IMF, World Bank say Gaza and Red Sea attacks risk to world economy
World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red...
Economy
‘Innovation is crucial for UAE’s energy efficiency’
"Through effective and constructive collaboration with various local and international partners, we have succeeded in establishing an integrated energy transition...
Economy
Fusion energy will be game-changing viable energy source
Private sector partners can leverage the scientific work done in public laboratories to develop the technology needed for fusion power...
- Private sector partners can leverage the scientific work done in public laboratories to develop the technology needed for fusion power plant applications, says top US physicist
- The recent discovery in inertial confinement fusion marks a significant milestone in the development of fusion energy as a viable energy source, highlights Kimberly Budil
Economy
OPEC projects world oil demand to average 101.9 mb/d in 2023
Vienna, Austria – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3...
- The world economic growth forecast for 2023 is expected at 2.6% y-o-y, following growth of 3.2% in 2022
- On crude oil futures prices, OPEC said, the prospect of oil demand recovery in China limited futures price losses
Business
UAE has incredible position in the world: Salesforce CEO
All industries and businesses should focus on net zero emissions, nature positivity, net zero business and eventually a net zero...
- All industries and businesses should focus on net zero emissions, nature positivity, net zero business and eventually a net zero world, Salesforce chief Marc Benioff tells TRENDS
- Benioff advocates for global commitment to green initiatives, net zero emissions, and has expedited One Trillion Tree initiative to tackle climate change
Economy
EU and Algeria look to consolidate energy, security ties
The 27-country bloc would like to develop the partnership with Algeria "looking at the future, by prioritizing European investments in...
- Borrell said the EU and Algeria had agreed to "relaunch high-level security dialogue", with the first meetings planned before the end of the year
- He said the EU and Algeria could "do better" on trade relations, calling for a solution "to obstacles (Algeria) introduced since June 2022 to commerce with Spain"
Business
Aramco reports bumper profits
It posted $161bn profits last year on high oil prices.
- The world's second most valuable company behind Apple, said in a filing with the Saudi stock market that net income for 2022 was $161.07 billion, up from $110 billion in 2021
- Energy prices are expected to stay elevated in 2023, in part because of production cuts approved last October by the OPEC+ cartel that Riyadh co-leads with Moscow
Geostrategy
COP28 President Designate meets with key US government officials
WASHINGTON DC, US - UAE Minister of Industry and Advanced Technology and COP28 President Designate Dr. Sultan bin Ahmed Al...
- The UAE minister discussed multilateral development bank reform as weel as an update on recent US climate policy action.
- They discussed the need to invest in global clean energy supply chains, and the role of the US-UAE Partnership for Accelerating Clean Energy.
UN buys ship to remove oil from decaying tanker off Yemen coast
The 47-year-old ship has not been serviced since Yemen's devastating civil war broke out in 2015 and was left abandoned...
- UNDP signed a contract to purchase a crude carrier from major tanker company Euronav that will head to Yemen to remove the oil from the beleaguered FSO Safer
- The United States, which has contributed $10 million, welcomed the UN announcement and called on other nations as well as private donors to fill the funding gap
Business
Siemens bags long-term service contracts for Iraqi power plants
Abu Dhabi, UAE -- Siemens Energy has been awarded long-term service contracts for several Iraqi power plants to improve energy...
- These contracts represent the first portion of prioritized projects under the Iraq Energy Agenda – Wave II agreement, which was signed in Berlin in January 2023.
- As part of the prioritized packages, Siemens Energy signed three long term service contracts, for five years each, for the Al Sadr, Kirkuk, and Al Rasheed power stations.
Economy
US wants hike in global crude output, including from OPEC: official
The United States wants to see a hike in oil production, including from OPEC countries, said a senior State Department...
- OPEC+ decided in early October to cut production by two million barrels per day and has not changed its output level since
- The US president has regularly called in the last year for an increase in the OPEC+ output, but the cartel has not raised its quotas
Science
UNÂ moves towards real-time tracking of greenhouse gases
The UN announced that it had taken a significant step towards trying to fill a key gap in the fight...
- The three major greenhouses gases are carbon dioxide, methane and nitrous oxide.
- Of those, CO2 accounts for around 66 percent of the warming effect on the climate.
IMF, World Bank say Gaza and Red Sea attacks risk to world economy
World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red...
Economy
Company News
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Adoption of electric vehicles in US face infrastructure hurdles
NEW YORK, US - The US transition to electric cars has hit a speed bump, with concerns about vehicle range and...
Business
UAE’s FANR grants operating license for unit 4 of Barakah Nuclear Power Plant
Dubai, UAE - The Federal Authority for Nuclear Regulation (FANR), serving as the UAE's independent nuclear regulatory body, has officially...
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Business
Almost all oil and gas producers developing unneeded fields: NGO
Germany's Urgewald, along with 50 other NGOs, analyzed the investment plans of 1,623 companies involved in the oil and gas...
- The Global Oil and Gas Exit List (GOGEL) said that of the 700 companies that produce oil and gas, 96 percent plan to develop new fields
- The report said that 1,023 companies plan infrastructure projects for the transport of fossil fuels, such as pipelines and liquefied natural gas terminals
Business
Aramco produces first unconventional tight gas
Dhahran, Saudi Arabia - Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully produced the first...
- Commissioned facilities at South Ghawar have a 300 million standard cubic feet per day (scfd) of raw gas processing capacity
- Work is also progressing at the giant Jafurah unconventional gas field, which is the largest liquid-rich shale gas play in the Middle East
Economy
China emissions to fall in 2024 on renewables jump
The country has been installing renewable energy capacity at breakneck speed, with new solar in 2023 alone amounting to twice...
- China is the largest greenhouse gas emitter and has brushed aside calls for a more ambitious carbon neutrality target
- IEA says the country is projected to account for 45 percent of global emissions from existing fossil fuel assets