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
Geostrategy
Extension of Kurdish parliament unconstitutional, says Iraq supreme court
Iraq's supreme court ruled as unconstitutional the extended mandate of autonomous Kurdistan's parliament, rendering invalid votes taken by the chamber...
- The president of the top federal court in Baghdad, found unconstitutional the year-long extension of the chamber's mandate.
- As a result, decisions taken by the Kurdistan parliament since October 2022 "are constitutionally invalid", the judge said.
Business
UAE energy ministry announces Global EV Market transformational project
DUBAI, UAE - UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei on Tuesday announced the launch of...
- Under the agreements, the partners will cooperate to create incentives for people to own EVs, facilitate investment in the UAE network of electric vehicles.
- The Global EV Market is in line with the objective of the We The UAE 2031 vision of enhancing the position of the Emirates as a global partner.
Economy
World needs tangible climate solutions: Al Mubarak
More than 1,000 private sector executives and members of the Dubai Chamber had joined the path towards reducing global emissions...
- Over 1,000 private sector executives and Dubai Chamber members commit to halving global emissions by 2030, aiming for zero emissions by 2050
- UAE continues to enhance its environmental prosperity, with an emphasis on protected areas, sustainable agriculture, and nature-based solutions
Business
Sharjah’s Waste-to-Energy Project promotes renewable energy
SHARJAH, UAE - The Sharjah Waste-to-Energy Project, the first of its kind in the Middle East, has strengthened its efforts...
- Since its launch one year ago, the plant has increased its waste diversion rate from 76 percent to 90 percent.
- The move aligns with the UAE's goal of achieving climate neutrality by 2050 and diversifying the energy mix.
Business
Dubai launches strategy to achieve zero emissions in public transport
This aligns with UAE's preparations for COP28 and the UAE Net Zero by 2050 Strategic Initiative, and is a part...
- This makes it the first Middle Eastern agency to develop a long-term strategy for migrating towards Net-Zero Emission Public Transport by 2050.
- The primary objectives of the strategy include the decarbonization of all taxis, limousines, and public buses and designing buildings.
Economy
Iraq budget vote delayed as Kurds oppose amendments on oil
In a country where political agreements are concluded after endless negotiations between political parties, the objection of the Kurds is...
- Iraqi Kurdistan's Prime Minister Masrour Barzani said Saturday the budget amendments amounted to "treason" and an affront to Iraqi Kurdish rights
- Iraq's oil dependent economy has traditionally been plagued by budget delays, which the government's three-year proposal aimed to avoid
Economy
Iraq warned to end oil addiction in order to avoid ‘intensive care’
Iraq looks to have renewable energies cover a third of its electricity needs by 2030 and has signed several contracts...
- Baghdad will "diversify the economy" in the next 10 years, said Muzhar Saleh, economic adviser to Iraq's prime minister
- To initiate reforms needed to achieve "green growth", the World Bank estimates Iraq must spend $233 billion, spread out until 2040
Business
Masdar city to review benefits, challenges of EVs in three day summit
ABU DHABI, UAE - Two of Masdar's spokespeople will address key issues, challenges, and opportunities in electric vehicle innovation during...
- The three-day summit is scheduled to take place at the Abu Dhabi National Exhibition Center from May 29-31.
- Lukas Sokol, Masdar City’s head of master planning, will shed light on the city’s work in introducing electric, autonomous vehicles.
Economy
Investment in solar power to overtake oil first time this year: IEA
The International Energy Agency (IEA) said that while the increasing investment in solar power is a welcome development. but investment...
- Annual investment in clean energy is expected to have risen by 24 percent from 2021 to more than $1.7 trillion in 2023, according to the International Energy Agency
- The IEA expects investment in solar power, essentially photovoltaic panels, to hit $380 billion this year while investment in oil exploration and extraction to hit $370 billion
Business
French firm ENGIE’s investments in UAE projects nearly $12 billion
Development and operation of the Mirfa 2 Reverse Osmosis Independent Water Project, and the running of six power and water...
- ENGIE investments in the UAE are spread across multiple strategic and key projects, said Frédéric Claux, Managing Director Flexible Generation and Retail, Africa Middle East Asia.
- These include the development of the Al Ajban Solar PV, water desalination projects, battery storage and green hydrogen production.
Company News
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Oil prices up on Saudi, Russia push for output reduction
Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in...
Economy
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
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Geostrategy
Russian oil price cap partially successful
LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly...
- The cap was jointly imposed on December 5, 2022 by the European Union, Australia and the Group of Seven rich countries.
- Initially successful, it lost its impact once President Vladimir Putin's Russia found new buyers for its oil and new tankers to deliver it.
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