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
We respect climate science, says COP28 head
DUBAI, UAE - The Emirati president of the UN's COP28 talks said on Monday he respects climate science, after a leaked...
COP28 UAE
Business
ADNOC, TAQA partner to power, decarbonise offshore operations
The two companies announced on Wednesday a $3.6 billion (AED13.22 billion) strategic project to significantly decarbonise ADNOC’s offshore production operations,...
- The innovative project will see the development and operation of a first-of-its-kind high-voltage, direct current subsea transmission system in the MENA region
- It will power ADNOC’s offshore production operations with cleaner energy, delivered through the Abu Dhabi onshore power grid, owned and operated by TAQA
Geostrategy
Natural gas prices hit fresh record peaks on strong winter demand
European and UK gas prices rocketed Tuesday to all-time highs on strong winter demand and simmering geopolitical tensions between key...
- European and UK markets beat previous records from October. They are currently about eight times greater than at the start of 2021.
- Runaway spot gas prices, alongside other buoyant commodities including crude oil, have fueled mounting concern about spiking inflation worldwide.
Business
$44.92m EDB, FAB loan for Lamprell
The facility is in line with EDB's strategy to support large corporates.
- The bespoke credit facility additionally benefited from the comprehensive trade credit solutions provided by Etihad Credit Insurance (ECI).
- The facility will be utilized to support Lamprell in delivering two new build jack-up rigs for IMI which are currently under construction.
Recyclers try to conquer mountains of waste in Tunisia
Tunisian authorities are scrambling to find new sites as most of the country's 11 official dumping grounds will close by...
- Tunisia produces 2.6 million tones of waste each year, 85 percent of which ends up in landfills, while the rest goes into informal dumps
- National waste management agency of Tunisia recently admitted that it lacks resources to control the situation
Business
Moro Hub breaks ground for largest solar data center in region
The center will offer digital products and services using Fourth Industrial Revolution technologies, such as cloud services, the Internet of...
- The data center will be implemented by Moro Hub, a subsidiary of Digital DEWA, the digital arm of DEWA
- The carbon-neutral green data center will use 100% renewable energy with a capacity exceeding 100 megawatts
Geostrategy
OPEC Fund announces $352m for global development operations
The OPEC Fund for International Development has approved $352 million for sustainable development operations globally at the organization’s 178th Session...
- Members of the Governing Board also reviewed several milestones achieved as part of the OPEC Fund Strategic Framework 2030, including inaugural credit ratings.
- The Strategic Framework 2030 is designed to diversify the OPEC Fund’s financial resources and deliver greater development impact
Geostrategy
Emirates and IAEA discuss nuclear program, Expo’s role in fostering ties
Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, met with Rafael Mariano Grossi, Director-General of...
- The two sides reviewed the role of Expo 2020 Dubai in promoting international cooperation and building effective and fruitful partnerships
- The IAEA Director-General highlighted the importance of the constructive cooperation between the UAE and the International Atomic Energy Agency
Economy
Dubai reduces carbon emissions by 33 percent in 2020
Dubai reduced its carbon emissions by 33 percent in 2020, which is more than double the target of the Dubai...
- The reduction in emissions is more than double the target of the Dubai Carbon Abatement Strategy 2021.
- The share of clean and renewable energy capacity is now 11.38 percent of Dubai’s energy mix.
Business
UAE launch trials of autonomous taxis
The UAE last month approved a temporary license to test self driving taxis on the roads with safety officer sitting...
- Bayanat started the trial of two electric and two hybrid taxis under the name TXAI
- Dubai will launch 4,000 self driving taxis by 2030
Business
Iraq to increase oil production, says minister
The oil production in Majnoon Oil field will be increased to 450,000 barrels per day, said the Oil Minister of...
- He inaugurated the two buildings of Majnoon Oil Field Production and Development Authority
- Majnoon field contributes to provide good quantities of gas fuel for the uses of operating electricity power plants
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
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
Company News
Latest News
Saudi Arabia to invest $3bn in three new solar projects
Riyadh, Saudi Arabia ‒ The Public Investment Fund (PIF) owned Water and Electricity Holding Company (Badeel) and ACWA Power are investing $3...
Economy
Capable of safeguarding Gulf waters in coordination with neighbors: Iran
Iran said it is capable of ensuring the safety of the vital Gulf waters in cooperation with neighboring countries. Iran...
Geostrategy
Gulf oil giants turn to start-ups in bid to promote carbon capture
With little investment and few projects in operation around the world so far, the technology to capture carbon before it...
Business
Most Read
Geostrategy
UAE discusses clean energy partnerships with Germany, Netherlands
ABU DHABI, UAE - A senior UAE official of the Ministry of Energy and Infrastructure (MoEI) visited Germany and the...
- Over 11,500 decision-makers, energy ministers and CEOs from over 100 countries participated in the World Hydrogen Summit 2023 in Netherlands.
- A senior UAE official provided an overview of the country's energy transition, with a focus on its hydrogen industry.
Business
OPEC-China alliance key to global oil market stability
A pragmatic framework for cooperation has been established between the two entities, fostering an ongoing exchange of views on mutual...
- OPEC Secretary-General Haitham Al Ghais emphasizes the importance of the dialogue partnership with China, with a plan to reinforce and strengthen it
- A balanced framework for cooperation between OPEC and China has been established, facilitating an ongoing exchange of views on mutual energy issues, he says
Business
Masdar on way to become one of world’s largest renewable energy firms
ABU DHABI, UAE - Abu Dhabi Future Energy Company (Masdar) has announced that it has nearly doubled its clean energy...
- Masdar announced that it has nearly doubled its clean energy capacity and CO2 displacement in just two years.
- Masdar has invested, or has committed to invest, in projects globally with a combined value of more than US$30 billion.