Author: Chitrika

Saudi Arabia and Egypt are set to boost energy cooperation following a meeting between top officials to expand ties in petroleum, gas, electricity, renewable energy, and hydrogen. On July 21, Saudi Minister of Energy Prince Abdulaziz bin Salman met with Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi and Minister of Electricity and Renewable Energy Mahmoud Esmat at his ministry’s headquarters in Riyadh.This comes as Saudi Arabia and Egypt deepen their energy cooperation, with Egypt signing a $4 billion deal with Saudi Arabia’s ACWA Power in December 2023 to develop a green hydrogen project. The agreement includes a work…

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Energy giant Saudi Aramco’s growth capital arm, Wa’ed Ventures, has invested $15 million in chipmaker firm Rebellions, marking the fund’s first investment in a South Korean startup. The funding will enable Rebellions to accelerate the development of artificial intelligence chips globally and expand its business into the Kingdom, according to a press statement. Saudi Arabia is aggressively pushing to develop its chipmaking industry as part of its broader strategy to advance technological capabilities and drive economic diversification under Vision 2030. Fahad Alidi, managing director at Wa’ed Ventures, said: “This investment underscores our commitment to fostering innovation in the semiconductor industry,…

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Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA) has said that DEWA has commissioned 8 new 132 kV transmission substations in the first half of 2024, with a conversion capacity of 1,200 megavolt-amperes (MVA) and a cost of AED 1.36 billion. This supports DEWA’s efforts to keep pace with the growing development and the steady urban expansion in Dubai. The projects also included 89 kilometres of ground cable to continue to enhance the efficiency of the 132kV transmission network in Dubai and meet the growing demand for electricity across the Emirate.HE Saeed Mohammed Al…

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Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, recently announced it has successfully raised USD1 billion through its second green bond issuance, under its Green Finance Framework. The announcement comes one year after the company’s first successful issuance of USD750 million on the International Securities Market of the London Stock Exchange.The issuance comprises dual tranches of US$500 million each, with tenors of 5 and 10 years and coupons of 4.875% and 5.25% respectively. There was strong appetite from regional and international investors with the order book peaking at US$4.6 billion, an oversubscription of 4.6x. Allocation…

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JinkoSolar Holding Co., Ltd. subsidiary, JinkoSolar Middle East DMCC (Jinko Middle East), entered into a shareholders agreement with Renewable Energy Localization Company (RELC), a wholly-owned subsidiary of Public Investment Fund (PIF). The national champion in the manufacturing of renewable and green energy technologies, Vision Industries Company (VI), a limited liability company incorporated in Saudi Arabia is a leading investor and developer of green energy industrial projects and local supply chains. Under the Agreement, Jinko Middle East, RELC, and VI agree to form a joint venture in Saudi Arabia with Jinko Middle East, RELC, and VI holding 40%, 40%, and 20%…

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The Saudi Public Investment Fund (PIF) and China’s second-largest wind turbine manufacturer are close to a deal to develop a new plant in the Kingdom to help boost renewable power production by building a wind turbine manufacturing plant in Saudi Arabia as part of the country’s efforts to localize supply chains.The Saudi sovereign wealth fund and Vision Industries, a privately owned renewable-energy manufacturing company, could sign an agreement with Envision Energy Co., as soon as this week, Bloomberg said on Monday, quoting people familiar with the matter.The deal would involve the PIF, which controls nearly $1 trillion of assets, and…

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Egypt’s Prime Minister Mostafa Mabdouli convened a meeting, on Sunday, to discuss collaborative efforts in the field of new and renewable energy between Egypt and the United Arab Emirates, focusing on the localization of related industries.Madbouli emphasized that the meeting reflects the ongoing commitment of both sides to jointly address matters concerning new and renewable energy, as well as to promote the localization of various industries.The meeting was attended by Sultan Al Jaber, Minister of Industry and Advanced Technology of the UAE; Lt. General Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport; Engineer Mahmoud…

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First Abu Dhabi Bank (FAB), the UAE’s largest bank and a regional banking powerhouse, is the most sustainable company in the Middle East and Africa and among the World’s 500 Most Sustainable Companies, according to global media leader TIME magazine and Statista.FAB is the highest-ranked company from the Middle East and Africa to be included in TIME magazine’s inaugural World’s 500 Most Sustainable Companies list, and the only one from the GCC and Africa.The 2024 ranking evaluated more than 5,000 companies from over 30 countries using key performance indicators related to sustainability including compliance with international reporting standards, emissions, and…

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UN Deputy Secretary-General Amina Mohammed met the delegation, led by Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange and chairman of the National Committee on Sustainable Development Goals (SDG), at the UN’s headquarters in New York.Discussions centered on opportunities for knowledge exchange, international cooperation, and partnerships that embody SDG17, partnerships for the goals. In the meeting, the UAE delegation presented some of the country’s initiatives designed to support inclusive development to benefit individuals, society, and the planet, while preserving resources for future generations.As well as Lootah, the delegation included Rashid Mubarak Al Mansouri, Acting Secretary-General…

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Spanish energy utility Iberdrola has signed a power purchase agreement with fast food chain Burger King to supply power from part of a 553MW solar PV plant. The new agreement will allow Iberdrola to supply Burger King with a total of 1,500 GWh of power annually. Iberdrola will allocate 75MW of the solar PV plant’s capacity to meet Burger King’s demand from over 750 restaurants. “Renewables have proven their ability to supply energy at affordable and stable prices, and long-term PPAs have become a useful tool for managing the electricity supply of large consumers who are committed to green and…

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