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ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.

Alpha Dhabi acquires interest in NCTH

The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.

Meraas awards construction contract

The $272m contract has been awarded for Bluewaters Bay.

SIB’s 2024 profit $272m

The profit surpassed AED 1 billion for the first time in bank's history.

AD Ports to invest in Kazakh port

Under the deal, AD Ports Group owns 51% stake.

DEWA customers can make payments via Samsung Pay

DUBAI, UAE -  Dubai Electricity and Water Authority (DEWA) has added Samsung Pay to its many options for customers to...

Global energy firms must pay up to prevent spill: Yemen company

To prevent a damaging oil spill in the Red Sea, the UN Development Programme in March took the unprecedented step...
  • Hayel Saeed Anam Group, which in August contributed $1.2 million to UN clean-up campaign, made the appeal hours before a virtual donor conference hosted by Britain and Netherlands
  • The Safer's 1.1 million barrels contain four times as much oil as that spilled in the 1989 Exxon Valdez disaster off Alaska, one of the world's worst ecological catastrophes

Iran seizes oil tanker in Strait of Hormuz, says US Navy

Iranian forces seized a Panama-flagged oil tanker in the Strait of Hormuz, the US Navy said, the second such incident...
  • A dozen Iranian Navy fast-attack craft swarmed the vessel in the middle of the strait, said a statement from the Bahrain-based US Fifth Fleet.
  • The troubled but commercially vital Gulf waters, which carry at least a third of the world's seaborne oil, have witnessed a spate of incidents since 2018.

BP back in Q1 profit

In Q1 2022, BP posted its biggest loss ever at $20.4bn.
  • BP posted for the first three months of 2022 its biggest quarterly loss ever, at $20.4 billion after taxes, after Western sanctions forced its exit from Russia
  • The company also revealed that underlying profit dropped by one fifth to $5 billion, reflecting lower energy prices compared with one year earlier

ADNOC and TotalEnergies sign agreement to export LNG globally

Abu Dhabi, UAE - ADNOC Gas announced Monday a three-year supply agreement with the TotalEnergies Gas and Power Limited for...
  • Under the deal, ADNOC Gas will supply TotalEnergies LNG, which will be delivered to various export markets around the world.
  • "This agreement reflects our commitment to meeting the needs of our customers by offering supply security," said CEO ADNOC Ahmed Alebri.

AD Ports Group purchases bulk carriers, crude oil tankers

ABU DHABI, UAE -  AD Ports Group has announced plans to expand its fleet by purchasing five bulk carriers and...
  • These vessel acquisitions will follow the recently signed agreements as part of the Group’s strategic global expansion objectives.
  • The five bulk carriers, to be purchased for AED459 million, form part of the long-term agreement with Saif Powertec, signed in April 2022.

Arabian Travel Market unveils Monday in Dubai

DUBAI, UAE - The 30th edition of Arabian Travel Market (ATM) will open Monday at Dubai World Trade Center (DWTC),...
  • The event, on May 1-4, will see global travel, tourism, and hospitality experts discuss how their industry is ‘Working Towards Net Zero’.
  • Exhibitor participation in the event has risen by 27 percent compared to last year’s event, with growth registered across all show sectors.

DEWA keen to enhance happiness in work environment, says CEO

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) affirmed its commitment to achieve the 'We the UAE 2031' vision...
  • "We harness all capabilities, technologies and digital solutions to strengthen the skills of our employees," DEWA CEO said.
  • "We consider employees the main pillar for strengthening DEWA’s position as one of the most prominent utilities in the world," he said.

AI key to global opportunities, practical solutions

"Projections indicate that AI solutions are set to contribute an estimated $13 trillion to the global GDP by 2030, optimizing...
  • Key research projects at MBZUAI focus on sustainable environment, infrastructure, healthcare, education, and large language models, says an official
  • AI has the potential to contribute to the UAE's net-zero strategic initiative by reducing greenhouse gas emissions and advancing climate progress

IEA’s call to halt oil investments will hurt market

His remarks came after the IEA Executive Director, Fatih Birol, criticized OPEC+ for their unexpected decision to reduce oil output...
  • OPEC Secretary General Haitham Al Ghais has cautioned IEA against discouraging oil investments crucial for global economic growth
  • Russia's Deputy PM Alexander Novak says the OPEC+ group, comprising leading oil producers, sees no need for further output cuts

Europe’s gas demand at 10-year low, to peak in 2025: report

The invasion of Ukraine by Russia triggered a massive shift by European nations away from Russian natural gas delivered by...

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134 nations to put food, agriculture in national climate plans

"This declaration is the moment when food truly comes of age in the climate process, sending a powerful signal to...

UAE President announces $30bn Global Climate Fund at COP28 meet

In a groundbreaking announcement at the World Climate Action Summit during the UN Climate Change Conference (COP28), UAE President Sheikh...

COP28 puts spotlight on state oil giants

Western energy firms are the usual suspects when it comes to criticism about the sector's role in climate change, but...

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Europe’s largest nuclear reactor malfunctions again

Helsinki, Finland - Finland's Olkiluoto 3, the largest nuclear reactor in Europe, stopped production on Wednesday after a test caused the plant unit...
  • Before production was interrupted at 1:35 pm (1135 GMT), Olkiluoto 3 was undergoing a fault ride-through test where a short circuit is created near the power plant
  • The reactor only resumed production last Wednesday following a shutdown due to a malfunctioning temperature measurement in the generator's cooling system

UAE to pump CO2 into rock as carbon capture debate rages

Fujairah, UAE - High in remote mountains in the oil-rich Emirates, a new plant will soon take atmospheric CO2 and pump...
  • The first CO2 injection is expected during COP28, and where the debate over hydrocarbons will be a key battle between campaigners and the oil lobby.
  • Oil producers are throwing their weight behind carbon capture and storage (CCS) technology as a global warming solution despite criticism from climate experts.

Oil prices inch up on mixed day for US stocks

World stock markets have made robust gains in recent weeks on hopes that the US central bank had finished with...
  • Fed Governor Christopher Waller said he was "encouraged" by recent progress on the economy
  • Market analysts say the gain came "as expectations build on the prospect of another output cut"