Saudi Arabia to become ‘major exporter’ of renewable energy

Saudi Energy Minister Khalid Al-Falih attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, on Thursday. (REUTERS/Ruben Sprich)
Updated 20 January 2017

Saudi Arabia to become ‘major exporter’ of renewable energy

DAVOS, Switzerland: Saudi Arabia aims to become a “major exporter” of renewable energy, its energy minister has revealed. 
Khalid Al-Falih said there are plans to allow for the export of cleanly produced electricity to Europe.
“If the region gets connected to Europe for example, then solar (power) that is produced in Saudi Arabia can be exported all the way to Europe through a network,” he told Arab News on the sidelines of the World Economic Forum meeting in Davos.
“When it’s sunny in the region, it’s dark and cloudy sometimes in Europe… So we can be a major exporter.”
Such an electricity supply could be routed through Egypt, and there were “projects underway” to support this, Al-Falih said.
Al-Falih said on Monday that Saudi Arabia is to launch a renewable energy program that is expected to involve investment of between $30 billion and $50 billion by 2023.
Riyadh plans to start the first round of bidding for projects under the program, which would produce 10 gigawatts of power.
Aside from the domestic consumption of electricity, Al-Falih said there was an opportunity to sell both power derived from “green” methods and the materials used to produce renewable energy, like solar panels or wind turbines.
“We will export the power itself, we will export the components and services,” he said.
Saudi Arabia is attempting to diversify its economy after it was hit hard by the oil-price crash.
An OPEC deal saw an oil production cut come into force at the beginning of this year, something Al-Falih indicated was being adhered to.
“Everybody I talk to is not only committing, some of them have actually told me that they have exceeded their commitments,” he said.
He would not speculate on how the oil price would look later this year, but said the current figure includes “an element of uncertainty” about compliance with the Opec production cut deal.
“I tend to think that uncertainty is misplaced,” Al-Falih said. “Once you remove that, with data coming in the weeks to come, you can only imagine where the price will go.”  

First Abu Dhabi Bank and Egypt Post launch services drive

Updated 30 September 2020

First Abu Dhabi Bank and Egypt Post launch services drive

  • The First Abu Dhabi Bank is the largest bank in the United Arab Emirates

CAIRO: First Abu Dhabi Bank in Egypt has signed a memorandum of understanding with Egypt Post to boost financial inclusion in society and improve customer services.

The strategy is in line with the country’s plan to improve and develop communication channels with citizens and improve access to basic services.

The agreement was signed by Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank, and Sherif Farouk, Chairman of the National Postal Authority, Egypt Post.

A statement issued by First Abu Dhabi Bank said the memorandum of understanding will improve access to post offices, through which foreign remittances, salaries and pensions can be received and disbursed by Egyptians at home and abroad.

The partnership will also help the bank provide notification and collection services to customers, payments through its mobile smart wallet, services for collecting and paying customer dues, exchange and collection services for small and medium enterprises, credit services and contractual postal services.

The statement added that the agreement will build a culture of financial inclusion and awareness, while also reducing the cost of banking operations.

Farouk said that the memorandum will allow the authority to handle remittances of overseas Egyptians through its 4,000 Egypt Post branches across the country.

Fayed said the partnership is part of the bank’s strategy to boost access to customer services, whether individuals or companies.

He added that money transfers from outside Egypt are one of the most important sources of foreign currency for the country. Easing money transfers for Egyptians working abroad with First Abu Dhabi Bank via the National Postal Authority will increase the amount of remittance exchange outlets and transfers.

The First Abu Dhabi Bank is the largest bank in the United Arab Emirates and one of the biggest financial institutions in the world. Its network of branches are in 19 countries around the world, including Egypt.