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Dubai to Establish Large Energy-from-Waste Project

Construction work at one of the world’s largest energy-from-waste (EfW) facilities. Asharq Al-Awsat
Construction work at one of the world’s largest energy-from-waste (EfW) facilities. Asharq Al-Awsat
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Dubai to Establish Large Energy-from-Waste Project

Construction work at one of the world’s largest energy-from-waste (EfW) facilities. Asharq Al-Awsat
Construction work at one of the world’s largest energy-from-waste (EfW) facilities. Asharq Al-Awsat

Dubai Holding has partnered with Dubal Holding, ITOCHU Corporation, Hitachi Zosen Inova, BESIX Group and Tech Group to develop one of the world’s largest energy-from-waste (EfW) facility, Emirates News Agency (WAM) reported.

The consortium of leading international companies will build and operate the AED 4 billion project under a 35-year concession period with Dubai Municipality. This landmark public-private partnership represents one of the most significant renewable energy investments in the United Arab Emirates, WAM said.

The Dubai Centre for Waste Processing, located in the Warsan area, will treat 5,666 tons of municipal solid waste produced by Dubai per day. A total of 1,900,000 tons of waste per year will be converted into renewable energy. The approximate 200 MW of electricity generated will be fed into the local grid as clean energy. The facility will have the capacity to process up to 45 percent of Dubai’s current municipal waste generation, in turn significantly minimizing the volume of municipal waste in landfills.

In line with the UN Sustainable Development Goals (SDGs), the facility will contribute to reaching the goals set by Dubai Municipality in minimizing the volume of municipal waste in landfills and developing alternative energy sources as well as contribute to sustainable and ecologically friendly waste management in the Emirate and the targets outlined in the Dubai Clean Energy Strategy 2050.

The Vice President and Prime Minister of the UAE and the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, had given the start signal for implementing the project in line with international environmental standards and with a capacity of about one thousand trucks per day. Foundational works on the project are proceeding at pace.

The project finance loan agreements, in the amount of $900 million, have been finalized with Japan Bank for International Cooperation and financial institutions including Société Générale Bank, KfW IPEX Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Siemens Bank and Crédit Agricole Bank. Nippon Export and Investment Insurance (NEXI) will provide the insurance for a part of the loan being provided by the financial institutions.

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Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
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Egypt, IMF Hold New Discussions to Alleviate Citizens’ Financial Burdens

Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)
Sisi and IMF Managing Director Kristalina Georgieva. (Reuters file photo)

Egypt and the International Monetary Fund (IMF) have agreed to review their joint credit facilitation program to ensure that no additional burdens are placed on citizens.

Egyptian Prime Minister Mostafa Madbouly reiterated the government’s commitment to “maintaining a flexible exchange rate in coordination with the central bank to safeguard the progress achieved in this area.” He expressed hope that the meetings with the IMF delegation in the coming days would “conclude the fourth review of the economic reform program.”

Following a meeting on Sunday between President Abdel Fattah al-Sisi and IMF Managing Director Kristalina Georgieva in Cairo, the Egyptian Presidency announced that Georgieva expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments.”

In March, Egypt signed an $8 billion extended financial support package with the IMF, which requires reducing subsidies on fuel, electricity, and essential goods and allowing the Egyptian pound to float.

In late October, Sisi warned that his government might need to reassess its program with the IMF if international institutions do not account for the extraordinary regional challenges the country is facing. He cited a nearly 60% drop in Suez Canal revenue due to security tensions in the Red Sea as an example.

During the meeting with Georgieva, Sisi expressed Egypt’s commitment to continuing its cooperation with the IMF, building on progress to boost economic stability and reduce inflation. However, he stressed the need to acknowledge recent challenges Egypt has faced due to regional and international crises, which have impacted foreign currency reserves and budget revenues.

Sisi reiterated that the government’s primary focus is on alleviating pressures on citizens, particularly by controlling inflation and curbing rising prices, while also continuing efforts to attract investments and empower the private sector to drive employment and growth.

Georgieva, in turn, commended Egypt’s recent efforts and the reform program being “carefully implemented with a focus on the most vulnerable.” She highlighted the progress in macroeconomic indicators despite unprecedented current challenges, noting that this has been reflected in positive assessments from international credit rating agencies, improved credit ratings, and increased investments.

She expressed her “full understanding of the significant challenges Egypt faces amid regional and global developments” and emphasized the IMF’s commitment to working with the Egyptian government to identify optimal reform paths.