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
Russian oil price cap partially successful
LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly...
Geostrategy
Business
Dana Gas posts $317m profit
The company's revenue rose 30 percent to $452 million in 2021.
- The company revealed the profit in Preliminary Unaudited Financial Results for the full year ended 31st December 2021
- Revenue increased 30 percent to $452 million in 2021 compared to $349 million in 2020 due to higher oil prices
Business
BP profits $7.6bn in 2021
The company aims to cut emissions by 50 percent by 2030.
- BP posted a net profit of $7.6 billion (€6.7 billion) last year
- This followed a loss after tax of $20.3 billion in 2020
Economy
High electricity bills in Jordan due to rise in winter consumption: Regulator
Jordan’s Energy and Minerals Regulatory Commission ascribed any rise in the electricity bill to high demand during this winter when...
- Jordan’s Energy and Minerals Regulatory Commission ascribed any rise in the electricity bill to high demand during this winter when the electricity load was at 4,010 megawatts
- The regulator referred to repeated complaints about higher electricity bills during summer or winter when temperatures rise or fall, prompting consumption to soar
Economy
Lebanon fuel distributors say no diesel crisis in the country
Lebanon’s Fuel Distributors Representative Fadi Abu Chakra has confirmed that "there is no diesel oil crisis" in the country. The...
- The rumors of oil crisis started to circulate after a ship carrying 42 thousand tons of diesel met with a marine accident.
- The representative confirmed that diesel will be available during the next week and there is no crisis but a shortage.
Videos
Which GCC countries have largest renewable capacity?
From solar farms to wind energy, the infrastructure is being put in place at varying paces by GCC nations.
- Saudi Arabia is developing a sustainable renewable energy sector to support its economic growth
- More and more industries in the UAE are embracing solar in a big way as power demand rises
Economy
Dubai Supreme Council of Energy approves 2030 carbon strategy
The approval came at a meeting chaired by the council’s chairman Sheikh Ahmed bin Saeed Al Maktoum.
- The council approved the updated plans and objectives to reduce carbon emissions by 30 percent by the end of 2030
- This move is expected to, among other things, support the UAE’s efforts to achieve carbon neutrality by 2050
Business
Iran says Russia will invest $83.58m in Sirik power plant
Iran has confirmed that Russia will invest $83.58 million in Sirik power plant based in southern Iran.
- After discussions, the Russian Ministry of Finance agreed to invest in the 1400-megawatt (MW) gas-powered plant
- Some seven Iranian companies are working in the project, employing 250 manpower directly and indirectly
Economy
QatarEnergy, partners announce oil discovery offshore Namibia
The consortium partners comprise QatarEnergy, Shell and National Petroleum Corporation of Namibia "NAMCOR".
- The consortium partners comprise QatarEnergy, Shell and National Petroleum Corporation of Namibia "NAMCOR"
- The partners will conduct analysis on the well data and further exploration activity to determine the full size and recoverable resource potential
Analysis
Growth picks up as MENA drives into EV market
Rising prices of metals, elements, and compounds used in EVs could be a headache, but the MENA region and the...
- EVs use more than the 1,400-odd chips that normal cars use has not helped matters
- Chip shortage and supply-chain bottlenecks could hamper EV adoption in the MENA region
Geostrategy
US waives sanctions for Iran civil nuclear program
The resumption of the waiver, ended by the Donald Trump administration in 2020, ‘would be essential to ensuring Iran's swift...
- The step came as talks to restore the 2015 Joint Comprehensive Plan of Action, or JCPOA, were at an advanced stage
- The talks, being held in Vienna, include Iran, the United States, Britain, China, France, Germany and Russia
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
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
Company News
Latest News
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)...
Business
MoIAT, Shahin sign strategic partnership to enhance UAE’s green mobility
ABU DHABI, UAE - UAE Ministry of Industry and Advanced Technology (MoIAT) has signed a Letter of Intent (LoI) with...
Business
IEA says renewable energy capacity to increase at record level in 2023
PARIS, FRANCE - Renewable power capacity will grow by a record number this year as high fossil fuel prices and energy...
Business
Most Read
Geostrategy
Extension of Kurdish parliament unconstitutional, says Iraq supreme court
Iraq's supreme court ruled as unconstitutional the extended mandate of autonomous Kurdistan's parliament, rendering invalid votes taken by the chamber...
- The president of the top federal court in Baghdad, found unconstitutional the year-long extension of the chamber's mandate.
- As a result, decisions taken by the Kurdistan parliament since October 2022 "are constitutionally invalid", the judge said.
Business
UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
- Under the agreements, the partners will cooperate to create incentives for people to own EVs, facilitate investment in the UAE network of electric vehicles.
- The Global EV Market is in line with the objective of the We The UAE 2031 vision of enhancing the position of the Emirates as a global partner.
Economy
World needs tangible climate solutions: Al Mubarak
More than 1,000 private sector executives and members of the Dubai Chamber had joined the path towards reducing global emissions...
- Over 1,000 private sector executives and Dubai Chamber members commit to halving global emissions by 2030, aiming for zero emissions by 2050
- UAE continues to enhance its environmental prosperity, with an emphasis on protected areas, sustainable agriculture, and nature-based solutions