MUSCAT : Upholding Sultanate of Oman’s pioneering role in reducing carbon emissions and based on its cooperation and partnership with Saudi Arabia and Egypt, the Oman Investment Authority signed a memorandum of understanding with the Saudi ACWA Power Company to study the possibility of investing up to 10% in the development, construction and operation of the 1.1 GW Suez wind power plant project, which is valued at $1.5 billion.
The Suez wind power plant project, which is expected to start operation in 2026, is located near the city of Ras Ghareb in the Gulf of Suez and Gabal El-Zeit region in Egypt. Power will be generated from it by using turbines of up to 220 meters high and with latest technology. The plant is scheduled to operate at the highest level of performance efficiency, and will power about 1,080,000 housing units, and reduce approximately 2.4 million tons of carbon emissions annually.
The signing of the memorandum of understanding, which took place on the sidelines of the 27th session of the Conference of the Parties to the Framework Convention on Climate Change in Sharm El-Sheikh, Egypt, was attended by Engineer Salem Al Aufi, Minister of Energy and Minerals and His Royal Highness Prince Abdulaziz bin Salman, Saudi Minister of Energy, along with Egypt’s Minister of Electricity and Renewable Energy, Chairman of ACWA Power Saudi Arabia, and other officials.
Read More
- Oman, Kazakhstan review trade and investment ties in Astana talks
- Nepal Embassy in Muscat pays tribute to Oman’s Everest pioneer Nadhira Al Harthy
- Oman authorities close Barka caravan manufacturer over consumer complaints
- Muscat Governorate begins survey of buildings for disability accessibility
- His Majesty Sultan Haitham sends condolences to French President over death of former PM
Mulham Basheer Al Jarf. Acting Deputy President for Investment at OIA, said the memorandum of understanding is in line with the directions of the Sultanate of Oman and its quest for joint investment with Saudi Arabia and Egypt in renewable energy projects, especially wind energy, with the Sultanate setting the year 2050 for zero carbon neutrality.
ACWA Power Chairman Mohamed Abunayyan said: “The Suez Wind Power Project is an impressive project for its ambition and scale. The gathering of investors from the Arab world in this regional project proves the strength of the will to implement, which is the main topic of the (COP27) conference. The signing of the MoU demonstrates the investor community’s confidence in ACWA Power’s expertise and ability to implement mega projects.”
For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.
