عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE's Masdar to Develop 150 MW Solar Project in Angola

Masdar is planning to develop a 150-megawatt solar power project in Angola to provide renewable energy to 90,000 homes and support economic growth.
Masdar is planning to develop a 150-megawatt solar power project in Angola to provide renewable energy to 90,000 homes and support economic growth.
TT
TT

UAE's Masdar to Develop 150 MW Solar Project in Angola

Masdar is planning to develop a 150-megawatt solar power project in Angola to provide renewable energy to 90,000 homes and support economic growth.
Masdar is planning to develop a 150-megawatt solar power project in Angola to provide renewable energy to 90,000 homes and support economic growth.

Abu Dhabi Future Energy Company, known as Masdar, is planning to develop a 150-megawatt solar power project in Angola to provide renewable energy to 90,000 homes and support economic growth, including jobs, the UAE state news agency WAM said on Saturday.

The announcement was made during the COP28 climate summit hosted by the United Arab Emirates.

Angola’s Ministry of Energy and Water and Masdar, the Gulf state's clean energy developer, signed a concession agreement to build and operate the ground-mounted solar power project in the Quipungo region of southern Angola, the statement said.

No details on the likely costs were provided. The project is part of a wider commitment made by Masdar this year to develop 5 gigawatts (GW) of renewable energy projects across Angola, Uganda and Zambia.

"Africa has what it takes to become the world’s renewable energy powerhouse," Sultan Al Jaber, COP28 president, said in the statement.

"The UAE stands shoulder-to-shoulder with our friends in Africa as we strive to secure a just energy transition at this COP of action and COP for all."

Angola wants to increase its national electrification to around 60% by 2025; less than half of the population has access to electricity at present, the statement said.

Most Viewed

 
 
Business

Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
TT
TT

Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.