In order to promote the growth of renewables in the country, the Union of Automobile Agents in Kuwait along with the Kuwait Institute for Scientific Research (KISR) are looking forward to increase cooperation on electric car projects, as well as suggestions and recommendations that ensure such vehicles are suitable for extremely hot climates. According to a press release published by KIRS, the meeting focusing on the EVs promotion in the country, addressed the results of the first project conducted by the institute and supported by Kuwait Foundation for Advancement of Sciences (KFAS). Dr. Hedab Al-Hamawi, the Project Manager, stated that…
Author: Saur News Bureau
The combined Gross Domestic Product (GDP) of the hydrocarbon-rich Gulf countries could more than double from a projected US$6 trillion to US$13 trillion by 2050, if the countries embrace a green growth strategy, according to Gulf Investment Report 2023 published by Century International Holdings. Dwelling on the GDP, it said that the combined GDP of the GCC countries has already touched the $2 trillion mark. Investment in green and sustainable projects could transform the region into a global economic powerhouse. “Gulf Investment Report 2023 has been initiated by Century Group as a knowledge series developed through in-depth data compilation for…
Sharjah will soon get its largest solar plant. The plant will be developed by United Arab Emirates Sharjah National Oil Corporation (SNOC), the executive oil and gas entity of Sharjah, and Emerge, the joint venture between Masdar and EDF Group. To this end, a solar power agreement has been signed by these firms to develop the largest solar plant in the emirate. The estimated capacity of the solar plant will be 60 MWp, under a build-own-operate-transfer basis for 25 years. The partnership will focus on the development of solar PV solutions for the Sajaa Gas Complex, which is directly linked…
Turkey based firm, Sabanci Renewables, a subsidiary of Sabanci Holding, has acquired 100 % shares of the US-based Oriana Solar, a solar energy facility. This is a significant acquisition for Sabanci Renewables, as it will expand the renewable energy portfolio of Sabanci Holding in the U.S, which will now exceed 500 megawatts. There is also a goal to double this capacity in a short period of time. Sabanci Holding, CEO, Cenk Alper said, “We believe in the growth opportunities in the US, which allowed us to expand our energy investments as a continuation of our previous investments. We had already…
In order to promote new and renewable energy solutions and enhance sustainability around the world, UAE will be providing support to enhance sustainability efforts in the Republic of Seychelles by launching a number of strategic projects that have contributed to the transformation of energy, sustainability, and environmental protection. As per reports, within the framework of the UAE’s hosting of COP28 at the end of 2023, the renewable energy projects of the Abu Dhabi Future Energy Company (Masdar) and the Abu Dhabi Fund for Development (ADFD) are contributing to improving the living conditions of millions of people, in addition to their…
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…
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…