The report, Rise of Renewables in the Gulf Region, launched at the World Future Energy Summit, highlights that variable renewable energy capacity across the Middle East and North Africa is expected to increase by roughly ten times by 2040 and continue expanding through to 2060, even as the region maintains its role as a leading oil and gas producer

According to the analysis, renewables will play an increasingly central role in the region’s power system over the coming decades. By 2060, electricity is projected to account for around 35% of total energy demand in MENA, with the majority of this electricity generated from renewable sources. Solar and wind combined are expected to deliver about 85% of electricity generation by that point, with solar contributing approximately 45% and wind close to 40%.

“The rapid rise of renewables in the Gulf, and MENA more broadly, is not replacing hydrocarbons overnight, but it is reshaping the power system,” said Ditlev Engel, Energy Systems CEO at DNV.

“GCC countries are building some of the world’s largest solar and storage projects while still supplying global oil and gas markets. This development is driven mainly by economics. Renewables now provide low-cost electricity, and clean power is becoming necessary for competitive industry and future hydrogen production.”

DNV’s report explains that this growth is being propelled by a combination of expanding renewable supply and rising electricity demand. Utility-scale renewable projects are being rolled out across the region, including mega solar installations, hybrid solar-and-storage plants, and new wind farms. At the same time, electricity demand is increasing from data centres, electric transport, and green hydrogen production. Established industries are also shifting towards low-carbon electricity in response to policy measures such as the European Union’s Carbon Border Adjustment Mechanism.

A significant inflection point is expected around 2040, when annual increases in renewable electricity generation are forecast to outpace growth in overall electricity demand. This shift is projected to steadily lift the share of renewables within the regional power mix.

Solar energy remains the dominant renewable technology. Installed solar capacity is forecast to rise from 76GW in 2024 to 340GW by 2029, with solar expected to supply nearly 20% of total electricity by the end of the decade. An increasing proportion of these projects will incorporate battery storage to enable continuous power delivery and enhance grid flexibility.

Wind power, while currently less developed, is projected to triple in capacity each decade between 2020 and 2060. Its generation profile complements solar, producing more electricity at night and during specific seasonal periods, particularly when paired with storage solutions. Overall, DNV estimates that combined solar and wind generation in MENA will expand by around fourteen times by 2040, alongside a tenfold increase in installed capacity.

“The Gulf is moving from discussion to deployment,” remarked Jan Zschommler, market area manager for Middle East & Africa, Energy Systems at DNV.

“Utility-scale solar, wind, and storage projects are now being built at a pace that changes the regional power mix. Our modelling shows that renewables growth will exceed demand growth after 2040. That is when the transition in the region’s power mix starts to accelerate.”

Energy storage and system flexibility are identified as critical enablers of this transition. Storage capacity across the region is expected to surge from about 36GWh today to nearly 9,500GWh by 2060, with batteries increasingly taking over the role of thermal plants in providing short-term flexibility. Enhanced regional interconnections will further support grid stability and cross-border electricity trade.

These findings align with insights from DNV’s 2025 Energy Industry Insights survey, which shows that energy executives in the Middle East are the most optimistic globally about the sector’s outlook. Most respondents anticipate revenue and profit growth, citing the rapid expansion of renewables and associated infrastructure as key factors. The survey points to strong investment momentum, growing project pipelines, and confidence in the region’s long-term energy transition.

Ethiopian Airlines Group, Africa’s largest airline, has officially launched construction of Bishoftu International Airport, marking a major milestone in the continent’s aviation development

Construction commenced on 10 January 2026, following a formal groundbreaking ceremony attended by His Excellency Dr Abiy Ahmed, prime minister of the Federal Democratic Republic of Ethiopia, alongside ministers, senior government officials, industry leaders, stakeholders and Ethiopian Airlines executives.

During the ceremony, Ethiopian Airlines also revealed the airport’s architectural design and confirmed the successful completion of the resettlement and livelihood restoration programme for communities affected by the project.

Prime minister Dr Abiy Ahmed, senior government representatives and Ethiopian Airlines Group CEO Mesfin Tasew jointly unveiled a commemorative plaque to mark the official start of construction.

Commenting on the occasion, Ethiopian Airlines Group CEO Mesfin Tasew said, “This is truly a proud moment for Ethiopian Airlines and for all of Africa. We are embarking on a new chapter with the groundbreaking of Bishoftu International Airport that will redefine the continent’s aviation ecosystem. As we celebrate 80 years of service, this project stands as yet another milestone, underscoring our commitment to shaping the future of the African air transport industry, while supporting the growing demand for our passenger and cargo services. Bishoftu International Airport is a major step towards addressing the infrastructural gap in Africa and a key player in implementing the African Continental Free Trade Area (AfCFTA), and at Ethiopian we are committed to realize the completion of this project.”

In his address, prime minister Dr Abiy Ahmed described the groundbreaking as a landmark moment in Ethiopia’s path toward modernisation and economic growth. He highlighted Ethiopian Airlines as a symbol of national pride, not because it has been without challenges, but because of its resilience, ability to overcome obstacles, and pioneering role in African aviation. He further noted that the airline’s strength is rooted in its corporate culture, which prioritises safety and security, encourages leadership driven by creativity and hard work, is supported by a workforce of more than 26,000 employees who identify strongly with the national carrier, and is reinforced by a continuous commitment to learning and capacity building.

Bishoftu International Airport is set to become a transformative infrastructure project for Ethiopian and African aviation, strengthening trade, tourism and connectivity across Africa and beyond. Phase One is scheduled for completion by 2030, with capacity to handle 60 million passengers annually. Once fully developed, the airport is expected to accommodate up to 110 million passengers per year, positioning Ethiopia as a leading global aviation hub.

Canada’s Northern Graphite is looking to restart production at Namibia’s Okanjande graphite mine after signing a deal to supply a new battery anode material (BAM) plant in Saudi Arabia

The graphite mine has been on care and maintenance since 2018.

It follows the signing of a US$200mn agreement with Obeikan Investment Group to jointly develop and operate a large-scale BAM facility in Saudi’s Yanbu Industrial City through a joint venture company.

The joint venture company will be 51% owned by Obeikan and 49% by Northern with first phase BAM production capacity forecast at 25,000 tonnes per year (tpy), to be followed by potential expansion to meet growing global demand.

Construction of the industrial facility is expected to start in 2026, with first-phase production forecast to begin in 2028.

The two sides will also look to conclude a long-term offtake agreement for the purchase of up to 50,000 tpy of graphite concentrate from Northern’s Okanjande mine.

Hugues Jacquemin, Northern Graphite’s CEO, said the joint venture marks a defining step in Northern’s evolution from a mining company into a fully integrated, global battery anode material producer.

“By partnering with Obeikan in the Kingdom of Saudi Arabia, we are partnering with a well-financed and experienced industrial player, gaining scale, financing strength, and access to one of the world’s most strategically important industrial hubs,” he said, “while accelerating the restart of our Okanjande mine in Namibia and advancing our broader mine-to-market strategy.”

The project is also aligned with Saudi Arabia’s Vision 2030 and accelerating demand for secure, non-Chinese graphite anode supply chains.

Project debt financing is expected to to be sourced from Saudi government finance agencies, as well as local and global commercial banks.

According to SNE Research, lithium-ion battery cell manufacturing capacity is expected to reach 4,527 GWh by 2035 (9% CAGR), with graphite retaining over 91% anode share through 2040.

At the same time, evolving policies are splitting the global graphite market as tariffs and de-risking measures drive demand for non-Chinese anode materials.

“Saudi Arabia is an attractive location for our BAM plant due to its low energy and labour costs, close proximity to Namibia, strong government support, favourable financing conditions, and trade advantages that include low tariffs into the US and efficient access to European markets,” said Jacquemin.

Northern will receive a royalty on net sales of BAM in addition to its direct ownership interest in the joint venture company.

It also materially accelerates the restart and potential expansion of the Okanjande mine in Namibia, Northern commented in a statement, “and represents an opportunity to substantially increase the company’s graphite production at a lower cost and with a shorter time to market than most competing projects.”

A preliminary economic assessment for the Okanjande project contemplates 31,000 tpy of production over a 10-year mine life.

However, Northern believes the mine contains a “substantial measured and indicated resource” and intends to prepare a new technical report to evaluate the economics of producing at a higher rate.

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Etihad Airways is celebrating a major milestone in Africa as it marks 20 years of nonstop flights between Abu Dhabi and Johannesburg

Johannesburg remains one of Etihad’s longest-standing gateways on the continent and a strategically significant market within the airline’s rapidly expanding global network.

Since the route launched in 2005, Etihad has transported nearly two million passengers between the UAE and South Africa, strengthening cultural, business, and tourism ties between the two nations. In 2025 alone, the airline carried more than 100,000 guests on the route, reflecting sustained demand and the ongoing importance of Johannesburg within Etihad’s network.

Today, Etihad’s services to Johannesburg provide nonstop access to Abu Dhabi, along with seamless onward connections to the Middle East, Europe, North America, the Indian Subcontinent, and Asia Pacific via Zayed International Airport. Beyond Abu Dhabi, passengers travelling from Johannesburg can continue to key destinations such as Jeddah, Istanbul, Mumbai, Bangkok, and Phuket, highlighting the route’s role as a gateway to Etihad’s global network. The route is further supported by Etihad’s growing partnerships across Southern Africa, enabling smoother connections within the region.

“Johannesburg has played an important role in our African network for two decades. The strong performance we continue to see both in passenger demand and corporate travel highlights the long-term relationship between the UAE and South Africa, and the value Etihad brings in enabling trade and tourism. Africa remains a key pillar of our global strategy, and we are proud to continue supporting this dynamic market as part of our wider Journey 2030 ambitions,” said Javier Alija, vice-president global sales & distribution at Etihad Airways.

Expanding Etihad’s footprint across Africa

The Johannesburg milestone coincides with Etihad’s broader growth across Africa. The continent continues to demonstrate strong travel demand, supported by a growing population of international travellers and deepening economic and cultural ties with the UAE.

Etihad’s network developments reflect this momentum, with new services launched in the past year to key African gateways including Tunis, Addis Ababa, and Nairobi. Established connections to destinations such as Casablanca and Cairo continue to perform strongly, benefiting from access to Etihad’s expanding global network.

The airline’s strategic partnership with Ethiopian Airlines further extends its reach across Africa, offering passengers improved connectivity to a broad range of destinations beyond Etihad’s own network.

Corporate travel momentum

The Johannesburg route continues to see strong performance from the corporate segment, with corporate revenue in 2025 rising more than 50 percent year-on-year. This growth is supported by robust UAE–South Africa economic ties and Abu Dhabi’s increasing position as a global business hub.

As it celebrates 20 years in Johannesburg, Etihad remains committed to deepening its presence across Africa through enhanced services, broader partnerships, and an expanded network to meet rising demand across the continent.

African Export-Import Bank (Afreximbank) and Heirs Energies Limited have unveiled a US$750mn financing arrangement aimed at strengthening Heirs Energies’ capital structure and releasing liquidity to meet its working capital needs as it advances an extensive field development programme

The funding is expected to play a key role in boosting Nigeria’s domestic energy supply at a time of rising demand.

The agreement was signed in Abuja by Dr George Elombi, president and chairman of the board of directors of Afreximbank, and Tony O Elumelu CFR, chairman of Heirs Energies Limited. Structured as a dual-tranche, senior secured reserve-based lending facility, the financing is intended to support Heirs Energies’ next phase of expansion as the company seeks to increase and sustain oil and gas production.

Under the transaction, Afreximbank served as Mandated Lead Arranger, Facility Agent, and Security Agent. The deal is viewed as a significant step in the strategic relationship between Afreximbank and Heirs Energies, reflecting deeper collaboration between the two organisations.

Speaking after the signing, Dr Elombi described the partnership as evidence of Afreximbank’s focus on value creation and backing African entrepreneurs.

“Without investments, such as the one being provided to Heirs Energies, many fossil fuel-dependent African economies would face dire economic challenges,” said Dr Elombi. “Our aim, among others, is to empower the African entrepreneur. Our core strength is in the value of the partnerships we continue to forge.”

He also acknowledged Mr. Elumelu’s continued support for Afreximbank, noting that such collaborations have helped position the institution as a key driver of Africa’s economic transformation and broader development objectives.

Dr Elombi reiterated Afreximbank’s commitment to advancing the African Energy Bank initiative, stating, “we should get to higher strides and get the Energy Bank so we can move most of the energy portfolio there. We will put tremendous capital in it to be as bold and as innovative as Afreximbank”.

He further indicated that Afreximbank is open to working with Heirs Holdings and its affiliated businesses as they expand into other West African markets, including Ghana and Côte d’Ivoire, as well as across the wider continent. “Our aim is to spread and support the domination of the African brand across Africa.”

Tony O Elumelu, CFR, chairman of Heirs Energies Limited, said, “This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital. It reflects the successful journey Heirs Energies has taken – from turnaround to growth – and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.”

Heirs Energies occupies a central position in Nigeria’s oil and gas sector, where crude oil continues to hold major national and international significance.

The relationship between Afreximbank and Heirs Energies dates back to 2021, when the company, then operating as Heirs Oil and Gas, completed the acquisition of a 45% participating interest in the OML 17 Joint Venture. The US$1.1bn transaction was financed by a consortium of international and local banks led by Afreximbank and represented one of the largest indigenous energy acquisitions in Nigeria’s oil and gas industry.

Afreximbank contributed up to US$250mn to that financing, highlighting its commitment to developing Africa’s energy sector and supporting intra-African trade and African-owned businesses.

Following the acquisition, crude oil output increased from around 25,000 barrels per day to an average of 50,000 barrels per day, alongside growth in associated and non-associated gas production. Heirs Energies also achieved first gas from the Agbada Non-Associated Gas Plant on 21 November 2021, only months after assuming control of an asset that had remained under construction for more than a decade under the previous operator.

Today, Heirs Energies is the leading gas supplier within the Eastern Domestic Network and provides gas to three major power plants, together accounting for roughly 15% of Nigeria’s installed electricity generation capacity.

Caracol, a global leader in robotic large-format additive manufacturing, and RusselSmith, an ISO-certified provider of innovative asset integrity and advanced manufacturing solutions for critical industries in Africa, have announced a Strategic Partnership to deploy, develop, and commercialise Caracol’s Vipra AM platforms – its robotic Wire Arc Additive Manufacturing (WAAM) technology – in West Africa

This collaboration aims to establish a world-class advanced manufacturing hub in the region, supporting the growth of local industrial capabilities and enabling the adoption of innovative and sustainable production solutions.

Under the exclusive partnership, Caracol and RusselSmith will:

• Deploy Caracol’s robotic large-format Vipra AM technology across key West African markets.

• Develop local expertise and capacity in advanced manufacturing.

• Support commercialisation opportunities across diverse industrial sectors.

• Advance regional industrialisation by providing innovative, scalable, and sustainable manufacturing solutions.

By combining Caracol’s global leadership in robotic WAAM technology with RusselSmith’s regional presence and industry expertise, the partnership aims to accelerate the transformation of West Africa’s manufacturing landscape, enhancing its role as a hub for innovation, efficiency, and industrial growth.

Riccardo Nicastro, global chief commercial officer and managing director of Middle East and Africa for Caracol, said, "The partnership between RusselSmith and Caracol is a testament of commitment towards Africa and its technology and manufacturing independence, agnostically from industries, together we are pursuing the creation of value for the whole Continent."

This initiative marks the start of a long-term collaboration that will bring two Caracol Vipra AM advanced technology platforms to the region, while also fostering talent development, promoting sustainability, and creating new economic opportunities.

Kayode Adeleke, CEO of RusselSmith, stated, "Our exclusive partnership with Caracol represents another bold stride in shaping the future of advanced manufacturing in West Africa. By introducing robotic WAAM technology through Caracol’s Vipra AM platform, we are unlocking new possibilities for industrialisation across the region. This collaboration allows us to build local expertise, accelerate the development of scalable manufacturing solutions, and create opportunities that strengthen Africa’s ability to compete globally. Together with Caracol, we are laying the foundation for a world-class hub that drives innovation, nurtures talent, and delivers sustainable growth for the industries we serve."