Saudi’s Ma’aden acquires 20.6% of Bahrain’s Alba

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THE WEEK IN REVIEW

TOP STORIES: Ma’aden secures Alba shares + A flurry of agreements from Egypt

Good morning, folks. It’s another busy news week wrapped as we inch closer to the end of February. We have a heap of renewables, decarbonization, and green finance updates to dive into from across the region. But first, the latest on Trump’s bid to take over Ukraine’s minerals…

THE BIG STORY ABROAD THIS WEEK- Ukraine shuns Trump’s bid for its minerals wealth: Ukraine has turned down the US’ bid to take over 50% of the war-torn country’s rare earths and critical minerals and is reportedly working on a counterproposal that will provide the US some access but in exchange for stronger security guarantees, unnamed Ukrainian officials have told several media outlets.

What Ukrainian officials are saying: In addition to concerns about future security guarantees, Ukraine also believes the offer is expensive and wants European investors involved as a guarantee. One Ukrainian advisor to the President warned the Trump proposal could hand US firms control over Ukraine’s resource development for decades without guarantees of investment.

But the US thinks the offer is fair: Trump has said that the minerals wealth takeover would be a form of payback for the USD bns of aid the US has provided to Ukraine. “Binding economic ties with the United States will be the best guarantee against future aggression,” one US official said.

REMEMBER- Ukraine is not known to have major reserves of rare earth critical minerals, but it maintains that its deposits of minerals like uranium, titanium, lithium, and graphite could be worth USD tns, with its Economy ministry claiming the country holds 22 of the 34 minerals deemed critical by the EU. Russia, however, occupies about 33% of its alleged rare earths.

HAPPENING NEXT WEEK-

Connecting Hydrogen MENA will kick off on Monday, 24 February and run through Wednesday, 26 February in Dubai. The event will bring together over 3k attendees from over 50 countries to discuss collaboration in the sector along with ammonia, manufacturing, and transport.

Oman Climate Week kicks off on Monday, 24 February and runs until Thursday, 27 February in Muscat. The event will center around the steps Oman needs to take to meet its climate goals with over 5k delegates from more than 50 countries expected to attend and access to over 100 speakers.

The Carbon Capture MENA Summit opens on Tuesday, 25 February and wraps up on Wednesday, 26 February in Dubai. The summit aims to support expansion in the carbon capture, utilization, and storage market by gathering policymakers, industry leaders, energy utilities, and investors.

WHAT WE’RE TRACKING REGIONALLY-

#1- UAE is considering investing up to USD 10 bn in over 10 GW of renewable energy projects in Indonesia, Asharq Business reported on Thursday, citing comments by Indonesian National Economic Council Chairman Hut Pangaitan at a Bloomberg event. The investment could be channeled through Indonesia’s new investment fund, Dhanantara, which oversees infrastructure projects and can form JVs with foreign firms, Pangaitan said after meeting with the UAE’s Energy and Infrastructure Minister Suhail Al Mazrouei.

AND- Emirates Global Aluminium (EGA) is planning to explore alternative clean energy developments in Indonesia, the country’s Economic Affairs Ministry said in a statement released last weekend.

REMEMBER- Last week, EGA denied reports that it plans to build a 5 GW nuclear plant in North Sumatra to enhance aluminum smelting capacity, confirming instead that it is interested in exploring other clean energy developments in Indonesia.

#2- Kuwait lines up KWD 1 bn in renewables projects: Kuwait has lined up a pipeline of renewable energy projects worth about KWD 1 bn (c.USD 3.2 bn), with implementation planned over the next three years, Arab Times reported on Wednesday, citing the electricity, water, and renewables minister. Key projects include the Shagaya Renewable Energy Complex’s third and fourth phases with a 3 GW capacity and a 2.7 GW project in partnership with the Public Authority for Partnership Projects. Kuwait aims to boost renewables to 30% of its energy mix within four years.

Background: Kuwait’s Investment Authority proposed a JV with China to develop the third & fourth phases of the Shagaya solar plant back in November. Under the proposal, Kuwait and China would each hold 42.5% ownership, with the remaining 15% going to a Kuwaiti firm. The JV would handle financing — structured as 20% equity and 80% debt — alongside construction, operation, and maintenance, backed by a long-term power purchase agreement.

#3- Saudi is planning mining complexes in Madinah and Eastern Province: Three sites in Madinah and the Eastern Province were designated for mining complexes, the Industry and Mineral Resources Ministry said in a post on X published on Tuesday. The allocated sites include a 108.3 sq km area southeast of Madinah, and two sites spanning 4.8 sq km and 4.3 sq km in Khafji.

REMEMBER- Saudi Arabia has big mining plans: The ministry launched a SAR 685 mn incentive package last year as part of efforts to expand the sector and tap reserves of gold and phosphate, among others. The goal is to attract local and foreign mining investors amid the Kingdom’s push to become a global hub for metals critical for energy transition and become an EV manufacturing hub. The nation’s untapped mineral resources are worth c. USD 2.5 tn, or 90% more than the last forecast in 2016.

#4- Chinese ride-hailing app operator DiDi is mulling funneling co-investments into Egypt’s EV manufacturing sector with other companies and government entities, DiDi’s General Manager for Egypt, New Zealand, and Australia Lida Xu told Al Arabiya. The company hopes that such investments would ultimately help integrate EVs into its Egypt fleet as it did in partnership with BYD in Mexico, but this move would ultimately hinge on the government’s policy support and infrastructure development, Xu said.

#5- Iraq plans to double its electricity imports from Turkey to 600 MW, according to a statement picked up by the Iraqi News Agency on Monday. Representatives from the two countries met on Monday to discuss ways to speed up efforts to achieve this and refurbish the Jezreh-Kesk transmission to accommodate the increased energy supply. Turkey and Iraq had signed an MoU to jointly set up energy production projects, power stations, and transmission lines.

ICYMI- Iraq began operating a 300 MW, 115 km electricity line with Turkey last year as part of its efforts to diversify its energy mix and import energy from renewables. The link — inaugurated at the Al Kesk station west of Mosul — supplies the northern provinces of Nineveh, Salahuddin, and Kirkuk.

#6- Bahrain is gearing up to offer a new tender for a 130 MW solar project near Al Jazair Beach in partnership with the private sector, Bahraini news outlet AlBilad reported on Sunday, citing the Electricity and Water Affairs Ministry. The move is part of the nation’s efforts to increase its renewable power capacity to 300 MW within three years. It is worth mentioning that Bahrain is currently developing an additional 100 MW expansion at Al-Dur renewable energy plant.

WHAT WE’RE TRACKING GLOBALLY-

#1- The world’s first exchange-traded fund (ETF) for catastrophe (cat) bonds is set to debut on the New York Stock Exchange next month, Bloomberg reported on Tuesday. The fund — managed by King Ridge Capital Advisors and overseen by Texas-based Brookmont Capital Management — will track a portfolio of up to 75 cat bonds out of the 250 currently outstanding. King Ridge and Brookmont are still finalizing launch partners and aim to raise USD 10-25 mn in seed capital. The fund will cover risks from US hurricanes and earthquakes to Japan’s typhoons and European windstorms.

Cat bonds are on the rise: The Swiss Re Global Cat Bond Index climbed 17% in 2024 after a record 20% gain in 2023, far exceeding the 8% and 13% for high-yield US corporate bond index in the same years, Bloomberg added. Investors have largely avoided major losses despite recent natural disasters, including Hurricanes Helene and Milton and the LA wildfires. The global market, dominated by US issuances, is valued at around USD 50 bn.

REMEMBER- Claims that cat bonds are “ unfairly benefiting investors at the expense of certain issuers ” surfaced last August after Jamaica’s cat bond was not paid out despite Hurricane Beryl’s devastating impacts.

REFRESHER- What are cat bonds? Cat bonds are high-yield debt instruments designed to help ins. companies raise money in the event of a natural disaster. They are also frequently used to mitigate the effects of climate change — which can exacerbate and increase the frequency of some natural disasters — by transferring a specified set of risks from a sponsor, typically an ins. company to investors.

#2- IMO’s climate levy faces resistance from major economies: KSA, China, Brazil, South Africa, and eight other countries have formally opposed a proposed global levy on shipping emissions, according to a submission (pdf) to the United Nations’ International Maritime Organization (IMO) on 31 January. The countries argued that the levy — basically a greenhouse gas (GHG) tax pricing mechanism — could harm developing nations’ exports, drive up food prices, and deepen global inequalities, The Guardian reported on Monday. They also claimed that the tax is unnecessary for meeting the IMO’s GHG reduction targets.

IN CONTEXT- The proposed levy on GHG emissions has been on the agenda of the 18th IMO meeting, which is set to wrap today. Another round of talks in March is expected before a final decision is taken in April. If adopted, the levy is expected to enter into action globally in early 2027.

Some are on board: At least 46 countries — representing around two-thirds of the global shipping fleet — support the levy, viewing it as a critical tool to raise USD bns annually for climate adaptation in vulnerable regions. Countries including Greece, Japan, South Korea, the UK, the European Commission, and the International Chamber of Shipping, have proposed tax rates ranging from USD 18 to USD 150 per tonne of GHG emissions.

Key disputes: Some industry players argue that the funds should be directed toward helping shipping companies transition to lower-carbon fuels and vessels. However, many developing nations strongly oppose this, insisting that the proceeds should qualify as climate finance to support their emission reduction and adaptation efforts.

THE SCORECARD-

#1- The global ESG sukuk market surpassed USD 50 bn in 2024, with Saudi Arabia, Malaysia, and Indonesia accounting for 67% of the total, Zawya reported, citing data from the London Stock Exchange Group (LSEG). ESG sukuk issuances grew 14.5% y-o-y to USD 15.2 bn last year, accounting for 1.8% of total ESG bonds and 6.2% of total sukuk issuances. Sustainability sukuk nearly doubled during the year, comprising 69% of all ESG sukuk.

Financial institutions issued 55% of ESG sukuk in 2024, with 93% coming from GCC-based banks. Saudi banks snapped four places among the top 10 issuers of ESG Sukuk in 2024, including Rajhi Bank (USD 2.26 bn), Saudi National Bank (USD 850 mn), Saudi Investment Bank (USD 750 mn), and Riyadh Bank (USD 750 mn).

#2- UAE’s Emsteel is now targeting greenhouse emissions reductions of 40% and 30% for its steel and cement units, respectively, by 2030, from a 2019 baseline, according to a press release from Monday. The new targets are part of the company’s new decarbonization strategy that aims to improve energy efficiency, optimize its technologies, incorporate the use of alternative fuels and raw materials in its production processes, as well as fully transition to renewables-powered production by 2030. The strategy aligns with the goal of reaching net zero emissions by 2050.

DATA POINT-

KSA’s Northern Borders province is estimated to hold over SAR 4.7 tn in mineral reserves, the Saudi Mineral and Natural Resources Ministry posted on X. The ministry already issued 29 mining licenses for operations in five ore phosphate mining sites.

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CIRCLE YOUR CALENDAR-

The US will host the UN Development Cooperation Forum from Wednesday, 12 March until Thursday, 13 March in New York. The event aims to act as a hub for global dialogue on furthering the sustainable development goals between government officials, industry leaders, NGOs, private sector entities, multilateral development banks, and other financial institutions.

The UAE will host the Middle East Energy conference from Monday, 7 April until Wednesday, 9 April in Dubai. The event will target 6 product sectors, including smart solutions, transmissions and distribution, renewable and clean energy, critical and backup power, energy consumption and management, and battery and eMobility.

The UAE will host theSolar Energy Storage Future MENA conference on Tuesday, 8 April in Dubai. The conference aims to empower solar energy and storage in the MENA region to align with net zero goals. Planned events include a panel on navigating competitive markets and financing energy efficiency upgrades.

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

Ma’aden purchases 20.6% Alba stake

Ma’aden buys SABIC out of Bahrain’s Alba in push towards green metals: Saudi Basic Industries (Sabic) wrapped up the sale of its 20.6% stake in Bahrain Bourse-listed Aluminium Bahrain (Alba) to Saudi Arabian Mining (Maaden) following regulatory approvals, according to two separate filings to Tadawul on Wednesday (here and here). Sabic lined up some SAR 3.6 bn in proceeds from the sale.

This has been in the making for some time: Ma’aden signed a share purchase agreement to acquire Sabic’s entire 20.6% stake — about 292.8k ordinary shares — in Alba back in September.

REMEMBER- The two companies signed a non-binding Heads of Terms agreement back in September that would have seen the Saudi mining giant acquire a 51% stake in Alba through a share swap to cross-list it on the Saudi Exchange last September, but both companies agreed to scrap the plan last month.

ICYMI- Alba is expanding its green aluminum production. The company partnered with Japan’s Daiki Aluminium in August 2024 to develop a recycling facility for aluminum dross—a byproduct of the smelting process—to recover valuable metal and cut waste. Meanwhile, Alba is installing a 680.9 MW hydrogen-ready turbine, the first of its kind globally, at its fifth power plant. The company is also working with Mitsubishi to develop CO2 capture technology, aiming to remove 500k-1 mn metric tons of emissions per year by 2030.

ADVISORS- Merrill Lynch KSA is the financial advisor, while AS&H Clifford Chance Law Firm is serving as the legal advisor. Moelis & Company UK is advising Alba on the transaction.

Dubai to build 1.6 GW solar facility with BESS

UAE is planning another around-the-clock mega solar facility: Dubai is planning to build the seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park to include 1.6 GW of solar photovoltaic capacity with 1 GW battery energy storage system (BESS), according to a statement on Wednesday. Dewa has yet to select a developer for the facility, which is planned to be commissioned between 2027 and 2029, the statement added.

Consulting consortium appointed: Dewa appointed a Deloitte-led consortium as the consultant for the project, which will handle the tender documents, design, submissions management, commercial negotiations, financial structuring, and power purchase agreements, as well as reaching financial close. The consortium will also be responsible for marketing and investor outreach.

REMEMBER- Abu Dhabi moved on this feat first: Masdar and Emirates Water and Electricity Company will develop a USD 6 bn, 5.2 GW solar project that will be linked to a 19 GWh BESS, making it one of the largest of its kind in the world. The mega project will produce 1 GW of uninterrupted baseload clean power daily on 90 sq km of land in the Abu Dhabi desert, with financing planned through debt facilities and equity. The project is set for 2027 completion.

The UAE has big renewables goals: The UAE is aiming to achieve net zero by 2050 with renewables making up a 30% share of its electricity mix by 2030. The country is now seeing “probably the highest demand” for energy as the economy continues to grow and is expected to get one or two large-scale solar projects every year until 2030. The UAE currently generates around 6 GW of renewable energy and targets to increase this to at least 15 GW by 2030.

OTHER SOLAR UPDATES ELSEWHERE-

#1- Acwa’s Shuaiba 2 solar plant to start commercial operations: An Acwa Power-led consortium has received the commercial operation certificate from the Saudi Power Procurement Company for the first, second, and third phases of its 2.1 GW Shuaiba 2 Solar PV plant in Saudi, according to a disclosure issued Thursday. The project is now fully operational.

What we know: The project will have two stations with 2.6 GW total capacity and is being developed by Saudi Aramco, PIF subsidiary Badil, and Acwa. It is set to be the largest solar PV plant in Saudi Arabia with a value of SAR 8.3 bn (c.USD 2.2 bn) and will be able to power 450k homes.

REMEMBER- Acwa began commercial operations for the 600 MW Shuaiba 1 after receiving commercial operation certificates back in November.

#2- Nama receives four bids for Ibri solar project: Oman’s Nama Power and Water Procurement Company has received four bids for the development of the 500 MW Ibri III Solar IPP in Al Dhahirah, according to a statement released on Monday. Bidders include a consortium composed of Masdar, Korea Midland Power, and Al Khadra Partners, an Acwa-TotalEnergies consortium, and an alliance consisting of EDF Renewables and Korean Western Power, and an independent proposal from Singapore’s Sembcorp Utilities. Operations are expected to begin in 1Q 2027.

About the project: Nama prequalified nine international companies or consortiums for the development of the project in June 2024. Ibri III has an investment value of OMR 155 mn (c. USD 402.7 mn) and is expected to generate 1.5 TWh of renewable energy annually and reduce CO2 emission by 505k tons per annum at full capacity.

Egypt inks a myriad of agreements at the Egypt Energy Show

Egypt signed several green sector agreements last week on the sidelines of the EgyptEnergy Show (Egypes), which ran from Monday before closing its doors on Wednesday, 19 February. The agreements cover projects spanning the green sector, from wind, solar, EVs, carbon capture, and other industrial decarbonization ventures.

WIND-

Another mega wind farm incoming for Egypt: Saudi renewables giant Acwa Power is setting up a 2 GW wind farm in South Hurghada with investments of SAR 8.6 bn (c. USD 2.3 bn), Saudi Energy Minister Abdulaziz bin Salman said during the first day of the Egypt Energy Show. The company inked a power purchase agreement with the Egyptian Electricity Transmission Company for the project, he added.

Not Acwa’s first in the country: Acwa Power and energy and infrastructure leader Hassan Allam Utilities are setting up a USD 1.2 bn, 1.1 GW wind farm in the Gulf of Suez. The project reached a financial close earlier this year and is expected to kick off commercial operations in 2Q 2027.

CARBON CAPTURE-

#1- Mopco and ThyssenKrupp to set up carbon capture project in Egypt: Misr Fertilizers Production Company (Mopco) signed a cooperation agreement and an MoU with Germany’s ThyssenKrupp to develop a USD 220 mn carbon capture project, according to an Oil Ministry statement on Wednesday.

A step toward lower emissions: The project will help Mopco capture CO2 from its ammonia plant. The project is expected to cut emissions by 150k tons per year, increase urea production by 10%, and improve natural gas efficiency by another 10%. The project will also upgrade Mopco’s three urea plants to produce TGU, a key component in AdBlue, which is used to reduce harmful nitrogen oxides from vehicle emissions.

A helping hand: The agreement will see ThyssenKrupp conduct the feasibility studies needed for the project, as well as handle the engineering designs and provide technical support.

#2- Egypt + Greece to partner on CCUS: Egypt’s Oil Ministry has signed an MoU with Greece’s Environment and Energy Ministry to collaborate on carbon capture, utilization, and storage, according to a statement released on Tuesday. The pair will work on proposals exploring carbon capture and storage regulatory frameworks with support from Greece’s industrial knowledge, as well as assess the economic feasibility of different applications of the tech. Egypt is also exploring the possibility of exporting carbon dioxide to European markets for industrial use.

ELECTRIC VEHICLES-

Egyptian public + private companies form new EV charging firm: Infinity EV Charging and Hassan Allam Utilities have inked a shareholder agreement with state-owned Misr Petroleum and Gastec to establish a new EV charging company, according to a press release (pdf) on Thursday. The partnership aims to install and operate chargers at key high-traffic locations nationwide, tapping into the fuel station networks of Misr Petroleum and Gastec.

ENERGY EFFICIENCY-

Egypt and Saudi Arabia signed an executive plan for cooperation in energy efficiency, which should see the two sides set up a program for energy efficiency, look into setting up a joint entity to implement energy efficiency projects, and exchange expertise in the field, according to statements here and here published on Monday.The pair are assessing plans to first target government buildings before expanding to rehabilitate all buildings following Saudi’s National Energy Services Company (Tarshid) as an example, Al Arabiya reported on Monday.

OTHER PARTNERSHIPS TO NOTE-

#1- Egypt + Huawei partner on solar energy: Egypt’s Oil Ministry and Huawei Egypt Technology company signed an MoU to cooperate on developing solar energy projects and renewable energy networks in a bid for energy transformation within the Egyptian petroleum sector, according to a statement on Thursday. Under the agreement, Huawei will work on and handle the costs of a pilot solar PV project, a microgrid system, and battery-powered generators to support a group of wells at a petroleum production site sometime during 1H 2025.

#2- An emissions reduction partnership: The Ministry also signed an agreement with the Chinese Anton Oilfield Services Group to reduce gas flaring through utilization projects and increase the adoption of renewables in oil and gas facilities to improve efficiency. The pair still has to identify where the initiative will be implemented.

#3- Enppi made new friends: Enppi — the engineering arm of Egypt's public petroleum sector — and Intro Sustainable Power Utilities signed a cooperation agreement to provide clean energy solutions and promote its use. The company also signed a cooperation agreement with Infinity to cooperate on and support renewable uptake in the oil, gas, and energy sectors via strategic partnerships with international companies.

#4- Exploring possible SAF production project: Oil Minister Karim Badawi agreed with the CEO of Italian engineering group Tecnimont to set up a work program dedicated to establishing a joint sustainable aviation fuel production project in Egypt.

AIIB partners with KSA & Turkey to drive sustainable infrastructure

AIIB to commit USD 5 bn financing for Turkey’s public projects: The Asian Infrastructure Investment Bank (AIIB) and Turkey have inked an MoU for USD 5 bn in financing for green and climate-resiliency public sector projects from 2025 to 2027, according to a statement issued on Monday. The financing will support projects in the energy, healthcare, water management, and transport sectors. The lender may also allocate USD 5 bn for private sector projects later, Reuters reported on Monday.

Saudi gets something too: AIIB and Saudi Arabia also inked a joint declaration of intent to launch a sustainable investment program, according to a press release issued Monday. The proposed program will aim to mobilize financing for power generation and transmission, sustainable transport, renewable energy and battery storage, as well as eqarthquake preparedness. The framework also aims to expand AIIB’s nonsovereign-backed through public-private partnerships.

IN OTHER GREEN FINANCE UPDATES-

Morocco’s green hydrogen ambitions got a boost: HydroJeel has secured a EUR 30 mn grant from the Power-to-X Development Fund to support the Moroccan state-owned fertilizers’ giant OCP’s Jorf Hydrogen Project (JH2P), according to a press release issued last week. The PtX Development Fund — an initiative backed by the German federal government and managed by KGAL Investment Management — awarded the grant following a competitive process that evaluated 98 proposals from seven countries.

The project’s details: JH2P aims to produce 100k tons of green ammonia annually by the end of 2026, cutting around 300k tonnes of CO2 emissions, according to the press release. The project is expected to scale production to 1 mn tons by 2027 and 3 mn tons by 2032. The Front-End Engineering Design phase for the project was set to kick off in November 2024.

About the company: HydroJeel is a subsidiary of Innovx, a company backed by Mohammed VI Polytechnic University. Innovx presents itself as a venture capital and business development company focused on sustainability and tech.

Iran taps Chinese financing for 1.76 GW solar buildout

Iran’s Economic Council has approved a CNY 3.9 bn (c. USD 543 mn) foreign loan to develop 1.76 GW of solar power across the country, Tehran Times reported on Sunday. The project involves the construction of 586 solar power plants, each with a capacity of 3 MW.

Where’s the money going? The total cost is estimated at CNY 4.6 bn (c.USD 640 mn), with the foreign loan covering 85% of the cost. The remaining CNY 687.8 mn (USD 96 mn) will be funded as an advance payment by the Renewable Energy and Energy Efficiency Organization, which it should fund through electricity exports or other revenue streams.

REMEMBER- Iran plans to generate 30 GW of electricity from renewable sources over the next four years. Around 2.4 GW of this planned capacity is targeted to be online next summer, which would bring new additions in this time frame to 5 GW after including previously planned developments.

IN OTHER REGIONAL DEBT WATCH NEWS-

#1- Tabreed eyes USD 2 bn NCD issuance: District cooling firm Tabreed’s board will seek shareholder approval on 25 March to issue up to USD 2 bn in additional non-convertible debt instruments, according to a disclosure (pdf). The issuance may take place in one or more tranches, either directly or through a special-purpose vehicle. The firm had earlier confirmed that news of its plans to refinance debt is “accurate” and that it is “evaluating various refinancing options,” according to a separate disclosure (pdf) submitted to the DFM on Tuesday.

We knew this was coming: Tabreed CFO Adel Salem Al Wahedi had said the company plans to issue USD 1.2 bn in green bonds or sukuk to refinance debt this year, including USD 500 mn bonds maturing in October 2025 and USD 700 mn loan due in March 2025. It also completed a tender offer last April to repurchase USD 500 mn outstanding trust certificates that were due this year. The company has repurchased USD 240 mn in outstanding sukuk so far and currently has a BBB credit rating with a stable outlook from Fitch, Zawya reports.

#2- Oman secures financing for second phase of Sohar waste facility: Oman Environmental Services Holding Company (Be’ah) has inked an OMR 51 mn (c.USD 132.6 mn) financing agreement with Ahli Islamic to partially fund the second phase of its industrial waste treatment facility at Sohar Freezone, according to a statement on Thursday. The financing will support developing the hazardous waste treatment plant, upgrading physicochemical treatment tech, and building facilities for used oils and highly toxic waste treatment. It also covers installing smart storage tanks and advanced infrastructure to boost operational efficiency.

REMEMBER- Be’ah inked an agreement with Singapore-based environmental technology provider Tialoc and Omani construction company Al Ramooz National to commence the second phase last August. The facility is set to be completed this year, with the first phase — which is currently operational — including three landfills and an open and closed area for industrial waste.

#3- Jordan receives EBRD loan for electricity transmission project: Jordan’s National Electric Power Company (Nepco) has received a EUR 67.1 mn (c. USD 70 mn) financing package from the European Bank for Reconstruction and Development (EBRD) to boost the country’s grid to accommodate increased generation capacity, according to a press release from Thursday. The financing comprises a EUR 54.7 sovereign-guaranteed EBRD loan and a EUR 12.4 mn EU investment grant, alongside a EUR 2.2 mn technical cooperation grant to appoint a project implementation consultant for Nepco.

Where’s the money going?The funds will go towards constructing the Northern Green Substation Transmission (NGST) project and four new overhead transmission lines, including two 400 kV lines connecting substations in Samra and Amman West and two 132 kV lines connecting the Hasan Industrial and Jerash substations.

Sounds familiar? The EBRD said it was extending a USD 28.25 mn loan to Nepco for the NGST project last October.

#3- Egypt’s Arabian Cement Company (ACC) has secured a EUR 25 mn financing package from EBRD and EU to support the company’s decarbonization efforts, according to a press release from Thursday. The EU is also providing a “first loss risk cover” from its European Fund for Sustainable Development Plus, which offers risk-sharing facilities of up to EUR 40 bn to support Sustainable Development Goals projects in partner countries.

The details: ACC will use the money to expand its use of alternative fuel and improve energy efficiency, reducing some 130k tons of emissions annually. The company also plans to install a new energy-efficient hydrogen injection system — which would be the first in Egypt’s cement sector — to improve combustion efficiency, thereby decreasing fuel consumption and emissions.

REFRESHER- EBRD and UAE-based consulting firm A³&Co partnered to support ACC in developing a decarbonization roadmap back in 2023.

FY 2024 results from Empower, Tabreed, and Sabic’s Agri-Nutrients

EMPOWER-

EmiratesCentral Cooling Systems Corporation (Empower) reported a 5.6% y-o-y increase in revenues, reaching AED 809 mn in 4Q 2024, according to its earnings release (pdf).

For the full year, net income declined 5.4% y-o-y to AED 908.2 mn, while revenues rose 7.4% to AED 3.3 bn, according to the company's financial statements (pdf). Empower attributed the growth to portfolio expansion and an increase in end-users.

In high demand: Empower saw its contracted capacity jump 6.9% from 2023 to 1.78 mn refrigeration tons (RT), according to the financial statements. The increased capacity comes from signing 111 contracts in 2024 and expanding the company’s distribution pipeline network throughout Dubai to over 418 km and 88 district cooling plants.

Empower had a busy year: Empower inaugurated the first phase of its new district cooling plant in Jumeirah Beach Hills in December — with a total production capacity of 48k RT upon completion — and will develop a second district cooling plant with a capacity of 37k RT in Jumeirah. The company also signed an MoU in November with the UAE Ministry of Energy and Infrastructure to enhance collaboration in delivering district cooling services across the northern emirates.

ALSO- Empower’s subsidiary ELIPS expands across Gulf and regional markets: Empower Insulated Pipe Systems (ELIPS) has expanded its footprint across the Gulf and Middle East, and is now operating in Saudi Arabia, Bahrain, Oman, Qatar, Kuwait, and Egypt, according to a DFM disclosure (pdf).

TABREED-

UAE district cooling firm Tabreed’s net income attributable to shareholders increased 32% y-o-y to AED 570 mn in FY 2024, according to a press release from Friday. Revenues increased slightly to AED 2.434 bn from AED 2.415 bn in 2023. The company attributed the revenue bump to a 5% increase in consumption volumes to 2.66 bn refrigeration hours, and connected capacity hitting 23.8k refrigeration tons (RT). The company added 23.6k RT to its portfolio of 92 plants in 2024.

Behind the numbers: The growth in capacity came on the back of expansions at existing plants — including those in India and Egypt — as well as the commissioning of two new greenfield plants in the UAE and Oman during the year, the release notes.

Green issuances on the horizon…: Tabreed is considering issuing up to USD 1.2 bn of green sukuk and bonds in 2025 to refinance some of its debt, CFO Adel Salem Al Wahedi said back in May.

… carbon trading as well: One Tabreed’s Abu Dhabi plants secured the Verified Carbon Standard verification in September from the US-based voluntary carbon credit certification body Verra, making it eligible for carbon trading. The verification would allow the company to trade carbon credits as an “emissions preventer,” reportedly marking the first time a district cooling company has earned the title.

REMEMBER- Tabreed’s net income after tax fell 52% y-o-y to AED 112 mn in 1Q 2024 on the back of one-off gains in the same period in the preceding year before picking back up in 3Q with increased net income of AED 165.5 mn and revenues of AED 770.9 mn.

SABIC AGRI-NUTRIENTS-

KSA’s Sabic Agri-Nutrients reported a net income drop of 2% y-o-y to SAR 954 mn in 4Q 2024, according to its earning release (pdf) issued Monday. Revenue jumped 2% y-o-y to SAR 3 bn. The urea and ammonia producer noted that global urea markets weakened in 4Q 2024 due to a seasonal demand slowdown.

By the year, the company posted a 9% y-o-y drop in net income to SAR 3.3 bn in 2024, attributed to lower sales prices and higher costs of goods. Revenue edged up 0.3% to SAR 11.1 bn, with a 3% increase in sales volume offsetting a 3% decline in average selling prices.

Powering on: Sabic is working on finalizing technical and feasibility studies that would allow it to reach a final investment decision on a new low-carbon ammonia plant in Jubail Industrial City, the earnings release added. The factory is set to produce 1.2 mn metric tons per annum (MMTA) of low-carbon blue ammonia and 1.1 MMTA of urea and specialized agri-nutrients The company has already exported 5k metric tons of blue ammonia to Taiwan, another 5k ton load to India, an unknown quantity to Japan, and 25k tons of low-carbon blue ammonia to South Korea.

Solar, wastewater treatment, infrastructure updates, and more from KSA, Qatar and the UAE

SOLAR-

#1- China’s TrinaTracker opens its Saudi 3 GW manufacturing facility: Trinasolar subsidiary and solar tracking solutions firm TrinaTracker has inaugurated its 3 GW manufacturing facility — dubbed Trina Tracker for Renewable Energy — in the 3rd Industrial City in Jeddah, according to a press release from Wednesday. The factory will begin production within this quarter.

The details: The factory will produce its Vanguard series of solar trackers and smart control systems. The facility will be TrinaTracker’s fourth production plant, after those it have in China, Spain, and Brazil. The plant will run a zero-emissions process and is expected to speed up delivery, technical support, and sales.

LEGISLATION WATCH-

Jordan cabinet advances electricity law draft: Jordan’s Council of Ministers has approved the 2025 electricity law draft, including provisions to attract investments in green hydrogen and energy storage, according to a statement published on Wednesday. The bill is yet to be added to the House of Representatives’ agenda.

We first heard about this draft in November last year, with reports saying that it would include provisions facilitating companies and households’ ability to establish and manage their own energy storage facilities and introduce a licensing scheme managed by the Energy and Minerals Regulatory Commission to regulate the sector, issue licenses, mitigate external shocks by boosting local renewable production.

What’s new: The draft law also aims to bolster investment in green hydrogen projects by adding clauses on autonomous generation and transmission of electricity, Jordan’s Energy and Mineral Resources Minister Saleh A. Al-Kharabsheh said.

DECARBONIZATION-

Ewec opens 1Q 2025 CECs auction: Emirates Water and Electricity Company (Ewec) has opened registrations for its 1Q 2025 Clean Energy Certificates (CECs) auction, according to a press release issued on Wednesday. CECs enable companies to reduce Scope 2 emissions. The auction is scheduled to close on 14 March.

ICYMI- The CECs include wind energy CECs after Ewec debuted the certificates in 3Q 2024. They were also included in the company’s 4Q 2024 registration.

WASTE MANAGEMENT-

#1- NWC expands wastewater treatment capacity at Riyadh site: Saudi Arabia’s National Water Company (NWC) inaugurated the third phase of its wastewater treatment plant in the south of Riyadh, doubling the total capacity for the facility to be 400k cubic meters, according to a press release from Tuesday. The expansion is part of the company’s SAR 387 mn (c. USD 103 mn) plan to boost its infrastructure, coverage, and efficiency.

Part of a bigger plan: The NWC pledged to invest EUR 200 bn by 2030 in projects that support its goal of providing safe and efficient water and sanitation. Under Saudi’s National Transformation Program, NWC works on preserving the country’s natural resources through optimal utilization of water resources, conservation and maximum utilization of renewable water.

#2- ATR + CDE ink agreement for wet processing tech in Qatar: Advanced Technology Recycling has inked an agreement with Australia’s CDE to deploy wet processing technology for construction and demolition (C&D) waste, according to a press release issued last week. The agreement will see CDE supply equipment to ATR to efficiently recover resources from construction waste.

About CDE: The company specializes in wet processing solutions that transform waste materials — including C&D waste, contaminated soils, and industrial byproducts — into reusable resources, according to its website. Its technology is used in sectors including infrastructure, mining, and environmental remediation.

INFRASTRUCTURE-

Hyundai bags yet another Saudi transmission line order: Hyundai Engineering & Construction has been commissioned by the Saudi Electricity Company (SEC) to construct two transmission lines worth USD 389 mn as part of the Solar Power Generation Linked 380kV Transmission Line Construction Project, according to a press release from Monday. The first line will span 311 km and connect a planned solar plant in Humaijee to a substation near Medina. The second line in Jeddah will be 180 km long and connect a planned solar plant in Kulis to existing power lines near Mecca. Both lines are expected to be completed by November 2027.

Hyundai E&C is doing plenty in Saudi: The engineering firm secured a USD 713.9 mn contract from the SEC in November for the construction of a 369-km section of the 500-kilovolt 1,089-km high-voltage direct current (HVDC) transmission line connecting Riyadh with Kudmi in southwestern Saudi Arabia. The company was also commissioned last year to build another HVDC transmission line linking Neom with the southwestern port city of Yanbu. Hyundai was also awarded a USD 145 mn contract last year to build a 525 KV HVDC transmission line connecting Saudi Arabia’s net zero city Neom to cities across the country.

GREEN PARTNERSHIPS-

Emirati and French firms inked green partnership agreements at the third meeting of the UAE-France High-Level Business Council in Paris, according to a press release published on Monday. Masdar, TotalEnergies, and International Holding Company’s investment subsidiary 2PointZero will partner to bolster clear energy in emerging African and Asian economies. Adnoc and French waste and water management company Veolia will also cooperate to increase water consumption efficiency through water recycling, consumption minimization, emissions reductions, and establishing a framework targeting water loss reduction.

M&A WATCH-

ADX-listed IHC restructures its energy infrastructure units: UAE’s IHC subsidiary and smart city solutions provider 2PointZero acquired a “significant stake” in Abu Dhabi energy distributor Enterprise Holding Investment (EHC), according to a joint statement published last Friday. This is a related party transaction given that EHC is also a unit of IHC, and comes in a bid to boost 2PointZero’s energy platform, EPointZero.

What’s next? Under the acquisition, 2PointZero will roll out advanced smart grid technologies, AI-powered analytics, and advanced monitoring systems to boost energy distribution efficiency across the country.

GEOTHERMAL-

EDF + Taqa to partner on geothermal energy in Saudi Arabia: EDF Saudi Arabia and Taqa Geothermal Energy Company have signed an MoU to partner on geothermal energy on the sidelines of the PIF Private Sector Forum, according to a press release from last week. The pair will collaborate on geothermal energy generation, HVAC applications, space cooling system applications, and compressed air energy storage.

REMEMBER- Taqa established the Taqa Geothermal Energy Company with Iceland’s Reykjavik Geothermal in Riyadh in 2023 to build up a generation capacity of 1 GW of geothermal power. It also has over 266 geothermal wells drilled in Turkey and Eastern Europe.

GREEN HYDROGEN-

Ohmium launches new Abu Dhabi operations hub: US-based Ohmium International — which designs and manufactures Proton Exchange Membrane (PEM) electrolyzers — has opened a Rapid Response Service Center in Abu Dhabi, according to a press release from last week. The center will provide maintenance and refurbishment services to the UAE hydrogen production market, allowing targeted repairs that can have individual parts of its PEM system fixed and returned to the center within three days rather than four to five weeks.

Ohmium is not new to the UAE: The hydrogen solutions firm partnered with Emirates Steel Arkan and Abu Dhabi’s Khalifa University in December 2023 to develop a green hydrogen-focused research and development program for decarbonizing the UAE’s steel industry. Emirates Steel Arkan planned to build on the research to produce Direct Reduced Iron and expand in the green steel sector.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

Aqaba greenlights land use reforms to suit H2 projects: The Board Commissioners of Jordan’s Aqaba Special Economic Zone Authority (ASEZA) has approved amendments to land use regulations in the southern industrial zone to support green hydrogen projects. (Petra)
PIF-backed Ceer to roll out first EV models later this year: Saudi Arabia’s first EV maker Ceer plans to launch its first two models — a sedan and an E-Class-SUV — by late 2025, aiming to start production & sales in 2026. The automaker is pushing to localize its supply chain, inking 11 agreements worth SAR 5.5 bn (c.USD 1.5 bn) at the PIF Public Sector Forum last week, primarily with Saudi firms. (Asharq Al-Awsat)
Qatar opens land plots for recycling factories in Al Afja: Qatar’s Municipality Ministry and the Commerce and Industry Ministry will offer 30 land plots for recycling factories in the Al Afja Recycling Industries Zone. Investment windows cover recycling paper, wood, plastic, glass, used fabrics, e-waste, animal waste, and food waste. Registration will run from 21 May till 21 August. (The Peninsula)
Cenomi Centers + EVIQ to expand Saudi EV charging infrastructure: Cenomi Centers has tapped Electric Vehicle Infrastructure Company (EVIQ) to install electric vehicle fast-charging hubs across its 22 centers in Saudi Arabia, including Mall of Arabia Jeddah, Mall of Dhahran, and Nakheel Mall Riyadh. (Statement, pdf)

Enagas to boost hydrogen infrastructure with some EUR 4 bn

Enagas earmarks EUR 4 bn for hydrogen infrastructure: Spanish gas grid operator Enagas is planning to dedicate EUR 3.13 bn of a EUR 4 bn (USD 4.18 bn) investment by 2030 to hydrogen infrastructure in the country, Reuters reported on Tuesday. The firm is looking to make up for the low demand on Spanish gas by reducing its debt and diversifying its portfolio through investing in hydrogen infrastructure management — which is expected to yield EUR 290 mn in profits in 2030 — and tapping into ammonia and carbon capture. Enagas plans to invest in Spain’s planned hydrogen network and the H2Med corridor connecting Iberia with northwest Europe.

Mauritania advances GreenGo’s green hydrogen megaproject: Danish renewable energy producer GreenGo has signed an agreement with the Mauritanian government granting it more than 100k hectares of land to establish a green hydrogen project dubbed Megaton Moon, according to a press release published on Monday. The project’s first phase — planned to be operational in 2029 — is set to produce 339k tons of green ammonia per year, with a capacity of 500 MW of electrolysis and 1.2 GW of renewable power. Full capacity is expected to comprise 6 GW of electrolysis and 13 GW of renewable power at its peak.

Recent waves in North African green hydrogen: Mauritania’s neighbors in North Africa are slated to play a critical role in planned green hydrogen exports to Europe through the SoutH2 Corridor, with several green hydrogen supply and production projects being planned in Tunisia and Algeria.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

China to roll out the world’s first offshore vessel equipped with carbon capture tech: China’s state-owned Cosco Ocean Shipping Heavy Industry is slated to deliver the world’s first oil ship equipped with carbon capture tech this month. The 330-meter floating production storage & offloading unit (FPSO) will capture its own CO2 emissions and repurpose exhaust heat to generate electricity, reducing its environmental impact and ensuring energy efficiency. (South China Morning Post)

EU tightens rules on tackling food and textile waste

EU moves to cut food and textile waste: The EU has agreed to implement new rules that would charge producers for the costs of recycling food and textile waste and to set legally binding food waste reduction targets, the Financial Times reported on Wednesday. The rules are still subject to final approval from the EU Parliament and Council, but adoption is highly likely.

The reasoning: The EU food industry is responsible for 60 mn tons of waste annually in the bloc, while the textile industry is responsible for 12.6 mn tons.

Extended responsibility: Textile producers based in the EU or that operate outside and sell into the bloc via online shopping will have to cover the costs of collecting, sorting, and recycling their products through extended producer responsibility schemes. The bloc set a deadline of 30 months from now for the rules to take effect, but smaller businesses will be given an extra year to adapt. The EU hopes to target fast fashion firms with its new rules.

Strict targets for food wasters: EU countries will have to cut down food waste by 10% in food manufacturing and processing and by 30% per capita in retail, restaurants, food services, and households — using 2021-2023 as a baseline — by the end of 2030. Larger food businesses will also have to put up unsold and still edible food for donation to further reduce waste.

The targets may still not be enough: Campaign group Zero Waste Europe argued that the 10% target should have been much higher to align with a UN pledge to reduce food waste across the supply chain by 50%.

CALENDAR

FEBRUARY

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai, UAE.

24-27 February (Monday-Thursday): Oman Climate Week, Muscat, Oman.

25-26 February (Tuesday-Wednesday): Carbon Capture MENA Summit, Dubai, UAE.

MARCH

5-7 March (Wednesday-Friday): World Sustainable Development Summit, New Delhi, India.

7-9 March (Friday-Sunday): Climate Change and Global Warming Conference, Vienna, Austria.

12-13 March (Wednesday-Thursday): UN Development Cooperation Forum, New York, USA.

27-29 March (Thursday-Saturday): ANE Global Meet and Expo on Green Energy and Environmental Technology, Dubai, UAE.

31 March-1 April (Monday-Tuesday): Climate Chance Europe Africa Summit, Marseille, France.

APRIL

2-5 April (Wednesday-Saturday): Global Youth Climate Summit, Minas Gerais, Brazil.

7-9 April (Monday-Wednesday): Middle East Energy, Dubai, UAE.

8 April (Tuesday): Solar Energy Storage Future MENA, Dubai UAE.

9-10 April (Wednesday-Thursday): Global Hydrogen Forum, Barcelona, Spain.

10-12 April (Thursday-Saturday): SolarEX Istanbul, Istanbul, Turkey.

14-15 April (Monday-Tuesday): Istanbul Carbon Summit, Istanbul, Turkey.

15-16 April (Tuesday-Wednesday): Green Energy Summit Saudi Arabia, Riyadh, Saudi Arabia

15-17 April (Tuesday-Thursday): International Conference on Functional Materials and Renewable Energies, Tangier, Morocco.

21-23 April (Monday-Wednesday): Electric Vehicle Innovation Summit, Abu Dhabi, UAE.

MAY

6-8 May (Tuesday-Thursday): Autonomous e-Mobility Forum, Ar-Rayyan, Qatar

7-9 May (Wednesday-Friday): International Renewable Energy Conference, Istanbul, Turkey.

13-14 May (Tuesday-Wednesday): International District Cooling Conference, Riyadh, Saudi Arabia

14-15 May (Wednesday-Thursday): Saudi Arabia Green Energy Week, Riyadh, Saudi Arabia

JUNE

9-13 June (Monday-Friday): UN Ocean Conference, Nice, France.

15-17 June (Sunday-Tuesday): G7 Summit, Kananaskis, Canada.

16-26 June (Sunday-Saturday): Bonn Climate Change Conference, Bonn, Germany.

17-20 June (Tuesday-Friday): Mediterranean Water, Irrigation and Photovoltaic Exhibition, Tunisia.

30 June-3 July (Monday-Thursday): International Conference on Financing for Development, Seville, Spain.

SEPTEMBER

8-9 September (Monday-Tuesday): Sustainable Buildings and RetrofitTech Qatar Summit, Doha, Qatar.

9-11 September (Tuesday- Thursday): Global Water Energy and Climate Change Congress, Manama, Bahrain.

9-23 September (Tuesday-Tuesday): UN General Assembly, New York City, USA.

OCTOBER

14-15 October (Thursday-Wednesday): Egypt Energy, Cairo Egypt

20-21 October (Monday-Tuesday): Sustainable Buildings and RetrofitTech Saudi Summit, Riyadh, KSA

28-30 October (Tuesday-Thursday): EV Auto Show, Riyadh, Saudi Arabia

NOVEMBER

4-6 November (Tuesday-Thursday): World Social Summit, Doha, Qatar.

10-21 November (Monday-Friday): UN Climate Change Conference (COP30), Belém, Brazil.

22-23 November (Saturday-Sunday): G20 Leaders’ Summit, Johannesburg, South Africa.

25-26 November (Tuesday-Wednesday): Sustainable Buildings and RetrofitTech Bahrain Summit, Manama, Bahrain.

EVENTS WITH NO SET DATE

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.

November: Arab Forum for Renewable Energy and Energy Efficiency, Amman, Jordan.

2025

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

UAE to have over 1k EV charging stations installed.

Middle East Electric Vehicle Show, Sharjah, UAE.

2026

26-29 October (Monday-Thursday): World Energy Congress, Riyadh, Saudi Arabia.

UITP Global Public Transport Summit, Dubai, UAE.

Annual Meetings of the World Bank and the International Monetary Fund, Bangkok, Thailand.

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.

World Water Forum, Riyadh, Saudi Arabia.

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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