{"id":78714,"date":"2023-07-31T01:00:21","date_gmt":"2023-07-31T01:00:21","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/07\/31\/emirates-steel-arkan-walks-away-from-race-for-a-stake-in-thyssenkrupp-steel-mns-more-mangroves-for-ksa-and-oman-kicks-off-common-use-infrastructure-scheme-for-hydrogen\/"},"modified":"2023-07-31T01:00:21","modified_gmt":"2023-07-31T01:00:21","slug":"emirates-steel-arkan-walks-away-from-race-for-a-stake-in-thyssenkrupp-steel-mns-more-mangroves-for-ksa-and-oman-kicks-off-common-use-infrastructure-scheme-for-hydrogen","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/07\/31\/emirates-steel-arkan-walks-away-from-race-for-a-stake-in-thyssenkrupp-steel-mns-more-mangroves-for-ksa-and-oman-kicks-off-common-use-infrastructure-scheme-for-hydrogen\/","title":{"rendered":"Emirates Steel Arkan walks away from race for a stake in Thyssenkrupp Steel, mns more mangroves for KSA, and Oman kicks off common-use infrastructure scheme for hydrogen"},"content":{"rendered":"

Regional suitor no more for Thyssenkrupp Steel:<\/strong> The UAE\u2019s largest steel and building materials company Emirates Steel Arkan<\/a> is dropping out from an investment in leading German conglomerate Thyssenkrupp AG\u2019s steel unit, Bloomberg<\/a> reported on Thursday, citing people with knowledge of the matter. The news comes a few months<\/a> after Emirates Steel, which was the unit\u2019s most serious contender, was said to be considering a minority acquisition in the steel unit as part of a business partnership.<\/p>\n

What we know:<\/strong> Emirates Steel Arkan has stopped seeking a deal due to worries over the steel unit\u2019s pension liabilities and other hurdles, the sources told Bloomberg. Interest by another suitor, India\u2019s JSB Steel, has also dwindled, they added.<\/p>\n

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A push for mangroves in Saudi Arabia:<\/strong> Red Sea Global (RSG), a global multi-project developer fully owned by Saudi Arabia\u2019s sovereign wealth fund the Public Investment Fund, has opened its first dedicated mangrove nursery and plans to plant 50 mn mangrove trees by 2030, according to a statement<\/a> released last week. The project is in line with the Saudi Green Initiative and RSG\u2019s plan to deliver 30% net conservation benefit to the Saudi Red Sea coast by 2040.<\/p>\n

REMEMBER-<\/strong> Mangroves produce oxygen, protect beaches from erosion, are important for the reproduction of several kinds of fish, and sequester many times more CO2 than most other types of trees<\/a>.<\/p>\n

Mangroves are becoming a regional trend:<\/strong> UAE-based business conglomerate Essa Al Ghurair inked an agreement<\/a> in April with the UAE\u2019s Climate Change and Environment Ministry to plant 500k to 1 mn mangrove tree seeds and seedlings in the next decade. The scheme comes under the UAE\u2019s National Carbon Sequestration plan in which the country aims to plant 100 mn mangroves by 2030. Qatar also enforced policies last year<\/a> that have led to a 5k sq km growth in its mangrove swamps.<\/p>\n

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Oman kicks off common-use infrastructure scheme for hydrogen:<\/strong> Oman\u2019s hydrogen development entity Hydrom has launched a common-use infrastructure scheme to accelerate the development of the necessary infrastructure for recently signed hydrogen projects<\/a>, Managing Director Abdulaziz Al Shidhani told The Energy Year<\/a> in an interview last week. Al Shidhani said Hydrom is working with local players OQ Gas Network, Nama Group for Electricity and Water and other utility companies on the common infrastructure scheme. He said the infrastructure plan is being fast-tracked for the five projects it has already signed in Al Wusta and for another five to six projects targeted for signing for the Dhofar region. He estimated a timeline of six to seven years to construct the common infrastructure.<\/p>\n

More blocks to be awarded in early 2024:<\/strong> Hydrom aims to award at least five of the six blocks<\/a> in the Dhofar region by Q1 2024, Al Shidhani said, adding that the company already launched in June the second round of bidding. The qualification phase has already begun and Hydrom has started receiving registration requests through its auction platform, he added. Collectively, the six offered blocks should produce another 900k tons per year of green hydrogen, he said.<\/p>\n

ALSO- Oman is extending investment incentives and benefits to KSA: <\/strong>Saudi Arabia\u2019s sovereign wealth fund the Public Investment Fund (PIF) signed an MoU with Oman\u2019s Investment Authority to increase investments in the sultanate by offering benefits and incentives for PIF and its portfolio companies, according to a statement<\/a> released on Thursday. The agreement further strengthens the recent establishment of the PIF-owned entity Saudi Omani Investment Company which aims to invest up to USD 5 bn in \u201cpromising sectors\u201d in Oman. It is unclear whether this includes Oman\u2019s booming renewables and green hydrogen industry.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n