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Budget by Hong Kong SAR’s Financial Secretary: Accelerating Development through Reform and Innovation

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Hong Kong

HONG KONG SAR – Media OutReach Newswire – 26 February 2025 – Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region unveiled his 2025-26 Budget today (February 26). He noted that while geopolitical situation might bring risks, technology reform and artificial intelligence (AI) development are remoulding the global landscape, leading to the emergence of new industries, new forms of business, new products and new services. He stressed that Hong Kong must seize the opportunity to make the most out of this critical window to speed up development, establishing the new before abolishing the old. He also emphasised that transformation and innovation will lead the way into the future, and the Government is poised to fast-track the high-quality development of Hong Kong’s economy.

The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces. On innovation and technology (I&T), the Government will promote Hong Kong into an international exchange and co-operation hub for the AI industry. Through frontier research and real-world application, the Government will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation. To spearhead and support Hong Kong’s innovative research and development as well as industrial application of AI, the Government will establish the Hong Kong AI Research and Development Institute and launch the Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+). On finance, the Government will continue to take forward reforms to the listing regime, host the Hong Kong Global Financial and Industry Summit, and formulate a plan this year on promoting gold market development.

To seize the opportunities brought about by the rapid advancement of innovation and technology, the Budget highlights the need to accelerate the development of the Northern Metropolis, which is an investment in Hong Kong’s future. The Government will continue to accord priority to providing resources for this initiative, which primarily includes providing large tracts of I&T land at the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, together with San Tin Technopole; adopting an innovative mindset in piloting “large-scale land disposal”; developing a data facility cluster at Sandy Ridge; as well as identifying suitable sites in the Northern Metropolis for the construction of conference and exhibition facilities.

On the promotion of tourism, funding will be allocated to pursue the concept of “tourism is everywhere” and implement the Development Blueprint for Hong Kong’s Tourism Industry 2.0. A study will be conducted on the development of the waterfront and former sites to the south of the Hung Hom Station in Kowloon into a new harbourfront landmark in Kowloon, including a yacht club.

Regarding land supply, Mr Chan announced that the Government will not roll out any commercial site for sale in the coming year in view of the high vacancy rates of offices in recent years to allow the market to absorb the existing supply. The Government will also consider rezoning some of the commercial sites into residential use and allowing greater flexibility of land use.
Mr Chan proposed a reinforced version of the fiscal consolidation programme to focus on strictly controlling government expenditure, supplemented by increasing revenue, to restore fiscal balance in the Operating Account, in a planned and progressive manner, within the current term of the Government. The Government will also deliver more efficient public services to citizens through leveraging technology, streamlining processes and driving the digital transformation of public services. Mr Chan said he will uphold the “user pays” and the “affordable users pay” principles as far as practicable while increasing revenue, including increasing the air passenger departure tax, and reviewing the tolls of government tunnels and trunk roads. The Government will suitably expand the size of bond issuance on the premise of maintaining healthy public finances and use the funds raised on infrastructure works in a proper and flexible manner to invest in Hong Kong’s future and create value for society.
More information about the 2025-26 Budget is available from www.budget.gov.hk.

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The Future of Africa’s Energy Sector: Balancing Fossil Fuels and Renewables (By NJ Ayuk)

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Fossil Fuels

Africa accounts for 3.3% of the global power generation, with a total power generation of over 980 terawatt hours

JOHANNESBURG, South Africa, February 26, 2025/APO Group/ —By NJ Ayuk, Executive Chairman, African Energy Chamber (www.EnergyChamber.org).

There’s a promising future for African renewables as the continent strives to balance its current reliance on fossil fuels.

That’s the prediction of the African Energy Chamber’s 2025 Outlook Report on the State of African Energy.

As I have said before, Africa will eventually rely primarily on renewable energy, as much of the rest of the world strives to — but on its own timetable, not that of Western countries who have benefited for centuries from the exploitation of fossil fuels.

To achieve a carbon neutral future, African nations must have the underlying infrastructure and industry to make the dominance of renewables possible. As things currently stand, most African states lack said infrastructure and industry, and the most feasible and expedient way for them to achieve both is through leveraging the abundant oil and gas resources so many of them possess.

As our report finds:

  • Fossil fuels account for 72% of Africa’s power generation. South Africa and Egypt are Africa’s leading producers, and their dominance will continue into the next decade.
  • Renewables account for over 27% of Africa’s power generation and are projected to increase to 43% by the end of this decade.
  • Africa accounts for 3.3% of the global power generation, with a total power generation of over 980 terawatt hours.
  • 13 GW of utility-scale solar PV and wind projects are under construction – South Africa, Egypt, Morocco, Ethiopia and Algeria account for over 75% of this capacity.

No Electricity at All

Africa will reach a point where we will rely primarily on low carbon and renewable energy

There are also significant challenges facing Africa’s energy sectors, as we cover in detail in our report.

The most pressing of those challenges is the fact that many rural areas across Africa are underserved and lack the necessary power infrastructure to access any electricity at all. In fact, of the 685 million people worldwide living without access to electricity, 590 million (86%) live in Africa. Conversely, even in well-served areas electricity is not cheap and reliable, as population and urbanization growth have outpaced the growth of power infrastructure, placing additional strain on the existing power systems. Many African households still rely on alternative, less efficient energy sources such as biomass, kerosene, etc., for heating and cooking.

One practical solution to these challenges is Western investment.

Western investment — providing both funds and technology — will help expand our existing infrastructure into underserved areas and harness our natural resources, and that will go a long way toward improving economic conditions across the continent. This will in turn improve energy affordability for many Africans as it becomes both more widely available and cheaper to access.

But where and in what should the West invest? That is up to them, but there are many development opportunities across the continent right now. I will cover just a few of the most promising, according to our outlook report.

What we found is that most North African countries see 90% access rates for electricity and are looking to enhance their power sectors while reducing reliance on fossil fuels. The bulk of renewable power share increases by the end of the decade will almost certainly be seated in this region. In contrast, sub-Saharan countries will continue to fight low electricity access for some time. They have been able to increase access to 55% currently, up from 38.3% in 2010. These countries will be ripe for investment, expanding the grid and production infrastructure to improve electrical access.

We also found that hydropower continues to dominate in East Africa, which has some of the largest dams in the world generating 19% of Africa’s overall power generation and providing up to 90% of the available power for countries such as Ethiopia and the Democratic Republic of Congo. Africa’s largest hydroelectric project, the Grand Ethiopian Renaissance Dam (GERD) is nearing completion and is expected to generate 15,760 GWh annually once fully operational. The project is of such importance to the region that it has sparked diplomatic cooperation between the Nile-bound countries of Ethiopia, Egypt, and Sudan in an effort to ensure equitable sharing of the river’s precious waters. Other currently ongoing projects such as Ethiopia’s Gibe III Dam (1870 MW), Zambia and Zimbabwe’s Kariba Dam (1830 MW) and Ghana’s Akosombo Dam (1020 MW) also speak to promising future growth and development opportunities for those willing to get their feet wet in the central and eastern parts of the continent along the Congo and Nile rivers, where nearly 90% of the continent’s hydroelectric potential remains untapped.

Geothermal power in Africa is currently dominated by Kenya, which to date is the seventh largest producer of geothermal power. Kenya’s estimated geothermal power potential is roughly 10 GW, but current operation capacity only allows 1 GW to be harnessed.

International investment is what launched Kenya’s geothermal power in the first place, with the United Nation’s development program providing the requisite research and funds in 1972 to establish the country’s first geothermal plant by the 1980s. Since then, Kenya has expanded independently, creating the state-owned Geothermal Development Company (GDC) in 2008 to both speed up geothermal advancements and lower the initial investment risk for foreign investment.

Solar Power: A Light in the Dark

Solar power offers a veritable gold mine of opportunity given Africa’s high irradiance levels: nearly 80% of the continent receives more than 2 MWh per square meter. This amounts to a solar PV potential of 1 million terawatt hours per year and a solar thermal potential of over 500,000 terawatt hours (for reference, a single terawatt hour is enough to light over 1 million homes for a year). Yet to date, Africa only generates over 35 TWh and 3.3 TWh from solar PV and solar thermal, respectively. Over 13 GW of utility-scale solar PV and wind projects are currently under construction, with hundreds more GW of capacity in the concept phase..

I would like to reiterate: Africa will reach a point where we will rely primarily on low carbon and renewable energy. But we cannot get to that point without building the proper infrastructure, and we cannot fund the building of said infrastructure without leveraging our natural resources, oil and gas being chief among them. If the west wishes to speed along Africa’s progress on this front, the best way is to work with African as partners and investors working towards common goals.

Distributed by APO Group on behalf of African Energy Chamber.

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Congo Energy & Investment Forum (CEIF) 2025 Technical Workshop to Support Congo’s Ambitious Liquefied Natural Gas (LNG) Targets

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The “Monetizing Central Africa’s Natural Gas Potential” technical workshop at the Congo Energy & Investment Forum this March will explore solutions to advance Congo’s natural gas strategy

The Republic of Congo is expected to export an estimated 4.5 billion m3 of LNG in 2025 as part of the second phase of its Congo LNG project. Developed by energy major Eni, the project’s first phase began operations in late 2023 following the installation of the country’s first floating LNG (FLNG) plant at the Marine XII offshore license. A major milestone in Congo’s natural gas journey was reached in February 2024, when the country’s first LNG cargo departed from Pointe-Noire to Italy.

Given Congo’s immense potential to become a major gas hub in Central Africa, a technical workshop at the inaugural Congo Energy & Investment Forum (CEIF) – taking place in Brazzaville from March 24-26 – will explore cutting-edge technologies and practical solutions for unlocking and monetizing gas resources in the region. The workshop will cover the design, planning and deployment of advanced shipping solutions, including LNG carriers, as well as the development of floating gas infrastructure, such as floating storage and regasification units and FLNG facilities.

The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationales des Pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

By bringing together international experts and local stakeholders, the event aims to address critical challenges to ensure the sustainable development of the region’s energy sector

Congo holds an estimated 10 trillion cubic feet of proven gas reserves, primarily in offshore fields such as Litchendjili, Néné, Minsala and Nkala, located within the Marine XII license operated by Eni’s Congolese subsidiary. With substantial recoverable reserves in fields like Marine XII, Nkossa and Banga Kayo, Congo’s natural gas sector presents an attractive investment opportunity. Ongoing developments – including FLNG and gas reinjection strategies at the Nkossa and M’Boundi fields – ensure a stable supply of natural gas for both domestic power generation and future exports.

The Central African region – home to some of Africa’s most promising oil and gas markets – is well-positioned to leverage its vast resource base to supply the continent with reliable and sustainable energy. Major producers such as Congo, Gabon, Equatorial Guinea and Cameroon have long been significant oil exporters, yet substantial investment in natural gas infrastructure is still required to fully realize the region’s hydrocarbon potential. As such, the Monetizing Central Africa’s Natural Gas Potential technical workshop at CEIF 2025 – taking place on Day 2 of the conference on March 26 – will highlight best practices, address logistical challenges and showcase successful case studies, paving the way for greater regional integration and economic growth.

“CEIF 2025 is an essential platform for exploring innovative solutions and cutting-edge technologies that will help unlock Central Africa’s vast gas resources. By bringing together international experts and local stakeholders, the event aims to address critical challenges to ensure the sustainable development of the region’s energy sector,” states Sandra Jeque, Events and Project Director at Energy Capital & Power.

Distributed by APO Group on behalf of Energy Capital & Power.

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New Report Reveals Key Insights into the African Sports Market Trends for 2025

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African sports industry

The report provides an in-depth analysis of the key trends shaping the African sports industry in 2025, uncovering opportunities, challenges, and market developments

LONDON, United Kingdom, February 26, 2025/APO Group/ –Africa Sports Unified (ASU) (www.ASUnified.com), the world’s leading Pan-African sports business hub, is pleased to announce the release of its highly anticipated 2025 African Sports Market Trends Report.

Through a comprehensive survey conducted by key stakeholders from across the Pan-African sports market, the report provides an in-depth analysis of the key trends shaping the African sports industry in 2025, uncovering opportunities, challenges, and market developments. It highlights the growing impact of digital transformation, investment growth, and grassroots development & governance reform, offering valuable insights for rights holders, investors, sponsors, brands, sports federations, and service providers

“With technology and investment playing a defining role in African sports, this report provides a roadmap for stakeholders looking to capitalise on emerging opportunities while addressing persistent challenges,” said Gabriel Ajala, Founder of Africa Sports Unified. “By analysing key trends and providing expert commentary, we aim to equip industry leaders with the insights necessary to drive the sector forward.”

We aim to equip industry leaders with the insights necessary to drive the sector forward

Key highlights of the report include:

  • Digital Transformation as a Game-Changer: Over 50% of respondents identified digital advancements such as streaming platforms, fan engagement tools, and data analytics as major growth drivers.
  • Investment Growth with Persistent Barriers: While 5-10% growth in investment is expected, governance issues, economic instability, and market data limitations continue to hinder full potential.
  • Grassroots Development and Governance Reform: Over 64% of respondents emphasised the need for resource allocation towards grassroots programs and governance improvements to build a stronger ecosystem.

The 2025 African Sports Market Trends Report serves as a strategic tool for industry stakeholders seeking to understand and navigate the evolving African sports landscape.

To download the full report, please click HERE: https://apo-opa.co/4h6IRiU

Distributed by APO Group on behalf of Africa Sports Unified.

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