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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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Türkiye's Central Bank Lowers Key Interest Rate to 47.5%

A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
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Türkiye's Central Bank Lowers Key Interest Rate to 47.5%

A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)

Türkiye’s central bank lowered its key interest rate by 2.5 percentage points to 47.5% on Thursday, carrying out its first rate cut in nearly two years as it tries to control soaring inflation.
Citing slowing inflation, the bank’s Monetary Policy Committee said it was reducing its one-week repo rate to 47.5% from the current 50%.
The committee said in a statement that the overall inflation trend was “flat” in November and that indicators suggest it is likely to decline in December, The Associated Press reported.

Demand within the country was slowing, helping to reduce inflation, it said.
Inflation in Türkiye surged in recent years due to declining foreign reserves and President Recep Tayyip Erdogan’s unconventional economic policy of lowering rates as a way to tame inflation — which he later abandoned.
Inflation stood at 47% in November, after having peaked at 85% in late 2022, although independent economists say the real rate is much higher than the official figures.

Most economists argue that higher interest rates help control inflation, but the Turkish leader had fired central bank governors for failing to fall in line with his previous rate-cutting policies.

Following a return to more conventional policies under a new economic team, the central bank raised interest rates from 8.5% to 50% between May 2023 and March 2024. The bank had kept rates steady at 50% until Thursday's rate cut.
The high inflation has left many households struggling to afford basic goods, such as food and housing.