RIYADH: Egypt has signed an initial agreement with Italy's oil and gas company Eni, to cooperate on 'green' and 'blue' hydrogen production in Egypt.
The partnership aims to assess the technical and commercial feasibility of targeted green and blue hydrogen production projects in the country, Asharq Business reported, citing a filing.
While the existing market for hydrogen is tiny today, it could be worth as much as $700 billion annually by 2050, according to BloombergNEF. It comes as a number of countries across the Middle East, including Saudi Arabia, invest in new hydrogen projects.
Eni will work with Egypt on how to generate electricity from renewable energy sources while at the same time storing carbon dioxide in aging natural gas fields.
The study also includes identifying the potential local market for hydrogen as well as possible export opportunities.
Abu Dhabi National Energy Co. (TAQA) and Abu Dhabi Ports this week also signed an initial agreement to build a green hydrogen-to-ammonia project powered by a 2 GW solar array.
The companies plan to build the facility in Khalifa Industrial Zone Abu Dhabi, WAM reported.
Eni to work with Egypt on hydrogen production
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Eni to work with Egypt on hydrogen production
- he partnership aims to assess the technical and commercial feasibility of targeted green and blue hydrogen production projects in the country
Qatar wealth fund plans to invest in 5 new VC funds
DOHA: Qatar Investment Authority plans to invest in five new venture capital funds as part of an expanded $3 billion venture capital program, the sovereign wealth fund said on Monday.
The new funds, called Greycroft, Ion Pacific, Liberty City Ventures, Shorooq and Speedinvest, are set to open offices in Doha in an effort to develop Qatar as a venture capital hub, it said in a statement.
The “Fund of Funds” initiative was unveiled in 2024 to attract venture capital firms to Qatar, build a robust environment for entrepreneurs and help diversify its economy away from fossil fuel revenues, as the country follows the path of other wealthy Gulf peers.
Qatar’s prime minister on Sunday announced an expansion of the fund to reach up to $3 billion.
“This year, we move from momentum to scale,” Sheikh Mohammed bin Abdulrahman Al-Thani said as he opened the Qatar edition of the Web Summit technology conference.
The expansion would potentially target investments besides series A and B funding rounds.
“We are now expanding the scope to do later rounds, so that may open up conversations with a different set of managers,” said Mohsin Pirzada, the head of funds at QIA, in an interview with Reuters.
“We will continue to be quite flexible and support earlier stages as well, but there are sufficient pools of capital within the country to go after those types of opportunities,” he said, citing credit lending facilities.
The QIA has assets under management worth $580 billion, according to Global SWF, a sovereign wealth fund tracker, and late last year it launched its own AI-focused company Qai as it bets on the booming sector to drive economic diversification.
As part of its efforts, the country has launched a pilot computing credit program that provides free computing for startups that are based in Doha, which could be applicable to managers that are part of the Fund of Funds scheme.
The pilot program is going to be “a big differentiator in terms of what our program is offering vis-a-vis our peers in the region,” Pirzada said.
