logo
UK-UAE-Saudi alliance plan $7bln petrochemical complex in Egypt

UK-UAE-Saudi alliance plan $7bln petrochemical complex in Egypt

Zawya22-02-2025

A UK-UAE-Saudi consortium has entered into an agreement with the Egyptian government to develop a $7 billion petrochemical complex in the industrial zone of New Alamein City, the consortium's lead firm Shard Capital Partners announced.
The alliance, which includes the UAE's Royal Strategic Partners and Saudi Arabia's Al-Qahtani Group, has signed a framework agreement with Egypt's Ministry of Petroleum and Ministry of Investment for the project, a press statement issued by the London-based financial services firm said.
The integrated complex will have a production capacity of 3.1 million tonnes annually, producing eight specialised petrochemical products, the statement said.
It said the project is expected to create 20,000 jobs during construction and 3,000 permanent positions once operational.
The facility will be designed to process crude oil and will include a refinery and a mixed steam cracker unit.
The consortium is also in initial discussions with Orascom Construction for potential investment in the construction and operation of the complex under a Build, Own, and Operate (BOO) model.
(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@lseg.com)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

‘Critical minerals availability pose growing threat to energy transition'
‘Critical minerals availability pose growing threat to energy transition'

Zawya

time36 minutes ago

  • Zawya

‘Critical minerals availability pose growing threat to energy transition'

Critical minerals such as copper and silver, which underpin the clean energy transition, are increasingly exposed to supply chain vulnerabilities, according to a senior executive at UAE-based cable and wire company Ducab. Speaking at the World Utilities Congress held from 27–29 May 2025 in Abu Dhabi, Shailendra Pratap Singh, Vice President for GCC, Europe, and the Americas at Ducab stated that copper demand is set to double within five to ten years, while traditional supply sources such as Chile, Peru, and the Democratic Republic of Congo face heightened risks from political instability and climate-related disruptions. 'There are so many political instabilities and climatic impacts, so any new investment that goes in needs a lot of approvals,' he said. He highlighted the increasing cost of copper, referencing forecasts from Goldman Sachs, which foecasts prices to reach $10,500 per metric tonne by the end of 2026, up from around $3,000 fifteen years ago. Singh added that silver, essential for solar panel manufacturing, is also under supply pressure. In response, Ducab has taken internal measures to strengthen supply chain resilience, including localised recycling initiatives. 'We try to recover and recycle our copper to the extent possible. We have in-house granulators, and we work closely with DEWA and TAQA to take the material back at the end of its lifecycle,' he said. Ducab's innovation extends to process optimisation. 'For aluminium rods, we get molten aluminium in a crucible from EGA (Emirates Global Aluminium), which is located very close to our factory. This eliminates the need to cool and remelt the material, cutting emissions significantly.' According to Singh, strengthening supply chains through material recovery and operational innovation will be essential for utilities and manufacturers as they address rising demand, resource constraints, and decarbonisation goals simultaneously. (Writing by Rajiv Pillai; Editing by Anoop Menon) (

Dubai Metro Blue Line: What world's highest station by Burj Khalifa architects will look like
Dubai Metro Blue Line: What world's highest station by Burj Khalifa architects will look like

Khaleej Times

time36 minutes ago

  • Khaleej Times

Dubai Metro Blue Line: What world's highest station by Burj Khalifa architects will look like

UAE is a land of the world's 'mosts' — the fastest, the biggest, the richest. And now the Emirates has added another crown to its urban landscape, the world's highest metro station under the Blue Line network. The Dubai Ruler, a visionary long associated with the Metro's history, laid the foundation stone of the first station of the new network — Emaar Properties — set to begin on September 9, 2029, once again choosing the iconic number nine. The station's design looks futuristic, to say the least. It involves a portal-like structure, invoking a literal 'gateway to the future', part of Dubai's vision. Design masterminds A natural first question is: Who designed the world's highest station? On Monday, it was revealed to be none other than the creative minds behind the world's tallest tower, Burj Khalifa. The renowned American architectural firm Skidmore, Owings & Merrill (SOM) have also designed the Olympic Tower in New York, and the Sears Tower in Chicago. Standing at a height of 74 metres (242 ft), the station has 3 levels, and includes layers of stunning architecture. At first glance, its towering walls rise to the skies while remaining firmly rooted in Earth, with warm, natural tones and textures. The ceilings have glass panels, allowing sunlight to stream into the platforms and the lobby. The platform seems to emerge from the walls of the station, while a pedestrian bridge connects passengers to the metro line. Natural stone and metals blend together in classic Dubai fashion, embracing tradition and modernity. Jura limestone bronze metal will form the wall panels, while the floor tiles are made of granite. The Blue Line's design was earlier unveiled in October 2024, when a station model showcased a large, oval-shaped design arching over the tracks, different from the fully-enclosed stations that are currently in use in the Red and Green Lines. The current design is starkly different from the earlier model, constructing large vertical walls around the platform, while also retaining the typical metro terminal arch used in the Red and Green Lines. The station stands as a mini-community, with electric vehicle charging points, spaces for drop off, and parking for users surrounded by lush green spaces. Set to transport 160,000 passengers per day by 2040, the station will take commuters to their destination, and a little closer to the future.

Defence or environment? Britain faces spending choices
Defence or environment? Britain faces spending choices

Khaleej Times

timean hour ago

  • Khaleej Times

Defence or environment? Britain faces spending choices

Torn between growing geopolitical tensions and constrained public finances, Britain's finance minister Rachel Reeves is set to unveil feared trade-offs in a government spending review on Wednesday. Prime Minister Keir Starmer is boosting the defence budget, and reports point to National Health Service (NHS) being bolstered — forcing other key ministries to tighten their belts. "Sharp trade-offs are unavoidable," said the Institute for Fiscal Studies, a respected think tank, of the Labour government's spending plans through to 2029-2030. Reeves, the chancellor of the exchequer, is to detail day-to-day spending plans in her review to parliament on Wednesday. Ahead of the announcement, the government on Monday reversed a policy to scrap a winter heating benefit for millions of pensioners, following widespread criticism, including from within its own party. Labour will raise the income threshold for receiving the subsidy, which "extends eligibility to the vast majority of pensioners", or nine million people, the Treasury said in a statement. The policy to remove the allowance from millions of pensioners began this winter and followed the government's inaugural budget in October featuring tax rises and big spending announcements on infrastructure. Since Labour won power last July, sweeping aside years of Conservative Party rule, it has unveiled also contested cuts to disability welfare payments, hoping to save more than £5 billion ($6.8 billion) by 2030. Thousands of protestors gathered in central London on Saturday, many holding placards that read "tax the rich, stop the cuts -- welfare not warfare". The government on Sunday announced £86 billion of investment in science and technology and defence by 2030. Reeves hopes the spending will boost sluggish growth, which risks added pressure from the tariffs trade war unleashed by US President Donald Trump. Reeves is set to announce a funding boost of up to £30 billion for the NHS, according to The Times newspaper. Britain's media has in recent days reported on tough, last-minute discussions between the Treasury and the interior ministry, particularly regarding the police budget, as well as with the energy department amid fears for the UK's carbon-reduction commitments. - Defence priority - Reeves has amended her fiscal rules to allow the government more headroom for investment in the run-up to the spending review. At the same time, she wishes to balance the books so that tax revenues match day-to-day spending, meaning the government borrows only to invest. The chancellor has allowed the Treasury to borrow more, particularly for infrastructure projects across the vital housing and energy sectors. This has handed her a windfall of £113 billion over five years. "When it comes to capital spending, government investment is set to be sustained at historically high levels in the coming years," the IFS noted. "If spent well, this should help contribute to growth and to better public services in years to come." Citing Russia's invasion of Ukraine, London has announced it will increase its defence budget to 2.5 percent of UK gross domestic product by 2027 -- and up to 3.0 percent by 2034, helped by cutting international aid. "While going for growth and fixing the NHS will still be central to the Spending Review, bolstering the nation's defence is now considered an urgent pressing need," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. While seeking to cut costs, it has been reported that the government may later this year announce plans to lift a cap on child benefits, also after a backlash over the policy from some of its party members. "U-turns on benefit and welfare spending, increased pressure to ramp up defence spending and higher borrowing costs have left the chancellor, Rachel Reeves, in a sticky position", concluded Ruth Gregory, deputy chief UK economist at Capital Economics. "If she wishes to avoid a political backlash and/or an adverse reaction in the financial markets, she probably has little choice but to raise taxes in the Autumn Budget." The government has already hiked a business tax that entered into force in April.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store