UAE President announces $30bn Global Climate Fund at COP28 meet
In a groundbreaking announcement at the World Climate Action Summit during the UN Climate Change Conference (COP28), UAE President Sheikh...
Geostrategy
Oil prices inch up on mixed day for US stocks
World stock markets have made robust gains in recent weeks on hopes that the US central bank had finished with...
Economy
Saudi, UAE reach deal over oil output quotas
Major OPEC producers Saudi Arabia and the United Arab Emirates have reached a compromise in a standoff over crude output...
Adnoc joins international hydrogen council
Adnoc has been granted entry into the Hydrogen Council, through which it expects to produce greener fuel
Fossil fuel power demand has ‘peaked worldwide’
Electricity generation from fossil fuel has peaked worldwide as emerging markets are increasingly opting for cheaper renewable technology.
Fuelling troubles: Row puts Gulf powers on diverging paths
A public row between Saudi Arabia and the UAE has exposed the steadily diverging paths of once inseparable allies who...
Oil prices rise amid growing demand from India, China
Brent crude oil futures were up $1.43, 1.93%, at $75.55 Prices had dropped early in the week by the collapse...
Oil prices extend gains after OPEC+ talks fail, equities mixed
Brent broke above $77 for the first time since 2018 Breakdown of talks raises the possibility of $100 a barrel...
Disagreement between UAE, Saudi Arabia hobbles OPEC
The UAE on Sunday pushed back against a plan by the OPEC+ group to extend a pact to cut oil...
Iran’s only nuclear power plant back online
The plant was off-grid for two weeks, leading to power cuts in the country Officials blamed 'a technical fault' for...
UAE says it supports oil production increase in Aug
Seeks the OPEC+ decision to extend global supply pact deferred to another meeting OPEC's Joint Ministerial Monitoring Committee (JMMC) makes...
Solar panels power rebel-held Syrian areas
UNDP says at least 90 percent lack a stable power supply across Syria In rebel areas, there is little hope...
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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
UAE President announces $30bn Global Climate Fund at COP28 meet
In a groundbreaking announcement at the World Climate Action Summit during the UN Climate Change Conference (COP28), UAE President Sheikh...
Geostrategy
Company News
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DEWA wins top award by UK based institute
Arts & Culture
EU bloc records highest ever trade deficit in 2022
BRUSSELS, BELGIUM - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching...
Economy
Dutch refinery looks to boost production of sustainable aviation fuel
Sustainable aviation fuels are being made from different sources such as municipal waste, leftovers from the agricultural and forestry industry,...
Economy
Iraq inaugurates oil refinery in Karbala to curtail imports
The minister said the refinery, built by South Korean firm Hyundai, can produce nine million liters of fuel a day...
Business
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Business
UK warns against protectionism after US green energy subsidy
London, United Kingdom - Britain on Thursday warned against the threat of protectionism as it slammed the United States for leading...
- UK Finance Minister Jeremy Snape said the threat of protectionism is making a comeback in the world in the form of subsidy.
- US President Biden has launched $370bn initiative of subsidies for green energy and tax cuts for US manufactured e-cars, batteries.
Business
Petrofac shares surge
Petrofact and Hitachi Energy secured a $14.1bn energy deal.
- European electricity grid operator TenneT awarded the pair multi-year projects to expand offshore wind capacity in the Dutch-German North Sea.
- Shares in Petrofac soared 58% to 77.5 pence after the group's outgoing CEO Sami Iskander said the deal would "deliver affordable clean energy for millions of European homes".
Economy
Trends Poll: Saudi will reach net-zero first in GCC
Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address...
- The majority (59 percent) said Saudi Arabia will achieve the target first, followed by the UAE (24 percent) and Qatar (11 percent).
- Saudi Arabia, Qatar and the UAE account for around 10 percent of the world's annual CO2 collection at 3.7 million tons per annum (mtpa).