People-positive approach needed in clean power transition: WEF paper
Dubai, UAE --Â Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
Masdar City to construct region’s first net-zero energy mosque
Abu Dhabi, UAE - Masdar City, an Abu Dhabi, UAE-based sustainability and innovation hub dedicated to making all cities a...
Geostrategy
Economy
Climate crisis puts oil in the crosshairs, but dependence persists
The International Energy Agency warned in May that an immediate halt to new investment in fossil projects is needed if...
- Fossil fuels, represent 80 percent of energy consumed, and were explicitly blamed for driving climate change at COP26
- This was not the case when the Paris climate pact was reached in 2015
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
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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
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE --Â Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
Company News
Latest News
European energy crisis could worsen, warns Qatar minister
Doha, Qatar - Qatar's energy minister warned on Tuesday the "worst is yet to come" for Europe's oil and gas shortages,...
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
Most Read
Geostrategy
UAE to implement support scheme for low-income farm owners
DUBAI, UAE - The Ministry of Community Development and Etihad Water & Electricity have announced the implementation mechanism of the...
- The support aims to reduce the financial burden related to electricity bills, as part of an integrated and holistic approach to help low-income families in UAE.
- Beneficiaries can check the monthly support amount by referring to their farms’ consumption bill through Etihad Water & Electricity’s service channels.
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