Mashreq Bank allocates additional AED1 billion in financing for industrial companies

ABU DHABI: Mashreq Bank has allocated an additional AED1 billion in financing solutions to enhance the country’s industrial sector’s growth and support its competitiveness and productivity.

This aligns with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300Bn.

This new step stimulates industrial companies in the country by enabling them with additional financing solutions under the umbrella of “Make it in the Emirates” (MIITE) initiative. It also reflects the Ministry of Industry and Advanced Technology’s (MoIAT) commitment to enhancing collaboration between the public and private sectors and financial institutions to support the industrial sector’s contribution to the UAE’s GDP.

This is an extension of the ongoing partnership between MoIAT and Mashreq Bank during the “Make it in the Emirates 2023 Forum,” during which the bank committed to providing AED1 billion in financing for industrial companies.

In 2023, Mashreq Bank provided AED970 million in financing to ind
ustrial companies of various sizes to enhance growth, expansion, and competitiveness in sectors such as food and beverages, metal industries, and building materials and construction.

Omar Al Suwaidi, MoIAT Under-Secretary, emphasised that the ministry continues to collaborate with strategic partners to provide enablers and incentives to support the growth and competitiveness of the UAE’s industrial sector. This aligns with the objectives of Operation 300Bn, enhancing the attractiveness of industrial investment under the MIITE initiative and the National In-Country Value Programme.

“These efforts support our strategic directions, including the development of AI applications, technological transformation, sustainability, and innovation, which reflect on enhancing productivity and competitiveness,” he added.

Al Suwaidi noted that competitive financing for the industry supports the strategic directions, which include expanding the ministry’s initiatives and programmes.

“We announced in the third edition of MI
ITE Forum of offering 2,000 off take products for local manufacturing. In addition, we launched the AI Innovation Programme, Transform 4.0 to support 100 high-potential manufacturers in digitalisation, creating a group of Industry 4.0 (I4.0) lighthouses over the next three to five years. These efforts and expansions require supportive and enabling financing solutions,” he stated.

He pointed out that innovative financing motivates industrial companies to expand their operations and integrate AI into production. This contributes to transforming factories into smarter and more efficient ones, enhancing the added value to the national economy, creating more growth opportunities for companies, and providing more quality jobs for Emirati talent in production and manufacturing.

Joel Van Dusen, Head of the Corporate and Investment Banking Group at Mashreq Bank, said, “Our partnership with the Ministry of Industry and Advanced Technology represents an important step towards building a prosperous and sustainable futu
re for the industry in the UAE. Providing competitive financing to industrial companies enhances productivity and supply chain flexibility, opening new horizons for investment and growth in vital economic sectors.”

Source: Emirates News Agency

ADGM continues efforts to ensure a seamless transition for Al Reem businesses with Second Community Event


ABU DHABI: Following the success of its inaugural event, ADGM, the international financial centre, hosted its second Al Reem Island Business Community Event. This event underscores ADGM’s ongoing commitment to engaging with local businesses and supporting their transition under its jurisdiction, with the deadline approaching by the end of the year.

Attended by over 150 representatives from Al Reem Island’s business community, the event provided essential updates on licensing, registration fees, and transition processes. It fostered interactive dialogue and collaboration among stakeholders.

As the deadline approaches for Al Reem Island businesses to transition to ADGM’s jurisdiction, ADGM’s executives shared valuable information on converting an ADDED licence to an ADGM licence. Additionally, the ADGM Registration Authority announced significant fee reductions for obtaining commercial licences, with reductions, exceeding 50 per cent for non-financial and retail licences within ADGM’s jurisdiction, that will
take effect from 01 January 2025, aiming to stimulate growth within the financial centre.

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said, “As advocates for the business community, we are committed to ensuring that businesses are well-informed about the ongoing transition and its impact on their operations. These events serve as a platform to guide and support Al Reem-based companies, fostering a conducive business environment in the emirate. Integrating Al Reem Island businesses smoothly into ADGM’s ecosystem is a key priority for us, reflecting our dedication to nurturing a supportive and business-friendly environment in Abu Dhabi, the Capital of Capital. These efforts align with and contribute significantly to the sustainable growth and development of the economy.’

The integration of Al Reem Island into ADGM marks a transformative chapter, solidifying its position as a leading international financial hub and a preferred global destination. Since the expansion, ADGM has supported the comm
unity by establishing an information centre at Shams Boutik Mall and additional centres in business towers on Al Reem Island, enhancing direct engagement and crucial support for the local business community. Furthermore, earlier this year, ADGM announced an incentive initiative exempting existing businesses on Al Reem Island from fees for obtaining an ADGM commercial licence until 31st October 2024.

With all regulatory, administrative, and logistical transitional arrangements in place and actively being implemented, ADGM continues to address key inquiries concerning the impact and outcomes of its jurisdiction expansion.

Source: Emirates News Agency

Yahsat holds forum for Zimbabwe Government Ministries showcasing its advanced space tech solutions

HARARE: Al Yah Satellite Communications Company PJSC (Yahsat), the UAE’s flagship satellite solutions provider, organised a high-level forum with several Zimbabwean Government Ministries, providing live demonstrations of its newest space technology.

The forum was conducted in cooperation with Satcom Technologies, Yahsat’s recently appointed partner in Zimbabwe to explore new satellite communications opportunities in the African country. The event occurred on 17 July at the Hyatt Regency, Harare, and attracted high-level delegates from the Zimbabwean Government.

The forum discussed how Yahsat’s state-of-the-art space technology can connect communities to essential online services. Zimbabwean officials also took part in a series of live demonstrations showcasing Yahsat’s latest Telemedicine and e-Learning solutions. The attendees gained first-hand knowledge about the significant impact of Yahsat’s products and services and how the Zimbabwean Government can leverage space technology as part of its plans to dev
elop the education and health sectors.

Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said: “We are delighted with the response we received from attendees at the showcase of our space technology solutions. Our satellite-based solutions make it possible to connect communities in even the most isolated areas reliably and securely so that people can access crucial e-Learning and Telemedicine solutions. The Government of Zimbabwe expressed their interest in these solutions after witnessing the demonstrations.’

Sulaiman Al Ali, Chief Commercial Officer of Yahsat, said: “The partnership between Yahsat and Satcom Technologies is a testament to our commitment to actively contribute to bridging the digital divide experienced by underserved communities across Africa. We believe that by combining our expertise with Satcom Technologies, we can significantly enhance Zimbabwe’s connectivity infrastructure and contribute to its economic development.”

Tafadzwa Collins Semu, CEO of SATCOM Technologies, added: “Sa
tcom is excited about our strategic partnership with Yahsat, which enables us to deliver much-needed solutions to our target sectors. We received strong interest from various Zimbabwe Government Ministries during the forum. The live showcase was a huge success as both partners and government officials experienced the advanced capabilities of Yahsat’s space tech solutions first-hand and witnessed how such solutions can make a real difference in improving access to education, health, and other services for millions of people.’

The agreement with Satcom Technologies is the latest example of Yahsat’s determination to provide advanced satellite communication technology to transform the country’s connectivity, and technological capabilities in communities across Zimbabwe.

These solutions allow users even in the most remote areas to access essential public services in e-Learning, Telemedicine, Mobility, and Fixed solutions while acting as a catalyst to drive sustainable economic growth.

Yahsat’s satellite broadba
nd solutions provider, YahClick, has built an extensive partner and network throughout Africa in recent years and is present in 28 countries across the continent. YahClick leverages satellite broadband services to individuals, governments, and businesses across Africa empowering communities by enabling online government services and e-commerce.

Source: Emirates News Agency

Sharjah Islamic Bank reports 25.8% Increase in net profit for H1 2024


SHARJAH: Sharjah Islamic Bank (SIB) announced an increase in its net profit by 25.8%, amounting to AED622.4 million for the first six months of 2024, compared to AED494.6 million for the same period of the previous year. Net profit after tax amounted to AED566.2 million by the end of the first half of 2024, an increase of 14.5%.

The overall revenue increase is due to SIB’s strong core performance, focus on the SIB’s customer-centric approach, and the introduction of multiple new high-profit-oriented customized products.

Total income on financing and investment products increased by 22.8%, or AED327.8 million, reaching AED1.8 billion for the first half of 2024, up from AED1.4 billion for the same period last year.

Net fees, commissions and other income grew by 20.6% to reach AED294.1 million, compared to AED243.8 million for the same period in the previous year.

General and administrative expenses amounted to AED339.4 million at the end of the first half of 2024, up from AED315.7 million for the same perio
d in 2023. Despite this increase of AED23.7 million, cost to income ratio improved to 33.0% for the six-month period ended 30 June 2024 as compared to 34.7% for the year ended 31 December 2023.

The total assets of the Group stands at an amount of AED74.2 billion as at 30 June 2024, with an increase of AED8.4 billion or 12.7%,compared to AED65.9 billion at the end of the previous year. The Group maintains a strong liquidity, amounting to AED17.0 billion, representing 22.9% of the total assets, compared to 20.8% of the total assets at the end of the previous year.

Sharjah Islamic Bank continues to diversify its financing portfolio across various economic sectors. Total investments in Islamic financing reached AED35.2 billion, an increase of AED2.2 billion, or 6.6%, from AED33.0 billion at the end of the previous year. This growth aligns with the SIB’s prudent credit policy that considers economic and political challenges. The ratio of investments in Islamic finance to customer deposits reached 71.2%, aligning
with the management’s strategic objectives.

The total investment securities increased by AED2.6 billion, or 19.1%, to reach AED16.1 billion, compared to AED13.5 billion at the end of the previous year.

NPL ratio of the Group stands at 5.5% as at 30 June 2024, compared to 5.6% as at last year. This is in accordance with conservative risk management policies, cautious provisioning for troubled financing, and an enhanced coverage ratio, which reached 94.7% as of 30 June 2024, compared to 93.8% at the end of the previous year.

Customer deposits increased by AED4.3 billion, or 9.4% to reach AED49.5 billion in the first half of 2024, compared to AED45.2 billion at the end of the previous year.

Sharjah Islamic Bank has a strong capital base, as the total shareholders’ equity at the end of June 2024 amounted to AED8.3 billion, which represents 11.2% of the Group’s total assets. The Group maintained a high capital adequacy ratio in accordance with Basel-III at 17.22%.

Source: Emirates News Agency

Yahsat holds forum for Zimbabwe Government Ministries showcasing its advanced space tech solutions

HARARE: Al Yah Satellite Communications Company PJSC (Yahsat), the UAE’s flagship satellite solutions provider, organised a high-level forum with several Zimbabwean Government Ministries, providing live demonstrations of its newest space technology.

The forum was conducted in cooperation with Satcom Technologies, Yahsat’s recently appointed partner in Zimbabwe to explore new satellite communications opportunities in the African country. The event occurred on 17 July at the Hyatt Regency, Harare, and attracted high-level delegates from the Zimbabwean Government.

The forum discussed how Yahsat’s state-of-the-art space technology can connect communities to essential online services. Zimbabwean officials also took part in a series of live demonstrations showcasing Yahsat’s latest Telemedicine and e-Learning solutions. The attendees gained first-hand knowledge about the significant impact of Yahsat’s products and services and how the Zimbabwean Government can leverage space technology as part of its plans to dev
elop the education and health sectors.

Ali Al Hashemi, Group Chief Executive Officer of Yahsat, said: “We are delighted with the response we received from attendees at the showcase of our space technology solutions. Our satellite-based solutions make it possible to connect communities in even the most isolated areas reliably and securely so that people can access crucial e-Learning and Telemedicine solutions. The Government of Zimbabwe expressed their interest in these solutions after witnessing the demonstrations.’

Sulaiman Al Ali, Chief Commercial Officer of Yahsat, said: “The partnership between Yahsat and Satcom Technologies is a testament to our commitment to actively contribute to bridging the digital divide experienced by underserved communities across Africa. We believe that by combining our expertise with Satcom Technologies, we can significantly enhance Zimbabwe’s connectivity infrastructure and contribute to its economic development.”

Tafadzwa Collins Semu, CEO of SATCOM Technologies, added: “Sa
tcom is excited about our strategic partnership with Yahsat, which enables us to deliver much-needed solutions to our target sectors. We received strong interest from various Zimbabwe Government Ministries during the forum. The live showcase was a huge success as both partners and government officials experienced the advanced capabilities of Yahsat’s space tech solutions first-hand and witnessed how such solutions can make a real difference in improving access to education, health, and other services for millions of people.’

The agreement with Satcom Technologies is the latest example of Yahsat’s determination to provide advanced satellite communication technology to transform the country’s connectivity, and technological capabilities in communities across Zimbabwe.

These solutions allow users even in the most remote areas to access essential public services in e-Learning, Telemedicine, Mobility, and Fixed solutions while acting as a catalyst to drive sustainable economic growth.

Yahsat’s satellite broadba
nd solutions provider, YahClick, has built an extensive partner and network throughout Africa in recent years and is present in 28 countries across the continent. YahClick leverages satellite broadband services to individuals, governments, and businesses across Africa empowering communities by enabling online government services and e-commerce.

Source: Emirates News Agency

Sharjah Islamic Bank reports 25.8% Increase in net profit for H1 2024


SHARJAH: Sharjah Islamic Bank (SIB) announced an increase in its net profit by 25.8%, amounting to AED622.4 million for the first six months of 2024, compared to AED494.6 million for the same period of the previous year. Net profit after tax amounted to AED566.2 million by the end of the first half of 2024, an increase of 14.5%.

The overall revenue increase is due to SIB’s strong core performance, focus on the SIB’s customer-centric approach, and the introduction of multiple new high-profit-oriented customized products.

Total income on financing and investment products increased by 22.8%, or AED327.8 million, reaching AED1.8 billion for the first half of 2024, up from AED1.4 billion for the same period last year.

Net fees, commissions and other income grew by 20.6% to reach AED294.1 million, compared to AED243.8 million for the same period in the previous year.

General and administrative expenses amounted to AED339.4 million at the end of the first half of 2024, up from AED315.7 million for the same perio
d in 2023. Despite this increase of AED23.7 million, cost to income ratio improved to 33.0% for the six-month period ended 30 June 2024 as compared to 34.7% for the year ended 31 December 2023.

The total assets of the Group stands at an amount of AED74.2 billion as at 30 June 2024, with an increase of AED8.4 billion or 12.7%,compared to AED65.9 billion at the end of the previous year. The Group maintains a strong liquidity, amounting to AED17.0 billion, representing 22.9% of the total assets, compared to 20.8% of the total assets at the end of the previous year.

Sharjah Islamic Bank continues to diversify its financing portfolio across various economic sectors. Total investments in Islamic financing reached AED35.2 billion, an increase of AED2.2 billion, or 6.6%, from AED33.0 billion at the end of the previous year. This growth aligns with the SIB’s prudent credit policy that considers economic and political challenges. The ratio of investments in Islamic finance to customer deposits reached 71.2%, aligning
with the management’s strategic objectives.

The total investment securities increased by AED2.6 billion, or 19.1%, to reach AED16.1 billion, compared to AED13.5 billion at the end of the previous year.

NPL ratio of the Group stands at 5.5% as at 30 June 2024, compared to 5.6% as at last year. This is in accordance with conservative risk management policies, cautious provisioning for troubled financing, and an enhanced coverage ratio, which reached 94.7% as of 30 June 2024, compared to 93.8% at the end of the previous year.

Customer deposits increased by AED4.3 billion, or 9.4% to reach AED49.5 billion in the first half of 2024, compared to AED45.2 billion at the end of the previous year.

Sharjah Islamic Bank has a strong capital base, as the total shareholders’ equity at the end of June 2024 amounted to AED8.3 billion, which represents 11.2% of the Group’s total assets. The Group maintained a high capital adequacy ratio in accordance with Basel-III at 17.22%.

Source: Emirates News Agency

Real estate transactions in Ajman reach AED9 billion in H1 2024

AJMAN: Ajman’s real estate market witnessed remarkable growth in the first half of 2024, with 7,071 transactions valued at over AED9 billion, reflecting a 33 percent increase compared to the same period in 2023.

According to a report by Ajman’s Land and Real Estate Regulatory Department, these transactions were distributed as follows: 2,039 transactions for citizens, totalling AED2.98 billion, and 5,139 transactions for foreign investors, totalling AED6.048 billion, reflecting an impressive 88 percent growth.

Sheikh Abdulaziz bin Humaid Al Nuaimi, Chairman of the Department of Land and Real Estate Regulation in Ajman, highlighted the emirate’s significant achievements across various sectors. He emphasised that the real estate sector’s alignment with Ajman’s continuous development and economic progress, attributing this success to the wise vision of H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and the diligent efforts of H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Pri
nce of Ajman and Chairman of Ajman Executive Council. Their leadership has positioned Ajman as an attractive destination for real estate investments, he explained.

He added that the real estate sector in Ajman has seen remarkable growth in recent years, due to the emirate’s provision of facilities and success factors for investors and their projects, as well as its flexible legislative environment that attracts investments, the ease of registration procedures, the speed of transaction completion, and the advanced modern infrastructure of the emirate.

Sheikh Abdulaziz emphasised that the growth achieved by the emirate’s real estate sector reflects investors’ confidence in Ajman as a leading investment destination and strengthens the sector’s robustness. It also reflects the success of the Department of Land and Real Estate Regulation’s strategy aimed at providing an integrated and distinguished business environment for investors of various categories.

The department’s report mentioned that the volume of rea
l estate transactions in Ajman during the first half of the year reached 5,449 transactions valued at AED6.139 billion, an increase of 37 percent compared to the same period last year. Additionally, 1,205 mortgage transactions were recorded with a total value of AED1.797 billion over the past six months.

The report explained that the areas of Al Yasmeen, Al Zahia, and Al Helio 2 were the highest in real estate transactions (ownership) during the first half of 2024, while the eastern sector was the most active in real estate transactions during the same period, followed by the southern and northern sectors.

The report identified several key reasons for the increase in foreign investment in the emirate, most notably the promotional activities in the emirate, especially the Ajman Real Estate Investment Exhibition, which saw the signing of 336 deals worth AED195.8 million. Other reasons include the emirate’s excellent and central location among the Emirates, its flexible laws and regulations that attract invest
ment, the variety of models offered in the real estate market, the ease of obtaining financing for residential and commercial projects, and the availability of facilities that allow foreigners to purchase and own property up to 100 percent.

Source: Emirates News Agency

100 agreements worth 106.1 bn rubles concluded in Caucasus Investment Forum

GROZNY: Participants in the Caucasus Investment Forum (CIF) signed 100 agreements, including 7 with foreign authorities and companies, worth 106.1 billion rubles.

The CIF was held from July 15 to 17 under the theme ‘The Greater Caucasus: From Sea to Sea”.

The three-day event brought together over 4,000 delegates, including businessmen, experts, industrial companies, CEOs, and government officials from CIS countries and the five Caspian Sea states.

The ?IF agenda included over 65 events with 430 speakers who discussed ways to develop and grow entrepreneurship, the agro-industrial complex, transport infrastructure, tourism, investment, Russian-MENA technological cooperation, industry, energy, the banking sector, international cooperation, healthcare, AI transformation of business and humanitarian issues.

Source: Emirates News Agency

Central Bank of Egypt decides to keep key policy rates unchanged

CAIRO: In its meeting today, the Central Bank of Egypt’s Monetary Policy Committee (MPC) decided to keep the CBE’s overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 27.25 percent, 28.25 percent, and 27.75 percent, respectively.

The Committee also kept the discount rate unchanged at 27.75 percent.

A CBE statement said the decision reflects the recent developments and outlook at the global and domestic levels since the previous MPC meeting.

Globally, the statement noted the economic growth outlook remains positive albeit below its historical average. Monetary policy tightening cycles in advanced and emerging market economies have contributed to a decline in inflation worldwide, with select central banks cutting interest rates after inflation approached its targeted levels.

Domestically, real GDP growth moderated to 2.2 percent in Q1 2024 from 2.3 percent in the previous quarter, mainly reflecting negative spillovers from geopolitical tensions and maritime trade
disruptions to the services sector. Furthermore, leading indicators for Q2 2024 suggest that economic activity remains subdued. Consequently, real GDP growth is expected to slow down in FY 2023/24 compared to the previous fiscal year, before recovering in FY 2024/25. In addition, labor market data show that the unemployment rate has slightly declined to record 6.7 percent in Q1 2024 from 6.9 percent in Q4 2023.

Source: Emirates News Agency

Ajman Crown Prince chairs Ajman Bank BoD meeting, bank records net profit of AED233 million

AJMAN: H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank Board of Directors, chaired the meeting held today at the bank’s headquarters. Attending the meeting were the bank’s board members and Mustafa Al Khalfawi, CEO of the bank.

H.H. Sheikh Ammar reviewed the bank’s results for the first half of 2024, which showed that it achieved an all-time high half-yearly net profit of AED216 million up by 111 percent, supported by strong profit of AED108 million in Q2 2024. This is on the back of a 12 percent increase in total operating income to AED813 million as compared to AED729 million in the corresponding first half of 2023, and net operating income of AED428 million – an increase of 2 percent. Return on shareholder Equity (annualised) and Return on Asset (annualised) have doubled in H1 2024 as compared to the corresponding period of 2023 to 15.0 percent (up by 695 bps) and 1.8 percent (up by 88 bps) respectively.

The strong results are supported by a healthy balance sheet
with Total Assets of AED24.2 billion, Customer deposits of AED20.2 billion and AED2.9 billion of Equity.

Sheikh Ammar said, ‘Ajman Bank’s excellent H1 2024 financial performance showcases the success of our strategic initiatives and the strength of the UAE’s economic landscape. We are immensely proud of our team and extend my gratitude to the Board of Directors, senior management, and all employees for their continued support, hard work and dedication.’

For his part, the CEO of Ajman Bank stated, ‘Our outstanding H1 2024 financial results with substantial income growth across all core businesses underscore Ajman Bank’s unique market position and reputation as a trusted partner. These accomplishments are a collective victory for our team and our customers, driving us to innovate and excel further. Speed, Service, and Specialisation are the cornerstones of our operations. We are poised to capitalise on exciting opportunities ahead of us and we remain committed to delivering exceptional value and fostering inn
ovation to drive sustainable growth.’

Ajman Bank’s Capital adequacy ratio increased to 17.6 percent (up by 251 bps) and Tier 1 Capital Ratio increased to 16.4 percent (up by 252 bps), which remain well above regulatory requirements. Advance to stable resources’ ratio of 78.4 percent, and eligible liquid asset ratio of 19.8 percent, underline its solid liquidity and along with the capital position provide a strong foundation for continued growth. Ajman Bank’s non-performing financing ratio reduced significantly to 10.9 percent in Q2 2024 (from 14.7 percent in Q1 2024), clear evidence of the improving credit portfolio of the bank.

This strong financial performance was delivered thanks to continued focus on expanding the customer base, operating income, enhancing the credit quality, and continued focus on risk management. 33 percent of the new accounts opened through digital channels, which emphasises the bank’s focus on digital transformation. Additionally, the BBB+ Rating with a Stable Outlook from Fitch ref
lects the bank’s financial strength and stability.

Source: Emirates News Agency

Central Bank of Egypt decides to keep key policy rates unchanged

CAIRO: In its meeting today, the Central Bank of Egypt’s Monetary Policy Committee (MPC) decided to keep the CBE’s overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 27.25 percent, 28.25 percent, and 27.75 percent, respectively.

The Committee also kept the discount rate unchanged at 27.75 percent.

A CBE statement said the decision reflects the recent developments and outlook at the global and domestic levels since the previous MPC meeting.

Globally, the statement noted the economic growth outlook remains positive albeit below its historical average. Monetary policy tightening cycles in advanced and emerging market economies have contributed to a decline in inflation worldwide, with select central banks cutting interest rates after inflation approached its targeted levels.

Domestically, real GDP growth moderated to 2.2 percent in Q1 2024 from 2.3 percent in the previous quarter, mainly reflecting negative spillovers from geopolitical tensions and maritime trade
disruptions to the services sector. Furthermore, leading indicators for Q2 2024 suggest that economic activity remains subdued. Consequently, real GDP growth is expected to slow down in FY 2023/24 compared to the previous fiscal year, before recovering in FY 2024/25. In addition, labor market data show that the unemployment rate has slightly declined to record 6.7 percent in Q1 2024 from 6.9 percent in Q4 2023.

Source: Emirates News Agency

China to double installed new energy capacity by 2030: Official

BEIJING: China is expected to more than double its installed new energy capacity by 2030 compared to 2023 levels, China Central Television (CCTV) reported, citing an official from China Electric Power Planning and Engineering Institute (EPPEI).

In 2023, the output of renewable energy generation exceeded three trillion kWh, constituting approximately one-third of the nation’s total electricity consumption. Per capita renewable energy power generation reached 2,000 kWh.

“New energy generation output was approximately 1.2 billion kWh last year, ranking first in the world. That figure is anticipated to more than double in 2030,” said Liu Shiyu, Deputy Director of EPPEI.

China has seen its installed new energy capacity grow at a rapid speed thanks to the ongoing energy transition. The country has developed a diverse power supply system that includes coal, gas, nuclear power, hydropower, and new energy sources.

Source: Emirates News Agency