Egypt, Israel sign memorandum on gas supplies for re-export

Egypt, Israel sign memorandum on gas supplies for re-export
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Updated 27 November 2021

Egypt, Israel sign memorandum on gas supplies for re-export

Egypt, Israel sign memorandum on gas supplies for re-export
  • The MoU also considers the possibility of using the existing pipeline between the two countries to transport hydrogen in future.

CAIRO: Egypt and Israel have signed a memorandum of understanding to consider the possibility of increasing Israeli gas supplies to Egypt with the aim of re-exporting and using the pipeline between the two countries to transport hydrogen in the future.
Last year, Egypt and Israel announced the start of pumping Israeli gas to Egypt through the EastMed Gas Pipeline, with the purpose of liquefying it at Egyptian liquefaction stations and re-exporting it to Europe.
A statement issued by the Egyptian Ministry of Petroleum added that the agreement is part of efforts aimed at expanding the use of less polluting fuels to reduce greenhouse gas emissions in the region.
The MoU said that natural gas is a transitional fuel, as its use in the Eastern Mediterranean contributes to a significant reduction in emissions, especially after the sharp decline in the use of coal and petroleum in Egypt and Israel.
During the last few months, joint working groups from both countries held several meetings, during which a comprehensive review of the possibility of expanding natural gas supplies for re-export was conducted.
Tarek El Molla, Egyptian minister of petroleum and mineral resources, said that supporting joint cooperation in order to benefit from the natural resources in both countries is important.
Karine Elharrar, the Israeli minister of national infrastructures, energy and water resources, said Egypt is an important partner in achieving energy security in the region.


Turkey Dream Games triples in valuation after raising $255m in funding

Turkey Dream Games triples in valuation after raising $255m in funding
Updated 19 January 2022

Turkey Dream Games triples in valuation after raising $255m in funding

Turkey Dream Games triples in valuation after raising $255m in funding
  • Turkish mobile gaming start-up Dream Games raised an unprecedented $255 million in its latest Series C funding round

RIYADH: Turkish mobile gaming start-up Dream Games raised an unprecedented $255 million in its latest Series C funding round, almost tripling its valuation to $2.75 billion in six months, MAGNiTT reported.

This round of funding was led by Index Ventures, subscribed by returning investors such as Makers Fund, IVP, Kora, Balderton Capital and managed by BlackRock.

The company plans to use the funds for doubling its headcount to 200 people and launch a new game this year.

Founded in 2019, Istanbul-based Dream Games is a mobile gaming company that developed Royal Match — one of the highest grossing mobile games.


UAE, Saudi Arabia, Qatar top competitive economies in the Arab World: AMF

UAE, Saudi Arabia, Qatar top competitive economies in the Arab World: AMF
Updated 19 January 2022

UAE, Saudi Arabia, Qatar top competitive economies in the Arab World: AMF

UAE, Saudi Arabia, Qatar top competitive economies in the Arab World: AMF
  • The United Arab Emirates, Saudi Arabia, and Qatar were ranked the most competitive Arab economies

RIYADH: The United Arab Emirates, Saudi Arabia, and Qatar were ranked the most competitive Arab economies for the period between 2017 until 2020, according to a report launched by the Arab Monetary Fund.

The fifth Arab economies competitiveness report showed that the UAE maintained its top ranking in the general index as it benefited from high scores in the business environment and infrastructure category as well as the organizational and government governance category.

The Kingdom ranked second after having performed well in the overall economic index, the external activities sector and the official reserves index.

Qatar followed in third place, after attaining first place in the real economy sector, the inflation index and GDP per capita index.

Four Arab nations advanced in terms of competitiveness compared to the previous period, including Sudan, Egypt, Morocco, and Mauritania.

Arab states and other non-Arab countries — such as Singapore, Malaysia, Turkey — are included also in the calculation of the index.

The report monitors the economic competitiveness of Arab countries and sheds light on the economic and political measures applied by decision makers for that purpose.


TRSDC closes financing for $3.76bn loan from four Saudi banks

TRSDC closes financing for $3.76bn loan from four Saudi banks
Updated 19 January 2022

TRSDC closes financing for $3.76bn loan from four Saudi banks

TRSDC closes financing for $3.76bn loan from four Saudi banks

RIYADH: Saudi Arabia's The Red Sea Development Co., or TRSDC, announced the financial closure of a SR14.12 billion ($3.76 billion) loan with four Saudi banks.

The financing will be in a form of a term loan facility and a revolving credit facility.

TRSDC, which is developing the world's largest sustainable tourism project, has obtained the loan from Saudi National Bank, Riyad Bank, Banque Saudi Fransi, and Saudi British Bank, according to a statement.

“This year, we have proceeded at pace with the delivery of our flagship project, all the while mindful of our commitment to not only reduce our impact on the environment but actively deliver a 30 percent net conservation benefit by 2040,” explained John Pagano, chief executive officer of The Red Sea Development Company.

GFC Media Group have recently awarded TRSDC’s Green Financing as Project Finance Deal of Year in the Capital Markets Saudi Arabia Awards.


Egypt achieves a $204m initial budget surplus in six months 

Egypt achieves a $204m initial budget surplus in six months 
Updated 19 January 2022

Egypt achieves a $204m initial budget surplus in six months 

Egypt achieves a $204m initial budget surplus in six months 

RIYADH: Egypt’s general budget achieved an initial surplus of 3.2 billion Egyptian pounds ($204 million) during the first six months of the 2021/22 fiscal year, the minister of finance said. 

Mohamed Maait added that revenues grew by 10.3 percent on an annual basis during that period, while tax revenues increased by 15.7 percent, the Middle East News Agency reported. 

He also said that Egypt targets a budget deficit of 6.6 percent in the 2021/22 fiscal year and a primary surplus of 1.5 percent of gross domestic product. 

The minister’s comments came during the cabinet meeting held on Wednesday by the prime minister Mostafa Madbouly, to review the financial performance indicators during the six months period. 


UAE Barakah nuclear plant to reduce 22.5m tons of annual carbon emissions

UAE Barakah nuclear plant to reduce 22.5m tons of annual carbon emissions
Updated 19 January 2022

UAE Barakah nuclear plant to reduce 22.5m tons of annual carbon emissions

UAE Barakah nuclear plant to reduce 22.5m tons of annual carbon emissions

The UAE-based Barakah nuclear power plant is to reduce carbon emissions by a total of 22.5 million tons annually.

The figure represents a 6 percent increase when compared to previous calculations, however.

“The UAE's decision to add nuclear energy to the portfolio of energy sources shows its positive results today. The Emirates Nuclear Energy Corporation is moving forward to make the largest contributions aimed at achieving the goals of climate neutrality in the country by 2050,” WAM reported, citing Mohamed Ibrahim Al Hammadi, managing director and CEO of the nuclear energy firm.

Carbon emissions in Abu Dhabi are expected to decrease by 50 percent by 2025 as a result of operating the four Barakah plants at full capacity, launching new and large-scale solar energy projects, and increasing the efficiency of water desalination operations in the city.

Barakah will provide more than 85 percent of green electricity in Abu Dhabi by 2025.

When fully operational, Barakah will produce 5.6 gigawatts of electricity without any carbon emissions.