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  • Mensha Ventures signs a Memorandum of Understanding (MoU) with its strategic partners from China to to bolster the UAE’s sustainable capabilities

    Mensha Ventures signs a Memorandum of Understanding (MoU) with its strategic partners from China to to bolster the UAE’s sustainable capabilities

    The company also signed a MoU with Asian Development & Investment Bank (ADIB) to launch their new Green Tech Fund

    Abu Dhabi, UAE, 9 May 2023:  Mensha Ventures, signed a Memorandum of Understanding (MoU) with its strategic partners from China, including the Asia Development & Investment Bank, Hoover Investment Group and Shenzhen Sinomaster Investment Group (SMT), to jointly invest $1 billion in green energy infrastructure projects in the region. The MoU was signed on the sidelines of Annual Investment Meeting which runs in Abu Dhabi.

    The primary objective of this partnership is to bolster the UAE’s sustainable capabilities and capacity by developing green energy infrastructure projects. This initiative will help the UAE achieve its renewable energy targets while reducing its carbon footprint. This partnership will help the companies leverage its collective expertise to create a lasting impact on the environment and society.

    While this partnership is expected to open up new avenues for sustainable investment opportunities in the region, it will also drive economic growth and contribute to the UAE’s vision for a sustainable future. Overall, this partnership between Mensha Ventures and its strategic partners from China marks a significant milestone in the UAE’s efforts to achieve a sustainable future.

    Further to the above, Mensha Ventures Chairwoman Dr Tan and the Asian Development & Investment Bank (ADIB) Mr Sun have signed an MoU to launch their new Green Tech Fund. The fund will have a primary focus in the GCC and aims to build portfolio companies with global expertise and best-in-class industry knowledge in Green Technology. Leveraging Chinese leading innovation and specialized manufacturing, the focus sectors will drive cutting-edge sustainable solutions into the local ecosystem.

    The Green Tech Fund’s focus sectors will specialize in New Energy, including EV infrastructure, engineering, storage, and transportation. It will emphasize the transition to clean energy through the means of electrical and green hydrogen energy. Mensha Ventures will be advocates and ambassadors, along with its strategic partners, in the movement of transitioning to a sustainable future globally, and importantly, here in the GCC.

    The GCC region has seen a significant push towards sustainable solutions in recent years, with countries in the region aiming to reduce their carbon footprint and achieve their renewable energy targets. The Green Tech Fund aims to play a vital role in this transition by investing in innovative green technology projects and driving sustainable solutions into the region’s ecosystem.

    Overall, the launch of the Green Tech Fund marks a significant milestone in the region’s efforts to achieve a sustainable future. By bringing together the collective expertise of Mensha Ventures and the Asian Development & Investment Bank, the Green Tech Fund aims to make a lasting impact on the environment and society.

     

     

  • African Critical Minerals: The Key to a Green Energy Future

    African Critical Minerals: The Key to a Green Energy Future

    Africa is well-positioned to leverage its immense wealth of critical minerals to participate in the global shift towards renewables while promoting socioeconomic growth, job creation, and local content development
     
    JOHANNESBURG, South Africa, May 8, 2023/ — Critical minerals are essential for the development of renewable energy technologies such as solar panels, wind turbines, green hydrogen, electric vehicles (EVs), and battery storage, and Africa’s mineral wealth has the potential to benefit not only the continent, but to provide a foundation for the global energy transition (https://apo-opa.info/42cMbC9).

    Accounting for more than 85% of most solar photovoltaic components, aluminum – for which bauxite accounts roughly 98% of its primary production – is used in most low-carbon technologies.

    Africa (https://apo-opa.info/3pmYNZa) is home to approximately one-third of global bauxite reserves, with Guinea alone having accounted for over half of global aluminum ore exports in 2020.

    What’s more, chromium accounts for over a third of the mineral demand for both geothermal and hydropower technologies and serves as a requisite material for the development of concentrated solar power (CSP). South Africa (https://apo-opa.info/44BqM7o) accounted for nearly 45% of the world’s chromium production in 2021, while Africa accounted for over 80% of global chromium ore exports in 2020. According to the International Energy Agency (IEA), chromium demand is expected to triple by 2030.

    Meanwhile, the IEA predicts that global demand for cobalt will rise six-fold by 2040, the vast majority of which is located in the DRC (https://apo-opa.info/3MTRYrB) and Zambia. Essential towards the production of lithium-ion batteries used in EVs and energy storage technologies, the DRC’s cobalt will be crucial towards the global shift from fossil fuel-based technologies.

    Additionally, Zambia and the DRC are world-leading producers of copper, which is used in renewable energy systems to generate power from solar, hydro, thermal, and wind energy. In 2021, the DRC mined the third largest amount of copper on the globe while Zambia currently accounts for over 12% of global production.

    Accounting for over one-fifth of the world’s reserves, Madagascar, Mozambique, and Tanzania’s combined graphite reserves will play a central role in the development of lithium-ion batteries, with the critical mineral serving as a crucial element for the development of EVs and battery storage technologies.

    Furthermore, accounting for over a quarter of mineral demand for CSP development and serving as a crucial element for many green energy technologies, demand for manganese is expected to increase three-fold by 2030, according to the IEA. Over 60% of manganese production occurs in Africa, with Ivory Coast, Gabon, Ghana, and South Africa all producing the critical mineral, with the latter serving as the world’s largest producer.

    The development of green hydrogen (https://apo-opa.info/3NMbwOW) and decarbonization of sectors such as heavy transport, heating, and industry would not be possible without the development of PGM minerals, which include the ideal metals, such as iridium, palladium, and platinum, for catalysts in proton exchange membrane fuel-cell technologies. South Africa accounted for over 70% of global platinum production between 2016 and 2020, and over 80% of global iridium production, while Zimbabwe serves as the world’s third largest producer of platinum and second largest producer of iridium.

    The extraction and development of critical minerals has been taking an increasingly central position in the global economy. As such, competition for access to Africa’s critical minerals is expected to grow exponentially in the coming decades as the world transitions to a low-carbon energy future, with the world’s largest economies – China and the U.S. – vying for strategic control over global critical mineral supply chains, thus placing Africa at the heart of the global energy transition.

    The nexus between the global energy transition and Africa’s critical minerals will be further unpacked during the African Critical Minerals Summit scheduled for this November in Johannesburg.

    The African Critical Minerals conference is organized by African investment promotion and events producer Energy Capital & Power.

    Distributed by APO Group on behalf of Energy Capital & Power.

    Contact Senior Director James Chester at james@energycapitalpower.com / +27 606754850 for information about participating in the summit.

    SOURCE
    Energy Capital & Power
  • Join the Movement: African Energy Week (AEW) Fosters an African Energy Renaissance with 2023 Theme

    Join the Movement: African Energy Week (AEW) Fosters an African Energy Renaissance with 2023 Theme

    African Energy Week 2023 will proudly take place under the theme, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization and Free Markets’
    JOHANNESBURG, South Africa, May 8, 2023/ — Africa’s estimated 125.3 billion barrels of crude oil and 620 trillion cubic feet of proven gas reserves present an opportunity for the continent to accelerate the diversification of the energy mix and address energy poverty while driving industrialization, employment creation, gross domestic product growth and environmental sustainability. In this regard, the 2023 edition of the African Energy Week (AEW) conference and exhibition – Africa’s premier event for the energy sector which takes place in Cape Town from October 16-20 – is proud to take place under the theme, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization and Free Markets.’

    With over 600 million people across the continent living in energy poverty, 900 million without access to clean cooking solutions and African economies grappling with chronic shortages and high energy prices, the AEW 2023 theme reflects the urgent need for Africa to prioritize the needs of its people while correspondingly promoting sustainable development and industrialization, creating opportunities for free and open markets.

    “Africa has the potential to become a global leader in energy, but we must first address the urgent need to provide reliable, affordable and sustainable energy to our people,” said Verner Ayukegba, Senior Vice President of the African Energy Chamber, adding that, “This year’s theme underscores the importance of addressing energy poverty, driving large-scale project developments across the oil, gas, renewable and broader power sectors. At the same time, it reflects that it is imperative that we create the right conditions for investment to flow and the private sector to flourish.”

    Alleviating energy poverty will all come down to the continent’s strong pipeline of oil and gas projects. On the oil front, upstream projects to the likes of Eni’s Baleine project in Ivory Coast; Namibia’s three-fold discoveries in the Orange Basin; Zimbabwe’s onshore exploration campaign in the Muzarabani Basin, among others, continue to showcase the potential for upstream investment. Downstream, Angola’s three-refinery developments (Soyo, Cabinda and Lobito); the East African Crude Oil Pipeline; and other infrastructure developments offer new opportunities for petroleum distribution in Africa. All of these projects will be key for addressing energy poverty while accelerating industrialization.

    Meanwhile, climate action remains a top priority for Africa, as it represents the continent most impacted by climate change. As such, a series of sizeable low-carbon natural gas projects have and continue to be launched including Eni’s Coral South Project in Mozambique; TotalEnergies’ Mozambique Liquefied Natural Gas (LNG) development; bp’s Greater Tortue Ahmeyim project in Mauritania/Senegal; Perenco’s $1 billion LNG development in Gabon, among others. These developments open new prospects for power generation and distribution, job creation and capacity building, as well as revenue generation for countries continent-wide. As such, AEW 2023’s theme reflects the urgency behind these projects, focusing dialogue and deals on energy poverty, people and the planet.

    On the renewables front, Africa has emerged as a global green hydrogen investment hub with large-scale projects underway in Mauritania, Namibia, Egypt and South Africa. These projects aim to capitalize on the continent’s immense solar and wind potential, accelerating energy access and reducing carbon emissions. The continent’s focus on sustainable energy is underscored by AEW’s focus on the planet.

    While global energy transition related policies and restrictive local regulations and fiscal terms have disrupted the flow of foreign direct investments into African energy, this year’s AEW theme depicts the need for both established and emerging African energy producers to revitalize energy laws and prioritize the creation of enabling environments in which the private sector will thrive.

    In order for the continent to meet its energy and economic developments goals, prioritization must be placed on free markets, and AEW 2023 represents the platform where discussions on this topic will be held. Featuring investment-dedicated discussions and summits, AEW 2023 enables industry stakeholders to discuss best practices for the continent to maximize private sector participation while addressing investment and infrastructure gaps.

    “AEW 2023 will be a critical opportunity to advance the energy agenda in Africa and promote sustainable development across the continent. We have said it time and time again, Africa needs free market, increased private sector participation and business-enabling fiscal terms to grow. The AEW theme reflects this clearly and we look forward to welcoming delegates from across the globe to Cape Town for what promises to be a dynamic and productive event,” Ayukegba continued.

    Under this market-focused theme, a suite of high-level speakers will discuss growth opportunities across Africa’s entire energy value chain with the aim of accelerating energy security, climate change mitigation and value addition for local economies and people. In addition to dialogue, AEW 2023 will feature exclusive networking sessions and deal-signings, uniting African energy policymakers and companies with global investors. Additionally, technical workshops and presentations will showcase the latest innovations in technology and services while youth-led side events provide a platform for young entrepreneurs and industry players to engage with market leaders.

    For more information about AEW 2023, please visit the event website at www.AECWeek.com and secure your spot at the biggest gathering of energy stakeholders on the continent. Join the African Energy Chamber’s AEW 2023 and be part of the African energy renaissance.

    Distributed by APO Group on behalf of African Energy Chamber.

    SOURCE
    African Energy Chamber

  • Annual Investment Meeting highlights regional and destinations forums for investments

    The sessions focused on ASEAN and the Russia region as well as brought to focus investment destinations as Namibia, Moscow and Armenia

     Abu Dhabi, UAE,  8 May 2023:  The 12th edition of the The Annual Investment Meeting (AIM), the world’s leading investment platform, featured a series of regional and destination forums that highlighted investment opportunities in various parts of the world.

    South East Asian Region

    One of the key region in focus was the The Association of Southeast Asian Nations (ASEAN) region. Comprising of 10 economies, The ASEAN region has been among the fastest-growing regions in 2022 and is expected to remain so in 2023. With varying economic sizes, diverse markets, and a fast-moving population, Southeast Asia presents tremendous opportunities for global investors. This session highlighted how the ASEAN Business Advisory Council (ASEAN-BAC), under Indonesia’s Chairmanship of ASEAN, has set its priority, agenda, and legacy for regional policy reforms, focusing on digital transformation, sustainable development, health resilience, trade and investment facilitation, and food security.

    This session featured esteemed speakers, including M. Arsjad Rasjid P.M., Chairman of ASEAN Business Advisory Council and Indonesian Chamber of Commerce and Industry (KADIN) focusing on growth of ASEAN region. Additionally, a panel discussion moderated by Steven Marcelino, CEO & Managing Partner of Equatorise Advisory UK, saw insightful discussions byDr. Aladdin D. Rillo, Economic Research Institute for ASEAN and East Asia (ERIA), Andrew Naylor, Global Head of Public Policy, World Gold Council, and Supervisory Board Member, EU-ASEAN Business Council, Kartika Candra Negara, Consul General of the Republic of Indonesia in Dubai and Muhammad Yusrizki, Chairman for Net Zero Hub, KADIN and Tony Wenas, Vice Chairman for Investment KADIN Indonesia and CEO of PT Freeport Indonesia.

    Experts discussed how ASEAN Centrality aims to create a more inclusive future for the Southeast Asian region by leveraging its diverse markets, fast-moving population, and recent developments in sectors such as sustainable energy and high-tech industry. With the region expected to remain among the fastest growing in 2023, the session focused on strengthening cooperation to experience development in the upcoming years, and what global investors can do to tap into the opportunities to be part of this highly promising regional growth.

    Russia

    Another session in focus was Russia, that brought together experts and stakeholders from Russia and the Middle East to discuss the growing trade and economic ties between the two regions. The event highlighted how the increasing cooperation is leading to a favourable investment climate and opening up new opportunities for businesses to expand their operations and collaborate on large joint projects.

    This session was moderated by Mikhail Khomich, Managing Director of VEB.RF; Director of the Agency for Strategic Initiatives for Special Projects. It featured speakers as Maxim Reshetnikov, Minister of Economic Development of the Russian Federation, Alexander Stuglev, Chairman of the Board and CEO, Roscongress Foundation, Khaled Hanafi, Secretary General, Union of Arab Chambers, Elena Astapenko, Director, Department of Pharmaceutical Provision and Regulation of the Circulation of Medical Devices, Ministry of Health of the Russian Federation, Vadim Lobov, President, Synergy Corporation, Dmitry Kudlay, Vice President for the Implementation of New Medical Technologies, Generium, Sergey Cheremin, Minister and Director, Department of Foreign Economic and International Relations of Moscow, Moscow Government; Chairman of the Board, Business Council for Cooperation with India, Aleksandr Petrov, Chairman of the Subcommittee on Medicines, Development of the Pharmaceutical and Medical Industry, Committee of the State Duma of the Federal Assembly of the Russian Federation on Health Protection. It also featured participants as Andrey Terekhin, Trade Representative of the Russian Federation in the United Arab Emirates, Maximov Alexander, Honorary Representative of the Chamber of Commerce and Industry of the Russian Federation in the Middle East.

    During the session, the specific areas of cooperation that the Middle East countries are interested in were also discussed. This included investment activity, the development of high-tech sectors of the economy, urban development, healthcare, and social and cultural sectors. Participants explored the potential for development in these areas and how they can work together to create mutually beneficial projects.

    The discussion also focused on the new geopolitical challenges facing the region and how they could affect the development of relations between Russia and the countries of the Middle East. The experts highlighted that while these challenges could be seen as a barrier, they could also present an opportunity for the two regions to work together more closely and develop successful joint business initiatives.

    Overall, the session provided a platform for experts and stakeholders to exchange ideas and explore the potential for collaboration between Russia and the Middle East. It highlighted the importance of building strong economic ties and partnerships between the two regions to promote growth, create jobs, and enhance the well-being of people in both regions.

    The Moscow Destination Forum also showcased the city’s status as one of the world’s largest urban economies and the largest in Russia, with a comfortable business environment and support for business initiatives. Moscow offers access to high-quality labour resources, scientific and educational potential, and is among the world’s leaders in terms of innovative attractiveness. The forum also highlighted Moscow’s focus on sustainable development and efforts to implement the principles of ESG.

    This session featured speakers as H.E. Sergey Cheremin, Minister of Moscow City Government Head of the Department for External Economic and International Relations of Moscow, Alexander Pinsky, Director for International Activities of Sitronics Group, Mr. Artemy Urodovskikh – VP of Business development, Big3 LLC, Maria Bogomolova, CEO of Moscow Agency of Innovations and Dmitriy Markov, CEO of Vision Labs LLC.

    The forum provided a platform for investors to interact with local businesses, government officials, and other stakeholders, allowing them to gain a deeper understanding of the investment climate in Moscow. Participants engaged in discussions on topics such as regulatory policies, infrastructure development, and investment incentives. The city’s strategic location between Europe and Asia, combined with its rich cultural and historical heritage, make it an attractive investment destination for a wide range of industries.

    Commenting on Metropolises investment strategies for sustainable development, H.E. Sergey Cheremin, Minister of Moscow City Government Head of the Department for External Economic and International Relations of Moscow said, “The country’s economy is the largest in the world. The comfortable urban environment and the socially oriented sustainable economy have largely contributed to the steady investment growth in the country. It is to be noted that the country is one of the world’s largest ecosystems and will soon have year-round river transport, making it a good and healthy opportunity for investors looking to participate in the country’s future plans for economic growth.”

    Speaking about The Moscow Innovation ecosystem, Mrs. Maria Bogomolova – CEO of Moscow Agency Of Innovations said, “The purpose of this corporation is to bring together the efforts of the local government, corporations and technology companies to develop cutting-edge technology. The corporation will aid on pilot testing the start-ups, find investors, and extend invite to the international corporations as a speaker in the investors Forum in Moscow etc.”

    Furthermore, Mr. Alexander Pinsky – Director of International Activities, Sitronics Group presented the Sitronics Group; a company with an idea of smart city technology. He said, “We are a company of the future. Investors are able to use this technology as a way to invest into the future. This type technology make and generate direct profits.”

     Mr. Artemy Urodovskikh – VP of Business development, Big3 LLC introduced The Big Three software which is a tool to optimize on how to save upto 30% of waste management. He said, “The B3 Universal platform has enabled the country to reach a fundamental new level of automation. We are poud of this achievement and are hoping that this platform will help us further our growth.”

    Mr. Dmitriy Markov – CEO of Vision Labs LLC said “Machine learning experts specialize in the development of goods and solutions for face recognition, object detection, augmented reality, and virtual reality, making Moscow one of the world’s most innovative cities. We are proud to be a major contributor here.”

     The session also highlighted the growth that Moscow had witnessed 20 percent more number of enterprises over the last year. The manufacturing industry grew by 10.2 percent, while construction work increased by 13.4 percent. Also, over 100 innovations were implemented in 2022 Through the forum, Moscow was able to showcase its competitive advantages and investment opportunities, including the development of its transportation infrastructure, technology sector, and industrial parks. The city is among the world’s leaders in terms of innovative attractiveness, and it tops the Innovation Infrastructure index. To date, there are 3 innovation clusters, 51 technoparks, and over 100 co-working spaces in the city.

    The forum also allowed participants to network with other investors and businesses, providing them with valuable insights into the city’s investment landscape. Overall, the Moscow Investment Destination Forum was an essential platform for Moscow to promote itself as a leading investment destination, and for investors to explore the city’s vast investment potential.

    Africa Region, Namibia in Focus

    Another destination in focus was Namibia. This session highlighted the country’s potential as an investment hotspot, citing that the country has a GDP of  USD 13 Billion in 2022, exports worth USD 3.2 Billion in 2021 and imports worth USD 4.8 Billion in 2020.

    In addition, the country is rich in oil and gas, as well as large-scale projects in renewable energy, particularly green hydrogen. The country’s impressive tourism landscape, emerging MICE sector, and opportunities in agriculture were also highlighted.

    Key speaker Nangula Nelulu Uaandja, Chief Executive Officer of Namibia Investment Promotion and Development Board (NIPDB) highlighted what makes Namibia a potential investment hotspot. She said, “Apart from the energy sector and Namibia’s tourism landscape, featuring breathtaking landscapes, diverse cultures, and rich wildlife, agriculture is another important sector in Namibia. Around 70% of the population depends directly or indirectly on agriculture for their livelihoodswith the country exporting high-value fruits to key markets such as the UAE, UK, and EU market. Investors can find investment opportunities across the entire value chain of both the livestock and horticulture industries.”

    This exciting session presented an opportunity for investors to explore the country’s investment landscape, learn more about the business climate, and network with key stakeholders. In addition, the session also shared Namibia’s aspirations for Golden Visa, Sector Focused Investment Promotion Drive – Green Industrialisation, Impactful Investments Incentive Scheme, Cybercrime Bill & Data Protection Bill and more. In addition, IRIYA JONA, KELP BLUE NAMIBIA REPRESENTATIVE highlighted the vision of the KELP BLUE is the potential cultivation of the Giant Kelp” macrocystis pyrifera” which is also known as seaweed. Iriya also highlighted how Kelp forests helps sustain healthy marine ecosystems, providing food and shelter for countless species.

    Lastly, the session closed with remarks by Jessica Hauuanga, Head of Investment Experience Retention and Aftercare Namibia Investment Promotion and Development Board. He stated, “Namibia has great economy and a massive potential for investors. The key sectors in the country’s industry are the main drivers of Namibia economy opening up investors opportunity and promoting the beauty of the country as well.”

    Armenia Destination

    In addition, the event also highlighted The Republic of Armenia as an Investment Destination. It emphasized the country’s location as a vital trade route connecting Europe and Asia, offering easy access to different parts of the world. The Armenian government is taking considerable steps to improve the business climate and create favourable conditions for investments in sectors such as energy, infrastructure, technology, agriculture, food processing, tourism, and textiles. The country’s access to large export markets with preferential conditions were also highlighted. It also focused on how compared to period between Year 2021 and Year 2022, the economic activity growth has increased by 14.2%.

    Spearheaded by experts as Mrs. Alina Yegiazaryan, Head of the Investment, Promotional and Foreign Relations Enterprise Armenia, the event featured speakers as H.E Mr. Karen Grigoryan, Ambassador Extraordinary and Plenipotentiary of the Republic of Armenia to the UAE,  Mr. Vahan Kerobyan, Minister Of Economy of the Republic of Armenia, Mr. Levon Ohanesyan, General Director Enterprise Armenia and Mr. Edik Harutyunyan, Senior Manager Of Investment Promotion and Foreign Relations Enterprise Armenia

    In this session, Mrs. Alina Yegiazaryan introduced Armenia as a country with a vibrant economy and a country with great opportunity for investors.

    H.E Mr. Karen Grigoryan speaker stated, “Though the country has recorded regional instability due to the Covid pandemic, the country remains a reliable hub for investors connecting Middle East and Europe markets. Not only does the country has comprehensible tax system but a stable local currency and competitive market. Cheap electricity, and great partnerships make Armenia a great investment destination.”

    Mr. Vahan Kerobyan emphasized on the country’s economic data growth. He said, “The economic development of Armenia has increased from Year 2021 to Year 2022 by 12.6%. This growth has been as a contribution from the country’s key industries in Finance, IT, Manufacturing & Construction. This makes the country reliable partners for investment and successful growth.”

    Mr. Levon Ohanesyan said, “The increase in the country GDP, is one of the key highlight of appealing investment location to foreign investors and the Armenia government is committed to providing solid support to new and potential investors as early as their initial stages as they contribute to the economy of the country.”

    Mr. Edik Harutyunyan said, “The investment climate of Armenia is stable and solid for the country’s economic growth, which is favorable to the business development. Moreover, the government of Armenia is committed to provide safe and support programs to the investors in exchange to investing opportunities in the country’s economy.  The economy of the country is comprehensive, reliable and free of charge and has a great potential to new investors.”

    In this session, experts highlighted that an essential aspect to consider when investing in Armenia is its access to large export markets with preferential conditions. Thanks to Armenia’s diversified economic relations, its products can be exported to a consumer market of 1 billion people with 0% or reduced customs duties.

    With its educated workforce, strategic location, and supportive business environment, Armenia has the potential to become an attractive destination for foreign investment in the years to come.

  • Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi

    Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi

    Annual Investment Meeting 2023 kicks off at ADNEC in Abu Dhabi

    Abu Dhabi, United Arab Emirates, 8 May 2023: Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, the Annual Investment Meeting (AIM Global 2023) was inaugurated today (8 May) at the Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi.

     Held in collaboration with the Ministry of Industry and Advanced Technology and the Abu Dhabi Department of Economic Development, this year’s edition of the Annual Investment Meeting is anchored on the theme “The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity and Prosperity.”

    The global event witnessed a remarkable attendance of vast number of government ministers, decision-makers, and industry leaders from various countries around the world, as well as investors, senior representatives of multinational and large companies, startups, small and medium-sized enterprises, smart cities solutions providers, technology services vendors, and a large number of visitors from over 170 countries worldwide.

    The first day of AIM Global 2023 kicked off with a series of keynote speeches and live panel discussions with top policy makers and business leaders as they shared their experiences and expertise with the participating delegations focusing on the current economic conditions and potential investment opportunities.

    The list of speakers included prominent officials and economic figures, such as His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and His Excellency Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (ADDED).

    Welcoming the guests during his speech, Dr. Thani Al Zeyoudi said: “It is my pleasure to welcome you all on behalf of the UAE government to the Annual Investment Meeting being held under the theme of ‘The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity and Prosperity’. The aim of this event is to discuss and explore current and future investment opportunities, promote foreign investment, and enhance sustainable economic growth on a global scale. We anticipate a series of discussions and agreements between governments, business leaders, and investors to achieve these goals throughout the three days of the event.”

    In his remarks, Dr. Thani Al Zeyoudi emphasized the importance of sustainable global economic growth, which lies in achieving integration across different sectors and adopting investment policies based on deploying advanced technologies that reduce carbon emissions and rely on clean and renewable energy sources to contribute to sustainable development. He also stressed on the significance of public-private partnerships in investing in the integration and interconnectivity of supply chains.

    He referred to the results of the 2022 Foreign Direct Investment report released by the United Nations Conference on Trade and Development, which ranked the UAE first regionally and 19th globally in terms of its ability to attract foreign direct investment. The report also ranked the UAE 17th globally in terms of its foreign investments, with investment flows from the UAE reaching $22.5 billion in 2021, an increase of 19% compared to 2020.

    Moreover, Dr. Thani Al Zeyoudi highlighted the importance of the Annual Investment Meeting as one of the largest investment gatherings in the world, bringing together top officials, investors, and business delegations from different countries to meet, discuss, and forge strategic partnerships in Abu Dhabi, which has solidified its position as a global hub for business growth and development and a preferred destination for international events and exhibitions.

    In his keynote speech, His Excellency Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development’s (ADDED) highlighted the great strides made by Abu Dhabi  in achieving its economic diversification strategy, and laying down a solid foundation to continue developing a knowledge-based, innovation-driven economy. H.E. said ”Abu Dhabi is witnessing the rise of the Falcon Economy which continues to go from strength-to-strength, driven by agile policies and robust regulatory and legal framework, making us an anchor for companies looking to expand their operations in the region. Our rapid economic growth, along with the growing confidence of the international community to live, invest and thrive in Abu Dhabi, make us an ideal destination of choice”.

    H.E. has announced that “The Abu Dhabi’s real GDP in 2022 has exceeded AED 1 trillion, with non-oil sectors contributing by 50% of teh total GDP, reaffirming success of economic diversification strategy which encouarges public-private partnership and foreign and domestic investments. Our aim is to increase Abu Dhabi’s non-oil exports by 143% to AED 178.8 billion by 2031”.

    H.E. Al Zaabi further explains: “Abu Dhabi’s remarkable success story is only in its initial stages, and it will continue to thrive as the most competitive destination for industry, trade, and finance in the region. We continue to offer unparalleled support and incentives to help global businesses succeed, with business enablers and innovation hubs, and solid investment entities that provide funding.  To strengthen Abu Dhabi’s economy and accelerate economic diversification, we have launched a series of bold initiatives solidifying our business-friendly ecosystem. This is a testament to Abu Dhabi’s role as a business enabler and our efforts to provide a solid infrastructure for businesses to thrive”.

    The first day of the event featured the Global Leaders Debate and the Fireside Chat with Russia with the participation of ministers, high-ranking government officials, and senior officials of international organizations. In parallel, several panel discussions were organized as part of AIM Global 2023’s Investment Track and Innovation & Technology Track.

    Under the Investment Track, the first session tackled the “Global Economic Outlook: Beyond the Paradigm Shift, Where Next for the Investment Market,” which explored the opportunities for FDI and FPI in identifying changes that will transform the global investment landscape.

    The “Abu Dhabi Initial Public Offering (IPO) Fund” session came next, followed by a session entitled “Devoting FPIs Towards a Greener World,” and, finally, the “Creating Resilient Supply Chains to Enhance Growth Opportunities” session.

    The focus of the Innovation & Technology Track, meanwhile, was on future cities, digital transformation, and transitioning between future transformative technologies, as well as leveraging foreign direct investment towards future cities. In addition, the role of startups in achieving economic growth was also discussed, along with the role of small and medium-sized enterprises in expanding the technology market and implementing more modern technological solutions and attracting investments.

    On the sidelines was the “2023 Entrepreneurs Investment Summit” held under the sponsorship of the League of Arab States, and organized by the Union of Arab Chambers, the Arab Bank for Economic Development in Africa, and the United Nations Industrial Development Organization Investment and Technology Promotion Office – Bahrain. The summit provided a platform dedicated to promoting bankable investment opportunities led by entrepreneurs, small and medium-sized enterprises, and macro investments from the region, among other objectives.

    The World Health Organization’s “World Local Production Forum” discussed enhancing access to medicines and other health technologies through collective action, and the importance of investing in innovation and technology transfer to improve and sustain healthcare services.

    The “Global Credit Management & NPL Investments Forum,” organized by DDC Financial Group, featured three dialogues, which tackled the available opportunities for investors in the field of non-performing loans as well as the current economic environment and its impact on the rising interest rates, among other topics.

    The first day of the forum witnessed a remarkable turnout of visitors, in addition to distinguished participation from several countries to showcase their top investment opportunities, including Moscow, Armenia, Georgia, and Namibia. There was also the Association of Southeast Asian Nations (ASEAN) Regional Focus Forum, which was organized in collaboration with the ASEAN Business Advisory Council.

     

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  • Nigerian Industry,Trade and Investment Minister Urges Incoming Investors

    Nigerian Industry,Trade and Investment Minister Urges Incoming Investors

    ……..As Global Investors Storm Abu Dhabi on Sunday

    Story: Mohammed Abu

    Ahead of the opening of the Annual Investment Forum (AIM Global 2023), in the UAE’s, capital of Abu Dhabi next week, H.E. Amb. Mariam Yalwaji Katagum, Minister of State Industry, Trade and Investment, Nigeria, urges incoming investors to align themselves with the Ministry’s overall policy thrusts.

    The Ministry’s policy thrusts the Minister said, was informed by three thematic areas of focus namely, Domestication of production of key commodities through our Backward Integration Program (BIP); Driving the growth of Micro, Small and Medium Enterprises (MSMEs), especially through access to finance and markets; and Cultivating Foreign Direct Investments (FDI) particularly through improving the Ease of Doing Business in Nigeria.

    Investors who are seeking to come into the country she said, were assured of the protection and promotion of their investments, as the Federal Government of Nigeria is tirelessly working to improve the ease of market entry and doing business processes through the signing of the new Companies and Allied Matters Act (CAMA) and the yearly revision of the Finance Act.

    “Like I always mention, whenever I have the opportunity, Nigeria is the best place to invest in Africa and we look forward to welcoming all of you”, the Minister added.

    She was speaking in an exclusive interview with your favourite, Eco-Enviro-News Africa on what are her expectations, what are the benefits her country has made through their participation in the previous editions of the event so far among other things.

    Now read on for the rest of what H.E. had to tell your favourite,Eco-Enviro-News Africa magazine

    First of all, let me thank you for providing this space, through which to share my perspectives.

    Q1. As one of the high-level Africa region VIPs participating in AIM Global 2023, what are your expectations so far as your participation in the event is concerned?

    My expectations so far, include the following:

    • Establish contacts and network in key industries of the AfCFTA and Investors. As the Minister of State, Industry, Trade, and Investment in Nigeria, this platform will provide me the veritable opportunity to connect and network with like-minded individuals and potential investors from various sectors and industries.
    • On Investment opportunities: I hope to showcase Nigeria’s investment opportunities to the world for potential investors to explore and identify investment opportunities in Nigeria, as well as learn about investment opportunities in other emerging markets and sectors, to attract more Foreign Direct Investments (FDIs) for my country, Nigeria.
    • On knowledge sharing and capacity building: I am confident that from the sessions and workshops on various topics related to investment, innovation, and entrepreneurship, these meetings and sessions will assist me to gain more insights and knowledge on global trends, best practices, and emerging technologies that can help drive economic growth and development in Nigeria.
    • On brand visibility: My participation at this high-level meeting will further help enhance the visibility and reputation of Nigeria as a prime investment destination, as well as showcase the country’s potential and investment opportunities to the global business community.
    • While on partnerships and collaboration: I hope the meeting provides a platform for fostering partnerships and collaborations between governments, businesses, and other key stakeholders and as the Minister, I hope to explore and establish partnerships and collaborations, sign Memorandums of Understanding (MoUs) if possible, with other countries and organizations that can help drive economic growth and development in Nigeria.

    Q2.    Among West African Countries Nigeria is noted for her passionate participation during a number of major Arab Gulf region hosted events including AIM Global. Would you like to talk about the benefits Nigeria, West Africa region stand to benefit from participating in it?

    Yes, I agree with you that Nigeria is passionate in participating in major Arab Gulf hosted events such as AIM Global, because the Federal Government of Nigeria looks forward to every opportunity to strengthen her economic ties, promote investment opportunities, enhance diplomatic relations and learn from the experiences of the other emerging nations. Nigeria believes that events such as this will further bring about significant economic and social benefits for the region.

    Notable benefits for both Nigeria and the West Africa region include:

    • Increased investment opportunities: By participating in the event, Nigeria and West Africa can attract more investments from the Gulf region, which can help drive economic growth and development.
    • Enhanced trade relations: Participating in AIM Global can help to enhance trade relations between Nigeria, West Africa, and the Gulf region. By showcasing Nigeria’s potential and investment opportunities, we can attract more Gulf-based companies to invest in Nigeria and also expand our exports to the Gulf region.
    • Knowledge sharing and capacity building: By participating in the Conference Sessions, Nigeria and West Africa can gain insights and knowledge on global trends, best practices, and emerging technologies that can help drive economic growth and development.
    • Partnerships and collaborations: By participating in the event, Nigeria and West Africa can explore and establish partnerships and collaborations with Gulf-based companies and organizations that can help drive economic growth and development in the region, as well as showcase the region’s potential and investment opportunities to the global business community.

    Nigeria has an emerging Halal Market. We are therefore looking for partnerships in this regard.

     Q3.    For how long has Nigeria been participating during AIM Global events and what has been the positive impact if any, in terms of Nigeria bound FDI inflows, UAE-Nigeria cross border trade and tourism?

    Nigeria has been participating in the Annual Investment Meeting (AIM) for several years. To the best of my knowledge, the event has provided a platform for Nigeria to showcase its investment opportunities and attract Foreign Direct Investment (FDI) from around the world, including the UAE and other Arab Gulf countries.

    However, while it is difficult to measure the exact impact of Nigeria’s participation in AIM Global on FDI inflows, Nigeria-UAE cross-border trade, and tourism, there have been some positive developments in recent years.

    For example, according to the UNCTAD, FDI inflows from UAE to Nigeria amounted to $1.3billion in 2020, which represents significant increase. The UAE is currently the third–largest source of FDI for Nigeria. This suggests that there has been an increase in trade relations between the two countries, which could be attributed, in part, to Nigeria’s participation in events like AIM Global.

    In terms of FDI, Nigeria has been working to attract more foreign investors in recent years, and events like AIM Global provide a platform for showcasing Nigeria’s potential and investment opportunities. According to the United Nations Conference on Trade and Development (UNCTAD), FDI inflows to Nigeria increased by 13% in 2019, reaching $3.3 billion, which suggests that Nigeria is making progress in attracting more foreign investments.

    As for tourism, it is also difficult to measure the exact impact of Nigeria’s participation in AIM Global. However, it is worth noting that the UAE is a popular tourist destination for Nigerians, and events like AIM Global could help to promote tourism and cultural exchange between the two countries.

    Overall, Nigeria’s participation in AIM Global and other similar events provides an opportunity for the country to showcase its investment opportunities and attract more foreign investment, enhance trade relations with other countries, and promote cultural exchange and tourism.

    Q4.Lack of direct shipping lines between the Arab Gulf region and West African sub-region has since been identified as a major factor militating against meaningful import and export trade between the two regions. What is your take on that and your advice on how best to mitigate the problem?

    The issue of direct shipping lines between West Africa and the Arab Gulf region has been a challenge that has made it more difficult and costly to transport goods between the two regions.

    I believe this can be resolved through a combination of policy measures, technology integration and infrastructural development that supports direct shipping especially in West Africa. Collaboration between Government and the private sector and partnership with international originations such as World Bank, IMF and UNCTAD can provide technical assistance and funding to support direct shipping to increase trade between the two regions. This will help to facilitate trade and reduce the cost and time required to transport goods between the two regions.

    In addition to establishing direct shipping lines, it is also important to enhance the capacity of existing port infrastructure in both regions to handle larger volumes of cargo and increase efficiency. This will require investments in modern technology, equipment, and personnel training to Improve the speed and efficiency of cargo handling and processing.

    In summary, the establishment of direct shipping lines between the Arab Gulf region and the West African sub-region, combined with investments in port infrastructure, and the removal of other trade barriers will go a long way in promoting meaningful import and export trade and enhancing economic growth and development in both regions.

    As the Minister of Industry, Trade, and Investment, I am committed to exploring and implementing measures that will enhance trade relations between Nigeria and other West African countries and the Gulf region.

    Q5. The UAE has since been rated as second after China in terms of quantum of FDI inflows into Africa region. In the same view, the UAE authorities have also expressed interest in seeing investment inflows from Africa to the UAE in the spirit of enhancing more beneficial win-win relations. What is the cross-border investment status between Nigeria and UAE as of now?

    Overall, the cross- border investment relationship between Nigeria and the UAE appears to be improving with both countries seeking to deepen economic ties and explore new investment opportunities. For example, the UAE has invested heavily in Nigeria’s energy sector, with major investments in oil exploration and production, power generation and renewable energy and real estate. On the other hand, Nigerian investors have been increasingly exploring investment opportunities in the UAE, particularly in real estate and hospitality.

    Q6.    One will not be far from right to say that; AIM Global is set to offer a suitable platform for seeking investor buy-in to the all-important Africa Continental Free Trade Area (AfCFTA) agenda of the AU, what is your take on this?

    As Minister of State, Industry, Trade and Investment,I believe that leveraging the AIM Global platform to seek investor buy-in to the AfCFTA agenda of the AU, is an excellent idea.

    The AfCFTA is a game changer for the African continent, as it creates a single market for goods and services, with free movement of people and capital and promotes intra African trade. It is a unique opportunity to promote industrialization, economic diversification and job creation in Africa.

    Therefore, leveraging on this platform would help to showcase the enormous investment opportunities that the AfCFTA presents to investors from around the world. This will not only attract FDI but, also build partnerships and collaborations with international investors and African businesses, leading to the transfer of technology, skills and knowledge. It will also address the misconceptions and concerns that investors may have about doing business in Africa.

    In summary, I support using the AIM platform to promote the AfCFTA agenda and believe that it will help to unlock the full potential of the AfCFTA and promote economic growth and development in Africa.

    Closing statement:

    I want to thank all the participants, speakers, exhibitors and sponsors who have made the AIM a success. Your contributions and insights have been invaluable and I hope that this event has been a valuable platform for us to achieve our goals. Let us continue to work together to build a brighter future for all. Thank you.

  • Rodger Foster, Airlink’s MD/CEO to Receive Ato Girma Wake Award

    Rodger Foster, Airlink’s MD/CEO to Receive Ato Girma Wake Award

    For Outstanding Contribution to Africa’s Route Developmen

    ……As AviaDev Africa 2023 due for June in Kenya

     Story: Mohammed Abu

    AviaDev Africa, the premier platform dedicated to developing air connectivity to, from and within the African continent, has announced that Mr Rodger Foster, CEO and Managing Director of Airlink, has been awarded the prestigious Ato Girma Wake Award for his outstanding contribution to Route Development in Africa.

    The Ato Girma Wake Award is voted for by all members of the AviaDev Africa advisory board and presented annually to an individual that has demonstrated exceptional leadership and innovation in promoting connectivity and improving the aviation industry in Africa.

    These were contained in a Press Release  issued in London, Thursday

     

    Mr. Foster, the release stated, has been instrumental in the growth of Airlink since its inception in 1992. Airlink operates over 50 commercial jetliners operating to more than 45 destinations in 14 African countries and to St Helena Island, making it the largest privately-owned regional airline in Africa. Airlink continues to expand its route network, connecting more African cities and promoting tourism and trade across the continent.

    “We are delighted that our advisory board have nominated and awarded Mr Foster with the Ato Girma Wake Award,” said Jon Howell, Managing Director of AviaDev Africa. “Mr Foster’s dedication and leadership in developing air connectivity in Africa are exemplary, and his efforts have made a significant impact on the continent’s economic growth. He joins a list of remarkable recipients of the award and we look forward to discussing and recognizing his achievements and contribution to the aviation industry in Africa when the industry convenes in Nairobi this June.”
    Ato Girma Wake, AviaDev Event Patron and Board Chairman of Ethiopian Airlines added, “I am very pleased that Roger Foster was chosen from among many deserving aviation leaders for this award. It is our way of saying thank you for the good job he is doing as CEO of airline to ease inter African connections. Congratulations Roger and please continue with the good work.”

    Upon receiving the award, Mr. Foster said, “I am deeply honored to receive the Ato Girma Wake Award. It is a testament to the hard work and dedication of the entire Airlink team, who have worked tirelessly to promote connectivity and facilitate economic growth in Africa. I would like to thank AviaDev Africa for this recognition and reaffirm our commitment to continue working towards the development of a robust and sustainable aviation industry in Africa.”

    The presentation of the Ato Girma Wake Award will follow a fireside chat between Ato Girma Wake, Sanjeev Gadhia and Rodger Foster scheduled to take place during the AviaDev Africa 2023 event in Nairobi, Kenya, on June 16.

    Hosted by Bench which has over the past 25 years, established a legacy for delivering business forums and conferences in Europe, Africa, the Middle East, and Latin America, AviaDev, Africa is the only dedicated air service development event for Africa focused on developing air connectivity to, from and within the continent via pre-arranged meetings, interactive workshops, an exhibition, and networking events.

    AviaDev Africa brings together the key players in the African aviation community to forge new collaborations and partnerships to ensure that Africa remains connected regionally and internationally.

    Sponsors of AviaDev include: Host Partner: Kenya Airports Authority; Platinum Sponsors: Airbus, Embraer, Kiu, NACO, Ravinala Airports and Technodyn | IFS; Gold Sponsors: Aercap, Avion Express, DPO Pay, Rolls Royce and NavPass; Silver Sponsors: ACS, Aergo Capital, Ink Innovation and Tourish; Exhibitors: Dube Tradeport. Airports Company South Africa, Cape Town Air Access, Namibia Airports Company and SOGEAC.

    Since 2018, AviaDev has presented one distinguished leader in aviation with this annual award for their contribution to route development in Africa.

    Previous winners include: Adefunke Adeyemi, Regional Director, Advocacy and Strategic Relations, Africa – IATA; Raphael Kuuchi, Special Envoy on Aero-political Affairs, IATA; Chris Zweigenthal, Chief Executive, Airlines Association of Southern Africa and Sanjeev Gadhia, Founder and CEO, Astral Aviation.

     

     

  • Annual Investment Meeting 

    Under the patronage of Khaled bin Mohamed bin Zayed, 12th Annual Investment Meeting to take place in Abu Dhabi

    Abu Dhabi, UAE, 3 May 2023: Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, the 12th Annual Investment Meeting (AIM Global 2023) will commence on 8 May 2023.

    With the support of strategic partners the Ministry of Industry and Advanced Technology and the Abu Dhabi Department of Economic Development, and held at the Abu Dhabi National Exhibition Centre under the theme ‘The Investment Paradigm Shift: Future Investment Opportunities To Foster Sustainable Economic Growth, Diversity and Prosperity,’ AIM Global 2023 will address the latest challenges and opportunities in investment to achieve inclusive and sustainable global economic growth.

    His Excellency Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development, affirmed that the honour of having this year’s edition of the Annual Investment Meeting sponsored by His Highness reflects the esteemed leadership’s vision and recognition of the importance of the conference as well as other economic events and their positive impact on the accelerated development in Abu Dhabi in particular and the United Arab Emirates as a whole.

    His Excellency said that the patronage of His Highness demonstrates the leadership’s commitment to moving forward from the negative consequences of the pandemic, which cast a shadow on various economies worldwide.

    Additionally, His Excellency emphasised that this patronage would significantly increase the event’s momentum, given the notable and extensive participation of international ministers, government officials, and top executives from global companies. Moreover, this patronage would also help expand the participant base of the conference.

    AIM Global 2023 will shed light on the global investment scene and the need to formulate mechanisms and strategies that promote sustainable and green investment choices. It will focus on the vital sectors, facilitate the flow of capital and foreign direct investment, explore possibilities to utilise technology to realise sustainable development goals, and boost economic growth within the framework of sound policies.

    This economic event, which is considered one of the largest annual investment gatherings, brings together high-level government leaders, decision makers, businesspeople, regional and international investors, major global companies, project owners, smart city solution and technology service providers, as well as a number of startups, small and medium-sized project finance institutions, top academics, and visitors from both the public and private sectors.

    More than 12,000 participants from around 170 countries around the world are expected to join this year’s Annual Investment Meeting, which will feature more than 100 dialogue forums and more than 600 speakers, who will lead engaging talks and thought-provoking panel discussions, in addition to the workshops and lectures to be presented and supervised by a group of pioneers and experts in finance and business and academic experts in the field of economics.

    AIM Global 2023 has engaged in several technologically driven initiatives as part of its commitment to build the global economy roadmap and bolster the five key pillars, which include foreign direct investment, small and medium enterprises, future cities, startups, and foreign portfolio investments. Its  key focus sectors are tourism and hospitality, agriculture, energy, technology, infrastructure, manufacturing, transportation and logistics, finance, healthcare, and educa

  • Addressing the Renewable Energy Storage Conundrum

    Addressing the Renewable Energy Storage Conundrum

    Regenbiomass US, Offers “Aquifer Pumped Storage Hydropower” Game Changer Technological Solution

    For Mitigating Battery Storage Challenges

    Story: Mohammed Abu

    The South Africa based, Africa Energy Chambers has since taken serious exception to the call made by some environmentalists for an abrupt halt to fossil fuel exploration and a switch over to renewable energy production and utilization in Africa.

    The Chamber has made unequivocal statements relating to Africa’s determination to chart an independent self-paced energy transition course as it’s fair to her development needs and would therefore continue exploring the continent’s rich oil and gas resources with particular reference to LNG alongside investments in renewable energy projects.

    Energy poverty/transition justice issues and lack of easy access to renewable energy projects financing at affordable cost, are some of the major challenges to transition from fossil fuels derived energy to renewable sources in Africa. The storage of renewable energy storage lapse, could constitute, yet another add-on as the fossil versus renewable energy debates and discourse continues.

    It is therefore against this background that, the importance of the Aquifer Pumped Storage Hydropower as a novel solution for providing clean and consistent electricity for overcoming the shortcoming of intermittent renewable energy offered by Regenbiomass, could be best appreciated.

    How it Works

    Pumped storage hydroelectricity is an effective means of storing renewable energy. When the wind blows and the sun shines, water is pumped from a lower elevation reservoir into a higher elevation reservoir and when there is no sun or wind, the water is released for driving a turbine producing electric power.

    Energy is stored in the form of gravitation potential from the weight of the water pumped to an above ground reservoir and when there is no sun or wind, the water is released back into the aquifer reversing the operation of the motor pump to generate electricity as a turbine generator.

    With utility load balancing of renewable solar and wind energy development projected to skyrocket in the coming years, aquifer pumped storage presents a clean, sustainable, and scalable solution for the energy storage conundrum faced by the renewable energy industry.

    It’s Benefits Over Battery Storage Technology

    The technology has many benefits over battery storage which is typically limited to about 2-4 hours for backup power with limited lifetime due to number of charging cycles which are exceeded in about 3 years. Moreover, lithium batteries are subject to material and mineral shortages and disposal problems.

    Pumping water from an underground aquifer for hydro storage in an above ground reservoir, is a novel application for producing a reliable source of sustainable and clean electricity for rural “mini-grids” and water for agriculture irrigation. Regen Biomass has patents pending on its novel methods and technology for pumped storage of hydroelectricity from underground aquifers as an effective means for storing intermittent renewable energy.

    The US Context

    Driving innovation for development and scaling Aquifer Pumped Storage Hydropower is the $369 billion Inflation Reduction Act (IRA) which contains incentives for boosting investments to accelerate renewable energy storage projects in the United States.

    On January 2023, an investment tax credit (ITC) of 30% for energy storage facilities became effective and an additional 20% ITC is eligible if deployed in low-income underserved areas.

    A 50% tax credit will mitigate investment risk to unleash private sector capital for developing and deploying bold and innovative storage technologies for utility load balancing of wind and PV technologies that are projected to exceed an additional 22 gigawatts (GW) by 2025 in California and Texas alone.

    Fortunately, both states are sitting on top of massive aquifers that could provide a more sustainable and economical solution for energy storage than batteries. Furthermore, these technologies can be transferred to Africa which also possesses massive underground aquifers.

    Africa

    The Sahel region of Africa spans eleven countries in the Sahara Desert and as of 2021, the estimated population of these countries was around 482 million and the United Nations expects the population to reach 898 million by 2050. This enormous population growth poses challenges for the region, including increased pressure on limited natural resources, such as water and arable land.

    Fortunately, the Sahel region also possesses some of the world’s largest aquifers that could provide a solution for the challenges and ample opportunities supporting economic growth. The Nubian Sandstone Aquifer System is one of the largest aquifers in the world spanning across Chad, Egypt, Libya, and Sudan.

    A recent groundbreaking discovery of the aquifer beneath Niger identified approximately 50 billion cubic meters of available groundwater with an estimated annual recharge of 2 billion cubic meters. This qualifies Niger as the most groundwater rich country in the Sahel region which is ironic because it is also one of the most impoverished nations on the planet.

    Like the rest of Africa, where one-half of the continent’s 1.2 billion population are deprived of electricity, Sahel countries also lack access to electricity.  As of 2021, the total installed electricity capacity in the 11 Sahel countries was a mere 23 GW; thus, 52.4% of the current population are impoverished from future prosperity that electric power provides.

    However, if the abundant intermittent renewable energy resources could be harnessed, and the region’s massive underground aquifers could be tapped into for storage, it would be possible to provide clean, reliable, and consistent electricity with the bonus of irrigation water for agriculture.

    Paulownia Trees on Marginal Land Pilot Project in US

    During 2022, Regen Biomass developed a pilot project for growing 800 paulownia trees on marginal land in the desert of Southern California, which was funded by a United States Department of Agriculture (USDA) grant.

    The plantlets were imported from Germany to California with a permit from the USDA as they were a 4th generation hybrid and sterile eliminating the “invasive species” issue. This species of paulownia tree was bred over a decade for desirable traits more tolerant to desert heat, drought conditions, and producing higher quality lumber.

    Paulownias are the fastest growing trees on the planet reaching 20 feet in the first year and can be harvested for timber in the fifth year. Furthermore, paulownia trees are regenerative so that when the trees are coppiced for harvesting, they will continue growing back for harvesting timber every five years. Moreover, because paulownia trees grow so fast, they sequester massive amounts of carbon dioxide estimated at 5 to 10 times that of other trees depending on the species.

    Paulownia trees also have deep roots that can help to improve soil structure and increase soil fertility. They also can fix nitrogen, which can help to reduce the need for synthetic fertilizers. The large leaves provide shade during hot summer months and, as a deciduous tree, shed their leaves for allowing full sunlight during the winter. Avocado trees, on the other hand, have a shallow root system and require a more fertile soil to grow well.

    Paulownia Trees Intercropping With Avocado Benefits

    By intercropping avocado trees with paulownia trees, farmers can benefit from the nutrient-rich soil created by the paulownia trees, while also maximizing the use of the land by growing two crops simultaneously. Intercropping avocado and paulownia trees also provide important environmental benefits. The trees can help to reduce soil erosion, improve water retention, and mitigate climate change by sequestering carbon dioxide.

    Regenbiomass is planning to develop a methodology for the intercropping of paulownia and avocado trees on marginal lands for the Voluntary Carbon Market (VCM). The VCM rose to $2 billion in 2022 and estimates suggest it could reach $50 billion by 2030, equivalent to a billion tons of CO2.

    It is estimated that paulownia and avocado trees can sequester about 50 tons of carbon per acre per year and that does not include the carbon sequestered from the soil with the tree’s root structure. This can contribute to the Net Zero goals and promoting sustainable land management practices while reducing the impact of climate change.

    The Green Wall Initiative in Africa

    The Great Green Wall Initiative proposes an 8,000-kilometer wall of trees across the entire width of Africa. Led by the African Union, this initiative was conceived to combat desertification and hold back expansion of the Sahara by planting a wall of trees stretching across the entire Sahel.

    Aquifer Pumped Storage Hydropower could provide reliable electric power and water for the Sahel region by pumping groundwater from the massive aquafers to irrigate the intercropping of paulownia and avocado trees for building the Great Green Wall while also providing valuable lumber and nutritious fruit and giving local communities access to water resources for drinking, agriculture, and livestock.

  • Annual Investment Meeting 2023 highlights

    Annual Investment Meeting 2023 highlights

    opportunities to stimulate FDI flow and boost economic growth

    Abu Dhabi, United Arab Emirates, 30 April 2023: The Annual Investment Meeting (AIM Global 2023), one of the world’s largest investment platforms, will be hosted for the first time in Abu Dhabi from 8- 10 May, 2023, in collaboration with the Ministry of Industry & Advanced Technologies, and the Abu Dhabi Department of Economic Development (ADDED) as a lead partner.

    The 12th edition of the conference, organised by AIM Foundation, will shed light on the global investment scene and the need to formulate mechanisms and policies to stimulate FDI flows to achieve sustainable economic growth, considering the impacts of technological disruptions, climate change, geopolitical tensions, and inflation.

    The theme of the signature event will revolve around “The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity and Prosperity,” and aims to build a global economy roadmap through establishing investment opportunities, upholding solidarity, and developing economic relations among nations, as well as addressing the ordeals that will make a profound impact to economic development.

    The UAE has been ranked first in the Arab world and 19th globally for its ability to attract foreign direct investment (FDI) inflows by the World Investment Report 2022 issued by the United Nations Conference on Trade and Development (UNCTAD). The UAE also emerged 17th globally in terms of FDI outflows that totalled $22.5 billion in 2021, reflecting a 19 per cent growth compared to the year 2020.

    His Excellency Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, said: “We are pleased to host the Annual Investment Meeting in Abu Dhabi, which is attracting world-class economic events and conferences to discuss new developments and drivers of FDIs and their role in the economic growth. Ranked as one of the best destinations to attract FDI, Abu Dhabi is forging ahead with its efforts to enhance business-supportive ecosystem that presents investors with growth opportunities. Our proactive, open approach led us to launch several initiatives to enhance the legal and regulatory frameworks to encourage foreign direct investment and promote domestic investments. These efforts are paying off as evidenced by growth of FDI inflows, particularly in knowledge-based sectors”.

    “We are looking forward to discuss ways to benefit from ample opportunities provided by Abu Dhabi’s transition to the next phase of its economic diversification strategy with the international investment community at AIM”.

    Workshops and sessions

     The Annual Investment Meeting 2023 will feature a variety of interactive panel discussions and sessions, during which several high-level speakers and experts will work together to present solutions and approaches to introducing new sources of investments and directing more capital for various economic activities, both locally and globally.

    AIM Global’s several workshops and sessions include “The future of FDI: Key trends that will drive FDI in 2023 and after,” which will tackle the major trends that will drive the future of FDI and provide an assessment of how IPAs can leverage these trends to maximise the volume and quality of FDI they can attract; “Attracting high-quality FDI for economic growth,” which will show how economic growth and prosperity can be achieved through FDI attraction; “The future of investment promotion,” which will address the way IPAs can change their activities and organizational structure in order to continue to successfully attract and maintain FDI; and “How to provide what investors want,” which will offer detailed insights into how corporate investors make international expansion and location decisions.

    The pre-event sessions include “Global Leaders Debate: The Future Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity, and Prosperity” which will focus on how disruptive technologies, climate change and geopolitical tensions as well as the pandemic are all factors that the economy is faced with.

    There will also be the “Investing in Space to attain the UN SDG’s and Sustainability,” “Global Economic Outlook – Beyond the Paradigm Shift, Where Next for the Investment Market,” which aims to explore the opportunities for FDI and FPI in identifying changes that will transform the global investment landscape, influencing investments with Environmental, Social and Governance (ESG) and embracing all stakeholders; and “Devoting FPIs Towards a Greener World,” which will discuss how FPIs have been adhering to ESG and climate goals.

    Other sessions include “Creating Resilient Supply Chains to Enhance Growth Opportunities,” which will discuss the relevance of creating resilient supply chains and new infrastructure in the 21st century; “Quality FDI: Attracting Meaningful Investments for Economic Growth,” about how attracting investment boosts the economy by generating jobs and driving innovation; and “Sustainable Investment Opportunities in FDI,” which will explore how to encourage the development of sustainable technologies and how to integrate ESG going forward.

    To register, please visit https: //aimcongress.com/register.