Saudi Arabian energy company Acwa Power said on Tuesday that it will develop three solar power projects in Egypt at cost of US$190 million, with multi-lateral banks chipping in as the North African country continues to attract investments into its energy sector.
Acwa with its Egyptian partners Tawakol and Hassan Allam Holding will build the solar photovoltaic plants totalling 165.5 megawatts in the Benban area in Aswan as part of the government's second round of the feed-in tariff (FIT) programme. Half of the $190m investment will come from the European Bank for Reconstruction and Development (ERBD) and the remainder from the International and Commercial Bank of China (ICBC) and the Multilateral Investment Guarantee Agency (Miga).
Financial close is expected by the end of next month with around 80,000 homes will be powered by solar energy next year.
Other developers that have signed in the second round include Dubai-based Access Power, Norway’s Scatec, Alfanar of Saudi Arabia, Sharpoorj Paloonji of India and France’s EDF. Others that are expected to sign include Dubai firms, Alcazar and Desert Technologies; Egyptian companies, El Sewedy and Infinity as well as Jordanian company, Enara, with Spanish partner Acciona.
This is the first investment from Acwa Power in Egypt, though the company has been present inside the country since 2009."The first bid in Egypt was the Dairut power plant, but we have not signed the power purchase agreement though we look forward to it," Acwa chief executive Paddy Padmanathan told The National.
He said that Acwa Power is also keen on Egypt's wind sector to build a "meaningful portfolio of power generation assets" in Egypt. "We believe Egypt will end up procuring significant amounts of renewable energy in due course given the quality of the resources in the country and the price levels that are now being achieved in the industry," Mr Padmanathan said.
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Read more:
Egypt revives wind turbine plans
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The North African country has long held ambitions of diversifying its power generation mix, but the 20 per cent of renewables by 2020 was pushed back to 2022. This includes 2,000 megawatts of solar and wind energy each, with the government implementing a feed-in tariff (FIT) programme to entice investors.
The FIT’s first round had major problems that hindered participation such as a 15 per cent of the payment converted at a fixed rate of 7.15 Egyptian pounds to the dollar while the remaining 85 per cent would be paid at the prevailing market rate.
The government has tweaked this for the second round solar photovoltaic projects with 30 per cent of payments made at 8.88 pounds to the dollar and 70 per cent at the market rate on the due date.
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Read more:
Cairo solar regulation change hampers developers
Currency risks hold back renewable energy funding in Egypt
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But many international companies have lost their appetite for the country's renewables sector leaving the door open to regional and local players with Acwa Power kicking off the projects. The awarding of contracts comes on the heels of the IFC committing an investment of $635m to help build and operate up to 11 solar power plants in Egypt, marking one of the largest private foreign direct investments in the country's power sector.
“This landmark investment demonstrates that when you have the right reform policies, and a government willing to allow greater involvement by the private sector, you can attract investors in every sector, including infrastructure,” said IFC Mena director, Mouayed Makhlouf. “Investments like these are the nucleus for economic growth, which is needed in Egypt.”
The IFC investment in addition to other development institutions are expected to funnel $2 billion into Egypt’s solar sector.
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Read more:
Egypt to cut energy subsidies further after securing IMF loan
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Specs
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Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Crime%20Wave
%3Cp%3EHeavyweight%20boxer%20Fury%20revealed%20on%20Sunday%20his%20cousin%20had%20been%20%E2%80%9Cstabbed%20in%20the%20neck%E2%80%9D%20and%20called%20on%20the%20courts%20to%20address%20the%20wave%20of%20more%20sentencing%20of%20offenders.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ERico%20Burton%2C%2031%2C%20was%20found%20with%20stab%20wounds%20at%20around%203am%20on%20Sunday%20in%20Goose%20Green%2C%20Altrincham%20and%20subsequently%20died%20of%20his%20injuries.%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%E2%80%9CMy%20cousin%20was%20murdered%20last%20night%2C%20stabbed%20in%20the%20neck%20this%20is%20becoming%20ridiculous%20%E2%80%A6%20idiots%20carry%20knives.%20This%20needs%20to%20stop%2C%E2%80%9D%0D%20Fury%20said.%20%E2%80%9CAsap%2C%20UK%20government%20needs%20to%20bring%20higher%20sentencing%20for%20knife%20crime%2C%20it%E2%80%99s%20a%20pandemic%20%26amp%3B%20you%20don%E2%80%99t%20know%20how%20bad%20it%20is%20until%20%5Bit%E2%80%99s%5D%201%20of%20your%20own!%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
