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Morocco Heads $27B Gas Initiative Across Africa

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Morocco Heads $27B Gas Initiative Across Africa

Gold prices in Egypt drop again

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Gold prices in Egypt drop again

Gold prices in Saudi Arabia today

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Gold prices in Saudi Arabia today

Arab Bank reports 1.42B riyals Q2 earnings

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Arab Bank reports 1.42B riyals Q2 earnings

Dollar dips after winning streak

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Dollar dips after winning streak
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Heat and shelling cause widespread outages in Iran

Heat and shelling cause widespread outages in Iran

The report states that Iran is facing a severe electricity crisis, with outages occurring daily due to infrastructure damage caused by continuous military attacks. Additionally, aging power plants and outdated transmission and distribution networks have contributed to the problem. This crisis has disrupted university exams, leading to the postponement of 38 tests, and has caused widespread disruption to citizens' lives, while hospitals are struggling thanks to backup power systems. Reports indicate that the grid's capacity has decreased by approximately 4,200 megawatts and that over two thousand points have been affected, with specific power stations targeted—worsening the crisis amid official promises that the summer would pass without outages, promises that have been dashed by heatwaves and enemy attacks. Aging infrastructure, high levels of energy wastage, and insufficient investment are among the main causes of the crisis, compounded by the postponement of major projects like the Bakhteyari Dam due to lack of funding. The crisis raises concerns about its broad impact on the industrial sector, as power outages lead to reduced production and increased costs—threatening economic growth amidst ongoing war and climate challenges.

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