Egypt planning $4bn green hydrogen gas project

Egypt planning $4bn green hydrogen gas project
Egypt is also home to the Benban solar plant, the largest solar power plant in the world, with a total capacity of 1,465 MW. (Shutterstock)
Short Url
Updated 14 June 2021

Egypt planning $4bn green hydrogen gas project

Egypt planning $4bn green hydrogen gas project
  • The Ministry of Electricity and Renewable Energy has set a goal for 42 percent of the total energy produced in Egypt to be sourced from renewables by 2035

CAIRO: Egypt is planning to invest up to $4 billion in a project to generate green hydrogen gas through water electrolysis, according to the Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker.

The minister pointed out that the project is currently in the feasibility studies stage, in consultation with the Sovereign Fund of Egypt and a group of concerned ministries, and will be presented next week.

Shaker said that an area of more than 7,000 sq. km has been allocated for renewable energy production projects in Egypt, from which it can produce about 90,000 megawatts (MW).

The Ministry of Electricity and Renewable Energy has set a goal for 42 percent of the total energy produced in Egypt to be sourced from renewables by 2035. By the end of this year, it will have raised the total to 20 percent, a year ahead of schedule.

Egypt is also home to the Benban solar plant, the largest solar power plant in the world, with a total capacity of 1,465 MW.

Shaker revealed that the volume of investments in the electricity sector since the beginning of the reform until now is estimated at EGP500 billion ($32 billion).

He estimated that the total investment in the development of electrical distribution companies is around EGP36 billion, while the Decent Life initiative, which aims to improve the country’s distribution networks, is set to provide funds between EGP60 and EGP70 billion.


UAE economy minister to visit Britain seeking trade deal

UAE economy minister to visit Britain seeking trade deal
Updated 18 sec ago

UAE economy minister to visit Britain seeking trade deal

UAE economy minister to visit Britain seeking trade deal
  • Trade between the two countries was worth almost $8.1 billion in 2020

DUBAI: The UAE’s economy minister will lead a high-level delegation to Britain this week, the ministry said on Sunday, as the Gulf state seeks to deepen trade ties.

Abdulla bin Touq Al-Marri and the delegation will meet British ministers, officials and representatives from the private sector to discuss recently announced UAE economic policies.

One of those policies includes the UAE seeking to seal what it calls a comprehensive economic agreement covering trade and foreign investment with Britain and seven other countries.

The delegation would also discuss ways to develop economic ties and strengthen cooperation in trade, investment, healthcare and energy, among other sectors, the ministry said.

The UAE last week announced it had expanded an investment partnership with the British government, committing  £10 billion ($13.7 billion) to invest in the UK over five years.

The UAE delegation will also include local government, investment company and private sector representatives, the ministry said.

Britain is the UAE’s third largest non-oil trade partner in Europe, with trade between the two countries worth almost $8.1 billion in 2020, it said.


Iraq launches project to reduce flaring at oilfields

Iraq launches project to reduce flaring at oilfields
Updated 5 min 51 sec ago

Iraq launches project to reduce flaring at oilfields

Iraq launches project to reduce flaring at oilfields
  • Iraq is the second-biggest user of flaring worldwide after Russia.

BAGHDAD: Iraq has launched a new project that aims to recover gas normally set alight during oil extraction at two oilfields in the country’s south.
Flaring, or burning off excess gas during oil extraction, is a highly polluting practice but far less costly than processing it for sale.
According to the World Bank, Iraq is the second-biggest user of flaring worldwide after Russia.
The new project, signed in 2017 with oil services company Baker Hughes, will eventually allow 200 million cubic feet (around 5.6 million cubic meters) of gas a day that is usually torched on the Nasiriyah and Gharraf oilfields to be captured, according to a statement from the Oil Ministry sent to the media on Sunday.
It seeks to “exploit the gas that escapes from all oilfields across all Iraq, consolidate national gas production” and help preserve the environment, Oil Minister Ihsan Ismail was quoted as saying in the statement.
A ministry official told AFP that the implementation of the project and exploitation of the gas would have to wait 30 months for the completion of infrastructure works.
The World Bank said the amount of gas torched in Iraq annually reached 17.37 million cubic meters last year.
Earlier this month, French giant TotalEnergies signed a contract to invest in oil, gas and solar production in Iraq.
The French major plans initially to invest $10 billion in infrastructure, the proceeds of which will then allow a second round of investments of $17 billion, the officials said.
One of the projects will see the construction of a complex to exploit production from the sector’s gas fields.
Rather than flaring or burning off the excess, the plan is to recover it for use in electricity generation.
The premier’s office has said this will “reduce gas imports.”


Saudi holdings of US treasury bills rose for 2nd month in a row

Saudi holdings of US treasury bills rose for 2nd month in a row
Updated 19 September 2021

Saudi holdings of US treasury bills rose for 2nd month in a row

Saudi holdings of US treasury bills rose for 2nd month in a row
  • The Kingdom is the 16th largest holder of US debt

RIYADH: Saudi Arabia’s holding of US Treasury securities increased for the second consecutive month in July, reaching $128.1 billion, according to new data from the US government.

The holdings increased by 0.2 percent from June, and 2.8 percent from July last year. However, the Saudi holdings in July is down by 5.2 percent from the beginning of the year when it was $135.1 billion, the data showed.

This increase in June and July is in line with global trends, as countries around the world increased their holdings by 5.7 percent in the two months leading up to July.

However, analysis showed that Saudi holdings are still down from their peak of $184.4 billion in February 2020. As the global pandemic took hold in March last year, the Saudi government decreased its holding, as the Kingdom’s reserves were hit by the collapse in oil prices.

In July last year, Saudi Arabia began to boost its holdings once again, peaking in November and then continuing to decline by low single percentages till May 2021.

The Kingdom is the 16th largest holder of US debt. Japan remains No.1 with $1310.2 billion in US bonds, followed by China ($1068.3 billion), the UK ($539.5 billion), Ireland ($319.7 billion) and Switzerland ($298.3 billion).

The UAE holds $58 billion, an increase of nearly 100 percent year-on-year. Kuwait holds $46.4 billion, down by 3.1 percent year-on-year.


Saudi Arabia’s Algosaibi family plans recovery after $7.5bn debt deal

Saudi Arabia’s Algosaibi family plans recovery after $7.5bn debt deal
Updated 19 September 2021

Saudi Arabia’s Algosaibi family plans recovery after $7.5bn debt deal

Saudi Arabia’s Algosaibi family plans recovery after $7.5bn debt deal
  • It comes after successful negotiations over its $7.5 billion in debt since 2009 – a case many experts saw as a test for Saudi Arabia’s new bankruptcy law

DUBAI: The Algosaibi family is looking to restore some of its businesses after its landmark deal with creditors last week, Bloomberg has reported, citing the conglomerate’s chief restructuring officer, Simon Charlton.

In an interview, Charlton said the company was looking “where it would make the most sense and at what sort of level to return to the market.”

It comes after successful negotiations over its $7.5 billion in debt since 2009 – a case many experts saw as a test for Saudi Arabia’s new bankruptcy law.

Under the deal, Ahmah Hamad Algosabi & Brothers Co (AHAB) will repay its creditors 26 percent of their claim values through a mixture of cash, shares, and Saudi real estate.

“Our hope is that as the company emerges from this and gets access to credit and is back into the credit markets and will be able to raise working capital finance, we’ll be able to rebuild those businesses,” Charlton said.

AHAB will retain most of its operating manufacturing businesses, he added, including logistics, hospitality, and retail.


Aramco’s Wa’ed invests in online gifts marketplace Joi Gifts

Aramco’s Wa’ed invests in online gifts marketplace Joi Gifts
Updated 19 September 2021

Aramco’s Wa’ed invests in online gifts marketplace Joi Gifts

Aramco’s Wa’ed invests in online gifts marketplace Joi Gifts
  • The funds will be used to drive short-term growth, with initiatives including awareness campaigns and product development

DUBAI: The entrepreneurship unit of Aramco, Wa’ed, was one of the investors in Joi Gift’s recent funding round that gained $2.5 million in proceeds.

Joi Gifts is an online marketplace for gifts, which operates in eight countries, including Saudi Arabia, the UAE, Jordan, and Egypt.

Dubai-based Knuru Capital also participated in the Series A funding round, the startup said in a statement.

The funds will be used to drive short-term growth, with initiatives including awareness campaigns and product development. The company is also planning further regional expansion, after it announced its eighth country market earlier this year.

“We are thrilled with this investment, which enables Joi Gifts to further enhance and improve what is already the MENA region’s leading online one-stop shop for gifts,” Rami Kahale, Joi Gifts chief, said.

The company said the UAE and the Kingdom had some of the highest average spend on gifts globally, which contributes to its success.