Egypt signs off on green hydrogen incentives and the results are in from KSA’s Arabian Shield scan

GREEN HYDROGEN-

Egypt’s green hydrogen incentives are official: Egypt’s President Abdel Fattah El Sisi ratified a decision putting forward a package of green hydrogen incentives late on Tuesday, according to the Official Gazette. The bill includes a credit of up to 50% of taxes paid on projects as part of the government’s aim to lure in international investments to its green hydrogen industry. The incentives were greenlit by the cabinet in May and MPs approved them earlier in January. Egypt unveiled last month a new plan to capture between 5-8% share of the global green hydrogen market by 2040.

Who’s eligible? Companies that are developing projects within five years, derive at least 70% of their financing from foreign lenders, and are committed to sourcing at least 20% of their inputs from local suppliers will receive tax breaks of 33-50% on income earned from their plants. Eligible companies will be exempted from real estate taxes, stamp taxes, and VAT on raw materials and machinery purchased. Projects will also receive a number of non-tax incentives including licensing facilities and extended grace periods on payments.

MINERALS-

KSA completes analysis on 88k geochemical samples from the Arabian Shield: The Saudi Geological Survey (SGS) completed geochemical analysis on 88k samples from the Arabian Shield after a scanning 540k sq km in the region in a bid to identify investment locations for mining companies worldwide, the Saudi Gazette reports. SGS analyzed 76 elements per geochemical sample and final results will be fed into the country’s National Geological Database, the news outlet notes.

REMEMBER- Back in May, Saudi Arabia launched the Arabian Shield geological mapping project at a cost of SAR 777 mn (USD 207 mn), aiming to identify the region’s mineral deposits while expanding its National Geological Database. Last month, the kingdom secured USD 20 bn in exploration agreements.

GREEN FINANCE-

Emirates NBD launches Sidara’s first sustainability-linked loan: UAE state-owned banking group Emirates NBD is collaborating with Sidara, a global alliance of architecture, engineering, and consulting brands, on a USD 50 mn sustainability-linked loan, Wam reports. The loan structure is linked to the company’s sustainability performance as Sidara transitions towards netzero practices.

DISTRICT COOLING-

Tabreed’s new energy-saving tech curbs CO2 emissions: UAE-based district cooling firm Tabreed has outfitted its facilities with energy saving Variable Frequency Drives (VFDs), according to a press release (pdf). The Tasheel program enables the company to cut costs and accelerate decarbonization efforts by installing VFDs that regulate motor speed based on how much cooling is required. "Retrofitting VFDs to our older plants has directly reduced energy consumption to the extent that, over the next ten years, we will save an additional 223 mn kWh, consequently preventing the release of a further 105k metric tons of CO2 emissions," Tabreed’s CEO Khalid Al Marzooqi said.