US-based Canoo will supply Saudi’s Jazeera Paints with EV delivery vans

ELECTRIC VEHICLES-

US’s Canoo to supply KSA’s Jazeera Paints with EVs: American EV company Canoo has inked an agreement with Saudi paint manufacturer Jazeera Paints for 20 electric delivery vans, according to a press release. Jazeera Paints will initially purchase 20 of Canoo’s LDV 130 and LDV 190 delivery vehicles in 2024, with the option to expand by up to 180 more. The vehicles mark Canoo's first international sales to Saudi Arabia, leveraging Canoo's recently approved Foreign Trade Zone for its facility in the US to reduce unit costs and increase profit margins.

AGRICULTURE-

OCP launches sustainable agriculture subsidiary: Morocco’s fertilizer giant OCP Group launched OCP Nutricorps, a new subsidiary offering customized phosphate-based and sustainably produced soil and plant nutrition products in a bid to strengthen food security, according to a statement. The company will focus on helping farmers boost crop yields, maintain soil health, and help conserve the natural environment while “promoting the adoption of advanced agronomic [the branch of economics dealing with the distribution, management, and productivity of land] practices,” the company said.

The details: OCP Nutricrops will manufacture nutrients tailored to specific crops, climates, and soil conditions. The company will also provide training in precision nutrient management techniques and ensure that crops receive the right nutrients at optimal rates, locations, and timings while minimizing costs.

DISTRICT COOLING-

Emirates Central Cooling Systems Corporation (Empower) saw demand for its district cooling services grow 16% y-o-y in 2023, maintaining a steady upward trend that has seen demand grow 54% over the past five years, according to a press release. Empower attributes this growth to high occupancy rates in existing real estate projects and the addition of new mixed-use projects. The company’s market share in Dubai's district cooling sector exceeded 80% by the end of last year.

REMEMBER- Empower had a busy year: The company saw its portfolio grow last year, as it provided services to over 1.5k buildings in Dubai across various industries. It also opened a new 47k refrigeration ton district cooling plant in the Dubailand Residence complex, and started upgrading its Jumeirah Beach Residence plant with an AED 102 mn investment. Empower awarded contracts for next-gen cooling plants in 2023, expanding to provide a total cooling capacity of 48k tons.

GREEN MANUFACTURING-

Borouge pledges net zero: Abu Dhabi-based petrochemicals company has committed to bring scope 1 (polyethylene and polypropylene) and scope 2 (energy consumption) carbon emissions down to zero by 2045, setting intermediate targets to reduce greenhouse gas emissions intensity by 25% and energy intensity by 30% by 2030, Wam reported. The firm plans to roll out energy efficiency programs and explore new decarbonization technologies to achieve its objective.

How it’s going: Borouge has already marked off one of its 2030 goals, recording a 30% reduction in emission intensity in 2023 compared to the 2018 baseline.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• UAE's Interior Ministry + ADES partner on sustainability efforts: The UAE’s Interior Ministry has signed an MoU with Abu Dhabi Energy Services (ADES), a subsidiary of Taqa, to enhance energy efficiency and reduce water and electricity consumption. The two will develop a plan to improve energy efficiency and consumption and rationalize water and electricity use in buildings. (Wam)
• KSA’s RSI receives highest KPI rating for sustainability: Saudi Arabia’s Red Sea International Group (RSI) has integrated sustainability into its balanced scorecard methodology, becoming the first company to receive the highest rating from the Key Performance Indicators (KPI) Institute for its integrated approach to planning and performance. (SPA)