QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
Business
SAMA seeks public feedback on financial governance amendments
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of...
Business
Business
ADNOC, Tabreed say breakthrough in project to harness geothermal energy
ABU DHABI, UAE – ADNOC and the National Central Cooling Company (Tabreed) on Monday announced a breakthrough following the conclusion...
- The landmark project, the first in the Gulf region, is set to decarbonize the cooling of buildings in Masdar City.
- The project will further diversify the UAE’s energy mix and support the National Energy Strategy 2050.
Business
RSG, Zain build carbon-neutral 5G network
The network runs on clean energy from world's largest carbon-neutral grid.
- This is made possible through the utilization of more than 750,000 solar panels, as well as through the implementation of purpose-designed towers for this network.
- RSG is the multi-project developer behind the ambitious regenerative tourism destinations, The Red Sea and Amaala.
Business
TAQA H1 net income $3.67bn
The group revenues were AED 26.8 billion, 5% higher than H1,2022.
- The higher revenues were attributed primarily to higher pass-through bulk supply tariffs and transmission use of system within the Transmission and Distribution segment.
- The company announced second interim cash dividend for the year of 0.65 fils per share (approximately AED731 million).
Business
UAE ranks first globally in employing Indians, Saudi second: Minister
New Delhi, India -- The UAE ranks first among the countries in the world in the employment of Indians, currently...
- Taken together, five Gulf countries -- UAE, Saudi Arabia, Kuwait, Qatar and Oman, in that order -- are among the top destinations providing employment for Indians.
- The number of Indians in the UAE last year was 3.419 million and more than 134,000 were added in one year, India's Minister of External Affairs told parliament.
Geostrategy
Dubai police arrests half of all drug suspects in UAE in Q2 2023
Dubai, UAE -- The General Department of Anti-Narcotics at Dubai Police apprehended 49.6 percent of the total number of suspects...
- During the same period, a total of 491 kilograms of drugs and 3,333,916 narcotic pills were seized, which included cocaine, heroin, crystal meth.
- The statistics demonstrated Dubai Police's contribution in sharing 50 significant pieces of information with several countries during Q2 2023.
Geostrategy
WHO’s first global summit on traditional medicine begins Aug 17
Geneva, Switzerland -- The World Health Organization (WHO) is convening the Traditional Medicine Global Summit on 17-18 Aug 2023 in...
- Co-hosted by the Government of India, the Summit will explore the role of traditional, complementary, and integrative medicine in addressing pressing health challenges.
- Scientists and other experts will lead technical discussions on research, evidence and learning; policy, data and regulation;
Business
DEWA picks bidder for 1,800MW phase of Al Maktoum Solar Park
Dubai, UAE -- In a step towards its clean energy ambitions, the Dubai Electricity and Water Authority (DEWA), has announced...
- Designed to be the world's largest single-site solar park, it is projected to boast a remarkable capacity of 5,000MW by 2030, with an investment infusion totaling AED 50 billion.
- The upcoming 1,800MW 6th phase is anticipated to catapult the cumulative production capacity to 4,660MW as additional 433 MW capacity is currently under construction.
Infographics
Saudi home to three of top five Arab smart cities
Saudi Arabia, which has pioneered the development of smart cities in the region, plans to establish more than 200 smart...
- The Middle East and North Africa's smart city spending is expected to reach $2.7 billion by 2022, driven primarily by the region's progressive, innovative city projects.
- NEOM, Egypt's New Administrative Capital, Abu Dhabi's Masdar City, and Dubai Digital Park are examples of this trend.
Arts & Culture
Riyadh to host Peace and Sport Middle East Forum in Oct
Riyadh, Saudi Arabia -- For the first time, Riyadh will host the Peace and Sport Middle East Forum, powered by...
- The forum will be held under the theme, “Sport is an answer for peace”, at the Cultural Palace in Riyadh-based Diplomatic Quarter
- The kingdom will be hosting several big sporting events as it aims to attract foreign interest as it diversifies its economy away from oil
Geostrategy
Spill risk over as UN removes oil from decaying Yemen tanker
Hodeida, Yemen -- The United Nations said Friday it had successfully transferred more than one million barrels of oil from a...
- The milestone means that "the core aspect" of a years-long effort to address the threat posed by the Safer, often referred to as a "ticking time bomb", is now finished, the UN said
- All told, the UN has priced the operation at $143 million, a fraction of the estimated $20 billion clean-up costs in the event of a spill.
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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
QatarEnergy, Shell sign agreement
QatarEnergy will supply 18m barrels of crude oil per year to Shell.
Business
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10,000 deaths raise specter of genocide in Gaza
Infographics
GASCO 9M 2023 profit up 16%
Business
SAMA, Central Bank of China sign $7bn currency swap agreement
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has signed a three-year currency swap agreement with the Central Bank...
Business
48% of people in UAE expect cross-border payments surge in 2024
Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next...
Business
Gulftainer extends concession pacts
The agreements with Sharjah Ports extended for another 35 years.
Business
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Business
AJEX, MODON sign partnership
AJEX will have rights to operate warehousing facilities at Modon.
- These facilities will be utilized for the storage of a diverse range of goods, including hazardous materials, food and beverage products, and general items.
- The newly secured warehousing space aligns with Dammam's pivotal role in the Kingdom's oil, gas, and industrial sectors, AJEX said in a statement.
Geostrategy
FMs from Palestinian Authority, Muslim nations to visit China
Officials will include the foreign ministers of the Palestinian Authority in the West Bank, Saudi Arabia, Jordan, Egypt and Indonesia,...
- Following the outbreak of war last month, Chinese officials including Foreign Minister Wang Yi have called for an immediate ceasefire and a "cooling down" of the situation.
- China has historically been sympathetic to the Palestinians and supported a two-state solution to the Israeli-Palestinian conflict.
Geostrategy
Climate action slowed in 2022, severe weather events increased
Paris, France -- National climate policy action across the countries that produce nearly two-thirds of total greenhouse gas emissions only...
- National climate policy action across the countries that produce nearly two-thirds of total greenhouse gas emissions only increased by 1% in 2022, lowest since 2000.
- In contrast, between 2000 and 2021, national climate policy action increased by an average of 10 percent a year, according to a new OECD analysis of policy adoption.