| | OCTOBER 20238IN FOCUSAdani Group announced a 50:50 joint venture with Japanese conglomerate Kowa Group to sell green hydrogen in Japan, Taiwan, and Hawaii. A corporation run by billionaire Gautam Adani is investing up to $50 billion over the next ten years in developing a fully integrated green hydrogen ecosystem in India. This comprises the first production of one million tonnes of green hydrogen, which will be increased to three million tonnes later."Adani Global Pte Ltd, Singapore, a step-down wholly owned subsidiary of Adani Enterprises Ltd, announced a 50:50 joint venture (JV) with Kowa Holdings Asia Pte Ltd, Singapore for sales and marketing of green ammonia, green hydrogen and its derivatives. The JV will concentrate on marketing of products in Japan, Taiwan and Hawaii," the group said in a statement.Hydrogen is a non-polluting energy source. It is mostly utilized in the refining and chemical industries and is made from fossil fuels such as coal and natural gas. Green hydrogen is created by utilizing renewable energy sources such as solar to power an electrolyzer that separates hydrogen from water molecules.Adani is already the largest generator of renewable energy, and for the green hydrogen project, it intends to increase its solar module manufacturing capacity at Mundra SEZ in Gujarat to up to 10 GW per year. The Mundra plant would produce metallurgical grade (mg) silicon, polysilicon, ingots, wafers, cells, and the module itself, which would be utilized to generate electricity from solar energy.Before employing its electrolyzers to generate low-cost green hydrogen, sea water will be desalinated."The JV with Kowa for green hydrogen marketing is a natural and strategic extension of Adani Group's long-standing marketing and trading relationship with Kowa," the statement said. Dubai's Department of Economy and Tourism (DET) and the Financial Services and Treasury Bureau of the Government of Hong Kong, China, inked an MoU to promote financial cooperation between the two cities. Hadi Badri, CEO of the Dubai Economic Development Corporation, Dubai Department of Economy and Tourism, and Joseph Chan, Under Secretary for Financial Services and the Treasury of the Government of the Hong Kong Special Administrative Region, signed the MoU at the Belt and Road Summit in Hong Kong.The MoU paves the way for a dynamic partnership that will contribute to transforming the family office sectors of the two cities, strengthening connections and driving cross-market opportunities, as per gulf news.Hadi Badri said: "This landmark agreement is aligned with the financial services priorities of both cities' governments, and sets the stage for enhanced economic knowledge exchange and collaboration between a range of stakeholders. We are steadfast in our commitment to fostering family office hubs and cultivating enhanced collaboration across capital markets, fintech and virtual assets between the two cities."A spokesperson for the Government of the Hong Kong Special Administrative Region said: "The MoU reaffirms the commitment of the Hong Kong Special Administrative Region and Dubai on strengthening the broader relationship and cooperation between the two places, and facilitates the mutual sustainable development of the financial services industries. Furthermore, the MoU will help facilitate policy communication, knowledge exchange and identification of cooperation opportunities in the key areas of financial services industry between the two places, including but not limited to family offices, fintech, virtual asset, green and sustainable finance, and more. ADANI GROUP PARTNERS WITH KOWA GROUP FOR SALE OF GREEN HYDROGEN IN JAPANDUBAI, HONG KONG JOIN HANDS TO FOSTER FINANCIAL COOPERATION
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