A recent report from the World Wind Energy Council (GWEC) highlights the untapped potential of offshore wind energy in the Middle East and North Africa (MENA) region, estimating a staggering 1,400 gigawatts waiting to be harnessed. Countries like Saudi Arabia, Morocco, Egypt, and Oman are identified as frontrunners capable of leading this renewable energy transition. Unlike traditional energy sources reliant on fossil fuels, offshore wind power offers a cleaner alternative by generating electricity without producing carbon dioxide emissions. The MENA region, historically focused on oil and gas, is now pivoting towards sustainable energy solutions. Offshore wind farms benefit from stronger…
Author: Lakshita Kapoor
The State of Qatar and the Kingdom of Spain have affirmed their commitment to a deepened strategic partnership during the inaugural Qatar-Spain Strategic Dialogue held in Madrid. The meeting, attended by His Excellency Sheikh Mohammed bin Abdulrahman Al-Thani, Prime Minister and Minister of Foreign Affairs of Qatar, and His Excellency Jose Manuel Albares Bueno, Minister of Foreign Affairs, European Union and Cooperation of Spain, marks a significant milestone in bilateral relations. At the heart of their discussions was a shared ambition to enhance cooperation across various sectors, prominently including renewable energy and climate change mitigation. Both countries expressed their dedication…
In anticipation of the upcoming COP29 climate summit in Baku, Azerbaijan, global leaders gathered for a pivotal dialogue in London and focused on advancing the transition to clean energy. Co-hosted by the COP29 Presidency and the International Energy Agency (IEA), the event marks a crucial step towards consensus on reducing energy sector emissions to achieve net-zero targets and limit global warming to 1.5 degrees Celsius. The dialogue, held during London Climate Action Week at Mansion House, brought together key figures from governments, financial institutions, and civil society. Participants included prominent figures such as IEA Executive Director Fatih Birol, COP29 President-Designate…
Kuwait has taken the unprecedented step of implementing temporary power cuts in various parts of the country due to soaring electricity demand exacerbated by extreme summer heat. The Ministry of Electricity, Water and Renewable Energy issued a statement on Wednesday, attributing the cuts to the inability of power plants to cope with the surge in consumption during peak hours. This move marks the first instance of such measures being implemented in the OPEC member state, as temperatures continue to rise due to climate change. According to the ministry, the scheduled power cuts will last up to two hours daily and…
In Marrakesh, the Women in Sustainability, Environment, and Renewable Energy (WiSER) initiative, led by UAE sustainability champions Masdar and the Zayed Sustainability Prize, has successfully concluded its latest WiSER Cares program. Titled “Adaptive Agriculture: Innovations in Technology and Practice for Water-Scarce Communities,” the initiative aimed to equip women with essential skills for sustainable community development. Dr. Lamya Fawwaz, Masdar’s Executive Director of Brand & Strategic Initiatives and WiSER Program Director, highlighted the course’s impact on water access issues, stressing Masdar’s commitment to empowering young women globally. The program gathered 18 participants, including WiSER Pioneers and Moroccan professionals, focusing on climate-resilient…
In a significant stride towards environmental stewardship and sustainable development, Qatar has unveiled ambitious plans aimed at bolstering its green economy initiatives. Central to these efforts is Qatar’s issuance of $2.5 billion in green bonds, marking a pivotal move in financing projects geared towards combating climate change and promoting eco-friendly practices. This milestone, a first in the region, underscores Qatar’s commitment to aligning its economic growth with environmental preservation. Underpinning these initiatives is Qatar’s National Vision 2030, a comprehensive roadmap that places environmental sustainability at its core. The vision outlines strategies to enhance energy efficiency, harness renewable energy sources, and…
Abu Dhabi Future Energy Company PJSC, known as Masdar, has finalized a groundbreaking agreement to acquire a majority stake in TERNA ENERGY SA, Greece’s leading renewable energy firm. This €3.2 billion deal marks one of the largest transactions in Europe’s renewable energy sector and the largest ever on the Athens Stock Exchange. Masdar will initially purchase 67% of TERNA ENERGY’s shares, valued at €20.002 per share, totaling an equity valuation of €2.4 billion and an enterprise value of €3.2 billion. Following regulatory approvals, Masdar plans an all-cash tender offer to acquire the remaining shares, aiming for full ownership. TERNA ENERGY,…
The Middle East, known for its abundant oil and gas resources, is at a turning point in its energy sector. Home to major oil producers like Saudi Arabia, Iraq, and the UAE, the region has long relied on fossil fuels for its energy needs. However, there’s a growing recognition of the need to transition to cleaner sources of energy. Currently, the investment in fossil fuels far outweighs that in clean energy. For every dollar spent on fossil fuels, only 20 cents go towards clean energy. This represents just a fraction of the global average. However, there’s hope on the horizon.…
The Gulf Cooperation Council (GCC) region is gearing up for a monumental shift towards renewable energy, aiming to lead the charge in sustainable development. With ambitious plans set forth by key players, such as the Three Eight Six Group and B.Grimm Power, the landscape of energy in the Middle East is undergoing a profound transformation. Ahmad Al Khayyat, chairman of Three Eight Six Group, expressed the company’s dedication to spearheading renewable energy initiatives in the GCC. Their vision is clear: to develop and operate 100 MW of commercial and industrial (C&I) solar projects by 2025. This commitment signifies a decisive…
MIDF Research has expressed optimism about Sunview Group Bhd’s upcoming foray into Uzbekistan, which will see the company not only as an asset owner but also an engineering, procurement, construction, and commissioning (EPCC) contractor. The research firm has reaffirmed its “buy” rating on the renewable energy company, setting a target price of RM0.88. According to MIDF Research, the potential entry into Uzbekistan aligns with a promising landscape for solar EPCC players, buoyed by supportive government policies like the Corporate Green Programme (CGPP), National Energy Transition Roadmap, and Large Scale Solar (LSS) projects, both domestically and internationally. “If all goes according…