UAE-based DP World will invest USD 500 mn to cut carbon emissions by 2027, the cargo and port terminal logistics company announced via video message at COP27 on Monday. The company is planning to slash emissions up to 700k tons, a 20% cut from 2021 levels. Other sustainability measures taken will include replacing its diesel-powered fleet with an electric one as well as investing in renewables.

Oman’s SWF eyes stake in Acwa + Hassan Allam Holdings wind farm: Oman’s sovereign wealth fund, the Oman Investment Authority (OIA), signed an MoU with Acwa Power to explore investing in a 10% stake in Acwa Power and Hassan Allam Holdings’ USD 1.5 bn, 1.1 GW wind farm, the company said in a statement. That amounts to an investment of USD 150 mn by our math.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Omani OQ Group’s Centralized Utility Company, also known as Marafiq, inked an MoU with the German University of Technology in Oman to support research and innovation focusing on renewables, The Times of Oman reports.
• Dubai Water and Electricity Authority has appointed Ernst & Young as a consultant for the 900 MW phase six of the 5k MW Mohammed bin Rashid Al Maktoum Solar Park, according to WAM. The project will be operational in phases between 2025 and 2027.
• E-mobility companies Electromin and Quantron established a distribution partnership at Riyadh’s EV Auto Show allowing Electromin to distribute Quantron’s EV light truck in Saudi Arabia, Zawya reports,
• KSA’s NEOM is seeking investors for a USD 20 bn brine complex to convert brine produced from desalination into industrial materials, MEED reports.