Oil prices on the rise despite down week
Oil prices rose on Friday as markets weighed the threat of tariffs by U.S. President Donald Trump on Mexico and...
‘Middle East is a promising area with a lot of initiatives going on in the UAE, Saudi Arabia’
Beyond AI, new technologies will leverage artificial intelligence to drive the next phase of the Fourth Industrial Revolution, Alphaeus Hanson,...
Economy
Business
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
- Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent).
- Comparing 2023 with 2022, the value of energy products dropped by 35 percent, while the volume dropped by 9.4 percent.
Economy
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
- Unit 4 will add another 1,400 megawatts of clean electricity capacity to power the national grid, representing another significant step forward towards full-fleet operations
- This further supports the UAE’s efforts in enhancing grid stability and energy security through abundant around-the-clock zero-emissions electricity
Economy
Turkmenistan to supply 2bcm gas to Turkiye: Turkish minister
Ankara, Turkey - Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced on Friday the signing of a memorandum of...
- Bayraktar outlined several potential routes for this transportation, including a swap arrangement via Iran or a combination of Iran and Azerbaijan
- He stressed that a primary consideration is the establishment of a pipeline traversing the Caspian Sea, offering a higher-capacity solution
Economy
Water security remains crucial for stability, prosperity
“Water is the fundamental element of life, enabling human societies to stabilize, develop civilizations, and achieve prosperity. Water is the...
- The UAE climate minister emphasizes the importance of water security for global stability and prosperity.
- Half of the world's population could face water shortages by 2025, highlighting the urgency of the issue.
Economy
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
- India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via undersea cables.
- The move aims to boost energy security, promote the use of renewable resources, and foster closer economic ties with Gulf states.
Economy
Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
- Russia’s central bank raised rates to 16 percent in a series of hikes last year to cool the pace of price rises.
- "Current inflationary pressures are gradually easing but remain high," the bank said in a statement.
Science
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
- The two will also cooperate to utilize ENEC's experience in developing new nuclear builds and investments in GA's' advanced non-light water reactors
- ENEC and GA Electromagnetic Systems (GA-EMS), as part of the memorandum of understanding, will explore collaboration opportunities covering several projects
Economy
‘UAE outpaces major nations in human development’
“These efforts ensure sustainable development across all sectors, promising a bright future for generations to come,” he adds, referring to...
- UAE leads the region with significant improvement in education, health, and economy.
- The country climbs nine places in Human Development Index, ranking 17th worldwide.
Economy
GCC and Turkey begin free trade negotiations to boost ties
Ankara, Turkey-- The Gulf Cooperation Council and Turkey have started off free trade negotiations to deepen their ties further.In this...
- Albudaiwi said the free trade talks exemplify the strategic partnership between the GCC countries and Turkey, as well as the regional cooperation in various sectors
- He said the GCC countries are actively engaged in free trade negotiations with other nations to expand trade opportunities, promote economic cooperation
Economy
First week of Ramadan sees Saudis spend $3.12 billion
Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the...
- Expenditures were diverse, with a substantial portion allocated to food and beverages, amounting to $603.97 million across 45.8 million transactions
- Among various cities, Riyadh led in point-of-sale operations, totaling $1.04 billion followed by Jeddah with transactions valued at $438.61 million
Oil prices on the rise despite down week
Oil prices rose on Friday as markets weighed the threat of tariffs by U.S. President Donald Trump on Mexico and...
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Xi, Biden in Peru for APEC summit, pre-Trump face-to-face
uncertainty over Trump's next moves now clouds the APEC agenda -- as it does for the COP29 climate talks underway...
Advanced nuclear technologies and their role in the energy transition
New policies, public trust, and partnerships are crucial to accelerating these nuclear solutions. Platforms like the Forum’s Advanced Energy Solutions...
GCC powers ahead in global clean energy transition with solar and hydrogen investments
Now, the region is turning its attention to newer innovations, including hydrogen production, small modular reactors (SMRs), and compact nuclear...
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Economy
World leaders meet for climate talks, but big names missing
Dozens of world leaders convene in Azerbaijan on Tuesday for COP29 but many big names are skipping the UN climate...
- Heads of some of the most powerful and polluting economies are not attending
- Top priority at COP29 is boosting funding for climate action in developing countries
Economy
COP29 opens with Trump climate withdrawal looming
he COP29 climate talks open Monday in Azerbaijan, under the long shadow cast by Donald Trump's re-election. Trump has pledged...
- Fears of an imminent US departure from the landmark Paris Agreement
- US$100 billion-a-year target to help developing nations prepare for worsening climate impacts
Economy
UAE stablecoin usage up 55% yoy as new regulations drive market momentum
Stablecoins account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin...
- Value of stablecoins received by services in the country totaled over US$9.8 billion
- between July 2023 to June 2024, just 47 percent of overall crypto transactions took place on centralized exchanges