INSEAD Day 4 - 728x90

Energy

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Antique stoves make a comeback in Gaza as the only way to cook during war

With a squeeze of pliers, a new wick, and a refill of homemade fuel, a flash of fire miraculously begins...

Geostrategy

Oil prices up on Saudi, Russia push for output reduction

Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in...

Economy
Geostrategy

Using alternative sources of energy saved UAE $191 bn: Suhail Al-Mazroui

UAE has saved $191 billion by using alternative sources of energy, according to Suhail Al-Mazroui, UAE energy minister. Speaking at...
  • Energy minister Suhail Al-Mazroui said his country is working on 40 international projects helping other countries implement solar and wind projects.
  • UAE has plans to capture 25 percent of the global hydrogen market share, Al-Mazroui told IPTC 2022 Riyadh.
Economy

Lebanon electricity supply may rise to 8-10 hours a day soon

Gas from Egypt and Jordanian electricity is expected to help Lebanon restore electricity supply to 8-10 hours a day soon.
  • The Lebanese have been suffering a financial crisis that has led to power supply being restricted to a mere couple of hours per day
  • The country even witnessed an all-encompassing blackout in October last year as power-generating fuel ran out in the country
Science

UAE sees climate action as catalyst of economic prosperity

UAE’s Minister of Industry and Advanced Technology, and UAE Special Envoy for Climate, Sultan Ahmed Al Jaber has said that...
  • The minister noted the need to increase investments in agri-tech and leverage best practices that safeguard vulnerable nations' food and water security
  • He was speaking at the Munich Security Conference titled "Scaling Up Climate Action" where he reiterated the UAE's support for robust climate finance
Business

UAE and Hungary to collaborate in energy sector

UAE Energy Strategy 2050 aims to increase the contribution of clean energy in the total energy mix from 25 per...
  • The two sides also discussed an exchange of expertize and best practices in infrastructure, housing and transport
  • The ministers of UAE and Hungary met on the sidelines of Dubai Expo 2020 and discussed cooperation in energy
Economy

Iran, Qatar to form joint gas extraction study group

The oil ministers of Iran and Qatar will discuss gas swap, common stances in the global market and forming a...
  • The two ministers will discuss gas swap, common positions in gas trade and global markets, and establishing joint knowledge-based companies in the field of oil and energy
  • The oil ministry source also said that they are expected to discuss forming a joint working group to study the reservoir of South Pars gas field
Analysis

Global trade hit record $28.5trn in 2021: UNCTAD

The UNCTAD’s Global Trade Update said all major trading economies saw imports and exports rise above pre-pandemic levels in the...
  • The global trade volume in the year gone by was an increase of 25 percent on 2020
  • It was also 13 percent higher compared to 2019, before the Covid-19 pandemic struck
Economy

World fuels its own destruction with $1.8trn subsidies: Study

Governments across the world pay an estimated $640 billion in support to the fossil fuel industry.
  • Agriculture gets $520 billion in subsidies, which lead to soil erosion, water pollution, deforestation, emissions, and loss of biodiversity
  • Another $350 billion in subsidies for the water industry is said to help fund water pollution and risk ocean and waterway ecosystems
Business

UAE’s Dragon Oil announces first oil find in Egypt’s Gulf of Suez

The discovery is one of the largest in the area in the past 20 years, and the field could contain...
  • The discovery is one of the largest in the area in the past 20 years, and the field could contain around 100 million barrels in reserves
  • The announcement was made on the sidelines of the ongoing Egypt Petroleum Show (EGYPS) 2022
Economy

Hassyan Power Complex adds 1,200 MW to Dubai’s capacity

Dubai Electricity and Water Authority (DEWA) has said the production capacity of Hassyan Power Complex reached 1,200 megawatts (MW), using...
  • A further 600 MW will be added in Q4 of 2022, and an additional 600 MW will be added by Q3 of 2023.
  • This will raise the capacity of Hassyan Power Complex, which has been converted recently to run only on natural gas instead of clean coal, to 2,400MW.
Business

Saudi crown prince transfer 4% Aramco shares to PIF

The transfer was part of Saudi Arabia’s long-term strategy to support the restructuring of its economy, in line with Vision...
  • The shares are expected to bolster the PIF’s strong financial position and high credit ratings in the medium term
  • The transfer will support the PIF’s plans to grow its Assets under Management to around SAR4 trillion (around $1.07 trillion) by 2025

Antique stoves make a comeback in Gaza as the only way to cook during war

With a squeeze of pliers, a new wick, and a refill of homemade fuel, a flash of fire miraculously begins...
Geostrategy

Company News

Latest News

Barakah Plant’s final unit begins operational readiness preparations, says ENEC

ABU DHABI, UAE -  The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit...
Business

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...
Economy

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...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Economy

OPEC+ looks to slash production to rein in weak prices

The UAE energy minister Suhail Mohamed Al Mazrouei said he expected the outcome of meeting to "balance the market and...
  • The 13-member OPEC is due to consult with 10 other oil-producing nations, including Russia, to review the grouping's future output policy
  • An output cut of 700,000 bpd to one million bpd was one of the options being discussed, a source told AFP, stressing that nothing was set in stone
Business

Renewable power capacity to rapidly expand, IEA report reveals

PARIS, FRANCE - Renewable power capacity is expected to jump by a third this year globally as growing policy momentum,...
  • Renewables are at the forefront of Europe’s response to the energy crisis, accelerating their growth there.
  • New policy measures are also helping drive significant increases in the United States and India over the next two years.
Business

MoIAT inks MoU with MEXT to implement industrial transformation Index

ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
  • The move is part of the UAE's efforts to accelerate decarbonization and digitalization within the global manufacturing sector.
  • First implemented in the UAE in February in line with the UAE Net Zero by 2050 strategic initiative, the ITTI will soon be deployed in the region.