INSEAD Day 4 - 728x90

Energy

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Electric cars credited with lower CO2 emissions in US neighborhoods

LOS ANGELES, US – The booming use of electric vehicles in parts of California is reducing CO2 emissions in those areas,...

Business

Geopolitical tensions boost oil, weigh on equities

Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...

Market Report
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
Business

ADNOC, Tabreed say breakthrough in project to harness geothermal energy

ABU DHABI, UAE – ADNOC and the National Central Cooling Company (Tabreed) on Monday announced a breakthrough following the conclusion...
  • The landmark project, the first in the Gulf region, is set to decarbonize the cooling of buildings in Masdar City.
  • The project will further diversify the UAE’s energy mix and support the National Energy Strategy 2050.
Geostrategy

Saudi Arabia, France vow to promote secure, affordable and sustainable energy

RIYADH, SAUDI ARABIA – Prince Abdulaziz bin Salman and Agnes Pannier-Runacher, Minister for Energy Transition of the French Republic met...
  • Addressing climate change, promoting secure, reliable, affordable, sustainable supplies of energy are shared strategic priorities of Saudi Arabia and France.
  • Both countries acknowledge the importance of implementation of the United Nations Framework on Climate Change and the Paris Agreement.
Business

DEWA picks bidder for 1,800MW phase of Al Maktoum Solar Park

Dubai, UAE -- In a step towards its clean energy ambitions, the Dubai Electricity and Water Authority (DEWA), has announced...
  • Designed to be the world's largest single-site solar park, it is projected to boast a remarkable capacity of 5,000MW by 2030, with an investment infusion totaling AED 50 billion.
  • The upcoming 1,800MW 6th phase is anticipated to catapult the cumulative production capacity to 4,660MW as additional 433 MW capacity is currently under construction.
Geostrategy

US to invest $1.2 bn on facilities to pull carbon from air

The two projects -- in Texas and Louisiana -- each aim to eliminate one million tons of carbon dioxide per...
  • Direct Air Capture (DAC) techniques focus on that CO2 emitted into the air, which is helping to fuel climate change and extreme weather.
  • Each of the projects will remove 250 times more CO2 from the air than the largest carbon capture site currently in operation, the Energy Department said.
Business

IEA predicts record oil demand of 2.2m barrel a day in 2023

PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in...
  • World oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak", IEA said.
  • "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day," it said.
Business

DEWA Q2 revenue $2bn

Consolidated revenue of DEWA rose 4.1 percent in Q2.
  • For the first half of 2023 (H1 2023), DEWA’s consolidated revenue was AED 12.7 billion ($3.46bn) and net profit was AED 2.7 billion ($740m).
  • By the end of H1 2023, the Company’s net cash from operating activities increased by a record AED 837 million (227.88m) to AED 5.4 billion ($1.47bn).
Geostrategy

ADFD finances $105.4m energy security project in Tanzania

ABU DHABI, UAE -  The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of...
  • The project’s objective is to fully connect the Kagera administrative region with the national electricity grid.
  • It will reduce dependency on energy imports from Uganda and provide sustainable electricity source.
Business

Aramco Q2 profits drop 38%

The oil company's profits fell sharply to US$30.08 billion.
  • Production from the world's biggest crude exporter was down after Riyadh in April announced cuts of 500,000 barrels per day
  • The kingdom's daily production is now approximately nine million bpd, far below its reported daily capacity of 12 million bpd

Electric cars credited with lower CO2 emissions in US neighborhoods

LOS ANGELES, US – The booming use of electric vehicles in parts of California is reducing CO2 emissions in those areas,...
Business

Company News

Latest News

Saudi Arabia to highlight role in dealing with global challenges at WEF meet

RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
Economy

Biggest fuel refinery plant of Africa begins production

Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
Business

DEWA records 12.5 million digital transactions in 2023

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Market Report

Oil prices rise after US, UK strike Houthi rebels

Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
  • Wall Street had ended flat on Thursday, while the dollar was closing the week with gains against the euro.
  • The Houthis have carried out a number of strikes on vessels in the Red Sea, a key international shipping route.
Economy

World adds 50% more renewable energy capacity in 2023

The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
  • The IEA said the largest growth took place in China, with wind power additions rising by 66%
  • Europe, the US and Brazil also hit all-time highs in renewable energy capacity
Business

SEC, Emaar Economic City sign agreements  

RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
  • The two agreements aim to deliver electrical service to the second and third phases of KAEC projects.
  • These aim to provide electrical energy for major projects related to achieving the goals of the Kingdom’s Vision 2030.