Economy

The Emirati-Egyptian consortium buys African Legola for renewable energy

Published

1 year ago

June 2, 2022

The Emirati-Egyptian consortium buys African Legola for renewable energy

The consortium, which includes Abu Dhabi’s Mazdar and Egypt’s Infiniti Energy, is expected to buy a majority stake in Legela Power from Actis Direct Investment, valued at nearly $ 1 billion.

The deal, one of South Africa’s largest renewable energy deals, has attracted interest from around the world, including China’s state-funded CNIC and Africa-based energy company Global. ) British Group, Chinese oil company Synobek, South African coal company Charo et al.

The deal will give Mubadala-owned Mazda the number one spot in South Africa, with analysts and bankers expecting it to be the next major hub for renewable growth after Asia due to prolonged exposure to sunlight even in winter.

The presence of the “Muster” company is so far large in the Middle East, but first evidence said that it is looking for opportunities for large-scale acquisitions in new projects and existing projects.

“The deal is nearing completion, but a lot of regulatory approvals are still needed,” a source said.

A second source said the deal could be announced “in the coming weeks … soon”.

Both sources declined to comment on the estimated value.

A third source has publicly stated that the deal could range from $ 900 million to $ 1 billion, considering Lekela’s investment in 1,000 MW of wind power assets across South Africa, Egypt and Senegal, and 225 MW of wind power development in Ghana. More direct bargaining.

Another deal

Meanwhile, Actis, Africa’s largest private equity firm, has put up for sale another African-based company, biotherm Energy, a renewable energy company.

The second source, Bioderm Energy, has solar and wind power plants in South Africa and Kenya that generate over 400 MW, but its order list is higher than that of Legola.

“The door to submit non-binding offers related to biotherm will be closed next week,” the source said.

Analysts and bankers say companies are seeking to raise money from renewable assets in South Africa and invest in new projects as President Cyril Ramaphosa’s government seeks to revive the country’s renewable energy movement.

South Africa, the world’s 12th largest emitter of greenhouse gases, is under pressure to reduce its reliance on old and frequently broken coal-fired power plants, causing power outages when the economy suffers.

(Reuters)

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

OPEC Secretary General: Lack of Oil Investments Threatens Energy Security

Published

16 hours ago

October 3, 2023

Nadia Barnett

OPEC Secretary General: Lack of Oil Investments Threatens Energy Security

Oil prices rose 30 percent in the third quarter as supply shortages persisted

ABU DHABI, TOKYO – Reuters: A lack of investment is putting energy security at risk, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Qais confirmed yesterday at the ADIPEC oil conference in Abu Dhabi. OPEC’s secretary-general added: “We call for continued investment in the oil and gas sector, and we believe calls to freeze investment will be counterproductive,” Reuters reported.
Al-Qais confirmed that OPEC is optimistic about oil demand.
In the middle of last month, the chief OPEC official warned against abandoning fossil fuels in his first response to the International Energy Agency’s latest reports.
OPEC Secretary General Haitham al-Qais said that abandoning fossil fuels would “lead to energy chaos on an unprecedented scale, with dire consequences for economies and billions of people around the world.”
Major international oil major BP said countries around the world should invest in oil and gas production to avoid a sharp rise in their prices, while accelerating the energy transition to tackle greenhouse gas emissions.
(ADIPEC 2023) is considered to be the largest event in the world’s energy and oil industry and is supported by the Ministry of Energy and Infrastructure in the United Arab Emirates and a group of partners. It is a platform for exchange of ideas and global debate. Challenges affecting energy markets and their effects on prices, including political challenges and international conflicts and their impact on energy supplies, provide a roadmap and future solutions to support and develop a sustainable, secure and low-cost energy system.
In turn, oil prices rose on Monday, recovering some of their losses from last Friday, as investors focused on global supply shortages and expectations of a last-minute deal to avoid a US government shutdown, which restored their appetite for risk. By 09:49 GMT, Brent crude futures for December delivery were up 54 cents, or 0.59%, at $92.74 a barrel, after falling 90 cents in last Friday’s session. Brent crude oil for November delivery was down seven cents at $95.31 a barrel when the contract closed last Friday.
West Texas Intermediate crude futures were up 49 cents, or 0.54%, at $91.28 a barrel, after falling 92 cents.
Both crudes rose nearly 30% in the third quarter, supported by expectations that oil supply shortfalls will widen in the fourth quarter after OPEC+ extended voluntary production cuts until the end of the year.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

Emirates News Agency – “Kadem” mission showcases critical communications capabilities at Oman Defense, Security and Fire Expo

Published

24 hours ago

October 2, 2023

Nadia Barnett

Emirates News Agency – “Kadem” mission showcases critical communications capabilities at Oman Defense, Security and Fire Expo

Monday, October 2, 2023 – 5:57 p.m

ABU DHABI, 2nd October, 2020 (WAM) – “Katem”, a subsidiary of EDGE Group and a leader in developing innovative and ultra-secure communication solutions, is participating in the Oman Defense, Security and Fire Exhibition 2023. Showcase an advanced portfolio of ultra-secure devices and network encryption solutions.

The international exhibition, to be held in Muscat on October 9 and 10, is an important forum for the critical communications sector in the Gulf Cooperation Council countries and the Middle East region in general.

During the event, the company will showcase its next-generation secure smartphone, which aims to offer advanced security features and capabilities to meet mission-critical needs.

Katam’s participation in the exhibition is a strategic move aimed at reaffirming its commitment to mission-critical sectors including emergency response, public safety and critical infrastructure protection. The company’s booth will showcase a range of ultra-secure devices, including KATIM X2, an ultra-secure 5G smartphone for government leaders, senior executives, emergency responders, individuals and teams handling sensitive information. and the KATIM R01, a rugged smartphone for critical communications in harsh field conditions.

KATIM will showcase its latest network encryption software, the KATIM Gateway 9011, which provides advanced post-quantum encryption for sensitive communications and data transmission to address increasing data interference during data transmission. Exhibitors can visit Katam at booth F10 to meet the company’s team and learn more about secure communications solutions for mission-critical operations.

Mustafa Badr al-Din / Ahmad al-Nu’imi

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

38,344 new accounts in “Dubai Market” within 9 months

Published

2 days ago

October 2, 2023

Nadia Barnett

38,344 new accounts in “Dubai Market” within 9 months

Brokerage firms in the Dubai Financial Market added 38,344 new investor accounts in the first nine months of this year. The number of new accounts fell by about 2.3% in the first 9 months, compared to 39,250 new accounts in the same period in 2022.

Last September, 3,526 new accounts, 4,295 accounts in August, 3,570 accounts in July, 4,246 accounts in June, 5,349 accounts in May, 4,246 accounts in April, 6,591 accounts in March, 3,436 accounts in February and 3,082 accounts were distributed in February. .

“Emirates NBD Securities” led the way in new investor accounts in the first nine months with 8,719 accounts, followed by “BHM Capital” with 7,206 accounts, then “Al Ramz Capital” with 6,297 accounts, followed by “Abu Dhabi Islamic Securities”. 4,375 accounts, “International Bonds” 3,024 accounts and “Mashreq Securities” 2,261 accounts.

“EFG Hermes – UAE” reached the eighth position with around 1,154 accounts, followed by “Abu Dhabi Commercial Securities” with around 941 accounts, “First Abu Dhabi Securities” with 786 accounts, “Arqaam Securities” with 714 accounts and “Sharjah Islamic”. Services” 552 accounts, HSBC Middle East 505 accounts, Shurooq Stocks and Bonds 505 accounts and Al Ansari Financial Services 382 accounts.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”