Abu Dhabi Investment Office to open in Tel Aviv

Abu Dhabi Investment Office is set to open its first outside office in the Israeli capital, Tel Aviv (pictured). (Shutterstock)
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Updated 16 September 2020

Abu Dhabi Investment Office to open in Tel Aviv

  • Israel signed normalization agreements with the UAE, Bahrain on Tuesday

DUBAI: The state-run Abu Dhabi Investment Office (ADIO) is to open its first office outside the United Arab Emirates in Tel Aviv, the Abu Dhabi Media Office said on Wednesday, following normalization of relations between the UAE and Israel.
Israel on Tuesday signed normalization agreements at the White House in Washington with both the UAE and Bahrain.
“Tel Aviv is the first in a planned network of international offices that will support companies looking to expand their operations in Abu Dhabi, and to connect innovators from around the world to solve global challenges,” the statement on Twitter said.
ADIO and Invest in Israel, part of the economy ministry, agreed two weeks ago on bilateral investment cooperation.


Emirati consortium studies implementing wind energy project in Egypt

Updated 29 September 2020

Emirati consortium studies implementing wind energy project in Egypt

  • The coalition has submitted a request to the New and Renewable Energy Authority to allocate land for the purpose

CAIRO: Official sources at the Egyptian Ministry of Electricity and Renewable Energy revealed that an Emirati consortium is currently studying the implementation of a wind farm, with investments of about EGP 8 billion ($500 million).

The coalition has submitted a request to the New and Renewable Energy Authority (NREA) to allocate land for the purpose, and the authority has already agreed to it. The total capacity of the station is about 500 megawatts.

The consortium is carrying out studies that will take two years and that include measuring wind speed, monitoring bird migration and studying the soil for the project, which will take place in the Gulf of Suez region as it has a strong wind force, an important factor.

The station is expected to implement the BOO system (Build, Own, Operate), provided that the coalition sells the energy produced to the Egyptian Electricity Transmission Company, the operator of the national grid, entrusted with the purchase of energy.

The area of land allocated for the establishment of the project — in cooperation with the private sector under the usufructuary right system — is 7,872 km, according to data from the NREA.

The sources pointed out that the average selling price of renewable energy is currently declining, ranging between $0.02 to $0.025 per kilowatt hour. Land is allocated for 2 percent of the energy produced or its equivalent and throughout the project’s duration; then, the authority will recover it.

Egypt is rich in natural resources, including wind and solar energy, which makes it one of the largest producers of renewable energy. The total installed capacity of renewable energies is close to 20 percent of the maximum load.

Egypt plans to increase its total production of renewable energy to about 20 percent of the total electricity generated by 2022, of which 12 percent from wind, 6 percent from hydroelectricity, and 2 percent from solar.