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.

Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid

Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...

Economy

Poorer countries need money before raising climate targets, says COP29 head

Copenhagen, Denmark - Developing countries should not have to set stricter targets for cutting their carbon emissions before funds are available...

Geostrategy
Economy

OPEC+ strives for market balance, sustainable growth

The international oil bloc’s technical team constantly monitors variables in global oil markets and presents its recommendations to the ministerial...
  • UAE updates energy strategies and aligns with climate goals, helping it rank second in global Green Future Index, says a UAE minister
  • The Gulf country has invested over $50 billion in clean energy projects and pledges an additional $50 billion over the next decade, he adds
Business

Iraq exports crude oil worth over US$7bn in June 2023

BAGHDAD, IRAQ -   Total crude oil exports in June reached over 100 million barrels, the Iraqi government said in a...
  • The majority of these exports - amounting to almost 99 million barrels - originated from the oil fields in central and southern Iraq.
  • The average daily export volume was pegged at over 3.3 million barrels. The average price per barrel for the month was recorded at $71.11.
Geostrategy

France, UAE share vision to shift towards clean energy

PARIS, FRANCE - French Minister of Foreign Trade Olivier Becht said his country and the UAE share a common vision...
  • The UAE and his country are working together on low-carbon energy solutions, the French minister said.
  • The minister highlighted the rising number of natural disasters globally caused by climate change.
Economy

OFID, partners offer $60m loan to Tanzania for renewable energy

VIENNA, AUSTRIA -  A new US$60 million loan by the OPEC Fund for International Development (OFID) and partners is expected...
  • The project will include constructing a 166km overhead transmission line connecting the Kagera region to the national grid.
  • Tanzania is investing in expanding its hydropower capacity with plants under development at Rusumo and Kakono in its northwestern region.
Economy

UAE offers the world an eco-friendly economic model

“The World Meteorological Organization is extremely pleased with the UAE's actions, including the decision to increase investment in clean energy...
  • The UAE's economy is less than 20 percent reliant on fossil fuels, setting a leading example in the Gulf region, says WMO Secretary-General Prof Jukka Petteri Taalas
  • The UAE's commitment to clean energy and the decision to host the IRENA headquarters align with WMO's strategy for addressing climate change, he points out
Business

Aquaterra gets UAE contract

Firm will deliver a complete end-to-end managed service.
  • Aquaterra Energy will work closely alongside in-country partners to manufacture and transport the project equipment.
  • This will provide thousands of hours of local employment for the region, as well as opportunities for upskilling and knowledge sharing.
Business

ADNOC Distribution, HPCL ink agreement

Will help to enhance efficiency of overseas operations.
  • With an annual demand of three billion liters, India is among the world’s most significant markets for lubricants.
  • ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.
Economy

Libya’s east-based government threatens to block oil exports

Libya's internal turmoil may worsen with the head of the country's east-based administration threatening to block oil and gas exports...
  • Hamad also said that he had "frozen" 2022 oil revenues "equivalent to more than 130 billion dinars" (around $27 billion) as a first step
  • He accused the government in Tripoli of squandering energy revenues by making "extravagant spending", without elaborating
Business

Aramco, TotalEnergies to construct petrochemical unit in Saudi Arabia

Saudi Aramco and France's TotalEnergies signed contracts to start building an $11-billion petrochemicals facility in the Gulf kingdom, the two...
  • The move "marks the start of construction work on the joint petrochemical expansion", Aramco and TotalEnergies said in a joint statement.
  • The project, first announced in 2018, represents an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco and TotalEnergies.
Business

Siemens Energy shares fall due to technical problems at wind turbine unit

FRANKFURT, GERMANY -  Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...
  • Siemens Energy said it was setting aside over US$1.1 billion over the coming years to fix the issues at troubled wind turbine subsidiary Siemens Gamesa.
  • Shares in Siemens Energy plunged by more than 30 percent shortly after trading opened in Frankfurt, and ended the day about 37 percent lower.

Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid

Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
Economy

Company News

Latest News

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

IEA boss says COP28 bid farewell to fossil fuels

PARIS, FRANCE - While the UN's COP28 climate summit marked a pivot moment, when the world pledged to say "goodbye" to...
COP28 UAE
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

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
Business

OPEC+ cartel’s grip on oil market loosening as demand slows: IEA

Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up...
  • The Paris-based IEA, which advises oil-consuming nations, noted that prices had fallen by around $25 per barrel since September highs.
  • Efficiency improvements and a booming electric vehicle fleet have also been lowering oil demand, it added.