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Saudi EXIM Bank and Brazilian Development Bank Sign MoU

The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)
The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)
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Saudi EXIM Bank and Brazilian Development Bank Sign MoU

The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)
The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)

The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed a Memorandum of Understanding (MoU) to boost economic cooperation and trade between the two countries.

The agreement, signed in Rio de Janeiro by Saudi Exim Bank CEO Eng. Saad Alkhalab and Brazilian Development Bank Director of Planning and Institutional Relations Nelson Barbosa, outlines a framework for boosting exports of products and services, exploring joint financing opportunities, and expanding Saudi non-oil exports in the Brazilian market.

Minister of Industry and Mineral Resources and Chairman of the Saudi Exim Bank Bandar Alkhorayef witnessed the signing ceremony as part of his official visit to Brazil to discuss cooperation and strengthen bilateral ties.

Alkhalab highlighted the importance of the Brazilian market for local exporters.

The memorandum represents a significant step in developing trade relations, joint investment projects, and more opportunities for cooperation between commercial companies and financial institutions in both countries, he added.

It is expected to contribute to the growth of Saudi non-oil exports and the Saudi markets, which have experienced significant growth and diversification in recent years.

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Emir of Qatar: Inauguration of Two Solar Projects Part of Transition to Renewable Energy

Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the inauguration of two strategic solar power projects in Ras Laffan and Mesaieed. (X)
Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the inauguration of two strategic solar power projects in Ras Laffan and Mesaieed. (X)
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Emir of Qatar: Inauguration of Two Solar Projects Part of Transition to Renewable Energy

Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the inauguration of two strategic solar power projects in Ras Laffan and Mesaieed. (X)
Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the inauguration of two strategic solar power projects in Ras Laffan and Mesaieed. (X)

Emir of Qatar Sheikh Tamim bin Hamad Al Thani inaugurated on Monday two strategic solar power projects in Ras Laffan and Mesaieed with a combined capacity of 875 megawatts (MW).

The projects will more than double Qatar’s solar energy production to 1,675MW of renewable energy.

“The inauguration of two strategic solar power projects in Ras Laffan and Mesaieed comes within the framework of the country's plans to transition to renewable energy, diversify energy sources, and support strategic development projects,” the Emir said.

In a post on his official account on X, Sheikh Tamim wrote, “As part of plans to transition to renewable energy, the Emir inaugurated today two strategic solar power projects in Ras Laffan and Mesaieed,” according to state-run Qatari news agency, QNA.

These plants are also intended to leverage the potential of low-carbon energy in sustainability plans and efforts to mitigate environmental impacts, he added.

Minister of State for Energy Affairs Saad bin Sherida Al Kaabi said the two plants are a fundamental step towards achieving the fourth pillar of the Qatar National Vision 2030, which is environmental management to ensure harmony and consistency between economic and social development and environmental protection.

“It also achieves one of the goals of Qatar's energy sustainability strategy, which is to generate more than 4,000 megawatts of renewable energy by 2030,” said Al Kaabi, who is also President and CEO of QatarEnergy.

These plants are expected to reduce carbon dioxide emissions by about 4.7 million tons annually.

The two stations, he said, along with the Al-Kharsaah plant, will play a significant role in meeting the country's electricity demand, contributing about 15% of the total peak electricity demand.