OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
Business
Science
DEWA invites proposals for work on sixth phase of solar park
Dubai Electricity and Water Authority (DEWA) has invited international developers to send their Expressions of Interest (EOI) to implement the...
- The 900 MW sixth phase of the Solar Park will be implemented using photovoltaic solar panels.
- The production capacity of clean energy has reached about 12.1 percent of Dubai’s total energy mix.
Economy
‘Unit 3 of Barakah Plant linked to UAE’s transmission grid’
The Emirates Nuclear Energy Corporation (ENEC) announced that Unit 3 of the Barakah Nuclear Energy Plant has successfully been connected...
- Unit 3 will add another 1,400 megawatts of zero-carbon emission electricity capacity to the national grid.
- The nuclear sector is a vital part of the UAE’s clean energy system of multiple low-carbon technologies.
Geostrategy
Britain says no energy crisis as people brace for blackouts
Britain, however, relies on gas to create a large proportion of electricity and is therefore particularly exposed to the soaring...
- Households face possible rolling three-hour power cuts if imports run extremely low, the nation's power operator National Grid warned
- A blackout would be more drastic than EU plans for an energy-saving initiative this year to help its member nations survive winter season
Geostrategy
UAE to showcase its nuclear energy success in WANO meeting
The Barakah Plant is spearheading the decarbonization of the UAE’s power sector by generating clean electricity and forms key component...
- The meeting is scheduled to be held in Prague, Czech Republic under the theme “One WANO – A Global Commitment to Nuclear Excellence,”
- Due to the Barakah Nuclear Energy Plant, a major strategic energy infrastructure project, the UAE is recognized as a global nuclear energy leader.
Market Report
Stocks fall, dollar boosted by US jobs data
Stocks mostly slid and the dollar surged after US jobs data showed only a timid slowdown in the labor market,...
- There was a brief rebound at the start of the week as investors hoped data pointing to economic slowdown would allow the Fed to slow down rate hikes.
- Rising interest rates boost the dollar as foreign investors seek to buy dollar-denominated debt.
Geostrategy
EU leaders try for common response to energy crisis
EU leaders meeting in Prague looked to bridge divisions on how to tackle soaring energy prices as they grapple with...
- EU leaders were discussing how to better protect their critical infrastructure in the wake of leaks from the Russia-Europe Nord Stream gas pipelines.
- Europe is facing an energy crunch as the price of electricity generation skyrockets because of a massive surge in gas prices.
Algerian, Spanish gas firms agree to ‘revise’ prices
The Algerian firm said in a statement that Sonatrach and its partner Naturgy have agreed to revise the prices of...
- Algeria, Africa's top natural gas exporter, has signed a flurry of deals with southern European governments and energy firms seeking to offset the Ukraine war fallout
- Spanish gas regulator Enagas says Algeria was the country's second gas supplier (24 percent) in August, behind the United States (26.5 percent)
Geostrategy
Libyan Prime Minister defends oil, gas exploration deal with Turkey
The question of rights to Libya's vast hydrocarbon resources has become more urgent this year as global energy prices have...
- "The Turkish-Libyan MoU is based on previous deals even prior to 2011," Libyan prime minister Abdulhamid Dbeibah said.
- The memorandum of understanding, three years after a controversial maritime border deal, sparked sharp reaction from Greece.
Economy
IMF chief urges action as global recession risks rise
IMF chief Kristalina Georgieva urged global policymakers to take concerted action as the risks of a worldwide recession are driven...
- The IMF chief said that if central banks move too aggressively to tamp down price pressures, it could trigger a prolonged economic downturn.
- Finance ministers and central bank governors from over 180 nations will gather in Washington for a meeting of the IMF and WB.
Economy
Lebanon years away from gas riches despite Israel deal: analysts
With the demand for gas rising worldwide because of an energy crisis sparked by Russia's invasion of Ukraine, Lebanon hopes...
- Following years of US-mediated negotiations, the rival states now appear to be nearing agreement
- A deal would allow "offshore exploration activities to continue, but that doesn't mean that Lebanon has become rich
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OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
Business
Company News
OQGN inks $1.2bn financing deal
Business
Latest News
ADNOC L&S buys VLCC
Business
European Union okays lighter pact on curbing car emissions
Brussels, Belgium - EU member countries on Monday adopted a watered-down deal on curbing car emissions, after auto manufacturers complained stricter...
Business
ADNOC, TAQA complete financial closing on sustainable water supply project
ABU DHABI, UAE - ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2...
Business
Iran criticizes US statement on islands dispute with UAE
Iran said it had called in the Swiss envoy to deliver a protest over a “provocative” US statement on its...
Geostrategy
Most Read
Business
UK to revoke plan to attain net zero emissions by 2050
LONDON, UK- The UK looked set to backtrack on Wednesday on policies aimed at achieving net zero emissions by 2050 with...
- The move comes amid growing concern over the potential financial cost of the government's policies to achieve net zero carbon emissions by mid-century.
- Prime Minister Sunak said while the government was committed to the net zero target, it would try to achieve it "in a better, more proportionate way".
Business
TotalEnergies, Adani Group set up JV for wind, solar power production in India
PARIS, FRANCE - French firm TotalEnergies and Indian group Adani unveiled plans on Wednesday to create a joint venture to develop wind...
- The JV will include wind and solar assets that Adani Green Energy Limited already operates and is building and developing in India.
- TotalEnergies has been developing renewable electricity production, with 19 GW of installed gross production capacity as of July 2023.
Infographics
Aramco, IHC among biggest companies in Middle East
Energy, banking and financial services, and industrial sector companies are among the largest in the Middle East, especially the Gulf...
- High representation of these sectors is due to the region's rich oil and gas reserves and its growing population and economies.
- The Middle East is also home to a number of other significant industries, such as tourism, healthcare, and education.