Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
Business
Baghdad, Tehran in talks to import gas from Turkmenistan
Tehran, Iran - Baghdad and Tehran are currently engaged in negotiations to facilitate the import of gas from Turkmenistan, with...
Economy
Business
Climate change to be discussed in Dubai COP28 meet, says Egypt minister
Cairo, Egypt - Egyptian Minister of International Cooperation Dr. Rania Al Mashat, said the 28th Conference of the Parties to...
- noted that international reports indicate that the countries in the Middle East and North Africa region are most vulnerable to climate change risks
- Al Mashat added that COP28 will see presentations on the most important results and joint action taken over a year within the National Platform for Green Projects
Economy
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDANÂ - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
- The value of Jordan’s imports of crude oil, its derivatives and mineral oils went down in the first half of 2023, to reach about JD1.531 billion.
- In the first half of 2022, the value of imports of crude oil, its derivatives and mineral oils was about JD1.813 billion.
Economy
BRICS secures 47% global oil with Saudi Arabia, UAE, Iran inclusion
Tehran, Iran - The inclusion of Saudi Arabia, the UAE, and Iran, will significantly increase BRICS’ weight in the oil...
- Together with the existing participants, Russia and Brazil, these countries jointly command 39% of the global oil exports
- BRICS will also possess nearly half of the world's total oil reserves, amounting to 719.5 billion barrels out of 1.6 trillion
Economy
Saudi Arabia’s output cut stabilizes global oil market
The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent...
- The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent oil prices from dropping significantly
- Reducing production may not suffice if demand falls. However, diversifying the economy beyond oil is likely to benefit all sectors by mitigating risks, says a market expert
Turkey’s leader Erdogan in Hungary for NATO, energy talks
Hungary has still not voted to approve the Nordic country's entry into the North Atlantic Treaty Organization, having aligned itself...
- The two countries have also discussed strengthening their energy cooperation, given that Hungary already receives a large proportion of its gas via the TurkStream pipeline
- Budapest and Ankara will also be deepening their "strategic partnership", an announcement due to be made official during a visit by Erdogan scheduled for December
Business
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
- This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
- NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Geostrategy
Over 113 Emirati projects in Ethiopia, trade exceeds $6bn, says UAE envoy
ADDIS ABABA, ETHIOPIA - UAE Ambassador to the Federal Democratic Republic of Ethiopia Mohammed Salem Al Rashidi said that the...
- Masdar signed a joint development agreement with the Ethiopian government in January 2023 in Abu Dhabi to develop two solar power plants.
- Ethiopia is a key investment partner for the UAE in East Africa, as it has a large and emerging consumer market of over 100 million people.
‘Fuel of the future’: Gulf states bet on ‘green’ hydrogen
The investment in green hydrogen has not curbed expansion in oil and gas, with both the UAE and Saudi Arabia...
- In July the UAE, which will host the COP28 climate conference this year, approved a hydrogen strategy that aims to make it one of the top 10 producers by 2031
- According to Deloitte, Gulf nations will lead global clean hydrogen trade in the short-term, exporting around half of their domestic production by 2030
Business
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis technology using solar energy.
- The water desalination capacity in Dubai is currently 490 MIGD and this capacity will increase to 670 MIGD in 2026 with the completion of this project.
Economy
Under UAE Presidency, COP28 will lead global efforts to protect the planet, safeguard future generations
"The UAE possesses essential capabilities such as modern infrastructure, a commendable track record in sustainability and environmental conservation, recognition as...
- Sheikh Mohamed highlights role of youth, women, and civil society in combating climate change
- UAE invites global cooperation for collective climate action, COP28 to lead efforts under UAE Presidency
Sovcomflot 2023 net profit $900m  Â
In 2023, the firm demonstrated strong financial results.
Business
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ENEC, X-energy sign agreement
Business
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...
YEARBOOK 2023
5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
Geostrategy
Iran asserts peaceful nuclear agenda amid western concerns
Tehran, Iran - Iran's nuclear program remains peaceful, said Nasser Kanani, the spokesman for the Iranian Ministry of Foreign Affairs,...
Geostrategy
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Economy
ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
- The collaboration supports Abu Dhabi Industrial Strategy's vision to establish the Emirate as the most competitive industrial hub in the region.
- Siemens Energy will support IDB to localize the manufacturing capabilities in Abu Dhabi and provide technological solutions.
Business
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
- The government aims to raise renewable energy-based hydrogen production to at least one million metric tonnes (mt)/year by 2030.
- Local state-owned enterprise Hydrogen Oman (Hydrom) signed six investment agreements, worth over US$38 billion, with partners in 2023.
Business
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4...
- The three current commercially operating Units at Barakah, delivered in three consecutive years, are already generating more than 30TWh of zero-emission electricity every year.
- The Barakah Plant, a pivotal player in the international nuclear energy sector, boasts four APR-1400 units, marking it as one of the largest nuclear energy facilities globally.