ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.Company News Business
ADNOC, TAQA conclude $3.8 bIllion offshore decarbonization deal
Abu Dhabi, UAE---ADNOC and Abu Dhabi National Energy Company (TAQA) Friday announced the financial closing of their $3.8 billion project...This is a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region.
A Consortium will build, own, operate and transfer the transmission system alongside ADNOC and TAQA, with the full project returned to ADNOC after 35 years of operation.
‘Barakah Nuclear Power Plant promotes clean, safe energy’
UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei said that the start-up of Unit 3 of Barakah...The nuclear plant plays a key role in promoting the transition to safe and environmentally friendly energy sources.
Several countries began to focus on developing nuclear power to meet the challenges of energy security and climate change.
Borouge to pay dividend of $325m
This is the first payment of the total $975m dividend for 2022.The interim dividend payment reflects Borouge's strong financial performance in H1 2022 and its outlook for the remainder of 2022, the company said.
In the first half of 2022, Borouge reported a 16.4 percent increase in revenue to $3.5 billion (AED12.7 billion) versus the same period last year.
Up to 10 million Australians hit by telcoms hack
Optus chief executive Kelly Bayer Rosmarin said a "sophisticated" actor was behind a cyberattack, which gained access to information about...It is not yet clear whether the attack came from a state-based or criminal organization, but Bayer Rosmarin said no ransom demand had been made
The Australian Competition and Consumer Commission warned Australians that they could be at risk of identity theft
US charges Boeing with misleading investors on 737 MAX safety, fined $200 mn
Boeing agreed to the penalty to settle charges it "negligently violated the antifraud provisions" of US securities laws, the Securities...The settlement is the latest hit to Boeing over the MAX following the Lion Air Crash in Indonesia in October 2018
US air safety authorities cleared Boeing's 737 MAX to resume service in November 2020 following a 20-month grounding after the crashes
Facebook whistleblower launches nonprofit to take on big tech
The new Beyond the Screen nonprofit said that its first project will be to document ways big tech is failing...Haugen last year leaked reams of internal studies showing executives knew of their site's potential for harm, prompting a renewed US push for regulation
Since leaving Facebook in 2021, Haugen has advocated in the US and other countries for legislation meant to make social media platforms safer
Uncertainty rules even as MENA crypto market grows
Crypto investors fear a possible global recession, especially amidst weak economic activity data, Wael Makarem, Senior Market Strategist - MENA...Crypto investors fear a possible global recession, especially amidst weak economic activity data, Wael Makarem, Senior Market Strategist - MENA at Exness, tell TRENDS
As cryptos are revolutionizing the financial industry, many institutions drafting regulations are trying to make the currency fit into the existing financial regulations
South Africa seeks wind energy to resolve power situation
South Africa inked the first three of a series of agreements with independent producers to supply wind energy amid worsening...The coal-dependent country picked 25 wind and solar projects to generate a total of 2,583 megawatts.
Official data earlier this month confirmed that GDP of South Africa shrank partly owing to the energy crisis.
UK government revokes gas fracking ban in England
Britain lifted England's moratorium on controversial gas fracking to boost energy security, despite breaking the ruling Conservative party's manifesto pledge.Fracking is carried out by blasting a mixture of water, sand and chemicals underground to release shale oil and gas.
But environmentalists argue that the process contaminates water supplies, hurts wildlife, causes earthquakes and contributes to global climate change.
Saudi-UAE non-oil trade increased by 92.5 percent in past decade
The value of non-oil exports from the UAE to Saudi Arabia over the past ten years was around AED205.5 billion,...By end of 2012, the value of non oil trade between the two countries was AED 64.8 billion ($17.65bn)
The trade exchange between the two countries in the first half of 2022 totaled AED65.7 billion ($17.9bn)
