Iraq launches new solar power project
The new plant will generate 300 megawatts (MW) and involves the installation of half a million solar panels.
The project is located in the central Karbala governorate and is expected to be Iraq's first operational solar energy plant.
'This is the country's first operational solar energy project which will be part of the national power network,' electricity minister Ziad Fadhil said at the weekend.
Fadhil told the official Iraqi News Agency (INA) that the project spans an area of nearly 10 million square metres and is one of the most important solar power projects in Iraq as it is being constructed by local companies.
TotalEnergies is building a 1,000 MW solar power plant while ACWA Power of Saudi Arabia and the UAE's Masdar are expected to sign deals for two similar facilities with 1,000 MW production capacity each.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Zawya
29 minutes ago
- Zawya
Egypt: Foodico's net profits drop 8.3% YoY in H1 2025
Arab Finance: Ismailia National Food Industries (Foodico) generated 8.36% year-on-year (YoY) lower net profits after tax at EGP 57.994 million in the first half (H1) of 2025, versus EGP 63.290 million, according to the financial results. Net sales increased to EGP 227.894 million in H1 2025 from EGP 170.704 million in H1 2024, while the earnings per share (EPS) dropped to EGP 3.99 from EGP 4.50. In the first three months of 2025, Foodico achieved net profits after tax valued at EGP 42.433 million, higher by 32.87% YoY than EGP 31.936 million. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (


Zawya
29 minutes ago
- Zawya
Stc group and Saudi Esports Federation partner to empower digital talent in the gaming industry
Riyadh, Saudi Arabia: stc group, the region's leading digital enabler, has announced a strategic partnership with the Saudi Esports Federation (SEF) to expand its Job Attachment Program (JAP) into the esports and gaming sector. This initiative aims to build local capabilities by offering real-world experience to stc group employees through temporary project-based assignments in one of the Kingdom's most dynamic digital industries. Through this collaboration, participants will gain hands-on exposure to industry-relevant projects, benefit from mentorship by seasoned esports professionals, and develop the technical and strategic skills required to support Saudi Arabia's emergence as a global digital powerhouse. 'We recognize the importance of preparing our future leaders to succeed in a digital-first world—especially as gaming becomes a core part of modern life,' said Ahmad M. S Alghamdi, Chief Human Resources Officer at stc group. 'This partnership with the Saudi Esports Federation reinforces our commitment to talent development and innovation in an industry that is transforming entertainment and redefining digital engagement.' The Saudi Esports Federation, a leading force in shaping the Kingdom's esports ecosystem, will provide JAP participants with the opportunity to work on initiatives aligned with its mission to develop local talent, support grassroots to professional esports development, and catalyze the entire gaming value chain. 'Esports is a strategic pillar of Vision 2030, creating new pathways for Saudi youth and establishing the Kingdom as a global leader in technology and innovation,' said Turki AlFawzan, CEO of the Saudi Esports Federation. 'Our collaboration with stc group reflects our shared vision of equipping Saudi talent with the capabilities to thrive and lead in this high-growth sector.' Since its inception, stc group's JAP has collaborated with over 25 leading organizations, providing hundreds of employees with transformative experiences across multiple industries. By integrating esports into the program, stc group continues to play a pivotal role in building a digitally empowered workforce that drives both national and global progress. Together, stc group and the Saudi Esports Federation are laying the foundation for a new generation of Saudi talent one that will lead the Kingdom's esports revolution and contribute to a diversified, knowledge-based economy under Vision 2030. About stc group: stc group is a digital enabler, offering advanced solutions and driving a role in the digitalization process. The group provides a comprehensive suite of services encompassing digital infrastructure, cloud computing, cybersecurity, Internet of Things (IoT), digital payments, digital media, and digital entertainment. The group comprises 13 subsidiaries across The Kingdom of Saudi Arabia, the Middle East, North Africa, and Europe. To know more about stc group: Click here About Saudi Esports Federation: The Saudi Esports Federation is the regulating body in charge of nurturing elite gaming athletes and developing the gaming community and industry in Saudi Arabia. The Federation's activities are categorized into two complementary streams. The first stream works to develop all levels of competitive gamers, starting with the grassroots community level and moving up to professional esports athletes that can achieve global excellence. The second stream works to develop the entire gaming/esports value chain by catalyzing the industry and enabling talent. Since its establishment in late 2017, the federation has organized multiple world-class national and international tournaments and events, attracted investment from local private sector actors and worked with international developers on opportunities in the Saudi market.


Khaleej Times
29 minutes ago
- Khaleej Times
Beltone Holding reports EGP6.3 billion in operating revenues for first half
Beltone Holding has announced its H1 2025 results, with operating revenues more than doubling to reach a record EGP6.3 billion. Net profit after tax and minority interest for the same period reached EGP1.3 billion, a 60% YoY increase. The total Group outstanding portfolio reached EGP34.8 billion, a 109% YoY growth. Consolidated operating revenue reached EGP6.3 billion, growing 115% YoY. Net profit after tax & minority interest exceeded EGP1.3 billion, representing a 60% YoY growth. The Group's total outstanding portfolio reported EGP34.8 billion at the end of 1H2025, growing 109% YoY. The investment bank platform reported EGP1.1 billion in revenues, growing a remarkable 137% YoY. Revenues were driven by a surge in advisory services and a continued expansion of securities brokerage operations. Investment banking reported revenues of EGP582 million in 1H2025, a 597% YoY increase. The performance was driven by a surge in advisory services, which currently include a full array of equity, debt, and credit advisory. The securities brokerage saw its operating revenue grow 41% YoY to EGP474 million in 1H2025, driven by higher commissions and solid growth in its client base. Beltone maintained its leadership as Egypt's largest non-bank affiliated asset manager, with Assets Under Management standing at EGP 27.3 billion. Its non-bank financial institutions platform delivered solid results, with operating revenue reaching EGP5.0 billion, climbing 111% YoY. Leasing and factoring generated EGP2.4 billion in revenues in 1H2025, a 107% YoY Increase. The outstanding portfolio stood at EGP14.5 billion, a 78% YoY increase. Mortgage finance generated revenues of EGP955 million in 1H2025, a YoY increase of 106%. The company also concluded 1H2025 with an outstanding portfolio of EGP7.3 billion, a 121% YoY increase. SMEs: Revenues of EGP212 million, having launched in the third quarter of 2024. Beltone SMEs' outstanding portfolio reached EGP1.4 billion at the end of 1H2025. Cash microfinance reported revenues of EGP400 million – a 181% YoY growth. The Company's outstanding portfolio grew 227% YoY to reach EGP1.4 billion. The venture capital arm executed six new transactions between equity investments and venture debt financing in 1H2025. The company's equity portfolio market value continued its stellar performance growing almost 220% since inception. Dalia Khorshid, Group CEO and Managing Director, commented: 'Our first-half results are a direct reflection of our team's dedication and robust operational execution, which delivered exceptional, triple-digit growth in operating revenues and a significant increase in net profits. This outstanding performance was powered by the synergistic momentum of our core platforms, strong fundamentals, and our strategic and digital expansion. Both our Investment Bank and NBFIs platforms delivered formidable top and bottom-line growth, underscoring our ability to generate substantial value across diverse market segments. Beltone's solid performance drivers, and the continued focus on our growth strategy will set the future foundation for delivering sustainable shareholder value.'