Global coal demand expected to hit record in 2025: IEA
In its annual report on the coal industry, the International Energy Agency said demand was on course to rise by...
Geostrategy
Global gas flaring surges again, costs $63bn in lost energy: WB
Washington, UAE -- Global gas flaring surged for a second year in a row, wasting about $63 billion in lost...
Geostrategy
Business
QEWC 2023 net profit US$426m
QEWC market share in supply of electricity was 61 percent.
- The earnings per share amounted to US$0.38 (QR 1.41) as of December 31, 2023.
- QEWC reported revenue of $799 million in 2023 compared to $747 million in 2022.
Geostrategy
Saboteurs hit Iran pipelines disrupting gas supply: state media
The saboteurs hit pipelines in the cities of Borujen in the southwestern province of Chaharmahal and Bakhtiari, and Safashahr in...
- State media reported that the sabotage had disrupted gas supplies in at least three provinces -- North Khorasan in the northeast, Lorestan in the west and Zanjan in the northwest
- No group claimed responsibility for the attacks and Iran did not immediately apportion blame, although Iran has generally blamed Israel for similar acts of sabotage in the past
Geostrategy
Iran fires first ship-based long-range ballistic missiles
TEHRAN, IRAN - Iran's Islamic Revolutionary Guard Corps (IRGC) said on Tuesday it has launched long-range ballistic missiles from a warship...
- The Iranian military exercises come at a time of regional tensions since the outbreak of the Israel-Hamas war on October 7.
- Iran does not recognize Israel and has long fought a shadow war of killings and sabotage against it.
Economy
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...
- The Israel-Hamas war raging since October has already hit the Middle East and North Africa region's economy, the IMF chief said.
- She said that if there are other "consequences in terms of where the fighting goes, it could be more problematic for the world as a whole".
Business
Several nations eager to join Charter of Cooperation, says OPEC Secretary-General
ABU DHABI, UAE - Secretary-General of the Organization of Petroleum Exporting Countries Haitham Al Ghais said that OPEC is in...
- The names of these countries will be announced after the completion of the ongoing consultations, the OPEC chief said.
- He said the Charter helps facilitate dialogue and exchange views regarding conditions in the global oil and energy markets.
Economy
UN COP29 host Azerbaijan sees a big boom in gas production
Despite the last COP in the United Arab Emirates ending with an unprecedented call to "transition" away from fossil fuels,...
- Patrick Galey, of Global Witness, said that Azerbaijan is ramping up its gas production when the world urgently "needs to kick its fossil fuel habit"
- According to Eurostat, Europe, to replace Russian gas, turned to Azerbaijan, whose share of imports grew from 2 percent in 2021 to 4 percent in 2023
Pakistan must move from ‘anarchy and polarization’ after election: army chief
"The nation needs stable hands and a healing touch to move on from the politics of anarchy and polarization, which...
- The military looms large over Pakistan's political landscape, with generals having run the country for nearly half its history since partition from India in 1947
- Politicians and political parties rise and fall with the backing of the military, which this year was believed to be backing the party of former prime minister Nawaz Sharif
Science
Scientists in UK create new fusion record
LONDON, UK - Scientists in Britain announced on Thursday they had smashed a record for generating fusion energy in the final...
- Over 300 scientists and engineers from EUROfusion contributed to JET's landmark experiments over 40 years.
- Proponents believe it could one day help tackle climate change by providing an abundant, safe and clean source of energy.
‘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...
- The UAE's Department of Energy's integrated system focuses on clean and renewable energy to achieve climate neutrality.
- Investment in youth and their innovative ideas is essential for building a sustainable future, says DoE's Awaidha Murshed Al Marar .
Geostrategy
EU seeks 90 percent drop in greenhouse emission by 2040
Strasbourg, France - The EU on Tuesday urged a 90-percent cut to its greenhouse gas emissions by 2040, even as the...
- The 27-nation European Union is already working towards an interim target of cutting greenhouse gas emissions by 55 percent by 2030.
- However, rising discontent could deal it a tougher time in trying to get the 2040 goal of 90 percent cuts adopted.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Global coal demand expected to hit record in 2025: IEA
In its annual report on the coal industry, the International Energy Agency said demand was on course to rise by...
Geostrategy
Company News
Latest News
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Electric cars credited with lower CO2 emissions in US neighborhoods
LOS ANGELES, US – The booming use of electric vehicles in parts of California is reducing CO2 emissions in those areas,...
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year. The Russian...
Business
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Business
TAQA, JERA sign pact with SATORP to develop plant in Saudi ArabiaÂ
ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
- They will develop a greenfield industrial steam and electricity cogeneration plant for Amiral petrochemical complex.
- The Amiral petrochemical complex is expected to house one of the largest mixed-load steam crackers in the Arab Gulf region.
Economy
GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...
- The bloc is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and clean technology.
- The EU's $3.6 billion climate tax on shipping pushes for greener maritime practices, while the environmental toll of war demands global accountability and swift action.
Market Report
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
- Moscow has escalated its aerial attacks on Kyiv, targeting key infrastructure in the wake of Ukrainian attacks on Russian oil facilities.
- Russia is a key producer of oil, while the Gaza-Israel war has given rise to worries about Middle Eastern crude supplies.