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
ADNOC awards $1.83 billion framework agreements for drilling-related services
The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further...
- The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years
- The framework agreement awards will support ADNOC’s requirement to drill thousands of new wells to expand its production capacity
Economy
Gazprom halts pipeline gas flow in new jitters for Europe
Gazprom said supplies via Nord Stream 1 were "completely stopped" for "preventative work" at a compressor unit, shortly after the...
- Germany, which is heavily dependent on Russian gas, has accused Moscow of using energy as a "weapon."
- But Gazprom has said the 3-day maintenance work was "necessary" and had to be carried out after "every 1,000 hours of operation."
Geostrategy
What can Europe do to fight soaring power bills?
European leaders want to break the link between soaring gas prices and electricity bills, a wholesale reform of the EU...
- Electric power can't be stockpiled, unlike natural gas, so production and use must constantly be balanced.
- In the EU, electricity pricing is determined by the cost of the last energy source employed to respond to demand - often a gas-fired power plant
Business
DEWA ranks as 3rd most valuable utility brand in Middle East
Dubai Electricity and Water Authority (DEWA) has been ranked the third most valuable utility brand in the Middle East and...
- Dubai Electricity and Water Authority has been ranked the third fastest growing brand in the UAE
- The report said that the remarkable success of DEWA's IPO in H1 2022 was also due to the strength of the utility's brand
Business
Saudi-Thai Business Council set up to enhance trade
The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- The Federation of Saudi Chambers announced Monday the establishment of a joint Saudi-Thai Business Council.
- Thailand's Deputy Prime Minister said that discussions with Saudi officials resulted in signing of three pacts
Business
State Grid Corporation of China opens first office in UAE
Dubai, UAE: State Grid Corporation of China (SGCC), the largest utility company in the world, has expanded its presence in...
- State Grid Corporation of China (SGCC), the largest utility company in the world, opened the office in Dubai International Financial Centre.
- The SGCC has invested in utilities in Oman as well as internationally in Italy, Portugal, Greece and the Philippines.
Business
Uniper seeks state aid on prices
Massive hike in the gas prices hits firm's profitability.
- The Duesseldorf-based group said it had used up the nine-billion-euro line of credit agreed in the bailout as the cost for gas soared.
- One of biggest importers of Russian gas, Uniper has been squeezed as Moscow has reduced supplies to the continent in recent months
Economy
EU plans emergency action to halt energy price rise
High gas prices have been followed by disruptions in the nuclear and hydroelectric sectors amid a heatwave blamed on climate...
- The European Commission has yet to publish a detailed plan for market reform, but some member states have been pushing for a temporary cap on wholesale gas prices.
- EU officials are also considering measures to split electricity price setting from the gas price and take into account other energy sources.
Business
Honda, LG to invest $4.4 bn
Firms say construction of US plant to begin next year.
- Japanese auto giant Honda and South Korean battery maker LG Energy Solution announced a joint venture to invest $4.4 billion in a US electric car battery plant
- The move comes after California last week ruled that all new cars sold in America's most populous state must be zero-emission from 2035
Geostrategy
IAEA chief leading team to Ukraine’s Zaporizhzhia nuclear plant
"The day has come, IAEA's Support and Assistance Mission to Zaporizhzhya is now on its way," Grossi tweeted, saying the...
- Grossi has for months been asking to be able to visit the site, warning of "the very real risk of a nuclear disaster."
- The Zaporizhzhia plant has been occupied by Russian troops since shortly after Moscow launched its invasion on February 24
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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
ADNOC L&S gets new VLCC
Business
Latest News
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...
Business
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDANÂ - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
Economy
BRICS secures 47% global oil with Saudi Arabia, UAE, Iran inclusion
Tehran, Iran - The inclusion of Saudi Arabia, the UAE, and Iran, will significantly increase BRICS’ weight in the oil...
Economy
Most Read
Turkey’s leader Erdogan in Hungary for NATO, energy talks
Hungary has still not voted to approve the Nordic country's entry into the North Atlantic Treaty Organization, having aligned itself...
- The two countries have also discussed strengthening their energy cooperation, given that Hungary already receives a large proportion of its gas via the TurkStream pipeline
- Budapest and Ankara will also be deepening their "strategic partnership", an announcement due to be made official during a visit by Erdogan scheduled for December
Business
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
- This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
- NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Geostrategy
Over 113 Emirati projects in Ethiopia, trade exceeds $6bn, says UAE envoy
ADDIS ABABA, ETHIOPIA - UAE Ambassador to the Federal Democratic Republic of Ethiopia Mohammed Salem Al Rashidi said that the...
- Masdar signed a joint development agreement with the Ethiopian government in January 2023 in Abu Dhabi to develop two solar power plants.
- Ethiopia is a key investment partner for the UAE in East Africa, as it has a large and emerging consumer market of over 100 million people.