Hong Kong’s property distress hurting banks
Distressed property sales in Hong Kong are beginning to bite banks with average prices of office buildings, shopping malls and...Business
US$1.5 billion Amazon protection plan launched in Davos
A carbon markets investor backed by Swiss-trading house Mercuria said on Wednesday it had joined with two non-profits to raise...Business
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.
Najm inks pact with iot squared
The aim is to advance insurance services in the Kingdom.iot squared is a joint entity between the Public Investment Fund (PIF) and STC Group and it provides leading IOT solutions in the logistics service field.
Najm for Insurance Services was set up in 2007 due to cooperation between insurance firms, Saudi Central Bank and the General Department of Traffic.
ADNOC and Occidental to advance direct air capture project in UAE
Abu Dhabi, UAE -- ADNOC and international energy company, Occidental, announced today an agreement to undertake a joint preliminary engineering...They will undertake a joint preliminary engineering study for the construction of the first megaton-scale direct air capture (DAC) facility outside the United States.
ADNOC said the study will assess the proposed one million tons per annum (mtpa) DAC facility to be connected to ADNOC’s carbon dioxide (CO2) infrastructure.
South Korean firms eyeing expansion in UAE’s oil and gas sector
Abu Dhabi, UAE -- Top executives from South Korean companies have affirmed that numerous firms are actively looking to expand...Top executives told WAM that UAE has made significant strides in energy transformation in recent years and continues its relentless efforts to address the climate change fallout.
Kyle Moon, Deputy General Manager of Daeha company said ADIPEC enhances collaboration opportunities among policymakers and decision-makers.
