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Egypt, ACWA Power Sign $1.5 Bln Wind Energy Agreement

During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)
During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)
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Egypt, ACWA Power Sign $1.5 Bln Wind Energy Agreement

During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)
During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)

Egypt signed with a consortium led by ACWA Power an agreement for a 1.1-gigawatt wind energy production project in the Gulf of Suez and Gabal El-Zeit regions, with $1.5 billion in investments, the Egyptian cabinet stated Wednesday.

The agreement was signed between the Egyptian New and Renewable Energy Authority (NREA) and ACWA Power-led consortium that also includes Hassan Allam Utilities.

The signing ceremony was held in the presence of Egyptian Prime Minister Mostafa Madbouli, Minister of Electricity and Renewable Energy Mohamed Shaker, Minister Plenipotentiary Abdulrahman bin Salem Al Dahas, Deputy Ambassador of Saudi Arabia in Cairo, Group Co-CEO of Hassan Allam Holding Amr Allam, and CIO of ACWA Power Thomas Brostrom.

The agreement was signed by Mohammed Al-Khayyat, the chair of NREA, Mohammed Hamdouche, ACWA’s vice president for business development, Hassan Amin, the director of ACWA Power Egypt, and Dalia Wahba, CEO of Hassan Allam Utilities.

Following the signing, Shaker outlined the upcoming steps of securing project financing and conducting thorough site studies.

He added that the venture is the largest wind energy project in the region and ranks among the top onshore initiatives of its kind globally. Each year it is expected to cut carbon emissions by 2.4 million tons, save about 840,000 tons of fuel, and supply power to a million homes in Egypt.

For his part, Brostrom said the project will incorporate 220-meter-tall wind turbines featuring cutting-edge technology, the tallest in the Suez Gulf region – to maximize power generation while optimizing land usage.

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Non-Profit Sector Revenue in Saudi Arabia Reaches $14.5 Billion in 2023

The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA
The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA
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Non-Profit Sector Revenue in Saudi Arabia Reaches $14.5 Billion in 2023

The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA
The total revenue of non-profit sector organizations in Saudi Arabia marked a 33% increase. SPA

Saudi Arabia’s General Authority for Statistics (GASTAT) has said that the total revenue of non-profit sector organizations in the Kingdom amounted to SAR54.4 billion ($14.5 Billion) in 2023, marking a 33% increase compared to 2022.

The results, shown in the Non-Profit Sector Bulletin for 2023, indicated that health-related activities recorded the highest growth rate compared to the previous year, contributing 70% of the total revenue of the non-profit sector organizations, followed by education and research activities with a 53% increase, and volunteer brokerage and promotion activities with a 36% rise. These activities were the main contributors to the total revenue of non-profit organizations.

The bulletin also revealed that total expenditures of the non-profit sector reached SAR47 billion in 2023. Health-related activities represented the highest expenditure category, showing a 74% increase, followed by education and research activities with a 55% rise, and environmental activities with a 34% increase compared to 2022. These activities were the leading contributors to the total expenditures of non-profit organizations.

The figures also underscored the relative contribution of employed individuals to key activities within the non-profit sector in 2023. Cultural and entertainment activities led with a 27.6%, followed by social services activities at 27.2%, development and housing activities at 12.4%, health activities at 11.5%, and education and research activities at 7.5%. The remaining non-profit sector activities accounted for the remaining 13.8%.