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Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

Israel-Hamas war a ‘new cloud’ over world economy, says IMF

Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with...
  • IMF Managing Director Kristalina Georgieva said the International Monetary Fund was "very closely monitoring how the situation evolves" and how it is affecting oil markets
  • She said it was "too early" to assess the impact of the conflict, but "this is a new cloud on not the sunniest horizon for the world economy -- new cloud, darkening this horizon

Risk of oil supply disruptions due to Hamas-Israel conflict limited: IEA

The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its...
  • Oil prices jumped at the start of the conflict but have since eased as there was no immediate disruption to supply flows and other nations have not intervened.
  • Yet prices remain relatively high thanks to supply cuts by Saudi Arabia and Russia, with the IEA also warning it was beginning to see signs of demand destruction.

IMF forecasts UAE GDP growth of 3.4% in 2023

MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
  • The IMF's forecast is in line with that of the World Bank, which released a similar estimate two days ago.
  • It forecast that the economies of Middle East and Central Asia will grow by 2 percent in 2023 and 3.4 percent in 2024.

Oil prices spike as Hamas attack on Israel fuels supply fears

The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
  • The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high
  • It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices

Saudi Arabia launches mechanism to advance global climate goals

RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's...
  • Greenhouse Gas Crediting and Offsetting Mechanism will be accessible to all entities within the Kingdom.
  • This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to tackle their emissions.

OPEC sees no peak in global oil demand on the horizon

In its 2023 annual report, the Organization of the Petroleum Exporting Countries forecasts demand for crude to reach 116 million...
  • According to OPEC, whose 13 member states include Saudi Arabia, the Gulf states and Venezuela, oil demand will be driven by emerging and developing nations.
  • OPEC also backed developing technological solutions to reduce emissions, such as carbon capture and storage.

Saudi Arabia explores carbon capture, storage potential

“Achieving success in this area will benefit everyone and align with the goals of the Paris Climate Agreement,” he adds...
  • The Kingdom can be a source of clean hydrogen and a producer/source of clean electricity, says Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud
  • Saudi Arabia has adopted a comprehensive approach harnessing potential for renewable energy, hydrogen production, and electricity transmission, the minister adds

Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen

RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen,...
  • The signing took place during the Middle East and North Africa Climate Week 2023 in Riyadh, Saudi Arabia.
  • The MoU was signed by Saudi Arabia’s Minister of Energy and India’s Minister of Power and New and Renewable Energy.

MOCCAE and Tadweer sign MoU to launch ‘Waste to Zero’ initiative

Abu Dhabi, UAE -- UAE's Ministry of Climate Change and Environment (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer) have...
  • The initiative is part of the Year of Sustainability and UAE's preparations for hosting the Conference of the Parties COP28.
  • The initiative aims to strengthen the UAE's role in leading global action and contribute to international efforts to achieve the 43% emission reduction target by 2030.

World can’t ‘unplug’ existing energy system: COP28 head

Riyadh, Saudi Arabia - The president of the upcoming COP28 climate talks in Dubai called on Sunday for governments to abandon...
  • Climate activists have criticized the appointment of Jaber to lead the COP28 talks which kick off in Dubai next month, given that he is also head of the oil firm ADNOC.
  • But Jaber has garnered the support of COP parties including US climate envoy John Kerry, partly by emphasising his belief that "the phase-down of fossil fuels is inevitable."

EU imports US$120.5bn worth of energy products in Q4 2023

BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...

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Shell annual profit drops to US$19.4bn

Its revenue dived almost a fifth percent to US$316.6 billion.

Iran and Turkey to utilize modern tech for electricity exchange

Tehran, Iran - Iran and Turkey are set to enhance their electricity exchange capabilities through the implementation of modern technology,...

Schneider Electric, Charge&Go ink pact

The aim is to develop EV charging facility in the UAE.

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KACST, ACWA Power sign pact

The aim is to develop technologies for clean energy.
  • The center will conduct studies, scientific research, and work to attain technical development in clean energy and water sector.
  • It will also work in developing solar energy technologies, energy storage technologies to support future energy networks.

Oil sees fluctuating prices, shifting output trends

The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
  • The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
  • OPEC+ continues to dynamically adjust production, with US output reaching a record high and global demand growth led by non-OECD regions.

Clean energy largest driver of Chinese GDP growth in 2023: report

China is the world's biggest emitter of greenhouse gases driving climate change, but it is also the top producer of...
  • Investment in "clean-energy" sectors accounted for 40 percent of China's GDP expansion last year, researchers at the Finland-based CREA said
  • The researchers examined investment in solar power, electric vehicles, energy efficiency, railways, energy storage, electricity grids, wind, nuclear and hydropower