Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
West Bank eviction film ‘No Other Land’ wins best documentary Oscar
Jerusalem -- No Other Land, a documentary about Israeli settlement in the occupied West Bank, has won the best documentary award...
Arts & Culture
Economy
Saudi Arabia expects budget deficits in 2023 and 2024 as spending rises
The announcement comes one year after the Gulf kingdom, the world's biggest crude exporter and the Middle East's largest economy,...
- The deficit for 2023 is expected to amount to 82 billion Saudi riyals (roughly $21.8 billion), while in 2024 it is expected to total 79 billion Saudi riyals (roughly $21 billion)
- The projections broadly align with a pre-budget statement issued in October that indicated deficits would last through 2026.
Business
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
- The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
- It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.
Business
Mubadala invests in Zenobē
The investment is aimed at powering 4,000 electric vehicles.
- The collective investment aims to power 4,000 electric buses, trucks, and commercial vehicles, contributing to the global transition to cleaner transportation by 2026.
- London-based Zenobē, established in 2017, specializes in electric vehicle (EV) fleet solutions and large-scale battery storage.
Business
Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...
- The index continued to signal a rapid expansion in the non-oil private sector in November,
- Higher raw material prices led to a continuous increase in corporate sales prices, but demand remained strong.
COP28 UAE
$272 billion sustainable finance pledge by UAE financial sector at COP28
Abu Dhabi, UAE -- The financial sector of the United Arab Emirates commits to mobilizing more than AED 1 trillion...
- The commitment to mobilize AED 1 trillion was made by the UAE Banks Federation at an event held on Finance Day at COP28.
- Financial sector's engagement is critical to realize our collective climate ambitions, ensuring that the 1.5°C target remains within reach, said COP28 President Sultan Al Jaber.
Business
Masdar, Taaleri acquire 8 energy projects
The hybrid renewable energy projects in Poland have 1Gw capacity.
- Masdar and Taaleria have purchased the projects from Domrel Biuro Usług Inwestycyjnych, a prominent player in Poland's renewable energy sector.
- These projects incorporate solar photovoltaic (PV) and onshore wind technologies and are projected to power approximately 223,000 households.
Business
ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
- The G2COOL plant produces naturally occurring hot water found underground through two geothermal wells.
- The hot water is fed into absorption cooling technology to produce the chilled water needed by Tabreed for its district cooling activities.
Business
Masdar, PLN push to build world’s largest floating solar plant
Dubai, UAE -- Abu Dhabi Future Energy Company (Masdar) has signed agreements to collaborate with Indonesia’s state-owned utility company, PLN,...
- The partnership has already resulted in the launch of Southeast Asia’s largest floating solar power plant, the innovative 145-megawatt (MWac) (192MW peak) Cirata project.
- In September, Masdar and PLN signed an agreement to develop Phase II of the Cirata plant to triple capacity by up to 500MW.
Business
WhatsApp update allows posting status updates via Instagram
Washington, United States -- The instant messaging platform WhatsApp launched a new update that includes an optional feature that allows...
- This feature will be available in a future update to the application through its beta program within the Google Play Store.
- WhatsApp is also working on an improved posting feature to make it compatible with Instagram, scheduled for a future release, QNA reported.
Geostrategy
World Bank offers to host Lost and Damage Fund: Official
Dubai, UAE -- "World Bank has offered to host the Lost and Damage Fund, so we'll work very closely with...
- Axel van Trotsenburg, Senior Managing Director, said, "“COP28 started with great announcements on the Loss and Damage Fund. I think it has been an extremely important decision."
- "We need to be global. We need all countries to participate in this global challenge," he noted, adding, "We need to make sure that we can keep the 1.5 degrees."
Mubadala Energy enters US energy market
Acquires a 24.1% interest in US firm Kimmeridge’s SoTex
Business
Company News
Latest News
AD Ports, RSPA to develop and operate terminal in Egypt’s Safaga Port
Cairo, Egypt -- AD Ports Group (AD Ports) has signed a concession agreement with the Red Sea Ports Authority (RSPA)...
Business
Cornerstone laid for $40 million logistics park at King Abdulaziz Port
Riyadh, Saudi Arabia -- The cornerstone was laid for an integrated SAR150 million ($39.99 million) Logistics Park at Dammam's King...
Business
Most Read
Business
New UAE law allows employees merge work years for free
Abu, Dhabi, UAE -- A new UAE law contributes to enhancing insured Emiratis chance in obtaining a retirement pension by...
- The cost of merging service years is paid prior to ending the employment period in one lump sum and within 30 days from the date of approving the merge request.
- GPSSA added that if a pensioner returns to work, he/she may merge the entitled service period by which he/she was entitled to a pension to the new service years.
Business
Dubai’s family businesses get practical guidance with new toolkits
Dubai, UAE -- Three toolkits have been developed for family-owned businesses, which make up approximately 90 percent of the UAE’s...
- Three toolkits have been developed for family-owned businesses, which make up approximately 90 percent of the UAE’s private sector, by the Dubai Centre for Family Businesses.
- The majority of these businesses are expected to undergo a generational transition in the next 5-10 years.
Business
TDRA inks pact with PCFC’s Dubai Maritime Authority
DUBAI, UAE - The Telecommunications and Digital Government Regulatory Authority (TDRA) has signed a Memorandum of Understanding (MoU) with the...
- The partnership will help improve the regulatory framework for maritime business operations to enhance efficiency in the sector.
- The MoU establishes a procedure for acquiring necessary authorisations for maritime vessels through the Dubai Maritime Authority.