International companies to invest in Egyptian green hydrogen projects, says minister

International companies to invest in Egyptian green hydrogen projects, says minister
Generating 'green' hydrogen from renewable energy and electrolysis remains commercially unviable. (Shutterstock)
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Updated 17 June 2021

International companies to invest in Egyptian green hydrogen projects, says minister

International companies to invest in Egyptian green hydrogen projects, says minister
  • Egypt has signed MOU for 1GW green hydrogen project
  • Other EU companies set to partner with Egypt's private sector

RIYADH: International companies are interested in investing in green hydrogen production in Egypt, according to Minister of Electricity and Renewable Energy Mohamed Shaker.

“There are companies from the European Union that will enter into partnerships with the Egyptian private sector,” he said.

The Egyptian government has signed an MoU with Siemens for the first project to produce green hydrogen with a capacity of 1 megawatt, doubling to 2 megawatts over five years, he said.

“Green hydrogen will be the world’s fuel in the next few years, and I see that Egypt started early in this field,” he added.

Work is currently underway to develop and formulate a strategy for the hydrogen industry in Egypt through a ministerial committee in which the Ministry of Petroleum and Mineral Resources participates as a main member, according to previous statements by the Minister of Petroleum and Mineral Resources Tarek El Molla.

Egypt is planning to invest up to $4 billion in a project to generate green hydrogen gas through water electrolysis, Shaker said this week.

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, he said.

The United States is planning to increase funding to Egypt to help it convert to solar energy and move away from fossil fuels, US special envoy for climate John Kerry said in Cairo on Wednesday.

Egypt is planning to double the state’s funding for green projects to 30 percent of its overall investment plan during the fiscal year 2021/2022 and to raise it to 50 percent by 2024/2025.


China In-Focus: Airbnb to halt listings in China after 2.5 years of lockdowns weighed down operations

China In-Focus: Airbnb to halt listings in China after 2.5 years of lockdowns weighed down operations
Updated 30 sec ago

China In-Focus: Airbnb to halt listings in China after 2.5 years of lockdowns weighed down operations

China In-Focus: Airbnb to halt listings in China after 2.5 years of lockdowns weighed down operations

RIYADH: America’s Airbnb announced that it will stop operations in China partially amid strict lockdowns. Local Luckin Coffee’s revenue jump’s 90 percent in the first quarter of 2022. Also, iron ore futures slipped amid slowing economic repercussions.

·      American vacation rental company Airbnb has announced that it will halt its listings in China after two years of strict lockdowns with no signs of easing off soon, CNN Business reported, citing sources familiar with the matter. Founded in 2008, the firm will keep its office in Beijing for the sake of outbound travelers and global projects rather than operations in the Asian country itself. 

·      Chinese coffeehouse company Luckin Coffee’s first quarter earnings revealed a surge in revenue of almost 90 percent despite strict Covid-19 restrictions and a slowing economy, CNN Business reported. In addition to achieving its first profit since its launch, the firm also ended the first quarter with 6,580 stores in China, surpassing Starbucks which currently has around 5,650 outlets in the country.

Chinese coffeehouse company Luckin Coffee’s first quarter earnings revealed a surge in revenue. (Shutterstock)

·      Chinese iron ore futures slipped on Thursday amid low investor demand. This comes as the world’s second largest economy is facing large economic struggles when compared to 2020. While some indicators saw a steep drop in March, the country should start achieving reasonable growth in the second quarter of 2022, Reuters reported, citing Premier Li Keqiang.


Saudi-listed East Pipes erases $40m profit as project delays weigh on sales  

Saudi-listed East Pipes erases $40m profit as project delays weigh on sales  
Updated 22 min 11 sec ago

Saudi-listed East Pipes erases $40m profit as project delays weigh on sales  

Saudi-listed East Pipes erases $40m profit as project delays weigh on sales  

RIYADH: Saudi East Pipes Integrated Co. for Industry has turned to losses of SR3.25 million ($865,000) in this fiscal year, as project delays and supply chain disruptions weighed on sales.

The company, which made a profit of SR148 million with SR935.5 million in revenue in the last fiscal year, saw its revenue drop by 36 percent to SR597 million in the year ended Mar. 31, 2022, according to a bourse filing.

The firm said the results were driven by “delays in releasing and awarding key projects by major clients” in addition to “supply chain interruptions, resulting from the COVID-19 pandemic.”

Additionally, a sharp increase in the costs of raw materials dragged down its gross profit from SR230 million to SR35 million, an 85-percent decline year-on-year.

East Pipes, which joined the Saudi stock exchange earlier this year, was established in 2010 and specializes in manufacturing steel pipes.

Ahead of listing, the pipe manufacturer had raised SR504 million of proceeds from an initial public offering.

 


Saudi stock exchange approves listing of $4bn government debt

Saudi stock exchange approves listing of $4bn government debt
Updated 28 min 43 sec ago

Saudi stock exchange approves listing of $4bn government debt

Saudi stock exchange approves listing of $4bn government debt

RIYADH: The Saudi stock exchange has approved the listing of SR14.95 billion ($4 billion) worth of government debt instruments submitted by the Ministry of Finance, it said in a statement.

The amount will be used to increase the size of three existing issuances to reach SR26.4 billion, SR29.7 billion, and SR14.3 billion, respectively.

The listing and trading of the instruments will start on May 29, Tadawul said in a statement.


Crypto Moves — Bitcoin, Ether down; JPMorgan sees significant upside to bitcoin’s price

Crypto Moves — Bitcoin, Ether down; JPMorgan sees significant upside to bitcoin’s price
Updated 29 min 46 sec ago

Crypto Moves — Bitcoin, Ether down; JPMorgan sees significant upside to bitcoin’s price

Crypto Moves — Bitcoin, Ether down; JPMorgan sees significant upside to bitcoin’s price

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, falling by 1.40 percent to $29,000 as of 3:23 p.m. Riyadh time. 

Ether, the second most traded cryptocurrency, was priced at $1,819 down by 6.44 percent, according to data from CoinDesk.

JPMorgan sees upside 

The global investment bank JPMorgan sees significant upside to the price of bitcoin.

The global investment bank’s price target for the cryptocurrency is 28 percent above its current price, Bitcoin.com reported. 

“The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally,” JPMorgan said. 

JPMorgan has also replaced real estate with cryptocurrency as the preferred alternative asset class along with hedge funds, according to Bitcoin.com. 

“We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds,” the bank added. 

While the investment bank’s price target for bitcoin is $38,000, its strategists have said that their long-term theoretical target price for the cryptocurrency is $150,000.

IMF chief’s plea

Kristalina Georgieva, the managing director of the International Monetary Fund, discussed cryptocurrency at the World Economic Forum’s annual meeting in Davos.

Georgieva urged people not to completely avoid cryptocurrencies following the recent collapse of the terrausd (UST) algorithm and cryptocurrency Terra (LUNA), Bloomberg reported.


ACWA Power signs deal to develop ammonia plant in Oman

ACWA Power signs deal to develop ammonia plant in Oman
Updated 10 min 20 sec ago

ACWA Power signs deal to develop ammonia plant in Oman

ACWA Power signs deal to develop ammonia plant in Oman

RIYADH: Following their successful green hydrogen project in NEOM, ACWA Power is partnering again with US-based Air Products to develop a multibillion-dollar world-scale green hydrogen-based ammonia production plant in Oman with the sultanate's energy company OQ.

Powered by renewable energy, the facility will produce green energy products, according to a statement. 

The statement did not mention the exact value of the project. 

The green hydrogen-based ammonia production facility is anticipated to be equally owned by the project partners. 

“Our investment in developing and building water desalination and power production plants in Oman started in 2011, and we continue to expand our robust portfolio in the Sultanate,” ACWA Power chairman said. 

“Utilizing our global expertise, we were successfully able to launch Oman’s first utility-scale renewable energy project,” Mohammad A. Abunayyan added.