Egypt expects giant solar park to be fully operational in 2019

Egypt expects giant solar park to be fully operational in 2019
The $2 billion project, set to be the world’s largest solar installation, has been partly funded by the World Bank. (Wikimedia Commons)
Updated 05 May 2019

Egypt expects giant solar park to be fully operational in 2019

Egypt expects giant solar park to be fully operational in 2019
  • Some parts of the park are already operating on a small scale, while other areas are still undergoing testing
  • Egypt aims to meet 20 percent of its energy needs from renewable sources by 2022 and up to 40 percent by 2035

CAIRO: Egypt expects the 1.6 gigawatt solar park it is building in the south of the country to be operating at full capacity in 2019, the investment ministry said in a statement on Sunday.

The $2 billion project, set to be the world’s largest solar installation, has been partly funded by the World Bank, which invested $653 million through the International Finance Corporation.

Some parts of the park are already operating on a small scale, while other areas are still undergoing testing.

Egypt aims to meet 20 percent of its energy needs from renewable sources by 2022 and up to 40 percent by 2035. Renewable energy currently covers only about 3 percent of the country’s needs.

“Egypt’s energy sector reforms have opened a wider door for private sector investments,” World Bank President David Malpass said during his visit to the site alongside Egypt’s Investment Minister Sahar Nasr.

Egypt is on a drive to lure back investors who fled following the 2011 uprising with a slew of economic reforms and incentives the government hopes will draw fresh capital and kickstart growth.

Most of the foreign direct investment Egypt attracts goes toward its energy sector.


Tadawul slips 0.3%, Anaam Holding falls, SARCO soars

Updated 02 December 2020

Tadawul slips 0.3%, Anaam Holding falls, SARCO soars

Tadawul slips 0.3%, Anaam Holding falls, SARCO soars
  • Tadawul All Share Index falls to below 8,700 points, turnover at $3.14bn

Saudi equities extended their losses, with benchmark Tadawul All Share Index (TASI) slipping 0.3 percent, or 28 points, to close at 8,694 points on Wednesday.

Total turnover reached SAR 11.8 billion ($3.14 billion), with advance-decline ratio at 52:131.

The shares of Almarai Co., Saudi Telecom Co., Riyadh Bank, Banque Saudi Fransi, Yansab and Zain Saudi ended trading today with declines between 1 percent and 2 percent.

Anaam Holding was the top decliner as it went limit down to SAR 154.20. The Securities Depository Center Co. (Edaa) deposited today, Dec. 2, the subscribed securities of Anaam International Holding Group to the accounts of eligible securities' holders.

On the other hand, SARCO went limit up to SAR 105.6 amid trading volume of 6.3 million shares.

Al-Omran shares recorded their highest close since listing, rising 10 percent to SAR 108.8.

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