UAE’s MOEI partners with Lootah on biofuels development + Oman gears up for a mega wind tender

BIOFUELS-

Lootah + UAE partner on biofuels: Lootah Biofuels and the UAE's Energy and Infrastructure Ministry signed an MoU to develop, promote, and deploy the use of biofuels in the UAE, according to a statement. Lootah and the ministry will collaborate on research and development efforts to establish a biofuels market in the country and exchange knowledge through workshops and seminars for industry stakeholders.

Not their first partnership: The ministry signed an agreement with Lootah last month to collaborate on energy initiatives, promote the use of biofuels, raise awareness about sustainable fuel alternatives, and facilitate knowledge exchange in the biofuels sector.

WIND-

Oman opens pre-qualification requests for 5 wind projects soon: Oman’s state-owned Nama Power and Water Procurement (OPWP) have begun pre-qualification procedures for the development of five new independent power producer (IPP) wind projects in Oman with a total capacity of over 1 GW, Oman Daily reports.The invitation for pre-qualification is the prerequisite of an upcoming request for qualification (RfQ) that was first reported in August in OPWP’s seven-year statement for 2023-2029, which noted that the RfQ be issued early 2024.

The projects:

• A 234-270 MW wind farm in Duqm slated operations in 3Q 2027.
• A 91-105 MW wind farm in Jalaan Bani Bu Ali slated for operations in 1Q 2027.
• A 114-131 MW wind farm in Dhofar slated for operations in 2Q 2027.
• Two wind farms will be in Mahout (342-400 MW) and Sadah (81-99 MW) slated for operations in 4Q 2027.

ENERGY STORAGE-

Nafath partners with Takhzeen on energy storage: Oman's Nafath RenewableEnergy Company has signed an agreement with Takhzeen to develop renewable energy storage projects in Oman, Oman Daily reports. Nafath has also signed an agreement with Serb Company to develop the digital infrastructure for solar energy stations to analyze, model, and maintain the stations.

Not Nafath’s first venture: The company also signed an agreement in January with Saudi Arabia's Forming Future to develop a solar thermal energy and storage project. The project aims to use stored solar thermal energy to produce electricity for more than 15 hours. The company has also signed an agreement with AlCrai Contracting Company to develop solar energy projects in the kingdom.

ELECTRIC VEHICLES-

Al Maktoum Office is in Hong Kong: The Family Office of UAE’s Sheikh Ali bin Rashed Al Maktoum has inaugurated a new family office in Hong Kong to run a fund of up to USD 500 mn and provide financing for companies across various sectors in Asia including electric vehicles and AI, Chairman Sheikh Ali Rashed Ali Saeed Al Maktoum and Vice Chairman Eleanor Mak told Bloomberg (watch, runtime 8:45). No target size for investment tickets was disclosed.

The UAE and Hong Kong have been friendly for some time:The UAE and Hong Kong have had several talks on collaboration in sustainability, smart city development, and technology. This most recent deal is a welcome investment for Hong Kong, which has signaled its need for foreign investment after international firms withdrew from the financial hub following the pandemic and tension between the US and China, the news outlet explains. Hong Kong has implemented policies to attract wealthy investors such as introducing tax and residency incentives.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Burjeel shooting for net zero by 2040: Burjeel Holdings has made a 2040 carbon neutrality pledge, with midterm targets of reducing Scope 1 and 2 emissions by 2024. (Wam)