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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Egypt’s largest solar plant gets $ 114m financing package

    • Located less than 20 km from Africa’s biggest solar park, Kom Ombo plant will add 200 MW of energy capacity

    • Leading Saudi developer and investor ACWA Power will construct the plant

    ACWA Power, a leading Saudi developer, investor and operator of power generation and desalinated water plants in 13 high-growth markets, will construct Egypt’s largest private solar plant after several top global financial institutions signed a $114m financing package with it.

     

    The European Bank for Reconstruction and Development (EBRD), OPEC Fund for International Development (OPEC Fund), African Development Bank (AfDB), Green Climate Fund (GCF) and Arab Bank on Thursday signed the package for the Kom Ombo plant that will add 200 MW of energy capacity.

     

    The plant will also increase the share of renewable energy in Egypt’s energy mix and further promote private-sector participation in the Egyptian power sector.

     

    It will be located less than 20 km from Africa’s biggest solar park, the 1.8 GW Benban complex. Once operational, the new utility-scale plant will serve 130,000 households.

     

    ACWA Power submitted the lowest tariff in what was the first solar photovoltaic (PV) tender in Egypt. The provision of solar energy through a public tendering process aims to achieve a competitive tariff and promote the growth of solar energy as an affordable alternative to conventional energy sources.

     

    EBRD President Odile Renaud Basso said they were happy to team up again with ACWA Power in Egypt, after the “successful partnership in Benban, to promote renewable energy in Egypt”.