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First Abu Dhabi Bank: No Longer Considering Possible Offer for StanChart

First Abu Dhabi Bank (FAB). Reuters file photo
First Abu Dhabi Bank (FAB). Reuters file photo
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First Abu Dhabi Bank: No Longer Considering Possible Offer for StanChart

First Abu Dhabi Bank (FAB). Reuters file photo
First Abu Dhabi Bank (FAB). Reuters file photo

First Abu Dhabi Bank (FAB), the United Arab Emirates' biggest lender, said on Thursday it was considering a bid for London-listed Standard Chartered but was no longer doing so.

Bloomberg had earlier reported that FAB had been exploring an offer for Standard Chartered as part of a plan aimed at building an emerging markets bank, driving Stanchart shares up as much as 20%.

The shares pared the gains to trade up 6% at 1421 GMT following FAB's statement that it was no longer pursuing a potential deal.

The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer" for the emerging markets-focused bank.

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Egypt Cuts 2040 Renewable Energy Target to 40%, Keeps Focus on Natural Gas

Egypt's Ministry of Petroleum & Mineral Resources Karim Badawi speaks during a panel discussion as top energy executives and ministers meet in Houston for the annual Gastech conference in Houston, Texas, US, September 17, 2024. REUTERS/Callaghan O'Hare/File Photo
Egypt's Ministry of Petroleum & Mineral Resources Karim Badawi speaks during a panel discussion as top energy executives and ministers meet in Houston for the annual Gastech conference in Houston, Texas, US, September 17, 2024. REUTERS/Callaghan O'Hare/File Photo
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Egypt Cuts 2040 Renewable Energy Target to 40%, Keeps Focus on Natural Gas

Egypt's Ministry of Petroleum & Mineral Resources Karim Badawi speaks during a panel discussion as top energy executives and ministers meet in Houston for the annual Gastech conference in Houston, Texas, US, September 17, 2024. REUTERS/Callaghan O'Hare/File Photo
Egypt's Ministry of Petroleum & Mineral Resources Karim Badawi speaks during a panel discussion as top energy executives and ministers meet in Houston for the annual Gastech conference in Houston, Texas, US, September 17, 2024. REUTERS/Callaghan O'Hare/File Photo

Egypt has revised its renewable energy target for 2040 down to 40% from a previous goal of 58%, Petroleum Minister Karim Badawi said on Sunday, underscoring that natural gas will remain a key part of the country's energy mix for years.

Before hosting the COP27 climate summit in 2022, Egypt pledged to raise renewable energy production to 42% of its energy mix by 2035, later advancing that target to 2030. In June 2024, then-Electricity Minister Mohamed Shaker announced an ambitious plan to raise this to 58% by 2040, a target now abandoned, Reuters reported.

"This is a message to all of us to work together to increase discoveries and attract more investments through the bids being offered for exploration, aiming to achieve new discoveries in the region, which holds more wealth, particularly natural gas," Badawi said in the opening session of the Mediterranean Energy Conference 2024.

Since taking office in July, Badawi has met numerous international energy companies, including Italy’s Eni, which plans to start drilling new wells in Egypt's largest gas field, Zohr, in early 2025 to boost production.

Zohr's gas production peaked at 3.2 billion cubic feet per day (bcf/d) in 2019, enabling the country to become a net exporter. But output declined to 1.9 bcf/d by early 2024, forcing Egypt to increase gas imports through a pipeline linking it with Israel as well as liquefied natural gas (LNG) shipments to avoid a load shedding scheme that went on for months.