Infinity Power is a joint venture between Infinity and Masdar. (Image source: Infinity Power)

Masdar and Infinity Power have signed a power purchase agreement with the Egyptian Electricity Transmission Company (EETC) to deliver a long-term supply of renewable energy

The energy will be supplied by an onshore wind farm that will be located in Ras Ghareb, Egypt. When constructed, it is expected to have a capacity of 200MW and produce 810,000MWh per year.

A signing ceremony was held at the Egyptian Cabinet in Al-Alamein city and was witnessed by senior stakeholders around the project as well as Government officials including Egyptian Prime Minister Mostafa Madbouly.

“We are excited to announce the construction of the Ras Ghareb wind farm, a project that symbolises Infinity Power's steadfast commitment to advancing sustainable energy solutions,” remarked Mohamed Ismail Mansour, chairman of Infinity Power. “This initiative not only expands our footprint in Egypt but also signifies another big stride in bolstering our local impact in the renewables sector, creating valuable jobs. We remain committed to elevating our contributions to a cleaner, greener future.”

“Through Infinity Power, a Masdar Infinity company, we will deliver 200MW of clean energy to the Egyptian Electricity Transmission Company (EETC), producing over 800,000MWh and offsetting more than 403,000 tonnes of emissions annually,” commented Mohamed Jameel Al Ramahi, CEO of Masdar. “This marks another milestone in our journey to unlocking Africa’s clean energy potential, and further advancing the clean energy transition.”

Limitless ambition

The latest announcement is yet another addition to Infinity Power’s growing, impressive portfolio. The organisation is targeting 10GW of operational renewable energy in Africa by 2030 in a view to providing electricity to 12 million homes. In pursuit of this, the company has marked a number of milestones this year including making a 1GW energy commitment in Sierra Leone and signing a land access agreement for a 10GW wind farm in Egypt.

Nayer Fouad, CEO of Infinity Power, said, “The addition of the Ras Ghareb wind farm to our growing roster reinforces our commitment to positioning Africa as a leader in sustainable energy. This is one of the many steps we will take as we pursue our ambition to develop renewable energy projects in every part of the nation.”

The National Green Hydrogen Council will oversee the implementation of the strategy on an annual basis. (Image source: Adobe Stock)

The Egyptian government has announced the launch of its National Strategy for Low-Carbon Hydrogen, according to a statement on 15 August.

Prime Minister Mostafa Madbouly highlighted that the strategy is a key part of Egypt’s efforts to reduce carbon emissions and diversify its clean and sustainable energy sources in line with its international commitments.

The strategy also aims to strengthen collaboration with global partners and financial institutions to support research, development, and investment in the hydrogen sector, as noted by Cabinet Spokesperson Mohamed El-Homosany. Additionally, the strategy is focused on improving the economic efficiency of utilizing domestic resources.

El-Homosany further stated that the National Green Hydrogen Council will oversee the implementation of the strategy on an annual basis.

The strategy is expected to significantly boost Egypt’s gross domestic product (GDP), potentially reaching up to US$18bn by 2040, and create over 100,000 job opportunities this year. It is also anticipated to enhance Egypt’s energy security, reduce carbon dioxide emissions, and promote the transition to a green economy.

Dr. Bakheet Al Katheeri, the new chairman of its Board of Directors of Tabreed. (Image source: Tabreed)

Tabreed has announced its consolidated financial results for the first half of 2024, alongside changes to its board of directors.

The financial results highlight the company's robust performance, driven by business growth, stable profit margins, and disciplined financial management. Tabreed experienced an 8% year-on-year increase in customer volumes, reflecting higher demand for cooling during the summer and ongoing strategic development over the past year.

The group's revenue for the first half of 2024 increased slightly to US$293.76mn, compared to US$290mn in the same period last year. Tabreed’s EBITDA margin for the first half of 2024 grew to 56% year-on-year, reflecting the company’s ability to achieve strong financial results while expanding its operations. Over the past 12 months, Tabreed has made significant investments totaling US$266mn, yielding a return of 10%.

Sale of bonds

In a demonstration of responsible financial management, Tabreed reduced its debt by 12% in the first half of the year through the repurchase of US$207mn in sukuk due to mature in 2025. This follows the sale of US$33mn of bonds in 2023, bringing the total sukuk repurchased to US$240mn. These efforts are part of Tabreed’s strategy to optimise financing costs and strengthen its balance sheet.

Simultaneously, the company increased its returns to shareholders, with a 15% rise in cash dividends for 2023 compared to the previous year, which were approved by shareholders and paid out in April 2024.

Additionally, in the first half of 2024, Tabreed completed its new district cooling plant on Saadiyat Island, Abu Dhabi. With a final capacity of 21,000 RT (refrigeration tons), the facility provides sustainable cooling to residential and commercial communities, currently operating at 9,000 RT, with plans to add another 6,000 RT over the next two years.

Tabreed also took steps to expand its global presence by supporting the Big 5 Construct event in Cairo, Egypt. Company executives delivered keynote speeches and participated in high-level discussions with planners, developers, and government officials, emphasizing district cooling as a key solution for sustainable urban development.

Tabreed has announced the appointment of Dr. Bakheet Al Katheeri as the new chairman of its Board of Directors, succeeding Khaled Al Qubaisi, who has served as Tabreed’s chairman since 2017.

Both onshore and offshore operations, and oilfield services did well. (Image source: Adnoc Drilling)

Driven by operational expansion across all business segments, ADNOC Drilling’s second quarter and first half 2024 revenue increased to US$935mn, surpassing US$1.8bn, up year-on-year by 29% and 26% respectively

There was a steady revenue increase in both onshore and offshore operations, and in oilfield services as well. 

“ADNOC Drilling has continued to deliver on its strategic initiatives and has successfully closed the first half of the year on a strong note, achieving multiple milestones.

“The Company’s performance for the period is a continued reflection of our unwavering commitment to operational excellence and efficiency in every aspect of our business. Our achievements for the period are a testament to the relentless dedication of our people, whose efforts are central to delivering outstanding service to our customers and maximising value for our shareholders,”said Abdulrahman Abdulla Al Seiari, CEO, ADNOC Drilling.

The strong top-line translated into record EBITDA both in the quarter and the first half. Second quarter EBITDA increased by 37% year-on-year and 8% sequentially to US$472mn, yielding a 50% EBITDA margin. Consistency in revenue growth and cost-cutting strategies led to US$909mn EBITDA in the first half of the year, up 34% year-on-year and with a margin increase to 50%.

Net profit for the quarter also grew, up 29% year-on-year and 7% sequentially to US$295mn, driven by the increase in EBITDA, while for the first half the figure stood at US$570mn, up 28% year-on-year.

At the end of the second quarter, the fleet consisted of 140 rigs (136 owned plus four lease-to-own land rigs), up from 137 at the end of the first quarter due to the addition of three land rigs.

Encouraged by the positive results, the Board of Directors has approved an interim dividend of US$394mn, +10% year-on-year under new enhanced and progressive dividend policy, equivalent to 9.0468 fils per share.

The interim dividend distribution is expected to be in the last week of August 2024, to all shareholders of record as of August 12, 2024.