Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
Economy
Cyprus and Egypt sign deal to process, export gas to Europe
Nicosia, Cyprus -- Cyprus and Egypt on Monday signed an agreement with an energy consortium to export gas from the Mediterranean...
Business
Economy
Saudi Arabia to highlight role in dealing with global challenges at WEF meet
RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
- Saudi Arabia’s participation in the annual meet underscores its pivotal role in the transition toward carbon neutrality.
- The Kingdom’s engagement provides an opportunity for communication with key players in the private sector globally.
Business
Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
- The 650,000 barrel-per-day Dangote refinery could be a game changer when fully operational by helping end Nigeria's reliance on fuel imports.
- The facility sits on 2,635 hectares (6,500 acres) of land at the Lekki Free Zone on the edge of Lagos city and cost an estimated $19 billion.
Business
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...
- DEWA offers digital services for electricity and water management, as well as innovative sustainability services.
- These include smart living initiative, features like consumption monitoring, comparison with high-efficiency homes.
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive...
- In Friday trade, the Dow dipped while the S&P 500 edged higher as investors digested corporate earnings and a surprise drop in wholesale inflation
- Leading banks were mostly lower following a deluge of quarterly results, while airlines were hammered after Delta's forecast disappointed investors
Market Report
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
- Wall Street had ended flat on Thursday, while the dollar was closing the week with gains against the euro.
- The Houthis have carried out a number of strikes on vessels in the Red Sea, a key international shipping route.
Economy
World adds 50% more renewable energy capacity in 2023
The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023,...
- The IEA said the largest growth took place in China, with wind power additions rising by 66%
- Europe, the US and Brazil also hit all-time highs in renewable energy capacity
Business
SEC, Emaar Economic City sign agreements
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two...
- The two agreements aim to deliver electrical service to the second and third phases of KAEC projects.
- These aim to provide electrical energy for major projects related to achieving the goals of the Kingdom’s Vision 2030.
Economy
France drops renewables targets in new energy bill
The proposed text affirms "the sustainable choice of using nuclear energy as a competitive and carbon-free" source of electricity. But...
- The proposed text reaffirms France's commitment to nuclear power to ensure "energy sovereignty"
- The draft law also drops targets for reducing energy consumption via renovation of buildings.
Oil prices slump but stock markets mostly higher
Wall Street indices enjoyed solid gains, including the Dow, which mustered a 0.6 percent advance in spite of an eight...
- US and European oil futures fell around four percent after top exporter Saudi Arabia cut the price of its crude, weighing also on shares of energy majors, analysts said
- Drop in oil prices weighed on energy shares, with Shell down 2.9 percent as investors reacted to mixed trading update ahead of British oil major's annual earnings due next month
Business
Apple’s Vision Pro headset available in US on February 2
WASHINGTON, US - Apple on Monday said it will release its highly anticipated Vision Pro mixed reality headset in the United...
- Announced in June, the Vision Pro will cost a hefty $3,499 before tax, more than double the price of Meta's top-of-the-range Quest Pro headset.
- The headset has been in development at Apple for years, and is seen as a much needed boost to a segment that Facebook-owner Meta has struggled to grow.
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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
Iraq signs deal with US firm to produce 24,000 MW of electricity
Prime Minister Mohammed Shia al-Sudani oversaw "the signing of a Memorandum of Understanding as part of a strategic cooperation framework...
Economy
Company News
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Masdar to buy stake in Terra-Gen
Business
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
Economy
Middle East oil policies not dictated by US, says Russia
MOSCOW, RUSSIA – US will no longer be able to dictate oil prices in the Middle East, Director of the...
Geostrategy
ENEC and General Atomics to collaborate on use of technology for nuclear energy
Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...
Science
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Business
Russia not in danger of trading oil at a loss, says Lavrov
MOSCOW, RUSSIA – Russia does not see the risk of trading oil at a loss due to the redistribution of...
- Lavrov expressed confidence that Moscow is not frightened of relying on countries that will buy Russian oil and gas.
- OPEC+ regulates the market and prices in an equitable manner, taking into account the interests of consumers, the minister said.
Economy
Gulf nations transition from oil to solar powerhouses
The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing, with...
- The Gulf region is embracing the future of energy by investing in polysilicon production, crucial for solar panel manufacturing.
- With Qatar leading by example and Saudi Arabia set to follow, these moves signify a key shift towards renewable energy sources.
Business
Masdar to buy stake in Terra-Gen
Masdar to buy 50 percent stake in Terra-Gen from ECP.
- Masdar’s US portfolio of utility-scale wind, solar and storage assets has a generating capacity of over 1.4 GW.
- The US market will play a vital role as Masdar plans to build a renewable energy portfolio of 100 GW capacity by 2030