Saudi Arabia spurns fossil fuel phaseout push at COP28
A tentative "phasedown/out" was included in a first draft of an agreement on climate action that delegates are haggling over...
COP28 UAE
ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
Business
Economy
Dubai’s carbon emissions have fallen by 22 percent in 2019
Dubai's carbon emissions have fallen by 22 percent in 2019, reflecting the efforts made by its strategic partners to support...
- Dubai Supreme Council of Energy discusses a resolution to achieve carbon neutrality by 2050.
- The meeting also discussed the implementation of a resolution to regulate district cooling services in Dubai.
Business
Aramco taps L&T for Saudi facility
Spread over 120,000 square meters of area, the facility which is to construed by L&T aims to create crucial equipment...
- L&T is to build the region’s first Heavy Wall Pressure Vessels facility at Jubail Industrial City
- More than 20 MoUs were signed under the Namaat program of Aramco in September 2021
Business
Aramco lands $15.5bn Blackrock deal
The deal creates the Aramco Gas Pipelines Company.
- The subsidiary Aramco Gas Pipelines Company will lease usage rights in Aramco’s gas pipelines and lease them back to Aramco for 20 years
- In return, it will receive a tariff payable by Aramco for the gas products that will flow through the network
Business
Saudi Arabia, Oman ink 13 business deals
The deals were inked by Oman Investment Authority firms with Saudi counterparts as Saudi Crown Prince Mohammed bin Salman visited.
- OQ signed three MoUs in the fields of petrochemicals, renewable energy and green hydrogen sector
- In the field of dry dock and logistic services, Asyad signed an MoU with a Saudi shipping company
Analysis
Saudi Arabia, UAE ripe for hydrogen investments
Green hydrogen has the potential to rapidly replace fossil fuels on a large scale, says Cranmore Managing Partner Yusuf Macun.
- Green hydrogen has a lot of potential particularly in heavy transport and heavy industries
- Green hydrogen has the ability to rapidly replace fossil fuels while simultaneously enhancing electrification
Business
SIDF inks deal with Engie
The agreement is expected to yield low-carbon energy services.
- The move will let SIDF employees join Engie’s knowledge-exchange 2022 training program, which will be held in Saudi Arabia
- It will also give SIDF employees the opportunity to work with experts at Engie for six months at the company's headquarters in Paris
Business
OPEC and allies may freeze oil output
The OPEC+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to...
- The emergence of the new Omicron variant of Covid-19 has put a shadow on whether OPEC+ will increase or decrease production
- The variant has led countries to reinstate travel bans and mull further restrictions that could tighten demand and hurt oil prices
Economy
OPEC+ meets under pressure from Biden and Omicron
The meeting "is shaping up to be one of the most significant since the pandemic demand recovery began, and the...
- Biden called it a "major initiative", with analysts estimating the injection at between 65 and 80 million barrels, including 50 million from the United States alone.
- The group said earlier this month it planned to boost output by 400,000 barrels per day in December, despite a room for manoeuvre that is 10 times greater
Business
Masdar to build Armenia’s largest solar plant on DFBOO basis
Masdar, a renewable energy company and a subsidiary of Mubadala Investment Company, will build a 200-megawatt solar photovoltaic (PV) plant...
- The plant will span over 500 hectares and will create a large number of direct and indirect jobs.
- The project company will be 85 percent owned by Masdar and the rest by the Armenian National Interests Fund.
Interview
UAE industries are embracing solar power
Al Bayader International, for example, has set up solar farms to offset energy costs and build sustainability, says Founder and...
- Companies want to decrease their carbon footprint and lower their electricity expenses
- As a result, they are increasingly installing rooftop solar farms to save on energy bills
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
Saudi Arabia spurns fossil fuel phaseout push at COP28
A tentative "phasedown/out" was included in a first draft of an agreement on climate action that delegates are haggling over...
COP28 UAE
Company News
Latest News
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...
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...
Business
MENA region takes significant strides towards renewable energy, says Prince Albert II of Monaco
The Monaco prince commends the Saudi Green Initiative, Middle East Green Initiative and the upcoming COP in Dubai as "remarkable...
Interview
Most Read
Business
FAB summit explores economic opportunities, net zero transition
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) is hosting a one-day summit that brings together aviation thought leaders...
- FAB recently announced that it would set financed emissions reduction targets across oil and gas, power generation and aviation.
- The summit will examine how the aviation sector will play a crucial role in supporting the UAE's objective to achieve net-zero by 2050.
Geostrategy
Iraqi Kurds await oil export renewal deal with Turkey
ARBIL, IRAQ- Officials in Iraqi Kurdistan say Baghdad is still waiting to reach a "final agreement" with Ankara to resume...
- Crude sales were Kurdistan's economic lifeblood, with 475,000 barrels exported daily via the Turkish port of Ceyhan.
- The suspension of exports represents a shortfall of around "one billion dollars", analyst Kovand Shirwani said.
Business
Dubai Supreme Council reviews progress in clean energy projects
DUBAI, UAE - Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 76th...
- The meeting discussed the progress of the Hatta hydroelectric power plant, which DEWA is building and is 70 percent complete.
- The meeting also discussed the operation of the region’s first green hydrogen production facility to support diversifying energy sources.