Israeli companies Enlight Renewable Energy Ltd. and natural gas producer NewMed Energy LP plan to jointly develop renewable energy projects in North Africa and the Middle East, including in Saudi Arabia and Oman, Bloomberg reports.
The two companies are forging ahead with their new Gulf-focused JV despite the current lack of official ties between Israel and Saudi Arabia.
“The venture will exploit what we see as a very large opportunity in the region that began with natural gas, a development led to a large extent by NewMed,” Enlight Chief Executive Officer Gilad Yavetz told journalists in a conference call, per Bloomberg. The venture will “aim for a market that includes Saudi Arabia, Morocco, the United Arab Emirates, Bahrain, and Oman as well as Jordan and Egypt, where NewMed — formerly known as Delek Drilling LP — is already an energy provider.”
The companies aim to combine NewMed’s ties in the region with Enlight’s green-energy expertise, the report said.
