for greenfield solar project Abu Dhabi’s Emirates Water and Electricity Company (Ewec) has invited expressions of interest (EoI) for a new greenfield solar project in the Al Dhafra region. The Zarraf solar PV independent power project, with a generation capacity of 1.5 gigawatts (GW), will match the scale of similar projects such as Al Dhafra, Al Ajban and Khazna, […] October 2, 2024
Renewable Energy Masdar completes purchase of stake in green energy producer UAE renewable energy major Masdar has completed its acquisition of a 50 percent stake Terra-Gen Power Holdings II, one of the largest independent renewable energy power producers in the US. Masdar bought the stake from US investment company Energy Capital Partners. No financial details on the deal, which was first announced in March, were shared. […] October 1, 2024
Renewable Energy Acwa Power-Sumitomo tie-up for Uzbekistan projects Saudi energy company Acwa Power and Japan’s Sumitomo Corporation will jointly develop renewable energy projects worth $4.2 billion in Uzbekistan. The first set of projects include Sazagan 1 and 2 in Samarkand, each consisting of a 500 megawatt (MW) solar PV plant and 334MW battery energy storage systems (BESS). These projects are slated to begin […] October 1, 2024
Oil & Gas Energy ambitions in Algeria go beyond oil and gas Algeria has ambitious plans to revitalise its bread-and-butter energy industry. The country is Africa’s largest gas exporter and third-largest oil producer. World Bank figures show hydrocarbons make up 93 percent of its total exports. The International Monetary Fund said Algeria’s economy grew by 4.2 percent to $244.75 billion in 2023, in part because of renewed hydrocarbon […] September 30, 2024
Renewable Energy Saudi Arabia secures funds for 5.5GW solar projects The developers of solar power projects worth SAR12 billion ($3.2 billion) with a combined output of 5.5 gigawatts (GW) in Saudi Arabia have secured financing for their projects. Saudi-listed Acwa Power, Water and Electricity Holding Co (Badeel), a Public Investment Fund (PIF)-owned company, and Saudi Aramco Power Co (Sapco), a wholly-owned subsidiary of energy major […] September 30, 2024
Renewable Energy Green aviation fuel industry in UAE battles red tape The UAE is ready to produce “green” aviation fuel, but uncertainty around the regulations has delayed the take-off of the industry, a senior government representative said. Maryam Ali Al Balooshi, environment manager at the General Civil Aviation Authority, told a conference in Abu Dhabi that the UAE is working on unifying the certification of sustainable […] September 27, 2024
Analysis Renewable Energy Egypt looks to Gulf investors to end power blackouts Egypt’s energy blackouts have created new opportunities for Gulf investors, as the cash-strapped Cairo government tries to end the crisis and plug the gap in its electricity supply before next summer. Prime minister Mostafa Madbouly announced on September 19 that there would be no more power cuts over the coming period, potentially marking an end […] September 27, 2024
Renewable Energy Progress made on Gulf renewables but ‘more to do’ Executives from global companies used a United Nations climate change event on Monday to urge world leaders – including those in the Gulf – to stick to commitments agreed at the Cop28 summit in Dubai to treble renewable energy capacity by the end of the decade. The International Energy Agency (IEA) said on Tuesday that […] September 24, 2024
Renewable Energy Masdar buys $1.4bn green assets in Spain and Portugal UAE renewable energy major Masdar will acquire a portfolio of renewable power projects in Spain and Portugal from the New York Stock Exchange-listed Brookfield Renewable for $1.4 billion. The move aims to bolster Masdar’s market presence in Europe. The portfolio, known as “Saeta Yield”, includes 745 megawatts (MW) of wind energy assets in Portugal and […] September 24, 2024
Sustainability Altérra-backed climate fund raises $2.4bn A climate-focused fund backed by Altérra – a $30 billion UAE-based climate investment company – has raised $2.4 billion, nearly half of its target, to support clean energy projects across emerging markets. Launched at Cop28 in Dubai last year, the catalytic transition fund includes a foundational $1 billion commitment from Altérra. NYSE-listed Brookfield Asset Management […] September 24, 2024
Renewable Energy Masdar secures funding for Serbia’s 154MW wind farm A joint venture involving Masdar, the UAE’s renewables energy major, has reached financial close on the 154-megawatt (MW) Čibuk 2 wind farm in Serbia. UniCredit and Erste (Erste Group and Erste Bank Serbia) are providing a €144 million ($160 million) debt facility for the project, the UAE state-run Wam reported. The wind farm is being […] September 24, 2024
Renewable Energy Companies shortlisted for $1bn Oman wind farms Twelve companies have been shortlisted to build five large-scale wind power stations across Oman. The five projects, due to be completed by 2027, will bring a 20-fold increase in the amount of electricity generated by wind power in Oman, from 50MW to 1GW. The shortlist to build the projects, for a total investment of OMR500 […] September 23, 2024
Renewable Energy Egypt to receive half of Acwa Power’s $30bn Africa investment Saudi energy company Acwa Power is hoping for financial close on the first phase of a scheme to invest $15 billion in Egypt over the next six years, as part of a plan to quadruple its total investment in Africa. A flagship green hydrogen scheme in Egypt, as yet unnamed, could become the second-largest of […] September 17, 2024
Energy Egypt’s first hybrid solar project to break ground next year Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […] September 13, 2024
Renewable Energy Turkish wind-energy projects receive $60m from EBRD A Turkish wind-energy project developer has secured $60 million (€55 million) from the European Bank for Reconstruction and Development (EBRD) to fund its renewable projects. The projects, located in Sivas and Tekirdağ, will add 116 megawatts (MW) of wind energy capacity. They are being developed by Borusan EnBW Enerji, a joint venture between Turkey’s Borusan Holding […] September 11, 2024
Renewable Energy Adnoc to buy 35% stake in ExxonMobil hydrogen plant State-owned Abu Dhabi National Oil Company (Adnoc) will acquire a 35 percent stake in US energy company ExxonMobil’s planned large-scale hydrogen and ammonia production facility in Texas. The production facility – expected to be the world’s largest of its kind upon startup – intends to produce up to one billion cubic feet per day of low-carbon […] September 5, 2024
EXCLUSIVE Renewable Energy Masdar ‘on the lookout’ for deals in China, says CFO Masdar, Abu Dhabi’s state-owned clean energy company, is looking to acquire assets in China as part of its strategy to expand its portfolio of renewable energy projects. Mazin Khan, its chief financial officer, told AGBI that “macroeconomic conditions, with high interest rates and renewable players looking for capital” were opening the door for mergers and […] September 5, 2024
Renewable Energy Masdar to invest $900m in solar projects in Egypt The UAE’s renewables energy major Masdar has received approval from the Egyptian government to invest more than $900 million to build solar power plants. These projects will have a combined capacity of 1,000 megawatts (MW) and will be located primarily in Upper Egypt, including the Aswan governorate, Egypt Today newspaper reported, citing a cabinet statement. […] September 2, 2024
Renewable Energy Iraq to issue first licence for blue ammonia plant Iraq will soon issue a license to build its first blue ammonia plant, in an attempt to cut the country’s carbon footprint. The National Investment Commission (NIC), which is entrusted with drawing foreign investments in the country, is working on completing the requirements to grant an investment license for the plant in the Basra region, […] August 29, 2024