OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
Business
Business
DEWA 9th Sustainability Report showcases its progress in sustainable development
DUBAI, UAE - The ninth Sustainability Report 2021 issued by Dubai Electricity and Water Authority (DEWA) highlights its efforts and...
- The Sustainability Report 2021 introduces partners, relevant entities and all stakeholders to its performance and practices in sustainability.
- The report demonstrates the progress made by DEWA, and its contributions to achieving the United Nations Sustainable Development Goals 2030.
Geostrategy
Saudi grants almost 450,000 metric tons of oil to Yemen
AL-MAHRA, YEMEN - The second batch of the new Saudi oil derivatives grant of 4,491,000 metric tons of diesel was...
- The grant comes as part of the Kingdom's support for the Yemeni people under the directives of Saudi King Salman and the Crown Prince
- It also comes as an affirmation of the Saudi Arabia's keenness to achieve security, stability and development for the Yemeni people
Market Report
Gulf markets fluctuate due to geopolitics, oil prices
Saudi market's primary index fell for the eighth week in a row. Abu Dhabi index fell for four of five...
- First Abu Dhabi Bank, Global Holding and Aldar Properties contributed to the fall of the Abu Dhabi index.
- The drop in DEWA shares price, Emirates NBD Bank among others also contributed to the fall in the Dubai index.
Geostrategy
Iraq tells visiting Italy PM it seeks closer economic ties
Iraq's prime minister appealed to visiting Italian counterpart Giorgia Meloni for closer economic ties with his oil-rich country suffering from...
- Italian oil firm Eni has been involved in exploration and production in Iraq for over a decade.
- The United Nations says Iraq is one of five countries most exposed to some impacts of climate change.
Economy
DEWA launches construction work of Hatta Sustainable Waterfalls project
DUBAI, UAE - MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer has launched the...
- The Hatta Sustainable Waterfalls project is unique for its innovative architectural idea.
- The Hatta Sustainable Waterfalls project will use the slope of the upper dam of Hatta plant to create a natural waterfall.
Economy
Gas giant Algeria slams EU gas price cap
Algeria "doesn't support the idea of limiting prices", Energy Minister Mohamed Arkab said, speaking a day after EU energy ministers...
- The EU price cap, agreed Monday after months of negotiations, will apply from February 15 and run for a year
- EU countries are worried that they will have a hard time filling gas storage tanks in time for next winter
Geostrategy
Iran, EU diplomatic heads meet at Jordan summit
SWEIMEH, JORDAN - Iran's Foreign Minister Hossein Amir-Abdollahian met Tuesday with EU foreign policy chief Josep Borrell on the sidelines of...
- The meeting comes at a time when negotiations in Vienna aimed at reviving the 2015 Iran nuclear deal are stalled.
- EU foreign policy chief Josep Borrell tweeted that the meeting was "necessary... amidst deteriorating Iran-EU relations".
Geostrategy
Iran says Jordan summit is a good opportunity for nuclear talks
TEHRAN, IRAN - Iran's foreign minister said Monday that a summit to take place this week in Jordan will be a...
- On-off talks to revive the deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), started in April last year.
- A UN nuclear watchdog team led by IAEA deputy director-general was on a one-day visit to Iran.
Science
UN nature deal calls to protect 30% of planet by 2030
MONTREAL, CANADA - A UN nature deal proposed Sunday calls to protect at least 30 percent of the planet by 2030...
- It called on wealthy countries to increase financial aid to the developing world to $20 billion annually by 2025.
- Developing countries, spearheaded by Brazil, were seeking the creation of a new fund to signal the global north's commitment to the cause.
Science
Dubai Supreme Council of Energy reviews efforts to achieve net-zero carbon emissions by 2050
DUBAI, UAE - Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 73rd...
- The meeting discussed a proposal by ENOC to supply petroleum products to Al Maktoum International Airport through the Falcon Station in Jebel Ali.
- It also discussed the national system for trading carbon credits in cooperation with the Ministry of Climate Change and the Environment.
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
Business
Company News
Latest News
Qatar eyes North Field to boost liquefied gas output
Qatar plans a 60% boost in liquefied gas production by 2027 through North Field expansion, tapping the world's most substantial...
Economy
Qatar signs 27-year gas deal with UK’s Shell
Last year Shell inked a deal with QatarEnergy for a 9.4% stake in Qatar's North Field South project, the second...
Business
Emirati investments in Turkey reach $5.6 billion in 2022
ABU DHABI, UAE – Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative...
Business
Most Read
Security risks hit gas flow amidst Israel-Hamas row
Israeli decision to suspend gas supply from Tamar field due to security concerns affects energy and gas sector, resulting in...
- Israeli decision to suspend gas supply from Tamar field due to security concerns affects energy and gas sector, resulting in weekly losses of hundreds of millions of dollars
- Chevron shifts gas exports as Israeli government declares market emergency, while local supply maintained with power plants ready with alternative fuels for energy stability
Business
Red Sea Global builds largest off-grid EV charging network in Saudi Arabia
RIYADH, SAUDI ARABIA - Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala...
- The network includes more than 150 charging stations spread across phase one of The Red Sea destination area.
- The stations are placed to keep RSG’s initial fleet of 80 electric Lucid and Mercedes vehicles charged and on the road.
Economy
UAE invests $36bn in renewable energy projects in 2022, says ADDED Â chairman
ABU DHABI, UAE - Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Jasim Al Zaabi has said...
- The UAE has successfully enticed a staggering US$23 billion in 2022, up 10 percent from 2021, to be ranked 16th globally in FDI attraction.
- UAE is now the world's fourth-largest recipient of greenfield projects, with nearly a thousand ambitious ventures announced last year.