Shell halts Red Sea shipments over attack fears, say report
WASHINGTON, US - British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely, over fears of...
Geostrategy
DEWA records 12.5 million digital transactions in 2023
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) announced that its customers conducted around 12.5 million digital transactions in...
Business
Business
Power-starved Lebanon turns to solar energy
Lebanon's economy collapsed in 2019 after decades of corruption and mismanagement, leaving the state unable to provide electricity for more...
- Private individuals are also turning to solar to cut down on generator bills, setting up panels and batteries on balconies and rooftops
- Many Lebanese have resorted to selling a car, jeweler or a plot of land as installing the solar power is expensive in a country where poverty is rampant
Business
Ethereum blockchain to undergo ‘monumental’ overhaul
Developers have spent years working on a more energy-efficient version of the ethereum blockchain, a digital ledger that underpins a...
- Experts say the changeover, expected to take place between Tuesday and Thursday, would slash energy consumption by more than 99 percent
- The ING bank said in a recent note that the switchover might help ethereum gain acceptability among policymakers and regulators
Geostrategy
Queen Elizabeth II funeral on September 19 in London
The state funeral for Queen Elizabeth II will be held at Westminster Abbey in London at 11:00 am (1000 GMT)...
- Buckingham Palace also confirmed that the queen, who died on Thursday aged 96, will then be taken to St George's Chapel at Windsor Castle.
- The queen's coffin will be taken on a 180-mile (290-kilometre) trip by road from the remote estate to the Palace of Holyroodhouse in Edinburgh.
Science
World Green Economy Summit 2022 theme revealed
Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organization (WGEO) announced that the theme of the 8th...
- The theme reflects the UAE’s vision of advancing climate action and strengthening partnerships.
- It also reflects international efforts to achieve climate goals.
Business
Stocks and oil prices rally, as dollar drops
Stock markets and oil prices rallied Friday, with investors largely pricing in more interest rate hikes aimed at taming runaway...
- The more confident mood across equity and oil markets was reflected in a cooler dollar.
- The greenback's softness came after Federal Reserve chief reasserted the US central bank's determination to keep hiking interest rates to fight prices
Business
ADNOC to supply natural gas to Dubai for clean energy transition
ADNOC says domestically produced natural gas is more commercially competitive compared to imported coal or gas and it will support...
- The natural gas will be used to generate electricity at Dubai Electricity and Water Authority (DEWA)’s Independent Power Producer Hassyan Power Complex.
- The Complex was initially built to operate full-time at full load on both natural gas or clean coal but has been transformed to run only on natural gas.
Economy
EU ministers seek ways to face energy shock
Moscow's invasion has seen the price of natural gas hit record levels, throwing the EU economy into deep uncertainty with...
- The European Commission, the EU's executive, will ask the ministers meeting in Brussels to consider a series of highly complex proposals designed to ease the burden
- The main drive will be to find ways to compensate households and businesses that are struggling to pay their bills and keep activity going
Economy
Gas to flow ‘in weeks’ from Israeli licensed field disputed by Lebanon
Israel says the Karish field is located entirely within its exclusive economic zone, but Lebanon insists that part of the...
- Israel announced in early July that it had downed three unarmed drones launched by Hezbollah towards Karish
- Israel's Defence Minister Benny Gantz said late last month that any attack on its gas assets could reignite war between the two sides
Business
DEWA programs prepare Emiratis to join the organization
Dubai Electricity and Water Authority is committed to promoting Emiratization in its various divisions by adopting an integrated strategy to...
- The MD & CEO of DEWA said that the percentage of Emiratization at DEWA has reached 88.14 percent in senior management.
- DEWA has launched several pioneering projects and programs for the employment of Emiratis.
Geostrategy
EU seeks closer ties with gas-rich Qatar, opens office in Doha
The European Union opened an office in Qatar on Wednesday in a sign of the Gulf state's growing influence in solving...
- Qatar is one of the world's top suppliers of liquefied natural gas and growing requests have been made by Germany and other European nations.
- The EU wants closer ties on "the energy sector, economic development, security challenges", EU council president Charles Michel said.
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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
Shell halts Red Sea shipments over attack fears, say report
WASHINGTON, US - British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely, over fears of...
Geostrategy
Company News
Aquaterra gets UAE contract
Business
Latest News
Oil prices climb to highest level in seven months on supply fears
Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by...
Economy
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...
Economy
Renewables helped save $520bn fuel costs globally in 2022: Report
In non-OECD countries, just the saving over the lifetime of new capacity additions in 2022 will reduce costs by up...
Geostrategy
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Business
Iran inaugurates final phase of country’s largest gas field
The South Pars gas field is one of the world's largest natural gas condensate fields. Iran shares the gas field...
- Oil Minister Javad Owji said around 50 million cubic meters of gas will be extracted daily from phase 11 of the project "after the completion of the wells".
- Iran has the world's second largest gas reserves, after Russia, and the world's fourth largest oil reserves.
Business
NIDC drills 195 oil wells in 2 years
Wells were drilled in onshore, offshore operations.
- The oil and gas wells were put into operation by affiliated companies of the National Iranian Oil Company.
- 13 wells were completed 201 days sooner than expected due to round-the-clock efforts of NIDC’s employees.
Business
Climate change to be discussed in Dubai COP28 meet, says Egypt minister
Cairo, Egypt - Egyptian Minister of International Cooperation Dr. Rania Al Mashat, said the 28th Conference of the Parties to...
- noted that international reports indicate that the countries in the Middle East and North Africa region are most vulnerable to climate change risks
- Al Mashat added that COP28 will see presentations on the most important results and joint action taken over a year within the National Platform for Green Projects