UAE Builds First Green Hydrogen Plant

UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)
UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)
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UAE Builds First Green Hydrogen Plant

UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)
UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)

The United Arab Emirates has started building the "first green hydrogen plant in the Middle East," and testing is underway, announced Energy Minister Suhail al-Mazrouei.

UAE aims to capture 25 percent of the global hydrogen fuel market by 2030. It is implementing more than seven ambitious hydrogen projects, targeting key export markets, including Japan, South Korea, Germany, and India.

Meanwhile, the UAE and Israel signed a memorandum of understanding (MoU) to deepen relations related to the energy sector and to launch a bilateral partnership that supports their goals regarding the future of clean energy.

"The UAE and Israel have both achieved several ambitious goals in all areas, most notably in energy, since the signing of the Abraham Accords Peace Agreement between the two sides over a year ago," Mazrouei said.

During his meeting with Israeli Energy Minister Karine el-Harrar at the Israeli pavilion at Expo 2020, Mazrouei stressed that the accord has helped create promising opportunities for both countries and the region.

"These partnerships will help achieve the transition to renewable energy, as well as draft projects and initiatives that support the Paris Agreement for climate change, which the UAE was among the first to ratify," he said.

The MoU, signed in the presence of many officials from both sides, stipulates the exchange of knowledge and expertise. It also calls for hosting high-level meetings to discuss issues related to energy storage, most notably clean energy, as well as infrastructure cybersecurity, fossil fuels, electricity grids, smart networks, problems of hydrogen and water, and ways of supporting the UAE and Israel's energy strategies.

It promotes investment and trade in energy, energy-related services and equipment, and highlights the strategic importance of developing common global approaches to promoting market access opportunities and the sustainable development of energy resources.

The MoU also affirms the commitment of both parties to sustainable development in implementing energy, science, and technology policies while considering ever-changing economic, social, and environmental considerations, such as climate change.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.