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
‘Innovation is crucial for UAE’s energy efficiency’
"Through effective and constructive collaboration with various local and international partners, we have succeeded in establishing an integrated energy transition...
Business
ENOC, IHI sign low-carbon ammonia and hydrogen supply chain agreement
Green ammonia, which can be achieved by combining and reacting green hydrogen and nitrogen at high temperatures and pressures, can...
- The produced fuel will be exported to Japan and supplied within the UAE and across the region for bunkering and other purposes.
- It aligns with Dubai’s Clean Energy Strategy 2050 and the UAE Energy Strategy 2050 to meet the country’s economic requirements, ENOC said.
Business
ArcelorMittal Q3 profit at $993m
Firm is suffering from slowdown in China's economic growth.
- The steelmaker said it had reduced European gas consumption by 30 percent amid soaring costs.
- ArcelorMittal said in September that it would shut down two of its blast furnaces in Europe over high energy prices and lower demand.
Geostrategy
Lebanon seeks to demarcate maritime border with Syria
Lebanese security officials and politicians have made several visits to Syria in recent years, but almost exclusively in their personal...
- Syria, which once had a controlling hand in Lebanon's affairs, has repeatedly refused to delimit land and sea borders with its neighbor.
- Lebanon announced in late October that a delegation would travel to Damascus to discuss the issue, but the trip did not take place.
Economy
AIIB, GEAPP partner to fund the energy transition in Asia and beyond
The partnership will address the energy transition challenges around the world through the identification of co-financing opportunities for projects.
- The partnership will address the energy transition challenges around the world through the identification of co-financing opportunities for projects
- The partnership follows extensive cooperation between AIIB and GEAPP over the last year and is the first time AIIB has partnered with a global foundations-led initiative
Nine countries join alliance to boost offshore windpower
Offshore wind can be deployed at large scale, in short timeframes and at competitive cost, GOWA said in a statement....
- The Global Offshore Wind Alliance (GOWA) was set up by the International Renewable Energy Agency (IRENA), Denmark and the Global Wind Energy Council
- IRENA and the International Energy Agency (IEA) predict that offshore wind capacity will "need to exceed 2000GW in 2050, from just over 60GW today."
Market Report
Global stocks move higher as US voters cast ballots
Global stock markets mostly moved higher as Americans headed to the polls in midterm polls. The dollar got back some...
- Investors are waiting on US inflation data due on Thursday for a pointer on the interest path ahead.
- The broader S&P 500 and tech-heavy Nasdaq wobbled around before moving higher.
Geostrategy
Jordan imported 405k barrels of Iraqi crude in October
AMMAN, JORDAN - Jordan imported about 405,550 barrels of crude oil from Iraq in October, an average of 13,000 barrels...
- Jordan had imported roughly three million barrels of Iraqi crude from September 2021 to October 2022.
- The crude oil was transported by 11,565 Jordanian and Iraqi tanker trucks.
Rich nations greenlight S.Africa coal transition plan
The announcement was made at the UN's COP27 climate summit in Egypt's Sharm el-Sheikh, where developed countries are under pressure...
- Britain, France, Germany, the US and the EU will provide the funds in the form of grants and loans
- The Just Energy Transition Partnership (JETP) was first announced last year at the COP26 in Glasgow
Economy
Food prices declined in October, says Jordan trade minister
AMMAN, JORDAN - Jordan Minister of Industry, Trade and Supply and Minister of Labor Yousef Shamali said Monday that food...
- The minister attributed the decline to falling oil prices and its impact on production and transport costs.
- He said that the fall in the prices of food is also due to measures taken by the government.
Geostrategy
‘UAE President’s speech at COP27 outlined vision for climate action’
SHARM EL SHEIKH, EGYPT - UAE Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed Al Jaber said that...
- UAE Minister of Industry said effective climate action accelerates opportunities for sustainable economic and social development.
- The minister said that the President's speech emphasized that continuity and perseverance are at the core of the UAE’s strategy.
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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
Company News
Latest News
Israel-Hamas war a ‘new cloud’ over world economy, says IMF
Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with...
Geostrategy
Risk of oil supply disruptions due to Hamas-Israel conflict limited: IEA
The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its...
Geostrategy
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
Most Read
Geostrategy
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...
- Greenhouse Gas Crediting and Offsetting Mechanism will be accessible to all entities within the Kingdom.
- This step reflects the Kingdom’s role in addressing climate challenges and enabling institutions to tackle their emissions.
Geostrategy
OPEC sees no peak in global oil demand on the horizon
In its 2023 annual report, the Organization of the Petroleum Exporting Countries forecasts demand for crude to reach 116 million...
- According to OPEC, whose 13 member states include Saudi Arabia, the Gulf states and Venezuela, oil demand will be driven by emerging and developing nations.
- OPEC also backed developing technological solutions to reduce emissions, such as carbon capture and storage.
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