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Egypt, France enter $7.6bn green hydrogen agreement 

Egypt, France enter $7.6bn green hydrogen agreement 
EDF Renewables Chairwoman Beatrice Buffon and Zero Waste Chairman Amr El-Sawaf signed the agreement alongside Egyptian energy officials. Facebook/Egyptian Prime Minister's Office
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Updated 08 April 2025

Egypt, France enter $7.6bn green hydrogen agreement 

Egypt, France enter $7.6bn green hydrogen agreement 

RIYADH: Egypt and France have signed a €7 billion ($7.6 billion) agreement to develop a large-scale green hydrogen and ammonia production complex near Ras Shokeir on the Red Sea coast. 

The deal, which comes amid heightened economic relations between the two nations, includes the development, financing, construction, and operation of a private-sector-led facility.

EDF Renewables and Zero Waste will lead the project in partnership with the General Authority for the Red Sea Ports and the New and Renewable Energy Authority.

According to a joint statement by the Egyptian Ministries of Industry and Transport, the undertaking will be fully financed and implemented by the private sector consortium, with no financial commitments or infrastructure obligations from the government. 

The initiative will be developed over three phases and is expected to produce up to 1 million tonnes of green ammonia annually, starting in 2029.

Earlier in April, Egypt received French President Emmanuel Macron in an official visit focused on addressing the humanitarian crisis in Gaza and strengthening bilateral economic cooperation.

Macron participated in the Franco-Egyptian Business Forum, where discussions emphasized increasing French investment in Egypt and expanding collaboration in renewable energy, infrastructure, and industry. 

The hydrogen agreement signed during the visit was among the most significant outcomes, aligning with Egypt’s strategy to become a regional hub for clean energy and green fuel exports.

Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir emphasized that the project aligns with national directives to localize the green hydrogen industry and position Egypt as a regional and global leader for progressive environmental practices. 

He stated that this initiative reflects the distinguished relationship between the political leaderships and peoples of both countries and highlights their shared commitment to strategic cooperation for mutual benefit and development.

The first phase of the project will require €2 billion in direct investment and aims to produce 300,000 tonnes of green ammonia per year. 

EDF Renewables Chairwoman Beatrice Buffon and Zero Waste Chairman Amr El-Sawaf signed the agreement alongside Egyptian energy officials. The combined investment across all three phases is projected to reach €7 billion, entirely financed by the project company.

The minister noted that 368 sq. km of land in Ras Shokeir have been allocated for solar and wind energy generation to power the facility, while 1.2 million sq. meters will be used to construct the integrated industrial plant. 

The project also includes the construction of a 400-meter export jetty with a 17-meter draft, as well as a 7-km transmission corridor. A dedicated seawater desalination unit will supply the project’s water needs.

El-Wazir said that this is one of the few long-term projects in Egypt being implemented entirely by the private sector, without any reliance on public infrastructure or electricity grid services, highlighting that the investment is structured to recover costs over a 50-year period. 

The state will benefit from licensing fees, land-use charges, export duties, and taxes— all to be paid in US dollars.

Beyond direct revenues, the undertaking is expected to generate thousands of jobs during the construction and operational phases. 

The consortium has committed to training and employing local labor, with a goal of reaching 95 percent Egyptian participation in the project’s workforce.

El-Wazir added that the initiative will also support the localization of green energy components, including electrolyzers, solar panels, and wind turbines.

This undertaking strengthens Egypt’s position in the global renewable energy landscape and contributes to the country’s transition toward a green economy, El-Wazir explained. 

He also noted its alignment with Egypt’s climate commitments under the Paris Agreement and COP27, as well as its potential to reduce greenhouse gas emissions and preserve natural gas reserves by providing sustainable alternatives for the energy and industrial sectors.

The minister also underscored the strategic importance of providing green fuel for ships transiting the Suez Canal and developing a new Red Sea port under the Red Sea Ports Authority without any fiscal burden on the government.


Cyber threats demand increased investment to secure global power grids, experts say

Margarete Schramboeck, board member of Aramco Digital. (AN photo by Abdulrahman Bin Shalhoub)
Margarete Schramboeck, board member of Aramco Digital. (AN photo by Abdulrahman Bin Shalhoub)
Updated 02 October 2025

Cyber threats demand increased investment to secure global power grids, experts say

Margarete Schramboeck, board member of Aramco Digital. (AN photo by Abdulrahman Bin Shalhoub)

RIYADH: As global momentum builds toward cleaner and smarter energy systems, cyberattacks on power grids and transmission lines are emerging as a growing challenge to resilience.

Speaking to Arab News on the sidelines of the Global Cybersecurity Forum in Riyadh, Heidi Crebo-Rediker, senior fellow at the Council on Foreign Relations, said that investment in energy infrastructure was critical to protect against cyberattacks, which were becoming a major threat to energy systems worldwide.

“I think that the under-investment in the energy grid and energy related infrastructure is obviously a critical priority,” she said. “Finding the money to do that, and the will to do that, is is a challenge, and it falls on both public and private hands. So it’s really whose responsibility is it to pay for it, who prioritizes, but at the end of the day, if we don’t have a resilient energy infrastructure, then we have potentially massive, catastrophic shocks to businesses and to the economy at large.”

A recent Boston Consulting Group report said that quantum computing could unlock more than $50 billion in value across industries, with energy representing the largest opportunity. In oil and gas alone, the potential savings range from $6 billion to $30 billion.

“We already know that attacks from traditional types of threats can be catastrophic for the energy infrastructure, but cyber is a dominant risk,” Crebo-Rediker said.

She emphasized that resilience depended on effective cooperation, both domestically and internationally. “It’s not just collaboration between public and private,” she said. “Energy is global, and having cooperation between different countries on cybersecurity is imperative.”

Crebo-Rediker said that governance models also mattered, noting that “you have to have a much better working relationship between the public sector and the private sector.”

She added that it was difficult to know if enough was being invested until an effective cyberattack occured. “You never know if you’ve spent enough and invested enough, and if you’re resilient enough, until you are able to counter an attack that would otherwise shut you down,” she said.

“The idea is really to minimize the impact of cyberattacks, because as part of critical infrastructure you can’t have a functioning economy without your energy systems working.”

Crebo-Rediker added that the stakes were particularly high in regions where extreme climates or advanced industries demanded constant power. “For parts of the world that are either very hot, very cold, or dependent on high-tech industries, chip manufacturing companies, fabs (high-technology fabrication plants), all require constant energy to keep their systems operational, otherwise you have cascading negative effects on industry as a result,” she said.

Margarete Schramboeck, board member of Aramco Digital, said that energy security must be treated as the backbone of every economy.

“The energy sectors are the lifelines of each economy. We have seen this. If these lifelines are cut or not functioning anymore, the whole economy can go down,” she said. “A good energy sector is therefore key for each economy, and therefore it becomes a target for cybersecurity attacks, and it needs to be protected.”

Schramboeck highlighted the challenge of modernizing outdated systems. “In a lot of countries around the world, energy sectors are sometimes an infrastructure that is old,” she said. “So how can you combine innovations from the digital sector with these old investments which are actually not connected, which is difficult to handle.

“To find solutions, there is the key role for the next generations, and these generations, especially a lot of startups, but also existing big tech companies, invest a lot of their brains into solving this topic.”

She highlighted the importance of ongoing investment. “For the energy industry, there is continuous spending needed and, in my view, it will grow over the years,” she said. “When we see the next generations of threats coming ahead, there will be new investments needed. And I want to mention especially one big investment, which is absolutely necessary. It is into human capital. It’s into the next generation, the young people, training them, educating them.”

Schramboeck said that the Kingdom was also driving innovation in energy. “For the energy infrastructure, ֱ is really doing a lot ... There is a lot of investment in startups and an ecosystem of next-generation energy solutions. And this has started a few years ago and is continuing, and I am convinced it will have a positive impact soon.

“It’s always about these two factors. It’s in investment in hardware, software and innovative solutions on the one hand side, but even more in people. Only when both are considered and taken care of, then we’re looking into a safe and secure future.”

The Global Cybersecurity Forum concluded on Thursday after two days of discussions with policymakers and industry leaders, under the theme “Scaling Cohesive Advancement in Cyberspace.”


Palestinian food company sees sales soar as UK consumers show solidarity 

Palestinian food company sees sales soar as UK consumers show solidarity 
Updated 02 October 2025

Palestinian food company sees sales soar as UK consumers show solidarity 

Palestinian food company sees sales soar as UK consumers show solidarity 
  • Zaytoun, which sells olive oil, dates and other foodstuffs, saw a 50% rise in sales last year
  • ‘The hardiness of the olive tree, what it can withstand, is very much symbolic to Palestinians’

LONDON: A Palestinian food company says it believes a 50 percent increase in sales in the UK is due to customers showing solidarity with people in the West Bank and Gaza.

Zaytoun had revenues of £3.2 million ($4.289 million) in 2024, driven by sales of its extra virgin olive oil and medjool dates, as well as almonds and giant couscous.

Meaning olive in Arabic, Zaytoun is a fair trade enterprise looking to help Palestinian agricultural communities.

It launched in 2004 and sales have steadily risen, with 500 milliliter bottles of its oil selling for around £15 in the UK.

Manal Ramadan White, Zaytoun’s managing director, told The Guardian that the sales show people “wanting to make a difference with their purchasing power.”

She added: “From 2023 to 2024 we grew by about 50 percent due to the UK market wanting to show support in some way.”

Ramadan White said questions had dogged Zaytoun about the expense of the product from the outset required to give Palestinian farmers a fair income.

“The products are really expensive to buy, so there’s not much profit margin,” she said. “Yet 21 years later, here we are.”

The Fairtrade Foundation ensures that producers receive proper remuneration and an additional premium on their goods. In the UK last year, £28 million were generated in sales for the Fairtrade premium alone.

Zaytoun, however, has been unable to carry the Fairtrade logo on its products for over a year due to the security situation in the region preventing official checks from taking place.

“We haven’t been able to get Fairtrade organic certified olive oil out of Palestine for almost a year now,” said Ramadan White. “The certifier pulled out at very short notice and without a handover.”

Zaytoun has not changed its suppliers, working with the same producers across the West Bank, and says it hopes to have auditors certify its products by the time of the next harvest.

“The landscape is dotted with olive trees … Most families have some whether it’s 20 or thousands,” said Ramadan White. 

“The hardiness of the olive tree, what it can withstand, is very much symbolic to Palestinians. It’s a metaphor for their resilience and hardiness through all these challenging times.”

As well as certification, the war in Gaza has made transportation of goods difficult, with extra security — including checkpoints and sniffer dog inspections — hampering exports through the Israeli port of Haifa.

In a statement, Fairtrade said it would “raise our voices in solidarity with the people of Gaza and the West Bank whose futures are being deliberately dismantled.”

The foundation’s CEO Eleanor Harrison said: “We believe that every person has the right to live and work in safety and determine their own future.”

She added: “We stand for fairness, solidarity, and the empowerment of people to decide on their own futures. We cannot remain silent while the foundations of life are being destroyed.”


Foreign investor rule changes for Saudi stock market out for consultation

Foreign investor rule changes for Saudi stock market out for consultation
Updated 02 October 2025

Foreign investor rule changes for Saudi stock market out for consultation

Foreign investor rule changes for Saudi stock market out for consultation

RIYADH: Foreign investors may soon be able to buy Saudi stocks without restrictions, under a draft plan aimed at boosting liquidity and expanding the Kingdom’s $3 trillion equity market. 

The proposal, now out for a 30-day consultation, would allow all categories of non-resident investors to purchase shares directly on the Tadawul Main Market.

It would dismantle the Qualified Foreign Investor framework and scrap swap agreements, long seen as barriers to international participation, according to an official release.

Gulf markets such as Dubai, Abu Dhabi, and Qatar, as well as Kuwait, Bahrain, and Oman, already allow foreign investors to buy shares directly, boosting liquidity, attracting global capital, and modernizing their exchanges. 

Foreign ownership in Saudi equities has already climbed sharply, exceeding SR528 billion ($141 billion) by the second quarter of 2025, Capital Market Authority data shows. If approved, the changes would mark the most significant market opening since direct foreign access was first introduced in 2015. 

“The draft aims to broaden and diversify the base of investors eligible to participate in the Main Market, while also attracting additional investments and increasing market liquidity,” the CMA said. 

The consultation runs until Oct. 31, with final rules to follow after feedback is reviewed. 

Once approved, foreign investors would be able to purchase shares in listed companies on the main market directly, without going through these extra layers. Non-resident investors would be able to open accounts and invest directly in listed securities. 

ֱ’s move fits into a broader program of capital-market modernization aimed at boosting liquidity and global participation. 

In July, the CMA eased rules for foreign investors to open accounts, while amendments to investment fund regulations aligned the market more closely with global standards. 

The latest draft follows a late-September policy signal that fueled a rally in Saudi equities and comes as officials weigh lifting the long-standing 49 percent cap on foreign ownership. 

The CMA pointed to strong growth in overseas participation as a foundation for the change. 

The regulator framed the draft as part of a phased approach to position Riyadh as an international marketplace capable of attracting larger, more diverse flows of foreign capital. 

The initiative, it said, is intended to strengthen confidence among market participants and support the broader local economy. 

Stakeholders can submit comments through the Unified Electronic Platform for Consulting the Public and Government Entities or via a prescribed email form. The CMA said it will review all relevant submissions before finalizing the amendments. 


Cybersecurity not ‘compliance checkbox’ but enabler of trust for investment, GCF experts say 

Fifth Global Cybersecurity Forum convened global decision-makers and experts in Riyadh Oct. 1-2 to shape future of cyberspace.
Fifth Global Cybersecurity Forum convened global decision-makers and experts in Riyadh Oct. 1-2 to shape future of cyberspace.
Updated 02 October 2025

Cybersecurity not ‘compliance checkbox’ but enabler of trust for investment, GCF experts say 

Fifth Global Cybersecurity Forum convened global decision-makers and experts in Riyadh Oct. 1-2 to shape future of cyberspace.

RIYADH: On the second day of the Global Cybersecurity Forum, discussions focused sharply on the critical role of cybersecurity in influencing foreign direct investment. 

“Investors want to know that leaders both in government and in business take cybersecurity seriously at the very top, they want to see budgets allocated, regulations enforced, and results reported,” Bocar A. Ba, CEO of SAMENA Telecommunications Council, said. 

“That visible prioritization is what gives them confidence that risks are managed, opportunities are sustainable, and the capital, most importantly, is protected,” he added.

In a session focused on securing investment, experts emphasized that cyber readiness directly shapes investor confidence and national risk profiles, urging top-level prioritization of cybersecurity, noting that nations and companies able to demonstrate robust cyber defenses are better positioned for economic success.

In what he called the single most important action, Ba stated: “Making cybersecurity a leadership priority and not a cost to be managed quietly in an IT department, and not a box to tick for compliance but a central pillar for national and corporate economic strategy.”

During the session, he stressed that “cybersecurity is not the enemy of investment, it is the enabler of trust in investment.” 

He added: “Cybersecurity has been the guarantor of stability and the foundation of investment trust.”

The SAMENA Telecommunications Council called for joint action on several fronts, “first by developing a cyber readiness framework with measurable benchmarks ... practising more transparency, and third by creating regulatory sandboxes where cybersecurity solutions could be tested in partnerships with regulators.”

Speaking alongside Ba on the panel were Wael Fattouh, chief of advisory at SITE, and Christopher Steed, CIO and managing director of Paladin Capital Group. 

The panelists discussed how strengthening cyber resilience, governance, and transparency can attract investment and position economies as secure hubs in an interconnected world.

Fattouh stated: “The Saudi market has reached a level of maturity and capability that we are now looking to be cocreators, co-investors, in innovation, innovators with the IP.” 

During the forum, Site stated that they are preparing to launch “the first Saudi IP for next generation firewall and HDR.” 

This marks the fifth Global Cybersecurity Forum, which convened global decision-makers and experts in Riyadh Oct. 1-2 to shape the future of cyberspace under the theme “Scaling Cohesive Advancement in Cyberspace.”


Closing Bell: Saudi main index closes in red at 11,495 

Closing Bell: Saudi main index closes in red at 11,495 
Updated 02 October 2025

Closing Bell: Saudi main index closes in red at 11,495 

Closing Bell: Saudi main index closes in red at 11,495 

RIYADH: ֱ’s Tadawul All Share Index dipped on Thursday, losing 33.64 points, or 0.29 percent, to close at 11,495.72. 

The total trading turnover of the benchmark index was SR6.49 billion ($1.72 billion), as 96 of the listed stocks advanced, while only 148 retreated. 

The MSCI Tadawul Index also decreased, down 6.68 points, or 0.44 percent, to close at 1,499.76. 

The Kingdom’s parallel market Nomu lost 283.31 points, or 1.11 percent, to close at 25,306.09. This comes as 37 of the listed stocks advanced, while 56 retreated. 

The best-performing stock was Sport Clubs Co., with its share price surging by 5.24 percent to SR10.64. 

Other top performers included Almoosa Health Co., which saw its share price rise by 4.37 percent to SR179, and Sustained Infrastructure Holding Co., which saw a 4.30 percent increase to SR34.48. 

Al Moammar Information Systems Co. jumped 4.21 percent to SR143.60, while Rabigh Refining and Petrochemical Co. gained 4.13 percent to SR7.81. 

On the downside, Bupa Arabia for Cooperative Insurance Co. recorded the steepest drop of the day, falling 4.36 percent to SR158.10. 

Al Gassim Investment Holding Co. fell 3.24 percent to SR18.23, while Walaa Cooperative Insurance Co. slipped 2.68 percent to SR11.97. 

Nahdi Medical Co. fell 2.65 percent to SR121, while Dar Alarkan Real Estate Development Co. slipped 2.52 percent to SR19.35. 

On the announcements front, the Saudi Telecom Co., known as stc, said that its subsidiary, the Public Telecommunications Co. — Specialized, has secured a SR5.5 billion Islamic Murabaha facility. 

According to a Tadawul statement, the 12-year financing agreement, effective from Oct. 1, includes a SR3.5 billion participation from the Saudi National Bank and SR2 billion from the Arab National Bank. 

Secured by a corporate guarantee from stc, the funds will be used to finance the capital and operating expenditures for building, operating, and providing telecommunications infrastructure services. 

Shares of stc rose 1.45 percent in the session on the main market, closing at SR44.64.