ExxonMobil expects global oil demand near current levels in 2050
New York, United States - Global oil demand is unlikely to fall by 2050 despite progress on renewable energy, the US...Business
Boeing suspends 777X flight tests after part failure, its latest quality control issue
New York, United States - Boeing has suspended flight testing of its new 777X wide-body jet after identifying the failure of...Business
Rise in EVs drives Middle East toward greener future
A transformative shift is unfolding in the region as more people transition from gasoline-powered vehicles to electric ones, an in-depth...A transformative shift is unfolding in the region as more people transition from gasoline-powered vehicles to electric ones, an in-depth TRENDS report reveals.
With global EV sales hitting significant milestones and the UAE setting ambitious green targets, the future of transportation is looking increasingly electric
Rise in EVs drives Middle East toward greener future
A transformative shift is unfolding in the region as more people transition from gasoline-powered vehicles to electric ones, an in-depth...A transformative shift is unfolding in the region as more people transition from gasoline-powered vehicles to electric ones, an in-depth TRENDS report reveals.
With global EV sales hitting significant milestones and the UAE setting ambitious green targets, the future of transportation is looking increasingly electric
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...IMF economists said trade disruptions could lower investment in renewable energy and electric vehicles by almost 30 percent till 2030
It said further geopolitical fragmentation could lead to "turmoil" in the commodity markets, causing long-term economic losses
Markets slump as US jobs data says labor market buoyant
The focus has been on US Treasury bond yields that have surged to levels not seen in over a decade,...Asian indices also ended mostly lower with Hong Kong leading the decline, falling nearly 2.7 percent as the market reopened after a holiday weekend
Russia's currency meanwhile continued to weaken on signs the country's economy is facing slower growth and higher inflation as the Ukraine war drags on
Air France-KLM to buy stake in SAS
Air France-KLM will buy 19.9% shares of SAS.The group, along with the Danish state, will invest $1.175 billion in the airline, with Air France-KLM investing $144.5 million to buy the 19.9 percent holding.
SAS filed for Chapter 11 bankruptcy protection in the US, an option available because of its operations there, in July 2022 as it reeled from Covid travel bans.
ADNOC, Fertiglobe to pilot cost-effective modular carbon capture technology
ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC...The CycloneCC technology is designed to improve the economics of point-source carbon capture within industrial facilities.
Traditional point source carbon capture technology relies on feeding gas through large absorption and stripping towers.
Jazan City for Primary and Downstream Industries exports first shipment to US
JAZAN, SAUDI ARABIA - The Jazan City for Primary and Downstream Industries has marked a significant milestone with the departure...The ship is laden with 37,000 tons of iron steel foundry product, representing the first-ever production of this commodity within the Kingdom.
The city's port has extensive capabilities and advanced logistical transportation services, making it a hub for trade exchanges in Saudi Arabia.
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.
Qatar begins construction on North Field gas expansion
RAS LAFFAN, QATAR - Qatar's state-owned energy giant began construction on Tuesday on a project to expand production from the world's...There has been mounting demand for Qatari gas as European consumer nations have scrambled to replace lost Russian deliveries.
Qatari Energy Minister Saad al-Kaabi called the project a "leap towards our country's leadership in the field of energy".
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.
