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
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
Business
Economy
Sheikh Hamdan lauds success of Barakah Nuclear Plant
The UAE is continuing its move towards environmentally friendly energy sources to fulfill its international obligations regarding climate change and...
- The UAE is continuing its move towards environmentally friendly energy sources to fulfill its international obligations regarding climate change
- The country will achieve the objectives to diversify energy sources and its ambitious strategic initiative for climate neutrality by 2050
Business
Italy’s Eni joins giant Qatar gas project after Russian cuts
Eni will own a stake of just over three percent in the $28 billion North Field East project, the world's...
- The project's LNG -- the cooled form of gas that makes it easier to transport -- is expected to come on line in 2026.
- It will help Qatar increase its liquefied natural gas production by more than 60 percent by 2027.
Economy
‘US$50bn investment a milestone in UAE’s climate action efforts’
The announcement by the President to invest an additional US$50 billion for climate change is a milestone in UAE'S efforts...
- The announcement by the President to invest an additional US$50 billion for climate change is a milestone in UAE'S efforts
- The amount will be utilized to scale up climate action efforts through the deployment of clean energy solutions in UAE and abroad
Economy
9 licences issued over 13 years for Barakah Nuclear Power Plant: FANR report
The FANR has received 11 international review missions led by the International Atomic Energy Agency (IAEA)
- The FANR has received 11 international review missions led by the International Atomic Energy Agency (IAEA)
- The report says the UAE is a party to over 13 international conventions, including 'The Comprehensive Safeguards Agreement'
Business
Gazprom defends gas cuts as energy prices soar
Gazprom CEO Alexei Miller said that Moscow will play by its own rules after cutting daily gas supplies to Germany...
- Gazprom CEO Alexei Miller said that Moscow will play by its own rules after cutting daily gas supplies to Germany and Italy
- Italian energy giant Eni also reported problems, saying it will receive only 65 percent of the gas requested Thursday from Gazprom
Economy
Fuel prices hit record highs in Morocco
Petrol prices rose to record highs in Morocco on Thursday, fuelling anger among unions who demanded the government of energy...
- Morocco has seen months of rising prices and growing calls for caps on energy firms' profits
- The government has so far refused to reinstate fuel subsidies removed in 2015, but has doubled its budget for subsidising cooking gas
Business
Iraq settles $1.6 billion payment of Iranian gas imports
The debt dates back to 2020, but payment was stalled amid sanctions against Iran by the United States.
- Baghdad had been scheduled to pay that amount to Tehran before the start of June.
- Tehran has repeatedly cut off gas supplies to force Baghdad to pay off its debts.
Business
Aramco sustainability report lays down plans for net-zero ambition
Aramco publishes its first sustainability report which outlines ways in which the company plans to further tackle emissions while delivering...
- The report provides information on Aramco's efforts to support the broader energy transition
- Aramco expects to update the sustainability report on an annual basis
Business
Israel, Egypt to export gas to EU in its bid to cut Russian imports
Russia's war against Ukraine has exposed our European dependency on Russian fossil fuels, and we want to get rid of...
- The memorandum of understanding on gas exports between Egypt, Israel and the EU was signed at the East Mediterranean Gas Forum.
- Under a $15 billion deal in 2020, Israel already exports gas from an offshore field to Egypt, where it is liquefied and shipped to Europe.
Business
Gazprom to cut Italian energy giant Eni’s gas supply by 15 percent
Russia's Gazprom told Eni it would cut its gas supply by around 15 percent for Wednesday, the Italian energy giant...
- Italy buys the majority of its natural gas from overseas -- and more than 40 percent of its imports come from Russia.
- Since Russia invaded Ukraine, triggering unprecedented Western sanctions against Moscow, Italy has been scrabbling to cut that reliance.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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
Company News
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Will extended oil production cuts stunt Saudi growth?
The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain...
Economy
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Business
DEWA given Net-Zero statement of verification for work on climate change
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received the net-zero statement of verification and assurance certificate in...
- This followed a comprehensive assessment conducted by W3 Solutionz - US based on the International Workshop Agreement Guidelines IWA 42:2022.
- The Net Zero Guidelines were commissioned by Our 2050 World, a global collaboration to accelerate action towards net zero through standards.
Business
IDB inks pact with IRENA
IDB will fund renewable projects by joining ETAF platform.
- The IDB plans to co-finance renewable energy projects and energy transition technologies worth US$100 million in Latin America and the Caribbean.
- By leveraging its global reach and energy transition knowledge, IRENA is actively developing a pipeline of energy transition projects .
Business
Algeria firm sign $740m contract with TotalEnergies
Algiers, Algeria - Algeria's state oil company Sonatrach said on Sunday it had signed contracts to boost gas production under an...
- The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in Europe
- They also signed "a memorandum of understanding in the field of energy transition and renewable energies", it added