Latest news with #GulfOfSuez
Zawya
2 days ago
- Business
- Zawya
Egypt signs 6 green investments deals with development partners, private sector
Egypt penned six agreements and cooperation protocols with development partners, business associations, and private sector representatives. The key deals were signed during the 'Development Finance to Foster Private Sector-Led Growth & Jobs' conference, according to a press release. The contract aims to advance renewable energy projects, support green industries, and expand the 'HAFIZ' platform, while boosting investment and financing for enterprises. Deals Signed under NWFE Under the Nexus of Water, Food and Energy (NWFE) program, the government inked three contracts to advance its renewable energy ambitions and attract substantial foreign investment. The agreements included the financial close for the 1 GW Obelisk Solar Power Plant, which will feature 200 megawatt-hour (MWh) of battery storage. The first project, developed by Norwegian firm Scatec, will be implemented with total investments of $600 million. A total of $479 million will be provided by the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), and the African Development Bank (AfDB) to Scatec's subsidiary, Obelisk Solar Energy. Additionally, the Egyptian Electricity Transmission Company (EETC) penned a $1 billion power purchase agreement with Scatec for the 900 MW Shadwan Wind Power Project in Ras Shukeir, Gulf of Suez. The third deal was signed between IFC and AMEA Power to finance Egypt's first utility-scale battery storage project, linked to the Abydos Solar Power Plant under the program's energy pillar. Expanding 'HAFIZ' Hub Rania El-Mashat, Minister of Planning, Economic Development and International Cooperation, signed a cooperation agreement to expand the 'HAFIZ' platform. The agreement was signed with the Federation of Egyptian Industries (FEI) and other business associations to support private sector growth and enhance enterprise access to advisory and financing services. El-Mashat also inked a bilateral cooperation protocol with the Federation of Egyptian Banks to strengthen dialogue between banks and international development partners, with a focus on supporting SMEs and boosting private sector empowerment. Sustainable Green Industry (SGI) Project The Ministry of Planning, in cooperation with the EIB and the National Bank of Egypt (NBE), signed a EUR 21 million investment grant agreement to support the Green Sustainable Industry (GSI) project. On the other hand, Egypt launched an investment program to finance projects focused on pollution reduction, decarbonization, and improving energy and resource efficiency in the public and private industrial sectors. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
4 days ago
- Business
- Zawya
Egypt signs financial closure deal with Norway's Scatec for 1 GW solar plant
CAIRO - Egypt signed a financial closure deal on Sunday with Norwegian renewable energy developer Scatec for a 1 gigawatt solar plant, which will allow the project to move into its construction phase, the Egyptian cabinet said. The project will involve a $600 million investment, a cabinet statement said. The government also signed a power purchase agreement for a 900 megawatt wind project that is being developed in the Gulf of Suez with Scatec. Investment in the project is estimated at $1 billion. Egypt is aiming for renewable energy to provide 42% of its electricity generation mix by 2030. However, the country has in recent years relied heavily on natural gas, with solar, wind, and hydropower making up only 11.5% of its electricity generation. (Reporting by Momen Saeed Atallah; Writing by Menna Alaa El-Din; Editing by Jan Harvey and Giles Elgood)
Reuters
5 days ago
- Business
- Reuters
Egypt signs financial closure deal with Norway's Scatec for 1 GW solar plant
CAIRO, June 15 (Reuters) - Egypt signed a financial closure deal on Sunday with Norwegian renewable energy developer Scatec ( opens new tab for a 1 gigawatt solar plant, which will allow the project to move into its construction phase, the Egyptian cabinet said. The project will involve a $600 million investment, a cabinet statement said. The government also signed a power purchase agreement for a 900 megawatt wind project that is being developed in the Gulf of Suez with Scatec. Investment in the project is estimated at $1 billion. Egypt is aiming for renewable energy to provide 42% of its electricity generation mix by 2030. However, the country has in recent years relied heavily on natural gas, with solar, wind, and hydropower making up only 11.5% of its electricity generation.
Arab News
08-06-2025
- Arab News
Novice UK sailors arrive in Jeddah after surviving epic Hajj voyage
MINA: A group of six pilgrims with no previous sailing experience who set off from London on a 59-day maritime adventure have praised Saudi authorities for the welcome they received after finally completing their Hajj voyage. The UK-based group, aged between 27 and 47, set sail on April 1 and arrived in Jeddah on May 27, just one week before the start of Hajj. Each member brought a unique set of skills, from IT professionals to community organizers, but none had formal maritime training. Together, they learned to navigate, maintain their vessel, and endure weeks at sea, often facing unpredictable weather and challenging conditions. The six pilgrims — Abdul Wahid, Tauseef Ahmed, Jody McIntyre, Dobbir Uddin, Taher Akhtar, and Ayaz Khan — made several stops across Europe and North Africa during their journey, sharing the highs and lows of life at sea with a growing community of followers on social media. Speaking to Arab News at Mina during Hajj, Wahid, the captain, said that the voyage had been a memorable and life-changing experience. His favorite moment came after setting off from the Gulf of Suez on the final leg of the journey. Seeing mountains in the distance — the first sign of Saudi Arabia after days of storms and rough seas — brought pure joy. In that moment, he knew they had made it. Reflecting on their arrival and experience of Hajj, Wahid praised the exceptional care and organization. He said the pilgrimage itself felt calm and manageable compared with the challenges of the sea voyage. Wahid said the Saudi authorities treated pilgrims like honored guests, with ambulances stationed throughout, volunteers offering water and ice packs, and a clear sense that everyone was committed to making the experience spiritual and memorable. 'They're (Saudi authorities) looking after them (pilgrims), and they're trying to make sure that there's nothing you need. You're walking down the street, the Boy Scout is there handing you an ice pack to put on your hot head... The policeman passes you a bottle of water... The fire station isn't just a fire station, they're standing outside spraying people down with water to cool them off,' he said. 'Every single person here is engaged in trying to make sure that Hajj is an enjoyable, spiritual, wonderful experience.' Another crew member, Ayaz Khan, said that the challenge of sailing to Hajj was 'about pushing himself beyond limits and embracing the spiritual significance of the pilgrimage.' Khan also spoke of the profound welcome awaiting them onshore, saying that the reception was beyond anything he imagined — a dream come true. His family had never been to Hajj before. When he told his mother he was sailing, she was worried, but he told her that this was bigger than him — it was the chance to complete a sacred journey. The adventure route led the group through the English Channel and on to Marseille before passing the Mediterranean islands of Corsica, Sardinia, Sicily, and Crete. They sailed through the Suez Canal and finally the Red Sea before arriving in Jeddah. The seafaring pilgrims spent almost two months off-grid and battling storms on the 1978 Westerly 33 ketch. Khan said that the maritime pilgrimage has reminded the crew members that the path to spiritual fulfillment often requires navigating uncharted waters — both literally and metaphorically. But with perseverance, humility, and trust, even the most turbulent seas can lead to sacred destinations.
Arab News
15-05-2025
- Business
- Arab News
Egypt approves $221m of oil exploration deals with foreign firms
RIYADH: Egypt has approved $221 million worth of deals with foreign firms for oil exploration and exploitation in the Western Desert and Gulf of Suez. A statement issued following a meeting of the the country's Cabinet, chaired by Prime Minister Mostafa Madbouly, said ministers had signed off on five draft petroleum commitment agreements. The deals involve the Egyptian General Petroleum Corp., the Egyptian Natural Gas Holding Co., and a group of international oil companies. Egypt's oil and gas sector is rapidly expanding through exploration and global deals, reinforcing its role as a regional energy hub. This aligns with projections from Imarc Group, which forecasts a 4.37 percent annual growth rate for the sector from 2025 to 2033. The cabinet release stated: 'These agreements cover oil exploration and exploitation in the Northwest Al Maghrah area in the Western Desert, East El Hamad in the Gulf of Suez, East Gemsa Marine in the Gulf of Suez, and the Integrated Research and Development Area in the Western Desert.' It added: 'They also cover exploration and exploitation of gas and crude oil in the North Damietta Marine area in the Mediterranean Sea.' The contracts include a non-refundable signature bonus of $31.5 million and require the drilling of at least 24 wells, the cabinet said. Last month, the cabinet approved two deals allowing the Ministry of Petroleum to sign contracts with foreign firms. One permits South Valley Egyptian Petroleum and Lukoil to operate in South Wadi El-Sahl in the Eastern Desert, while the other authorizes the Egyptian General Petroleum Corporation and Lukoil to explore the adjacent Wadi El-Sahl area. Egypt holds a key position in global energy markets through the Suez Canal and Suez-Mediterranean pipeline. Since its 2015 expansion, the Suez Canal has served as a vital route for oil and liquefied natural gas shipments from North Africa and the Mediterranean to Asia. Revenue from these transit points makes up a significant portion of the government's income. In April, officials reported that Suez Canal revenue fell by nearly two-thirds over the past year, citing regional tensions and Middle East conflicts as major factors disrupting traffic. The canal remains a critical source of foreign currency, handling around 10 percent of global trade in recent years.
