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    Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

    Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

    Arab states imported 1.73 million agricultural commodities from Egypt

    Arab states imported 1.73 million agricultural commodities from Egypt

    Wheat yield boom boosts Oman’s food security

    Wheat yield boom boosts Oman’s food security

    Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

    Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

    Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

    Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

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    • Business & Economy
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      Saudi: 53 new industrial licenses issued in April 2023

      Saudi: 53 new industrial licenses issued in April 2023

      Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

      Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

      Saudi transport authority approves 15 licensing, technical guides for railways

      Saudi transport authority approves 15 licensing, technical guides for railways

      Number of industrial decisions up by 10.56% to 356 in 2021

      Number of industrial decisions up by 10.56% to 356 in 2021

      Egypt’s macroeconomic conditions improving, says minister

      Egypt’s macroeconomic conditions improving, says minister

      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

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      Oman’s health ministry expected to award construction contract for two health centres in Q3

      Oman’s health ministry expected to award construction contract for two health centres in Q3

      Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

      Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

      Oman releases more Sultan Haitham City details

      Oman releases more Sultan Haitham City details

      Construction activity in Saudi Arabia reaches highest level in years: Survey

      Construction activity in Saudi Arabia reaches highest level in years: Survey

      Oman gears up for its first smart city

      Oman gears up for its first smart city

      Saudi real estate ‘booming’ on big office space demand

      Saudi real estate ‘booming’ on big office space demand

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        NEOM’s green hydrogen project is formally under execution: ACWA Power

        NEOM’s green hydrogen project is formally under execution: ACWA Power

        Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

        Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

        Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

        Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

        UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

        UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Total-led consortium to start drilling offshore Lebanon in September

        Total-led consortium to start drilling offshore Lebanon in September

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          Qatar: Over 700 hotel keys added in Q1

          Qatar: Over 700 hotel keys added in Q1

          Jordan’s tourism income surges 88% as visitors flock to the country

          Jordan’s tourism income surges 88% as visitors flock to the country

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Leisure sector in Qatar stronger after World Cup 2022

          Leisure sector in Qatar stronger after World Cup 2022

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

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        • Agrofood
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          • Agriculture
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          • Food
          Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

          Saudi Arabia’s agricultural GDP grew 38% to $26.6bn in 2022

          Arab states imported 1.73 million agricultural commodities from Egypt

          Arab states imported 1.73 million agricultural commodities from Egypt

          Wheat yield boom boosts Oman’s food security

          Wheat yield boom boosts Oman’s food security

          Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

          Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

          Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

          Saudi Arabia’s ambitions for food production advancement supported by ICRISAT-FAO partnership

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics
            Saudi: 53 new industrial licenses issued in April 2023

            Saudi: 53 new industrial licenses issued in April 2023

            Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

            Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June

            Saudi transport authority approves 15 licensing, technical guides for railways

            Saudi transport authority approves 15 licensing, technical guides for railways

            Number of industrial decisions up by 10.56% to 356 in 2021

            Number of industrial decisions up by 10.56% to 356 in 2021

            Egypt’s macroeconomic conditions improving, says minister

            Egypt’s macroeconomic conditions improving, says minister

            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman’s health ministry expected to award construction contract for two health centres in Q3

            Oman’s health ministry expected to award construction contract for two health centres in Q3

            Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

            Properties sold in May 2023 jump 114.6%, says Qatar’s PSA

            Oman releases more Sultan Haitham City details

            Oman releases more Sultan Haitham City details

            Construction activity in Saudi Arabia reaches highest level in years: Survey

            Construction activity in Saudi Arabia reaches highest level in years: Survey

            Oman gears up for its first smart city

            Oman gears up for its first smart city

            Saudi real estate ‘booming’ on big office space demand

            Saudi real estate ‘booming’ on big office space demand

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              NEOM’s green hydrogen project is formally under execution: ACWA Power

              NEOM’s green hydrogen project is formally under execution: ACWA Power

              Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

              Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

              Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

              Oman’s huge renewable hydrogen potential can bring multiple benefits in its journey to net zero emissions

              UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

              UN-HABITAT partners with LCEC, expanding efforts to provide responsible renewable energy solutions in Lebanon

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Total-led consortium to start drilling offshore Lebanon in September

              Total-led consortium to start drilling offshore Lebanon in September

              Trending Tags

              • Hospitality
                Qatar: Over 700 hotel keys added in Q1

                Qatar: Over 700 hotel keys added in Q1

                Jordan’s tourism income surges 88% as visitors flock to the country

                Jordan’s tourism income surges 88% as visitors flock to the country

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Leisure sector in Qatar stronger after World Cup 2022

                Leisure sector in Qatar stronger after World Cup 2022

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

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              Egypt boosting its electricity capacity through renewables  

              Oxford Business Group

              December 8, 2016
              in Infrastructure, Power & Electricity, Renewable Energy
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              In a bid to boost Egypt’s power generation capacity, government officials are looking to increase production from solar and other renewable energy sources.

              To this end, the Ministry of Electricity and Renewable Energy (MERE) has laid out a plan to increase the amount of power generated from renewable energy sources from the current level of 12% to 20% by 2022.

               

              Solar on the rise
              In November the government announced it had signed power-purchase agreements (PPAs) worth some €600m ($662m) for approximately 400 MW of solar power capacity.

              Among the eight companies awarded contracts are Saudi Arabia's FAS Energy and local developers ARC For Renewable Energy, Infinity Solar Systems and ELF Energy Egypt, of the 100 companies eligible for Egypt’s feed-in-tariff (FIT) scheme.

              FITs establish set rates for the purchase of energy production, often providing favourable terms to encourage investment in targeted segments such as photovoltaic (PV) solar and wind projects.

              The rollout of solar projects has been slowed by the devaluation of the Egyptian pound in March, with the currency sinking by 13% to LE8.95:$1, before being floated in early November. With PPAs originally signed in the local currency during the first phase of the FIT scheme beginning in 2014, international developers and lenders have shied away from the contracts, which partly explains why the awards have largely gone to smaller local players.

              Several major investors have pulled out of the FIT scheme, including Italy’s Enel Green Power in July. The company, which had prequalified for one solar and two wind projects last year, inked a build-own-operate agreement for a 250-MW wind project during the first round.

              To attract investors in the second phase of the FIT program, which commenced in late October, the government has agreed to allow international arbitration; only domestic arbitration was allowed in the program’s first phase. The move towards a neutral location has ended a stand off with investors as international arbitration is a requirement for some multinational lenders.

              MERE also drastically reduced tariff rates to $0.084 per KWh for smaller-scale solar PV plants with a capacity of between 20 MW and 50 MW and $0.078 per KWh for larger PV solar facilities with a capacity ranging between 200 MW and 500 MW in the second phase, down from $0.143 KWh and $0.136 KWh, respectively.

              Equally importantly, Egypt’s FIT program allows for variable exchange rates for repayment. For example, for PV solar projects 30% will be paid at the rate of LE8.88 ($), with the remaining 70% pegged to the US dollar rate on the due date.

              Generation push
              The renewable PPAs come as the government is looking to expand investment in the country’s grid.

              Last year Egypt added nearly 6.9 GW of installed capacity, and the government also heavily invested in transmission capacity, including high-voltage transformer stations and cables.

              Building on this, authorities announced plans to add 3.5 GW by the end of this year, at a value of LE52bn ($3.4bn). A further LE12bn ($774.5m) is set to be invested in transmission and another LE10bn ($645.4m) on distribution, Sabah Mashaly, first undersecretary for development at MERE, told media in May.

              Among the projects behind this uptick in capacity is a €8bn ($511.2) deal Germany’s Siemens signed in 2015 with the Egyptian government to build three 4.8-GW combined-cycle gas-fired power plants. The first 4.4 GW of capacity is expected to come on-line by year-end, with a full 14.4 GW from the combined-cycle plants due by mid-2018.

              Government strategy
              These efforts are part of MERE’s medium-term plan for 2016-18 to add 21.9 GW, with 870 MW from wind, 2.5 GW from PV solar production, 17.3 GW from combined-cycle plants and another 1.3 GW from steam units, representing an investment of $13.9bn.

              By 2030 MERE expects a total of 51.7 GW to be added to the grid, requiring an investment of $135bn. The long-term plan for 2019-30 foresees Egypt building on its goal of 20% renewables by 2022 by generating 16% from solar power and 10% from wind, with 49% from oil and gas and 15% from coal.

              The government’s ongoing program of easing electricity subsidies is also expected to help encourage investment, according to Sameh Aziz, CEO of solar energy company Solaris Innovative Solutions.

              “Some investors are waiting for the phasing-out of electricity subsidies, which will boost the sector even further,” Aziz told OBG. “A major driver of demand is volume, with growing numbers of consumers. It is not an easy market, and investors need a clear investment law and to know they can move their money freely – for example to foreign suppliers – but there is a lot of interest.”

              In the World Bank’s “Doing Business 2017” report, Egypt leapt 41 places for “getting electricity”, rising to 88 of 190 countries. While Egypt’s position demonstrates room for improvement, the step up is indicative of successful efforts to increase and enhance electricity capacity in recent years.
              Oxford Business Group
              8 December

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