World Economic Forum cancels 2021 annual meeting in Singapore

WEF had already pushed back its special meeting in Singapore, initially scheduled for mid-May, following the announcement last year it was moving from its usual home in the Swiss Alps due to the pandemic situation in Europe. (AFP)
WEF had already pushed back its special meeting in Singapore, initially scheduled for mid-May, following the announcement last year it was moving from its usual home in the Swiss Alps due to the pandemic situation in Europe. (AFP)
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Updated 18 May 2021

World Economic Forum cancels 2021 annual meeting in Singapore

WEF had already pushed back its special meeting in Singapore, initially scheduled for mid-May, following the announcement last year it was moving from its usual home in the Swiss Alps due to the pandemic situation in Europe. (AFP)
  • The WEF's next annual meeting will instead take place in the first half of 2022

ZURICH: The World Economic Forum cancelled its 2021 annual meeting scheduled for Singapore in three months' time on Monday, saying it was not possible to hold such a large, global event due to the COVID-19 situation.

“Regretfully, the tragic circumstances unfolding across geographies, an uncertain travel outlook, differing speeds of vaccination rollout and the uncertainty around new variants combine to make it impossible to realise a global meeting with business, government and civil society leaders from all over the world at the scale which was planned,” it said in a statement.

WEF had already pushed back its special meeting in Singapore, initially scheduled for mid-May, following the announcement last year it was moving from its usual home in the Swiss Alps due to the pandemic situation in Europe.

The city-state has in recent days imposed some of the tightest restrictions since it exited a lockdown last year to combat a spike in local COVID-19 infections.

Acknowledging WEF's decision to cancel the event, the Singapore trade ministry said on Monday that it “fully appreciates the challenges caused by the ongoing global pandemic, particularly for a large meeting with a broad span of international participants.”

The WEF's next annual meeting will instead take place in the first half of 2022. Its location and date will be determined based on an assessment of the situation later this summer, it added in a statement.


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.