Qatar strikes new 15-year 3 mtpa LNG supply deal with KuwaitÂ
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for...
Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...
Economy
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UAE Arab world’s best paymaster
The lowest average monthly salary is paid in Sri Lanka (US$143.62) and the highest in Switzerland (US$6142.1), according to a...
- The lowest average monthly salary is paid in Sri Lanka (US$143.62) and the highest in Switzerland (US$6142.1)
- Salaries are also lowest in some of the Arab countries such as Egypt and Algeria
Business
ADNOC announces $548m contract for Lower Zakum field
Abu Dhabi National Oil Company (ADNOC) Monday announced the award of a US$548 million (AED2.01 billion) contract to build a...
- The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day.
- The project will see the construction of a new subsea pipeline that will run 85 kilometers from Zakum West Super Complex to Das Island.
Economy
Green hydrogen production in UAE to touch 5.7m tonnes in 2030
Innovative technologies to produce green hydrogen using clean and renewable energy are witnessing rapid developments and studies indicate that green...
- The UAE aims to acquire 25 percent of the low-carbon hydrogen market which is expected to reach more than $400 billion.
- The production of green hydrogen is mainly carried out through electrolysis using renewable energy sources.
Business
Saudi rebate program discussed at Venice festival
A seminar organized at the film festival discussed the kingdom's cash rebate program, which is aimed at attracting international producers...
- The officials said there is a high level of coordination between government agencies and the private sector to build the film industry.
- Last May, the Commission launched a cash rebate program to support films with up to 40 percent of the financial refund.
Economy
Saudi Arabian government body launches strategy 2022-2025
The National Center for Government Resources Systems (NCGR) launched its comprehensive strategy (2022-2025).
- The strategy is based on four main pillars which include raising the efficiency and effectiveness of the government in managing its resources.
- It also involves maximizing benefit of NCGR's resources, superiority in providing and using data to support decision-making, excellence in risk management.
Business
Saudi SMEs authority and Aramco center sign cooperation pact
Riyadh, Saudi Arabia—Saudi Arabia’s General Authority for Small and Medium Enterprises (Monsha'at), has signed a cooperation agreement with Aramco’s Center...
- The two sides will provide shared office spaces, financial grants, and business development and mentorship programs to enable SMEs to enter the market.
- Monsha'at works to organize, support and sponsor the small and medium enterprises sector in the Kingdom in accordance with best practices.
Business
FAB, Silver Birch announce partnership
They will offer inventory solutions to their local, international clients.
- This partnership enables FAB and Silver Birch to offer various inventory solutions to suit specific client needs.
- Silver Birch, headquartered in the UK, is a specialist working capital structuring, advisory and execution firm.
Economy
Dubai road-toll operator Salik’s IPO to sell 20% shares
According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on...
- According to its intention-to-float document, the company is selling 1.5 billion shares and the offer price will be confirmed on September 22
- The Salik electronic toll collection system was introduced in Dubai in 2007 to ease congestion in the regional trading hub
Business
Jahez posts profit of US$14.2m
The food delivery platform saw rise in orders on its app in H1.
- Jahez said the profit surge was mainly driven by a revenue jump of 60 percent to $207 million, from $129.60 million in the corresponding period last year
- Orders made through the app surged by 46 percent to 31.5 million during the six months, as the average number of users soared by 48 percent
Business
Iraq looks to neighbors for energy to overcome crunch
Looking to tide over the persistent problem of a lack of energy supply in the country, particularly in the summer...
- Ahmed Moussa, spokesman for the ministry, said that the electrical connection with neighboring countries will not achieve self-sufficiency for the national system
- He said the final operation was signed with Turkey to pass 300 megawatts, but the rise in electricity prices and the rise in demand for gas hampered the implementation
Qatar strikes new 15-year 3 mtpa LNG supply deal with KuwaitÂ
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for...
Company News
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ADFD finances $105.4m energy security project in Tanzania
ABU DHABI, UAE - The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
Geostrategy
6 MNCs among new businesses attracted by Dubai Chamber in H1
Dubai, UAE - Dubai International Chamber attracted 56 businesses to the emirate during H1 2023, including six multinational corporations and...
Business
Ukraine ‘satisfied’ with Saudi-led mediation to end war
Russia, which was not invited to the summit, said that a resolution was possible if Ukraine "stopped the hostilities and...
Geostrategy
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Business
Empower H1 2023 revenue at $333m
The company’s EBITDA in H1 2023 was US$178 million.
- In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
- Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Business
European LNG imports fall to lowest level since start of Ukraine war
Brussels, Belgium - Europe's liquefied natural gas (LNG) imports fell to the lowest level since the start of the Russian...
- LNG deliveries fell 7% in July from a year earlier to 8.6 million tons, the least since November 2021, according to ship-tracking data .
- This drop coincides with a slide in the regions benchmark gas prices, which have slumped more than 80% in the period.
Business
OERC, Jindal to set up sustainable transport logistics solution
Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal)...
- It will allow Jindal to annually transport up to 4 million tons of raw materials and finished products from its steel complex at Sohar Port to the UAE’s markets.
- OERC will leverage its rail network to support Jindal in optimizing operational integration through facilitated loading and unloading processes.