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TAQA Q1 net income $571m

Net income fell $2.58bn due to one-off items recognized in 2023.

QatarEnergy buys stake in Egypt blocks

It did not disclose the cost of the agreement.

TSMC’s April revenue up 60%

It capitalized on huge wave of demand for chips used in AI hardware.

Etihad reports record Q1 profit

Total revenue increased by $269 million in the same period.

Aramco Q1 profit down 14.5%

Despite lower profit, it will pay $31bn in dividends to Saudi government.
  • Cash-strapped Pakistan gets draft approval for $1.1 bn IMF payout

    Islamabad, Pakistan - Pakistan reached a tentative deal to unlock a $1.1 billion tranche of an International Monetary Fund (IMF) bailout deal, the global lender said Wednesday, giving much-needed respite to the South Asian nation. Last summer, cash-strapped Pakistan sketched a $3 billion deal with the IMF as it battled a...
  • Saudi Arabia to set up five new renewable energy projects

    The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use solar energy.
  • Saudi launches five projects to produce electricity using renewable energy

    Riyadh, Saudi Arabia--Saudi Arabia has launched five new projects to produce electricity using renewable energy, which is part of the fourth phase of the projects of the National Renewable Energy Program. Saudi Press Agency said that Saudi Energy Procurement Company (the main buyer) launched the projects for competition. The financial...
  • ‘More efforts needed for net zero carbon emissions by 2050’

    More efforts are required to make the world reach net zero emissions by mid-century, according to the International Energy Agency's (IEA) latest appraisal of global progress on clean energy technologies.
  • French TV to show ‘power map’ to avoid winter black outs

    France's national broadcaster said Friday it would begin broadcasting a "power map" to  viewers, showing demand for electricity around the country and areas where over-consumption could lead to blackouts. Under a deal signed with the main operator of the country's power grid, France Televisions will begin showing a real-time map...
  • South Africa seeks wind energy to resolve power situation

    South Africa inked the first three of a series of agreements with independent producers to supply wind energy amid worsening blackouts in the continent's most industrialized economy.
  • DEWA, Desolenator ink pact

    Dutch firm will provide water desalination technology
  • DEWA CEO briefs Utah House of Representatives delegation

    MD & CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer met a delegation from the Unified Economic Opportunity Commission of the Utah House of Representatives, USA.
  • DEWA smart meters’ number up 73% in four years

    Dubai, UAE---Dubai Electricity and Water Authority (DEWA) recorded a growth in the number of smart water meters by 73.6 percent between 2018 and 2022, from 566,214 metres to 983,185. DEWA has a secure and automated infrastructure to manage metre data. Automating metre readings helps customers receive instant information on their...
  • European Union plans to cut soaring gas, electricity prices

    In the EU's electricity market, the price is based on the last source used to meet demand -- often a gas-fired power plant -- and that is applied to all electricity operators, regardless of whether they use nuclear, hydro-power, solar or other sources.
  • Work on world’s largest waste-to-energy project nearly completed

    Dubai, UAE - Dubai Municipality said Monday 85 percent of of Dubai Waste Management Centre (DMWC), world’s largest waste-to-energy project, has been completed. Its construction began in 2021 as a step toward projecting Dubai as a global model for sustainable development, local media reports said. DWMC reflects Dubai’s commitment to...
  • DEWA plans cash dividend for H1

    Firm plans to give cash dividend of US$844m.
  • Power-starved Lebanon turns to solar energy

    Lebanon's economy collapsed in 2019 after decades of corruption and mismanagement, leaving the state unable to provide electricity for more than an hour or two.
  • ADNOC to supply natural gas to Dubai for clean energy transition

    ADNOC says domestically produced natural gas is more commercially competitive compared to imported coal or gas and it will support economic growth while lowering emissions when used as a substitute for coal in power generation.
  • Iraq looks to neighbors for energy to overcome crunch

    Looking to tide over the persistent problem of a lack of energy supply in the country, particularly in the summer due to high temperatures, the Iraqi Ministry of Electricity says it needs 35,000 megawatts of energy to achieve self-sufficiency.
  • Broad money supply in Qatar reaches US$185.4bn in July

    Social Security statements reached QR 78 million in July 2022, for 14,495 beneficiaries, recording a monthly decrease of 0.2% for the value of social security.
  • 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 energy market made urgent by Russia's invasion of Ukraine. This continent-wide shake up of 27 EU economies with different energy needs and sources will be a long and politically-fraught process.
  • 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 the third fastest growing brand in the UAE according to the annual report issued by 'Brand Finance'.
  • Uniper seeks state aid on prices

    Massive hike in the gas prices hits firm's profitability.
  • 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 that will be painful for Americans. The Fed has been on a campaign to raise interest rates and Powell said at Jackson Hole that the fight against inflation is not...
  • DEWA breaks own record for overhaul of gas turbines

    Dubai Electricity and Water Authority (DEWA) has announced breaking its own world record in major inspection outage duration for the overhaul of gas turbines and desalination units, recorded in 2019.
  • Spain PM hopes Europe gas pipeline will soon be ready

    Spanish Prime Minister Pedro Sanchez said Tuesday he hopes a gas pipeline linking the Iberian Peninsula to central Europe through France could soon become a reality. Europe is currently undergoing an energy crisis as it struggles to rapidly reduce its dependence on Russian gas following the invasion of Ukraine.
  • DEWA H1 2022 revenue is $3.3bn

    DEWA's net profit in H1 2022 is US$898 million
  • Saudi delegation discuss energy, climate action at Tokyo conference

    A delegation from Saudi Arabia’s King Abdullah Petroleum Studies and Research Center (KAPSARC), participated in Tokyo’s 43rd International Association for Energy Economics (IAEE) conference. KAPSARC's experts shared insights on global energy and environmental concerns, disseminating solutions to help shape future energy policies and encourage climate action. The insights included the...
  • UAE provides inflation allowance to 47,300 low-income families

    The number of families that are provided inflation allowance under the UAE's Social Welfare Programme for low-income citizens, has reached 47,300, according to the Ministry of Community Development. The inflation allowance is provided for food, water and electricity and fuel. The ministry has approved the disbursement of the fuel subsidy...
  • Gaza’s only power plant closes due to fuel shortage

    Gaza's sole power plant shut down on Saturday after running out of fuel, an electricity company spokesman said, five days after Israel closed its goods crossing with the Palestinian enclave. Diesel for the plant is usually trucked in from Egypt or Israel, which has maintained a blockade since Hamas took...
  • Israel’s border closure could shut Gaza’s only power station

    The Israeli military has also imposed restrictions of movement on Israeli communities adjacent to the Gaza Strip.
  • France warns companies might have to cut energy use this winter

    The French government warned Wednesday that companies might have to reduce energy use this winter even with the country's natural gas reserves at full capacity, as Russia continues to reduce its gas exports to Europe. "The main players, government agencies and businesses, must reduce their consumption" of gas as well...
  • Qatar Broad Money Supply hits $185 billion by June 2022

    Qatar’s Total Broad Money Supply (M2) recorded about QR 675.1 billion ($185.4bn) during June 2022, marking an increase of 9.3 percent compared to June 2021. The Planning and Statistics Authority (PSA) revealed this in its monthly statistics bulletin "Qatar; Monthly Statistics,” issued Tuesday. Cash equivalents; including Commercial Bank Deposits, attained...
  • 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 is part of its efforts to provide a state-of-the-art infrastructure as per the best international standards.
  • Libyans at boiling point amid summer power cuts

    The people of Libya are enduring electricity cuts of up to 18 hours a day, despite their country sitting atop Africa's largest proven oil reserves. After a decade of violence, rising poverty and fragmenting government, many have reached the limits of their tolerance. Public anger spilled into the streets earlier...
  • Germany to partner with Egypt to build hydrogen economy

    Germany is looking to partner with Egypt to build the hydrogen economy as Europe seeks to diversify away from its current reliance on Russian gas.
  • Egypt raises fuel prices in quarterly review

    The country raised the price of a litre of 80-octance gasoline from EGP7.5 to EGP8 (US$0.424), a litre of 92-octance from EGP8.75 to EGP9.25 (US$0.49).
  • Lebanon inks gas deal with Egypt to enhance power supply

    Lebanon's crumbling electricity sector has cost the country more than $40 billion since the end of its 1975-1990 civil war.
  • Iraq’s summer of ‘hell’ has just begun

    Umm Mohammed, 74, waves a fan back and forth to cool down, but in the blistering heat of Iraq's southern city of Basra there is nothing but stiflingly hot air.
  • Germany declares emergency steps to meet energy demand

    Berlin has managed to reduce the share of its natural gas supplied by Russia from 55 percent before the invasion to 35 percent -- thanks to increased deliveries from countries like Norway and the Netherlands.
  • Iraq settles $1.6 billion payment of Iranian gas imports

    The debt dates back to 2020, but payment was stalled amid sanctions against Iran by the United States.
  • Kuwait awarded nearly $6 billion worth of tenders in 2021

    The Central Agency for Public Tenders of Kuwait (CAPT) has awarded 235 tenders worth $5.9 billion in 2021. Secretary-General of CAPT Usama Al-Duaij told Kuwaiti media that the number of the awarded tenders has been mounting on an annual basis, but due to the impact of coronavirus pandemic, only 98...
  • DEWA inches closer to finishing $72.42m water project

    Dubai Electricity and Water Authority (DEWA) has completed 98.83% of its project to extend its water transmission network by 36 kilometers across Dubai, at a total cost of about AED 266 million ($72.42m)
  • Al Maktoum Solar Park key to achieving UAE’s net zero goal: DEWA

    Dubai Electricity and Water Authority (DEWA) is implementing the Mohammed bin Rashid Al Maktoum Solar Park clean and renewable energy project to achieve net-zero emissions by 2050. Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world. The solar park has a planned capacity...
  • Years after IS defeat, northern Iraq struggles to rebuild

    In Iraq, "maku" means "nothing", and father-of-five Issa al-Zamzoum says "maku" a lot: no electricity, no home, no rebuilding and no job. Eight years after heavy fighting between Islamic State jihadists and the army, the reconstruction of his war-ravaged village in northern Iraq is at a standstill.
  • DEWA starts online service to encourage use of electric vehicle

    The EV Community Hub website covers the latest government strategies, targets, incentives, and relevant regulations for EVs
  • AMEA Power awarded two projects

    These solar projects in Morocco were part of a large international tender.
  • DEWA launches Ramadan campaign for sustainability

    The campaign reportedly supports the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050.
  • Jordan’s electricity linkages with neighbors on track

    NEPCO Director Amjad Rawashdeh has called the linkages a model for Arab countries.
  • Ukraine war, energy crisis force UK into fossil fuels rethink

    Boris Johnson's government will consult with local communities to host onshore wind farms in return for "guaranteed lower energy bills," after the UN warned that investing in fossil fuels would be equated with 'moral and economic madness'.
  • Iraq exports oil worth $11bn in March, a fifty-year record

    Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia's invasion of Ukraine, the oil ministry said.
  • Saudi Arabia shows interest to develop nuclear reactors

    Saudi Arabia has evinced interest to develop small modular nuclear reactors in order to generate electricity for remote areas of the kingdom. He told GEC 2022 in Riyadh that the kingdom will develop more technologies at home to limit the risk to the planet.
  • Jordan, USAID launch project to support energy sector

    The Ministry of Energy and Mineral Resources and the United States Agency for International Development (USAID) in Jordan have launched a project to support the kingdom's energy sector. Jordanian media reports said the USAID-funded project valued at $40 million will be implemented over a five-year period, citing a statement from...
  • Dubai saves 329MW of electricity during Earth Hour 2022

    Dubai Electricity and Water Authority (DEWA) said about 329 megawatts (MW) of electricity were saved in the emirate during Earth Hour 2022, equivalent to a reduction of 132 tons of carbon dioxide emissions. These savings are 13 percent higher than the 291 megawatts savings recorded during Earth Hour 2021. This...
  • Construction of 230 MW Masdar solar plant in Azerbaijan begins

    Renewable energy company Masdar announced the formal start of construction for its 230-megawatt (MW) Garadagh Solar PV Plant in Azerbaijan, the Central Asian nation's first foreign investment-based independent solar power project. Masdar also signed agreements related to developing additional clean-energy projects across Azerbaijan. Masdar signed agreements to develop the Garadagh...