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Sound Energy secures $237m financing for Moroccan gas project in the UK

RIYADH: A natural gas project in east Morocco will soon be completed thanks to a new finance push from the largest bank in the North African country. UK-based Sound Energy has received a conditional offer from Attijariwafa Bank to obtain funding amounting to 2.3 billion Moroccan dirhams ($237 million) for the Tendrara-based project’s second phase, according to a statement. The funding will be allocated for completing drilling, operating wells, and building a pipeline to transport natural gas to the state’s National Office of Electricity and Drinking Water.
Business

“Bahrain aims for 5% renewable energy in electricity generation by 2025”

RIYADH: In line with the aims of Bahrain’s National Energy Transition Plan, the state has stepped up efforts to increase the share of its renewable energy to 5 percent of its total electricity generation by 2025.  Kamal bin Ahmed Mohammed, president of the country’s Electricity and Water Authority, said the move is part of a strategy to diversify the state’s energy resources and achieve a renewable resource share of 20 percent by 2035, according to Bahrain News Agency. 
Business

Qatar’s Q1 budget surplus exceeds expectations at $5.4bn

RIYADH: Qatar registered more than two-thirds of its expected 2023 budget surplus in the first three months of the year thanks to a large inflow of oil and gas revenues, the country’s Finance Ministry has revealed. According to Qatar’s state news agency, the country’s trade balance was 19.7 billion Qatari riyals ($5.4 billion) in the black for the first quarter of the year, the equivalent of 68 percent of its anticipated budget surplus for 2023.
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Renters in High Demand as Shortage of Properties Creates Frenzy, Surveyors Report

Agents say high numbers of tenants chasing a shortage of properties will continue to push up rents.
News

“Cyclone Freddy’s Death Toll in SE Africa Exceeds 500”

World Meteorological Organization says Cyclone Freddy, which started in February, is likely the longest-ever.

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