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
Economy
Tunisia saves more than $40 million since 2011 with solar installations
The total power installed since 2011 has reached 126 megawatts peak (MWp), resulting in a reduction in CO2 emissions by...
- The total power installed since 2011 has reached 126 megawatts peak (MWp), resulting in a reduction in CO2 emissions by 394.5 ktonnes
- In 2021, about 11,395 individual PV installations were set up, compared to 8,370 a year earlier, which is up 36 percent
Business
Qatar looks to profit from Europe gas fears over Ukraine
Qatar ruler Sheikh Tamim bin Hamad Al-Thani has the Ukraine crisis, efforts to engage the hardline Taliban administration in Afghanistan,...
- Gas supply is a key area Europe fears could be affected if Russia takes military action in Ukraine
- Australia, Qatar, and the United States are the world's biggest exporters of natural gas used as fuel
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.
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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
Centrica 2022 profit US$4bn
Business
Latest News
DEWA, ENOC sign MoU
Business
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...
Geostrategy
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...
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
Most Read
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...
- This makes it the first Middle Eastern agency to develop a long-term strategy for migrating towards Net-Zero Emission Public Transport by 2050.
- The primary objectives of the strategy include the decarbonization of all taxis, limousines, and public buses and designing buildings.
Economy
Iraq budget vote delayed as Kurds oppose amendments on oil
In a country where political agreements are concluded after endless negotiations between political parties, the objection of the Kurds is...
- Iraqi Kurdistan's Prime Minister Masrour Barzani said Saturday the budget amendments amounted to "treason" and an affront to Iraqi Kurdish rights
- Iraq's oil dependent economy has traditionally been plagued by budget delays, which the government's three-year proposal aimed to avoid
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