EVs-

Zeekr to enter Egyptian market: Geely-owned Chinese EV brand Zeekr will expand to the Egyptian market through an agreement with Egyptian International Motors, according to a statement. Through the partnership, the luxury EV maker will launch its Zeekr 001 and Zeekr X models and will also open an office in Cairo by the end of the year.

Zeekr has its sights set on the region: Zeekr Vice President Chen-Yu said back in October 2023 that the company would launch operations in Saudi Arabia, the UAE, Qatar, and Bahrain, with plans to deliver 10k units to the four new markets by 2025. The company was aiming to double its sales volumes in 2024 to 230k units by expanding its foothold into new markets, including the Middle East, Europe, and Asia. As part of the move, Zeekr launched the two models in KSA in March and in Lebanon in July.

The price tag: It remains unclear what price tag the two models will carry in Egypt but in Lebanon, the 001 models were sold at USD 51.9-62k, and the X models were marked at USD 39.9k and USD 45k. In Saudi Arabia, the price point was a little higher, with the 001 models priced between USD 70.6k and USD 79.6k and the X model ranging from USD 53.5k to USD 56.7k, depending on the specifications and equipment.

GREEN INFRASTRUCTURE-

Dubai Reef to deploy 1k reef modules: The world’s largest artificial reef developer Dubai Reef — an initiative by Dubai Can — has fabricated an initial 1k purpose-built reef modules to be deployed in the last week of November, Wam reported on Wednesday. The initiative aims to develop 20k modules of varying sizes to deploy at different depths across four clusters covering 600 sq km of waters, creating habitats for fish and marine fauna.

Why this matters: Coral reefs are extremely important to their ecosystems as they harbor a quarter of ocean species throughout their lives, and protect fish and coasts from storms. Their value is estimated at USD 2.7 tn annually. Despite the resilience of corals in the Arabian Gulf, they are highly vulnerable to increasingly more intense marine heat waves, which can cause mass bleaching. The recent near-total bleaching event in the southern Arabian Gulf underscores the increasing frequency of such occurrences, giving corals less time to recover.

INFRASTRUCTURE-

Saudi-India electrical interconnection? Saudi Electricity Company signed an MoU with the Central Transmission Utility of India to study the feasibility of an electrical interconnection between the two countries, according to a statement published last week. No financial details or timeline were disclosed for the project.

Transnational interconnections are picking up regionally: Egypt will reportedly launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi interconnection project in April 2025. Iraq’s tie-up to the GCC interconnection power grid is also set to be operational in December

DECARBONIZATION-

Assan Alüminyum boosts decarbonization efforts: Turkish aluminum producer AssanAlüminyum has acquired a 10 MW solar power plant in Karaman, according to a statement published last week. The company also recently secured USD 90 mn in green financing from the IFC.

The company is doing more: The company recently published a Decarbonization Roadmap, aiming for net-zero carbon emissions by 2050. It also operates a hydroelectric power plant that produces most of the company's annual electricity consumption. Assan Alüminyum has also implemented energy efficiency projects that have significantly reduced natural gas and electricity consumption. The company remains committed to innovation and sustainability, contributing to both the economy and the environment.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • VCM to boost carbon credits integrity: Saudi's Regional Voluntary Carbon Market Company and the National Committee for the Clean Development Mechanism of Saudi Arabia inked an agreement to ensure the carbon markets in the Kingdom are transparent, robust, and credible. (Statement)
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