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…
Author: Saur News Bureau
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,…
Kuwait’s Ministry of Electricity, Water, and Renewable Energy will initiate the issuance of Requests for Qualifications (RFQs) for the upcoming stages of the Al Shaqaya Renewable Energy Project (SREP) by the year’s end. The SREP project aims to achieve a capacity of 4,500 MW. The initial phase encompasses an independent solar photovoltaic energy production project with a capacity of 1,100 MW, as per local reports. The request for quotations for this phase is expected to be issued within the next two to three months. The subsequent phase will introduce a 200 MW concentrated solar power plant with a storage capacity…
The world’s largest oil exporter, Saudi Arabia, would soon be launching hydrogen trains. With this, it will be the first country in the Middle East to get hydrogen trains. To this end, Saudi Arabia Railways (SAR) has launched hydrogen train tests in the Kingdom, following the signing of an agreement with Alstom. For the successful implementation, the operational tests and studies necessary for preparing the train for the extremes of the Kingdom’s environment will be conducted, soon. It may be noted that the memorandum of understanding was signed by the Ministry of Energy and SAR, on 20 January 2022. But trials…
Abu Dhabi’s renewable energy firm Masdar has signed a new deal with Malaysia to invest $8 billion in renewable energy projects. The memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) aims at the development of facilities with renewable energy capacity of up to 10 gigawatts in Malaysia by 2035. The projects will include ground-mounted and rooftop solar, floating solar, power plants, onshore wind farms and battery energy storage systems. As per the statement, the projects are envisioned to significantly contribute to the Asian country’s sustainable energy transformation efforts. “This important agreement will see the UAE and Malaysia…