Renewable Energy Saudi lab plans for $10bn market in tandem solar cells Scientists in Saudi Arabia are working on tandem solar cells, a development that they say could become a $10 billion market. Professor Stefaan De Wolf and the Photovoltaics Laboratory at King Abdullah University of Science and Technology (Kaust) have published a paper setting out how the perovskite-silicon cells can be brought to market. The technology […] January 30, 2024
Renewable Energy Solar deal shows power of East Africa for Dubai A Dubai energy company has joined a $150 million solar project in Mozambique, the latest indication of the UAE’s interest in investing in East Africa. Amea Power will work with Mozambique’s Hidropower to develop the 125 megawatt Matambo solar photovoltaic power plant. The joint Mozambique-Dubai project will provide electricity to more than 150,000 homes in […] January 29, 2024
Energy Work starts on Egypt’s $30bn nuclear plant Russian President Vladimir Putin and Egypt’s Abdel Fattah Al-Sisi on Tuesday inaugurated the construction of a new unit at Egypt’s Dabaa nuclear power plant via video link, as Moscow moves ahead with its global nuclear ambitions. The power plant is being built by the Russian state corporation Rosatom at a reported cost of $30 billion, […] January 24, 2024
Oil & Gas Adnoc raises decarbonisation budget to $23bn Adnoc is to allocate $23 billion for decarbonisation and lower-carbon projects, it said on Monday, up from a previous target of $15 billion. The state oil company made the announcement at its annual board meeting, which was chaired by Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE. “The increased allocation will include investments […] January 22, 2024
Renewable Energy Oman plans fourth large-scale solar power park Oman has issued a tender to develop its next large-scale solar power project just days after financial close was announced on another. Nama Power and Water Procurement, the sole purchaser of electricity from independent power plants in Oman, has issued a request for qualification for the 500MW Ibri III project in the sultanate’s north-west region. […] January 19, 2024
Finance Saudi Aramco doubles funds for venture capital arm The Saudi oil giant Aramco said on Wednesday that it had more than doubled the capital allotted to its venture capital arms to $7.5 billion as part of its investment in new energy and digital technologies. The additional $4 billion will be given over the next four years to Aramco Ventures, where Aramco had already […] January 17, 2024
Opinion Markets Carbon credit futures can be the next big thing for markets This emerging sector opens up opportunities for financial hubs across the GCC January 17, 2024
Manufacturing Cobalt refinery to support Saudi EV ambitions A European mining company has announced plans to develop a refinery in Saudi Arabia to process cobalt hydroxide into cobalt sulphate, which is used in electric vehicle (EV) batteries. Luxembourg-based Eurasian Resources Group (ERG) said the project aims to strengthen its position as a strategic supplier to the chemicals sector, particularly in batteries for EVs. […] January 16, 2024
Renewable Energy Renewable energy capacity at record high says IEA Renewable energy capacity surged worldwide by 50 percent in 2023, putting the planet nearly on track to triple capacity by 2030 and limit the global temperature rise to 1.5C, analysts at the International Energy Agency (IEA) have announced. Renewable reserves reached almost 510 gigawatts (GW) last year, up from 340 GW in 2022, with solar […] January 11, 2024
Oil & Gas Saudi energy minister: There’s more to us than just oil Saudi Arabia should no longer be described as an oil producer but an energy provider, the kingdom’s oil minister said this week. Prince Abdulaziz bin Salman told a minerals forum in Riyadh that Saudi Arabia aims to be a provider of all forms of energy, with global companies welcome to manage the entire process themselves […] January 11, 2024
Sustainability Adnoc builds CCS portfolio with Storegga stake Abu Dhabi’s state oil company, Adnoc, has taken a 10 percent equity stake in Storegga, a UK developer of decarbonisation and hydrogen projects. The deal is Adnoc’s first international equity investment in a carbon management platform. The total amount of the investment was not disclosed. Storegga is one of the joint venture partners behind the Acorn […] January 9, 2024
Banking & Finance Bahrain Steel lands $450m loan for green transition Bahrain Steel, a supplier of high-grade iron ore pellets, has secured a $450 million sustainability-linked loan from a consortium of regional banks as part of its carbon footprint reduction drive. The loan will be used to build the world’s largest stockyard shed with rooftop solar panels, in addition to meeting working capital requirements, Dubai-headquartered lender […] January 9, 2024
Opinion Renewable Energy Green hydrogen: who will buy the ‘fuel of the future’? Middle East enthusiasm is not matched by Europe and Asia January 8, 2024
Opinion Energy The year ahead for Mena energy The region’s chasms have rarely been so wide – they must be bridged in 2024 January 1, 2024
Transport Dubai electric bike firm plans UAE expansion Dubai last-mile delivery company Eco Way plans to replace the UAE’s many thousands of petrol motorcycles with electric bikes. The startup currently operates 45 electric bikes in Dubai and has partnered with companies including Talabat, Pizza Hut, Amazon, Deliveroo, KFC and Emirates Post Group. Founder Ivan Kroshny said Eco Way also wants to expand from […] December 27, 2023
Energy Turkey to invest $10bn for electricity grid expansion Turkey intends to invest $10 billion in the electricity grid by 2030 as part of its 2024-2030 energy efficiency plans, according to energy and natural resources minister Alparslan Bayraktar. Ankara aims to reduce 100 million tonnes of carbon emissions as part of this plan, which will likely be issued next month, state-run Anadolu Agency reported. […] December 27, 2023
Energy Saudi Arabia evaluates 1,200 sites for green energy projects Saudi Arabia is currently evaluating 1,200 sites to identify the most optimal ones for renewable energy initiatives, said energy minister Prince Abdulaziz bin Salman. “We have 1,200 sites in various regions of the Kingdom to initiate solar and wind energy projects,” he said at the Digital Government Forum in Riyadh. Earlier this month, the Saudi […] December 21, 2023
Energy Acwa Power begins work on $4bn green hydrogen project in Egypt Saudi-listed Acwa Power is slated to start work on the first phase of Egypt’s $4 billion green hydrogen project. The first phase of a green ammonia project will have a capacity of 600,000 tonnes per year powered by wind and solar plants, the renewables energy firm said. The project will be developed in collaboration with […] December 21, 2023
EXCLUSIVE Renewable Energy Yellow Door targets South Africa and Saudi Arabia Yellow Door Energy, the Dubai solar electricity provider that has raised nearly $500 million in funding from investors, is targeting South Africa and Saudi Arabia as key growth markets. The company builds bespoke solar power plants for corporate clients, usually at their premises. These include factories, offices, shopping malls and warehouses. Yellow Door also finances, […] December 20, 2023
Video length: 04:59 Transport Gulf’s cheap petrol slows take-up of electric bikes Almost 20 percent of the new cars sold this year are electric, according to the International Energy Agency, while e-bikes are becoming a familiar sight in cities around the world. The Middle East is behind China, the US and Europe on mass adoption, despite the lower operating costs and lower emissions of electric vehicles (EVs). […] December 20, 2023
Energy Fourth nuclear reactor at Barakah in UAE completed Work on the fourth and final reactor at the Barakah Nuclear Energy Plant in Abu Dhabi has been completed, its operator said on Tuesday. Nawah Energy Company announced it has completed the process of loading fuel assemblies into Unit 4 at Barakah, just weeks after the Federal Authority for Nuclear Regulation issued the operating licence. […] December 19, 2023
Renewable Energy Acwa Power backs $800m energy project in South Africa Acwa Power, Saudi Arabia’s operator of power generation and desalinated water production plants, has signed a purchase agreement for a 150 megawatt (MW) renewable energy project in South Africa. The $800 million Project Dao, one of the largest hybrid investments in the South African renewable energy sector, is currently under construction, Acwa Power said in a statement. […] December 19, 2023
