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Egypt, ACWA Power Sign $1.5 Bln Wind Energy Agreement

During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)
During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)
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Egypt, ACWA Power Sign $1.5 Bln Wind Energy Agreement

During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)
During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)

Egypt signed with a consortium led by ACWA Power an agreement for a 1.1-gigawatt wind energy production project in the Gulf of Suez and Gabal El-Zeit regions, with $1.5 billion in investments, the Egyptian cabinet stated Wednesday.

The agreement was signed between the Egyptian New and Renewable Energy Authority (NREA) and ACWA Power-led consortium that also includes Hassan Allam Utilities.

The signing ceremony was held in the presence of Egyptian Prime Minister Mostafa Madbouli, Minister of Electricity and Renewable Energy Mohamed Shaker, Minister Plenipotentiary Abdulrahman bin Salem Al Dahas, Deputy Ambassador of Saudi Arabia in Cairo, Group Co-CEO of Hassan Allam Holding Amr Allam, and CIO of ACWA Power Thomas Brostrom.

The agreement was signed by Mohammed Al-Khayyat, the chair of NREA, Mohammed Hamdouche, ACWA’s vice president for business development, Hassan Amin, the director of ACWA Power Egypt, and Dalia Wahba, CEO of Hassan Allam Utilities.

Following the signing, Shaker outlined the upcoming steps of securing project financing and conducting thorough site studies.

He added that the venture is the largest wind energy project in the region and ranks among the top onshore initiatives of its kind globally. Each year it is expected to cut carbon emissions by 2.4 million tons, save about 840,000 tons of fuel, and supply power to a million homes in Egypt.

For his part, Brostrom said the project will incorporate 220-meter-tall wind turbines featuring cutting-edge technology, the tallest in the Suez Gulf region – to maximize power generation while optimizing land usage.

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UAE’s Mubadala Acquires Majority Stakes in Global Medical Supply Chain, Al Ittihad Drug

The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
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UAE’s Mubadala Acquires Majority Stakes in Global Medical Supply Chain, Al Ittihad Drug

The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM

Mubadala Investment Company has acquired an 80% stake in Global Medical Supply Chain (GMSC) and Al Ittihad Drug Store (IDS) from GlobalOne Healthcare Holding (GHH), with GHH retaining a 20% stake, Emirates News Agency (WAM) reported on Tuesday.

This strategic acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors, aligning with the UAE's vision to establish a robust life sciences infrastructure, WAM said.

Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement, logistics, inventory management, warehousing, and maintenance.

GMSC serves over 200 medical facilities, including hospitals and clinics across the UAE. With a dedicated team of medical supply chain specialists, GMSC sources a broad array of products from almost 400 suppliers, ensuring a reliable supply chain for all medical needs.

IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE. Distributing over 1,000 products from over 40 leading suppliers, IDS services every hospital, and all, or at least most pharmacies and supermarkets within the UAE. It boasts a vast portfolio that spans multiple therapeutic categories including anti-infectives, asthma, diabetes, and oncology.

"The expanding pharmaceutical market drives an increasing demand for specialized and efficient drug logistics solutions. By integrating GMSC and IDS into our portfolio, we are poised to create a vertically integrated life sciences sector in the UAE and enable its potential to encompass the entire value chain from logistics and distribution to specialized manufacturing,” said Executive Director of UAE Clusters at Mubadala's UAE Investments Platform Ismail Ali Abdulla.

As for Low Ping, Group CEO Yas Holding, she said that the transaction “continues Mubadala's strategic growth, following another significant acquisition by its new speciality pharmaceutical business, KELIX bio, which recently acquired a 100% stake in four pharma assets from GlobalOne Healthcare Holding's, the healthcare division of Yas Holding.”

“These concerted efforts underline Mubadala's commitment to strengthening the UAE's healthcare and pharmaceutical sectors as part of broader national ambitions for drug security and economic diversification."

GlobalOne Healthcare Holding LLC serves as the dedicated Healthcare Division of Yas Holding LLC, focusing on enhancing healthcare outcomes by investing in innovative solutions across various healthcare verticals.