Saudi solar company ALUPCO partners with Mexico-based Array technologies
Riyadh, Saudi Arabia - Saudi Arabian aluminum extrusion company Aluminum Products (ALUPCO) has entered into a strategic collaboration with Array...Business
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...Business Economy Energy Geostrategy
Shell annual profit hits $42bn
The post-tax figure was more than double the amount.Shell said it would return $4 billion to shareholders and significantly lift its dividend following the record earnings
Shell is looking to reinvent itself under the company's former renewables boss Sawan, who replaced Ben van Beurden
MODON to build and operate 14 warehouses in Jeddah
Riyadh, Saudi Arabia--The Saudi Authority for Industrial Property and Technology Zones (MODON) signed yesterday a partnership agreement to establish, develop...The warehouses will be built in the First Industrial City in Jeddah.
The warehouses are expected to provide fast and temporary logistical solutions to support industrialists and entrepreneurs.
India’s Adani shares plunge again after stock sale cancelled
Adani himself issued a video statement on Thursday in which he insisted that the "fundamentals of our company are very...Adani's empire has lost more than $100 billion following explosive allegations of accounting fraud last week by US short-seller Hindenburg Research that the firm has rejected
According to Hindenburg Research, Adani has artificially boosted the share prices of its units by funnelling money into the stocks through offshore tax havens
OPEC+ committee recommends to stay course on oil ouput cuts
Vienna, Austria--A committee of major oil producers recommended Wednesday to maintain the cartel's current reduced output strategy, as the global economic...The 13 members of the OPEC led by Riyadh and their 10 allies led by Moscow agreed last October to reduce output by two million barrels per day until the end of this year.
Oil prices spiked following Russia's invasion of Ukraine in February 2022
Qatar Airways and Airbus settle long A350 dispute
After a months-long dispute between Qatar Airways and Airbus, the two announced on Wednesday the end of a $2.5 billion...The airline had sought about $2.5 billion in damages and penalties before a British court where the case was due to be heard from June
The settlement was discussed when France's Finance Minister Bruno Le Maire met with Qatar's emir, Sheikh Tamim bin Hamad Al-Thani, in Doha on Sunday
Fintech prospers as bold debt deals rise in MENA
There is a rise in the interest of foreign investors in the MENA startup ecosystem as their share increased from...There is a rise in the interest of foreign investors in the MENA startup ecosystem as their share increased from 20 percent in 2021 to 47 percent in 2022, reports suggest.
A staggering 61 percent of all daring loans were invested in financial technology between 2018 and 2022, reflecting the rising tide of risky spending across the region
PIF, AeroFarms to build indoor farms
The farms will have a capacity of 1.1m kg of crops per year.The agreement aims to optimize natural resources through indoor vertical farming, which requires no arable land.
The partnership will allow for sustainable, local sourcing of high-quality crops all year round, grown with AeroFarms' AgTech platform.
Diriyah signs JV agreement
It was signed with Integrated Telecom Company and TAWAL.The 15-year design, build and operate contract covers open-access services for visitors, tenants, and residents of Diriyah.
In addition, more than 80 telecommunication towers are expected to be erected over the next three years.
Ship stuck in Egypt’s Suez but traffic unaffected, rescue underway
Ismailia, Egypt--A ship on Wednesday became stuck in Egypt's Suez Canal but traffic through the vital waterway was unaffected, a source...Connecting the Red Sea and the Mediterranean, the Suez Canal accounts for roughly 10 percent of global maritime trade and the majority of oil transported by sea.
In recent months, two vessels briefly ran aground in the canal, sparking fears of a repeat of a 2021 incident when container ship Ever Given became diagonally wedged in the canal.
EU unveils proposals to counter US green subsidy, China competition
The majority of the EU's response involves repackaging already existing funds, a stop-gap measure that has earned much criticism. German...The measures are a response to a landmark US spending bill last year that funnels $370 billion into subsidies for America's energy transition.
While countries like France support state aid expansion, others argue that would help only richer member states and fragment the single market.
