Egypt, UAE Sign Deal to Produce Electricity with $10b Worth of Investments

A microbus passes between giant blades to generate electricity with the wind in the Egyptian Red Sea Governorate. (Reuters) 
A microbus passes between giant blades to generate electricity with the wind in the Egyptian Red Sea Governorate. (Reuters) 
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Egypt, UAE Sign Deal to Produce Electricity with $10b Worth of Investments

A microbus passes between giant blades to generate electricity with the wind in the Egyptian Red Sea Governorate. (Reuters) 
A microbus passes between giant blades to generate electricity with the wind in the Egyptian Red Sea Governorate. (Reuters) 

Egypt and the UAE signed a deal Tuesday for a wind energy project to produce electricity, with direct investments of more than $10 billion.

Middle East News Agency reported that Egyptian Prime Minister Mostafa Madbouly and Emirati Minister of Industry and Advanced Technology Sultan Al Jaber attended the signing of the project.

The project has a production capacity of 10 gigawatts.

It will be developed by a consortium led by Masdar and including Infinity Power and Hassan Allam Utilities.

CEO of Masdar Mohammed Al-Ramahi said during a press conference broadcast by the Egyptian state channel, that the project would bring direct investments of more than $10 billion and would save $5 billion worth of gas used annually to generate electricity.

Ramahi added that fossil fuel would contribute to providing energy sources, noting that renewable energy transmission needs decades.

This transmission would occur in phases to ensure energy security and the economic feasibility of using the energy sources within a diverse portfolio that protects the environment, he added.

This agreement is part of the MoU signed between the two countries during COP27 which was held in Sharm Sheikh in November.



German Economy Minister Says EU Open for Talks on China Tariffs

German Vice Chancellor and Economy Minister Robert Habeck poses for pictures alongside National Development and Reform Commission (NDRC) Chairman Zheng Shanjie following the opening session of the German-Chinese Climate and Transformation Dialogue in Beijing, China June 22, 2024. REUTERS/Maria... Purchase Licensing Rights
German Vice Chancellor and Economy Minister Robert Habeck poses for pictures alongside National Development and Reform Commission (NDRC) Chairman Zheng Shanjie following the opening session of the German-Chinese Climate and Transformation Dialogue in Beijing, China June 22, 2024. REUTERS/Maria... Purchase Licensing Rights
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German Economy Minister Says EU Open for Talks on China Tariffs

German Vice Chancellor and Economy Minister Robert Habeck poses for pictures alongside National Development and Reform Commission (NDRC) Chairman Zheng Shanjie following the opening session of the German-Chinese Climate and Transformation Dialogue in Beijing, China June 22, 2024. REUTERS/Maria... Purchase Licensing Rights
German Vice Chancellor and Economy Minister Robert Habeck poses for pictures alongside National Development and Reform Commission (NDRC) Chairman Zheng Shanjie following the opening session of the German-Chinese Climate and Transformation Dialogue in Beijing, China June 22, 2024. REUTERS/Maria... Purchase Licensing Rights

Germany's Economy Minister Robert Habeck said during his visit to China on Saturday that the European Union's door is open for discussions regarding EU tariffs on Chinese exports.

"What I suggested to my Chinese partners today is that the doors are open for discussions and I hope that this message was heard," he said in his first statement in Shanghai, after meetings with Chinese officials in Beijing, Reuters reported.

Habeck's visit is the first by a senior European official since Brussels proposed hefty duties on imports of Chinese-made electric vehicles (EVs) to combat what the EU considers excessive subsidies.

Habeck said there is time for a dialogue between the EU and China on tariff issues before the duties come into full effect in November and that he believes in open markets but that markets require a level playing field.

Proven subsidies that are intended to increase the export advantages of companies can't be accepted, the minister said.

Another point of tension between Beijing and Berlin is China's support for Russia in its war in Ukraine. Habeck noted Chinese trade with Russia increased more than 40% last year.

Habeck said he had told Chinese officials that this was taking a toll on their economic relationship. "Circumventions of the sanctions imposed on Russia are not acceptable," he said, adding that technical goods produced in Europe should not end up on the battlefield via other countries.