عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt Inaugurates Mediterranean Union Investment Forum of Renewable Energy

Ministers during the inuaguration (Union for Mediterranean)
Ministers during the inuaguration (Union for Mediterranean)
TT
20
TT

Egypt Inaugurates Mediterranean Union Investment Forum of Renewable Energy

Ministers during the inuaguration (Union for Mediterranean)
Ministers during the inuaguration (Union for Mediterranean)

Mediterranean union investment forum of renewable energy began in Egypt on Wednesday aiming to launch several opportunities in the field of renewable energy in the Euro-Mediterranean region, enhance cooperation on energy and climate actions, and create a more active involvement of the private sector in the regional-European-Mediterranean collaboration.

Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker el-Markabi, Egyptian Minister of Investment and International Cooperation Sahar Nasr inaugurated on Wednesday the forum at the presence of Portuguese Secretary of State for Energy Jorge Seguro Sanches, Secretary General of the Union for Mediterranean (UfM) Fathallah Sijilmassi, official representatives, international financial institutions and private sector investors.

Minister Nasr said that the Electricity Ministry reforms in the energy field, including feed-in tariffs, contribute in attracting the investors to invest in the renewable energy, as well as in attracting a number of development partners such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).

She added that a renewable energy strategy has been followed through diversifying energy sources and allocating subsidies for the field.

“Renewable energy projects include providing job opportunities and contributing to achieving the sustainable development goals,” according to Nasr.

Nasr stressed that there are huge regional cooperation opportunities, human and natural resources and huge markets that qualify the region to integrate more with the European partner.

On the other hand, the Minister of Electricity said that the energy strategy will link between Egypt, Asia, Africa, and Europe.

Minister Markabi highlighted the importance of the role played by the private sector and the Euro-Mediterranean cooperation in the fields of renewable energy and energy efficiency.

Most Viewed

 
Business

Israeli-Iranian Escalation Rattles Arab Markets, Egypt Hit Hardest

A trader at the Egyptian stock exchange in Cairo (Reuters)
A trader at the Egyptian stock exchange in Cairo (Reuters)
TT
20
TT

Israeli-Iranian Escalation Rattles Arab Markets, Egypt Hit Hardest

A trader at the Egyptian stock exchange in Cairo (Reuters)
A trader at the Egyptian stock exchange in Cairo (Reuters)

The escalating conflict between Israel and Iran cast a heavy shadow over Arab financial markets on Sunday, triggering sharp selloffs, particularly in the Gulf. Investors fled risk amid fears of a prolonged confrontation, though some analysts pointed to potential recoveries in select regional markets should oil prices continue to rise.

Oil surged on Friday as Israel launched strikes against Iranian targets, with prices jumping as much as 13%. Global financial institutions now expect further increases if hostilities persist. JPMorgan forecasts oil could hit $130 per barrel, while Rystad Energy projects prices may soar to $150.

Israel’s strikes reportedly targeted nuclear facilities and ballistic missile factories inside Iran. Tehran retaliated with attacks on Israeli territory and canceled nuclear talks slated for Sunday, negotiations that the US described as the only viable path to halting Israel’s bombing campaign.

Gulf stock markets reacted immediately. The Saudi market, the region’s largest, fell 1%, hitting a 12-month low, with bank stocks leading the decline. Al Rajhi Bank dropped 1.5%, dragging the main index lower. The market had initially plunged by nearly 3.8% before trimming losses after Aramco shares rose 2%.

Qatar’s benchmark index tumbled 3.2%, its steepest one-day drop since April, with every listed company ending in the red. Qatar National Bank, the Gulf’s largest lender, declined 4.2%, while Qatar Gas Transport Company lost 3.3%.

Kuwait’s stock exchange posted its worst daily performance since April, with the premier market index sliding 3.9%, its sharpest drop since April 6.

Markets in the UAE, which operate on Fridays, were among the first to react to the conflict. Abu Dhabi’s index fell 1.34%, while Dubai’s dropped 1.87% during Friday trading. Oman’s Muscat Stock Exchange declined 0.87%, and Bahrain’s bourse slid 0.81%.

Egypt, already grappling with economic challenges, saw its main index plummet 7% at the start of Sunday’s session before paring losses to close down 4.6%. The sharp decline was driven by a wave of regional selling as investors assessed the broader implications of a potential war in the Middle East.