ADNOC to buy stake in Fertiglobe
Business
ENEC, CNNC sign MoU
Business
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Geostrategy
IEA forecasts energy demand to reach record high this decade
The IEA's annual World Energy Outlook, due out next month, will show that "the world is on the cusp of...
- The shift will have implications for the battle against climate change as it will bring forward the peak in greenhouse gas emissions, IEA executive director Fatih Birol said.
- "This is the first time that a peak in demand is visible for each fuel this decade," he wrote in FT, adding that this was happening sooner than anticipated.
Geostrategy
Building less, repurposing more key to low construction sector emissions
The industry is responsible for 37 percent of global carbon dioxide emissions and growing urbanization is spurring the construction of...
- Mushrooming urban environments -- which add new buildings in an area equivalent in size to Paris every five days -- damage life-sustaining ecosystems.
- Building less and repurposing existing structures generates 50-75 percent fewer emissions than new constructions, a report said.
Geostrategy
150 dead in Libya after storm Daniel results in floods
"At least 150 people were killed as a result of flooding and torrential rains left by storm Daniel in Derna,...
- The storm struck eastern Libya on Sunday afternoon, notably the coastal town of Jabal al-Akhdar but also Benghazi, where a curfew was declared.
- Images filmed by residents of the disaster area showed massive mudslides, collapsed buildings and entire neighborhoods submerged under water.
Business
ENEC inks MoU with OSGE
Aim is to help in decarbonization of the Polish power sector.
- One of the aims of the agreement is exploring opportunities to invest in Small Modular Reactors.
- Nuclear energy is recognised by both the UAE and Poland as an essential clean energy resource.
Business
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
- Trade between Iran and the US in January- July 2023 registered a 26 percent growth compared to the same period last year.
- Iran and the United States had traded US$24.7 million worth of non-oil products from January to July 2022.
Videos
Middle East sets global standards in renewable energy
This TRENDS Explainer Video explores how the Middle East is fueling its economy with renewables like solar, wind, and green...
- This TRENDS Explainer Video explores how the Middle East is fueling its economy with renewables like solar, wind, and green hydrogen, catalyzing a global clean energy shift
- By 2030, solar energy is expected to make up 15 percent of the Middle East's power mix, while new wind projects in Oman, Egypt, and Saudi Arabia will generate local jobs
Economy
Mega projects bet high on diversified future
This TRENDS infographic dives into Saudi Arabia’s ambitious transformation to discover how the Kingdom is reshaping its future with high...
- Saudi Arabia has allocated $250 billion in construction contracts since 2016 as part of its Vision 2030 strategy to diversify economy, attracting tourists and investments
- In 2022, Saudi Arabia emerged as the fastest-growing G20 economy, fueled by a massive $1.25 trillion investment in real estate and infrastructure projects
Geostrategy
Saudi crown prince says ready for economic partnership with BRICS
DUBAI, UAE – Saudi Arabian Crown Prince Mohammed bin Salman in a telephonic conversation with Russian President Vladimir Putin has...
- The Russian president and the Saudi crown prince discussed the outlook for BRICS expansion.
- The two leaders reviewed cooperation between the two countries within the OPEC+ agreement framework.
Business
Masdar, Africa50 sign MoU
The aim is to speed up clean energy transition in Africa.
- Masdar brings its technical expertise and extensive experience in emerging markets and will work with Africa50 to bridge the infrastructure funding gap.
- Africa50 brings its skill in developing projects in the continent and which, combined with Masdar, can help unlock clean energy potential.
Oil, gas sector emission pledges stalling: report
According to Carbon Tracker, the weakest emissions reductions commitments came from US major ExxonMobil and five majority state-owned oil firms:...
- A report by Carbon Tracker assessed and ranked emissions reductions commitments by 25 of the largest oil and gas firms, as measured by 2022 production volumes
- Some 16 firms only covered operational emissions and failed to take into account indirect emissions linked to the full life cycle and use of their products
Company News
ADNOC to buy stake in Fertiglobe
Business
ENEC, CNNC sign MoU
Business
Latest News
France drops renewables targets in new energy bill
The proposed text affirms "the sustainable choice of using nuclear energy as a competitive and carbon-free" source of electricity. But...
Economy
Oil prices slump but stock markets mostly higher
Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight...
Apple’s Vision Pro headset available in US on February 2
WASHINGTON, US - Apple on Monday said it will release its highly anticipated Vision Pro mixed reality headset in the United...
Business
Most Read
Geostrategy
UK announces Europe’s first high-tech uranium fuel plant
HALEU fuel is needed to power many of the next generation of advanced nuclear reactors, including so-called small modular versions...
- UK government said it would invest $382 million building a high-assay low-enriched uranium programme that would help "displace" Moscow from global energy mar
- The British investment is part of plans to deliver up to 24 gigawatts of electricity from nuclear power by 2050, a quarter of the United Kingdom's electricity needs
Business
UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
- This change reflects a continuous trend observed in the fuel prices over the past few months.
- September and October witnessing increases and November and December seeing reductions.
YEARBOOK 2023
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
- UAE launched ALTÉRRA, the world’s largest private investment climate action vehicle, aimed at raising and mobilizing an additional $250bn for climate action.
- Despite global headwinds, CBUAE projects 3.3 percent year-on-year growth projected for the UAE economy in 2024.