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
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.
Business
ADNOC, TAQA award $2.4bn project for sustainable water supply
Dubai, UAE -- ADNOC and Abu Dhabi National Energy Company (TAQA) Wednesday announced the award of a strategic investment project...
- A centralized seawater treatment facility and transportation network for operations at the Bab and Bu Hasa fields in Abu Dhabi are a part of the project.
- It will replace the current high-salinity, deep aquifer water systems at the fields, reducing water injection-related energy consumption by up to 30 percent.
Business
Gazprom 2022 profit at US$15bn
With Europe off limits, Gazprom has turned toward Asia.
- Gazprom said, "Profit margins were impacted by an increase in tax payments in the second half of the year."
- Western sanctions have heavily impacted the company headed by Alexei Miller, a close ally of President Vladimir Putin.
Geostrategy
Iran, Indonesia sign trade agreement during Raisi visit
Indonesia and Iran signed a trade agreement in Jakarta where President Joko Widodo hosted his Iranian counterpart Ebrahim Raisi. Tehran...
- Under the pact, Iran will provide easier access for Indonesian exports including vegetable oil, cocoa, coffee and tobacco.
- Jakarta would lower tariffs on Iranian exports to Indonesia, including oil and its derivative products, minerals, chemicals and iron.
Economy
Saudi energy minister warns oil short-sellers ahead of OPEC+ meet
Speaking on the sidelines of the Qatar Economic Forum, Saudi Arabia's Minister of Energy Prince Salman said OPEC+ pursued three...
- “I keep advising them that they will be ouching — they did ouch in April,” Prince Abdulaziz bin Salman said. “I would just tell them: Watch out!”
- Prince Salman said that a future source of energy cannot be tackled amid foggy vision. He had called OPEC+ to stick to its Oct 2022 agreement.
European energy crisis could worsen, warns Qatar minister
Doha, Qatar - Qatar's energy minister warned on Tuesday the "worst is yet to come" for Europe's oil and gas shortages,...
- "The only thing that saved humanity and Europe this year was a warm winter, and the slowdown in the economy," said Qatari Energy Minister
- "If the economy starts churning back up in (2024) and you have just a regular winter, I think the worst is yet to come," he added
Economy
Saudi Arabia to invest $3bn in three new solar projects
Riyadh, Saudi Arabia ‒ The Public Investment Fund (PIF) owned Water and Electricity Holding Company (Badeel) and ACWA Power are investing $3...
- The solar projects are part of the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy
- These projects intend to produce a combined capacity of 4.55GWac of renewable energy, powering approximately 750,000 households
Geostrategy
Capable of safeguarding Gulf waters in coordination with neighbors: Iran
Iran said it is capable of ensuring the safety of the vital Gulf waters in cooperation with neighboring countries. Iran...
- The Gulf waters, which carry at least a third of the world's seaborne oil, have witnessed a spate of incidents since 2018.
- Recently the commander of the US Navy's Fifth Fleet transited through the Strait of Hormuz in a guided-missile destroyer.
Business
Gulf oil giants turn to start-ups in bid to promote carbon capture
With little investment and few projects in operation around the world so far, the technology to capture carbon before it...
- Now major players from Aramco to the UAE's ADNOC say that is about to change, as the UAE hosts climate negotiations this year with a message of cutting emissions.
- Aramco has invested in Carbon Clean, a UK-based firm that has developed compact technology that captures carbon from industrial smokestacks.
Geostrategy
UAE to implement support scheme for low-income farm owners
DUBAI, UAE - The Ministry of Community Development and Etihad Water & Electricity have announced the implementation mechanism of the...
- The support aims to reduce the financial burden related to electricity bills, as part of an integrated and holistic approach to help low-income families in UAE.
- Beneficiaries can check the monthly support amount by referring to their farms’ consumption bill through Etihad Water & Electricity’s service channels.
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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
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...
Geostrategy
Most Read
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
Geostrategy
Masdar City to construct region’s first net-zero energy mosque
Abu Dhabi, UAE - Masdar City, an Abu Dhabi, UAE-based sustainability and innovation hub dedicated to making all cities a...
- The mosque’s total energy requirements were reduced by 35 percent compared to international baselines using passive design
- Low-flow water fixtures, drought-resistant landscaping, and the use of recycled water for irrigation will reduce water use by 55 percent