Abu Dhabi Fund supports fishing port upgrade

In a memorandum of understanding reached in mid-September last year, signed by ADFD Director General H.E. Mohamed Saif Al-Suwaya and Mauritanian Minister of Economic Affairs H.E. Osman Mamudou Kane, construction of the artisanal fishing port is expected to take place this year or next. One.

Mauritania exports 900,000 tonnes of fish annually, accounting for 58% of net exports and 10% of the country’s GDP. In fact, Mauritania holds the title of the largest exporter of Arabian fish, and the port of Tanit and others of its kind support families who depend on fishing for their livelihood income from the industry. Tanit itself can dock about 400 small and medium boats including 1,740m² Fish market to help feed and support thousands of local communities in Nouakchott. However, the significance of development goes beyond the country’s fisheries sector itself.

First, it is a strong indication of the Middle East’s investment interest and enthusiasm for the MSGBC basin. Since 1977, ADFD has helped fund approximately US$99 million in strategic development projects in Mauritania, covering agricultural production, wind power, healthcare, industrial manufacturing and transportation. But from a broader perspective, the United Arab Emirates as a country has shown rapidly growing interest from stakeholders, companies and financiers in the region, which is the fourth largest investor in Africa, backed by $5.64 billion 71 recent projects, ahead of the US and UK. As Africa’s largest Gulf investor, this country not only has financial resources but also possesses and utilizes cutting-edge technological expertise, which shows its special significance as an ally of the MSGBC basin, as Mauritania and its neighbors explore world-class energy resources in an emerging multinational resource – a billion-dollar industry.

For Mauritania itself, this MoU success story heralds the future of energy in the country, with three such agreements signed in the industry last year. The first of these, in partnership with New Fort Energy (NFE) in the United States, lays the foundation for the country’s first generation of industrial gas powered by NFE’s breakthrough modular LNG technology and 1 trillion cubic feet of natural gas. The Banda field off the coast of Nouakchott is targeting a potential launch date of 2024.Further agreement gives green light to Africa-focused low-carbon power specialists Chariot EnergyThe company’s $3.5 billion 10GW green hydrogen development project, dubbed the “Nour” project, is consolidating investment, which has passed a pre-feasibility study with excellent results and is close to a final investment decision that could be made next year.

Mauritania’s final energy MoU for 2021 leads to staggering $40 billion investment in CWP Global 30GW green hydrogen energy development. Project Aman is expected to have the potential to halve the country’s unemployment rate by 2035, revolutionize its transportation through the introduction of hydrogen fuel vehicles to the market supported by CWP, and ensure that the The general electrification of the country has brought countless industrial gains at home, while opening up export routes to the European market, closely following Chariot’s lead in the Netherlands.

The MSGBC Oil, Gas and Power 2022 conference aims to develop Africa’s energy future and will invite key stakeholders from Mauritania’s emerging energy sector. Energy truly represents the most intersecting industry, involving transport, infrastructure, trade, development, agriculture and the basic needs of West Africa’s 422 million people.To register and participate, please visit https://msgbcoilgasandpower.com/.