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
COP28 draft agreement includes option to do nothing on fossil fuels
The fate of oil, gas and coal is the thorniest issue being thrashed out at the COP28 UN climate talks...
COP28 UAE
Economy
Dubai Metro cuts emissions by 2.6m tons, yields $31bn in benefits
Dubai Metro has eliminated about 1 billion private-vehicle journeys, yielded monetary benefits worth AED115 billion and reduced carbon dioxide emissions...
- The Metro has eliminated about 1 billion private-vehicle journeys, said Mattar Mohammed Al Tayer, Chairman of the Board of Executive Directors of the Roads and Transport Authority.
- Al Tayer said the metro network, which spans 74 km, had been completed in just four years. The total length of the rail network is about 101 km.
Economy
Dubai supports expansion of financial markets in UAE : Minister
Finance Minister of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum affirmed that his government provided all support needed...
- Dubai Finance Minister Sheikh Maktoum bin Mohammed bin Rashid said Dubai Mercantile Exchange (DME) was able to gain the confidence of major oil producers.
- DME is located within the Dubai International Financial Centre (DIFC), a financial free zone designed to promote financial services.
Economy
Saudi merchandise exports shot up 82.5 percent
According to a report by General Authority for Statistics (GASTAT), the overall merchandise exports of Saudi Arabia increased by 82.5%...
- The value of exports amounted to SAR 107.3 billion ($28.61 billion) in November 2021, up from SAR 58.8 billion ($15.68 billion) in November 2020
- This increase originated mainly from oil exports, which rose by SAR 43.1 billion ($11.49 billion) or 112.8% in the same period
Economy
Iraq exported oil worth $7 billion in December
The additional revenues of $143 million were achieved from selling quantities of shipments of exported crude oil at a price...
- The additional revenues of $143 million were achieved from selling quantities of shipments of exported crude oil at a price premium
- The exported quantities were loaded by 29 international companies from ports of Basra, Khor al-Amiyah, mono-buoys on the Gulf, and the Turkish port of Ceyhan
Economy
Largest renewable energy project in Oman opened
The 500 megawatt utility, which cost RO 155 million, figures among Oman Vision 2040 major projects aimed at protecting natural...
- The 500 megawatt utility, which cost RO 155 million, figures among Oman Vision 2040 major projects aimed at protecting natural resources
- The project has been established on an area of 13 million square metres of which 1.5 million was accorded to the double-sided solar panel
Business
Fitch upgrades Saudi Electricity Company’s rating after improved record
Fitch Solutions has upgraded the Saudi Electricity Company's credit rating from A- to A with a stable outlook, an upgrade...
- The international agency emphasized that the new classification was driven by the result of the improvement of the company's independent credit record.
- The agency said that the company's independent credit rating reflects its large revenues and strong market status in the electricity generation.
Economy
Dubai’s energy demand up by 10 percent in 2021, T&D losses down
DEWA achieved a new world record in electricity Customer Minutes Lost (CML) per year, recording 1.66 minutes in Dubai
- Energy demand in 2021 reached 50,202 gigawatt-hours compared to 45,712 gigawatt-hours in 2020.
- In 2020, DEWA reduced losses in electricity transmission and distribution networks to 3.3 percent, which is less compared to that in Europe and the US.
Economy
DEWA inaugurated 16 new power substations costing $797m in 2021
Dubai Electricity and Water Authority (DEWA) has inaugurated 16 new substations in 2021 at the cost of about AED2.928 billion...
- DEWA installed 222 kilometers of 400kV overhead transmission lines and 97 kilometers of 132 kV ground cables to connect the substations to the main transmission network.
- DEWA’s investments in existing and completed electricity transmission projects in 2021 reached AED9.5 billion.
Business
World needs smarter policies for carbon transition to succeed: Crescent Petroleum
Carbon transition policy must be tailored to each country’s needs and dynamics, Majid Jafar, the CEO of Crescent Petroleum, said.
- Carbon transition policy must be tailored to each country’s needs and dynamics, Majid Jafar, the CEO of Crescent Petroleum, said
- Crescent Petroleum became one of the first companies in the industry to achieve carbon neutrality across its operations in 2021
Business
Israeli firm develops body cams with facial recognition
Tirza, a former Israeli army colonel, says his company Yozmot Ltd aims to produce a body-worn camera enabling police to...
- Tirza, a former Israeli army colonel, says his company Yozmot Ltd aims to produce a body-worn camera enabling police to scan crowds and detect suspects in real time
- Facial recognition in law enforcement has sparked global criticism, with US tech giants backing away from providing the technology to police, citing privacy risks
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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
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
Company News
Centrica 2022 profit US$4bn
Business
Latest News
DEWA, ENOC sign MoU
Business
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...
Economy
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...
Business
Dubai launches strategy to achieve zero emissions in public transport
This aligns with UAE's preparations for COP28 and the UAE Net Zero by 2050 Strategic Initiative, and is a part...
Business
Most Read
Economy
Iraq warned to end oil addiction in order to avoid ‘intensive care’
Iraq looks to have renewable energies cover a third of its electricity needs by 2030 and has signed several contracts...
- Baghdad will "diversify the economy" in the next 10 years, said Muzhar Saleh, economic adviser to Iraq's prime minister
- To initiate reforms needed to achieve "green growth", the World Bank estimates Iraq must spend $233 billion, spread out until 2040
Business
Masdar city to review benefits, challenges of EVs in three day summit
ABU DHABI, UAE - Two of Masdar's spokespeople will address key issues, challenges, and opportunities in electric vehicle innovation during...
- The three-day summit is scheduled to take place at the Abu Dhabi National Exhibition Center from May 29-31.
- Lukas Sokol, Masdar City’s head of master planning, will shed light on the city’s work in introducing electric, autonomous vehicles.
Economy
Investment in solar power to overtake oil first time this year: IEA
The International Energy Agency (IEA) said that while the increasing investment in solar power is a welcome development. but investment...
- Annual investment in clean energy is expected to have risen by 24 percent from 2021 to more than $1.7 trillion in 2023, according to the International Energy Agency
- The IEA expects investment in solar power, essentially photovoltaic panels, to hit $380 billion this year while investment in oil exploration and extraction to hit $370 billion