UAE, Italy, And Albania Forge $1B Deal For Subsea Renewable Energy Link Across The Adriatic

by THEFUTURE.TEAM

January 20, 2025

A landmark agreement worth $1 billion has been signed between the UAE, Italy, and Albania to construct a subsea interconnection that will facilitate the transfer of renewable energy across the Adriatic Sea.

The Clean Energy Agreement

The deal, which was signed by COP28 President Sultan Al Jaber, Italy’s Environment Minister Gilberto Pichetto Fratin, and Albanian Deputy Prime Minister Belinda Balluku, was announced during Abu Dhabi Sustainability Week. It represents a strategic collaboration aimed at advancing cooperation in renewable energy and energy infrastructure across the Mediterranean.

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The agreement outlines significant projects, including large-scale renewable energy initiatives in Albania, focusing on solar photovoltaics, wind, and hybrid systems with potential for battery storage. The clean energy produced will be transmitted to Italy, marking a significant milestone in energy collaboration. The deal will also include the creation of a cross-border electricity interconnection linking Albania and Italy.

Leveraging Resources For Sustainable Development

Al Jaber highlighted that the deal will combine UAE’s expertise in renewable energy, Albania’s rich natural resources, and Italy’s advanced energy market to facilitate the development and sharing of renewable energy across the region.

The signing ceremony took place in the presence of UAE President Mohamed bin Zayed Al Nahyan, Italy’s Prime Minister Giorgia Meloni, and Albanian Prime Minister Edi Rama. This partnership aims to enhance energy security, foster sustainable development, and accelerate the transition to clean energy in the Mediterranean region.

A Step Toward Energy Cooperation In The EU

This agreement strengthens Italy’s collaboration with Balkan nations, aligning with EU energy goals. According to Balluku, Albania’s abundant natural resources are expected to not only contribute to the green energy transition but also create long-term economic opportunities and job growth.

The deal follows the establishment of a joint venture (JV) between Masdar and Albania Power Corporation last November at COP29, focused on the development of renewable energy projects in Albania. These projects will feature solar, wind, and hybrid energy solutions with integrated battery storage.

Further Strategic Partnerships And Investments

In related news, last December, Emarat Petroleum and Lootah Biofuels, both UAE-based companies, signed a Memorandum of Understanding (MoU) aimed at reducing greenhouse gas emissions and advancing the UAE’s National Biofuels Policy. The partnership focuses on expanding the collection network for used cooking oils to be processed into biodiesel, with Emarat’s retail stations serving as collection points.

Meanwhile, Masdar announced plans for a $6 billion project to build a solar and battery energy facility capable of generating 1 gigawatt (GW) of clean energy. This project, in collaboration with the Emirates Water and Electricity Company, will feature 5 GW of solar capacity and 19 GWh of storage, ensuring a steady supply of 1 GW of electricity.

This $1 billion subsea renewable energy deal marks a significant step forward in the global transition to clean energy, reinforcing cooperation between the UAE, Italy, and Albania in addressing climate challenges and driving sustainable economic growth.

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Strained Household Finances: Eurostat Data Reveals Persistent Payment Delays Across Europe and in Cyprus

by THEFUTURE.TEAM

November 22, 2025

Improved Financial Resilience Amid Ongoing Strains

Over the past decade, Cypriot households have significantly increased their ability to manage debts—not only bank loans but also rent and utility bills. However, recent Eurostat data indicates that Cyprus continues to lag behind the European average when it comes to covering financial obligations on time.

Household Coping Strategies and the Limits of Payment Flexibility

While many families are managing their fixed expenses with relative ease, one in three Cypriots struggles to cover unexpected costs. This delicate balancing act highlights how routine payments such as mortgage installments, rent, and utility bills are met, but precariously so, with little room for unplanned financial shocks.

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Breaking Down Payment Delays Across the European Union

Eurostat reports that nearly 9.2% of the EU population experienced delays with their housing loans, rent, utility bills, or installment payments in 2024. The situation is more acute among vulnerable groups: 17.2% of individuals in single-parent households with dependent children and 16.6% in households with two adults managing three or more dependents faced payment delays. In every EU nation, single-parent households exhibited higher delay rates compared to the overall population.

Cyprus in the Crosshairs: High Rates of Financial Delays

Although Cyprus recorded a notable 19.1 percentage point improvement from 2015 to 2024 in delays related to mortgages, rent, and utility bills, the island nation still ranks among the top five countries with the highest delay rates. As of 2024, 12.5% of the Cypriot population had outstanding housing loans or rent and overdue utility bills. In contrast, Greece tops the list with 42.8%, followed by Bulgaria (18.7%), Romania (15.3%), Spain (14.2%), and other EU members. Notably, 19 out of 27 EU countries reported delay rates below 10%, with Czech Republic (3.4%) and Netherlands (3.9%) leading the pack.

Selective Improvements and Emerging Concerns

Between 2015 and 2024, the overall EU population saw a 2.6 percentage point decline in payment delays. Despite this, certain countries experienced increases: Luxembourg (+3.3 percentage points), Spain (+2.5 percentage points), and Germany (+2.0 percentage points) saw a rise in payment delays, reflecting underlying economic pressures that continue to challenge financial stability.

Economic Insecurity and the Unprepared for Emergencies

Another critical indicator explored by Eurostat is the prevalence of economic insecurity—the proportion of the population unable to handle unexpected financial expenses. In 2024, 30% of the EU population reported being unable to cover unforeseen costs, a modest improvement of 1.2 percentage points from 2023 and a significant 7.4 percentage point drop compared to a decade ago. In Cyprus, while 34.8% still report difficulty handling emergencies, this marks a drastic improvement from 2015, when the figure stood at 60.5%.

A Broader EU Perspective

Importantly, no EU country in 2024 had more than half of its population facing economic insecurity—a notable improvement from 2015, when over 50% of the population in nine countries reported such challenges. These figures underscore both progress and persistent vulnerabilities within European households, urging policymakers to consider targeted measures for enhancing financial resilience.

For further insights and detailed analysis, refer to the original reports on Philenews and Housing Loans.

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