QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.Company News Business
WEF24: Understanding regional nuances key to success
Industries are increasingly investing in transformative technologies, including cybersecurity, sustainable solutions and AI, Sapthagiri Chapalapalli tells TRENDS in an interview.Business Tech & Media
US Fed Reserve may remain hawkish in coming months
Despite the recent slowdown, the US economy remains robust, which allows for more aggressive monetary policy tightening. The US consumer...The US Federal Reserve will lean "hawkish," raising rates by 75 bps in September and 50 bps both in November and December, before a final 25 bps hike in early 2023
Despite the recent slowdown, the US economy remains robust, which allows for more aggressive monetary policy tightening, Qatar National Bank says in its weekly report
UAE treasury bonds post “exceptional” bidding results
The fourth auction, which witnessed the first issuance of five-year T-Bonds saw a strong demand through the six primary bank...Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, stated that the new five-year T-Bonds will contribute to strengthening the local debt capital market
In May 2022, the UAE issued the dirham denominated T-Bonds of the UAE Government (T-Bonds), in two and three year tenures.
GCC banks cash in on high deposits, rising oil prices
Rising oil prices, which have proved to be a windfall for governments and companies in the upstream sector, has strengthened...Rising oil prices, which have proved to be a windfall for governments and companies in the upstream sector, has strengthened balance sheets of the region's banking sector
Saudi Arabia and UAE have recorded the strongest quarter-on-quarter and year-on-year growth, while Qatari and Omani banks have reported relatively minor increases.
Work on world’s largest waste-to-energy project nearly completed
Dubai, UAE - Dubai Municipality said Monday 85 percent of of Dubai Waste Management Centre (DMWC), world’s largest waste-to-energy project,...Once fully operational, the plant’s renewable energy, generated from treating waste, will feed the local electricity grid with 215MWh of clean energy.
Located in Dubai’s Al Warsan, the project will convert 45 percent of the emirate’s municipal waste into renewable energy.
UAE solar energy leader in Arab world
Arab countries are constructing solar and wind energy plants with a total capacity of 73.4 gigatons, which is nearly five...Renewable energy generation projects in the Arab countries will reach nearly 92 percent of the region's total targets by 2030.
More than 12 gigatons of wind and solar energy are currently produced in the Arab region, the report said.
Stock markets rally, as euro briefly surges
Stock markets rallied Monday, building on pre-weekend momentum as investors priced in the expectation of further interest rate hikes aimed...The euro surged a day after German central bank chief signaled the European Central Bank would probably continue raising its key rate.
The European single currency rocketed more than 1.4 percent against the dollar and 1.6 percent versus the yen before trimming gains around midday.
Norway skeptical about EU proposal on gas price cap
Norway, which has replaced Russia as Europe's leading supplier of natural gas, dashed the hopes of EU member states who...European energy ministers who met in Brussels said they were in favor of measures for combating soaring gas and electricity prices.
European Commission has proposed a price ceiling on gas imported from Russia, several members called for a price ceiling on all gas bought by EU states.
Abu Dhabi industrial sector registers 136 new licenses in H1
Abu Dhabi, UAE-- The registration of 136 new industrial licenses in the first half of 2022 points to a strong growth...The number of licenses transitioning to the construction phase reached 62, with the number of licenses having moved from under-construction to in-production reaching 44 factories.
The total value of Capital Expenditures (CAPEX) of industrial establishments that switched to in-production stage rose to AED 3.1 billion compared to AED 1.03 billion in H1 2021.
IAEA approves operational safety at Barakah Nuclear Power Plant
An International Atomic Energy Agency team of experts said the UAE's Barakah Nuclear Power Plant (NPP) had strengthened operational safety...The Operational Safety Review Team had concluded a five-day follow up mission to the Barakah NPP.
OSART missions aim to improve operational safety by independently assessing safety performance against the IAEA’s safety standards.
UAE issues updated second NDC to reduce emission
The UAE Cabinet, headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved...The new document outlines the country’s increased climate target of reducing greenhouse gas emissions by 31 percent.
The reduction target translates into an absolute emission avoidance of 93.2 million metric tonnes of CO2e.
