Coal use to decline next year after record high in 2023: IEA
The latest forecast came after nearly 200 countries at the COP28 UN climate talks adopted a deal stating that the...
Digitalization has high environmental costs, says UNCTAD meet
DUBAI, UAE - With global attention on the COP28 climate summit, UNCTAD’s eWeek 2023 highlighted digitalization’s potential to accelerate climate...
Geostrategy
Economy
Dubai summit highlights future to governments
This year’s summit has brought together 190 countries, over 500 speakers, and 4,000 participants worldwide to discuss the future of...
- The summit’s topics focused on policies that drive progress and government development, sustainability, and future technology
- The Investopia Summit was launched as part of the WGS 2022 to improve global economic and investment sectors
Business
Qatar to invest $5bn in Egypt, with an eye on offshore gas
The move is being seen as another sign of a growing rapprochement between the two countries following last year's restoration...
- A Cairo statement said Qatar was to plough $5 billion in ‘investments and partnerships’ in Egypt, but did not give specifics
- However, QatarEnergy announced an agreement with ExxonMobil to acquire a 40% interest in a gas exploration block off Egypt
Economy
Bolsonaro removes Petrobras president after surge in fuel price
Brazilian President Jair Bolsonaro decided on Monday to replace the president of state-owned oil giant Petrobras, Joaquim Silva e Luna,...
- In early March, Petrobras upped the price of gas by 18.8 percent and diesel by 24.9 percent
- The ultra-right-wing Brazilian president has long criticized the pricing policy of Petrobras
Economy
Gulf region will boost global clean energy security: Al Kaabi
Mubadala’s UAE Investment chief Musabbeh Al Kaabi said on Monday that the Gulf region will play an increasingly important role...
- Al Kaabi affirmed that governments must develop initiatives to mitigate supply chain challenges to meet net-zero carbon targets
- He noted that global energy security will extend beyond oil as the UAE and its neighbours’ transition to become leaders in clean energy production
Geostrategy
Earth Hour: ENOC group stresses on lesser energy consumption
All service station forecourts including Service Station of the Future at Expo 2020 Dubai remained dark for an hour.
- The ENOC group switched off non-essential lights at its headquarters on 26th March from 8:30 to 9:30.
- ENOC saved a total of 11.9 GWh (or 11,963 MWh) of electricity in 2021, which is equivalent to 6,221 tCO2
Geostrategy
Sanctions on Iran’s revolutionary guards to stay despite nuke deal: US
Iran has been engaged in negotiations to revive the accord with Britain, China, France, Germany and Russia directly and the...
- The Guards are on the list because of Iran's action supporting the Syrian government and Yemen's Houthi rebels.
- The United States designated the Guards as a "foreign terrorist organization" under then-president Donald Trump in April 2019.
Geostrategy
Dubai saves 329MW of electricity during Earth Hour 2022
Dubai Electricity and Water Authority (DEWA) said about 329 megawatts (MW) of electricity were saved in the emirate during Earth...
- The power saved is equal to a reduction of 132 tons of carbon emissions.
- These savings are 13 percent higher than the 291 mw savings recorded during Earth Hour 2021.
Business
Jordan to soon resume oil imports from Iraq’s Kirkuk fields
Jordan imports crude from Iraq under an MoU that was signed by the two governments on January 28 last year.
- The exports were suspended in early February, pending discussion of details in the MoU
- The oil will reportedly be transported to the Jordan Petroleum Refinery in Zarqa
Geostrategy
Yemen rebels attack oil facilities near Saudi F1 track
Friday's attacks targeted ‘Aramco facilities in Jeddah and vital facilities in the capital of the Saudi enemy, Riyadh’, tweeted Houthi...
- The Houthi rebels of Yemen have frequently launched similar assaults on Saudi oil facilities
- However, the Jeddah attack came as a worldwide audience tuned in for the F1 Grand Prix
Geostrategy
US indicts 4 Russians who targeted energy sector, including Saudi facility
The Russian hackers tried their exploits on thousands of computers at hundreds of companies in 135 countries between 2012 and...
- The hackers were employed by a Russian Ministry of Defense research institute and Russia's Federal Security Service
- The four Russians were the subject of two separate indictments, both predating the Russian invasion of Ukraine
Most Read
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
Coal use to decline next year after record high in 2023: IEA
The latest forecast came after nearly 200 countries at the COP28 UN climate talks adopted a deal stating that the...
Company News
Petrofac shares surge
Business
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‘Global climate action brings immense optimism’
Finland and the UAE will be able to tackle climate change through international efforts, collaboration, and partnerships, she adds while...
Arts & Culture
FANR highlights cybersecurity framework of Barakah nuclear plant in meeting
VIENNA, AUSTRIA - The Federal Authority for Nuclear Regulation (FANR) is taking part in an international conference organized by the...
Science
Most Read
Business
Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park
DUBAI, UAE - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of...
- Sheikh Mohammed inaugurates 5th phase of Mohammed bin Rashid Al Maktoum Solar Park.
- The fifth phase of the project will provide clean energy will reduce 1.18 million tonnes of carbon emissions annually.
Economy
Sri Lankan economy contracts 11.5 percent in Q1 2023
COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout...
- The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022.
- A currency crisis from late 2021 led to severe shortages of food, fuel and medicines and triggered months of protests.
Business
UAE Ministry of Energy joins National ICV Program
DUBAI, UAE - The Ministry of Energy and Infrastructure (MoEI) has joined UAE's National In-Country Value (ICV) program following a...
- The MoU supports national strategic objectives to boost the growth of the industrial and advanced technology sectors.
- It aligns with the National ICV program's aims to enhance economic growth by redirecting government expenditure into the national economy.