MENA energy transition slips as Hormuz crisis exposes security gaps: WEF
Hormuz disruption and weakening policy commitment dragged down Middle East transition readiness in 2026. Saudi Arabia bucked the trend with...
Geostrategy
Nigeria refinery aims to be world’s biggest with expansion
Lagos, Nigeria -- Nigeria's Dangote oil refinery, already the largest in Africa, aims to become the biggest in the world...
Geostrategy
Economy
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
- Al Multaqa Meetings empower Abu Dhabi to accelerate economic growth, by providing a platform to support investment.
- Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sectors is going from strength to strength.
Business
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,...
- Scientists at the University of California, Berkeley, say a network of sensors has logged a small drop in the volume of carbon dioxide.
- Carbon dioxide is one of the main contributors to global warming, the human-caused phenomenon of rising temperatures.
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
- Mikhail Mishustin said that the volume of LNG exports rose almost three-fold in six years.
- In January - February 2024, natural gas production in Russia increased by 11.3 percent year-on-year.
Business
Sheikh Hamdan praises ADNOC’s efforts in using AI in production process
ABU DHABI, UAE - Sheikh Hamdan bin Zayed Al Nahyan, Ruler's Representative in Al Dhafra Region, said that under the...
- Sheikh Hamdan toured key facilities and operations, learning about the company's efforts to leverage AI.
- Sheikh Hamdan emphasized on the importance of Emirati women's participation across various sectors.
Business
TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
- They will develop a greenfield industrial steam and electricity cogeneration plant for Amiral petrochemical complex.
- The Amiral petrochemical complex is expected to house one of the largest mixed-load steam crackers in the Arab Gulf region.
Economy
GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...
- The bloc is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and clean technology.
- The EU's $3.6 billion climate tax on shipping pushes for greener maritime practices, while the environmental toll of war demands global accountability and swift action.
Market Report
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...
- Moscow has escalated its aerial attacks on Kyiv, targeting key infrastructure in the wake of Ukrainian attacks on Russian oil facilities.
- Russia is a key producer of oil, while the Gaza-Israel war has given rise to worries about Middle Eastern crude supplies.
Business
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
- The CEO acknowledged China's economic growth in recent decades, and expressed admiration for the country’s ability to overcome challenges.
- He underscored the possibility of fostering broader economic globalization by strengthening ties with Chinese partners.
Business
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...
- Compared with the same period in 2022, imports decreased both in value (-34.2 percent) and in net mass (-11.7 percent).
- Comparing 2023 with 2022, the value of energy products dropped by 35 percent, while the volume dropped by 9.4 percent.
Geostrategy
OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye
VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...
- The Development and Investment Bank of Türkiye (TKYB) will on-lend the funds to small and medium-sized enterprises.
- This will help efforts to overcome the calamity’s impact and to promote a more resilient and sustainable agriculture sector.
Most Read
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
MENA energy transition slips as Hormuz crisis exposes security gaps: WEF
Hormuz disruption and weakening policy commitment dragged down Middle East transition readiness in 2026. Saudi Arabia bucked the trend with...
Geostrategy
Company News
Latest News
Nations divided ahead of decisive week for shipping emissions
London, United Kingdom -- Members of the International Maritime Organization (IMO) are divided over whether to approve a carbon tax on...
Geostrategy
ADQ and US equity firm ECP to invest $25bn in data center energy projects
Dubai, UAE -- Abu Dhabi sovereign wealth fund ADQ has partnered with the American private equity firm Energy Capital Partners...
Business
Electric, hybrid and aerial to entirely transform city life: IIT Madras expert
Easier commutes with faster, quieter, and eco-friendly vehicles would reduce travel times significantly and reduce stress for urban residents, says...
Interview
Most Read
Business
Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...
- The gas will be transported and processed in Egypt at "existing Zohr facilities to be then liquefied in the Damietta (liquified natural gas) LNG plant for export to European market
- Europe has been seeking alternative sources of natural gas since Russia invaded Ukraine almost three years ago.
Geostrategy
Norway nears 100% goal of all-electric cars
By comparison, the share of electric cars in Europe was just 13.6 percent in the full-year 2024, a decline for...
- A total of 9,343 new cars were sold in January, of which 8,954 were all-electric, the Norwegian Road Federation (OFV) said.
- Of the 50 most-sold models, only two were non-electric, the first of which came in 33rd place, the OFV said.
Business
OPEC+ sticks to oil output plan after Trump’s price demand
In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies...
- In December, eight OPEC+ countries announced they would start phasing out 2.2 million bpd of voluntary supply cuts from April.
- The decision to stick to the alliance's timetable to unwind cuts comes after Trump said last month that he would ask Saudi Arabia and OPEC to lower oil prices.