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...
Business
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...
Geostrategy
Economy
UAE president, Biden meet virtually to discuss energy transition
The two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition.
- The two leaders highlighted the just announced comprehensive UAE-US initiative to accelerate the energy transition
- UAE president briefed Biden on the UAE’s funding and assistance for clean energy projects on six continents
Geostrategy
Lebanon says it has US ‘guarantees’ on Israel border deal if Netanyahu wins
Hawkish former Israeli premier Netanyahu, who on Wednesday appeared on the cusp of returning to power, has staunchly opposed the...
- Israel and Lebanon struck a US-brokered sea border agreement last month that opens up lucrative offshore gas fields for the neighbours
- US President Joe Biden had hailed the "historic" deal, which comes as Western powers clamour to open up new energy production
Business
ADNOC and Siemens Energy to develop low-carbon energy certificates
Abu Dhabi, UAE---Abu Dhabi National Oil Company (ADNOC) and Siemens Energy AG today announced plans to pilot blockchain technology to...
- The the pilot will show how much CO2 was used to make products such as Murban crude, ammonia, and aviation fuels.
- This information will be automatically recorded onto a decentralized blockchain ledger.
Geostrategy
ENEC, Atlantic Council sign three-year nuclear cooperation pact
Abu Dhabi, UAE--- The Emirates Nuclear Energy Corporation (ENEC) has signed a three-year agreement with the Atlantic Council to collaborate...
- The Atlantic Council is a US-based think tank, and home to the Global Energy Centre, one of the leading US energy centers for promoting energy security.
- The collaboration will see ENEC and the Atlantic Council join forces to support the Council’s new Nuclear Energy Policy Initiative.
Market Report
Global stocks rise on Fed optimism, zero-Covid China policy reports
Global stock markets rose as traders looked to the US Federal Reserve's interest rate decision hoping it will signal a...
- Recent reports have suggested officials are looking to dial down the pace of increases, which has sparked a rally in risk assets over the past week.
- Positive results from multinational firms also helped lift equities.
Economy
UAE-US partnership to spur $100 bn clean-energy financing, development
The Partnership for Accelerating Clean Energy will see the two countries develop, finance and deploy clean projects in the US,...
- UAE Special Envoy for Climate Change Dr. Sultan Al Jaber and Special Presidential Coordinator Amos Hochstein signed the partnership at ADIPEC.
- They will accelerate investment in fossil fuel emissions mitigation; further develop CCUS technologies and advance methane measurement and management.
Business
BP underlying Q3 profit at $8.2bn
BP, flush with cash, revealed a $2.5 billion share buyback.
- Profits were weaker than the second quarter due to a dip in oil prices.
- BP is meanwhile seeking to pivot towards cleaner energy and away from fossil fuels.
Economy
World economy projected to more than double in size by 2045: OPEC
The global primary energy demand is forecast to continue growing in the medium and long-term, increasing by a significant 23%...
- The global primary energy demand is forecast to continue growing in the medium and long-term, increasing by a significant 23% in the next 23 years
- Globally, oil demand is projected to increase from almost 97 million barrels a day (mb/d) in 2021 to around 110 mb/d in 2045
Economy
Biden threatens tax hit for ‘war profiteering’ oil giants
His comments came days after oil giants ExxonMobil and Chevron reported bumper earnings, reflecting how a surge in crude prices...
- Biden said companies have a "responsibility to act" beyond the narrow self-interest of executive shareholders
- Hefty profits reported earlier by TotalEnergies and Shell have also reignited a European debate on windfall profits taxes
Geostrategy
Saudi Arabia, UAE say global investments required for oil production
Saudi Arabia and the United Arab Emirates said the world needs to keep investing in oil production, just days before...
- Sultan Al Jaber, the head of UAE oil giant ADNOC, warned that under-investment could cause a shock to the world economy
- Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said the Gulf countries were both increasing production capacity.
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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
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...
Business
Company News
Latest News
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,...
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...
Geostrategy
World can’t ‘unplug’ existing energy system: COP28 head
Riyadh, Saudi Arabia - The president of the upcoming COP28 climate talks in Dubai called on Sunday for governments to abandon...
Most Read
Business
Dubai’s weeklong real estate transactions exceed US$2.5bn
DUBAI, UAE - A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during...
- The Dubai Land Department report showed that 248 plots were sold for US$476 million.
- The DLS report said 1,197 apartments and villas were purchased for US$865 million.
Science
Drought caused major global hydropower drop in early 2023
BANGKOK, THAILAND - Dry conditions, particularly in China, caused a "historic" global drop in hydropower in the first half of 2023,...
- Wind and solar generation grew more slowly in the first half of this year than in the same period last year.
- The chief of this year's COP climate meeting has called for a global tripling of renewable energy capacity by 2030.
Business
Aramco’s Luberef resumes bitumen exports after 20 years
RIYADH, SAUDI ARABIA - King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa onboard bulk...
- King Fahad Industrial Port has successfully shipped 5,500 tons of bitumen to South Africa making it the first cargo of oil byproduct from Yanbu-based hub.
- This reflects Mawani’s step to position the ports sector as a vehicle to fulfil Vision 2030’s ambition of transforming the Kingdom into a logistics hub.