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  • ACWA Power reports 51% drop in profits for first nine-months of 2021

    According to its first quarterly results as a public company, the drop was a result of flat operating income reduced by the one-time charge of SR280m ($74.7m) in Q3, "relating to the grant and recognition of the IPO incentive plan comprising shares and cash benefits for eligible employees". ACWA Power International, Saudi Arabia’s first $1 billion initial public offering since Aramco, started trading in Riyadh last month.

  • Ethiopia: As negotiations step up the pace, western powers turn up pressure

    There is unanimity among EU foreign ministers who have condemned Prime Minister Abiy Ahmed's handling of the Tigray war. This follows splits in Brussels over whether to impose sanctions on Turkey, Russia and Belarus. The Ethiopian government has no one to plead its case in Brussels.

  • Iran: Nuclear talks with world powers to resume on November 29

    Iran has said it will resume multilateral talks on November 29 in Austria’s capital, Vienna, aimed at reviving the country’s nuclear deal with world powers. Iranian Deputy Foreign Minister Ali Bagheri Kani, who became Tehran’s chief negotiator in mid-September, said on Wednesday the date was set in a phone call with European Union mediator Enrique Mora.

  • ACWA Power achieves financial close for $12bn power JV in Saudi Arabia

    With this financial close, the JV will begin testing and commissioning of the IGCC plant and supply power, steam and hydrogen to Aramco’s Jazan refinery, under a contract that covers a period of 25 years. Saudi Aramco Power Company, a subsidiary of Aramco, owns a 20% stake in the JV, while Air Products owns 46% and ACWA Power has a 25% share.

  • Fashion, money, power and sustainability: Welcome to the new FII

    It is perhaps hard to imagine that big asset-management businesses such as BlackRock and Blackstone might exist for anything other than making big deals, but their respective bosses Larry Fink and Stephen Schwarzman are talking about subjects such as inequality and future generations at the forum. Still, some things at the FII remain the same. The corridors are filled with people in fancy suits and dresses and the event is still a gathering place for the biggest deal-makers on the planet, who collectively manage trillions of dollars in assets.

  • ACWA Power CEO sees ‘minimum’ 50% of Saudi grid power from renewables by 2030

    "In Saudi Arabia already, from zero two years ago we already have 8% of the grid capacity in construction in renewables. I'm doing it so I know it. We have got nearly 6,000 MW ourselves, in solar and wind, and I expect us to be at 50% minimum before 2030. Minimum."

  • Power play: Europe’s climate diplomacy in the Gulf

    For example, if the EU became an important market for green energy exports from Gulf countries, as well as their essential partner in the green transition, the bloc would gain a new form of influence – which it could use to revitalise a strategic political dialogue between the sides.

  • Opinion: Turkey and Iran find soft power more difficult than hard power

    FATF placed Turkey on its grey list last week. It joins countries like Pakistan, Syria, South Sudan, and Yemen that have failed to comply with the group’s standards. The International Monetary Fund (IMF) warned earlier this year that greylisting would affect a country’s ability to borrow on international markets,  and cost it an equivalent of up to 3 per cent of gross domestic product as well as a drop in foreign direct investment.

  • Sudan’s military has seized power in a coup. Here’s what you need to know

    Located in northeast Africa, Sudan is politically important for stability in the Horn of Africa, North Africa and the Sahel. The vast country is situated between Egypt to the north and Ethiopia and Eritrea to the south. It borders Libya in the northwest and the northeast extends to the Red Sea, across which lies Saudi Arabia. Major Western powers had resumed cooperation with Sudan after the establishment of the transitional government in 2020.

  • Saudi Arabia Says OPEC+ Is Powerless to Ease Natural-Gas Crisis

    “We see our role as extremely limited,” Saudi Energy Minister Prince Abdulaziz bin Salman said during the CERAWeek India Energy Forum on Wednesday. “The issue is not the availability of crude oil. Even if we made it available in tons and tons, who’s going to burn it? Who is in need of it? And are they in need of crude or in need, for example, of gas?”