Drake & Scull International subsidiary will build an AED 307 mn wastewater treatment plant in Jordan

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WHAT WE’RE TRACKING TODAY

TODAY: Drake & Scull International subsidiary will build an AED 307 mn wastewater treatment plant in Jordan

Good morning, friends. We have a fairly meaty issue for you to begin the week with some climate industry news from the region and beyond. Let’s jump right in.

THE BIG CLIMATE STORY- A subsidiary of Dubai-based contractor Drake & Scull International will build an AED 307 mn (c. USD 83.6 mn) wastewater treatment plant in Jordan’s Ar-Ramtha city. The Drake & Scull subsidiary will develop the plant in collaboration with a local Jordanian company.

^^ We have more details on this story and more in the news well, below.

HAPPENING TODAY- The joint Higher Committee meeting between Egypt and Jordan is kicking off today in Amman. The meeting will be chaired by Egyptian Prime Minister Moustafa Madbouly and Jordanian counterpart Bisher Khasawneh and aims to boost cooperation in various key sectors including agriculture, energy and mineral wealth among others. Preparatory meetings took place yesterday between Egyptian International Cooperation Minister Rania Al Mashat and Jordan’s Industry, Trade and Supply Minister Yousef Shamali with both sides stressing on the importance of an exchange of experience in the field of green hydrogen, according to a statement.

THE BIG CLIMATE STORY OUTSIDE THE REGION- There’s no single climate story dominating international headlines this morning, but deforestation hitting a six-year low in Brazil’s Amazon continued to get coverage by international press over the weekend. It fell in July to its lowest level for the month since 2017, preliminary government figures showed, living up to a pledge by President Luiz Inacio Lula da Silva to end deforestation by 2030. Satellite data from Brazil’s National Institute for Space Research showed that 500 square km of rainforest were cleared last month, representing a 66% fall from the corresponding month last year. The promising figures come as Amazon region nations are expected to meet this week to outline a common policy for the first time to increase protection of the rainforest.

The story got ink over the weekend: Reuters | The Guardian | BBC | The Associated Press

OVER IN COPLAND- The UN will offer more transparency at COP28: The UN said it plans to provide more details about the participants in the COP28 climate conference amid worries that the talks are attracting fossil-fuel lobbyists, the UNFCCC’s website said last week. The new rules include requiring participants to disclose in detail who they work for. “In recent years, the number of participants has been steadily increasing and the purpose of participation has diversified, with many activities going on in parallel with the core negotiation meetings. Both the sessions of the subsidiary bodies in May/June and the COPs have become large, yet there has not been full transparency in terms of who is participating in these climate change conferences,” it said.

An increase in interest: Over 600 lobbyists from the world’s top polluters registered for COP27 in Egypt last year, AFP reported last week, citing analysis by groups including Global Witness and Corporate Accountability. They said the participation by lobbyists at the climate talks in Sharm El Sheikh was a 25% increase from COP26 in Glasgow a year earlier.

WATCH THIS SPACE #1- Morocco’s Managem plans to drum up more capital for mining expansion: Moroccan mining group Managem plans to increase its capital investments across mining operations in Morocco and Africa threefold from MAD 999 mn to MAD 3.9 bn (c. USD 394 mn), Asharq Business reported on Saturday. The new capital increase will be funded through new stock issuances at a nominal value of MAD 100 (c. USD 10.3), if approved at the company’s upcoming extraordinary general meeting on 19 September. This would help fund a MAD 4 bn copper mining project in Morocco’s Taroudant, which is expected to produce some 40k tons of the metal, a company source told the news outlet. Last June, French automaker Renault signed an agreement with Managem for the supply of 5k tons of cobalt sulfate, an essential raw material for the production of lithium-ion EV batteries.

Where’s the money going? A portion of the capital would be channeled toward financing a gold mining project in Senegal — which is estimated to have between a MAD 3- 4 bn price tag — and the company is studying the feasibility of several other mining projects in a number of African countries over the next three years, the news outlet notes. Back in December, Managem acquired strategic assets in Senegal, Mali, and Guinea from Canadian mining company IAMGOLD expected to yield some 155 tons of gold in the short term, Asharq Business notes.

WATCH THIS SPACE #2- Investigations commence over blaze on Egypt-bound car carrier ship: Japanese ship leasing company Shoei Kisen Kaisha will investigate what caused a fire to erupt on its car carrier bound for Egypt in late July, Reuters reported on Friday. The announcement by the Japanese owner comes one day after the Panama-registered carrier arrived at the northern Dutch port Eemshaven for salvage. A Dutch Safety Board spokesman told the newswire that an investigation has been launched by the Panama Maritime Authority, with the Netherlands set to assist in the investigation. The ship is believed to have been carrying 3k vehicles — including some 498 EVs. The fire killed one crew member and injured seven.

Was it the EVs to blame? Earlier reports have suggested that “the fire started in the battery of an electric car,” according to the newswire. However, local authorities have not confirmed that this was the reason for the incident. The coast guard later clarified that the cause of the fire remains unclear, Bloomberg noted on Thursday.

WATCH THIS SPACE #3- Turkey sees room for renewables in Egypt: Turkish conglomerate Koc Holding is looking at renewable energy and wind energy projects at the Suez Canal Economic Zone (SCZone), according to a statement released on Friday. Egypt’s Trade and Industry Minister Ahmed Samir did not provide details about the projects, but said that the Turkish conglomerate plans to set up a factory for automotive feeder industries, a car manufacturing plant, and a medical products plant among other projects under an expansion plan in the country. It is unclear whether the car manufacturing plant would be for combustion engine vehicles or EVs.

WATCH THIS SPACE #4- Italy wants a helping hand from regional sovereign wealth funds: Italy plans to establish a fund with at least EUR 2 bn to augment supply chains that are strategically critical for the energy transition with the help of some regional players, Reuters reported last week, citing a draft document it has seen. The “Made in Italy” fund will have an initial endowment of EUR 700 mn this year and an additional EUR 300 mn next year in state funds. It also plans to raise at least an additional EUR 1 bn from other sources including potential sovereign wealth funds from Saudi Arabia, Qatar, the UAE, Azerbaijan, and Norway. It is not disclosed which of the regional funds Italy plans to approach.

Where the funds could be going: The scheme would back firms operating in strategically important supply chains and bolster the procurement and reuse of “critical raw materials,” Italian counts 16 among the 34 raw materials considered critical by the European Union," Italian Industry Minister Adolfo Urso said earlier. "These are necessary for the dual transition, ecological and digital, which is crucial for Italian industry to be more independent in the production of electric batteries and solar panels," he said.

WATCH THIS SPACE #5- New global audit standards coming up for ESG companies next year? ESG disclosures by companies are set to be evaluated by new global audit standards that could be finalized by the end of 2024, Bloomberg reported last week. The International Auditing and Assurance Standards Board (IAASB) outlined its sustainability assurance proposals on Wednesday with a consultation closing 1 December. “Corporate reporting, whether financial or sustainability focused, is more trusted when it receives external and independent assurance based upon globally accepted standards independently developed in the public interest,” IAASB Chair Tom Seidenstein said. The move aims to alleviate greenwashing concerns by investors, customers and regulators. Reliability of such disclosures is a key issue for investors with jurisdictions like the EU making external assurance obligatory, the IAASB said.

CIRCLE YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself: The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum, which took place in May.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami | Omny.

IT’S THE FINAL EPISODE- Our final panel of the day was, naturally, the most forward looking. Our panelists discussed how the companies — be they in age-old industries or emerging ones — have adapted to changes to better position their businesses for an uncertain future. We were joined by Nadia El Tawil, investment officer at pan-African private equity firm AfricInvest, Mostafa Bedair, CEO of Giza Seeds and Herbs, and Abdallah Sallam, CEO of Madinet Masr.

THE ENTERPRISE CLIMATE FORUM SERIES KICKS OFF NEXT SUNDAY- Fresh off the heels of a successful COP27, we held our first forum at the Grand Egyptian Museum, diving deep into the fundamentals of what we think is the world’s most important industry. The conversations ranged from exploring the business opportunities for Egyptian entrepreneurs, companies and startups in climate, to demystifying green hydrogen, and how we finance our green transition. And we did it all in the Grand Egyptian Museum.

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CIRCLE YOUR CALENDAR-

Sweden will host World Water Week from Sunday, 20 August to Wednesday, 24 August in Stockholm. Organized by the Stockholm International Water Institute, the event will bring together policy makers, NGOs, and private sector players to discuss innovative solutions to managing water and how to tackle food security, biodiversity, and climate change.

The US will host the International Conference on Recycling and Waste Management and the International Conference on Environmental Sustainability and Climate Change

from Monday, 21 August till Tuesday, 22 August in Philadelphia. The waste management conference will gather environmental engineers, and recycling, wastewater treatment, and climate researchers to discuss trends and innovations in plastics recycling, wastewater treatment, and renewable energy. The sustainability and climate change conference will bring together researchers and industry leaders to spotlight innovations in environmental science, climatology, renewable energy, and pollution control.

The Dominican Republic will host the COP27 Transitional Committeefrom Tuesday, 29 August to Friday, 1 September. The meeting aims to establish institutional arrangements, modalities, governance structures, and terms of reference for the landmark Loss and Damage Fund. It also wants to expand sources for climate funding under the program.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Dubai-based contractor to build an AED 307 mn wastewater treatment plant in Jordan

UAE contractor lands bid for Jordan wastewater treatment plant: A subsidiary of Dubai-based contractor Drake & Scull International will build an AED 307 mn (c. USD 83.6 mn) wastewater treatment plant in Jordan’s Ar-Ramtha city, according to a disclosure (pdf) published on Friday on the Dubai Financial Market. The Drake & Scull subsidiary will develop the plant in collaboration with a local Jordanian company, the statement said. No information on the capacity or timeline for the plant’s construction was provided.

Waste water is an essential source of water supply for the kingdom: Jordan operates 34 wastewater treatment plants that provide 14% of the kingdom’s total water supply, according to a statement by the UN. Treated wastewater is also vital for Jordan’s agriculture sector accounting for around a quarter of the volume of water used for irrigation, the statement notes.

Jordan is struggling with a water crisis: Water and Irrigation Minister Mohamed Al Najjar signed a JOD 7.6 mn (c. USD 10.7 mn) agreement last month for a treated water carrier project backed by Germany's Development Bank (KfW). The project would provide 10 mn cubic meters of treated water annually and slash greenhouse gas emissions by 6.6k tons annually. In June, the World Bank approved USD 250 mn in financing to help Jordan set up a robust drought management system to enhance water management practices. The project aims to save c.10 mn cubic meters (cbm) of water and help reduce electricity use. In March, the European Bank for Reconstruction and Development (EBRD) signed an agreement to channel a EUR 30 mn grant to Jordan by the EU, along with a EUR 41.3 mn loan for the development of a green wastewater treatment facility in Al Ghabawi. Last year, Jordan signed a EUR 115 mn loan agreement with the KfW to increase water efficiency in the King Abdullah Canal.

And faces water shortages and less than average rainfalls this season: Jordan is one of the most water-scarce countries globally. Although this season’s rainfall is 88% more than last season, it still remains well below the average of 210 mm, taking a heavy toll on crops in the already water scarce country.

Dubai Holding invests AED 150 mn in JV for copper products manufacturing with Thailand’s Oriental Copper

More critical minerals lined up for the UAE: Dubai Holding, the investment vehicle of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, is forming a JV with Thai copper manufacturer Oriental Copper to manufacture high-quality copper products in the UAE, according to a statement (pdf) released last Thursday. Both firms will invest a capital expenditure of AED 150 mn, the statement notes.

The details: The JV aims to set up a production unit to manufacture high-quality copper products, including electrolytic tough pitch (ETP) and oxygen-free copper bus bars, profiles, strips, sheets, alloys, and magnet wires. The unit will have an installed capacity of 30k MT of copper processing per annum. The partnership comes under the investment arm’s efforts to manufacture high-quality copper locally to meet the increasing demand for downstream copper products in the Gulf country.

What they said: “This MoU is a vital step in meeting the region's need for downstream copper products, which is now primarily met by imports … This further falls in line with our sustainability objectives, as Oriental Copper products foster green energy and lower carbon footprints in the UAE,” Dubai Holding CEO Ahmad Hamad Bin Fahad said.

REMEMBER- Copper's electrical conductivity makes it a key element for the green energy transition, with applications including solar panels and electric vehicles.

It’s been a minerals-heavy week in the region: KSA’s Manara — a recently established JV between Saudi Arabia’s sovereign wealth fund and state-owned mining company Ma’aden — sealed an agreement in late July with Brazilian miner Vale to grab a 10% slice of its base metals unit as it eyes a pivotal role in the global energy transition supply chains. The move comes under efforts by Saudi Arabia to become a global hub for green metals that are critical for the energy transition and diversify its economy away from oil.

Empower’s net income drops 5.9% y–o-y in 2Q, but revenues are up

The UAE’s Emirates Central Cooling Systems Corporation (Empower) recorded a 5.9% decrease in net income for 2Q 2023 to AED 235.6 mn, according to a financial statement (pdf) published last Thursday on the Dubai Financial Market. Empower's revenues increased 6.2% y-o-y in 2Q, bringing in AED 730.6 mn.

It’s been a mixed 1H: Empower net income dropped 6.7% y-o-y in 1H 2023 to nearly AED 403 mn, according to the statement. Empower’s revenues increased by 6.1% y-o-y in 1H to AED 1.2 bn, it noted in a separate filing (pdf).

Demand is growing: The company’s operating profit increased by 8.7% in 1H to reach AED 477.5 mn, attributed to an “increase in the volume of consumption of its district cooling services by 7.2% during the first half of 2023 compared to the same period of last year,” the company said.

What’s driving the revenues? The company acquired five district cooling plants at Dubai International Airport last May with a total capacity of 110k refrigeration tons (RT) at a value of AED 1.1 bn. Empower also entered an agreement with Dubai Maritime City and Sobha Hartland to provide it with district cooling services with a capacity exceeding 63k RT and 17k RT, respectively. Empower is also providing Dubailand with 43k RT of cooling capacity, the statement said.

About Empower: Empower is a regional district cooling provider established in 2003 as a joint venture between Dubai Electricity and Water Authority (Dewa) and Tecom Investments, a member of Dubai Holding. The company IPO-ed last year, debuting shares at AED 1.33 before closing at AED 1.36.

Saudi Arabia’s Marafiq reports a 39% y-o-y drop in net income for 2Q

Saudi Arabia’s Marafiq reports a 39% y-o-y drop in net income for 2Q: Saudi Public Investment Fund (PIF)-backed utility firm Marafiq recorded a 39.1% y-o-y fall in net income in 2Q 2023 to SAR 159.3 mn on the back of an uptick in the company’s financing costs and a decrease in operating revenues, it noted in a Tadawul filing on Thursday. Marafiq’s revenues dropped 3.85% y-o-y in the three months ending on 30 June to SAR 1.59 bn.

Marafiq’s 1H performance took a hit: The Saudi utility reported a 34.2% fall in its bottom line for 1H 2023 to SAR 266 mn. Its revenues were down 1.69 percentage points to SAR 3.06 bn. The company attributed the losses in its net income to an increase in borrowing costs and a downtick in its sales despite a decrease in its zakat and tax provisions.

But the company saw a top and bottom line rise compared to 1Q: The company reported a 49.35% q-o-q rise in its net income to SAR 159 mn, attributable to an increase in its operating revenues and a decrease in the zakat and tax provisions. Marafiq’s revenues were up 8.05% q-o-q to SAR 1.59 bn.

About Marafiq: Marafiq is the power and water utility company for the Saudi cities of Jubail and Yanbu. It has core businesses in the seawater cooling, desalination, and waste treatment and management sectors. As of 2022, the company’s daily desalination capacity stood at 1.3 mn cubic meters.

The US wants to help landlocked Mongolia export critical minerals

Officials from the US and Mongolia discussed “creative ways” to help the landlocked country export critical minerals, Reuters reported on Friday, citing a US State Department official. The official told reporters that both Mongolian PM L. Oyun-Erdene and US Secretary of State Antony Blinken explored ways to follow up on a MoU signed in June for a collaboration on critical minerals. He also met with US Vice President Kamala Harris in Washington to discuss strengthening cooperation on mining rare earth minerals. "The many discussions that we've had over the last few days were talking about specific areas where we can help Mongolia understand what it has, ways where it can extract it, and ways where it can produce it," the official said.

Opening up the skies? The official said the East Asian country’s national carrier MIAT Mongolian Airlines would be allowed to fly direct to an undecided US airport by next year. This comes under an “Open Skies” civil aviation agreement signed between Blinken and Oyun-Erdene on Friday.

REMEMBER- The US is trying to rival China's dominance in rare earth metals which last year accounted for over 70%of the world's rare earth production. They are essential for high-tech uses in the US, including defense equipment and electric vehicles.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

UK + Zambia sign clean energy agreement: The UK has signed agreements with Zambia on clean energy and critical minerals that could generate GBP 2.5 bn in British private sector investments and GBP 500 mn in government-backed investments. (Statement)
India removes restrictions on lithium mining: India has passed a law allowing the auction and mining of lithium and other rare earth minerals that are critical to EV battery production, which will allow the country to benefit from newfound reserves of precious metals. (Reuters)
Chinese solar giant expects profit surge: China’s largest solar panel manufacturer LONGi is projecting a 41.6% rise in its net income for 1H 2023 as China ramps up its domestic solar installation capacity. (Bloomberg)

KSA extends a USD 77 mn green loan to Belize for 60 MW solar farm, UAE’s GL Holding and USM work on renewables, and Morocco and Jordan work on sustainable smart cities

KSA finances 60 MW solar project in Belize: The Saudi Fund for Development will extend a USD 77 mn green loan to the Belizean government to finance construction of a 60 MW solar farm in the Central American country, according to a statement released on Saturday. An expected timeline on project completion was not disclosed.

The details: The solar plant is expected to offset some 60k tons of CO2 emissions annually, the statement notes. Belize has a target to source 75% electricity from renewables by 2030, and has committed to becoming carbon-neutral by 2050, per the country’s Nationally Determined Contribution.

UAE’s GL Holding will collaborate with Dutch UMS on renewables projects: Abu Dhabi-based investment firm GL Holding signed an agreement with Dutch green construction equipment company Urban Mobility Systems (UMS) to launch a series of renewable energy projects in the UAE including a green manufacturing facility, Wam reported on Friday. The projects include building a factory in Abu Dhabi specialized in developing and manufacturing green batteries, electric motors, chargers, and power generators — pegged to be the largest in the Middle East, GL Holding CEO Ali Al Mulla said. The agreement will also work to convert heavy civil and military equipment and machinery to function with net zero emissions, according to the news outlet, and open up new opportunities for the two companies in European and Australian markets, UMS CEO Lars Kool said during the signing ceremony.

Morocco set to benefit from IFC’s Sustainable Cities program: Morocco is set to benefit from the second phase of a green urban infrastructure program for emerging markets by the World Bank’s private investment arm IFC and Switzerland, according to a statement released last week. The program, which runs from 2023 to 2027, aims to facilitate over USD 500 mn in commercial financing for urban infrastructure projects. Switzerland’s State Secretariat for Economic Affairs will provide USD 19 mn, the statement said. The first phase of the program facilitated c. USD 400 mn in financing between 2018 and 2022, with climate-related investments representing 87% of the overall program. Over 1.7 mn people in 10 cities, including Morocco’s Casablanca and South Africa’s Ekurhuleni, benefitted from the program’s first phase.

IN OTHER IFC NEWS- Jordan will also get support for smart cities: Jordan’s Planning and International Cooperation Ministry has signed a financing agreement with the IFC and the Greater Amman Municipality (GAM) to help develop regulatory frameworks for the adoption of smart city technologies in Amman, Al Mamlakah reported on Thursday. The IFC will extend a USD 500k grant to support the development of policies aimed at upping the incorporation of energy-efficient buildings in Amman, establishing a smart developments certification system in the country compliant with the Edge green building certification metric and upskilling the country’s workforce on the adoption of smart city tech, the news outlet notes. GAM will contribute USD 75k to realize the project’s targets.

The kingdom has 16 renewables projects in the pipeline and renewables currently account for 29% of the country’s energy mix, Jordan Renewable Energy and Energy Efficiency Fund (JREEEF) CEO Rasmi Hamzeh said last week. The 16 projects have a price tag worth some JOD 110 mn (c. USD 155 mn), Hamzeh noted. The country is also working on a project aimed at enhancing energy efficiency from renewables across 12 hotels in Aqaba, he added.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

IFC’s Amman office is now a regional hub: The World Bank’s private investment arm the International Finance Corporation is turning its Amman office into a regional hub for the Middle East, Pakistan and Afghanistan. (Statement)
EV manufacturer Lucid slashes prices amid rising competition: KSA’s Public Investment Fund-backed EV maker Lucid is reducing prices for the Air Pure sedan by USD 5k and cutting price tags for the more powerful Touring and Grand Touring models by USD 12.4k. (Reuters)
Oman gets serious on mangrove planting: Oman’s Environment Authority is planting mangrove seeds in four governorates as part of its 2 mn mangrove forestation target by mid-August. (Times of Oman)
A new solar park for Iran: A solar park will be set up in southern Iran’s Kerman province in a bid to expand the country’s solar energy capacity. (Tehran Times)

The Mediterranean Sea is going to get hotter + The Andes is facing a record-breaking winter heat thanks to climate change and El Niño

The hottest is yet to come for the Med: The Mediterranean Sea — which hit its highest median temperature recording since 1982 last week at 28.7°C — is expected to record its hottest surface temperature yet later this month, Bloomberg writes, referencing data by Spain’s Institute of Marine Sciences. The World Meteorological Organization expects surface temperatures to exceed 30°C in some parts, and stay over 4°C above average in large parts of the western Mediterranean in August.

What does this mean? The Mediterranean hosts approximately 18% of all marine life, and rising sea temperatures are damaging a range of marine species, including Posidonia oceanica, a seagrass which serves as a natural carbon sink and an essential nursery for fish, researcher at the World Wide Fund for Nature’s Mediterranean Marine Initiative Mauro Randone told Bloomberg. The Mediterranean Sea saw its temperature rise between 0.6-1ºC over the last three decades. While 44% of the global ocean recently recorded marine heat waves, the Mediterranean is a “sort of a lab for climate change — it’s one of the fastest warming parts of the ocean in the world,” research scientist at Mercator Simon van Gennip told Bloomberg.

The Southern Hemisphere is experiencing historic high winter temperatures due to climate change and the effects of the El Niño climate pattern, Bloomberg reported last week. Argentina’s capital Buenos Aires recorded its hottest 1 August in 117 years last week. Chile’s Vicuna reported a near-record 38.3°C on Tuesday, and the country’s capital Santiago hit 24°C on Wednesday, some 8° above the 16-17°C average for August. The increase in winter temperatures in South America jeopardizes the longevity of snowfields in the Andes mountains on which many Chilean farms and cities depend for water supplies. Chilean Environment Minister Maisa Rojas took to social media to call for an urgent phaseout of fossil fuels to tame extreme weather events.

ICYMI- We’re currently experiencing El Niño after a four-year absence. Read our Enterprise Explains on the weather phenomenon here and here.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

The IRA bill could halve US emissions by 2050: The Biden Administration’s USD 369 bn Inflation Reduction Act could increase EV adoption to account for 63% of the US passenger fleet by 2040 and slash about half of US greenhouse gas emissions by 2050, but it is expected to fall short of achieving the country’s carbon neutrality commitment by mid-century due to a lack of incentives for clean hydrogen use and carbon capture and storage adoption beyond 2033. (Bloomberg)

A massive desert crop growing project is underway at Neom

Construction on a massive crop growing project to help form a horticulture hub on the outskirts of Neom is set to be completed in 2024, Neom Food CEO Juan Carlos Motamayor told Bloomberg. The two test facilities broke ground earlier this year after Dutch firm Van Der Hoeven was awarded last year a USD 120 mn contract to design and construct the facilities then service and operate them in later years.

The details: The facilities spanning a combined area of over 110k square meters — or the size of some 15 football fields as described by Bloomberg — and includes the use of AI-driven crop growing and advanced water filtration systems. Van Der Hoeven plans to use a solar and seawater-driven cooling system on one of the facilities to operate the greenhouse through scorching temperatures, lessening water usage from the local grid. The second site would see a quarantine greenhouse to introduce perennial crops to Neom. The first site could be operational as early as August 2024.

Big goals ahead: The project will expand significantly after the completion of the planned greenhouses, Motamayor said. “We will scale up to hundreds of hectares with different types of greenhouses,” he said. Neom needs over a thousand hectares of greenhouses to reach its goal to produce over 300k tons of fruits and vegetables within the next eight to ten years. It also eyes becoming a regional food hub after meeting the needs of the city and the rest of the country, Motamayor adds.

And that’s not all: Neom partnered earlier this year with Care’s, a global project founded by Italian chefs Norbert Niederkofler and Paolo Ferretti, to develop its culinary identity in order to treat food supply responsibly from the plant to the plate. It will outline the principles for sustainable gastronomy, food security, and offer educational initiatives and content to expand the understanding of healthy eating. The partnership comes under its efforts to become the world’s most food self-sufficient city.

Why is this important? Saudi Arabia’s dry landscape and soaring temperatures during summer pushed it to be self-reliant on imports to supply most of its food, and food security has become a priority since the global pandemic and Russia’s invasion of Ukraine threatened food security in the region. KSA’s sovereign wealth fund the Public Investment Fund (PIF) has earmarked a number of agreements to boost food security, including an agreement earlier this year with US-based AeroFarms to set up a company in Riyadh to build and operate indoor vertical farms in the country. Salic, a wholly owned subsidiary of PIF, also recently acquired a 10.7% stakein Brazilian food processor BRF under the plan. BRF has also formalized earlier this month the creation of a joint venture with the Halal Products Development Company, a subsidiary of the PIF.

CALENDAR

AUGUST 2023

20-24 August (Sunday-Wednesday): World Water Week 2023, Stockholm, Sweden.

21-22 August (Monday-Tuesday): International Conference on Recycling and Waste Management, USA.

21-22 August (Monday-Tuesday): International Conference on Environmental Sustainability and Climate Change, USA.

29 August-1 September (Tuesday-Friday): Third meeting of the COP27 Transitional Committee, Dominican Republic.

SEPTEMBER 2023

4-6 September (Monday-Wednesday): Sustainable Maritime Industry Conference, Jeddah, Saudi Arabia.

4-6 September (Monday-Wednesday): Africa Climate Summit, Nairobi, Kenya.

5-7 September (Tuesday-Thursday): Global Water, Energy and Climate Change Congress(GWECCC), Manama, Bahrain.

9-10 September (Saturday-Sunday): G20 Heads of State and Government Summit, New Delhi, India.

9-20 September (Saturday-Wednesday): 2023 Sustainable Development Goals Summit, New York, USA.

11-13 September (Monday-Wednesday): Global Congress on Renewable and Non-Renewable Energy, Dubai, UAE.

12-15 September (Tuesday-Friday): WTO Public Forum, Geneva, Switzerland.

18-19 September (Monday-Tuesday): The Enterprise Finance Forum, Cairo, Egypt.

19-21 September (Tuesday-Thursday): World Power-to-X Summit, Marrakesh, Morocco.

28 September (Thursday): International Energy Agency Critical Minerals and Clean Energy Summit, Paris, France.

Chariot Limited and Total Eren’s feasibility study on a 10 GW green hydrogen plant in Mauritania to be completed.

Egypt set to launch alliance to shore up climate financing in developing countries

OCTOBER 2023

4 October (Wednesday): Arabia CSR Gala Awarding Ceremony, UAE.

4-5 October (Wednesday-Thursday): Future Sustainability Forum, Dubai, UAE.

8-10 October (Sunday-Tuesday): Saudi Green Building Forum, Riyadh, Saudi Arabia.

8-12 October (Sunday-Thursday): MENA Climate Week, Riyadh, Saudi Arabia.

9-15 October (Monday-Sunday): World Bank/IMF 2023 Annual Meetings, Marrakech, Morocco.

10-12 October (Tuesday-Thursday): Autonomous E-Mobility Forum, Doha, Qatar.

16-18 October (Monday-Wednesday): Climate Week, Rome, Italy.

18-20 October (Wednesday-Friday): Morocco and Belgium business meeting on green hydrogen, Tangiers, Morocco.

17-18 October (Tuesday- Wednesday): Critical Minerals Africa Summit, Cape Town, South Africa.

17-20 October (Tuesday-Friday): Fourth meeting of the COP27 Transitional Committee, TBD.

29 October- 2 November (Sunday-Thursday): Cairo Water Week, Cairo, Egypt

31 October – 2 November (Tuesday-Thursday): World Hydropower Congress, Bali, Indonesia.

NOVEMBER 2023

9-10 November (Thursday-Friday): International Renewable Energy Agency Investment Forum, Uruguay.

9-15 November (Thursday-Wednesday): Intra-African Trade Fair 2023, Cairo, Egypt.

15-17 November (Wednesday-Friday): WETEX and Dubai Solar Show, Dubai, UAE.

16-17 November (Thursday-Friday): World Green Economy Summit (WGES), Dubai, UAE.

15-18 November (Wednesday-Saturday): DEWA’s First MENA Solar Conference, Dubai, UAE.

20-24 November (Monday-Friday) International Civil Aviation Organisation’s Aviation and Alternative Fuels conference, Dubai, UAE.

27-30 November (Monday-Thursday) Abu Dhabi Finance Week (ADFW), Abu Dhabi, UAE.

30 November - 12 December (Thursday-Tuesday): Conference of the Parties (COP 28), Dubai, UAE.

DECEMBER 2023

12-14 December (Tuesday-Thursday): Green Hydrogen Summit Oman, Oman Convention and Exhibition Center, Muscat, Oman.

18-20 December (Monday-Wednesday): Saudi Arabia Smart Grid Conference, Hilton Riyadh Hotel & Residences, Riyadh, Saudi Arabia.

FEBRUARY 2024

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Dubai, UAE.

APRIL 2024

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi, UAE.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Dubai, UAE.

EVENTS WITH NO SET DATE

2023

Mid-2023: Oman set to sign contracts for green hydrogen projects.

Mid-2023: Sale of Sembcorp Energy India Limited to consortium of Omani investors to close.

Phase C of the 900-MW of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai to be completed.

Saudi Basic Industries Corporation (Sabic) steam cracker furnace powered by renewable energy to come online.

2024

End-2024: Emirati Masdar’s 500 MW wind farm in Uzbekistan to begin commercial operations.

QatarEnergy’s industrial cities solar power project will start electricity production.

2025

International Union for Conservation of Nature World Conservation Congress, Abu Dhabi, UAE.

UAE to have over 1k EV charging stations installed.

2026

UITP Global Public Transport Summit, Dubai, UAE.

1Q 2026: QatarEnergy’s USD 1 bn blue ammonia plant to be completed.

End-2026: HSBC Bahrain to eliminate single-use PVC plastic cards.

2027

MENA’s district cooling market is expected to reach USD 15 bn.

2030

UAE’s Abu Dhabi Commercial Bank (ADCB) wants to provide AED 35 bn in green financing.

UAE targets 14 GW in clean energy capacity.

Tunisia targets 30% of renewables in its energy mix.

Qatar wants to generate USD 17 bn from its circular economy, creating 9k-19k jobs.

Morocco’s Xlinks solar and wind energy project to generate 10.5 GW of energy.

2035

Qatar to capture up to 11 mn tons of CO2 annually.

2045

Qatar’s Public Works Authority’s (Ashghal) USD 1.5 bn sewage treatment facility to reach 600k cm/d capacity.

2050

Tunisia’s carbon neutrality target.

2060

Nigeria aims to achieve its net-zero emissions target.

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