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Egypt boosts energy transition with updated climate commitments

RIYADH: Egypt aims to advance its target of generating 42 percent of its energy through renewable sources to 2030 from 2035 as the North African nation submitted updated climate commitments as per the Paris Agreement on Monday. In its updated Nationally Determined Contribution document, Egypt noted that the country needs to obtain grants and soft financing worth €500 million ($548 million) as a contribution to achieving the revised targets.

Environment

Samuel Alito’s Wife Leases Land to Oil and Gas Company During EPA Battle

A deal made by Alito’s wife with an energy company paints recent Supreme Court decisions on the environment in a damning light.

The post Samuel Alito’s Wife Leased Land to an Oil and Gas Firm While the Justice Fought the EPA appeared first on The Intercept.

Business

ACWA Power gets $100m credit from Chinese bank to expand operations

RIYADH: In an effort to boost its operations, Saudi energy firm ACWA Power secured $100 million in a revolving credit facility from China Construction Bank. Engaged in collaboration with the Chinese bank since 2016, ACWA Power signed the three-year revolver agreement to scale up its power generation and water desalination portfolio in the Middle East, Uzbekistan and Kazakhstan.

Business

Aramco and TotalEnergies Award $11 Billion Amiral Project Contracts

DHAHRAN, Saudi Arabia: Aramco and TotalEnergies have awarded engineering, procurement and construction contracts for the $11 billion Amiral complex, a future world-scale petrochemicals facility expansion at the Kingdom’s SATORP refinery. A signing ceremony took place in Dhahran attended by Amin H. Nasser, Aramco president and CEO, and Patrick Pouyanne, TotalEnergies chairman and CEO.

Business

“French Treasury Official Urges Saudi Arabia to Increase Collaboration for 2030 Goals”

RIYADH: Saudi Arabia and France need to intensify joint work and develop new projects as both countries have a lot of scope for synergy and collaboration under their 2030 investment goals, said a top official of the French Treasury. Speaking at the France-Saudi Investment Forum, Denis Le Fers, head of bilateral trade relations at the French Treasury, explained that partnership has a central role to play in France 2030.

Business

PIF’s Jada to Boost Saudi Arabia’s Startup Scene

CAIRO: Saudi Arabia’s startup landscape has received a significant push after a subsidiary of the Kingdom’s Public Investment Fund committed to investing in several venture capital vehicles. PIF’s Jada Fund of Funds Co. plans to invest an undisclosed amount in Bahrain-based Investcorp’s $500 million Saudi pre-initial public offering growth fund. The investment vehicle is exclusively focused on supporting a diverse range of companies based in Saudi Arabia during their pre-IPO stage.

Business

UK Low-Carbon Startup Receives $22.7M Investment from Aramco, Eni, and United Airlines

RIYADH: The aviation industry’s efforts to develop low-carbon fuel at affordable cost received a boost after a deal was struck to invest $22.7 million into a UK startup working in clean energy technology. The venture units of oil firms Saudi Arabian Oil Co. and Italy’s Eni have partnered with United Airlines to invest the amount into OXCCU, a company spun out from the University of Oxford.

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Sports

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