Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
Geostrategy
ADNOC signs deal with PETRONAS
Under the agreement, ADNOC will supply 1m tons of LNG per year.
Business
Business
Masdar city to review benefits, challenges of EVs in three day summit
ABU DHABI, UAE - Two of Masdar's spokespeople will address key issues, challenges, and opportunities in electric vehicle innovation during...
- The three-day summit is scheduled to take place at the Abu Dhabi National Exhibition Center from May 29-31.
- Lukas Sokol, Masdar City’s head of master planning, will shed light on the city’s work in introducing electric, autonomous vehicles.
Economy
EIB lends US$3.6bn to circular economy projects
BRUSSELS, BELGIUM - The European Investment Bank (EIB) lending to circular economy projects has consistently increased over the years, amounting...
- EIB has been building partnerships with multilateral development banks and civil society organizations to accelerate the transition to a circular economy.
- EIB said there can be no transition to a carbon-neutral economy without a change to a circular economy where resources are in use for as long as possible.
Economy
‘Partnerships with technology leaders help in Dubai’s digital transformation’
DUBAI, UAE - First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE Sheikh...
- Successful partnerships with leading industry players are a key enabler of Dubai’s digital transformation journey.
- The initiative seeks to advance Dubai’s strategic objective of becoming one of the world’s top urban economies.
Business
UAE Ministry of Interior, Etihad Rail ink MoU to enhance cooperation
ABU DHABI, UAE - The UAE Ministry of Interior (MOI) and Etihad Rail Company, the developer and operator of the...
- The agreement builds upon the already strong relationship between the Ministry of Interior and Etihad Rail.
- The two parties will for enhancing readiness to confront security risks and threats, improving security and safety measures.
Business
French firm ENGIE’s investments in UAE projects nearly $12 billion
Development and operation of the Mirfa 2 Reverse Osmosis Independent Water Project, and the running of six power and water...
- ENGIE investments in the UAE are spread across multiple strategic and key projects, said Frédéric Claux, Managing Director Flexible Generation and Retail, Africa Middle East Asia.
- These include the development of the Al Ajban Solar PV, water desalination projects, battery storage and green hydrogen production.
Business
ADNOC, TAQA award $2.4bn project for sustainable water supply
Dubai, UAE -- ADNOC and Abu Dhabi National Energy Company (TAQA) Wednesday announced the award of a strategic investment project...
- A centralized seawater treatment facility and transportation network for operations at the Bab and Bu Hasa fields in Abu Dhabi are a part of the project.
- It will replace the current high-salinity, deep aquifer water systems at the fields, reducing water injection-related energy consumption by up to 30 percent.
Business
Sharjah event discusses anti-money laundering practices
SHARJAH, UAE - Sharjah Economic Development Department (SEDD) organized multiple workshops for legal purposes and a number of investors and...
- In the workshops , the legislative frameworks for real beneficiary and combating money laundering were reviewed.
- The purpose of the event is to form an ideal investment climate which supports business continuity, said an official.
Business
UAE Investors Council, EECB sign MoU to boost partnerships
Cairo, Egypt - The UAE International Investors Council (UAEIIC) and Egyptian-Emirati Business Council (EEBC) will work together to enhance the...
- The two councils would work together to score investment opportunities in multiple areas including technology.
- Both the parties are likely to seek partnerships between the business communities and companies of private sector.
Science
Soaring success: First Saudi astronauts reach space
A SpaceX capsule carrying two Saudi astronauts docked with the International Space Station on Monday, as part of a private...
- Rayyanah Barnawi, a breast cancer researcher, becomes first Saudi woman in space, joined by Ali Al-Qarni, a Saudi fighter pilot as Axiom Mission 2 begins
- The space team -- which includes former NASA astronaut Peggy Whitson and businessman John Shoffner -- will carry out 20 experiments on the ISS
Geostrategy
Dubai Customs seizes over 200 samples of endangered animal, plant species since 2020
DUBAI, UAE - Dubai Customs (DC) successfully seized, over the past three years, nearly 330 tons and over 200 samples...
- Dubai Customs plays a vital role in combating attempts to smuggle prohibited materials.
- It conducts public awareness campaigns on protecting endangered animals and plants.
Coal use at record high in 2024, the world’s hottest year: IEA
Paris, France -- World coal use is set to reach an all-time high in 2024, the International Energy Agency said Wednesday,...
Geostrategy
Company News
DEWA okays $844m dividend
Business
Latest News
Empower okays S115.7m dividend
Business
Mubadala invests in Avanse
Business
NEOM, Saudi Red Sea Authority to partner in marine tourism
NEOM, Saudi Arabia -- Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate...
Business
Miral Destinations to showcase latest attractions at ATM 2024
Abu Dhabi, UAE -- Miral Destinations, a subsidiary of Miral and promotional partner for Yas Island and Saadiyat Island Abu...
Business
UpLink launches initiatives to push circular carbon economy transition
Riyadh, Saudi Arabia -- UpLink, the World Economic Forum community dedicated to supporting early-stage impact-focused entrepreneurs, has announced the launch...
Business
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Business
UAE’s Islamic finance sector grows by 8 percent in 2023: S&P
Abu Dhabi, UAE -- The total assets of the global Islamic finance sector continue on a path of rapid growth,...
- The agency expects high single-digit growth in the period 2024-2025 after the sector achieved 8 percent growth in 2023.
- The agency explained in its report that the sukuk market started strong in 2024, with total issuances reaching $46.8 billion by 31st March, 2024.
Economy
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
- The IMF recommended that the ECB cut rates quarterly in quarter-point increments until September 2025
- Monetary policy in the GCC will remain tight, deterring some private sector investment
Business
ADQ buys stake in Plenary Group
The deal is aimed at expanding public and social infrastructure.
- ADQ will acquire a 49 percent stake in Plenary, including all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec.
- Established in 2004, the Plenary has a portfolio of 21 assets under management valued at over US$25 billion across Australia and the Middle East.