GREEN FINANCE-

Saudi Paper Manufacturing Company secures green loan: Bahrain-based Arab Banking Corporation (Bank ABC) closed a EUR 24.9 mn (c. USD 27.1 mn) sustainability-linked credit facility for the Tadawul-listed Saudi Paper Manufacturing Company to be used for the procurement of recycling machinery, according to a statement released last week. The loan — which will be paid back over a 5-year period — was backed by Italy’s Italian Export Credit Agency SACE given that the machinery will be purchased from Italy’s Toscotec.

ABC has been upping its green financing game: Back in December, Bank ABC signed an agreement with Yellow Door Energy (YDE) to extend the firm a credit facility to help fund its 42 MW solar project across Majid Al Futtaim's malls in the UAE, Bahrain, and Oman.

Tunisian farming and fisheries get SURF: The US Embassy in Tunisia and the country’s Ministry of Agriculture have launched the Sharing Underutilized Resources with Fishers and Farmers (SURF) project to help 9k farmers and fishers in Tunisia cope with climate change, TAP reported last week. The initiative will be financed by a USD 7 mn grant from the US State Department over the next 3.5 years.

The details: SURF will protect the fishing and farming industries by helping beneficiaries increase operational efficiency and access new tech through partnerships with US research institutions, TAP notes. The project will also establish a warning system for natural disasters including forest fires. Olive growing, grains, and small-scale fishing sectors are the main targets.

M&A WATCH-

KSA’s Nesma completes acquisition of Dubai-based energy firm Kent: Saudi Arabia’s Nesma & Partners has fully acquired Dubai-based energy services provider Kent, one month later than scheduled, according to a statement released last week. Prior to Nesma’s purchase, Kent was backed by private equity firm Bluewater since 2015, which helped Kent grow its revenues from USD 200 mn to USD 1.4 bn, according to a separate statement. No financial details on the transaction have been disclosed.

Kent’s BOD is getting a makeover: While Kent’s structure and services will continue to operate as a stand-alone entity under the agreement, its board of directors will undergo some changes as new members replace shareholders from Bluewater. The company will bring on former McKinsey Senior Partner and tech transformation expert, Driek Desmet, energy transition expert Gary Parke, and President and CEO of Nesma & Partners Samer Abdul Samad, the company announced.

Lebanon’s Butec snaps up Veolia’s EMM: Butec, a construction and services group based in Beirut and Dubai, has acquired Eaux de Marseille Maroc (EMM), a subsidiary of French water services giant Veolia Group for an undisclosed amount, according to a press release. The acquisition is part of Butec’s plan to expand in the region while focusing on environmental preservation through efficient water and energy resource management. EMM serves both the public and private sectors, specializing in water, sanitation, and customer relations.

SOLAR-

UAEU students design smart solar panels: A team of students from the College of Information Technology at the United Arab Emirates University (UAEU) have developed a smart system which optimizes the operation of solar panels in open areas like deserts, Wam reported on Friday. The system, dubbed Smart PV Solar Panel, uses an algorithm to determine the optimal distribution and angle of solar panels in various environmental conditions. The system also minimizes heat build-up and dust accumulation on the panels by controlling wind flow, which should boost their efficiency and lifespan.

MANUFACTURING + TECH-

PIF launches Alat: Alat, a new company owned by Saudi Arabia’s sovereign wealth fund the Public Investment Fund, aims to make “Saudi Arabia a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics,” according to a statement released on Thursday. Alat will focus on seven sectors, it said, including “advanced industries and semiconductors, as well as smart appliances, smart health, smart devices and smart buildings, in addition to next generation infrastructure.”

The move aims to create 39k new jobs in Saudi. The company is chaired by Crown Prince and Prime Minister Mohammed bin Salman. There’s no publicly available information about the capital size of the new venture.

Alat will look to partner with global and local private-sector players and is looking at as many as 30 product categories including “robotic systems, communication systems, advanced computers and digital entertainment products, as well as advanced heavy machinery used in construction, building and mining.”

NUCLEAR-

Iran broke ground on four nuclear power plants in the southern part of the country with a combined capacity of 5 GW, The National reported on Thursday, citing the Islamic Republic News Agency. The plants, located in the east coast port town of Sirik, are expected to cost about USD 20 bn and will require 35 tons of nuclear fuel annually. With one active nuclear plant already in operation and another under construction, Iran aims to achieve a total nuclear energy production of 20 GW by 2041.

Iran is upping its nuclear power capacity: The nation’s Atomic Energy Organization (AEOI) kicked off construction on the second reactor of its EUR 1.8 bn Bushehr nuclear power plant in October. Iran’s Economic Council has also approved a plan to develop additional solar energy projects in the country with a combined 15 GW production capacity. The initiative will get help from Iran’s private sector over three phases and have an estimated USD 8.3 bn investment ticket.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Dewarecords 1 mn EV charges in 2023: The Dubai Electricity and Water Authority (Dewa) says there were 1 mn EV charges in Dubai in 2023, up 59% from 2022, according to figures recorded as part of its EV Green Charger Initiative. (Statement)
  • Iran allocates 2k hectares of land for solar projects: Iran will set aside 2.2k hectares of land for solar projects with plans to launch two solar farms between 1-11 February. The country aims to add 5.4 GW of renewable energy capacity to its portfolio within the next year. (Solar Quarter)
  • Qatar to launch biodiversity database platform this year: Qatar’s Ministry of Environment and Climate Change, the UN Environment Programme’s Regional Office for West Asia and the World Conservation Monitoring Center will launch a biodiversity database platform this year. The database will include environmental maps outlining important sites and a registered list of all the country’s plant and animal species. (Peninsula Qatar)
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