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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

UAE to set up waste-to-energy plants to get rid of trash

Aerial shot of energy plant driven by sustainable biomass in Copenhagen, Denmark. This fossil free energy system is fueled biomass, a renewable energy source. The fossil fuel Oil tanking station, Prøvestenen, is seen in the background. Aerial view shot with drone as HDR (high dynamic range).
    • Dubai is building a $1.1 billion waste-to-energy facility, while a smaller plant is being built in Sharjah

    • Two more plants are being built in Abu Dhabi to get rid of trash around the country

    The United Arab Emirates is looking to construct a set of waste incinerators around the country in order to burn up two thirds of the trash, to take care of its growing refuse problem.

    Dubai is constructing a $1.1 billion waste-to-energy facility, one of the largest in the world, while a smaller plant in being built in Sharjah and will begin operation this year, Bloomberg reported. Two further projects are being built in Abu Dhabi.

    Burning trash creates carbon emissions, potentially making it harder for the UAE to reach its target of becoming carbon neutral by 2050.

    However, Bee’ah, Sharjah’s waste company, will try to mitigate this by creating green spaces, install a 120-MW solar array on top of the plant and produce hydrogen from the garbage to fuel its rubbish trucks. Sharjah will also be able to close its landfill site.

    Bee’ah CEO Khaled Al Huraimel said he wants to export the model across the region, including Saudi Arabia.

    While environmentalist favor recycling over burning of trash, turning plastics and other waste into usable products is extremely challenging.

    China’s recent ban on the importation of waste “has really changed the economic drivers,” said Mr.John Ord, a UK business director at engineering firm Stantec. “All of a sudden, we have a lot of waste that needs to be dealt with.”