Egypt is adding huge power generation capacity to its grid with a combination of conventional and renewable energy.
Siemens will supply four gas turbines to the Attaka Power Plant, which will add 650 megawatts to the grid.
The plant is located about 150 kilometres east of Cairo, and will provide electricity for more than half a million people.
Siemens did not provide a value for the deal, nor did it say when the project was expected to be commissioned.
“This project is in progress, but on time to be executed according to the fast-track schedule,” said Karim Amin, the senior vice president for power generation at Siemens Middle East.
The German company also recently signed a contract with the East Delta Electricity Production Company to supply, install and commission electrical components at the 650MW Suez Thermal Power Plant.
The plant will be commissioned in 2016.
In addition, Abu Dhabi-based Masdar this week inaugurated a 10MW solar power plant in Marsa Matrouh, enough to power about 10,000 homes.
“The plant will save five million litres of diesel fuel and also reduce Egypt’s carbon footprint by more than 14,000 tonnes of carbon dioxide per year,” Wam quoted Sultan Al Jaber, the UAE Minister of State, as saying during the inauguration.
Masdar announced in November that it was looking to undertake 2,000MW of wind and solar projects in the North African country, increasing its original plan of only 200MW.
Masdar is also working to provide solar power to 61,000 homes throughout Egypt.
As Egypt struggles to regain economic standing from pre-Arab Spring levels, power shortages have been a major obstacle.
The country dropped 14 places to 121 out of 144 countries for electricity supply in the World Economic Forum’s annual Global Competitiveness Index 2014-15.
Industries have suffered across the board from local business owners spending more money on diesel generators to continue operations.
Egypt’s president Abdel Fattah El Sisi has made energy reform a major priority.
On his visit to the UAE in January, he said that the country would roll out an ambitious energy strategy to help meet rising demand.
The strategy could be unveiled at the upcoming Egypt The Future investment conference hoping to attract investments from international companies.
lgraves@thenational.ae
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Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
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The Specs:
The Specs:
Engine: 2.9-litre, V6 twin-turbo
Transmission: 8-speed automatic
Power: 444bhp
Torque: 600Nm
Price: AED 356,580 incl VAT
On sale: now.
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Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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RESULTS
1.45pm: Handicap (TB) Dh80,000 (Dirt) 1,400m
Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer
3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.
4.15pm: Handicap (TB) Dh64,000 (D) 1,950m
Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman
4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.
RACECARD
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