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Arab News
28-02-2025
- Business
- Arab News
Setting a global standard in low-carbon innovation
The global energy transition cannot follow a one-size-fits-all approach. For developing nations, achieving a sustainable energy future requires collaboration to bridge the resource gap and ensure long-term growth that benefits both people and the planet. However, the Global South, where ACWA Power operates in 14 countries across Africa, Southeast Asia, and Central Asia, faces unique challenges in decarbonization and the energy transition. The high cost of moving away from fossil fuels, which remain the cheapest energy option in many regions, along with limited access to financing, technology, and skilled labor, creates significant barriers. This disparity in resources compared to the Global North underscores the need for innovative approaches and international collaboration to ensure a just energy transition. But without fundamentally transforming how we produce and consume energy, we cannot meet the aspirations of 8 billion people worldwide for a better standard of living — and this requires innovative solutions that are efficient, cost-effective, and scalable. The urgency of this challenge cannot be overstated. We must act swiftly to address the pressing issues of migration and conflict stemming from energy poverty and inequity. Saudi Arabia offers a unique environment where resources, capital, and vision converge to drive rapid progress. The foresight of Crown Prince Mohammed bin Salman, along with the ambitious Vision 2030 initiative, serves as a catalyst for transformative change. Over the past decade, Saudi Arabia has made significant investments in renewable energy, particularly solar and wind power. The country aims to generate 50 percent of its energy from renewable sources by 2030 and achieve 130 gigawatts of installed renewable capacity by the end of the decade. These targets have driven advancements in technology and expertise in the sector. For example, ACWA Power, in partnership with the Public Investment Fund, Badeel, and SAPCO, is developing several multi-gigawatt solar photovoltaic projects, including Al-Khushaybi (1.5 GW), Muwayh (2 GW), and Haden (2 GW), to help meet these goals. These projects not only add clean energy capacity but also boost the local economy through private sector involvement and job creation. They are also driving the development of local manufacturing capabilities, as seen in the recent agreements signed by PIF to localize solar manufacturing. At ACWA Power, our mission is to uplift communities by helping them achieve a higher standard of living while navigating the complexities of the energy transition, particularly in regions where many still lack access to basic services. As part of our commitment to this mission, we have developed some of the world's largest desalination plants, pioneered solar energy projects at unprecedented scales, and established a fully off-grid, sustainable community powered by solar energy and advanced water treatment technologies as part of the Red Sea Global project. Without fundamentally transforming how we produce and consume energy, we cannot meet the aspirations of 8 billion people worldwide for a better standard of living — and this requires innovative solutions. Marco Arcelli This project uses 340 megawatts of solar photovoltaic power and a 1.2 GWh battery energy storage system for a 100 percent sustainable solution, demonstrating our dedication to innovative, off-grid solutions. In Africa, we are the continent's leading private renewable energy investor, with an $8.8 billion investment. In Egypt, our projects include the 1.1 GW Suez Wind Farm, the country's largest onshore wind farm, which will power 1.35 million homes and make a significant contribution to Egypt's renewable energy targets. Innovation is at the heart of our operations. We have harnessed artificial intelligence to optimize desalination processes, reducing chemical use and minimizing environmental impact. However, it is the people behind these innovations who truly drive our success. By attracting top talent from around the world to Saudi Arabia, we are fostering an environment where cutting-edge technologies can flourish. Through investments in education and training, we are empowering the future workforce to lead the energy transition. Today, Saudi Arabia is recognized as the world's largest oil exporter, but we aim to redefine this narrative. We aspire to position Saudi Arabia as the leading exporter of low-carbon expertise. By 2030, we plan to triple our assets under management to around $250 billion. This ambition will not only serve Saudi Arabia's interests but also benefit the Global South as we collectively navigate the energy transition. As part of this global vision, we plan to invest up to $30 billion in China by 2030, recognizing the market's importance in the global energy transition. Our recent entry into China through the acquisition of Sungrow Solar and a partial stake in Mingyang Wind is a key step in this strategy, with plans to exceed 1 GW of renewable energy capacity in the country by mid-January 2025. We are also committed to expanding our presence in Egypt, with plans to invest nearly $15 billion by 2030, focusing on green hydrogen and wind projects. I believe Saudi Arabia will continue to thrive after 2030; it is not an endpoint. The economy will keep growing, with a strong focus on renewables and low-carbon energy, while demand for water will rise. Growth will persist for years to come. Many of the projects we are discussing, such as power and hydrogen exports, will fully materialize in the 2030s. We are planting the seeds. To realize this dream, collaboration is essential. By working closely with our partners and stakeholders, we can lead the way toward a sustainable future — one that uplifts communities and preserves the planet for generations to come. Together, we can achieve remarkable feats and build a legacy of innovation and excellence in energy and water solutions. • Marco Arcelli is the CEO of ACWA Power. He oversees strategy and operations as the company expands its global footprint.
Zawya
19-02-2025
- Business
- Zawya
NBO celebrates mother's day with special rewards for NBO cardholders
MUSCAT, The National Bank of Oman (NBO) has announced launching a special Mother's Day campaign, rewarding top-spending cardholders with special packages in celebration of this special occasion on March 21, 2025. From 15th February to 10th March, all NBO cardholders—including Debit, Credit, and Badeel Prepaid Card customers—can participate by purchasing through POS and eCommerce transactions. Speaking on this exclusive offer, Maha Saud Al Raisi, Assistant General Manager and Head of Product at NBO, said: 'As we celebrate this special occasion, we aim to offer our customers a meaningful way to celebrate with their loved ones. Not only does this campaign reward our valued cardholders, but it also helps to strengthen their familial bonds by providing a truly memorable experience. With NBO cards, customers can enjoy easy transactions, enhanced security, and exclusive rewards, making their shopping journey even more rewarding. Through this initiative, we recognize and appreciate our customers.' As part of the campaign, the highest spenders across various card categories will be rewarded with one winner to be selected from each of the Infinite, Signature, Platinum, and Gold Credit Card categories. For Debit Cards, two winners will be chosen from the Sadara, Mazaya, and Mass/Classic categories. Additionally, one winner each will be selected from the Badeel General Purpose and Travel categories under Badeel Cards. Please note that ATM transactions and government-related spending will not be considered. With a strong focus on customer satisfaction, NBO continues to introduce engaging campaigns and reward programs to provide exceptional value. Comprehensive details on NBO's accounts, products, and exclusive offers are accessible at directly through the NBO Call Centre at 24770000, or via the user-friendly NBO app.
