Saudi Arabia and China have signed co-operation agreements in the fields of clean energy and water desalination, at the third Belt and Road Forum in Beijing. To this end, Saudi’s ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed seven cooperation agreements with Chinese firms during the third Belt and Road Forum in Beijing, for solar, green hydrogen and water desalination projects. The seven agreements were signed with entities viz. State Power Investment Corporation, one of the largest state-owned power generators in China, the Beijing headquartered Bank of…
Author: Saur News Bureau
Egypt has signed two major agreements with Chinese companies for green energy production in the Suez Canal Economic Zone (SCZONE). The agreements were signed during Egypt’s participation in the third session of the Belt and Road Forum for International Cooperation in Beijing. The first agreement was signed by Walid Gamal El-Din, head of the SCZONE, and Lu Zexiang, Chairperson of China Energy International Group. It aims to build a project to produce green ammonia and green hydrogen from renewable sources in the Sokhna Industrial Zone, with an investment of $6.75bn. The second agreement was a memorandum of understanding (MoU) between…
The two-day Duqm Economic Forum (16-17 October, 2023) in Oman witnessed five agreements being signed for green industry projects. As per local reports, the government has allocated vast expanses of flat land in the Al Wusta Governorate, near the Special Economic Zone at Duqm (SEZAD), for renewable energy projects, particularly hydrogen production. Talking about these sites, Dr. Ali Al-Sunaidi, Chairman of the Public Authority for Special Economic Zones and Free Zones (PASEZ) said at the forum, “These sites can easily be connected to the storage and export facilities at Duqm Port or Ras Markaz.” PASEZ signed an agreement for building…
The UAE is estimated to have invested $36bn on overseas renewable energy projects last year (2022) and continues to invest in sustainable developments. This was disclosed by the Chairman of the Abu Dhabi Department of Economic Development Ahmed Al-Zaabi at the opening of the World Investment Forum, which is being organised by the United Nations Conference on Trade and Development (UNCTAD) in Abu Dhabi, discussing the most prominent investment issues in the region and the world. He said, “The value of UAE foreign investments in renewable energy projects last year reached 132.5 billion dirhams (about USD 36 billion). He underlined that…
Masdar, Abu Dhabi’s Future Energy Company, has listed a $750m debut green bond on the Abu Dhabi Securities Exchange (ADX), with the goal to accelerate the development of renewable energy projects in developing countries. In it statement, the firm said that the 10-year notes, which were 5.6 times oversubscribed, carry a 4.87 per cent coupon rate and will mature in July 2033. Masdar plans to use the proceeds from the issuance to fund new clean energy projects. The green bond issuance was assigned an A2 rating by Moody’s and A+ by Fitch, said the firm. “With the proceeds of this…
In line with the UAE’s national agenda and support sustainability in the region, Dubai Electricity and Water Authority (DEWA) has committed to move towards clean energy initiatives through strategic partnerships with the private sector and actively involved in pioneering projects in clean and renewable energy. Saeed Mohammed Al Tayer, MD & CEO of DEWA, disclosed that DEWA’s current projects with the private sector under the IPP model exceed 4,000 megawatts, with investments totaling over AED 40 billion. This model has also generated significant cost savings, amounting to approximately AED 26 billion, enabling DEWA to invest in other critical infrastructure projects. “Through its…
With the aim to be one of the largest producers in the world by 2030, the Sultanate of Oman is investing more than $30 billion in the hydrogen economy. Notably, Oman is steadily moving towards clean energy to produce electricity as it has solar and wind power plants. Eng. Salim Nasser Al Aufi, Minister of Energy and Minerals, said, “Sultanate of Oman is exerting unremitting efforts to achieve zero neutrality by 2050 through a national plan. This is based on the importance of accelerated growth of clean energy and pushing green projects and green hydrogen.” He added that the energy…
Masdar has forged an alliance via an MoU with the Malaysian Investment Development Authority (MIDA), under which Masdar has committed investment to the tune of US$8 billion investment to aid with the development of up to 10 gigawatts (GW) of renewable energy projects in Malaysia. The project, slated for commissioning in 2035, includes a diverse range of renewable energy inititatives, such as ground-mounted, rooftop, and floating solar power installations. It will also encompass onshore wind farms as well as battery energy storage systems. The signatories of the agreement were Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Datuk…
Saud-based ACWA Power has completed the financial closing for its projects worth more than $14 billion in the last 12 months. The funding, for the 10 major projects are said to be the landmark investments in the company’s history, which include renewables, water desalination and green hydrogen, in Saudi Arabia, Egypt and Uzbekistan. The firm said that the project financing has been sourced from several local and international financial institutions and infrastructure development funds. “The past 12 months marks a historic milestone for us, as it represents the highest number of projects, we have ever successfully achieved financial closure for…
Civil Aviation Authority has signed a memorandum of cooperation with OQ Group and SkyNRG, a sustainable aviation fuel solutions leader based in the Netherlands, aimed at studying the development of a sustainable aviation fuel (SAF) production facility in Oman. As per the pact, the trio will leverage global expertise to set the core prerequisites of setting up an innovative facility focusing on the research of cutting-edge technologies that drive the production of SAF. The agreement was signed by Naif bin Ali al Abri, Chairman of Civil Aviation Authority; Ghaleb bin Saeed al Maamari, Vice-President of Alternative Energy at OQ Group; and Oskar Meijerink,…