Renewables Market to Expand Robustly in 2021 by Nidhi is published on MW Creators of 4 December 2021. Some details of this renewables market particularly amongst certain MENA nations are reviewed and found to Expand Robustly in 2021. Excerpts are below.
The above image is for illustration and is of Enterprise as related to the same topic.
It is the Latest Study on the Industrial Growth of the Middle East and North Africa (MENA) Renewables Market 2021-2027.
A detailed study accumulated to offer Latest insights about acute features of the MENA’s Renewables market. The report contains different market predictions related to revenue size, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary and SWOT analysis.
The report provides a comprehensive review of the trends, opportunities and challenges in Middle East’s fast-changing renewable energy sector. Updated in April 2020 to reflect the huge disruption caused by the Covid-19 pandemic, the report looks at the immediate impact of the virus on the regional energy market, and its impact on the region’s ambitious plans to develop solar, wind and waste-to-energy projects in the region. The report looks at the long-term investment plans as well as the current project opportunities planned or under development across the region.
Mena Renewables 2020 with Covid-19 update is the latest premium market report from MEED, the leading provider of Middle East business intelligence.
The report provides a comprehensive country-by-country review of the renewable energy sector across the Mena region with in-depth analysis of projected investments, policy and legislative frameworks, and the projects planned and under way.
It also details the key government bodies driving the development of renewables in each country.
Written by MEED, the Middle East market experts within the HTF MI Group, the report is a valuable asset for anyone seeking to do business in the Middle East’s energy sector that will help in shaping business development and strategy in the region.
Updated in April 2020, the report looks at the impact of Covid-19 on the renewable energy sector in the Middle East and North Africa, and what that means for business and investment in the region.
Middle East renewable energy ambitions face new challenges
The de-facto shutdown of much of the global economy in the first four months of 2020 caused by measures to stop the spread of coronavirus (Covid-19) is challenging many of the drivers of business growth and investment in the Middle East and North Africa. The collapse of oil prices and fall in tourism and consumer spending has raised deep questions about some of the region’s highest growth sectors.
One sector that shows no sign of disappearing is renewables. While the supply chain for projects has been disrupted, and the commercial model for privately finance power plants has been upset, the region remains committed to diversifying is energy sources and lowering its costs through renewables.
With about 28GW of renewable energy production capacity installed across the Middle East and North Africa (Mena), of which by far the biggest component is hydropower with 21GW, renewable energy represents only 7 per cent of the region’s power generation capacity. But with electricity demand rising at about 5 per cent a year, and with a shortage of readily available natural gas supplies, expanding renewables capacity is now one of the top policy priorities for governments in the region.
Boosted by falling technology costs and the drive to reduce carbon dioxide emissions, most countries are planning and procuring solar and wind projects. Across the region, governments have set ambitious clean energy targets, with Dubai the most aggressive, aiming for 75 per cent of its energy to come from clean sources by 2050. At the start of 2020, about 98GW of new renewable energy generation capacity was planned across the region, with 39GW of additional capacity due to come on stream by 2025.
The latest edition of Abu Dhabi’s World Future Energy Summit (WFES) in January 2020, highlighted the strides that have been taken in the region, and particularly by the UAE, to play a leading role in the transition from unsustainable carbon-production to sustainable renewable energy.
Completion of the GCC’s first utility-scale renewables projects has increased confidence among governments, developers and financiers. This has reduced the cost of financing and delivering projects. The market also expects greater adoption of small and medium-scale schemes such as rooftop solar.
At present, it is countries with hydropower capabilities that have the highest renewables capacity. The landscape is changing rapidly however as a series of large-scale solar and wind projects are being delivered. But as renewables move from the fringes to the centre of the region’s energy eco-system, regulators, investors and consumers must overcome several structural and technical obstacles.
Regulatory reform is the biggest challenge facing renewables. Merging renewable energy, primarily photovoltaic solar power, into power grids requires policy adjustments and new regulations. This includes ensuring grid flexibility and stability, integrating new technologies such as battery-storage and electric vehicles, and establishing commercially-attractive business models. Another challenge is to break the link between electricity and water production that is hard-coded into the region’s utilities.
MENA region’s GDP to surge by over 3x by 2050 according to Gulf Capital White Paper as reported by SME10X . In effect, the oil and gas trade revenues allow considerable financial power and a strategic position on the international scene for those exporting countries but also a source of vulnerability for their economies, especially in the aftermath of not only this recent COP26 but to also the ensuing COPs Let us nevertheless look at this prediction of this white paper.
MENA region’s GDP to surge by over 3x by 2050
A New report quantifies unprecedented growth opportunities across “Ascending Asia” which is set to drive 40 percent of global consumption by 2040.
The study, jointly published by Gulf Capital and Dr Parag Khanna, Founder and Managing Partner of FutureMap, reveals that the MENA region is expected to increase its GDP by over 3x by 2050, the ASEAN region is expected to grow by 3.7x, and India by 5x. This turbo-charged growth is in sharp contrast to the projected slower growth of the European and US economies at only 1.5x and 1.8x respectively for the same period.
Within greater Asia, the GCC and Southeast Asia are two ascending regions with rising youth populations where demographic and technological shifts will generate a significant expansion of the services sectors. Across these societies, rising affluence and consumption will drive business expansion, corporate profits, and higher valuations. Longer-term reforms including capital account liberalization and accelerated privatization will unlock fresh investment inflows into new Asian listings.
Dr Karim El Solh, Co-Founder and Chief Executive Officer of Gulf Capital, said: “The unprecedented growth opportunities presented by the emergence of ‘Ascending Asia’ have never been greater. The strong macro-economic fundamentals, a growing middle class and youth population, increasing GDP per capita, rapid adoption of technology, and growing intra-regional trade and investment flows will only strengthen the case for the Asian economies. We are fortunate to be investing and operating across Ascending Asia from the GCC to the Near East and Southeast Asia, where we have acquired a large number of companies in the past.”
Additionally, East and West Asia’s deepening trade and investment networks indicate that capital, companies, and consumers will increasingly traverse the Indian Ocean and strengthen ties along the new Silk Roads, stitching the region into a whole greater than the sum of its parts.
El Solh concluded, “Against the backdrop of the evolving megatrends of deepening trade links, sizable FDI flows, greater political cooperation, and the fastest growing consumer sector, Gulf Capital is ideally poised to capitalize on this once in a generation cross-border opportunity. It is our firm belief that if investors want to capture rapid growth over the next three decades, they need significant exposure to the fastest growing industries across Ascending Asia.”
WESTBURY, New York — The High Atlas Foundation is helping Morocco’s local communities determine how they choose to develop their land and grow out of poverty sustainably. Like those in the northern Atlas Mountains, Morocco’s most vulnerable communities have long suffered from water scarcity, shaky access to land and unregulated grazing rights. These hardships make it difficult for many individual planters to harvest profitable yields on their produce and further strain their labors. Also, their reliance on traditional and overplanted crops like barley, corn and dates deliver low profits. Additionally, they exasperate a low diversity of fruits and vegetables in the poorest of the nation’s regions. While Morocco’s red fruit production saw an increase of 84% last year, many of the nation’s poorest farmers were not included in the agricultural boom. Yet, one organization is working to reverse this in a new sustainable development model, improving agricultural development in Morocco.
The High Atlas Foundation
Peace Corps volunteers who served in Morocco founded The High Atlas Foundation in 2000. They committed themselves to sustainable development through several human development initiatives. These included sustainable agriculture, education, health and women’s empowerment. Working with local and international institutions, the High Atlas Foundation works to facilitate development through participatory planning.
The Borgen Project spoke with Dr. Yossef Ben Meir, The High Atlas Foundation’s Founder and President, in an interview to learn more about the High Atlas Foundation’s approach to sustainable development and advocacy. “I’m a former Peace Corps volunteer who served in Morocco in the early 90s, and others, having gone through that two-year experience, were moved in terms of the severe life challenges of particularly rural communities,” said Dr. Yossef Ben Meir. “A number of us founders served in mountainous areas. I served in the south side of the High Atlas region.”
Agricultural Land Struggles
Unfortunately, 70% of agricultural land only generates 10 to 15% of agricultural revenue in rural regions, and 80% of arable lands are located in arid or semi-arid areas. Still, only 15 percent of the country’s lands are irrigated. Ben Meir says the dependence on the traditional subsistence approach to growing barley and corn keeps people down. He says the potential for waterborne diseases, high unemployment and a lack of access to basic government services is a barrier for rural families. The transition from barley and corn to more lucrative fruit trees and medicinal plants may have challenges.
“80% of rural incomes comes from agriculture,” said Ben Meir. “Most people who experience poverty in Morocco are in rural places and overcoming this dependency on or generational reliance on barley and corn. It’s one of many factors that have to be addressed in the agricultural value chain, but one of them is the generation of fruit trees so that farmers and farming families can make that transition.”
Most recently, the foundation is taking several steps to foster deals to reallocate government land and organize a community-based approach to fruit tree planting, aiding agricultural development in Morocco. Today Ben Meir and his teams help manage 13 tree nurseries that care for over 1.6 million saplings. He says a modest investment into the way planters harvest their crops can profoundly impact people’s lives. It allows more locals to better participate in the local economy.
“It’s also the exposure that we had to community planning,” said Ben Meir. “The beneficiaries of the projects when they determine the project design and form and location and what it is and how it will be managed and evaluated when they’re in control of it, it has a longer life and sustainability if you will.”
Ben Meir says these experiences embody the foundation’s original mission to facilitate participatory community planning towards development initiatives. In this sense, local communities play a crucial role when creating and implementing a project. The foundation uses a process called Imagine, a four-day or 32-hour program of personal and group introspection. Afterward, multiple sessions focus on the community planning of projects. They then implement development initiatives requiring accelerating revenue streams and beneficiaries. For example, the monitoring and certifying of trees to generate carbon offset credits. They can commercialize and reinvest in their projects. Teams like these allow the foundation to generate enough revenue to be financially stable alongside other advocacy efforts.
The High Atlas Foundation understands the importance of creating sustainability projects. For instance, technology like renewable solar pumps helps power the 13 nurseries, facilitating a zero-waste version of sustainability. Ben Meir says the foundation takes zero waste extremely seriously, not only in terms of energy but also in biomass. For example, something as simple as renewing wasted walnut shells could further progress the foundation’s goal.
Recently The High Atlas Foundation implemented the USAID Farmer-to-Farmer Program in Morocco. The program helps create opportunities for cooperatives along the agricultural value-chain by using local and U.S. experts, improving agricultural development in Morocco. Additionally, it created the Religious and Ethnic Communities project, an interfaith community organization that shares stories and narratives that capture the human experience of intercultural exchange and interfaith relationships. Ben Meir says these experiences are an inescapable aspect of Moroccan history and life. Alongside their development projects, they can pave the way for interfaith and intercultural narratives to flourish like their trees.
Yalla is one of the leading companies in the Middle East and North Africa (MENA) area that has a voice-centric social network and entertainment platform. It operates two core products locally, Yalla and Yalla Ludo. Although the 21Q3 season did not show an exponential growth experienced in 21Q1, the company claims that the overall revenue increase and user expansion were maintained at a better level. “We achieved yet another quarter of strong growth, with good operating and financial performances,” said Yang Tao, founder, chairman, and CEO of Yalla.
Headquartered in Dubai, UAE, Yalla Technology was founded in February 2018. In September 2020, after only two and half years, it was listed on the New York Stock Exchange. Compared to other voice-based social startups, Yalla claims that it has gained more market attention — owing to its geographical location.
Rapid Growth in the MENA Area
As a “follower” in terms of the adoption of mobile internet, the number of mobile users in the Middle East and North Africa demonstrated rapid growth in recent years. According to a 42-page report by GSMA in 2020, the number of independent mobile users in the Middle East and North Africa reached a milestone of 400 million in 2020, representing a penetration rate of 65% of the local population, with statistics that were even higher in some countries.
By 2025, 700 million people will have access to mobile internet services. As digital technology becomes more centered around daily life, more people in the Middle East and North Africa will enjoy the benefits of the Internet and smart devices.
Due to religious beliefs, cultural customs, and other factors in the Middle East and North Africa, in-person leisure activities are restricted, driving up the increasing demand for online entertainment. According to data from Hootsuite in July 2020, citizens in the UAE and Saudi Arabia, respectively, spend 3 hours and 17 minutes and 3 hours and 11 minutes on social media each day, which are both higher than the global average of 2.4 hours per day. By the time of the publication, the penetration rate for online social and entertainment in the MENA area is only 14%, still indicating areas for continued advancement.
In terms of purchasing power, the major countries and regions in the MENA area are comparable to the Western and the Asia-Pacific nations. A report from The World Bank in July this year suggested that the urbanization rate of the Middle East and North Africa countries such as Kuwait, Qatar, Israel, etc., is close to 100%. These cities are highly developed and their resident income far outstrips all the other parts of the region. Thus, users in these areas have a strong purchasing power, providing a solid foundation for the development of local online entertainment products, with Yalla being one of the beneficiaries.
In the third-quarter earnings report, Yalla achieved a revenue of $71.3 million, a 110.8% increase compared to the third quarter of 2020. Chat service remains as the main revenue source for Yalla, totaling $53.9 million, while revenue from game service was $17.4 million, which mainly benefited from the increase in paying users brought by new products.
The net profit in the third quarter was $25.3 million, with a net profit margin of 35.5%. In comparison, there was a loss of $31 million in the same period last year due to equity incentives and other factors. Overall, the non-GAAP profit margin in the third quarter of 2021 was 46.6%.
In the 21Q3 report, Yalla disclosed the operating data for its new product, Yalla Parchis. Yalla Prachis is a voice-based game platform targeting the South American market. It was officially launched in October and brought in 786,000 MAUs and 299,000 paying users for Yalla Group in the third quarter.
In terms of expenses, Yalla’s total costs and expenses in the third quarter totaled $45.6 million, a decrease from the $64.7 million in the third quarter of 2020. With a continuous expansion of business scale, Yalla believes that its ability to control costs has been gradually improving. Among the expenses, technology and product development expenses were $3.9 million, accounting for 5.4% of the total revenue.
Based on the company’s strategic planning, the management is projecting revenue between $67 million and $72 million for the fourth quarter of 2021. This will be an increase of 38.6% to 48.9%, respectively, from the $48.3 million in the fourth quarter of 2020. It is worth noting that, according to Mr. Tao Yang, Yalla is developing a cutting-edge social application, Yalla Chat, which may be launched as early as the first quarter of next year in hope of becoming the first metaverse social application specifically customized for the MENA region.
Yalla’s current price-to-earnings ratio (PE) is 60.73, which is at a lower range of the industry average, while its price-to-sales ratio (PS) is 4.40, which is down more than half from the historical average of 8.95. The significant drop has given Yalla a certain low valuation attribute. The China International Capital Corporation Limited (601995. SH) covered Yalla for the first time last week and gave it an outperforming rating. It is estimated that the company’s EPS for 2021-23 will be 0.71, 0.77, and 1.01 US dollars, respectively, while the non-GAAP will be 19%.
Politicians Subsidise Fossil Fuel with Six Trillion Dollars in Just One Year By Baher Kamal is an eye-opener to the sad reality of the world prior to the COP26. Would this recent and very hyped up event have any bearing on this state of affairs?
The image above is of an offshore oil rig drilling platform. Globally, fossil fuel subsidies amounted to 5.9 trillion US dollars in 2020, according to an IMF report. Credit: Bigstock
MADRID, Nov 16 2021 (IPS) – It sounds incredible: while politicians have been cackling about the climate emergency and profiling in empty promises to halt it, they have spent six trillion US dollars from taxpayers’ money to subsidise fossil fuels in just one year: 2020. And they are set to increase the figure to nearly seven trillion by 2025.
According to the study, 8 percent of the 2020 subsidy reflects undercharging for supply costs (explicit subsidies) and 92 percent for undercharging for environmental costs and foregone consumption taxes (implicit subsidies).
Efficient fuel pricing in 2025 would reduce global carbon dioxide emissions 36 percent below baseline levels, which is in line with keeping global warming to 1.5 degrees, while raising revenues worth 3.8 percent of global GDP and preventing 0.9 million local air pollution deaths. Accompanying spreadsheets provide detailed results for 191 countries, IMF adds.
Commenting on this fact, António Guterres, the UN Secretary General, said that “… promises ring hollow when the fossil fuels industry still receives trillions in subsidies, as measured by the IMF. Or when countries are still building coal plants…”
Every country, city, company and financial institution must “radically, credibly and verifiably” reduce their emissions and decarbonise their portfolios, starting now, said Guterres.
Time running out for oil and gas?
Hard to believe when just 11 countries presented the Beyond Oil and Gas Alliance at November’s UN Climate Conference in Glasgow.
Ireland, France, Denmark, and Costa Rica. among others, as well as some subnational governments, launched a first of its kind alliance to set an end date for national oil and gas exploration and extraction.
One of the Alliance members’ representative, Andrea Meza, Minister of Environment and Energy for Costa Rica commented: “Every dollar that we invest in fossil fuel projects is one less dollar for renewables and for the conservation of nature…” she added.
By 2050, 1.6 billion people living in cities will be regularly exposed to extremely high temperatures and over 800 million people living in cities across the world will be vulnerable to sea level rises and coastal flooding.
According to UN Habitat, which deals with human settlements and sustainable urban development, cities consume 78 percent of the world’s energy and produce over 60 percent of greenhouse gas emissions – while accounting for less than two per cent of the Earth’s surface.
Inger Andersen, the head of the UN Environment Programme (UNEP) reported that “We build the equivalent of new buildings the size of Paris every week, and if that is the way we are expected to expand we need to think about how we do it because of climate, biodiversity, livability, quality of life. We need to build better.”,
According to Andersen, building and construction are responsible for 37 percent of CO2 emissions with construction materials like cement, accounting for 10 percent of global emissions.
She also pointed out that over half of the buildings that will be standing in 2060 haven’t been constructed yet. According to UNEP, only 19 countries have added codes regarding energy efficiency for buildings, and put them in place, and most of future construction will occur in countries without these measures.
“For every dollar invested in energy efficient buildings, we see 37 going into conventional buildings that are energy inefficient. We need to move from these incremental changes because they are way too slow, we need a real sector transformation. We need to build better,” Andersen said, calling for more ambition for governments if they are to fill the promise of net-zero.
Cars, buses, trucks, ships…
The transport sector is responsible for approximately one quarter of global greenhouse gas emissions, according to the Intergovernmental Panel of Experts on Climate Change (IPCC).
The sector’s emissions have more than doubled since 1970, with around 80 percent of the increase caused by road vehicles. The United Nations environment programme UNEP calculates that the world’s transport sector is almost entirely dependent on fossil fuels.
“A world where every car, bus and truck sold is electric and affordable, where shipping vessels use only sustainable fuels, and where planes can run on green hydrogen may sound like a sci-fi movie.”
This is how governments spend trillions of taxpayers’ pockets to subsidise fossil fuels that can only aggravate the ongoing climate emergency.
Originally posted on Politicsblog.net: The latest monitoring report on the economic situation in Algeria by the World Bank proved controversial. Government representatives and media outlets objected to the findings published on December 22, writes our correspondent. In the report, the World Bank depicts a gloomy situation of the economy in Algeria, which not only…
Originally posted on books touched by Africa: Forget about 1984?Forget about George Orwell? Read 2084!Remember Boualem Sansal! Do you want to know what can happen later on in this century? Maybe during your lifetime? Or just a few years after your death? Read this fascinating novel by the Algerian writer Boualem Sansal. Let us travel…
Originally posted on I Lust for Travel: White domes of Sidi Bou Makhlouf Mausoleum in El Kef, Tunisia
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