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
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
Geostrategy
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
Business
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.
Business
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.
Business
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.
Business
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
Economy
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
Business
EU agrees to boost use of green aviation fuel to cut emissions
Aviation emissions in Europe were on an upward curve of around five percent per year between 2013 and 2019, dropping...
- European Union is eyeing a net carbon-neutral future, and the decision to use sustainable fuel is a step towards it.
- "This agreement provides certainty for the SAF (sustainable aviation fuel) industry and airlines alike," said an official
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Company News
Tabreed 9M profit at $218m
Business
Latest News
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...
Geostrategy
We respect climate science, says COP28 head
DUBAI, UAE - The Emirati president of the UN's COP28 talks said on Monday he respects climate science, after a leaked...
COP28 UAE
Saudi energy minister calls Western climate pledges ‘small change’
"Unlike the small change offered for loss and damage from our partners in developed countries, the Kingdom through its South-South...
Geostrategy
Most Read
Business
ADNOC-Tabreed G2COOl opens
G2COOL is the first geothermal energy cooling plant in the Gulf region.
- The G2COOL plant produces naturally occurring hot water found underground through two geothermal wells.
- The hot water is fed into absorption cooling technology to produce the chilled water needed by Tabreed for its district cooling activities.
COP28 UAE
UAE’s ENEC signs MoU with TerraPower for nuclear-technology development
Dubai, UAE--The Emirates Nuclear Energy Corporation (ENEC) has signed a memorandum of understanding with TerraPower, an American nuclear innovation company,...
- ENEC and TerraPower will collaborate across various areas, including technical design and commercial viability of the TerraPower Natrium technology development
- The MoU will look to jointly accelerate the commercialisation and global deployment of Natrium technology under licensing agreements with TerraPower
Economy
Innovations spur Qatar’s petrochemical sector growth
"A fair, safe, and sustainable transition to low-carbon energy is crucial for protecting the planet and fostering economic growth. Achieving...
- Qatar's petrochemical industry sees continuous growth since QAPCO's establishment.
- QatarEnergy and Chevron Phillips join hands to build two massive ethane cracking units.