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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

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    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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      Profits at top Saudi banks jump 17.6% in Q1

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      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Madayn working on major Oman industrial city projects

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

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        Fitch revises Saudi Aramco’s outlook to positive from stable

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        Investments in renewables in Egypt reach LE6 bn: Official

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        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          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

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

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          Qatar’s hospitality sector peaks despite turbulent 2020

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          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

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            • Digital
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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

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            • CES 2017
            • Election Results
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                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

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Egypt boosting its electricity capacity through renewables  

              Oxford Business Group

              December 8, 2016
              in Infrastructure, Power & Electricity, Renewable Energy
              0

              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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