Brazil to become OPEC+ member in 2024, says group
Vienna, Austria - Major producer Brazil will join OPEC+ from next year, the oil cartel announced on Thursday. Brazil is among...
Business
COP28 host UAE braces for rising heat risk, targets carbon neutrality
As global temperatures tick higher, with this year on course to be the hottest on record, the UAE is changing...
Geostrategy
Iraq to build 2,000MW solar power projects in tie-up with a UAE-based firm
The project is the biggest investment in Iraq's renewable energy industry Iraq is planning to build a number of power...
Middle East’s oil export to India falls
In March, India had directed refiners to diversify crude supplies after the OPEC ignored New Delhi's call to ease supply...
Abu Dhabi-backed solar complex to power 158,000 facilities in Togo
ADFD reportedly provided a concessionary loan of $15 million (AED55 million) to finance the project The plant, located in Blitta...
Consortium featuring Qatar Petroleum wins 2 offshore exploration blocks in Suriname
The consortium now has the rights to explore Blocks 6 and 8 adjacent to the prolific Block 58 discoveries Qatar...
Arab countries vie with each other in $200 billion green hydrogen race
With its abundant sunlight and wind resources, the Middle East could be the hub of renewable energy The...
Iraq hopes to build 8 nuclear power reactors by 2030
The decision to go nuclear is geared to reduce the country’s external energy dependence Iraq currently uses electricity,...
Sharjah sees Al Hamriyah plant work over 80% completed
The plant has a gas turbine with a production capacity of 400 MW It also has a heat recovery boiler...
Energy minister signals end of petrol subsidy
The subsidy on petrol in Lebanon may eventually be ended Energy Minister Raymond Ghajar said it was unsustainable The subsidy...
Egypt to have electric cars on its roads by next year
Thirteen imported electric vehicles will be tested on Egyptian streets from next month The plan is in line with the...
ACWA to build Central Asia’s largest single-site wind farm in Uzbekistan
The 1500MW plant expected to cater to power needs of about 4 million households *ACWA Power also has a 1500MW...
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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
Brazil to become OPEC+ member in 2024, says group
Vienna, Austria - Major producer Brazil will join OPEC+ from next year, the oil cartel announced on Thursday. Brazil is among...
Business
Company News
France and Morocco mend ties after visa spat
Geostrategy
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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...
Economy
European Union deal to nearly double renewable energy by 2030
The provisional political agreement, which was reached after nightlong negotiations between the EU parliament and states, seeks to raise the...
Economy
Aramco seeks to become China’s all-inclusive energy, chemicals source
Beijing, China - Saudi Arabia's Aramco said it wants to be an all-inclusive source of energy and chemicals for China’s...
Business
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Science
UAE urges investment, action for water sustainability at UN meet
DUBAI, UAE – UAE Minister of Climate Change and Environment Mariam bint Mohammed Almheiri emphasized the importance of collaboration, data...
- The UAE is on track to reduce total water consumption of its food sector by over 15 percent despite doubling production by 2030.
- The UAE’s national plan - the Water Security Strategy 2036 - ensures that programs are implemented on the supply and demand side.
Market Report
Saudi Arabia’s TASI ends the week higher while UAE markets fall
Several factors contributed to the fall in UAE markets, including a decline in oil prices, worries about multinational banks' health.
- The primary index of the Abu Dhabi Securities Exchange fell by 0.5 percent, while the Dubai market's main index dropped by 0.9 percent.
- In Dubai, losses in the industrial and financial services sectors led to a 0.5 percent drop in the main index on Monday.
Geostrategy
UAE highlights food, energy insecurity at G20 Finance Track meeting
CHENNAI, INDIA - The UAE spoke on food and energy insecurity and their implications in the second Framework Working Group...
- The UAE delegation highlighted emerging uncertainties in the finance sector.
- The delegation discussed effective ways to promote global financial stability.