World unites at COP28 to shift away from fossil fuels
Nearly 200 nations in Dubai have collectively endorsed an agreement to move away from fossil fuels, marking a significant step...
COP28 UAE
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
Economy
Canada torn between economy, climate in deciding oil project
Environment Minister Steven Guilbeault will soon face his first major test in deciding on a new offshore oil project.
- Norwegian firm Equinor is seeking to develop oil discoveries in the Flemish Pass Basin, generating $2.8 billion in royalties
- However, exploiting an estimated 300 million barrels of oil over 30 years would set back efforts to curb climate change
Geostrategy
Blinken to travel to Israel, West Bank, Morocco, Algeria
US Secretary of State Antony Blinken will travel to Israel, the West Bank, Morocco, and Algeria over March 26-30 to...
- Blinken will meet separately Israeli Prime Minister Naftali Bennett and Palestinian president Mahmoud Abbas in Ramallah
- While in Morocco, he will meet Abu Dhabi Crown Prince Mohammed bin Zayed, besides other regional politicians
Business
Unit 2 of Barakh Nuclear Energy Plant starts operations
The Emirates Nuclear Energy Corporation (ENEC) announced today the start of commercial operations of Unit 2 at the Barakah Nuclear...
- Unit 2 adds 1,400 megawatts of zero-carbon emission electricity to the national grid, bringing the total produced by Units 1 and 2 to 2,800 megawatt.
- This new addition takes ENEC and its subsidiaries to the halfway mark of delivering on its commitment to supply a quarter of the country's electricity needs.
Geostrategy
Kuwait, KSA agree on plan to develop joint offshore gas field
The project is a joint endeavor between the Saudi-based Aramco Gulf Operations Company and Kuwait Gulf Oil Company.
- The project is a joint endeavor between the Saudi-based Aramco Gulf Operations Company and Kuwait Gulf Oil Company
- The gas output will be divided evenly between the Gulf Arab neighbors, at a time where soaring consumption has led to growing demand for energy in the two countries
Economy
In fair phase-out of oil, gas-rich nations should stop first: Report
For a 50/50 chance of limiting the rise in global temperatures to 1.5C, 19 countries in which per capita GDP...
- The overarching objective, enshrined in the 2015 Paris Agreement, is to cap global warming ‘well below’ 2C, and 1.5C if possible
- A torrent of research since 2015 has confirmed that the lower aspirational target is by far a safer threshold
Geostrategy
Oil prices soar on Saudi, Russian supply fears
Oil prices soared Monday as a weekend attack on Saudi facilities and discussions among European Union members over banning Russian...
- At a meeting Monday, EU nations remained split over banning Russian energy imports, with Germany, reluctant given its huge reliance on Russian gas.
- Kremlin spokesman Dmitry Peskov warned that an oil embargo "is a decision that will hit everyone."
Business
Russia warns embargo on its oil imports will impact everyone
An embargo on Russian oil imports, pushed for by some European countries over Moscow's military action in Ukraine, would have...
- Some EU countries including Baltic states have called for an embargo on Russian oil and gas
- EU foreign ministers on Monday are meeting to discuss the situation in Ukraine
Geostrategy
Japan presses UAE to pump more oil as Ukraine war spikes prices
The plea by Japan's Foreign Minister Yoshimasa Hayashi came during meetings with Emirati officials which coincided with a visit by...
- The plea by Japan's Foreign Minister Yoshimasa Hayashi came during meetings with Emirati officials which coincided with a visit by Germany's economy minister
- British Prime Minister Boris Johnson also flew to the UAE and Saudi Arabia to push for more oil this week in a bid to ease prices of over $100 a barrel
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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
Oman’s economic growth to reach 2.7 percent in 2024, says IMF
MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023...
Economy
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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.
Business
GCC ramps up ESG efforts amid green investment push
Businesses are getting ready for COP28 by moving from starting ESG programs to growing them, and those who know the...
- Businesses are getting ready for COP28 by moving from starting their ESG programs to growing them, and those who know the benefits of ESG Reporting may gain a lot, say experts
- Companies in the region have also been cautioned against viewing ESG as synonymous with Corporate Social Responsibility or merely as a "tick the box" obligation