INSEAD Day 4 - 728x90

Energy

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Oil prices slump but stock markets mostly higher

Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight...

From climate action to global aid: Inside UAE’s remarkable year

Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...

YEARBOOK 2023
Interview

GCC expects moderate impact of global recession

The region is better placed to deal with global slowdown as oil and gas prices will stay high due to...
  • The region is better placed to deal with global slowdown as oil and gas prices will stay high due to supply restrictions, Jean Claus, CEO of Allianz Trade Middle East, tells TRENDS
  • Regional GDP growth is expected to be +2.7 percent in 2023 in an 'adverse scenario', slightly lower than the +3.1 percent expected in the baseline scenario, Claus adds
Economy

Euro strikes parity with Dollar for first time in nearly 20 years

The euro struck parity with the dollar Tuesday for the first time in nearly 20 years as a cut in...
  • Oil prices meanwhile fell heavily on concerns of a wider recession as central banks hike interest rates to fight decades-high inflation.
  • European stock markets fell approaching the half-way mark and in the wake of overnight losses in Asia and on Wall Street.
Economy

Dubai to host World Corporate Summit in November

Dubai will host the first edition of the World Corporate Summit which will discuss sports and multi-sectoral business growth as...
  • The summit will be attended by decision-makers from multinational corporations, UAE-based firms and government institutions
  • The WCS will exchange insights, explore collaborative partnerships and opportunities for business growth
Geostrategy

Iran reports new technical advances at nuclear plant: IAEA

The UN watchdog's director-general Rafael Mariano Grossi said the changes at the plant under mountains south of the Iranian capital...
  • IAEA said Tehran had started "feeding... a cascade of... centrifuges" at the Fordow fuel enrichment plant which has recently been upgraded.
  • In January 2021, Iran said it was working to enrich uranium to 20 percent at Fordow, well beyond the 3.67 percent agreed under the 2015 deal.
Business

TotalEnergies of France pulls out of Russian oil project

Russian oil firm Zarubezhneft will take over its remaining 20 percent stake in the Kharyaga project in the Arctic pending...
  • It has promised to stop purchasing Russian oil and gas by the end of the year, and make no further investments there
  • TotalEnergies had already ceded a 20 percent stake in the project and the role of operator to Zarubezhneft
Business

Fuel prices drive demand for hybrid vehicles in UAE

While some buyers are opting for smaller compact SUVs and electric vehicles, others are putting their purchase decisions on hold...
  • UAE fuel prices jumped around 75 percent since January 2022. Super 98 petrol price increased to Dh4.63 ($1.26) per liter in July 2022 compared to Dh2.65 per liter in Jan 2022.
  • Rising petrol prices in the UAE are pushing small businesses and private individuals to switch from vehicle ownership to rentals.
Business

Emerge, Miral to install solar energy at Abu Dhabi theme park

Emerge and Miral signed an agreement to deploy on-site solar energy systems at the SeaWorld Abu Dhabi theme park on...
  • The project will have a capacity of 8.2 megawatts (MW) with rooftop solar photovoltaic (PV) systems installed at the theme park.
  • Emerge will provide a full solution including design, procurement, and construction, as well as operation and maintenance services.
Economy

Sri Lanka appeals Russia for fuel and resumption of tourist flights

Sri Lanka is facing its worst economic downturn since it gained independence from Britain in 1948.
  • The Island nation has suffered months of blackouts, rampant inflation and critical shortages of food and petrol.
  • Russia and Ukraine were among the top sources of tourists for Sri Lanka before February's conflict began.
Business

IEA says gas use to shrink due to high prices, Russian cuts

Gas consumption will contract slightly this year due to high prices and Russian cuts to Europe, with only slow growth...
  • The IEA said additional green energy transition measures would ease pressure on gas prices globally
  • European nations are importing more LNG shipped by tanker, which the IEA said is creating supply tensions
Economy

Dubai Supreme Council moots monitoring panel for petroleum trading

Dubai Supreme Council of Energy on Monday discussed establishing a permanent committee to monitor petroleum product trading in Dubai and...
  • At its 71st meeting, the Council said that in 2021, savings were equivalent to 6.4 terawatts of electricity, approximately 12.5 percent of business as usual.
  • Since 2011, demand-side programs have contributed to avoiding 14.1 million tons of carbon dioxide emissions, saving nearly AED9 billion. 

Oil prices slump but stock markets mostly higher

Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight...

Company News

Latest News

Major energy firms post sliding profits as oil and gas prices dip

Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by...
Business

Kuwait posts fiscal surplus after almost a decade, says finance ministry

Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
Economy

G20 nations fall short of common plan on fossil fuels

NEW DELHI, INDIA - Energy ministers from the group of 20 nations meeting in India on Saturday failed to agree...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

US, Arab League discuss Middle East, Israeli-Palestinian conflict

The US-Arab Strategic Dialogue discussed Middle East peace and the Israeli- Palestinian conflict, among other issues. The dialogue concluded successfully...
  • US-Arab League discussed reducing tensions in regional conflicts, climate change and health security.
  • The US condemned the attack on the Swedish Embassy in Baghdad and urged the Iraqi government to protect foreign missions.
Science

UAE and Egypt to boost cooperation in higher education, scientific research

Cairo, Egypt-- The UAE and Egypt are looking to ramp up cooperation in the fields of higher education and scientific...
  • The Egyptian minister noted the depth of the ties across all levels between the two countries, especially in scientific, cultural and educational fields
  • The UAE official applauded the relations between the UAE and Egypt, noting the latter's role in the education field and stressing UAE's resolve to deepen ties
Business

Governments should provide incentives for green finance, says Dubai Chambers’ webinar

DUBAI, UAE – Participants at a webinar strongly supported governments providing incentives or regulatory frameworks to encourage greater participation in...
  • The webinar was organized by Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers.
  • The webinar provided valuable insights and guidance aimed at helping companies to access green finance, attract green investment projects.