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...
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,...
Economy
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
Economy
Obstacles hit Germany’s efforts to restart coal plants
A year after the last wisps of smoke disappeared into the skies from the imposing chimneys of the Moorburg coal...
- Russia's curtailing of gas exports to Germany in the wake of the Ukraine war has forced Berlin to make the radical decision to restart coal power stations, at least temporarily.
- Germany began winding down its coal-fired power plants in the last few years, in view of meeting a target to end usage of the fossil fuel by 2030.
Economy
Egypt curtails domestic use of energy to boost forex
An economic crisis spurred by the Ukraine war is casting darkness upon Egypt's streets, as the government dims lights to...
- Egypt, the world's biggest wheat importer, relied on the ex-Soviet states for over 80 percent of its grain.
- Inflation hit a three-year high of 14.6 percent in July after Egypt devalued the pound
Geostrategy
Japan vows billions at Africa investment conference
Japanese Prime Minister Fumio Kishida Saturday pledged $30 billion over three years for Africa in a virtual address to a...
- Japanese Prime Minister Fumio Kishida Saturday pledged $30 billion over three years for Africa in a virtual address to a development conference in Tunis.
- Host country Tunisia is among the countries bearing the brunt of global supply chain disruptions and price spikes since it is heavily import dependent.
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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...
Economy
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Saudi Arabia’s output cut stabilizes global oil market
The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent...
Economy
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...
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...
Business
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‘Fuel of the future’: Gulf states bet on ‘green’ hydrogen
The investment in green hydrogen has not curbed expansion in oil and gas, with both the UAE and Saudi Arabia...
- In July the UAE, which will host the COP28 climate conference this year, approved a hydrogen strategy that aims to make it one of the top 10 producers by 2031
- According to Deloitte, Gulf nations will lead global clean hydrogen trade in the short-term, exporting around half of their domestic production by 2030
Business
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday...
- This project is the largest of its kind in the world for water production based on Sea Water Reverse Osmosis technology using solar energy.
- The water desalination capacity in Dubai is currently 490 MIGD and this capacity will increase to 670 MIGD in 2026 with the completion of this project.
Economy
Under UAE Presidency, COP28 will lead global efforts to protect the planet, safeguard future generations
"The UAE possesses essential capabilities such as modern infrastructure, a commendable track record in sustainability and environmental conservation, recognition as...
- Sheikh Mohamed highlights role of youth, women, and civil society in combating climate change
- UAE invites global cooperation for collective climate action, COP28 to lead efforts under UAE Presidency