Qatar minister urges Gaza ceasefire to end Red Sea insecurity
The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to...
Geostrategy
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
Business
ExxonMobil 2022 profit at $55.7bn
Results reflect higher production of oil, natural gas.
- The huge profits by oil companies have sparked pushback from governments.
- In 2022, ExxonMobil put $29.8 billion into shareholder distributions, evenly split between dividends and share repurchases.
Geostrategy
Green energy investment tops $1 trillion, matches fossil fuels
Despite the milestone, spending on energy transition technology must immediately triple to meet the target of net-zero emissions by 2050...
- This is up 31 percent on the previous year and marks the first time the investment total has been measured in trillions.
- China -- the world's biggest polluter -- was by far the largest investor in energy transition, with the United States a distant second.
Business
European demand for US natural gas leads to investment boom
Production of the fuel reached 3.1 trillion cubic feet for the month of October, according to the most recently available...
- The industry has been in growth mode since the summer of 2021 when Russia began trimming shipments to Europe, according to Steven Miles
- In recent years, some 14 new liquefaction terminals have been approved in US, with the first set to begin operating in 2024
Business
‘Saudi to invest US$266bn in cleaner energy’
Saudi Arabia plans to invest more than US$266 billion to produce cleaner electricity and expand its power grid, the kingdom's...
- Despite its goal of achieving net zero carbon emissions by 2060, Saudi Arabia remains hugely dependent on crude oil exports.
- The Saudi minister said the Kingdom is determined to be the leading exporter of clean hydrogen.
Geostrategy
Fight global warming without harming economic growth: COP28 chief
The UAE is pushing the merits of carbon capture -- removing carbon dioxide as fuel is burned, or from the...
- Sultan Al Jaber, the UAE's special envoy for climate change and CEO of oil giant ADNOC, said the energy transition needed to make the planet "wealthier and healthier".
- The UAE, one of the world's biggest oil producers, argues that crude remains indispensable to the global economy and is needed to finance the energy transition.
Economy
Saudi Arabia explores space to secure solar energy
The Kingdom is studying the feasibility of investing in the futuistic UK project, which if materialized may play an important...
- The Kingdom is studying the feasibility of investing in the futuistic UK project, which if materialized may play an important role in combating climate change
- The project's cost is likely to exceed tens of billions of dollars amid expectations that the space solar energy project will be completed by 2040, reports suggest
Business
DEWA commissions 17 transmission substations worth US$871m in 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) inaugurated 17 new substations in 2022.These include fifteen 132kV stations with...
- The transmission substations include 15 132kV stations with a conversion capacity of 2,280 megavolt amperes (MVA) and two 400kV stations with a conversion capacity of 4,000 MVA.
- DEWA installed 5km of 400kV overhead transmission lines and 247km of 132 kV ground cables to connect the substations to the main transmission network.
Economy
Libya and Italy sign US$8bn gas deal as Europe searches for energy
The agreement was signed in the presence of Meloni and her host Abdulhamid Dbeibah, who heads the UN-brokered Government of...
- Eni said it was the first major project in Libya since early 2000 and involved the development of two offshore gas fields
- During her trip to Libya, Giorgia Meloni was expected to discuss the issue of migration amid rising numbers of irregular migrants from Libya to Italy
Geostrategy
Italy PM Meloni in Libya to discuss energy, migration
Italian Prime Minister Giorgia Meloni arrived in the Libyan capital Tripoli for talks on energy and migration, Libyan state media...
- Libya and Italy are key trade partners, particularly in energy, where Italian giant Eni plays a major role in tapping into Africa's largest known oil reserves.
- Meloni was accompanied by Eni chief Claudio Descalzi, who is expected to sign a deal with Libya's National Oil Company.
Business
DEWA’s virtual employee ‘Rammas’ responds to over 6.8mn enquiries since 2017
DUBAI, UAE - Dubai Electricity and Water Authority’s ( ) virtual employee ‘Rammas’, which uses Artificial Intelligence (AI), answered over...
- DEWA CEO said the firm launched Rammas as part of its strategy to employ AI in all its operations and services.
- Rammas encourages the use of smart channels, reduces the number of visits to DEWA’s Customer Happiness Centers.
Qatar minister urges Gaza ceasefire to end Red Sea insecurity
The Houthis, who control vast swathes of Yemen, have said the attacks, beginning in November, have targeted vessels linked to...
Geostrategy
Company News
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Saudi pioneering solutions for water scarcity
The kingdom is forging partnerships with major corporations to revolutionize water technologies and achieve water self-sufficiency.
Analysis
Oil prices edge up on Iraq’s backing for OPEC+ output cuts
New York, United States - Oil prices saw a modest 2% increase on Friday, boosted by Iraq's expressed support for...
Economy
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Business
DEWA Q3 2023 revenue $2.5bn
The revenue was driven by demand for electricity, water.
- For January-September 2023, DEWA’s consolidated revenue totalled US$6 billion with an operating profit of US$1.8 billion.
- By the end of Q3 2023, DEWA’s net cash from operating activities increased by a robust US$205 million to US$2.6 billion.
Geostrategy
Saudi urges leniency in climate change policies for low income nations
Riyadh, Saudi Arabia - Saudi Arabia said on Thursday that policies to address climate change should not "crush the bones" of...
- Climate change is "relevant and important" but "should not be attended to by crushing the bones and the future of the less (powerful) people," Prince Abdulaziz said.
- Prince Abdulaziz said on Thursday that attempts to provide financial support to countries affected by climate change had so far delivered poor results.
Interview
Diversification remains crucial for oil-rich nations
Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in...
- Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in an interview
- She highlights the need for a global sustainability approach, emphasizing localized transitions, inclusivity, and the urgency of shifting to sustainable development