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
ITFC looks to ramp up green financing to 30% of its portfolio
Dubai, UAE-- The International Islamic Trade Finance Corporation (ITFC) is looking to ramp up its sustainable and green financing to...
COP28 UAE
Business
Saudi Arabia hikes oil price as Russia-Ukraine war presses on
Saudi Arabia has hiked oil prices for all regions after the crude oil prices soared to more than $115 a...
- Saudi Arabia's state oil producer Aramco raised the official selling price
- Aramco hiked all prices for the American customers by $1
Geostrategy
Italy, Qatar discuss cooperation in energy sector amid Ukraine crisis
Italy and Qatar discussed greater cooperation in the energy field in light of the Russia-Ukraine conflict, in a meeting at...
- Italian Foreign Minister Luigi Di Maio and his Qatari counterpart Mohammad bin Abdelrahman Al-Thani met in Doha.
- Qatar is the world’s third-largest supplier of natural gas after Russia and Algeria.
Economy
Tunisia starts operation of 10MW solar plant in Tozeur governorate
A 10 megawatt solar photovoltaic plant named Tozeur 2 has started operations in Tozeur, a governorate in southwest Tunisia. The...
- The plant, built at a cost of 25 million dinars ($8.4m) will consolidate the production of the first plant Tozeur 1, to reach a total capacity of 20 megawatts.
- The two plants will supply one third of the governorate's electricity needs, equivalent to the consumption of about 18,000 families.
Economy
UAE, IRENA to give clean cooking energy to communities
The initiative, called Beyond Food, was launched in collaboration with the Nama Women Advancement Establishment.
- The UAE and IRENA will have tied up to promote the deployment of clean cooking solutions across the world
- The partnership aims to expand and bring in more key actors working on this issue in the coming days
Business
Tajikistan to team up with Iran to build renewable energy sources
Tajikistan’s minister of energy and water resources said that his country is engaged in a program that includes construction of...
- Tajikistan Minister Juma Daler Shofakir held a meeting with the Iranian Energy Minister Ali-Akbar
- The minister said that the Raqoon PowerHouse can generate 3,700 megawatts of hydropower
Economy
Moody’s says Ukraine war endangers global economic recovery
The Russia-Ukraine conflict and subsequent sanctions have increased risks to the global economic outlook, with effects that will depend on the...
- Europe's recovery would be at risk if the military conflict escalates, according to VP-Senior Credit Officer at Moody's, Kelvin Dalrymple
- Rising prices for commodities from the region, such as oil, grains and metals, are increasing inflationary pressures, Moody's said
Geostrategy
Iran and IAEA see a way to resolve nuclear issues
Iran and the International Atomic Energy Agency said Saturday after talks in Tehran that they agreed on an approach to...
- The announcement came shortly before Russia said it would seek guarantees from the United States before it backs the deal
- The nuclear deal is hanging by a thread since the United States' unilateral withdrawal in 2018 under then-president Donald Trump
Geostrategy
Russia attack on Ukraine nuclear plant draws global ire
With fears growing of nuclear conflict, the US and Russian armed forces have set up a new direct phone line...
- Ukraine has accused the Kremlin of ‘nuclear terror’, and US envoy to the UN said the attack was ‘incredibly reckless and dangerous’
- Russia’s UN ambassador called accusations that Russian forces had shelled the plant part of ‘an unprecedented campaign of lies’
Economy
Gas prices soar to record highs as Ukraine crisis stokes supply fears
Europe and UK gas prices hit record highs Friday and crude oil rallied, as Ukraine's invasion by key producer Russia...
- Europe reference Dutch TTF gas price struck 213.895 euros per megawatt hour in afternoon deals and UK gas hit 508.80 pence per therm.
- Europe's London Brent North Sea crude leapt 4.7 percent to $115.63 per barrel, having surged to a 2012 peak close to $120 on Thursday.
Business
Middle East Energy opens next week, will focus on energy transition
Policymakers, business leaders, and industry experts from the energy industry will converge in Dubai next week to participate in Middle...
- The speakers will also be participating in the Global Energy & Utilities Forum which will provide a platform for industry experts to discuss multiple subjects.
- The event focuses on Transmission & Distribution, Smart Solutions; Renewable & Clean Energies; Backup Generators & Critical Power; and Energy Consumption & Management.
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
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
Company News
Latest News
Aramco reports bumper profits
Business
Pakistan gets first Russian crude under discount deal: PM
Since Russia launched its invasion of Ukraine last year, economic sanctions have seen a significant cut in its oil and...
Economy
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...
Business
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...
Geostrategy
Most Read
Geostrategy
Iran’s Raisi, France’s Macron discuss ways to promote ties
Iran's President Ebrahim Raisi and his French counterpart Emmanuel Macron in a lengthy phone call discussed ways to promote ties,...
- A 2015 nuclear accord between Iran and world powers gave the Islamic republic relief from international sanctions in return for curbs on its nuclear program.
- In 2018 the United States withdrew unilaterally from the deal and reimposed sanctions, prompting Tehran to suspend implementing its own commitments.
Geostrategy
45 governments endorse doubling energy efficiency by 2030
PARIS, FRANCE - Forty-five governments have endorsed doubling the average global rate of energy efficiency improvements by the end of...
- The meeting stressed as to how energy efficiency can help accelerate clean energy transition toward reaching net zero emissions by 2050.
- The meeting underscored that effective policies must be fully leveraged to encourage behavior change among consumers and businesses.
Business
DEWA’s R&D Center develops technology to simulate leaks in water transmission pipes
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) ’s Research and Development (R&D) Center has developed an advanced, smart...
- The center developed the facility using software and hardware, based on the concept of the Internet of Things (IoT).
- Based on experimental data using the facility, the developed algorithm was able to identify leakage events with 94.4 percent accuracy.