RECYCLING-

BariQ sets up new recycling plants in Egypt: Intro Group’s recycling company BariQ is setting up two recycled plastic factories in Egypt this year with combined investments of USD 30 mn, head of the company’s financial sector Hussein Youssef told Al Borsa.

Where things currently stand: Construction of the first factory is complete, with operations to begin during 1H 2024. The factory will have a production capacity of 34k plastic granules, Youssef said. Construction of the second factory is scheduled to be completed during 4Q 2024 and it will have the same production capacity as the first factory. The two factories will increase BariQ’s annual exports by an annual USD 60-70 mn and help it expand its presence in new markets such as Saudi Arabia and African countries, Youssef added.

GREEN FINANCE-

EBRD rolls out new climate initiative: The European Bank for Reconstruction and Development (EBRD) is inviting businesses from Tunisia, Jordan, Lebanon, Morocco, and Egypt to apply for its new Climate Change Innovation Programme, TAP reports. Funded by the Netherlands through the High Impact Partnership for Climate Action (HIPCA), the programme seeks innovative ideas that can significantly contribute to climate adaptation, mitigation, and biodiversity measures. Selected companies will collaborate with experts to evaluate the viability of their projects, with the chance to receive grants of up to EUR 20k for feasibility studies, software and hardware development, and prototype testing.

About HIPCA: Launched during COP26 in Glasgow, HIPCA aims to foster investments and solutions that not only reduce greenhouse gas emissions but also strengthen resilience against climate change, while ensuring environmental protection across various thematic areas including energy systems, sustainable food systems, green financial systems, cities and environmental infrastructure, and natural capital.

EVTOLS-

Austria’s FlyNow set to begin e-copter test flights in Saudi + UAE: Austrian eVTOL firm FlyNow is planning to test its new eVTOL in the UAE and Saudi Arabia in 2025 as part of its goal to to make flying taxis affordable, efficient, and scalable, Gulf Business reports. The vehicle is equipped with autopilot technology and multiple battery backups, and it can carry one or two passengers at speeds of 130 km/h, up to 300 meters above the ground.

ICYMI- Dubai is launching an air taxi service in 2026: The Roads and Transport Authority (RTA), the General Civil Aviation Authority (GCAA), Dubai Civil Aviation Authority (DCAA), and the UK’s Skyports Infrastructure signed an agreement last month to establish transport infrastructure to deploy electric air taxis in Dubai by 2026. The move makes Dubai the first city to launch a commercial electric aerial taxi service.

WASTE MANAGEMENT-

Suez + MAScIR to cooperate on waste management and recovery: French water and waste management company Suez has signed an agreement with the Moroccan Foundation for Advanced Science, Innovation, and Research (MAScIR) to pursue innovative solutions for waste management and recovery, according to a press release. The collaboration will encompass activities such as the collection of organic waste from agriculture, as well as the recycling and recovery of industrial waste, in addition to the advancement of low-carbon solutions.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • UAE’s AUS College of Engineering partners with SNOC on green research projects: The American University of Sharjah and the Sharjah National Oil Corporation are cooperating on six green research projects focused on fuel cell electric vehicles (FCEVs), hydrogen infrastructure, and wastewater treatment. (Wam)
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