Egypt, Italy sign cooperation agreement to advance biogas production

The signing ceremony was attended by Petroleum Minister Karim Badawi, Local Development Minister and Acting Environment Minister Manal Awad, and Port Said Governor Mohab Habashi Khalil. Facebook/Egyptian Cabinet
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Updated 28 October 2025
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Egypt, Italy sign cooperation agreement to advance biogas production

RIYADH: Egypt’s Ministry of Environment, through the Bioenergy Foundation for Sustainable Development, signed a cooperation agreement with Italian energy company Eni to advance biogas production and support the country’s clean energy transition.

The agreement, signed in Port Said, aims to prepare a comprehensive feasibility study for establishing biogas production units that process agricultural and animal waste, the Petroleum and Mineral Resources Ministry said in a statement. 

The signing ceremony was attended by Petroleum Minister Karim Badawi, Local Development Minister and Acting Environment Minister Manal Awad, and Port Said Governor Mohab Habashi Khalil. 

Representing the parties were Yasser Abdullah, chairman of the foundation’s board of trustees, and Andrea Marsanich, Eni’s carbon offset solutions manager. The event was also attended by Francesco Gaspari, managing director of AIOC, Eni’s Egyptian subsidiary. 

The initiative aligns with Eni’s €24 billion ($26.2 billion) regional investment plan in Algeria, Libya, and Egypt over the next four years, part of the Italian government’s Mattei Plan to strengthen economic and energy ties with Africa. 

In an official post, the Ministry of Petroleum and Mineral Resources, stated: “Karim Badawi, Minister of Petroleum and Mineral Resources, emphasized the importance of utilizing this advanced technology in all governorates of the republic.” 

It added: “He noted that the petroleum sector is ready to provide all necessary support and contribute effectively to the implementation of sustainable development projects, most notably biogas units, through sector companies spread across the country in cooperation with foreign petroleum companies operating in Egypt.” 

Badawi added that this support forms an integral part of the sector’s corporate social responsibility toward communities near petroleum operations, aiming to promote local development and improve resource efficiency. 

Awad said the agreement reflects Egypt’s push to expand public–private partnerships and international cooperation to promote biogas technology, reduce emissions, and generate sustainable energy from agricultural and animal waste. 

She also emphasized plans to replicate the model in governorates with high organic waste volumes under Egypt’s National Agricultural Waste Strategy. 

The foundation, established in 2015 in cooperation with the UN Development Programme, operates under the supervision of the Ministry of Social Solidarity. It supports biogas technologies through technical assistance and pilot projects across Egypt. 


Islamic finance in Oman poised for 25% growth: Fitch 

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Islamic finance in Oman poised for 25% growth: Fitch 

RIYADH: Oman’s Islamic finance sector is on track to reach $45 billion this year, rising from $36 billion at the end of 2025, supported by a favorable macroeconomic environment, according to a report by Fitch Ratings. 

The rating agency said the anticipated 25 percent year-on-year growth will be underpinned by increasing demand for sukuk as both a funding mechanism and a public policy tool, alongside government-led initiatives and growing grassroots demand for Shariah-compliant financial products. 

Sukuk accounted for around 60 percent of US dollar-denominated debt issuance in 2025, a sharp decline from 94.3 percent previously, with the remaining share comprising conventional bonds. Despite this progress, Fitch highlighted ongoing structural challenges, including the absence of Islamic treasury bills and derivatives, an underdeveloped Omani rial sukuk and bond market, and the limited role of Islamic non-bank financial institutions. 

The performance of Oman’s banking sector continues to reflect steady advancement toward Vision 2040, the country’s long-term development strategy focused on economic diversification, private sector expansion, and enhanced financial resilience. 

Operating conditions remain supportive for both Islamic and conventional banks in Oman, buoyed by elevated, though gradually moderating, oil prices, the report noted. 

Expanding credit flows — particularly to non-financial corporates and households — are helping drive the growth of small and medium-sized enterprises and boost domestic investment. These trends are reinforcing Oman’s efforts to reduce dependence on hydrocarbons and build a more diversified economic base. 

Fitch projects loan growth of 6 to 7 percent in 2026, fueled by rising demand across both retail and corporate segments. In addition, the proposed 5 percent personal income tax, scheduled for implementation from 2028, is expected to have only a limited overall impact on banks, according to the agency. 

Islamic banking in Oman was introduced following the Central Bank of Oman’s preliminary licensing guidelines issued in May 2011, which allowed the establishment of full-fledged Islamic banks and Islamic banking windows operating alongside conventional institutions. 

This regulatory framework was formally entrenched in December 2012 through a royal decree amending the Banking Law, requiring the creation of Shariah supervisory boards and granting the central bank authority to establish a High Shariah Supervisory Authority.