Arab meet calls for more investments in renewable energy
Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...
Geostrategy
Saudi Crown Prince launches urban plan of Qiddiya city
Riyadh, Saudi Arabia -- Crown Prince Mohammad bin Salman, Prime Minister and Chairman of the board of directors of the...
Business
Business
1,400 MW more nuclear power added to UAE national grid
Abu Dhabi, UAE--The commercial operations of the Unit 3 of Barakah Nuclear Energy Plant in the Al Dhafra Region of...
- Total production from Units 1, 2 and 3 of Barakah now produce 4,200MW of clean electricity for the UAE national grid.
- Unit 3 of the Barakah Plant has completed the process from Fuel Load to Commercial Operations more than four months faster than Unit 2 and more than five months faster than Unit 1.
$735 million new deals signed on fourth day of IDEX in UAE
Abu Dhabi, UAE—A total of 10 deals worth AED2.7 billion ($735 million) were signed on the fourth day of the...
- Today’s deals bring the cumulative value of the deals signed by Tawazun Council at the exhibition so far to AED 21.14 billion for 44 deals.
- The biggest local contract, worth AED902 million, was awarded to Norinco, through International Golden Group, to procure AR3 multiple launcher rocket system.
Business
Renewables investments record high in 2022, but need massive increase
A report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI), said although global investment in renewable...
- The report emphasizes how lending to developing countries looking to deploy renewables must be r highlights the need for public financing to play a much stronger role.
- Achieving an energy transition in line with the 1.5°C Scenario also requires the redirection of $0.7 trillion per year from fossil fuels to energy-transition related technologies.
Business
Rolls-Royce sinks into net loss
Turnover however soared by more than a fifth to £13.5 bn.
- Rolls posted a net loss of almost £1.3 billion ($1.5 billion), after a profit after tax of £120 million the previous year.
- Rolls added that it would announce the outcome of a strategic review in the second half.
Business
UAE-Azerbaijan non-oil trade up 270% in five years: Thani Al Zeyoudi
Abu Dhabi, UAE-- The non-oil trade between the UAE and Azerbaijan has risen threefold during the past five years, said...
- He added that the trade between the two countries in 2022 was distributed between AED32.6 million in imports, AED351.9 million in exports, and AED3.5 billion in re-exports.
- The main import commodities were gold, jewellery and their manufactures, plants, tobacco products, copper wires, copper products, shell fruits and others.
Business
Americana net income up 27.1%
This was company's first financial result since dual listing.
- Americana Restaurants Board announced H2 2022 dividends at $103.5 million or the equivalent of $0.0123 per share.
- The company achieved a revenue of $2.38 billion, a 15.9 percent year-on-year increase.
Business
UAE to invest in Speeder AUV of US-based Mayman Aerospace
The SDF is the investment arm of UAE’s Tawazun Council.
- Mayman Aerospace (JetPack Aviation Corp), the US-based manufacturer of the innovative dual-use Speeder Air Utility Vehicle (AUV).
- Speeder is on display at the SDF stand at the Tawazun Council’s Chalet at the International Defense Exhibition and Conference, IDEX.
Business
Non-oil trade between Saudi Arabia and UAE up 9 percent in 2022
Abu Dhabi, UAE – The non-oil trade between the UAE and Saudi Arabia in 2022 increased by 9 percent, reaching...
- Over the period of 2013-2022, non-oil trade between the two countries increased by 70 percent.
- Raw gold topped the list of the top five commodities exported from the UAE to Saudi Arabia in 2022, valued at AED8.7 billion.
Business
Abu Dhabi Fund allocates $45m for Nigeria road project
Abu Dhabi, UAE-- Abu Dhabi Fund for Development (ADFD) has allocated AED165 million ($45 million) to the Nigerian government to...
- The Fund said the 82-kilometer road linking Minna, the capital of the state of Niger, with the city of Bida, will reduce travel time by 50 percent.
- The road is expected to stimulate commercial activities and improve transport links between the main cities in the country.
Business
Data risk: China asks state firms to phase out Big Four auditors
Citing people familiar with the matter, Bloomberg said China’s Ministry of Finance is among government entities that gave the so-called...
- While offshore subsidiaries can still use US auditors, the parent firms were urged to hire local Chinese or Hong Kong accountants when contracts come up, the report said.
- The decision comes even after Beijing reached a landmark deal to allow US audit inspections on hundreds of Chinese firms listed in New York.
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Arab meet calls for more investments in renewable energy
Speaking at the 12th Arab Energy Conference organized by the Organization of Arab Petroleum Exporting Countries (OAPEC), Qatar's Energy Minister...
Geostrategy
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Alahmadi joins SHUAA Board
Business
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
Business
Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter
Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second...
Economy
Saudi Arabia’s consumer spending up 8% to reach $30bn in Aug
Riyadh, Saudi Arabia -- Consumer spending in Saudi Arabia grew 8 percent to SAR 115.4 billion ($30.76 billion) in August 2023, from...
Business
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Business
Expo 2023 building in Guinness World Records for largest green roof
Doha, Qatar -- The main building of Expo 2023 in Doha has made it to the Guinness World Records for...
- The roof of the building, implemented by Qatar's Public Works Authority (Ashghal), has an area of 4,031 square meters.
- The new global achievement is the sixth world record achieved by Qatar's Public Works Authority in the previous years.
Geostrategy
Yemen carrier suspends international flights from rebel-held Sanaa
Yemenia operates near-daily commercial flights to the Jordanian capital Amman -- its only direct international destination from Sanaa's Houthi-controlled airport...
- In a statement, the airline blamed the rebels for the move, accusing them of restricting access to company accounts in Sanaa banks since March -- a charge the Houthis have denied.
- Yemenia said it was barred from accessing more than $80 million in deposits, causing "severe damage to the company's activity".
Geostrategy
Qatar calls for subjecting Israel’s nuclear facilities to IAEA safeguards
Vienna, Austria -- Qatar Friday called for intensifying international efforts to subject all Israeli nuclear facilities to International Atomic Energy...
- Qatar said this demand was confirmed by international legitimacy resolutions half a century ago, including the resolutions of the United Nations General Assembly since 1974.
- Qatar said AEA's subjecting Israel to comprehensive safeguards regime is a prerequisite for establishing a nuclear-weapon-free zone in the Middle East.