Sudan, UAE sign MoU to construct solar energy plants with a capacity of 500 mw

Sudan, UAE sign MoU to construct solar energy plants with a capacity of 500 mw
UAE, represented by one of its private companies, will supply, build, install and operate plants for 20 years. (File: Reuters)
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Updated 01 November 2020

Sudan, UAE sign MoU to construct solar energy plants with a capacity of 500 mw

Sudan, UAE sign MoU to construct solar energy plants with a capacity of 500 mw
  • Sudan and the UAE signed MoU for the construction of solar energy plants

CAIRO: Sudan and the United Arab Emirates signed a Memorandum Of Understanding (MoU) for the construction of solar energy plants with a capacity of 500 megawatts (MW), the Sudanese energy ministry said in a statement on Sunday.
UAE, represented by one of its private companies, will supply, build, install and operate plants for 20 years, the energy ministry said, without specifying how many plants the deal would entail.
The Gulf country will also train and employ Sudanese workers throughout the contract period, with a commitment by the Sudanese government to purchase electricity at a competitive price, according to the statement.


Egyptian minister hails reforms as public investment jumps 70%

Updated 37 min 12 sec ago

Egyptian minister hails reforms as public investment jumps 70%

Egyptian minister hails reforms as public investment jumps 70%
  • The rate of economic growth reached about 1.8 percent — less than the population growth rate
  • A plan to control population increase will begin in January 2021

CAIRO: The volume of public investment in Egypt grew by 70 percent in the 2020/2021 fiscal year, reaching 595 billion Egyptian pounds ($37.9 billion), Minister of Planning and Economic Development Hala Al-Saeed has said.

In a speech at the Egypt Economic Summit 2020, she said that Egypt could become one of only three economies across the Middle East to achieve economic growth this year.

The growth followed reforms that helped make the Egyptian economy “more flexible” and “able to absorb external shocks,” she said.

Al-Saeed said Egypt faced great challenges that led to imbalances in the monetary, financial and external axes, which caused a decline in Egyptian economic indicators. The rate of economic growth reached about 1.8 percent — less than the population growth rate.

The minister added that a plan to control population increase will begin in January 2021, as Egypt’s population is expected to grow by 2.5 million annually and reach 130 million in 2030.

Al-Saeed said that achieving development requires sustained economic progress to overcome weak population growth and the challenges facing the Egyptian economy in light of political and economic changes and the coronavirus pandemic.

The challenge helped Egypt commit to reforms based on comprehensive planning and an ambitious vision for the future, in the form of Egypt’s Vision 2030 sustainable development strategy, the minister said.

Egypt’s implementation of reforms since November 2016 led to “overall stability” and “comprehensive growth.” This was reflected in positive indicators that the Egyptian economy saw before the coronavirus outbreak, she added.

The rate of economic growth was about 5.6 percent in the first half of the 2019/2020 fiscal year, and about 5 percent during the third quarter. There was an average growth of 5.4 percent in the first nine months of the year, before the coronavirus outbreak.

Al-Saeed said that international institutions had “positive expectations” regarding the Egyptian economy.

She referred to the results of the World Economic Outlook report issued by the International Monetary Fund in October 2020, in which the Fund raised its expectations for Egypt’s gross domestic product growth to 3.5 percent for the year, compared with a previous forecast of 2 percent in the June report.

If the prediction is realized, it will make Egypt among only three economies in the Middle East and Central Asia to achieve economic growth this year.