{"id":89230,"date":"2025-02-14T00:00:00","date_gmt":"2025-02-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2025\/02\/14\/top-stories-saudis-ceer-and-egypts-infinity-make-an-ev-push-investment-updates-galore\/"},"modified":"2025-02-14T00:00:00","modified_gmt":"2025-02-14T00:00:00","slug":"top-stories-saudis-ceer-and-egypts-infinity-make-an-ev-push-investment-updates-galore","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2025\/02\/14\/top-stories-saudis-ceer-and-egypts-infinity-make-an-ev-push-investment-updates-galore\/","title":{"rendered":"TOP STORIES: Saudi\u2019s Ceer and Egypt\u2019s Infinity make an EV push + investment updates galore"},"content":{"rendered":"

Good morning, folks. <\/strong>It is another very busy week of climate news, with a pile of updates on electric mobility and new major investments \u2014 sealed or planned \u2014 in everything green across the region. But first, an update on a major climate action deadline that most of the world missed\u2026<\/p>\n

THE BIG STORY ABROAD THIS WEEK- <\/strong>Major<\/strong> global polluters fumble climate February <\/strong>deadline: <\/strong>The EU, China, and India have all missed the UN-mandated February deadline to submit their Nationally Determined Contributions (NDCs)<\/a> to the United Nations Framework Convention on Climate Change (UNFCCC). The missed deadline is raising concerns that climate action may not be a top priority for some governments, despite USD 2 tn in global investments in clean energy and infrastructure last year.<\/p>\n

What are NDCs, again?<\/strong> An NDC is a five-year plan that signatories of the Paris Climate Accords are required to submit to the UNFCCC, outlining their efforts and plans to reduce emissions and mitigate climate change.<\/p>\n

Who came through<\/strong>? <\/strong>Other major economies, such as the UK, Japan, Brazil, and Canada, have all managed to meet the deadline, along with the US, although it is set to withdraw<\/a> from the agreement. <\/p>\n

The UK\u2019s plan stands out:<\/strong> The UK\u2019s submission is the only one that is set to conform to the Paris Accord\u2019s 1.5C warming target, with the country vowing to reduce its carbon emissions by 81% by 2035 compared to 1990 levels, Bloomberg reports, citing an analysis by Climate Action Tracker.<\/p>\n

ALSO- <\/strong>The UAE was the only nation in MENA \u2014 and the very first country \u2014 to submit its <\/strong>NDCs<\/strong>, according to the UN\u2019s NDC<\/a>registry<\/a>. The UAE pledged to cut emissions by 47% by 2035<\/a> in its early NDC plan submitted last November prior to COP 29.<\/p>\n

The story made headlines in the international press:<\/strong> Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | AP<\/a> | Washington Post<\/a> | Politico<\/a> <\/p>\n

\n

HAPPENING NEXT WEEK-<\/p>\n

The<\/a><\/strong>Egypt Energy Show<\/a><\/strong> will kick off on Monday, 17 February and run through to <\/strong>Wednesday, 19 February <\/strong>in Cairo. The event will bring together over 47k attendees and will highlight Egypt\u2019s role in driving green energy transformation in the region under the theme \u201cBuilding a secure and sustainable energy future.\u201d Speakers include Egypt\u2019s Petroleum and Mineral Resources Minister Karim Badawi, Infinity Power CEO Mohamed Ismail Mansour, and Fertiglobe CEO Ahmed El Hoshy. <\/p>\n

\n

WHAT WE\u2019RE TRACKING REGIONALLY-<\/p>\n

<\/a>#1- <\/strong>Infinity\u2019s <\/strong>EV infrastructure numbers on the rise: <\/strong>Infinity has installed 200 EV charging stations with 700 charging points across 16 Egyptian governorates, according to a Thursday press release (pdf)<\/a>. The company hopes to install 1k charging points by 4Q 2025, Managing Director of Infinity EV Division Shams Abdel Ghaffar said in the statement.<\/p>\n

Infinity is on a roll: <\/strong>Infinity signed an agreement<\/a> with Egyptian real estate company MG Developments in August to install and operate EV charging stations in several of their developments. It also partnered with SIAC Assets & Facilities Management to install and manage EV chargers<\/a> at their facilities in March and inked a similar agreement with Sodic. It is also working on a JV with EV charging product manufacturer Recharged to manufacture and sell home EV chargers.<\/p>\n

Branching out regionally:<\/strong> Infinity and Middle East Holding Company (MEH)<\/a> launched a new JV, Infinity Jordan, to build over 1k charging points across the country by 2030 back in December<\/a>.<\/p>\n

ALSO FROM INFINITY- <\/strong>Egypt has allocated 20 sq km of land for Masdar, Hassan Allam Utilities, and <\/strong>Infinity Power\u2019s 900 MW solar plant<\/strong> in the Al-Wahat region<\/strong>, a source at Hassan Allam Utilities confirmed to EnterpriseAM. The land is part of some 10k sq km the Egyptian New and Renewable Energy Authority has allocated for renewables projects in the New Valley Governorate. The news was first picked up by Al Arabiya<\/a> on Sunday.<\/p>\n

ICYMI-<\/strong> The country approved power purchase agreements<\/a> for the plant \u2014 along with the 300 MW Benban solar farm and 720 MWh of battery storage\u2014 with the consortium in November. Both projects are expected to begin trial operations in 2025. <\/p>\n

IN OTHER <\/strong>UPDATES FROM EGYPT- <\/strong>Sc<\/strong>a<\/strong>tec\u2019s<\/strong> 1 GW solar power plant at <\/strong>EgyptAlum\u2019s Nagaa Hammadi industrial complex will cost some USD 750 mn<\/strong>, according to a statement<\/a> published Tuesday. The project will be developed over two phases, each with a 500 MW capacity. The first phase could become online as early as this summer, according to the timeline given by the government when the agreement was signed back in February 2024<\/a>. <\/p>\n

The project will help the company reduce its emissions, a move that is essential to <\/strong>sustain its access to EU markets <\/strong>as the bloc advances its CO2 border tax (CBAM)<\/a> that would require firms exporting steel, cement, aluminum, electricity, fertilizers, and hydrogen into the EU to report manufacturing and eventually charge pollution fees on those products by 2026<\/p>\n

REMEMBER- The CBAM will have a big impact on the Egyptian aluminum industry: <\/strong>The EU is Egypt\u2019s largest trading partner, accounting for 31.1% of the country\u2019s exports in the 2022-2023 fiscal year, and the country\u2019s EU-bound exports of aluminum accounted for 79% of Egypt\u2019s total aluminum exports in 2022.<\/p>\n

<\/a><\/strong>AND- <\/strong>Egypt <\/strong>close to bagging EU financing for renewable grid connection: <\/strong>The Egyptian government is finalizing negotiations for over a EUR 200 mn financing from the EU and the European Bank of Reconstruction and Development to develop a 198 km power transmission line connecting Gabal El-Zeit wind farm to the grid, a senior government official told Asharq Business<\/a> on Thursday. The funds will include a EUR 165 mn loan and a EUR 35 mn grant, and the project\u2019s development could take up to a year to finish.<\/p>\n

Part of an expansion plan: <\/strong>Egypt\u2019s New and Renewable Energy Authority received government approval to build a 252 MW wind power extension<\/a> for the Gabal El Zeit wind farm last month. The energy produced from the project will be fed into the national grid.<\/p>\n

ALSO FROM EGYPT-<\/strong> Egyptian-based agriculture, <\/strong>construction<\/strong>, and mining machinery <\/strong>manufacturer<\/strong> Go <\/strong>Green <\/strong>is planning to sell carbon credits to Europe by 2027<\/strong>, Shorouk News<\/a> reported on Sunday, citing remarks by the company\u2019s Managing Director Hossam Abdelkader. The company is currently working with Gold Standard Bank to conduct studies on the volume of carbon emissions reduction certificates it can issue. The announcement was made at the EGX, marking the start of trading on Go Green\u2019s newly issued shares<\/a>.<\/p>\n

#2- <\/strong>Volar<\/strong> Air to build eSTOL in UAE: <\/strong>Hong Kong\u2019s Volar Air Mobility<\/a> is eyeing the manufacturing of RX4E \u2014 an electric short take-off and landing (eSTOL) aircraft \u2014 in Abu Dhabi for export and local market use, chairman Hooi Hing Lee told The National<\/a> on Wednesday. No timeline or investment ticket was disclosed.<\/p>\n

ICYMI-<\/strong>Volar signed an MoU with the China-UAE Industrial Capacity Cooperation Demonstration Zone in November<\/a> to explore the development of a comprehensive green aviation ecosystem in the UAE.<\/p>\n

MORE FROM UAE- <\/strong>Dubai\u2019s Roads<\/strong> and Transport Authority (RTA) will complete technical stud<\/strong>ies for <\/strong>its solar-powered Railbus system within two years, <\/strong>according to a Dubai Media Office statement on X<\/a> published on Monday. The solar-powered network, designed to complement the metro and tram, aims to be 20-30% cheaper than its global counterparts, with capsule-like vehicles holding 40 passengers each.<\/p>\n

The details:<\/strong> Each Railbus vehicle will use 3D-printed recyclable materials and the tracks are set to be covered in solar panels. The system targets first- and last-mile transit gaps in residential areas, linking to metro stations, RTA CEO Abdul Muhsen Ibrahim Kalbat told The National<\/a>. <\/p>\n

What's next?<\/strong> After the studies are completed, a feasibility study will be implemented to explore the best pilot routes and areas to launch the transport network, Kalbat added. <\/p>\n

#3- <\/strong>SPPC<\/strong> in<\/strong>vites bids for 8 GWh BESS projects:<\/strong> The Saudi Power Procurement Company (SPPC) has issued a Request for Proposals to qualified bidders for 2 GWh Battery Energy Storage System (BESS) projects, the first group of its 8 GWh developments, Trade Arabia<\/a> reported on Wednesday. The deadline for submissions is 2 June.<\/p>\n

ICYMI-<\/strong>SPPC prequalified 33 companies<\/a> last December for the project, which includes four segments, each with a capacity of 2 GWh \u2014 Al Muwyah and Haden in Makkah, Al Khushaybi in Qassim, and Al Kahafa in Hail. The projects will operate under a build-own-operate model, with the selected bidders retaining full ownership through a special purpose vehicle (SPV). Each SPV will be granted a 15-year Storage Service Agreement with SPPC.<\/p>\n

<\/a>#4- <\/strong>Morocc<\/strong>o advances 3 GW interconnection project:<\/strong> Morocco\u2019s National Office of Electricity and Drinking Water (ONEE) has reportedly tapped local engineering firm Geo Aman to conduct topographical surveys for its 3 GW power transmission line connecting Marrakech to the Western Sahara\u2019s Dakhla for some MAD 5.4 mn, Morocco-based 24saa<\/a> reported on Thursday. The 1.1 km project is being implemented in two phases, with the first reportedly spanning 600 km from Wadi Lakraan to Tantan at MAD 3 mn and the second covering the remaining 500 km to Marrakech at a cost of MAD 2.4 mn, with a launch date set for 2028.<\/p>\n

REMEMBER- <\/strong>ONEE reportedly initiated the review process<\/a> for applications for the high-voltage 3 GW power cable project last November. The bidders included the US-based GE Vernova, Germany\u2019s Siemens Energy, Power China, China\u2019s TBEA, and India\u2019s Larsen & Toubro.<\/p>\n

IN OTHER INTERCONNECTION UPDATES- <\/strong>Phase two of Egypt-Saudi interconnection is set for November: <\/strong>The second phase of the Egypt-Saudi electricity interconnection project<\/a> is on track for completion by November 2025, allowing the exchange of 3 GW, Al Mal<\/a> reported on Saturday, citing comments made by Egyptian Electricity Minister Mahmoud Esmat at a press conference. The first phase \u2014 with an exchange capacity of 1.5 \u2014 is set to launch in June and has already surpassed 70% of completion<\/a> as of last month.<\/p>\n

Egypt is big on interconnection projects: <\/strong>Egypt and Greece are currently working on advancing their 3 GW Egypt-Greece interconnection project<\/a>, with a EUR 20 mn loan from the EU to fund feasibility studies<\/a> reportedly being negotiated. The country is also working on a potential interconnection with Italy<\/a>. Egypt currently exports electricity to Jordan, Libya, and Sudan, with studies underway to enhance electricity links with both the Levant and Arabian Maghreb, further integrating Egypt into regional power networks. <\/p>\n

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WHAT WE\u2019RE TRACKING GLOBALLY-<\/p>\n

#1-<\/strong> Brookfie<\/strong>ld<\/strong> eyes sustainable energy firms for acquisition:<\/strong> Canada-based investment firm Brookfield \u2014 which oversees USD 126 bn in renewable and low-carbon investments \u2014 is actively scouting for major publicly traded sustainable energy (solar and wind) firms to acquire, Brookfield\u2019s president Connor Teskey told the Financial Times<\/a> on Wednesday. <\/p>\n

The reasoning:<\/strong> Teskey pointed to surging US electricity demand from data centers, arguing that the shift would sustain long-term demand for all types of energy sources, including clean energy, despite US President Donald Trump move to pull the plug<\/a> on climate policy last month.<\/p>\n

The firm raised USD 3.5 bn for its second energy transition fund, <\/strong>as part of its 4Q record fundraising of USD 29 bn in a funding round that is set to close by mid-year. <\/p>\n

#2- <\/strong>China<\/strong> is set to list its inaugural <\/strong>CNY<\/strong>-denominated sovereign green bond in <\/strong>London by the end of the year<\/strong>, Bloomberg<\/a> reported on Tuesday. No details have been shared yet, but portfolio manager at Azimut Investment Management Kuan Weng Pang expects the issuance size to be at least USD 3 bn. <\/p>\n

Why it matters: <\/strong>The issuance will redraw attention to China, whose issuance plummeted in 2024, and \u201cburnish its [green] credentials even more,\u201d research lead for sustainable finance in Asia at the Institute for Energy Economics and Financial Analysis Ramnath Iyer said. China\u2019s issuance of green bonds \u2014 by both public and private sectors \u2014 is currently second in the world at USD 540 bn, but only 1% of sales came from overseas investors. <\/p>\n

#3- <\/strong>BYD<\/strong> to <\/strong>form credit<\/strong> pool to avoid EU fines: <\/strong>BYD is holding talks to set up a carbon credit pool with European carmakers looking to avoid E<\/a>U fines<\/a> on emissions, Reuters<\/a> reported on Monday, citing comments made by BYD special adviser Alfredo Altavilla. BYD would sell the automakers carbon credits. No further details were added. <\/p>\n

REMEMBER-<\/strong> Two major emissions pools<\/a> emerged earlier this year as automakers scramble to meet the EU\u2019s strict 2025 emissions rules in a bid to evade possible fines of up to EUR 15 bn. The first Tesla-led pool will see Stellantis, Toyota, Ford, Mazda, and Subaru buy carbon credits from the fully electric Tesla, while another pool led by Mercedes will see Polestar, Volvo Cars, and Smart are looking to sell their emission credits to Mercedes. <\/p>\n

#4- The EU is planning to launch its critical resources purchasing platform next September, <\/strong>starting with hydrogen before adding critical minerals, Reuters<\/a> reported last week, citing three anonymous sources. The second phase will see the purchase of critical minerals, possibly launching in 3Q, before gas purchases are made at an undetermined time. PwC and Slovak software company Sf\u00e9ra were tapped in January<\/a> to develop the EUR 9 mn platform, which aims to pool orders to give each buyer access to better purchases to support the green transition. <\/p>\n

The concept isn\u2019t new: <\/strong>The platform was inspired by an existing pooling mechanism for natural gas purchases named AggregateEU \u2014 where member states are required to contribute a certain volume \u2014 but will instead be voluntary. Each transaction will be reported without disclosing the prices. \u201cWe do not plan to step in and replace the markets,\u201d one of the sources said. \u201cWe are trying to be the interface, providing a tool that would actually support the market.\u201d<\/p>\n

\n

THE SCORECARD- <\/p>\n

T<\/strong>he<\/strong> MENA<\/strong> region is targeting 236 GW of installed renewable energy capacity by <\/strong>2030<\/strong>, according to Dubai-based think tank Dii\u2019s MENA energy outlook 2025 report (pdf)<\/a>. Capacity reached 30.3 GW by the end of 2024 \u2014 more than double 2020\u2019s 13.8 GW \u2014 with the UAE leading (with 6.3 GW), followed by Egypt (4.6 GW), KSA (4.5 GW), Morocco (3 GW), Jordan (2.6 GW), Oman (736 MW), Tunisia (669 MW), and Algeria (423 MW). Despite the rapid growth, current and planned installations still fall far short of the 2030 target, requiring acceleration in renewable deployment. <\/p>\n

Hydrogen ambitions are similarly reliant on scaling up renewables<\/strong>, as the region aims to produce nearly 10 mn tonnes per annum of hydrogen by 2030, with KSA leading (at 4 mn), followed by Egypt (1.5 mn), the UAE (1.4 mn), Oman (1-1.25 mn), Jordan (500k), Morocco (400k), and Tunisia (320k). More than 110 projects have been announced, requiring over 450 GW of renewable energy. Meeting the 10 mn target will require an additional 128 GW in renewable capacity. Green hydrogen accounts for 90% of the 117 hydrogen projects announced, while the remainder is split between blue hydrogen and yellow hydrogen, which utilizes waste as feedstock. <\/p>\n

The <\/strong>GCC<\/strong> ramping up investments could give a boost:<\/strong> Gulf nations plan to invest USD 100 bn in renewable energy by 2030, aiming to cut emissions by 20%, Muscat Daily<\/a> reported on Monday, citing an announcement made at the 43rd meeting on Future Climate Change Management & Economic Development in the Gulf states. Gulf countries are vulnerable to climate risks, with temperatures potentially increasing by up to 2.5\u00b0C by the end of the century, exacerbating acute climate challenges like droughts and dust storms. <\/p>\n

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CIRCLE YOUR CALENDAR- <\/strong><\/p>\n

Oman Climate Week<\/a><\/strong> will begin on Monday, 24 February and run through to Thursday, 27 <\/strong>February <\/strong>in Muscat. The event will facilitate a dialogue on how Oman can align with the Paris Agreement and the goal to reach net zero emissions. Topics of interest include Climate Mitigation, Climate Adaptation, Climate Finance, Carbon Markets, Climate Technologies, Loss & Damage, and Social Inclusion. <\/p>\n

The UAE will host <\/strong>Connecting Hydrogen MENA<\/a><\/strong> from Monday, 24 February to Wednesday, 26 February <\/strong> in Dubai. The event will be the largest hydrogen event in the region and will bring together over 3k attendees from over 50 countries to discuss collaboration in the sector along with ammonia, manufacturing, and transport. <\/p>\n

The <\/strong>Carbon Capture MENA Summit<\/a><\/strong> will run from Tuesday, 25 February to Wednesday, 26 <\/strong>February <\/strong>in Dubai. The event will tackle net zero goals and emissions through the lens of decarbonisation, with 450 attendees slated to discuss the carbon capture, utilization, and storage value chain.<\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

What we\u2019re tracking this week regionally and around the 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