A recent summit held in Seoul between the United Arab Emirates (UAE) and South Korea marked a step forward in their bilateral relationship. During the summit, a Comprehensive Economic Partnership Agreement (Cepa) was signed, aiming to enhance supply chains and foster direct investment flows between the two nations. The summit, which took place on May 29, 2024, was initiated by President Yoon Suk Yeol of South Korea, who welcomed UAE President Sheikh Mohamed to the capital. The leaders of both countries expressed their commitment to deepening their Special Strategic Partnership, particularly in key areas such as the economy, investment, energy,…
Author: Lakshita Kapoor
The Abu Dhabi Fund for Development (ADFD) has emerged as a force in advancing sustainable development across Africa, investing Dh35.3 billion over the past forty years in projects spanning 42 African nations. This substantial investment underscores the UAE’s commitment to fostering economic and social progress on the continent. In 2023, ADFD played a central role in a landmark UAE-led initiative valued at Dh16.5 billion ($4.5 billion), aimed at bolstering Africa’s clean energy infrastructure. Collaborating with the Africa50 fund, established by African governments and the African Development Bank, this initiative harnesses both public and private sector support to bridge Africa’s infrastructure…
Bilateral trade between the Gulf Cooperation Council (GCC) and Africa has been on a steady rise, growing by eight percent annually over the past decade, according to a recent study. The Economist Intelligence Unit (EIU) report highlights a significant surge in trade value in 2021, reaching a record high of $154 billion in 2022. This surpasses trade volumes with major partners like the US and India, and narrows the gap with China and western Europe. The GCC’s investments in Africa have also been substantial, exceeding $100 billion over the past ten years, with a notable focus on sectors like oil…
Saudi Aramco, a huge oil company from Saudi Arabia, is thinking about buying a piece of Repsol’s renewable energy business. Repsol is a Spanish oil company, but they’re shifting gears. Instead of just focusing on oil and gas, they’re also looking at renewable energy sources like wind and solar power. And they need money to make this change happen. Repsol’s renewable energy arm is valued at a whopping 5.9 billion euros. This includes both the value of the business and any debts it owes. Saudi Aramco hasn’t made a formal offer yet, but they’re particularly interested in Repsol’s renewable energy…
Masdar Capital, the investment arm of Abu Dhabi Future Energy Company, is gearing up for its second investment from its DB Masdar Clean Tech Fund-II, managing a substantial $540 million in global assets. This move underscores Masdar’s commitment to driving sustainable development through strategic investments in clean technology. At a recent media briefing, Alex O’Cinneide, Head of Investments at Masdar Capital, revealed the fund’s focus areas, including recycling, energy storage, grid optimization, and waste-to-energy solutions. With an average investment size ranging from $15 million to $40 million, the fund aims to catalyze innovation and scalability in the clean technology sector.…
In a step towards sustainability, Emerge, a collaboration between Masdar and EDF Group, has recently completed two notable solar projects on Yas Island, Abu Dhabi. These projects mark a crucial step in the UAE’s journey towards renewable energy and reducing carbon emissions. The first project, a 1 megawatt peak (MWp) solar car park at Yas Marina Circuit, will generate around 30 percent of the circuit’s total annual energy demand. This is equivalent to powering nearly 200 Abu Dhabi households and offsetting 900 tonnes of CO2 emissions per year. The installation of over 1,800 solar modules across the car park demonstrates…
Marubeni Corporation (hereinafter, “Marubeni”) has been awarded and concluded a Power Purchase Agreement with Saudi Power Procurement Company (hereinafter, “SPPC”) for the Al-Ghat and Waad Al-Shamal Wind IPP Projects in the Kingdom of Saudi Arabia (hereinafter, “Saudi Arabia”), alongside Abdulaziz Alajlan Sons for Commercial & Real Estate Investment Company – Ajlan & Bros (hereinafter, “Ajlan & Bros”). Marubeni and Ajlan & Bros will develop, construct, operate, and maintain the Al-Ghat Onshore Wind IPP Project at a facility with a 600MW capacity to be established in the city of Al-Ghat, Riyadh Province, and the Waad Al-Shamal Onshore Wind IPP Project at…
Abu Dhabi Future Energy Company PJSC – Masdar, a powerhouse in clean energy from the UAE, has taken steps in bolstering Indonesia’s renewable energy sector. At the 10th World Water Forum in Bali, Masdar inked strategic agreements, witnessed by His Excellency Suhail Mohamed Al Mazrouei, UAE’s Minister of Energy and Infrastructure, marking a pivotal moment in the collaboration between the two nations. Masdar’s partnerships, including an agreement with Pertamina Power Indonesia for solar, wind, and green hydrogen projects, reflect a shared commitment to sustainable development. The signing also included a Joint Development Study Agreement with PLN Nusantara Power to expand…
In a move towards sustainable agriculture, David and Goliath Farms, renowned for its pioneering environmental entrepreneurship, has forged a strategic partnership with Vintage Foods. This collaboration aims to extend David and Goliath’s innovative sustainable farming practices to a broader audience, marking a step towards achieving global environmental goals. Situated amidst the dunes of Ajman, David & Goliath Farms has garnered an impressive €5 million through forward carbon credit monetization. This achievement stems from its cutting-edge hydroponic and vertical farming systems, positioning it as a beacon of future agricultural sustainability. By monetizing carbon credits, David and Goliath Farms not only generate…
Abu Dhabi Future Energy Company PJSC – Masdar, in partnership with Infinity Power and Hassan Allam Utilities, has inked an agreement with the Egyptian Government. This collaboration paves the way for the development of a mammoth onshore wind farm in Egypt, poised to become one of the world’s largest. With a project value exceeding US$10 billion, it marks a significant stride towards sustainable energy solutions. The agreement grants the consortium access to a vast 3025 km2 area of land in West Suhag, facilitating essential development studies. These studies encompass resource measurement, geotechnical surveys, and environmental assessments, prioritizing minimal ecological impact.…