Russia, Saudi say sovereign Palestine state vital for regional peace
RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a...
Geostrategy
Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war
OTTAWA, CANADA — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
Geostrategy
Business
Aramco discovers four natural gas fields in Saudi Arabia
The exploration of natural gas will further enhance Saudi's status as the premium exporter of energy sources.
- The four major areas are in the Central Region, the Empty Quarter, the Northern Border Region and the Eastern Region.
- The four fields where the natural gas has been found are named as are Shadun, Shehab, Um Khanasser and Samna.
Economy
US offshore wind power lease sale nets record $4.3B
The six sites are in an area called the New York Bight and total 488,000 acres (197,500 hectares), making it...
- The six sites are in an area called the New York Bight and total 488,000 acres (197,500 hectares), making it the biggest U.S. renewable power auction ever
- Development of all six tracts could generate as much as seven gigawatts of wind energy, enough to power some two million homes, officials said
Business
DEWA electricity and water accounts rise by above 40 percent in 5 years
Dubai Electricity and Water Authority (DEWA) announced that the number of electricity accounts reached 1.06 million by the end of...
- The number of electricity accounts reached 1,061,476 by the end of 2021 compared to 752,505 at the end of 2016.
- DEWA’s total capacity increased to 13,417MW of electricity, said Saeed Mohammed Al Tayer, MD & CEO of DEWA.
Ukraine crisis challenges oil industry caution at high prices
As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players such as...
- As oil prices have risen over the last year companies ranging from giants like Chevron to mid-sized players like Devon Energy have chosen to only lift capital investment modestly
- That approach has reflected the clear preference within the investment community for producers to steer extra cash to debt reduction and shareholder givebacks
Economy
New US sanctions hit Russian banks, elites; spare energy
Washington said the penalties will be severe, and will have lasting impact on Russia's economy.
- The US Treasury added five more Russian banks to the sanctions list, including the country's two largest
- Western allies banned exports of key high-tech goods aimed at choking off the Russian military's capabilities
Business
Aramco closes deal with consortium
The Global Investor Consortium acquires 49pc stake in Aramco Gas Pipelines.
- This lease and leaseback deal between the two companies was previously announced on December 6, 2021.
- Global Investor Consortium is an international investor consortium led by affiliates of BlackRock and Hassana.
Economy
Saudi Arabia overall export rose 62.6% y-o-y in December
GASTAT data said the value of exports amounted to SAR106.3 billion ($28.35 billion) in December 2021.
- The total value of exports amounted to SAR106.3 billion ($28.35 billion) in December 2021
- This was up from the SAR65.3 billion ($17.41 billion) that Saudi Arabia had in December 2020
Geostrategy
Russia attack on Ukraine turns Europe eyes to Saudi Arabia, Qatar
Qatar and Saudi Arabia host American troops, but their economic and political relations with Russia have grown over the years.
- Russian gas accounts for about 40 percent of the European market, leaving it highly exposed to supply disruptions due to the conflict
- A similar logic applies to the 2.3 million barrels of Russian crude that heads west each day through a network of pipelines
Business
Petrobras 2021 profit hits $20bn
Debt dropped to $47.62 billion in 2021 from $63.17 billion in 2020.
- Net profit for the final quarter last year came in at $5.64 billion, bringing 2021's total to $19.88 billion
- Petrobras said this was a stark contrast to 2020's total of just over $1 billion due to effects of the pandemic
Geostrategy
Oil price break $100 on Russian ‘military operation’ in Ukraine
According to the UN, a full-scale Russian invasion on Ukraine would have a devastating global impact that would likely spark...
- The crisis comes as governments struggle to contain runaway inflation fueled by demand as life returns after recent Covid-19 lockdowns,
- World Markets have been hammered since a week as the Kremlin recognized Ukraine's rebellion and said it would provide "peacekeepers" to the regions
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
Russia, Saudi say sovereign Palestine state vital for regional peace
RIYADH, SAUDI ARABIA – Russia and Saudi Arabia expressed concern on the present situation in Gaza and said that a...
Geostrategy
Company News
Latest News
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...
Business
UK to scrap energy windfall tax if oil, gas prices drop further
The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop...
Business
The phase down of fossil fuels is inevitable: Emirati COP28 chief
Al-Jaber, who runs the Abu Dhabi National Oil Company (Adnoc), defended a COP28 roadmap that includes a "global goal to...
Most Read
Economy
Eurozone in recession after two successive quarters of shrinking GDP
The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second...
- The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy.
- Two consecutive quarters of shrinking gross domestic product is the threshold for a technical recession.
Business
Saudi Arabia’s RVCMC to hold biggest carbon credit auction in Nairobi
The event on Jun 14 aims to sell more than 2 million tons of high-quality CORSIA carbon credits registered with...
- An auction held by RVCMC last year at Future Investment Initiative (FII) in Riyadh was then the largest-ever auction with 1.4 million tons of carbon credits sold.
- RVCMC was established by PIF and Tadawul Group to help MENA businesses play their role in the global transition to zero neutrality.
Geostrategy
US official meets UAE diplomats to discuss climate change
DUBAI, UAE - US special climate envoy John Kerry has met senior Emirati officials in Abu Dhabi, including the head of...
- Oil producers have for year touted carbon capture as a potential global warming solution.
- With little investment, carbon capture technology is nowhere near the scale needed to make a significant difference.