Gaza ‘integral part’ of Palestinian state: Abbas tells US official
The talks with US National Security Advisor Jake Sullivan came as Israel pressed its offensive in Gaza despite mounting international...
Geostrategy
Qatar records real estate transactions worth $400 million in Nov
Doha, Qatar -- Qatar reported a total of 321 real estate transactions worth QR 1.46 billion ($400 million) in November...
Business
Business
Masdar to invest in Indonesia’s major geothermal player Pertamina
Abu Dhabi, United Arab Emirates: Abu Dhabi-based clean energy company Masdar has entered the geothermal energy sector by making an...
- The investment marks Masdar’s entry into Indonesia, the world's second-largest geothermal market after the US.
- Indonesia has a goal of increasing its installed geothermal capacity from 2.8 gigawatts (GW) in 2022 to 6.2 GW by 2030.
Business
Non-oil trade between UAE and Kuwait up 87 percent in 10 years
Abu Dhabi, UAE--- Non-oil foreign trade between the UAE and Kuwait has grown 87 percent over the past ten years...
- The total trade between the two countries during 2013-2022 amounted to AED316.2 billion,
- Non-oil trade between the UAE and Kuwait grew 13 percent, worth AED5 billion last year, to reach AED43.5 billion, compared to AED38.5 billion in 2021.
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.
Gaza ‘integral part’ of Palestinian state: Abbas tells US official
The talks with US National Security Advisor Jake Sullivan came as Israel pressed its offensive in Gaza despite mounting international...
Geostrategy
Company News
Mubadala, Petrobras sign MoU
Business
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Emirates NBD invests in Komgo
Business
QatarEnergy awarded new Egypt offshore exploration block
Doha, Qatar -- QatarEnergy has been awarded a new exploration block offshore Egypt as part of the 2022 EGAS International...
Business
Baker Hughes bags 400m ADNOC award
Baker Huhges will supply all-electric compression systems.
Business
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Business
ACWA Power signs $911 million water purchase agreement with DEWA
Dubai, UAE -- Dubai Electricity and Water Authority (DEWA) Tuesday signed a 30-year water purchaser agreement worth SAR 3.42 billion...
- The project is part of DEWA’s efforts to increase its water desalination capacity to 730 MIGD by 2030, from 490 MIGD at present. Â
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis (SWRO) technology using solar energy. Â
Business
Saudi Cruise signs pacts with leading firms
The agreements are aimed at boosting investment in Aroya Cruise.
- It signed partnerships with the ICEway for IT services, SourceToad for software engineering and Otalio for property management systems on board ships
- In September 2023, Saudi Cruise announced cooperation with top-notch companies in the sector, MJM Marine and DE Wave for Aroya.
Business
ADNOC and Occidental to advance direct air capture project in UAE
Abu Dhabi, UAE -- ADNOC and international energy company, Occidental, announced today an agreement to undertake a joint preliminary engineering...
- They will undertake a joint preliminary engineering study for the construction of the first megaton-scale direct air capture (DAC) facility outside the United States.
- ADNOC said the study will assess the proposed one million tons per annum (mtpa) DAC facility to be connected to ADNOC’s carbon dioxide (CO2) infrastructure.