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

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,...

Economy

QatarEnergy, Mitsui ink pact

The agreement provide for a rise in condensate volumes.

Business
Geostrategy

Investment to tackle climate change falls in 2022, says UNCTAD

Cross-border investment in climate change mitigation and adaptation is projected to decline in 2022 against the backdrop of a global...
  • Mitigation projects accounted for 94 percent of international climate investments, whereas adaptation ones continued to lag far behind.
  • Developed economies made up two thirds of international project finance deals and greenfield investments in renewables.
Geostrategy

Russia suspends participation in Ukraine grain deal

Russia suspended its participation in a pact that allowed grain exports from Ukraine, blaming alleged drone attacks on Russian ships...
  • The Turkey and UN-brokered deal to unlock grain exports signed between Russia and Ukraine in July is critical to easing the global food crisis caused by the conflict.
  • Russia had recently criticized the deal, saying its own grain exports have suffered due to Western sanctions.
Business

Octopus Energy acquires Bulb

Firm said it was paying the government a nine-digit sum.
  • Bulb, Britain's seventh-biggest supplier, collapsed in 2021 due to soaring wholesale prices
  • The government will give financial support to buy energy for Bulb customers over this winter.
Geostrategy

Jordan to host renewable energy investment forum

AMMAN, JORDAN - Amman is scheduled to host the Seventh International Investment Forum for Renewable Energy and Energy Efficiency in...
  • The forum will discuss over three days many important and vital issues on various fields of renewable energy, energy efficiency, green hydrogen.
  • The forum's themes will also cover innovative agricultural patterns, energy management, carbon trading.
Geostrategy

After Israel, Lebanon eyes Cyprus maritime border deal

Cyprus, which has aspirations of becoming a major energy player in the eastern Mediterranean, has a key exclusive economic zone,...
  • In 2007, Lebanon and Cyprus signed an agreement to delineate their respective exclusive economic zones
  • Neighbours Israel and Lebanon signed on Thursday a US-brokered agreement removing hurdles for natural gas production
Business

ExxonMobil Q3 net surges to US$19.7bn

Hike in profit was due to high oil, natural gas prices.
  • The US oil giant became the latest petroleum heavyweight to report stunning third-quarter figures, with year-on-year profits nearly tripling.
  • The results show how the surge in crude prices in the aftermath of Russia's invasion of Ukraine has boosted oil company profits.
Business

OMV Q3 net profit at $3.28bn amid high energy prices

Revenue doubled year-on-year to US$17.1 billion.
  • OMV has worked closely with Russian giant Gazprom until the invasion of Ukraine.
  • Following European sanctions on Moscow, OMV froze its investments in Russia.
Geostrategy

China’s President Xi expected to visit Saudi Arabia: Saudi FM

Prince Faisal bin Farhan hailed the "historical and solid relationship" between the major oil exporter and Beijing after talks with...
  • The potential visit comes at a time of strained ties between Saudi Arabia and long-standing ally the United States
  • Xi visited Saudi Arabia in January 2016, the year before Prince Mohammed was named as heir to the throne, ushering in a period of reform
Market Report

Markets mixed as investors digest ECB hike, US data

Volatile markets were mostly trading up after the ECB announced an expected hike to interest rates in the face of...
  • The euro lost against the greenback on Thursday, after having traded above one dollar for the first time since last month on Wednesday.
  • After fluctuating for much of the day, Eurozone stocks were flat by late afternoon trading.
Geostrategy

UAE President, Austrian Chancellor discuss bilateral relations

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Federal Chancellor of the Republic of Austria Karl Nehammer met in...
  • Leaders of UAE and Austria affirmed their interest in strengthening bilateral relations, especially in technology, energy, innovation and food security.
  • The two leaders underscored the importance of taking action to ease tension and promote dialogue to resolve crises with humanitarian, economic and food security implications.

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,...
Economy

Company News

Latest News

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,...
Science

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...
Business

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...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Farmers turn to solar power in Syria’s former breadbasket

Al-Haddadiya, Syria - At his farm in Syria's northeast, Abdullah al-Mohammed adjusts a large solar panel, one of hundreds that have...
  • Solar energy has offered a lifeline for the farmers amid drought and power shortages, but some warn the boom also has environmental costs in the once-fertile region
  • "We are trying to revive our land," despite dwindling groundwater reserves, said Mohammed, 38, as he oriented the panel towards the sun near his cotton fields.
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...
  • IMF economists said trade disruptions could lower investment in renewable energy and electric vehicles by almost 30 percent till 2030
  • It said further geopolitical fragmentation could lead to "turmoil" in the commodity markets, causing long-term economic losses
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...
  • The CycloneCC technology is designed to improve the economics of point-source carbon capture within industrial facilities.
  • Traditional point source carbon capture technology relies on feeding gas through large absorption and stripping towers.