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

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...

Business

India plugs into the Gulf region with power cables

India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...

Economy
Business

RAKEZ inks MoU with ICFA to foster trade in food, agriculture

RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA)...
  • This alliance seeks to create opportunities for knowledge exchange, trade promotion, investment, and research and development collaboration.
  • The agreement is set to facilitate promotional activities for trade, market access, and business matchmaking opportunities between UAE and India.
Geostrategy

Kuwait calls for border talks with Iran over gas field

KUWAIT CITY, KUWAIT -  Kuwait reinvited Iran on Monday to talks on their sea borders after Tehran said it was ready...
  • Iran and Kuwait have held unsuccessful talks for many years over their disputed maritime border area, which is rich in natural gas.
  • Saudi Arabia is also a part of the dispute since it shares with Kuwait maritime gas and oil resources in the area.
Business

Oil prices increase after Saudi Arabia and Russia cut crude output

In April, several OPEC+ members opted to slash production voluntarily by more than one million bpd -- a surprise move...
  • Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut.
  • "It's the usual knee-jerk reaction to reports of production cuts," IG analyst Chris Beauchamp told AFP, when asked about the latest oil-price gains
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.

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...
Business

Company News

Latest News

Oman to expand production of green hydrogen to boost non-oil economy

Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as...
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...
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
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Geostrategy

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...
  • The economy ministry said on Saturday that Sunday would be the last day prospective buyers could apply for the scheme.
  • Under the scheme, the government paid out thousands of euros per customer to partially cover the cost of buying an electric car.
COP28 UAE

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...
  • It gave an unmistakable signal to investors that if you continue to invest in fossil fuels you may well have serious business risks
  • It gives a signal to the investors for clean energy that they may be more profitable than many people now believe they are.
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.