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
EU worried Red Sea attacks could spark inflation
European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
Geostrategy
Science
FANR highlights its robust nuclear safeguards regime
UAE's Federal Authority for Nuclear Regulation (FANR) has recently participated in the 14th Symposium on "International Safeguards: Reflecting on the...
- The symposium in Austria aims to reflect on the experience gained and lessons learned over the past six decades of implementation of nuclear safeguards.
- It also tries to verify that member states are honoring their international legal obligations to use nuclear material and technology only for peaceful purposes.
Business
Awareness campaign of DEWA digital services ends
Dubai Electricity and Water Authority (DEWA) has successfully concluded its awareness campaign among customers about its innovative digital services on...
- The campaign provided guidelines and advice through DEWA's social media and internal and external channels.
- This helps customers make smart decisions to manage their consumption and benefit from DEWA's advanced digital services and initiatives.
Geostrategy
G7 calls on oil-rich countries to up production for taming price rise
Increasing production should help "decrease volatility in energy markets" caused by the war in Ukraine, G7 foreign ministers said in...
- The G7 also said it intends to finalise "in the coming weeks" the implementation of a Russian oil price cap mechanism.
- Rising prices for energy in the wake of the Russian invasion of Ukraine, have driven a global surge in inflation and weighed on economic activity.
Science
COP27 must shift from talk to action says UN climate chief
The upcoming COP27 climate summit in Egypt must mark a leap from the process of hammering out a treaty to...
- Diplomats from nearly 200 countries are gathering in the Red Sea resort for the November 6-18 conference.
- The US and the European Union - fearful of creating an open-ended reparations framework - have dragged their feet.
Geostrategy
Saudi-Finnish business forum discusses enhancing trade ties
HELSINKI, FINLAND - Heading a high-level delegation to Finland, Saudi Arabia's Minister of Commerce and Chairman of the Board of...
- The Saudi delegation was in Finland to participate in a forum organized by Business Finland in cooperation with the Federation of Saudi Chambers.
- The forum was attended by around 120 officials from the public and private sectors in the two countries.
Solar power, farming revive Tunisia school as social enterprise
Hamadi started a decade ago by gathering donations to buy 50 solar water heaters and 140 photovoltaic panels.
- Hamadi started a decade ago by gathering donations to buy 50 solar water heaters and 140 photovoltaic panels
- Chayeb, a farmer, said the Makthar model had helped his family and given his children better school meals and business skills
Economy
German industries explore investment opportunities in UAE
Some of Germany’s leading industrial companies participated in a roundtable event hosted by the UAE Ministry of Industry and Advanced...
- From the UAE side, representatives from ADNOC, Abu Dhabi Department of Economic Development, Abu Dhabi Investment Office, and TAZIZ were present.
- The delegates also discussed the future of supply chain opportunities in a post-pandemic world.
Geostrategy
Europe could face gas shortage next year, says IEA
Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake...
- IEA Executive Director Fatih Birol said he would hold talks on Friday with several European governments.
- He said that Europe needs to take immediate action to avoid risks of natural gas shortage next year.
Geostrategy
UAE, Indonesia to cooperate in energy sector
UAE and Indonesia have signed a Declaration of Intent to boost economic and social development between the two countries and...
- The declaration was signed between the UAE Ministry of Energy and Infrastructure and the Indonesian Ministry of Energy and Mineral Resources.
- It was signed during a joint meeting between the two countries at the Abu Dhabi International Petroleum Exhibition Conference ‘ADIPEC 2022.
Business
BMW Q3 net profit US$3.1bn
Profit was due to high demand for pricier luxury models.
- Car deliveries were down nearly one percent over the period as the industry continues to grapple with supply chain disruptions.
- BMW said higher prices for its premium vehicles had helped deliver a solid third quarter.
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
Company News
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DEWA Q2 revenue $2bn
Business
Aramco Q2 profits drop 38%
Business
Geopolitical changes derailed shift towards green energy, says IMF
Washington, US - Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to...
Business
ADNOC, Fertiglobe to pilot cost-effective modular carbon capture technology
ABU DHABI, UAE – ADNOC and Fertiglobe on Tuesday announced the pilot deployment of the world’s first cost-effective modular CycloneCC...
Business
Qatar begins construction on North Field gas expansion
RAS LAFFAN, QATAR - Qatar's state-owned energy giant began construction on Tuesday on a project to expand production from the world's...
Geostrategy
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Business
DEWA commissions 200MW second unit in Al Maktoum Solar Park
Dubai, UAE - Dubai Electricity and Water Authority (DEWA) commissioned the 200MW second unit of the parabolic basin complex in...
- It is set to provide clean energy for approximately 320,000 residences and reduce carbon emissions by 1.6 million tons annually.
- This phase uses the Independent Power Producer (IPP) model with investments of up to AED 15.78 billion ($4.30bn).
Economy
ADIPEC 2023: Energy world to ponder energy transition
Abu Dhabi, UAE - Abu Dhabi International Progressive Energy Congress (ADIPEC) 2023 begins today here to deliberate decarbonization of the...
- ADIPEC 2023 is expected to attract more than 160,000+ attendees from 164 countries for its biggest edition ever
- The Congress will feature a rich exhibition programme that covers energy-related technology, innovation, collaboration, and digitalization
Oil-reliant Saudi revises budget, projects deficit
The Gulf kingdom, the world's biggest crude exporter, had planned for a surplus of 16 billion Saudi riyals ($4.27 billion)...
- Oil revenue this year has fallen by 17 percent as prices have dipped and Riyadh has cut production in a bid to boost them
- Daily output is currently nine million barrels per day, down two million barrels from this time last year