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Energy

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.

Roadmap out for environmental education, sustainable development at WEEC2024

ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and...

Several nations eager to join Charter of Cooperation, says OPEC Secretary-General

ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...

Business
Economy

Trends Poll: Saudi will reach net-zero first in GCC

Gulf countries have substantial financial and other resources to achieve zero- emission goals but they need to identity and address...
  • The majority (59 percent) said Saudi Arabia will achieve the target first, followed by the UAE (24 percent) and Qatar (11 percent). 
  • Saudi Arabia, Qatar and the UAE account for around 10 percent of the world's annual CO2 collection at 3.7 million tons per annum (mtpa).
Economy

European Union deal to nearly double renewable energy by 2030

The provisional political agreement, which was reached after nightlong negotiations between the EU parliament and states, seeks to raise the...
  • The move also comes as the EU has sought to slash its dependence on Russian fossil fuels after Moscow cut gas supplies last year.
  • The figure is a compromise between the 45 percent share for renewables that was sought by EU lawmakers and the European Commission.
Business

Aramco seeks to become China’s all-inclusive energy, chemicals source

Beijing, China - Saudi Arabia's Aramco said it wants to be an all-inclusive source of energy and chemicals for China’s...
  • Aramco CEO said the company is supplying new lower carbon products, chemicals and advanced materials, all supported by emissions reduction technologies.
  • "In particular, we see a major win-win opportunity to build a world-leading, integrated downstream sector in China," he said.
Business

DEWA, UAE energy ministry discuss cooperation for clean energy goals

DUBAI, UAE -  MD & CEO of the Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer discussed consolidating...
  • DEWA’s current capacity has reached 490 Million Imperial Gallons per Day of desalinated water.
  • DEWA is also working to increase the capacity of the transmission and distribution networks.
Science

UAE urges investment, action for water sustainability at UN meet

DUBAI, UAE – UAE Minister of Climate Change and Environment Mariam bint Mohammed Almheiri emphasized the importance of collaboration, data...
  • The UAE is on track to reduce total water consumption of its food sector by over 15 percent despite doubling production by 2030.
  • The UAE’s national plan - the Water Security Strategy 2036 - ensures that programs are implemented on the supply and demand side.
Market Report

Saudi Arabia’s TASI ends the week higher while UAE markets fall

Several factors contributed to the fall in UAE markets, including a decline in oil prices, worries about multinational banks' health.
  • The primary index of the Abu Dhabi Securities Exchange fell by 0.5 percent, while the Dubai market's main index dropped by 0.9 percent.
  • In Dubai, losses in the industrial and financial services sectors led to a 0.5 percent drop in the main index on Monday.
Geostrategy

UAE highlights food, energy insecurity at G20 Finance Track meeting

CHENNAI, INDIA - The UAE spoke on food and energy insecurity and their implications in the second Framework Working Group...
  • The UAE delegation highlighted emerging uncertainties in the finance sector.
  • The delegation discussed effective ways to promote global financial stability.
Science

EU, Germany reach deal on fossil fuel car phaseout

BRUSSELS, BELGIUM - The European Union and Germany on Saturday said they had struck a deal after a dispute over the...
  • A landmark deal to prohibit new sales of fossil fuel cars from 2035 is key to the bloc's ambitious plan to become a "climate-neutral" economy by 2050.
  • Germany demanded that the EU provide assurances the law would allow the sales of new cars with combustion engines that run on synthetic fuels.
Geostrategy

Denmark asks Nord Stream owner to help recover mystery object

COPENHAGEN, DENMARK - Denmark has invited the Russian-controlled operator of the Nord Stream 2 pipeline to help recover a mystery object...
  • Russian energy giant Gazprom holds a majority stake in the twin pipelines, with the rest owned by German, Dutch and French companies.
  • The Danish energy agency released a photo of the cylindrical object standing near the Nord Stream 2 pipeline at the bottom of the sea.
Economy

Eco-friendly goods buck global downward trade slide: UNCTAD

Trade in such goods grew by around four percent in the second half of 2022, with their combined value hitting...
  • Global trade surged to a record $32 trillion in 2022 before reversing course in the second half of the year amid deteriorating economic conditions and swelling uncertainties.
  • UNCTAD said it expected green industries to boom further as countries scale up their efforts to cut emissions and battle global warming.

Roadmap out for environmental education, sustainable development at WEEC2024

ABU DHABI, UAE - The Abu Dhabi Roadmap, a high-level plan outlining global recommendations to bolster Environmental Education (EE) and...

Company News

Latest News

Rising temperatures worry MENA region

The Middle East and North Africa (MENA) region faces severe climate change challenges, including water scarcity and extreme temperatures, with...
Economy

Masdar City completes first net-zero energy commercial building in region

ABU DHABI, UAE - Masdar City, a sustainable urban community and a business and technology hub here, has just completed...
Business

Oil slides further after OPEC delay as Asian stocks struggle

Both main crude contracts slipped more than one percent on news that the much-anticipated gathering of the major producers would...
Economy

Most Read

Geostrategy

Earth to warm up to 2.9C even with current climate pledges, says UN

PARIS, FRANCE -  Countries' greenhouse gas-cutting pledges put Earth on track for warming far beyond key limits, potentially up to a...
  • The UN Environment Program's annual Emissions Gap report is released just ahead of crucial COP28 climate talks in Dubai .
  • Taking into account countries' carbon-cutting plans, UNEP warned that the planet is on a path for disastrous heating of between 2.5C and 2.9C by 2100.
Business

ACWA Power starts commercial ops at phase 2 of Dubai’s Noor Energy

RIYADH, SAUDI ARABIA – ACWA Power Co  said it received the initial commercial operation certificate from the Dubai Electricity & Water Authority...
  • The second phase is part of a 950 MW solar CSP independent power project, the company said .
  • The financial impact from the full capacity (950 MW) is expected to show starting from the first quarter 2024.
Business

Norwegian firm expects first cross-border transport of CO2 in 2025

Oslo, Norway -- Norwegian fertilizer group Yara International on Monday signed a contract to begin transporting CO2 produced at its Netherlands...
  • Yara International signed a contract to begin transporting CO2 produced at its Netherlands plant to Norway so it can be buried under the seabed.
  • Carbon capture and storage is aimed at helping halt climate change, involves capturing CO2 emissions at factory smokestacks and burying them underground in geological reservoirs.