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...
From climate action to global aid: Inside UAE’s remarkable year
Abu Dhabi, UAE -- The UAE is bidding farewell to 2023, dubbed the ‘Year of Sustainability'. From hosting the relatively...
YEARBOOK 2023
Economy
7.1 GW of renewable energy under production in Saudi Arabia
Saudi Ministry of Energy has put forward renewable energy projects with a production capacity of 7.1 gigawatts (GWs), which are...
- The current production capacity of renewable energy projects is 700 megawatts.
- Energy projects are covered under the National Renewable Energy Program (NREP).
Economy
Saudi Arabia’s overall exports in May 2022 was US$38.5bn
The Kingdom of Saudi Arabia’s overall merchandise exports increased by 83.4 percent in May 2022 compared to May 2021, the...
- Saudi Arabia’s overall merchandise exports increased by 83.4 percent in May 2022 compared to May 2021
- The share of oil exports in total exports increased from 72 percent in May 2021 to 80.6 percent in May 2022
Economy
DEWA says 287 11kV substations commissioned in H1 2022
Dubai Electricity and Water Authority (DEWA) has commissioned 287 11kV substations in Dubai in the first half of 2022. This...
- These 287 11kV substations are primarily in Al Merkad, Jabal Ali First, Saih Shuaib 2, Al Jadaf and Burj Khalifa areas
- Building these substations included 177,875 working hours as per the highest quality, efficiency and safety standard
Geostrategy
‘Bilateral ties strengthened with UAE President’s France visit’
The French Ambassador to the UAE, Xavier Chatel, described the first official visit to France of UAE President Sheikh Mohamed...
- The French Ambassador to the UAE described the first official visit to France of UAE President as successful
- Sheikh Mohamed bin Zayed Al Nahyan's visit underscores deep-rooted friendship between the two countries
Business
French oil, shipping firms reduce prices under government pressure
French oil group TotalEnergies and shipping giant CMA CGM announced price cuts on Friday as demanded by the government amid...
- French oil group TotalEnergies and shipping giant CMA CGM announce price cuts
- The French government demanded that energy and transport firm cut prices amid calls for windfall taxes
Geostrategy
Putin, Saudi crown prince discuss oil as global energy market gets volatile
Russian President Vladimir Putin and Saudi Arabia's Crown Prince Mohammed bin Salman spoke about the oil market in a telephone...
- The Saudi-led OPEC oil grouping has been cooperating with a number of other oil-exporting nations including Russia for several years to better control the oil market
- The group, called OPEC+, introduced production cuts during the coronavirus pandemic that helped the oil market to recover from a crash in prices to below zero
Science
Testing of Barakah Nuclear Plant’s last unit successful
The Emirates Nuclear Energy Corporation has successfully completed the Hot Functional Testing on Unit Four, the last of its four...
- Emirates Nuclear Energy Corporation successfully completes Hot Functional Testing on the last of its four units of Barakah Nuclear Energy Plant
- Results demonstrate that all systems perform in accordance with the highest quality and safety standards under normal operating conditions
Economy
Global electricity demand slowing sharply: IEA
The agency said renewable sources of energy were growing faster than demand and replacing fossil fuels.
- The agency said renewable sources of energy were growing faster than demand and replacing fossil fuels
- The IEA said that Europe was gearing up to reduce its reliance on Russian fossil fuel imports by accelerating its clean energy transition
Economy
Russia resumes critical gas supplies to Europe via Nord Stream
Russia on Thursday resumed critical gas supplies to Europe through Germany, reopening the Nord Stream gas pipeline after 10 days,...
- The German government had feared that Moscow would not reopen the pipeline after the scheduled work
- Gazprom has cut flows to Germany via the vital Nord Stream 1 pipeline by some 40 percent in recent weeks
Science
Are EVs driving towards greener world or uncertainty?
Studies suggest the electric vehicles may not eliminate all emissions even by 2050, particularly those related to mining and battery...
- Recent studies suggest the electric vehicles may not eliminate all emissions even by 2050, particularly those related to mining and battery production.
- Wider adoption of EVs will hinge on affordability which, in turn, is reliant on battery production and robust charging infrastructure
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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...
Company News
Latest News
UAE oil giant ADNOC pledges to ‘accelerate’ zero-carbon plan
ADNOC "is accelerating its decarbonization plan to advance its net-zero ambition to 2045, compared to its previous target of 2050,"...
Geostrategy
National Leasing’s profits hit $2.37m
A jump of 28 percent in net profit vis-a- -vis H1 2022.
Business
Egypt energy-saving measures evoke satirical reaction among citizens
Sweltering without air conditioning during the day and plunged into darkness at night, many Egyptians have responded with anger and...
Arts & Culture
Most Read
Business
Aramco, 5 local firms to jointly work on project in Pakistan
ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion...
- The proposed joint venture will establish a mega refinery in Gwadar with a capacity of 400,000 barrels per day.
- The government of Pakistan has already approved a refinery policy for new projects in the country.
Business
ExxonMobil Q2 profits $7.9bn
Profits fell on lower refining margins, natural gas prices.
- Natural gas prices are down sharply from the year-ago period following a mild winter.
- The comparative weakness in refinery margins reflects sluggish economic conditions.
Business
Major energy firms post sliding profits as oil and gas prices dip
Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by...
- Shell on Thursday said its profit after tax came in at $3.13 billion in the second quarter (Q2), down 80 percent compared with Q2 last year.
- French group TotalEnergies said its net profit dropped 28 percent to $4.1 billion in the second quarter from a year earlier.