Welcome to the Friday edition of Suhail Capital, our flagship brief of the latest developments bridging Africa and the Gulf
UAE’s Masdar Inks 25-Year Deal for 1,000 MW Wind Farm in Egypt
Abu Dhabi-headquartered Masdar, in consortium with Infinity Power and Hassan Allam Utilities, has formally signed a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company to construct a landmark 1,000 MW (1 GW) wind power project in Ras Shokeir along the Red Sea.
Expected to power over 1.2 million Egyptian homes and reduce carbon emissions by 1.36 million tonnes annually, the development aligns with Egypt’s ambitious national target to scale its renewable energy mix to 45% by 2028, as part of the country’s wider energy push. The deal further cements Gulf state capital and infrastructure dominance across critical North African energy transitions.
Nigeria in talks with UAE to Boost Power Generation Capacity by 5,000 MW
Nigeria’s Ministry of Power has opened high-level negotiations with the United Arab Emirates to secure financing and technical expertise aimed at adding 5,000 MW to Nigeria’s power grid, with a primary focus on solar energy infrastructure.
With Nigeria’s total installed capacity sitting at 13,625 MW but delivering only 4,000 MW to consumers due to severe grid decay, the talks come amid sweeping sector reforms that decentralize power generation down to subnational state governments. The bilateral dialogue also highlights the deepening relationship between Nigeria and the UAE, as Abu Dhabi seeks to expand its African investment portfolio to the continent’s western region.
Saudi Arabia’s HUMAIN Launching $10 Billion Global VC Fund
HUMAIN, Saudi Arabia’s flagship artificial intelligence company launched last year in May, confirmed plans for a global venture capital fund. In an interview with Semafor, CEO Tareq Amin stated that the fund will host offices in Saudi Arabia, the U.S., UK, and France, with the aim of investing in AI companies on the condition that they utilize Saudi data centers or bring staff to the kingdom.
Riyadh has increasingly positioned itself as a leading backer of Africa’s startup ecosystem; in 2024, Dubai-based investment company, the Mara Group, launched a $250 million fund at the Future Investment Initiative (FII) in Riyadh, targeting growth-stage African startups. The new HUMAIN VC fund will likely accelerate this push, and will be particularly attractive for Egyptian startups, given close geographic and cultural proximity between Cairo and Riyadh.