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Good morning, wonderful people. It’s another busy morning of climate updates from around the region as we slide on into the weekend, so let’s jump right in. THE BIG CLIMATE STORY- Egypt’s Electricity Ministry signed a land allocation agreement with Norway’s Scatec for a planned 5 GW wind farm in Sohag and the UAE’s leading […]
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Posted inWIND
Norway’s Scatec is awarded land for 5 GW wind farm in Egypt
Scatec awarded land for its 5 GW wind farm in Egypt: Egypt’s Electricity Ministry signed a land allocation agreement with Norway’s Scatec for a planned 5 GW wind farm in Sohag, according to a statement. What we know: The plant will require USD 5 bn of investment and will create 8k jobs, 300 of which […]
Posted inGREEN FINANCE
UAE’s Abu Dhabi Global Market issues sustainable finance regulatory framework
Another day, another bid for sustainable finance: The UAE’s leading financial hub Abu Dhabi Global Market (ADGM) has launched a sustainable finance regulatory framework under a bid to boost the country’s sustainable finance ecosystem ahead of COP28, according to a statement. The framework includes rules on sustainability-oriented investment funds, managed portfolios, and bonds, as well […]
Posted inPOLICY
Oman launches green mobility plan to reach net zero by 2050
Oman is upping its green mobility game: Oman plans to fully decarbonize its mobility sector by 2050 through an ambitious three-phase plan by the country’s Transport, Communications, and Information Technology Ministry (MTCIT), Oman Daily Observer reports, citing comments made by officials at a green mobility forum earlier this week. The first phase: The green mobility […]
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Posted inDEBT WATCH
Emirates Nuclear Energy Corporation and Korea’s Kepco refinance the Barakah Nuclear plant in the UAE
UAE’s Barakah Nuclear plant completes loan refinancing: The Barakah One Company — a JV between Emirates Nuclear Energy Corporation (Enec) and the Korea Electric Power Corporation (Kepco) — has refinanced Abu Dhabi’s 5.6 GW Barakah Nuclear Energy Plant with help from Abu Dhabi Commercial Bank and First Abu Dhabi Bank, Wam reports. The details: Barakah […]
Posted inM&A WATCH
UAE’s Mubadala acquires a stake in Canadian liquid coolant provider company
Mubadala is acquiring a stake in CoolIT alongside US private equity firm KKR: UAE sovereign fund Mubadala Investment Company and US private equity firm KKR have jointly acquired Canada-based liquid cooling provider CoolIT Systems, The National reports. KKR first announced its acquisition plans in May to support CoolIT’s expansion plans in the global data center […]
Posted inELECTRIC VEHICLES
Stellantis will produce its newly launched electric SUV in Morocco
New electric Fiat SUV to be produced at Morocco plant: Car manufacturer Stellantis will be producing its new battery-powered Fiat 600 compact SUV at its Moroccan factory, Bloomberg reports. Stellantis already produces some 50k EVs in Rabat for its subsidiaries Citroen and Opel. No details on the production start date or intended rollout were disclosed. […]
Posted inKUDOS
FAB is leading the way in regional green financing
FAB goes big in Global Finance Magazine’s 2023 Sustainable Finance Awards: The First Abu Dhabi Bank (FAB) came on top at the MENA region’s Sustainable Finance Award, receiving 5 out of 9 awards from host Global Finance Magazine, according to a statement. FAB also came first in the UAE as the top bank leading the […]