RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year.The Russian Prime...
Business
Business
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.
Business
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.
Business
Ford lays off 300 US workers
The workers were asked not to report to work due to the strike.
- The strike against the "Big Three" car manufacturers -- Ford, Stellantis and General Motors -- began on September 15 when a previous contract expired without a replacement
- Instead of calling for all of its 146,000 members to strike at once, the UAW union has deployed a targeted approach, adding more sites as the weeks drag on
Business
Global energy demand to rise 25% by 2045: OPEC chief
Abu Dhabi, UAE - Global demand for all forms of energy is forecast to rise by 25% through 2045, according...
- No single energy source can meet the world's growing needs as the economy expands and the population increases, Al Ghais said
- He added that despite some setbacks, global growth continues, and he was optimistic about future oil demand
Business
Adnoc Gas awards contract
Nearly US$615m will be paid to build carbon-capture units.
- Adnoc Gas said the large-scale project reaffirms its steadfast commitment to maximising energy output while minimising emissions
- The project expected to be started in 2026 will inject CO2 for permanent storage in ADNOC Onshore's Bab Far North Field
Business
Masdar enters Tajikistan market with plans to explore 500MW clean energy projects
Abu Dhabi, UAE - UAE’s clean energy powerhouse Masdar expands Central Asian presence with agreement to explore ground-mounted solar, onshore...
- MW Energy, a joint venture between Abu Dhabi Future Energy Company – Masdar and W Solar Investment, has signed an agreement with Tajikistan’s Ministry of Energy
- The collaboration will focus on the development of solar photovoltaic (PV), wind, and hydropower projects through a Public-Private Partnership (PPP)
Business
Growing IT outlays intensify MENA’s transformation
The region's IT spending is set to rise by 4% to $183.8 billion in 2024, with software and IT services...
- The region's IT spending is projected to rise by 4% to $183.8 billion in 2024, with software and IT services witnessing double-digit growth
- This surge aligns with the MENA region's push for digital transformation, enhanced cybersecurity, and a focus on generative AI initiatives
Economy
UAE to generate 19.8 gigawatts of clean energy by 2030: Al Mazrouei
Abu Dhabi, UAE-- The UAE will produce 19.8 gigawatts of clean energy by 2030, Suhail bin Mohamed Al Mazrouei, Minister...
- The minister informed the audience at ADIPEC 2023 that the UAE intends to work towards producing 1.4 million metric tonnes of low-carbon hydrogen per annum by 2031
- He told a global audience of energy leaders at the opening of the event in Abu Dhabi that an International collaboration is crucial to addressing energy challenges
Business
Sonatrach sacks CEO
Algeria's president has named Rachid Hachichi as new CEO.
- The Algerian government owns the company entirely, relying on the company's profits for about 60 percent of its budget and 95 percent of export revenues
- The company has been marred by a series of corruption allegations and financial scandals, some of which have prompted investigations in Algeria and abroad
Business
Abu Dhabi Oil Company to hike investment in UAE oil sector
Abu Dhabi, UAE--Abu Dhabi Oil Company (ADOC) is planning more investments and expansions in the UAE, according to a senior...
- Talking to the media at ADIPEC 2023, Shingai said the company was planning to expand production facilities and increasing extraction rates
- He noted that ADOC played a key role in advancing ties between the UAE and Japan through its investment projects in the UAE oil sector
RAKBANK, DP World sign pact
The aim is to offer trade finance solutions to businesses in UAE.
Business
Company News
Masdar, 3 firms sign agreement
Business
Latest News
Aldar Properties awards contracts worth US$2.8bn
ABU DHABI, UAE - Aldar Properties has announced the awarding of 49 contracts, totaling US$5.9 billion (AED22 billion), for a...
Business
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Disney profit beats forecasts
The company is looking to tap into the passion for video games.
- During the earnings announcement, Disney chief Robert Iger also revealed that the entertainment giant is acquiring a "small equity stake" in Fortnite-maker Epic Games
- Disney is looking to tap into the passion for video games in general and "Fortnite" in particular with a $1.5 billion stake in Epic, according to Iger
Unilever annual profit drops 15%
Group revenue dipped 0.8 percent to 59.6 billion euros.
- Chief executive Hein Schumacher said in the earnings statement that "competitiveness remains disappointing and overall performance needs to improve" at the group
- Schumacher, the former head of Dutch dairy and nutrition firm Royal FrieslandCampina, launched in October an action plan to grow Unilever
Gucci owner says profit fell 17%
Sales retreated 4 percent to 19.57 billion euros.
- Kerin reported a 17 percent drop in net profit to $3.2 billion
- Sales of the Gucci owner retreated four percent to 19.57 billion euros