Masdar acquires 50% stake in renewable project in California  

Masdar acquires 50% stake in renewable project in California  
Big Beau project consists of a 128-MW photovoltaic solar plant and a 40/160-MW battery energy storage system. (Supplied)
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Updated 13 April 2023
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Masdar acquires 50% stake in renewable project in California  

Masdar acquires 50% stake in renewable project in California  

RIYADH: Abu Dhabi-based renewable energy firm Masdar has acquired a 50 percent stake in a combined solar and battery project in California, further extending its presence in the US’s renewable market.  

Big Beau project consists of a 128-MW photovoltaic solar plant and a 40/160-MW battery energy storage system, according to a press release.  

The project was acquired from the power producer and service provider EDF Renewables North America.  

“Big Beau and the other projects that we are operating with EDF Renewables are already making an active contribution to US clean energy targets, highlighting the strength of the UAE-US relationship that the recent PACE announcement seeks to build on,” said the UAE Minister of Industry and Advanced Technology Sultan Al Jaber.   

Also, the COP28 President-Designate and Chairman of Masdar, Al Jaber added: “If we are to keep the objective of limiting global warming to 1.5 degrees alive, we need to see countries coming together in concerted action – one of the key areas of focus for the upcoming COP28 in the UAE. Partnerships between companies like Masdar and EDF Renewables are also vital in ensuring we hold back emissions, not progress.”  

In 2020, both parties agreed to collaborate on a portfolio of eight clean energy projects, which have wind, solar and battery storage, and a summed-up capacity of 1.6 GW.  

The agreement incorporated three utility-scale wind projects in Nebraska and Texas totaling 815 MW, as well as five solar projects in California adding up to 689 MW, the release added.  

The report further noted that the aforementioned schemes together displace over 3 million tons of emissions per year, and are already operational.  

“EDFR’s partnership with Masdar enjoys a successful history and today we celebrate another project to add to the growing portfolio. Decarbonization of the energy sector will take the combined effort of developers, off-takers, and investors alike working in collaboration toward ambitious goals,” stated EDFR’s CEO Tristan Grimbert.  

By 2035, around $20 billion will be allocated to fund 15 GW of clean energy projects in the US under the Partnership for Accelerating Clean Energy between both nations, officials announced in January. 


Abu Dhabi National Hotels CEO reveals expansion plans at Future Hospitality Summit

Abu Dhabi National Hotels CEO reveals expansion plans at Future Hospitality Summit
Updated 26 September 2023
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Abu Dhabi National Hotels CEO reveals expansion plans at Future Hospitality Summit

Abu Dhabi National Hotels CEO reveals expansion plans at Future Hospitality Summit

RIYADH: Abu Dhabi National Hotels is exploring expansion opportunities in North Africa and Europe, the company’s CEO revealed during the Future Hospitality Summit on Tuesday.

This development strategy points to the company’s growth ambitions, giving access to new customer segments and markets, Khalid Anib indicated.

The executive also emphasized ADNH’s commitment to environmental responsibility, stating: “As owners, we are embracing sustainability and are ready to enhance our buildings to be more sustainable.”

The Future Hospitality Summit, a gathering of industry figureheads and key stakeholders, witnessed prominent business leaders sharing their insights on expansion and ambitions for growth within the market. 

Adeeb Ahamed, the managing director of Lulu Financial Holdings & Twenty14 Holdings, addressed the hospitality industry’s pivotal role in job creation.

Ahamed stated: “One in 11 jobs are generated by the hospitality sector, making it a priority in every market.”

He stressed that despite technological advancements, the hospitality sector remains unique, with limited job displacement, as the human touch remains integral.

Ahamed also highlighted the growing appeal of the region as a tourist hot spot, drawing parallels with popular European destinations.

He noted: “The countries in the GCC (Gulf Cooperation Council) are becoming very attractive in terms of tourism, and this is very good news for the entire economy. Like in Europe where people visit multiple countries in one holiday, the GCC is creating something of that sort and this is where we like to capitalize, we like to see how we can do it in Oman, in Saudi Arabia, in Qatar. And this would give more reasons to travel here.”

In response to the rapid growth of the hospitality sector in neighboring Saudi Arabia, Ahamed commented: “I think Saudi Arabia is not a competition. It’s a combined effort that’s going to bring more confidence to investors to invest in the region, so more awakening done by neighboring countries is definitely going to boost the ecosystem.”


Saudi Arabia’s transport plans play crucial role in global carbon emissions battle 

Saudi Arabia’s transport plans play crucial role in global carbon emissions battle 
Updated 47 min 46 sec ago
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Saudi Arabia’s transport plans play crucial role in global carbon emissions battle 

Saudi Arabia’s transport plans play crucial role in global carbon emissions battle 

RIYADH: Saudi Arabia’s sustainable transport plans are a vital part of the Kingdom’s drive to reduce global carbon emissions by 4 percent, said a government official on Tuesday.   

Speaking at the Global Sustainable Transport Forum held in Beijing from Sept. 25-26, the Saudi Transport and Logistics Services Minister, Saleh bin Nasser Al-Jasser, stressed that sustainability is a fundamental element of the Kingdom’s Vision 2030. 

Al-Jasser underscored that the Kingdom’s strong commitment to sustainability has been smoothly incorporated into the transport and logistics sector through the National Strategy for Transport and Logistics.    

The strategy includes reducing carbon emissions per person by 2 percent in a year, increasing sustainable mobility, electrifying transport and implementing them across the logistics value chain.   

It also includes developing the necessary infrastructure to meet future demand, with the primary goal of minimizing traffic fatalities. 

According to Al-Ekhbariya, the minister also pointed out that cooperation, innovation and the exchange of best practices create the foundation for achieving common goals. 

He also revealed that there has been significant progress over the years, with the number of fatalities falling from 28 per 100,000 people in 2016 to 13.5 in 2020. 

Through the implementation of a national safety program that emphasizes infrastructure development, road safety awareness and governance improvements, the goal is to lower the fatalities to less than five by 2030. 

Al-Jasser also emphasized how the COVID-19 pandemic hugely affected the global logistics and transportation industry, causing supply chains to break down and some transport sectors to collapse. 

This fact underlines how crucial it is to balance the social, economic, and environmental pillars of sustainable development to create green transportation networks. 

Furthermore, the minister said in August that Saudi Arabia’s master plan to develop logistics centers in the Kingdom will help improve transport services and contribute to infrastructure development. 

He noted that the new master plan will also strengthen Saudi Arabia’s connection with global markets, as the Kingdom is strategically placed in the middle of three continents.   

Saudi Arabia’s NSTL aims to position the Kingdom as one of the top 10 countries globally in the logistics performance index by the end of this decade, aligned with the goals outlined in Vision 2030. 


Egypt awards oil and gas exploration blocks to Eni, BP, QatarEnergy, Zarubezhneft 

Egypt awards oil and gas exploration blocks to Eni, BP, QatarEnergy, Zarubezhneft 
Updated 26 September 2023
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Egypt awards oil and gas exploration blocks to Eni, BP, QatarEnergy, Zarubezhneft 

Egypt awards oil and gas exploration blocks to Eni, BP, QatarEnergy, Zarubezhneft 

CAIRO: Egypt awarded on Tuesday four blocks in an oil and gas exploration bid round for concessions in the Mediterranean and Nile Delta to Italy’s Eni, BP, QatarEnergy, and Russia's Zarubezhneft, the petroleum ministry said. 

Eni would take two blocks by itself and a third in a coalition with BP and QatarEnergy, while Zarubezhneft was also awarded a block. 

This comes after Egypt’s petroleum ministry launched an international bidding round on Monday for exploration in 23 open blocks, with the offer deadline set for Feb. 25, according to Reuters. 

The round includes 10 areas in Egypt’s Western Desert, two in the Eastern Desert, seven in the Gulf of Suez and four in the Red Sea, the ministry said. 

Egypt, the most populous Arab country, has sought to position itself as a regional energy hub. 


Fitch upgrades Oman’s credit rating to BB+

Fitch upgrades Oman’s credit rating to BB+
Updated 26 September 2023
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Fitch upgrades Oman’s credit rating to BB+

Fitch upgrades Oman’s credit rating to BB+

RIYADH: Reflecting Oman’s commitment to fiscal stability, US-based Fitch Ratings upgraded the Gulf nation’s long-term foreign currency issuer default rating to “BB+” from “BB.”  

According to the agency, the Omani government’s dedication to implementing measures to maintain financial security was a key factor contributing to the advancement. 

This promise comes in response to the challenging scenario of the oil price’s breakeven point, which has declined from $80-90 per barrel between 2017 and 2019 to less than $70 per barrel in 2023. 

The agency also noted that the upgrade implied that the government would not backtrack on recent fiscal consolidation measures. 

“The reduction of Oman’s fiscal breakeven price to below $70 per barrel over our forecast horizon from $80-$90 over 2017-19 significantly reduces vulnerability to oil price swings, although risks remain,” said Fitch Ratings in its report.


Saudi Arabia, Singapore strengthen economic ties with business forum

Saudi Arabia, Singapore strengthen economic ties with business forum
Updated 26 September 2023
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Saudi Arabia, Singapore strengthen economic ties with business forum

Saudi Arabia, Singapore strengthen economic ties with business forum

RIYADH: In a move poised to bolster economic ties between Saudi Arabia and Singapore, the Kingdom’s Minister of Commerce, Majid Al-Qasabi, led a delegation of 36 officials on a working visit to the Southeast Asian country on Tuesday to explore potential bilateral agreements.

This visit, which extends until Sept. 27, is a key part of the Saudi-Singaporean Business Forum, focused on boosting trade in goods and services. The forum aims to foster collaboration in emerging industries, enhance digital literacy, and promote entrepreneurship, as reported by the Saudi Press Agency. 

The first day of the forum featured crucial discussions covering the Singaporean education system, cooperation in endowments, and opportunities for student skill development.