EU worried Red Sea attacks could spark inflation
European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
Geostrategy
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...
Market Report
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.
Geostrategy
Risk of radioactive leak at Ukraine nuclear plant, says operator
There is a risk of a radioactive leak at Ukraine's Zaporizhzhia nuclear power plant, occupied by Russian troops, the state...
- The Zaporozhye facility was seized by Russian troops in the opening weeks of the February invasion and has remained on the front line ever since.
- The operator said that as of midday Saturday (0900 GMT) the plant "operates with the risk of violating radiation and fire safety standards".
Economy
Energy crisis pushes nuclear comeback worldwide
Investment in nuclear power declined after Japan's 2011 Fukushima disaster, the world's worst nuclear accident since Chernobyl in 1986, as...
- Governments face difficult decisions with rising gas and electricity bills and scarce resources threatening to cause widespread suffering this winter
- One of the countries reconsidering nuclear energy is Japan, where the 2011 accident led to the suspension of many nuclear reactors over safety fears
Economy
Stocks slump after Fed chair vows tough inflation fight
Stock slumped on Friday after Federal Reserve boss Jerome Powell pledged to act "forcefully" against soaring inflation in a battle...
- Modest signs of slowing in the world's largest economy, easing price pressures spurred hope in financial markets the central bank might ease up on its interest rate hikes.
- Powell made it clear that Fed policy and the benchmark borrowing rate would have to remain "sufficiently restrictive" to return inflation to its two percent target.
Business
DEWA organizes virtual seminar, 90 Turkish firms participate
Dubai Electricity and Water Authority (DEWA) has organized a virtual seminar with 90 leading Turkish companies in the energy and...
- DEWA has a clear strategy and specific goals to increase the share of clean and renewable energy in Dubai’s energy mix
- The company has launched pioneering projects and initiatives to diversify clean energy sources
Business
German govt to relook huge gas levy amid outrage
German ministers vowed to reexamine a planned gas surcharge imposed on consumers after it emerged that some energy companies seeking...
- The levy, to be imposed from October 1, had been grudgingly accepted as a compromise to help prevent the energy market from collapsing.
- The levy sparked outrage after it emerged that some energy firms which have doubled their revenues in H1 2022, have registered to receive a share.
Business
South Korea wins $2.2bn order in Egypt’s first nuclear plant
The Korea Hydro & Nuclear Power Co. won a contract with Russia’s state-owned Rosatom in the project. The state-owned Korean...
- El Dabaa plant, with a capacity of 4,800 MW, is Egypt’s first nuclear plant and would be constructed at an estimated cost of $28.75 billion.
- The contract stipulates that Rosatom will not only build the plant, but will also supply Russian nuclear fuel for its entire life cycle.
Geostrategy
Turkey plays down US sanctions threat over Russia ties
Turkey's finance minister told businesses on Friday they should not be concerned by the threat of sanctions that Washington warns...
- The value of Ankara's trade with Moscow shot up by nearly 50 percent between May and July this year as NATO member Turkey has refused to join the international sanctions.
- US Deputy Secretary of the Treasury had warned Turkish banks and companies they would face secondary sanctions if they cooperated with sanctioned Russians.
Geostrategy
In risky recycling venture, Gazans burn plastic for fuel
It's an economic and practical solution in a territory blockaded by Israel for 15 years, but one which poses serious...
- In Gaza, where exchanges of fire between Palestinian militants and Israel for three days this month killed at least 49 Palestinians, health risks are outweighed by economic reality
- Unemployment has hit 47 percent and the average daily wage is around 60 shekels ($18), according to the Palestinian Central Bureau of Statistics.
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EU worried Red Sea attacks could spark inflation
European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
Geostrategy
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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
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...
Geostrategy
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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
Business
ADNOC, Tabreed say breakthrough in project to harness geothermal energy
ABU DHABI, UAE – ADNOC and the National Central Cooling Company (Tabreed) on Monday announced a breakthrough following the conclusion...
- The landmark project, the first in the Gulf region, is set to decarbonize the cooling of buildings in Masdar City.
- The project will further diversify the UAE’s energy mix and support the National Energy Strategy 2050.