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
Britain urges all G7 members to ban Russia oil imports
The US has led a Western assault on Russia's economic lifeline by banning imports of oil and gas followed by...
- The British foreign secretary, standing alongside US Secretary of State Antony Blinken, hailed transatlantic unity against Russia
- Blinken called absurd and offensive the Russia proposal of safe passage of Ukrainians through its own territory
Analysis
Can Gulf producers tame oil prices?
However, Gulf countries have an interest in acting in coordination — both within OPEC, and with Russia-led allies in the...
- US President Joe Biden on Tuesday announced a ban on US imports of Russian oil and gas
- Britain said it would phase out crude imports from the country by the end of this year
Geostrategy
US tells oil majors it needs more supply
The surge in energy costs is a consequence of Russia's invasion of Ukraine, which prompted Washington and its European allies...
- Oil prices are in the midst of the recovery from the Covid-19 pandemic, which has caused demand to collapse
- The prices have now surged, contributing to a wave of inflation that has damaged Biden's approval ratings
Geostrategy
UAE says will urge OPEC to boost oil output
Brent had spiked to $139 on Monday — about $8 short of an all-time record — in expectation of the...
- US President Joe Biden on Tuesday announced a ban on US imports of Russian oil and gas
- Meanwhile, Britain said it would phase out crude imports from the country by the end of 2022
Business
Major UAE companies to work for raising solar power production capacity
The companies are Emirates Global Aluminum (EGA), Abu Dhabi National Energy Company (TAQA), Dubai Holding and Emirates Water and Electricity...
- TAQA and Dubai Holding envisage acquiring EGA's electricity generation assets in the UAE, holding a 50 percent share each.
- For TAQA, the acquisition of EGA's power assets would increase the company's UAE-based capacity to more than 23 gigawatts.
Geostrategy
Western nations halt Russian oil as Ukrainians flee
The United States led a Western assault on Moscow's economic lifeline Tuesday, banning imports of Russian oil as civilians fled...
- Britain said it would phase out Russian oil by year's end while oil giants BP and Shell announced an immediate halt to Russian oil and gas
- The latest Western strike at Russia's economy came as the United Nations said more than two million civilians have flooded across Ukraine's borders
Geostrategy
Yemen rebels back UN proposal for abandoned oil tanker
Yemen's Huthi rebels have signed a UN agreement hoped to help stop a rusting oil tanker in the Red Sea...
- Huthi leaders and David Gressly, the UN humanitarian coordinator for war-torn Yemen, signed a MoU on a framework to resolve the threat posed by the FSO Safer
- The United Nations proposal includes pumping the toxic cargo from the tanker to another ship, but remains dependent on raising donor cash to fund the work
Geostrategy
IAEA reports second Ukraine nuclear facility damaged
The International Atomic Energy Agency said Monday (Mar 7) it has received reports of artillery shells damaging a nuclear research...
- Communications have also been cut with small nuclear facilities in the southern city of Mariupol which is surrounded by Russian forces
- The IAEA has urged Moscow and Kyiv to agree on a plan to safeguard nuclear facilities
Geostrategy
Iran awaits ‘details’ of Russian demands on nuclear deal
Iran said Monday it was awaiting "details" on Russia's demands for US guarantees that could potentially delay reaching an agreement...
- Russia's Foreign Minister Sergei Lavrov said on Saturday that Moscow wants written guarantees from Washington
- The country has been slapped with wide-ranging economic sanctions by the US and the EU following its invasion of Ukraine
Economy
Brent crude nears $140 per barrel, headed towards all-time high
Brent North Sea crude oil for May delivery reached $139.13 shortly after electronic trading opened around 2300 GMT on Sunday.
- Even if oil is technically still exempt from sanctions, Russian oil exporters are struggling to find buyers
- Shell is one of the only companies still buying Russian oil, although it said it would donate the profits to Ukrainian causes
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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
Company News
Latest News
Iranian nuke expert, EU officials review Tehran’s atomic program
A landmark deal in 2015, formally known as the Joint Comprehensive Plan of Action (JCPOA), gave Iran sanctions relief in...
Geostrategy
DEWA commissions 6 new transmission substations in Jan-April 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned six new 132/11 kV transmission substations from January to...
Business
Greenpeace denounces UK energy firm over coal-fired power station
LONDON, UK - Greenpeace slammed Britain's power grid operator on Monday after it requested the reactivation of a coal-fired power station...
Business
Most Read
Business
RTA signs strategic partnership agreement with Al-Futtaim Automotive
DUBAI, UAE - Dubai’s Roads and Transport Authority (RTA) has signed a strategic partnership agreement with Al-Futtaim Automotive to deploy...
- The agreement will support RTA's sustainable transport network and the Zero-Emissions Public Transportation in Dubai 2050 strategy.
- Al-Futtaim Automotive will also provide assistance for building the Authority’s electric charging technology and infrastructure.
Geostrategy
SEWA, US delegation explore collaboration in innovation, sustainability
Sharjah, UAE - Abdullah Abdul Rahman Al Shamsi, Director-General of SEWA Sunday discussed the authority's initiatives to reduce emissions and...
- The two discussed the authority's initiatives to reduce carbon emissions and combat climate change and its vision for the upcoming COP28 conference.
- They also explored potential collaborations between the authority and American companies in innovation and sustainable development.
Geostrategy
Iran’s supreme leader urges cooperation with IAEA
Iran's supreme leader urged continued cooperation with the UN nuclear watchdog, while warning against succumbing to "bullying" based on "unfounded...
- Ayatollah Ali Khamenei said agreements could be reached in certain fields, but "the existing infrastructure of the nuclear industry should not be touched".
- Iran's Atomic Energy Organization "need not succumb to the pressure of unfounded claims and demands based on bullying", Khamenei said.