Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
Unit 4 of UAE’s Barakah Nuclear Energy Plant commissioned
Abu Dhabi, UAE - The Emirates Nuclear Energy Corporation (ENEC) on Friday announced that its operating and maintenance subsidiary, Nawah...
Economy
Business
DEWA’s R&D Center develops technology to simulate leaks in water transmission pipes
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) ’s Research and Development (R&D) Center has developed an advanced, smart...
- The center developed the facility using software and hardware, based on the concept of the Internet of Things (IoT).
- Based on experimental data using the facility, the developed algorithm was able to identify leakage events with 94.4 percent accuracy.
Business
UK to scrap energy windfall tax if oil, gas prices drop further
The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop...
- The government said it would return to 40 percent should average Brent North Sea oil fall to, or below, $71.40 per barrel for two quarters in a row.
- Should prices remain above historical norms, the windfall tax would remain until October 2028 as previously announced.
The phase down of fossil fuels is inevitable: Emirati COP28 chief
Al-Jaber, who runs the Abu Dhabi National Oil Company (Adnoc), defended a COP28 roadmap that includes a "global goal to...
- "The phase down of fossil fuels is inevitable," Sultan al-Jaber said on the sidelines of technical climate talks six months ahead of the summit
- On Wednesday, al-Jaber signed a statement with EU Commission chief calling for “a transition towards energy systems free of unabated fossil fuels"
Business
Barakah Plant’s final unit begins operational readiness preparations, says ENEC
ABU DHABI, UAE - The Emirates Nuclear Energy Corporation (ENEC) has announced that Unit 4, the fourth and final unit...
- Barakah Plant has had a transformational impact on the UAE, spearheading the rapid decarbonization of the UAE’s power sector.
- Unit 4 will raise the Barakah Plant’s total clean electricity generation capacity to 5.6GW, equivalent to 25 percent of UAE’s electricity needs.
Economy
Eurozone in recession after two successive quarters of shrinking GDP
The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second...
- The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy.
- Two consecutive quarters of shrinking gross domestic product is the threshold for a technical recession.
Business
Saudi Arabia’s RVCMC to hold biggest carbon credit auction in Nairobi
The event on Jun 14 aims to sell more than 2 million tons of high-quality CORSIA carbon credits registered with...
- An auction held by RVCMC last year at Future Investment Initiative (FII) in Riyadh was then the largest-ever auction with 1.4 million tons of carbon credits sold.
- RVCMC was established by PIF and Tadawul Group to help MENA businesses play their role in the global transition to zero neutrality.
Geostrategy
US official meets UAE diplomats to discuss climate change
DUBAI, UAE - US special climate envoy John Kerry has met senior Emirati officials in Abu Dhabi, including the head of...
- Oil producers have for year touted carbon capture as a potential global warming solution.
- With little investment, carbon capture technology is nowhere near the scale needed to make a significant difference.
Economy
OPEC+ looks to slash production to rein in weak prices
The UAE energy minister Suhail Mohamed Al Mazrouei said he expected the outcome of meeting to "balance the market and...
- The 13-member OPEC is due to consult with 10 other oil-producing nations, including Russia, to review the grouping's future output policy
- An output cut of 700,000 bpd to one million bpd was one of the options being discussed, a source told AFP, stressing that nothing was set in stone
Business
Renewable power capacity to rapidly expand, IEA report reveals
PARIS, FRANCE - Renewable power capacity is expected to jump by a third this year globally as growing policy momentum,...
- Renewables are at the forefront of Europe’s response to the energy crisis, accelerating their growth there.
- New policy measures are also helping drive significant increases in the United States and India over the next two years.
Business
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
- The move is part of the UAE's efforts to accelerate decarbonization and digitalization within the global manufacturing sector.
- First implemented in the UAE in February in line with the UAE Net Zero by 2050 strategic initiative, the ITTI will soon be deployed in the region.
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
Economy
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Mideast ministers met with Joly, Trudeau in Ottawa to discuss Israel-Hamas war
OTTAWA, CANADA — A group of foreign ministers from the Palestinian Authority, Saudi Arabia and Turkey met Canadian Foreign Affairs...
Geostrategy
UAE leads global renewable energy drive: IRENA envoy
The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent...
COP28 UAE
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
Business
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Business
Tawzea, NWC ink pacts
The companies have signed two agreements.
- Tawzea is a 50:50 joint venture between Saudi Arabian Amiantit Co and Sustained Infrastructure Holding Co.
- Under the first contract, Tawzea will operate and maintain the water network in Makkah and its governorates.
COP28 UAE
COP28 draft agreement includes option to do nothing on fossil fuels
The fate of oil, gas and coal is the thorniest issue being thrashed out at the COP28 UN climate talks...
- The draft of global climate agreement forms the basis of negotiations that will unfold in coming days, with a final text expected in theory by December 12
- It is a formal response to the "global stocktake", a damning report card published in September that highlighted how little the world had done to confront the climate crisis
COP28 UAE
Saudi Arabia spurns fossil fuel phaseout push at COP28
A tentative "phasedown/out" was included in a first draft of an agreement on climate action that delegates are haggling over...
- UN chief called for a total phaseout of fossil fuels, warning "complete disaster" awaits mankind
- Saudi Arabia has revamped its energy sources, invested in renewables and improved energy-efficiency