Europe backs Zelensky after White House showdown with Trump
German Foreign Minister Annalena Baerbock said the "unspeakable" row "underlined that a new age of infamy has begun". Friedrich Merz,...
Geostrategy
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...
- The block EGY-MED-E8 (East Port Said) was awarded to a consortium comprising of QatarEnergy (33 percent), ENI (Operator, 34 percent) and BP (33 percent).
- Qatar has a total of four offshore exploration blocks, including interests in Red Sea Block 3 and Block 4.
Business
Baker Hughes bags 400m ADNOC award
Baker Huhges will supply all-electric compression systems.
- The systems are meant for liquefaction of natural gas, to be powered by clean energy, for ADNOC's low-carbon LNG asset in the Al Ruwais Industrial City, Al Dhafrah.
- The LNG trains will comprise energy-efficient Baker Hughes technology, including compressors, driven by 75 MW electric motors.
Business
Saudi Arabia to continue voluntary oil cut until end of Dec 2023
The Kingdom's production in the coming months November and December will be approximately 9 million barrels per day, the country's...
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
- That decision riled the United States, which at the time accused Saudi Arabia, a security partner, of siding with Russia in the war in Ukraine.
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.
- 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.
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.
Business
South Korean firms eyeing expansion in UAE’s oil and gas sector
Abu Dhabi, UAE -- Top executives from South Korean companies have affirmed that numerous firms are actively looking to expand...
- Top executives told WAM that UAE has made significant strides in energy transformation in recent years and continues its relentless efforts to address the climate change fallout.
- Kyle Moon, Deputy General Manager of Daeha company said ADIPEC enhances collaboration opportunities among policymakers and decision-makers.
Business
Central Bank of Oman foreign assets up by 27% by July end
Muscat, Oman -- Foreign assets at the Central Bank of Oman (CBO) grew by 27.4 percent to RO 6.855 billion...
- Initial data issued by the NCSI showed that local liquidity stood at RO 21.362 billion, an increase of 4.9 percent compared to the corresponding period in 2022.
- Total loans and financing in commercial banks and Islamic windows grew by 8.7 percent by the end of July 2023 to RO 30.272 billion, compared to RO 27.860 billion.
Business
Ducab bags 30 major contracts
The contracts were secured in the oil, gas and petrochemical sector.
- The company said it had produced and supplied more than 10 billion meters of cable products in 2023 alone.
- The company will be showcasing its advanced range of PetroBICC cables at ADIPEC.
Economy
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...
- The manufacturing activity grew by 7 percent compared to the same period last year, with the sector recording its highest quarterly value-added since 2014.
- Abu Dhabi's financial sector recorded a robust growth of nearly 30 percent, also its highest growth rate since 2014.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Europe backs Zelensky after White House showdown with Trump
German Foreign Minister Annalena Baerbock said the "unspeakable" row "underlined that a new age of infamy has begun". Friedrich Merz,...
Geostrategy
Company News
Pure Health announces IPO
Business
Latest News
SABIC announces 16% H2 cash dividend
The dividend of $1.27 billion is payable on Mar 4, 2024.
Business
PureHealth offer price $0.89 per share
The IPO witnesses demand of over AED 265bn ($72.15bn).
Business
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
Most Read
Business
NDMC secures syndicated international loan worth $11bn
Riyadh, Saudi Arabia -- The National Debt Management Center (NDMC) completed the arrangement of a syndicated international loan worth $11...
- A total of 14 international financial institutions from Asia, the Middle East, Europe, and the US participated in the 10-year loan.
- The success of this loan arrangement proves the Kingdom’s proactive trends to provide financing resources that achieve economic growth and diversification, NDMC said.
Business
NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi
NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...
- Topian has been launched with the support of the Saudi Ministry of Environment, Water and Agriculture (MEWA).
- Topian has signed numerous local and international strategic partnership agreements with organizations that share Topian’s commitment to reshaping the future of food.
Business
Over-confidence leaves UAE consumers prone to online frauds: Visa study
Dubai, United Arab Emirates – Over-confidence is leaving consumers in UAE open to becoming victims of fraud, according to Visa’s...
- Ninety-percent respondents likely to disregard the warning signs that suggest online criminal activity even though 61% claim to be savvy enough to sidestep scams.
- Just over one in two people (54 percent) in the UAE has been a victim of a scam at least once compared to the global average of 52 percent.