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EVs-
Egypt’s Financial Regulatory Authority (FRA) approved two guiding documents for ins. policies covering electric vehicles (EVs) for personal and commercial use, Al Mal reports, citing the Insurance Federation of Egypt’s auto division head, Arabi Al Sayed.
The details: The guiding documents see ins. plans covering accidents, repairs, fires, theft, third-party liability, and passenger protection for EV owners — though only if they follow manufacturer guidelines to avoid issues, such as only using original chargers and safely disposing of damaged batteries. Cyberattacks are excluded from coverage. Each ins. company must get FRA approval before issuing either of the approved policies.
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RECYCLING-
Tadweeer + Re to collaborate on recycling: Saudi Arabia’s National Environmental Recycling Co. (Tadweeer) and Dubai-based Re Sustainability Middle East signed an MoU to explore jointly establishing metal refineries and recycling units in Saudi Arabia, according to a Tadawul disclosure. The collaboration would also include the development of a joint venture company which will be set up later on.
ICYMI- Tadweeer just got a boost: Tadweeer received approval last week from the Capital Market Authority for its proposal to double the company’s capital by issuing bonus shares. The plan — initially recommended by the board in August — will capitalize SAR 58.08 mn from retained earnings, providing freeshares to existing shareholders.
SOLAR-
EWA issues 44 MW solar tender: Bahrain’s Electricity and Water Authority issued a call for bids for the engineering, design, supply, installation, testining, and commissioning of a 44 MW-peak solar PV plant for the University of Bahrain, Zawya Projects reports. The plant will generate around 75 GWh of electricity per year using car park solar PV systems. The deadline to submit proposals is 21 November and the chosen contractor will have two years to complete the project.
INFRASTRUCTURE-
Hyundai Engineering and Construction (E&C) secured a USD 713.9 mn contract from the Saudi Electricity Company for high-voltage transmission lines, Korea’s Yonhap news agency reports, citing a regulatory filing. The agreement will see Hyundai E&C build out a 369-km section of the 500-kilovolt 1,089-km high-voltage direct current (HVDC) transmission line connecting Riyadh with Kudmi in the southwestern Saudi Arabia.
Hyundai E&C is doing plenty in Saudi: The engineering firm secured a contract last year to build another HVDC transmission line linking Neom with the southwestern port city of Yanbu. Reports also emerged earlier this year indicating that a Hyundai E&C-led consortium will be working on the second phase of Aramco’s Jafurah Gas Field in a USD multi-bn contract. Hyundai was also awarded a USD 145 mn contract last year to build a 525 KV HVDC transmission line connecting Saudi Arabia’s net zero city Neom to cities across the country.
GREEN CEMENT-
A partnership between local cement supplier Saudi Readymix and Finnish tech firm Betolar rolled out two low-emission concrete products for use in Saudi Arabia’s construction sector, according to a press release. The low-carbon concrete solutions look to bolster the construction sector’s push to contribute to national sustainability goals.
