Sudan’s PM gets the country’s first visa card

Sudan’s PM gets the country’s first visa card
Prime Minister Abdullah Hamdok received the card from the Shariah-compliant United Money Bank. (Reuters)
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Updated 17 March 2021

Sudan’s PM gets the country’s first visa card

Sudan’s PM gets the country’s first visa card
  • Sudan has embarked on a number of economic reforms since being removed from the US Sponsors of Terrorism list late last year

RIYADH: Sudan’s first local visa card has been issued to its prime minister as Khartoum takes another step toward normalizing its financial system.

Prime Minister Abdullah Hamdok received the card from the Shariah-compliant United Money Bank, Asharq Business reported.
It follows a move by the government to unify the country’s exchange rate, United Money Bank CEO Yusef Ahmed Al-Tanni said.
Sudan has embarked on a number of economic reforms since being removed from the US Sponsors of Terrorism list late last year. That decision has helped the country take steps toward re-joining the international financial system.
Other reforms include fuel price liberalization, which contributed to the acceleration of inflation to 330.8 percent last month
“We aim to attract remittances of Sudanese working abroad through official channels and attract inflows of foreign investment,” the Central Bank of Sudan said.
“Unifying the Sudanese pound exchange rate, canceling fuel subsidies and tax measures within the 2021 budget, and increasing electricity, will reduce the distortions of the economy and facilitate financial control,” the International Monetary Fund said.


SABIC, BASF discuss plastics circular economy in Riyadh

SABIC, BASF discuss plastics circular economy in Riyadh
Updated 23 June 2021

SABIC, BASF discuss plastics circular economy in Riyadh

SABIC, BASF discuss plastics circular economy in Riyadh
  • SABIC is working with UK-based company Plastic Energy to build its first commercial unit in Geleen
  • Chemicals giant focuses on recycling plastics

RIYADH: SABIC and BASF, two of the world’s largest chemical producers, met in Riyadh to share insights into their respective programs to develop circular economy solutions for the plastics industry.
SABIC shared progress it has made with TRUCIRCLE, a collection of processes that allow for the certification of polymers created through recycling of used and mixed plastic, certified bio-based renewable polymers, certified renewable polycarbonate (PC), and mechanically recycled polymers.
BASF discussed ChemCycling, a project to develop a pyrolysis technology that turns plastic waste into a secondary raw material called pyrolysis oil. The German multinational also explained how its plastic additives facilitate mechanical recycling of plastics.
SABIC is working with UK-based company Plastic Energy to build its first commercial unit in Geleen, The Netherlands, which will produce TRUCIRCLE certified circular polymers from recycled plastic.
“TRUCIRCLE has been introduced as a way to collectively showcase our circular innovations and help manufacturers reduce plastic waste through the adoption of a range of sustainable material solutions,” said Mark Vester, SABIC’ global leader circular economy. “It forms part of our circular economy business and is aligned with the UN Sustainable Development Goal of Responsible Consumption and Production.”


Humvee maker strikes military vehicle deal with Egypt

Humvee maker strikes military vehicle deal with Egypt
Updated 23 June 2021

Humvee maker strikes military vehicle deal with Egypt

Humvee maker strikes military vehicle deal with Egypt
  • The company will study the feasibility of developing an in-country assembly and manufacturing capability to allow Egypt to replace or supplement its existing Humvee fleet

DUBAI: Humvee manufacturer AM General has struck an initial agreement to help develop the production of military vehicles in Egypt.
The deal with the Egyptian Ministry of Military Production is expected to become a long term partnership to develop and build tactical vehicles in-country, the US-based company said in a statement on Wednesday.
The company will study the feasibility of developing an in-country assembly and manufacturing capability to allow Egypt to replace or supplement its existing Humvee fleet.
“Today’s signing ceremony further solidifies our long-standing relationship with the government of Egypt,” said AM General President CEO Andy Hove. “We look forward to applying our manufacturing and design expertise to help grow the Egyptian automotive industry.”
The agreement is part of a broader push to develop more domestic military manufacturing in Egypt which is already a major defense sector importer. Arab states are ramping up spending on local defense sector investments as part of their economic diversification agendas which aim to create more local jobs while at the same time substituting value-added imports with locally manufactured alternatives.


Oman to grant foreign investors 10-year residency

Oman to grant foreign investors 10-year residency
Updated 23 June 2021

Oman to grant foreign investors 10-year residency

Oman to grant foreign investors 10-year residency
  • Program is open to foreign retirees

RIYADH: Oman has announced a new program under which foreign investors are granted long-term residency, Asharq reported citing a statement by the Ministry of Commerce, Industry and Investment Promotion.

The Investor Residence program will be for a period of five to 10 years, subject to renewal, and is open to foreign retirees, the ministry said.

The program, starting in September, aims to attract quality investments according to clear and specific controls.


Abu Dhabi commissions solar farm in West Africa’s Togo

Abu Dhabi commissions solar farm in West Africa’s Togo
Updated 23 June 2021

Abu Dhabi commissions solar farm in West Africa’s Togo

Abu Dhabi commissions solar farm in West Africa’s Togo
  • The Mohamed Bin Zayed Solar PV Complex is expected to power around 158,000 homes and businesses in the country

DUBAI: An Abu Dhabi-funded solar plant in Togo, West Africa is now fully operational, state news agency WAM reported.

The Mohamed Bin Zayed Solar PV Complex, a 50-MW project financed by the Abu Dhabi Fund for Development (ADFD), is expected to power around 158,000 homes and businesses in the country.

The country’s first solar plant is located in Blitta, Togo, and spans around 92 hectares in the African nation’s Centrales region.

The new clean energy source will reduce the community’s reliance on firewood and charcoal, and aid Togo’s national agenda to increase renewable energy share by 50 percent by 2025, and to double it by 2030.

ADFD provided 55 million dirhams ($15 million) in concessionary loans to finance the project, which was developed by Amea Togo Solar, a subsidiary of the UAE-based clean energy developer Amea Power.

The funding is part of ADFD’s joint facility with the International Renewable Energy Agency (IRENA), where the pair vows to support the development of renewable energy projects around the world.

“Africa holds tremendous promise for renewable power generation, which can bring improved energy access and reliability of supply while creating jobs and economic opportunity,” IRENA’s Director-General Francesco La Camera said.

In 2020, ADFD and IRENA signed loan agreements worth 121 million dirhams with the governments of Togo, Niger, and Liberia to advance clean energy in Africa.


Egypt to implement eighth increase in household electricity prices in July

Egypt to implement eighth increase in household electricity prices in July
Updated 23 June 2021

Egypt to implement eighth increase in household electricity prices in July

Egypt to implement eighth increase in household electricity prices in July
  • Prices will increase between 8 percent and 26 percent
  • Subsidies phase out extended from 2021/2 to 2024//5

RIYADH: Egypt’s Ministry of Electricity and Renewable Energy is preparing to the eighth increase in electricity prices for domestic consumption since it began phasing out subsidies in 2014.

From July 1, prices will increase between 8 percent and 26 percent, depending on the consumption segment, Minister of Electricity Mohamed Shaker said in an interview on Al-Balad TV.

In 2014, a decision was taken to eliminate state subsidies within five years, which was subsequently extended earlier this month to eight years to reduce the burden on customers and will now end in the fiscal year 2024/5, he said.

“When the economic reform took place in 2016, the dollar exchange rate changed dramatically, jumping from 7 Egyptian pounds to 18 Egyptian pounds, and this turned the scales completely,” said Shaker.

Fuel affects the cost of electric power the most, and whenever the dollar exchange rate changes, the fuel prices change, he said.