People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
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
Economy
Middle East Energy Event to address future of energy transition
The Middle East Energy Event (formerly Middle East Electricity) will be held at Dubai World Trade Center from 7th-9th March....
- The event, formerly known as Middle East Electricity, will be held at Dubai World Trade Center from 7th-9th March.
- A study by Goldman Sachs revealed green hydrogen could meet 25 percent of global energy requirements in the next 30 years.
ADNOC announces vital gas discovery offshore of Abu Dhabi
The Abu Dhabi National Oil Company (ADNOC) has announced the discovery of natural gas resources offshore of the Emirate of...
- This discovery marks the first of Abu Dhabi’s offshore exploration concessions
- Offshore Block 2 covers an area of 4,033 square kilometers northwest of Abu Dhabi
Business
Shell reports huge profit
Net profit stood at $20.1bn in 2021 after a loss of $21.7bn in 2020.
- As lockdowns spread in 2020, oil prices dropped off a cliff, even briefly turning negative
- Prices have since rebounded sharply, with the Brent crude trading at almost $90 per barrel
Business
OPEC+ okays fresh modest oil output hike despite rising prices
The 23-nation OPEC+ group has said in a statement that it will increase production by 400,000 barrels per day in...
- OPEC+ is already struggling to meet its quotas, with some members unable to scale up their production
- Other members, such as Saudi Arabia and the United Arab Emirates, are unwilling to increase output
Economy
Top oil producers eye modest output boost as prices surge
The 23 members of the OPEC+ oil cartel, who meet on Wednesday, are expected to stick to their guns and...
- The cartel's prudent approach dates back to the spring of 2021 as demand recovered from drastic cuts in the face of the Covid-19 pandemic
- OPEC+ has not deviated from its line despite calls in the autumn from the White House to further boost supplies to tamp down prices
Economy
Second instalment of Sunref energy program launched in Palestine
Bank of Palestine (BOP) and Proparco in cooperation with the EU have jointly announced the signing of Sunref II Green...
- The purpose of SUNREF Green Finance Program is to provide solutions to promote energy efficiency and renewable projects.
- The program plays a crucial role in the Palestinian ecological system since energy services’ costs are high.
Economy
High gas prices to hit demand in 2022: International Energy Agency
IEA said the demand for natural gas is expected to fall sharply in Europe and slow in Asia. Gas demand...
- Consumption grew by 4.6 percent last year, more than double the decline experienced as the pandemic emerged in 2020, said the agency.
- How demand will fare in the short-term will depend on the weather during the northern hemisphere's heating season, the IEA said in a report.
Business
Top oil producers to discuss high crude prices
Analysts expect that this meeting will decide to boost output by 400,000 barrels per day in March, in line with...
- The 13 members of OPEC along with their 10 allies convened by video conference to set output
- Russian invasion of Ukraine will halt export of natural gas to Europe and prices would be much higher
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
Company News
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Centrica 2022 profit US$4bn
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
Salvage of oil tanker stranded off Yemen can begin: UN
In an unprecedented salvage plan, the UN has purchased a super-tanker to remove the oil from the vessel in the...
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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
Business
Sharjah’s Waste-to-Energy Project promotes renewable energy
SHARJAH, UAE - The Sharjah Waste-to-Energy Project, the first of its kind in the Middle East, has strengthened its efforts...
- Since its launch one year ago, the plant has increased its waste diversion rate from 76 percent to 90 percent.
- The move aligns with the UAE's goal of achieving climate neutrality by 2050 and diversifying the energy mix.