GREEN STEEL-

British steel maker eyes Khalifa port for steel exports to Europe: AD Ports Group and Liberty Steel, the steelmaking arm of UK-based investor GFG Alliance, have inked an MoU to explore plans to set up a green iron production facility in AD Ports subsidiary Khalifa Economic Zones Abu Dhabi (Kezad), along with accompanying port infrastructure and a conveyer belt in Khalifa Port, according to a statement. The plans help push exports to Europe, as well as boost the UAE’s magnetite ore imports from Australia, it adds.

The details: The facility will intake magnetite ore from Australia, leveraging Liberty’s access to some 4 bn tons of Australia’s high quality magnetite ore, and convert it into green iron using gas, before transitioning to green hydrogen when it’s available at scale by 2031, the statement said. The iron will be reexported to external markets, including Liberty’s facilities in Romania, the Czech Republic, Hungary, Poland and the UK.

RENEWABLES-

More solar and wind projects for Egypt? Egypt’s New and Renewable Energy Authority (NREA) will study a total of 26.6k square kilometers in three areas across the country for potential solar and wind energy projects in the future, Al Arabiya reports, citing government sources it says have knowledge of the matter. The studies will kick off in January and be funded by the World Bank and GIZ.

CLIMATE FINANCE-

A new MENA accelerator in town: KSA’s leading petrochemical company Sabic, UAE’s AstroLabs, PepsiCo and other strategic partners will launch the Mega Green Accelerator to support climate-focused regional startups, according to a statement. The accelerator will provide seed funding, mentorship, and address regional sustainability challenges with investment partners the Dubai Future District Fund, Venture Souq, and Shurooq Partners.

Who else is involved? Ecosystem partners include the London Business School Entrepreneurship Club, Berytech, the American University of Cairo Venture Lab, the Sharjah Research Technology and Innovation Park, and the Mohammed VI Foundation for Environmental Protection. France’s Schneider Electric will serve as a prize partner, participating in the final selection of participants.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • FAB + Hong Kong’s Archireef to restore UAE’s coral reefs: First Abu Dhabi Bank (FAB) has partnered with nature-tech company Archireef on the restoration of degraded marine ecosystems off the coast of Abu Dhabi. FAB will fund the deployment of 100 sq meters of Archireef’s 3D printed Reef Tiles — which have a 95% coral survivorship rate — to provide a new habitat for 2.4k corals in the Arabian Gulf. (Wam)
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