Gulf nations transition from oil to solar powerhouses
The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...
Economy
Middle East leads way in global methane mitigation
The Middle East is emerging as an important region in the battle against methane emissions, crucial for curbing global warming....
Economy
Geostrategy
Saudi Arabia, Japan issue joint statement on Lighthouse Initiative for Clean Energy Cooperation
RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The...
- Recognizing net-zero and clean energy ambitions, both sides decided to establish the KSA-Japan Lighthouse Initiative for Clean Energy Cooperation.
- The initiative will serve as a beacon for other countries and regions as they develop their strategies and roadmaps toward their net zero ambitions.
Business
DSCE gets ISO 50001, net-zero certifications for sustainable energy management
DUBAI, UAE - The Dubai Supreme Council of Energy (DSCE) has received the ISO 50001:2018 in energy management systems and...
- This followed a comprehensive assessment conducted by W3 Solutionz - USA through CanaGulf International Standardization.
- The audit process conducted by CanaGulf International Standardization was based on several guiding principles.
Economy
Prices for utilities, fuels rise 9 percent in June in Saudi Arabia
RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...
- Restaurant and hotel prices went up by 4.3 percent and education up by 3 percent.
- Clothing, shoe prices fell 2.9 percent, communication costs were down by 0.7 percent.
Geostrategy
UAE, India pledge for success of Dubai’s COP28 event
The UAE and India vowed to make this year's COP28 conference in Dubai a success, as Indian Prime Minister Narendra...
- "The UAE and India are united in their determination to ensure the successful outcome of COP28 as an inclusive and action-oriented conference," said a statement.
- The leaders of both the countries said they were "committed to enhance cooperation on climate ambition, decarbonization and clean energy".
Business
ADNOC in talks with OMV
Talk merger of shareholdings in Borouge, Borealis.
- Borouge is listed on the ADX with 54 percent owned by ADNOC.
- Borealis is owned 75 percent by OMV with ADNOC holding 25 percent.
Economy
Will extended oil production cuts stunt Saudi growth?
The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain...
- The decision to prolong oil output cuts may herald a significant reversal for the Kingdom's fast-growing economy as oil remain a key source for its revenue, say experts
- Amidst varying projections, the overall concern is clear: the extended cuts could strain the economy and may even lead to contraction if the trend continues into 2024
Business
ExxonMobil to buy Denbury
ExxonMobil will acquire Denbury for $4.9 billion.
- The all-stock acquisition provides ExxonMobil with Denbury's carbon dioxide pipeline network in Texas, Louisiana and Mississippi.
- Oil companies have championed carbon sequestration as a major response to climate change.
Arts & Culture
Sweltering heat leaves Gulf residents at risk during noon
DUBAI, UAE- As much of the world swelters in record temperatures, spare a thought for Issam Genedi, who ekes out a...
- Apart from last week being identified as the hottest ever recorded worldwide, a wave of humidity has been suffocating the Gulf
- Two weeks ago, more than 1.8 million Muslims battled through a days-long hajj pilgrimage in Saudi Arabia in temperatures up to 48C (118F)
Business
DEWA given Net-Zero statement of verification for work on climate change
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has received the net-zero statement of verification and assurance certificate in...
- This followed a comprehensive assessment conducted by W3 Solutionz - US based on the International Workshop Agreement Guidelines IWA 42:2022.
- The Net Zero Guidelines were commissioned by Our 2050 World, a global collaboration to accelerate action towards net zero through standards.
Business
IDB inks pact with IRENA
IDB will fund renewable projects by joining ETAF platform.
- The IDB plans to co-finance renewable energy projects and energy transition technologies worth US$100 million in Latin America and the Caribbean.
- By leveraging its global reach and energy transition knowledge, IRENA is actively developing a pipeline of energy transition projects .
Gulf nations transition from oil to solar powerhouses
The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...
Economy
Company News
Tawzea, NWC ink pacts
Business
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ENEC, Kazatomprom ink pact
Business
ADNOC-Tabreed G2COOl opens
Business
Oil prices rise following Red Sea attacks
Oil prices shot up three percent as more companies suspended shipping through the Red Sea following attacks on vessels by...
Market Report
ACWA Power signs $800m agreement for South Africa renewable project
Dubai, UAE -- Saudi-listed renewable energy giant ACWA Power has signed a $800 million power purchase agreement for ACWA Power Project...
Business
Plan to end e-vehicle subsidies sparks anger in Germany
BERLIN, GERMANY - The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a...
Geostrategy
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Business
ADNOC to buy stake in Fertiglobe
ADNOC to buy OCI’s entire shareholding in Fertiglobe.
- Fertiglobe is listed on the ADX and is the world’s largest seaborne exporter of urea and ammonia combined.
- It is also an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.
Business
ENEC, CNNC sign MoU
Both the firms will offer their expertise in the sector.
- The two firms will collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.
- They will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation.
Coal use to decline next year after record high in 2023: IEA
The latest forecast came after nearly 200 countries at the COP28 UN climate talks adopted a deal stating that the...
- Consumption of the dirtiest fossil fuel rose by 1.4 percent in 2023 to a record 8.5 billion tones, as increases in China, India and Indonesia outweighed falling demand in Europe
- "We expect to see a trend emerging of declining worldwide coal demand, starting in 2024," the IEA said, as renewable power generation from solar and wind continues to expand