UK to Build Undersea Cable to Tap Moroccan Renewable Power

An aerial view of solar panels at the Nour 1 concentrated solar power plant outside Ouarzazate in central Morocco (AFP)
An aerial view of solar panels at the Nour 1 concentrated solar power plant outside Ouarzazate in central Morocco (AFP)
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UK to Build Undersea Cable to Tap Moroccan Renewable Power

An aerial view of solar panels at the Nour 1 concentrated solar power plant outside Ouarzazate in central Morocco (AFP)
An aerial view of solar panels at the Nour 1 concentrated solar power plant outside Ouarzazate in central Morocco (AFP)

The United Kingdom is planning to extend a subsea cable for the transmission of renewable energy from Morocco in a project declared a project of "national significance."

Reuters reported that Xlinks, a company chaired by former Tesco chief executive Dave Lewis, wants to build 3,800 kilometers of subsea cables to supply solar and wind power from the Sahara to seven million British homes by 2030.

While Xlinks called the government's recognition of its project "a major milestone," many challenges remain.

As well as building the world's most extended high-voltage direct current subsea cable, Xlinks needs to secure more funding, agree on long-term pricing contracts, and be granted permission to run through Spanish and French waters.

Lewis disclosed to the Financial Times that the estimated cost is between £20 billion and £22 billion.

Xlinks also noted that the initiative would generate approximately 10,000 jobs in Morocco, with 2,000 becoming permanent positions, aligning with the country's energy export strategy.

New UK energy security and net zero minister Claire Coutinho said the project was nationally significant because of its potential to help Britain ditch fossil fuels.

"The proposed project could play an important role in enabling an energy system that meets the UK's commitment to reduce carbon emissions and the government's objectives to create a secure, reliable, and affordable energy supply for consumers," the statement said.



Saudi Arabia’s flynas Successfully Completes Final Allocation of IPO Shares

A Saudi flynas aircraft. (Asharq Al-Awsat) 
A Saudi flynas aircraft. (Asharq Al-Awsat) 
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Saudi Arabia’s flynas Successfully Completes Final Allocation of IPO Shares

A Saudi flynas aircraft. (Asharq Al-Awsat) 
A Saudi flynas aircraft. (Asharq Al-Awsat) 

Saudi Arabia's flynas has successfully completed the final allocation process for its initial public offering (IPO) shares, setting a minimum allotment of 10 shares for each individual subscriber.

This IPO is considered the first of its kind for a Gulf airline in nearly 20 years. flynas will become the third Gulf airline to go public, following the listings of Air Arabia in the UAE and Jazeera Airways in Kuwait.

In a statement, the company confirmed that any surplus subscription funds - if any - will be refunded to individual subscribers no later than June 5. The company will be listed on the Saudi stock exchange once regulatory procedures are completed.

Saudi Minister of Transport Saleh Al-Jasser stated on the X platform that the IPO of the first Saudi airline on the stock market, along with the high oversubscription rates, “reflects the high level of confidence in the Kingdom's aviation sector, which is witnessing remarkable developments and unprecedented annual growth rates, increased air traffic and connectivity, as well as significant investments in infrastructure, all supported by Prince Mohammed bin Salman, Crown Prince and Prime Minister.”

“Congratulations to flynas on the successful IPO and listing. The aviation sector will continue to enhance its developmental role in supporting the national economy and expanding investment and growth opportunities, in partnership with the private sector,” he added.

The individual investor subscription period, which began on May 28 and lasted for three days, saw the participation of 666 investors, with a final offering price of 30 riyals per share.

Total demand from this segment reached approximately SAR 2.868 billion ($746.5 million), resulting in a coverage ratio of 349.70%.

Meanwhile, flynas reported a net profit of SAR 148 million ($39.4 million) for the first quarter of this year, marking a 1% decrease compared to the net profit of SAR 149 million recorded in the same period last year. However, the company's adjusted net profit increased by 78%.

In a statement, the company attributed the decline in profit to exceptional gains of 66 million riyals recorded in Q1 2024 from a sale and leaseback transaction, which did not recur in the current quarter.

Operating profit rose by 78%, and the company generated revenues of SAR 1.8 billion in the first quarter of 2025, a 6% increase, supported by improved ticket yields and growth in ancillary revenues.

The company stated that its revenue increased by 5% to reach SAR 1.8 billion during the first three months of 2025, attributing the growth to stronger ticket yields and increased ancillary income.