Shell annual profit drops to US$19.4bn
Its revenue dived almost a fifth percent to US$316.6 billion.
Business
Oil sees fluctuating prices, shifting output trends
The crude oil market experienced significant volatility in the year 2023, with prices swinging dramatically, influenced by various global factors.
Business
Market Report
World equities extend gains on Fed rate optimism
Global stocks rose as Federal Reserve boss Jerome Powell flagged a moderation in interest rate hikes, while China signaled a...
- Equities were also helped by signs that China is edging towards a more pragmatic approach to fighting the coronavirus.
- The dollar sank, having soared across the board this year as Fed monetary policy diverged more and more from other central banks.
Geostrategy
UK ousts China from new nuclear project Sizewell
LONDON, UK - Britain on Tuesday ousted China's nuclear firm CGN from construction of its new Sizewell C nuclear power...
- The announcement came one day after Prime Minister Rishi Sunak warned that the "golden era" of UK-China relations was "over"
- Sizewell C, which is under development on the Suffolk coast in eastern England, will power the equivalent of about six million homes.
Business
Qatar reaches long-term gas supply deal with Germany
QatarEnergy's partner, US firm ConocoPhillips, will supply the gas from Qatar's North Field East and South projects from 2026 to...
- QatarEnergy's partner, US firm ConocoPhillips, will supply the gas from Qatar's North Field East and South projects from 2026 to the Brunsbuttel LNG terminal
- Negotiations with European countries had previously struggled as Germany and others balked at signing the type of long-term deals made with Asian nations
Business
Kazakhstan eyes energy takeovers after blackouts, ‘mismanagement’
ALMATY, KAZAKHSTAN - Kazakhstan warned Monday it could nationalize struggling energy companies in the oil-rich Central Asian country after the...
- Kazakhstan is a net exporter of energy, but high gas prices this year fueled historic and bloody protests.
- Last month, Kazakh authorities said 65 percent of regional electricity networks needed repair.
Economy
Asian markets, crude drop on China unrest
Investors are now looking ahead to the release of US jobs data at the end of the week, which could...
- China-linked stocks took the brunt of selling, with Hong Kong's Hang Seng Index down two percent and Shanghai off one percent
- The prospect of a hit to demand in the world's biggest crude importer hammered oil prices, with both main contracts down more than two percent
Business
DEWA commissions two new transmission substations
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned a new 132/11kV substations in Al Awir First with...
- DEWA inaugurated a new transmission 400/132kV substation in Jebel Ali First.
- DEWA inaugurated an overhead cables with a conversion transmission of 2,000 MVA, at a total cost of US$92 million.
Geostrategy
Saudi would back bids for Man Utd, Liverpool, says sports minister
Saudi Arabia would back private bids for Manchester United or Liverpool, its sports minister said, adding the kingdom was keen...
- Saudi Arabia last year snapped up England's perennial under-achievers Newcastle - at is now third in the Premier League.
- Saudi Arabia's chances of bidding for the World Cup would increase if it wins hosting rights for the 2026 and 2027 women's and men's Asian Cups.
Business
DEWA to hold second General Assembly in December
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA), which is listed on the Dubai Financial Market (DFM), has announced...
- The assembly will vote on the recommendation of the Board of Directors to distribute a special one-time cash dividend of US$552 million to its shareholders.
- For the year 2022, DEWA intends to pay its shareholders a total dividend of $2.24 billion.
Geostrategy
UAE takes part in IORA meetings in Bangladesh
DHAKA, BANGLADESH - The UAE participated in the Indian Ocean Rim Association's (IORA) 22nd Council of Ministers (COM) meeting and...
- The UAE affirmed its commitment to promoting inclusive growth and prosperity within the Indian Ocean region.
- The launch of the Sheikh Zayed IORA Scholarship for Humanitarian Action and Development was officially announced.
Economy
EIC calls UAE as the leader in renewable energy sector
London, UK --The Energy Industries Council (EIC), one of the world’s largest energy trade associations, has released a report on...
- An EIC report titled “UAE: EIC Country Report – November 2022”, highlights the UAE’s Hydrogen developments in the sector.
- “The UAE could be a key player and deliver 25 percent of the production of the global low-carbon hydrogen market by 2030,” the report said
Shell annual profit drops to US$19.4bn
Its revenue dived almost a fifth percent to US$316.6 billion.
Business
Company News
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IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
Economy
Oil prices spike as Hamas attack on Israel fuels supply fears
The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
Economy
Saudi Arabia launches mechanism to advance global climate goals
RIYADH, SAUDI ARABIA - The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the operation of Saudi Arabia's...
Geostrategy
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Economy
Saudi Arabia explores carbon capture, storage potential
“Achieving success in this area will benefit everyone and align with the goals of the Paris Climate Agreement,” he adds...
- The Kingdom can be a source of clean hydrogen and a producer/source of clean electricity, says Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud
- Saudi Arabia has adopted a comprehensive approach harnessing potential for renewable energy, hydrogen production, and electricity transmission, the minister adds
Geostrategy
Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen
RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen,...
- The signing took place during the Middle East and North Africa Climate Week 2023 in Riyadh, Saudi Arabia.
- The MoU was signed by Saudi Arabia’s Minister of Energy and India’s Minister of Power and New and Renewable Energy.
Geostrategy
MOCCAE and Tadweer sign MoU to launch ‘Waste to Zero’ initiative
Abu Dhabi, UAE -- UAE's Ministry of Climate Change and Environment (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer) have...
- The initiative is part of the Year of Sustainability and UAE's preparations for hosting the Conference of the Parties COP28.
- The initiative aims to strengthen the UAE's role in leading global action and contribute to international efforts to achieve the 43% emission reduction target by 2030.