TODAY: MENA has bagged its first 100% SAF fuelled demo flight + UAE’s International Holding Company backs the Adani Enterprises’ secondary offering
Good morning, wonderful people. We have news across a spectrum of industries and countries today, so buckle up.
THE BIG CLIMATE STORY- The Adani Enterprises secondary offering saga continues with share prices sinking amid threats of taking the issue to court — but UAE corporate investment holding firm International Holding Company has thrown Adani Enterprises’ secondary offering a lifeline, saying it will invest USD 400 mn in the sale. We have chapter and verse in the news well below.
THE BIG CLIMATE STORY OUTSIDE THE REGION- The Russia-Ukraine war is likely to spur the global shift to renewable energy and low-carbon power, with governments accelerating domestic energy production — in areas including nuclear, renewables and hydropower — amid a surge in energy prices, oil giant BP said in its 2023 Energy Outlook (pdf), published yesterday. BP lowered its 2035 demand forecast for oil by 5% and gas by 6% under its central forecast scenario, compared to its outlook from 2022. This scenario would see 2030 carbon emissions standing 3.7% lower than in BP’s 2022 forecast.
The story is getting digital ink in the international press: Bloomberg | Financial Times | Reuters | Guardian
WATCH THIS SPACE #1- SolarizEgypt is looking to invest USD 100 mn in Egypt over the next three years, as the company looks to increase business volume and build up FX stocks, CEO Yaseen Abdel Ghaffar reportedly told Al Mal. The Egyptian company, which installs and operates solar power plants around the country, could also expand its presence in Africa. The company is interested in entering Kenya, Tanzania, and South Africa, Abdel Ghaffar is quoted as saying.
WATCH THIS SPACE #2- UAE-France renewables cooperation likely to increase: The UAE and France are seeking to boost their economic relationship in the near future, France’s Finance Minister Bruno Le Maire said on the sidelines of the first Franco-Emirati business council meeting yesterday, Reuters reports. Energy is likely to be a key focus, following a strategic agreement signed last year that includes a pledge to cooperate on hydrogen and renewable and nuclear energy.
WATCH THIS SPACE #3- Emirates Airways has completed the MENA region’s first demonstration flight using 100% sustainable aviation fuel (SAF), Wam reports. The flight departed from Dubai International Airport and lasted over an hour, paving the way towards SAF certification as a viable green fuel for air traffic. Current certification standards only allow for a 50-50 blend of SAFs and conventional fuel. The flight comes a week after the airline successfully completed ground engine testing using 100% sustainable aviation fuel.
HAPPENING TODAY- The European Bank for Reconstruction and Development (EBRD), the EU, and the Green Climate Fund are hosting an event on green finance in Cairo. The event will introduce the EBRD’s strategies for supporting Egypt’s green transition and panels will cover the potential and challenges of building climate resilience in the financial sector. Speakers will include Egyptian International Cooperation Minister Rania Al-Mashat and Egyptian Environment Minister Yasmine Fouad. Read tomorrow’s Enterprise Climate for our coverage of this event.
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COME TO OUR NEXT ENTERPRISE FORUM-
We’re excited to unveil our next C-level event: The Enterprise FDI + Exports Forum, where we will take a deep dive into two of the most critical topics affecting our community.
Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI and all the benefits that will come with it for our nation.
CIRCLE YOUR CALENDAR-
Egypt will host the CSR Forum from 2-5 March at Somabay, Hurghada. The event aims to further discussions put forth during COP27 and boost private and public sector cooperation on climate action. You can register for the event here.
The Arabia CSR Awards is accepting applications until Friday, 30 June. The awardwinners will be announced during a ceremony on Wednesday, 4 October.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.