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
Short Url
Updated 28 October 2025
Follow

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. 


Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

Updated 02 February 2026
Follow

Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.

The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.

The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.

The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.

The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.

Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.

On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.

Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.

On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.

In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”

The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.

“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.

RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.