Saudi Arabia's ACWA Power to buy Engie's share in Kuwait and Bahrain assets
The share purchase agreement covers operating capacities of 4.61 GW of gas-fired power generation and 1.11 million cubic meters per day (m3/day) of water desalination facilities, the companies said in a statement.
It also includes the related operations and maintenance companies in Kuwait and Bahrain, it added.
Completion of the transaction is subject to customary regulatory and other stakeholder approvals.
(Reporting by Hadeel Al Sayegh; Editing by Muralikumar Anantharaman)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sharjah 24
a day ago
- Sharjah 24
France hopes EU will reach tariff deal with US 'this weekend'
EU and US negotiators are holding final stretch talks over the weekend as Brussels chases a deal before a July 9 deadline to avoid the return of steep tariffs. "On tariffs, it could all be decided this weekend," said French Finance Minister Eric Lombard, speaking at an economic forum in southern France. "If not, Europe will undoubtedly have to respond more vigorously to restore the balance," he said. Without a deal, the default levy on EU imports is set to double to 20 percent or even higher -- US President Donald Trump having threatened at one point to slap 50 percent duties. EU chief Ursula von der Leyen said on Thursday Brussels sought an agreement in principle, which would mean further talks would be necessary on the details. But the commission believes that whatever happens, an imbalance in trade measures between the EU and the United States will remain. It is "essential" for the European Union to protect its industries from the United States and China, said Lombard. "Imagine the world as a playground where everyone is playing ... and following the rules," he said. "And then three bullies come along and don't follow any rules... and push around the children who were playing nicely. That's the world of predators," he said, referring to the US, Russia and China.
Zawya
2 days ago
- Zawya
Engie completes Africa's biggest wind farm
French utility Engie has completed Africa's largest wind farm four months early, as it targets the Middle East and North Africa as a priority region for future renewables growth. The 650 megawatt (MW) Red Sea Wind Energy project in Egypt project can power more than a million households annually, at a time when electricity shortages have forced the country to spend billions buying liquefied natural gas, turning it into a net gas importer for the first time last year. "This renewable energy is cheaper than burning gas or other fossil energy, because the price is lower, so it clearly allows for burning less gas and for the country to either import less gas or export more," François Xavier Boul, Engie's managing director for the Middle East and Africa, told Reuters. As permitting remains sluggish in Europe and US offshore wind leases have been frozen under President Trump, Engie now hopes projects in the Middle East and North Africa can help it meet its 2030 target of reaching 95GW of installed renewable capacity, up from around 51GW. Boul said rising economic development, an expected increase in power consumption, administrative fast-tracking and short project lead times has led Engie to prioritise tenders to build in Egypt, Morocco, the United Arab Emirates and Saudi Arabia. Red Sea Wind Energy is Engie's second wind project in Egypt, with a third site in development that will exceed 900MW when built. Last year Engie signed a preliminary deal with Morocco's phosphates and fertilizer giant OCP to explore renewable energy, ammonia and green hydrogen projects beginning in 2026. Boul said in the short and medium-term, Engie's focus in the Middle East and North Africa region were on solar, wind, battery and hybrid projects. Red Sea Wind Energy is owned by Engie (35%), Orascom Construction PLC (25%), Toyota Tsusho Corporation (20%) and Eurus Energy Holdings Corporation (20%).
Dubai Eye
3 days ago
- Dubai Eye
French air traffic controllers' walkout disrupts early summer travel
A walkout by French air traffic controllers to protest against staff shortages and ageing equipment forced airlines to cancel hundreds of flights on Thursday, just as the summer season gets under way. The strike impacted operations at airports across the country, including Paris' Roissy Charles de Gaulle airport, one of Europe's busiest hubs, and is due to run into a second day on Friday. Lobby group Airlines for Europe said more than 1,500 flights would be cancelled over the two days, impacting nearly 300,000 travellers. Budget airline Ryanair said it had cancelled 468 flights and expected the number to keep rising. "Once again European families are held to ransom by French air traffic controllers going on strike," Ryanair CEO Michael O'Leary said. "It makes no sense and is abundantly unfair on EU passengers and families going on holidays." France's civil aviation agency DGAC asked airlines to cut one in four flights in and out of Paris airports and almost half of flights out of the capital on Friday. Elsewhere, airlines were asked to reduce flights by 30 per cent-50 per cent, with the south hit particularly hard. Air France, France's largest airline, said it had adapted its flight schedule, but that it was maintaining its full long-haul flight schedule. EasyJet said it was cancelling 274 flights over Thursday and Friday. Lufthansa also reduced its schedule for the two days, affecting some flights in and out of Nice, Paris, Marseille, Lyon and Montpellier airports. IAG-owned British Airways was using larger aircraft to mitigate disruption. UNDERSTAFFING, OLD TECHNOLOGY The strike coincided with the start of the European summer holidays, one of the busiest travel periods of the year. France's second-largest air traffic controllers' union, UNSA-ICNA, said its members were striking over persistent understaffing, outdated equipment and a toxic management culture. Another union, USAC-CGT, said the DGAC had failed to comprehend the frustration felt by controllers. "The DGAC is failing to modernise the tools that are essential to air traffic controllers, even though it continues to promise that all necessary resources are being made available," UNSA-ICNA said in a statement. "The systems are on their last legs, and the (air traffic control) agency is constantly asking more of its staff to compensate for its difficulties," it added. The DGAC did not immediately respond to a request for comment on the trade unions' concerns. Their complaints echo grievances expressed by air traffic controllers in the United States over antiquated infrastructure, dramatic staffing shortfalls and failing technology. French Transport minister Philippe Tabarot called the unions' demands unacceptable. French air traffic control had proven to be one of the weakest links in Europe's ATC network, posting some of Europe's worst delay records so far this year, Airlines for Europe said. Ryanair's O'Leary urged the European Commission, the European Union's executive arm, to reform EU air traffic control services to ensure adequate staffing at peak periods and to protect overflights - those that pass over a country or region without landing there - during national strikes.
