OPEC lowers 2024 oil demand forecast, citing robust non-OECD activity
According to the organization's October report, the total world oil demand is anticipated to reach 105.6 mb/d in 4Q-24, to...
Business
Geostrategy
UAE, Russia review bilateral relations, strategic ties
The UAE foreign minister noted both the countries support each other to achieve sustainable economic growth and enhance the prosperity...
- Sheikh Abdullah discussed Ukraine crisis with Lavrov and promised full support to efforts aimed at finding a peaceful solution to the conflict.
- The two also discussed issues of common concern including energy and food markets and the importance of their stability to the global economy.
Geostrategy
UAE, UN Women discuss gender equality, empowerment
NEW YORK, US - UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan discussed enhancing the prospects of women empowerment...
- Both sides reviewed UAE’s efforts in areas of women’s empowerment across all segments of society.
- The two also discussed the critical role of women in conflict prevention, resolution and peacebuilding
Geostrategy
UAE delegation attends meetings on sidelines of UNGA session
The UAE delegation attended the fifth day of high-level meetings on the sidelines of the 77th Session of the United...
- Khalifa Shaheen Al Marar, Minister of State, participated in a meeting organized by the US with the GCC and Egypt, Iraq, Jordan and Yemen.
- Omar Saif Ghobash, Assistant Minister for Culture and Public Diplomacy, met Frederick Mitchell, Minister for Foreign Affairs of the Bahamas.
Economy
‘More efforts needed for net zero carbon emissions by 2050’
More efforts are required to make the world reach net zero emissions by mid-century, according to the International Energy Agency's...
- Recent technology developments and policy actions suggest momentum is accelerating in some important regions and sectors to achieve net zero by 2050.
- Initial estimates point to 2022 being a record year for renewable electricity capacity additions, with an increase of about 340 gigawatts.
Economy
Dubai emerges as a driving force for a green economy
Dubai is consolidating its position as a pioneer in transitioning to a green economy to support the efforts of the...
- Dubai had launched an in-depth study that showed how the Emirate can achieve carbon neutrality (net zero emissions) by 2050.
- The Dubai Net Zero Carbon Emissions Strategy 2050 aim to provide 100 percent energy from clean energy sources by 2050.
Business
Algeria’s export of natural gas to Italy to soar 20% in 2022
Last April, Italy entered into an agreement with Algeria to increase imports through the Trans-Med pipeline.
- Data from Italy’s gas network reveals that the country has bought 20.9 bcm of natural gas from Algeria in 2021
- Since Russia invaded Ukraine, several European countries are looking for alternative energy suppliers
Saudi Arabia celebrates 92nd National Day with military parades, other festivities
Chairman of the Board of Directors of General Entertainment Authority (GEA) on September 17 launched the nine-day celebrations under the...
- Chairman of the Board of Directors of General Entertainment Authority (GEA) on September 17 launched the nine-day celebrations under the slogan, ‘This is our home.'’
- The roads and public spaces in the capital city of Riyadh and other major cities were decorated with national flags and portraits of King Salman and Crown Prince
Business
Salik IPO oversubscribed
The company raised $1.017 billion in IPO on the DFM.
- In comparison to the previously announced 1.5 billion shares, equivalent to 20 percent, the government has sold more than 1.86 billion shares of the company or 24.9 percent
- The Dubai government retains 75.1 percent of Salik’s existing share capital, which will be listed on the Dubai stock exchange on Sept. 29 under “SALIK"
Business
UAE starts third unit of Barakah Nuclear Energy Plant
UAE has successfully started Unit 3 of the Barakah Nuclear Energy Plant, located in Abu Dhabi's Al Dhafra Region, its...
- The launch has been achieved a year after the start-up of Unit 2, with the next key milestone being the connection of Unit 3 to the national electricity grid in the coming weeks
- Once operational, Unit 3 will add another 1,400 MW of zero-carbon emission electricity capacity to the national grid
Economy
Dubai records realty transactions worth US$1.8bn in week
A total of 2,401 real estate transactions worth US$1.8 billion (AED6.7 billion) were conducted during the week ending September 23,...
- A total of 243 plots were sold for $351 million (AED1.29 billion) in Dubai.
- A total of 1,659 apartments and villas were purchased for $955 million (AED3.51 billion).
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Company News
ICIEC inks deal with SNB
Business
Fertiglobe Q1 net profit $135m
Business
Latest News
ADNOC, TAQA complete financial closing on sustainable water supply project
ABU DHABI, UAE - ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2...
Business
UAE minister calls for climate action by promoting nature-based solutions
NEW YORK, US – UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri called upon the global...
Geostrategy
World must understand AI, curb its risk, says UK Deputy PM
NEW YORK, US - The United Kingdom will be holding a summit on artificial intelligence (AI) so that nations can...
Science
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Geostrategy
Russian defense minister says Moscow-Tehran ties improving despite sanctions
MOSCOW, RUSSIA – The cooperation between Moscow and Tehran is reaching new highs, Russian Defense Minister Sergey Shoigu said on...
- The Russian defense minister announced readiness to take joint steps to strengthen stability and security in the Middle East.
- The Russian minister said that cooperation and dialogue between Moscow and Tehran has enhanced recently.
Business
Real estate transactions in Ajman totaled US$408m in August
AJMAN, UAE – Real estate transactions in August achieved a growth of 61.5 percent compared to the same period in...
- The performance of the market and the exceptional figures recorded underscore the attractiveness of real estate investments in Ajman
- This is basically due to the growing demand for properties of all categories, price ranges and a comfortable lifestyle.
Geostrategy
$15m paid in compensation to passengers in 2021-22 in Saudi Arabia, says GACA
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) said that national airlines in the Kingdom have issued...
- These compensations were given primarily to deal with issues such as delays, loss of luggage, flight cancellations.
- GACA aims to ensure that passengers are well-informed about their rights and can easily obtain refunds as per the regulations.