INSEAD Day 4 - 728x90

Energy

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Dubai approves rise in energy, water efficiency programs

DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...

Geostrategy

Brighter US economic outlook fuels global oil demand growth forecast

Rising fuel needs of ships rerouted away from the Red Sea also to increase demand, the International Energy Agency said....

Geostrategy
Business

UK warns against protectionism after US green energy subsidy

London, United Kingdom - Britain on Thursday warned against the threat of protectionism as it slammed the United States for leading...
  • UK Finance Minister Jeremy Snape said the threat of protectionism is making a comeback in the world in the form of subsidy.
  • US President Biden has launched $370bn initiative of subsidies for green energy and tax cuts for US manufactured e-cars, batteries.
Business

Petrofac shares surge

Petrofact and Hitachi Energy secured a $14.1bn energy deal.
  • European electricity grid operator TenneT awarded the pair multi-year projects to expand offshore wind capacity in the Dutch-German North Sea.
  • Shares in Petrofac soared 58% to 77.5 pence after the group's outgoing CEO Sami Iskander said the deal would "deliver affordable clean energy for millions of European homes".
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.

Dubai approves rise in energy, water efficiency programs

DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...
Geostrategy

Company News

Latest News

COP28 unveils oil and gas ‘Decarbonisation Charter’ to speed up climate action

Dubai, UAE--The COP28 Presidency Saudi Arabia have launched a landmark Oil and Gas Decarbonisation Charter (OGDC), a global industry charter...
COP28 UAE

50 oil and gas companies pledge to cut operational emission in COP28 meet

DUBAI, UAE - Fifty oil and gas companies representing 40 percent of global production pledged to decarbonize their operations by 2050...
COP28 UAE

UAE President attends Group of 77 and China meeting at COP28

DUBAI, UAE – At the UN Climate Change Conference (COP28) here, UAE President Sheikh Mohamed bin Zayed Al Nahyan attended...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

COP28 UAE

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...
  • A total of 134 countries who produce 70 percent of the food eaten worldwide signed the declaration, summit hosts the United Arab Emirates said
  • The 134 nations are home to 5.7 billion people and represent more than three quarters of all greenhouse gas emissions from the global food system
Geostrategy

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...
  • The fund, designed to address the critical gap in climate financing, aims to enable affordable access to climate finance.
  • The UAE President highlighted the global urgency of addressing climate change and its pervasive impacts on life.

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...
  • National oil companies, or NOCs, "account for more than half of global production and close to 60 percent of the world's oil and gas reserves," the IEA said
  • NOCs and the oil majors - which include BP, Chevron, ExxonMobil, Shell and TotalEnergies - will all be "critical to efforts to achieve net zero" emissions by 2050