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GREEN FINANCE-
Kuwait Fund to inject USD 112 mn in interconnection grid: The Kuwait Fund for Arab Economic Development has signed a USD 112 mn loan agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA) to boost the Gulf Electricity Interconnection Grid, according to a statement. The loan will finance the expansion of the grid to include southern Iraq’s electricity network. The expansion aims to increase Kuwait’s electrical capacity by 3 GW and Iraq’s by at least 500 MW by constructing a new interconnection station in Kuwait’s Al-Wafra area and extending 400-kV transmission lines to Saudi Arabia and Iraq. Al-Wafra station is expected to be operational by the end of 2024.
REMEMBER- The interconnection will transmit electricity from renewable sources: The interconnection project will be used to export electricity, including electricity generated by renewable energy, and it will reduce the dependence on fossil fuels and facilitate clean power exports to other countries in the region and beyond.
WASTE MANAGEMENT-
Saudi is getting a new waste management plant: The Saudi Ports Authority (Mawani) has partnered with the SIRC Group-owned global environmental services management company Reviva to establish a recycling complex for marine and industrial waste at Jeddah Islamic Port, according to a statement. The project — valued at SAR 30 mn and spanning 10k sqm — aims to enhance environmental sustainability by offering services including waste management, recycling, industrial maintenance, by-product recycling, and transportation. No timeline or estimated capacity were disclosed for the project.
BLUE AMMONIA-
Sumimoto partners with Qatar Energy on blue ammonia: Japan’s Sumitomo Corporation has secured a contract with Qatar’s state-owned energy company Qatar Energy to supply high-alloy seamless Oil Country Tubular Goods (OCTG) for a blue ammonia production plant in Qatar’s Mesaieed region, according to a statement. The contract marks the first Japanese OCTG order for a carbon capture and storage (CCS) project in the Middle East. The supplied OCTG — made with Nippon Steel ‘s low-CO2 NSCarbolex Neutral steel — will be crucial in managing the corrosive conditions caused by CO2 impurities during the CCS process. The blue ammonia plant will have an estimated capacity of 1.2 mn tons annually.
DIPLOMACY-
UAE + Hungary to partner on renewable energy: The UAE and Hungary have agreed to a partnership that will include collaboration on clean and renewable energy, water and environment protection and management, and food security, according to Wam. The partnership was discussed at the two-day meeting of the Joint Economic Committee in Budapest last week. The two countries conducted similar talks during May of last year.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Emirates flights from Singapore powered by SAF: Emirates has started using Sustainable Aviation Fuel (SAF) on its flights from Singapore Changi Airport as part of its agreement with SAF provider Neste. Some 3.3 mn liters of blended SAF have been integrated into the airport’s fueling system over the past few weeks. (Statement)
- Abu Dhabi flying taxi successfully completes transition flight: Archer Aviation’s Midnight electrical vertical takeoff and landing aircraft — which will serve as a flying taxi in Abu Dhabi next year — has successfully completed a transition flight at over 100 mph during testing in the US. Midnight is one of the largest eVTOLs to complete transition, which is when the aircraft takes off vertically, flies forwards and eventually transitions from thrust-borne to wing-borne flight, before landing vertically again. (Statement)
- KSA completes first trial of autonomous air taxi: Saudi Arabia’s pilotless, two-person EH216 eVTOL — which can fly for up to 40 km — completed its first trial. More trials will be conducted to increase the distance and speed with the goal of servicing pilgrims during Hajj season, transporting medical equipment and goods, and providing support for emergency travel. (Statement)
- US + Morocco partner on green energy tech: The US’ Argonne National Laboratory and Morocco’s University Mohammed VI Polytechnic have signed an MoU to collaborate on advancing green energy technology and addressing the water-energy nexus. The five-year partnership will focus on exchanging scientific information, organizing cooperative activities, and sharing expertise in areas such as renewable energy, energy storage, and clean water research. (Statement)
- VinFast establishes regional headquarters in Dubai: Vietnamese EV maker VinFast has established its regional headquarters in Dubai with assistance from the Dubai International Chamber. The move comes as part of the Vietnamese company’s global expansion strategy. (Wam)
