INSEAD Day 4 - 728x90

Energy

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Emirates Stallions Q1 revenue up 11%

The rise helped by strong demand in real estate

ADNOC Distribution 2025 dividend $700m

The company had reported EBITDA of $1.17 bn in 2025.

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...

Business

Middle East oil policies not dictated by US, says Russia

MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...

Geostrategy
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 .
Business

Algeria firm sign $740m contract with TotalEnergies

Algiers, Algeria - Algeria's state oil company Sonatrach said on Sunday it had signed contracts to boost gas production under an...
  • The companies will increase output from two Sahara desert fields in southeastern Algeria, for export to France and elsewhere in Europe
  • They also signed "a memorandum of understanding in the field of energy transition and renewable energies", it added
Business

4 bids for Al Ajban power project

There will be a process to select the best proposal.
  • Al Ajban Solar PV is EWEC’s third world-leading solar power project.
  • Abu Dhabi is home to world’s three largest single-site solar power plants.
Geostrategy

Pro-Iran parties urge Iraq to clear energy dues with Tehran

BAGHDAD, IRAQ - A powerful alliance of pro-Iran factions in Iraq called on Sunday on Baghdad to pressure the United States...
  • Iraq, ravaged by decades of conflict and international sanctions, relies on gas imported from its eastern neighbor for a third of its energy needs.
  • To reduce their dependence on Iranian gas, Iraq has been exploring several possibilities including imports from Gulf countries like Qatar.
Business

Dubai to expand EV charging points by 170 percent till 2025

DUBAI, UAE- Dubai Electricity and Water Authority (DEWA) aims to grow the city’s network of public charging stations by 170...
  • Dubai Electricity and Water Authority aims to grow the city’s network of public charging stations by 170 percent in less than three years.
  • The emirate’s Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050 seek to generate 100 percent of its power from clean energy sources by 2050.
Geostrategy

Saudi Arabia should ‘review’ emissions targets: French minister

France's energy transition minister Agnes Pannier-Runacher left the world's biggest oil exporter early Sunday morning after meeting with her Saudi counterpart....
  • Saudi Arabia pledged in 2021 to achieve net zero carbon emissions by 2060. Pannier-Runacher's trip came as the UAE prepares to host the COP28 climate summit.
  • Largely state-owned energy firm Saudi Aramco, the kingdom's main revenue generator, is targeting "operational net-zero" carbon emissions by 2050.
Geostrategy

Libyan rival leaders to work together for oil income

TRIPOLI, LIBYA- Rivals in politically divided Libya have agreed to form a committee on sharing oil revenues, a move welcomed on...
  • The UN Support Mission in Libya said the financial oversight committee's "inclusive approach" will help enable "a level-playing field for candidates in the polls.
  • Ballots in Libya had been due in December 2021 but disputes including who should stand in the polls meant they were never organized.
Economy

Russia to cut oil output by another 500,000 bpd

Moscow, Russia - Russia on Friday confirmed the reduction of oil supplies to markets by 500,000 barrels daily in August...
  • Earlier, Deputy Prime Minister Alexander Novak told reporters that Russia will slash oil supplies to markets in August through the reduction of exports
  • Saudi Arabia and Russia have recently announced their decision to extend cuts to oil production in an effort to bolster global oil prices
Business

Iraq, GECF discuss role of oil, gas in country’s development

BAGHDAD, IRAQ -  Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of...
  • The two discussed the oil and gas sector and stressed on the importance of supporting gas and renewable energy investment projects.
  • The two leaders discussed on the development of the oil and gas sector in Iraq and its role in the country's economy.
Economy

Oil and gas firms must invest more in clean energy

“The phase down of fossil fuels is in-evitable. It is in fact essential. But it cannot be irresponsible. We must...
  • Dr. Sultan Al Jaber, the COP28 President-Designate, highlights the need for comprehensive decarbonization and an urgent shift towards a new clean energy system
  • The COP28 President-Designate also insists on responsible management of the fossil fuel phase-down, emphasizing energy security, accessibility, and affordability

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...
Business

Company News

Latest News

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

Russia redirected most oil exports to China and India, says Novak

After President Vladimir Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a...
Geostrategy

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...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

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.
Market Report

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...
  • Yemen's Iran-backed Houthi rebels said on Monday that they had attacked two "Israeli-linked" vessels in the Red Sea..
  • Ships must travel through the Red Sea to use the Suez Canal, a key transit route for cargo and oil..
Business

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...
  • The project will reach around 50% local content in procurement during the construction and create more than 1,000 construction jobs at peak.
  • Commencement of operations is scheduled by Q2 2026, adding significant dispatchable capacity onto the grid.