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

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.

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.

TikTok Returns To US App Stores 

TikTok is once again available for download in the Apple and Google app stores in the US, following a delay in the enforcement of its ban by former President Donald Trump. The ban’s postponement until April 5 gives the administration additional time to evaluate the situation.

Key Developments

The decision to restore TikTok access came after Google and Apple received reassurances from the Trump administration that they would not face legal consequences for reinstating the Chinese-owned app. According to Bloomberg, US Attorney General Pam Bondi sent a letter outlining these guarantees.

In an executive order signed on January 20, Trump instructed the attorney general not to take enforcement action for 75 days, providing time for his administration to determine how to proceed.

Uncertain Future For TikTok In The US

While TikTok is back on the US app stores, its long-term survival remains uncertain. If no deal is reached by early April to address national security concerns, the app may face another shutdown. ByteDance, the parent company, has insisted that TikTok is not for sale.

Legislation And Pressure On ByteDance

The Protecting Americans from Foreign Enemy-Controlled Apps Act, which passed with bipartisan support in Congress, mandates a nationwide ban on TikTok unless ByteDance sells its US operations. This law was signed by President Joe Biden in April of last year.

In late January, the app was briefly removed from US stores following the ban’s activation, impacting over 170 million American users. However, TikTok was restored soon after, following Trump’s intervention in his first hours as president. During that time, he signed an executive order allowing 75 days for a deal that would safeguard national security. Trump also suggested that the US could take a 50% stake in TikTok, a move he believed would keep the app “in good hands.”

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