INSEAD Day 4 - 728x90

Energy

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

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
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.
Geostrategy

UAE, Kyrgyz Presidents review bilateral relations

ABU DHABI, UAE - President Sheikh Mohamed bin Zayed Al Nahyan Monday received President of the Kyrgyz Republic Sadyr Japarov,...
  • UAE and Kyrgyzstan affirmed their common interest in enhancing bilateral relations.
  • The meeting explored various opportunities of the UAE- Kyrgyz friendship and affirmed to further cooperation in economy, trade.
Business

DEWA adds 600MW of clean energy production capacity

DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority Saeed Mohammed Al Tayer said DEWA had added...
  • Mohammed bin Rashid Al Maktoum Solar Park will have a production capacity of 5,000 megawatts (MW) by 2030.
  • The fifth phase is currently underway, with a total capacity of 900MW and investments estimated at $560 million.
Business

ADNOC sets Upstream Methane Intensity target of 0.15 percent by 2025

Abu Dhabi, UAE--- Abu Dhabi National Oil Company (ADNOC) announced on Monday that it has set a new Upstream Methane...
  • ADNOC’s 0.15 percent methane intensity target means ADNOC will be ranked in the Gold Standard category by the Oil and Gas Methane Partnership 2.0 (OGMP 2.0.
  • Oil and Gas Methane Partnership 2.0 (OGMP 2.0 is a a multi-stakeholder initiative launched by the United Nations Environment Program (UNEP) and the Climate and Clean Air Coalition.
Geostrategy

Europe’s gas storage reserves now at over 90 percent

With prices falling and ports clogged with liquefied natural gas tankers, fears of a winter heating crisis in Europe have...
  • Spanish gas regulator Enagas says the backlog at ports is expected to last at least until this week.
  • Europe has made efforts to fill its storage facilities to reduce dependence on Russian gas and sought alternative suppliers.
Economy

Saudi Arabia’s GDP grows by 8.6 percent in third quarter of 2022

As per estimates by the General Authority for Statistics (GASTAT), real Gross Domestic Product (GDP) of Saudi Arabia grew by...
  • The seasonally adjusted real GDP increased by 2.6 percent in the third quarter 2022 compared to the second quarter this year.
  • Non-oil activities grew by 5.6 percent and government services activities by 2.4 percent on a year-on-year basis.
Business

Sheikh Khaled bin Mohamed bin Zayed meets CEOs of INPEX, BP

Energy security, enhancing partnerships were discussed.
  • The meeting discussed ways of harnessing opportunities in renewables and hydrogen.
  • The meetings deliberated on ways of expanding existing relationships to enable a more sustainable future.
Geostrategy

Ukraine blames Russian blockade for making grain export ‘impossible’

Russia's blockade of grain exports makes it "impossible" for fully loaded ships to leave port, Ukraine charged after Moscow claimed...
  • UN Secretary-General Antonio Guterres on Sunday expressed "deep concern about the ongoing situation regarding the Black Sea Grain Initiative.
  • The July deal to unlock grain exports signed between Russia and Ukraine and brokered by Turkey and the UN, is vital for easing the global food crisis.
Business

ConocoPhillips buys 6.25% in Qatar’s North Field South project

Project is part of the world's biggest natural gas reserves.
  • Energy Minister Saad Sherida al-Kaabi said Qatar was talking with Asian nations over a share in its campaign to increase annual production by 60 percent.
  • France's TotalEnergies and Britain's Shell both have 9.37 percent stakes in the field, while state-owned Qatar Energy has the remaining 75 percent.
Business

DEWA commissions 389 11kV substations in Q3 of 2022

DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned 389 11kV substations in Dubai in the third quarter...
  • DEWA now has 77 substations of 33kV in service, and 42,529 medium voltage (11Kv or 6.6Kv) substations.
  • These stations are mainly located at Wadi Al Safa Fifth, Al Merkad, Madinat Al Matar and Al Yalayis 1.

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

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...

Putin launches Russian gas shipments to Uzbekistan

Moscow, Russia - Russian Vladimir Putin on Saturday announced the start of gas supplies to Uzbekistan via Kazakhstan, a boost for...
Geostrategy

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...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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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.
Economy

Middle East economic growth to fall in 2023, says World Bank

WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall...
  • The region’s gross domestic product is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil production cuts.
  • The decline in growth this year is expected to be more pronounced in the oil exporting countries of the Gulf Cooperation Council.
Business

ADNOC awards two contracts for Hail and Ghasha Offshore Development project

ABU DHABI, UAE – ADNOC on Thursday announced the final investment decision (FID) and award of contracts for the Hail...
  • The first contract for the offshore facilities has been awarded to a joint venture between National Petroleum Construction Company and Saipem.
  • The second contract will deliver the onshore scope, including carbon dioxide and sulphur recovery and handling and has been awarded to Tecnimont.