Amea Power will build a $350 million stand-alone battery storage project in Egypt as the UAE-based renewable energy developer continues to expand its operations in the country, a senior executive said.
The 1,500-megawatt-hour battery energy storage system will be split between two locations: 1,000 megawatt-hours will be installed in Benban, home to the largest solar park in Africa, while 500 megawatt-hours will be located in the Red Sea town of Zafaranna, Mahabir Sharma, Amea Power’s chief technical officer told The National.
An initial purchase power agreement has been signed between Amea Power and the Egyptian Electricity Transmission Company. A binding agreement will be signed in “one or two weeks” for the battery project, which is expected to be completed by March 2027, he said.
Amea Power, with over two gigawatts of renewable energy projects either completed or under development in Egypt, is open to partnering on the BESS project, Mr Sharma said.
“Initially, we will be handling it on our own, but we are always looking for a good partner to do the project,” he said.
Hydrogen plans
In 2022, Amea Power signed a framework agreement with the Egyptian government to develop a 1,000-megawatt green hydrogen project for exporting green ammonia.
The company is conducting feasibility studies for the project and negotiating with potential offtakers, Mr Sharma said, adding that Europe is probably the main market due to its proximity to Egypt.
“We have to save on the transportation cost of ammonia,” he said.
The executive’s remarks come as the global green hydrogen industry faces growing uncertainty due to a lack of buyers, high prices compared with fossil fuel-derived alternatives, and the rollback of policy support in crucial markets such as the US.
Hydrogen will always be in demand for industries such as steel and fertiliser, but the key factor for green hydrogen’s success is its economic viability, which depends on lower renewable energy prices and government support, Mr Sharma said.
In parts of Europe, green hydrogen costs around €5.5 ($5.73) per kilogram, compared with only €1.6 per kilogram for grey hydrogen, which is produced using natural gas, ING Research said in a report last year.
Meanwhile, in the US, green hydrogen is costlier than grey by €1.85 per kilogram.
Power crisis
Egypt, which faced a gas shortage and rolling power cuts last summer, is accelerating the adoption of renewable energy, industry sources told The National at the Abu Dhabi Sustainability Week this month.
“There’s a big push from the government to sign more and more renewable power,” Mr Sharma said.
Egypt aims to increase renewable energy’s share of its electricity generation mix to 42 per cent by 2030, up from about 12 per cent currently.
China's Trinasolar recently partnered with Amea Power to supply its energy storage system for a major solar project in the North African country, marking its first energy storage initiative in the region.
The Arab world's third-largest economy has “big potential”, thanks to a “stable” political environment and a large population, Vincent Wu, president and head of Trinasolar Middle East and Africa region told The National earlier this month.
Meanwhile, Amea Power is currently in discussions with a “select group of investors” to sell a stake in the company, Mr Sharma said. He did not disclose the expected size of the transaction. The company is in the due diligence phase, he added, noting that Amea Power would remain the majority owner.
In 2023, Amea Power closed a $75 million equity funding round from Japan’s SoftBank.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
EXPATS
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The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
AL%20BOOM
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Pros%20and%20cons%20of%20BNPL
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The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
MO
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COMPANY PROFILE
Company name: Happy Tenant
Started: January 2019
Co-founders: Joe Moufarrej and Umar Rana
Based: Dubai
Sector: Technology, real-estate
Initial investment: Dh2.5 million
Investors: Self-funded
Total customers: 4,000
Palestine and Israel - live updates
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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