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Clean, Renewable Energy Agreements Inked at Abu Dhabi Sustainability Week 2023

Part of the signing of an agreement between the UAE and Japan yesterday during Abu Dhabi Sustainability Week (WAM)
Part of the signing of an agreement between the UAE and Japan yesterday during Abu Dhabi Sustainability Week (WAM)
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Clean, Renewable Energy Agreements Inked at Abu Dhabi Sustainability Week 2023

Part of the signing of an agreement between the UAE and Japan yesterday during Abu Dhabi Sustainability Week (WAM)
Part of the signing of an agreement between the UAE and Japan yesterday during Abu Dhabi Sustainability Week (WAM)

More agreements and partnerships in the field of clean and renewable energy are being signed at the Abu Dhabi Sustainability Week (ADSW) 2023.

Abu Dhabi National Oil Company (ADNOC) has signed a deal with Germany’s Thyssenkrupp Uhde, which specializes in chemical engineering, to develop large-scale ammonia cracking plants.

The memorandum of understanding with the subsidiary of Thyssenkrupp Group is part of a strategy to create new markets for hydrogen and promote global clean energy value chains.

Under the agreement, the two companies will work together to develop commercial-scale ammonia cracking facilities. It will also lead to the exploration of opportunities in the clean energy value chain for the supply and shipment of low-carbon or green ammonia from the UAE to large-scale plants globally.

Also, ADNOC will undertake a pilot project with British-Omani sustainability company 44.01 to permanently convert carbon dioxide from the air into a mineral within rock formations in Fujairah.

The project, which is also being carried out in partnership with the Fujairah Natural Resources Corporation and Masdar, will involve the use of technology that permanently mineralizes carbon dioxide within rock formations found in Fujairah.

The project is due to begin this month and will use 44.01’s carbon capture and mineralization (CCM) technology to eliminate carbon dioxide from the atmosphere.

It will be powered by solar energy supplied by Masdar and is the first CCM project by an energy company in the Middle East.

In other news, the UAE and Japan on Monday signed several agreements and memoranda of understanding (MoU) to help accelerate the energy transition and the adoption of technology in industry.

Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and UAE Special Envoy to Japan, met with Yasutoshi Nishimura, Japan’s Minister of Economy, Trade, and Industry, on the sidelines of ADSW 2023, to discuss the countries’ strong bilateral relations.

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British Assets Gain, Mid-cap Stocks Lead after Labour Election Win

A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights
A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights
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British Assets Gain, Mid-cap Stocks Lead after Labour Election Win

A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights
A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights

British domestic-focussed mid-cap stocks were the biggest gainers on Friday after the centre-left Labour Party surged to a comprehensive win in a parliamentary election with blue chip stocks, government bond prices and the pound higher.

Hopes that the incoming government will provide a period of economic stability after an often tumultuous 14 years of Conservative Party rule sent the FTSE 250 midcap index (.FTMC), up as much as 1.8% in early trading to its highest since April 2022.

The blue chip FTSE 100 index (.FTSE), was last up 0.2% and the yield on 10-year British government bonds or gilts, dropped 3 basis points to 4.17%, marginally better than other European markets, Reuters reported.

Labour won a massive majority in the 650-seat parliament while Rishi Sunak's Conservatives suffered the worst defeat in the party's long history as voters punished them for a cost of living crisis, failing public services, and a series of scandals.

"A landslide victory provides the sort of clarity and stability that equity markets need in an increasingly volatile world," said Ben Ritchie, head of developed market equities at abrdn.

"If the new government gets this right, businesses with significant exposure to the UK economy should be the likely winners - a shot in the arm in particular for companies in the FTSE 250 and FTSE Small Cap".

British home builders stood out, with an index tracking their shares up 2.3%.

"We think the formation of a Labour-majority government will have a positive impact on housebuilders and construction materials," said Aruna Karunathilake, portfolio manager at Fidelity.

"We expect Labour to reinstate housebuilding targets and perhaps also fund investment in local planning departments... That should alleviate builders’ concerns about planning bottlenecks impeding growth in the medium term."

Analysts at Goldman Sachs said that while Labour's manifesto policies imply relatively limited changes to fiscal policy they would modestly boost demand in the near term.

As a result, they raised their forecasts for British GDP growth by 0.1 percentage points in each of 2025 and 2026.