Shanghai Electric, Masdar and Mawarid Group join forces for clean energy
Shanghai Electric has formalised agreements with Abu Dhabi Future Energy Company (Masdar) and Oman's Mawarid Group for major renewable energy projects across both Middle Eastern nations.
The partnerships will focus on advancing clean energy through technology deployment, localised manufacturing, and multi-sector collaboration.
The agreement with Masdar involves the development of a 2GW solar power project in Saudi Arabia.
In Oman, the agreement with Mawarid focuses on wind energy cooperation.
Saudi solar project, named Sadawi, marks Shanghai Electric's most extensive solar EPC venture to date. It will be developed in collaboration with Masdar.
The 40km² plant will produce more than six billion kilowatt-hours annually. It is expected to supply electricity to 700,000 homes and reduce emissions by three million tonnes.
The project employs modern photovoltaic systems to harness Saudi Arabia's solar potential. It forms a significant part of the country's national renewable strategy.
The Saudi initiative contributes to efforts aimed at reducing fossil fuel use. It also supports Shanghai Electric's expansion into solar markets in the region.
In Oman, the partnership includes wind turbine supply, technology exchange, and plans for a local production facility. The agreement promotes regional manufacturing and knowledge sharing.
The initiative seeks to utilise Oman's wind resources and stimulate the domestic industry. It is also intended to drive long-term development through energy diversification.
This wind energy project supports Oman's broader goal of shifting from conventional fuels to cleaner alternatives. It also enhances technological collaboration between China and Arab countries.
Shanghai Electric Group chairman Wu Lei said: 'This is a new starting point for Shanghai Electric and Masdar to carry out comprehensive cooperation and an important milestone for Shanghai Electric to further establish itself in the Middle East's new energy market.
'I hope both parties will work together to create a benchmark demonstration project and contribute more to the global energy transition."
Both agreements reflect the goals of Saudi Vision 2030 and Oman Vision 2040, and they prioritise sustainable energy, local involvement, and cross-sector cooperation.
Masdar CEO Mohamed Jameel Al Ramahi said: 'Masdar attaches great importance to its partnership with Shanghai Electric and looks forward to further deepening cooperation with them in wind power, photovoltaics, energy storage, and other fields in the future to jointly promote the transformation of the global energy structure."
"Shanghai Electric, Masdar and Mawarid Group join forces for clean energy" was originally created and published by Energy Monitor, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
DHL Makes $570 Million Splash in the Middle East
DHL Group will invest more than 500 million euros ($574.5 million) in the Middle East through 2030, namely two of its fastest-growing markets: Saudi Arabia and the United Arab Emirates (UAE). With the investment, all four of the logistics giant's global divisions—DHL Express, DHL Global Forwarding, DHL Supply Chain and DHL eCommerce—will build on their infrastructure in the region as the two markets continue to accelerate their push into international trade and move their economies away from oil dependence. More from Sourcing Journal Trump Doubles Duties on Metals, Judge Dismisses California's Tariff Lawsuit Canada Post Denies Union's Request to Settle New Deal Via Arbitration Global Economic Growth Will Be Blunted By US Tariffs, OECD Says Saudi Arabia's non-oil exports reached an unprecedented 515 billion Saudi Riyal ($137 billion) in 2024, marking the highest value in the kingdom's history. These exports expanded 13 percent last year, and more than doubled (113 percent) since the launch of Saudi Arabia's Vision 2030 economic development program. The UAE saw even larger trade expansion over the past year, with non-oil exports growing 28 percent year over year to 561.2 billion dirhams ($153.8 billion). Investments for the DHL Express segment will be made in hub and gateway facilities, as well as enhancing aviation capacity to improve service efficiency and delivery speed. DHL Global Forwarding will expand its overall presence in the Middle East, invest in fleet of aircraft and trucks and pursue joint venture initiatives such as its recent partnership with Etihad Rail. For DHL Supply Chain, there will be an expansion of the contract logistics offering in both the UAE and Saudi Arabia, which includes increasing warehousing capacity, upgrading equipment and integrating advanced technology to optimize operations. DHL eCommerce entered the Saudi Arabian market in February by acquiring a minority stake in parcel delivery company AJEX Logistics Services, which has a network that includes over 50 facilities and a fleet of more than 900 vehicles. Although the company is penetrating a region known largely for its oil production, DHL emphasized its commitment to sustainability, including investments in alternative fuel, electric delivery vehicles, aviation fuels in air freight and biofuels for road and ocean freight, as well as solar energy and clean power for facilities. The commitment is aimed at building more sustainable supply chains, and helping customers achieve their net-zero ambitions. Both Saudi Arabia and the UAE have net-zero emissions goals for 2060 and 2050, respectively. Ahead of the investment, DHL's separate divisions already provided various logistics and transportation services to Middle Eastern customers, including express parcel delivery, air, ocean and overland freight, warehousing, fulfilment and distribution, and customs brokerage operations. As DHL expands its sphere of influence worldwide, the logistics giant is busy integrating another pivotal acquisition in the U.K. market. Last month, the company's DHL eCommerce U.K. branch merged with Evri after DHL Group acquired a minority stake in the parcel delivery company. The merged Evri business is anticipated to deliver over 1 billion parcels and a further 1 billion business letters annually. Evri's partners include U.K. retailers like Next, John Lewis and Marks & Spencer, as well as Etsy. The combined group will consist of 30,000 couriers and van drivers, another 12,000 workers and a fleet of 8,000 vehicles. With the deal, Evri says it plans on hiring 5,000 more couriers for the summer season, with 1,000 expected to be permanent jobs. Evri intends to expand its own international network for inbound and outbound parcels by leveraging DHL's cross-border parcel shipping expertise, alongside the company's global network of nearly 150,000 'out-of-home' global access points in shops and lockers. This includes access to Europe, the U.S. and select Asian markets such as India, and will mean faster transit times, the companies said. The partnership will incorporate DHL's UK Mail offering, entering Evri into the business letter market for the first time. DHL's other U.K. segments, including DHL Express, DHL Supply Chain and DHL Global Forwarding, are unaffected by the transaction. Evri will continue to be majority owned by Apollo Global Management, which acquired the company for a reported $3.5 billion last year. On Wednesday, the U.K.'s antitrust regulator, the Competition and Markets Authority (CMA), opened a probe into the merger. The CMA issued the inquiry into the deal with an invitation for interested parties to submit their comments on the deal June 25. After this, the CMA will formally launch its investigation. The agency is also probing GXO's $935 million acquisition of U.K. logistics provider Wincanton, with the regulatory body saying in February that the deal likely lessens competition in the supply of warehousing services to the country's grocers.
Yahoo
9 hours ago
- Yahoo
A Trump deal for Palestine could tame Iran's regime
Iran is at its weakest point in decades. Its proxies have been decimated, its economy and infrastructure is in tatters, and its isolation over its nuclear program is deepening. Blackouts stretch on for days, damaging household appliances and spoiling food. Government salaries barely cover basic needs. One asset manager in Tehran described people's mood to me as tired, angry, hungry, and thirsty. The economic stress is stoking unrest. A nationwide truck drivers' strike began spreading in May. It's a labor dispute, and authorities threatened arrests. But the fear that once controlled the streets is eroding. Videos show ordinary Iranians encouraging striking workers, saying 'damet garm,' or 'more power to you.' US President Donald Trump can accelerate this decline by removing all that is propping up the regime: the nuclear program and Tehran's adoption of the Palestinian cause. What if Trump's broader ambition for peace in the Middle East holds the key to ending the nuclear standoff and reshaping Iran itself? The Islamic Republic has long anchored its legitimacy to defending the Palestinian cause, using proxies to pose an existential threat to Israel. Regime officials say that Palestine is the sole reason for their hostility toward Israel. The creation of a Palestinian state — or just a credible process toward one with backing from most Arab states — would strip Tehran of its ideological cover. All that would be left is a government that can't provide its citizens with electricity, salaries, or security. That's why a Trump-brokered deal for a Palestinian state could break Tehran's narrative, and may produce a peace that extends beyond nuclear containment. And Trump doesn't have to rush on either front because the regime is teetering. To be sure, regime change is not part of the Trump Doctrine and a peaceful transition to democracy is unlikely. But the combination of a nuclear agreement and a Palestinian state would poke holes in the script the Islamic Republic has been selling for generations, and may finally give Iran's long-suppressed opposition a chance to tell a new story. Gulf states and Israel are on opposite sides of a nuclear deal. The Gulf aims to be at the center of a new regional order, balancing Israel and Iran, Johns Hopskins professor Vali Nasr writes in Foreign Affairs. The central hurdle in nuclear talks: Iran's red line on uranium enrichment, The New York Times explains.
Yahoo
9 hours ago
- Yahoo
AMD Powers Through Challenges with Robust Data Center Expansion
June 11 - Last month, AMD (NASDAQ:AMD) posted stronger-than-expected quarterly results, beating both EPS and revenue forecasts. The company cited robust demand in its Data Center segment, which saw revenue jump 57% year on year and operating income rise 72%. Warning! GuruFocus has detected 3 Warning Signs with AMD. Management offered upbeat guidance for the next quarter despite lingering macro challenges, including shifting tariffs and trade tensions. The Data Center unit, crucial to AMD's valuation, could exceed $20 billion in revenue for fiscal 2025, driven largely by AI chip sales. At its 2021 peak, AMD shares traded above $150; they're near $123 now, having climbed about 2% year to date. While AMD remains second to NVIDIA Corporation (NASDAQ:NVDA) in AI processors, expanding AI revenue share may boost margins and sentiment. New chip launches continue to draw positive third-party reviews. Analysts project AI chip sales could hit $13$15 billion in 2025, supported by large deals such as a reported $10 billion agreement with a Saudi AI startup. AMD's pricing edge and diversified customers may help narrow the gap with NVDA's leading offerings. Intel Corporation (NASDAQ:INTC) remains a competitor in CPUs, but AMD's growing server market share underpins a higher valuation multiple. The company also unveiled an additional $6 billion share buyback, bringing total authorization to $10 billion. That may support the stock if AI-driven growth persists amid macro uncertainties. Based on the one year price targets offered by 41 analysts, the average target price for Advanced Micro Devices Inc is $129.18 with a high estimate of $200.00 and a low estimate of $95.00. The average target implies a upside of +4.82% from the current price of $123.24. Based on GuruFocus estimates, the estimated GF Value for Advanced Micro Devices Inc in one year is $165.20, suggesting a upside of +34.05% from the current price of $123.24. This article first appeared on GuruFocus.
