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MENA region is leading the on-demand talent revolution: report
Agile work models and diverse skill demands propel MENA's freelance economy, empowering businesses to thrive amid modernization and digital transformation.
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BP posts US$15.2bn net annual profit
It will deliver US$1.75bn in buybacks for Q4 of last year. -
QatarEnergy, Mitsui ink pact
The agreement provide for a rise in condensate volumes. -
48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the EY MENA IPO Eye Q4 2023 report. During Q4 2023, 19 IPOs raised $4.9 billion in proceeds. ADES Holding Company raised the most funds. -
Jordan’s EMRC grants approvals for EV charging infrastructure
AMMAN, JORDAN - The Energy and Minerals Regulatory Commission (EMRC) has issued over 300 authorizations for the installation of electrical metering devices dedicated to electric vehicle charging infrastructure, with the current tally of licensed EV charging facilities standing at 63 across the Kingdom.EMRC records indicate a distribution of 49 publicly... -
Norway’s sovereign wealth fund posts record US$213bn profit
Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion kroner ($213 billion) last year, driven by tech stocks and a weak national currency. The fund's total value reached close to 15.8 trillion kroner last year. The 16.1 percent return... -
Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE. -
Saudi Aramco halts plan to raise production capacity
Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply cuts dating back to October 2022, Saudi Arabia's daily output stands at approximately nine million bpd, far below its capacity of 12 million bpd. -
KACST, ACWA Power sign pact
The aim is to develop technologies for clean energy. -
Clean energy largest driver of Chinese GDP growth in 2023: report
China is the world's biggest emitter of greenhouse gases driving climate change, but it is also the top producer of wind and solar energy. Faced with soaring energy consumption, the country has turbocharged its use of renewables -- but also in 2022 approved its largest expansion of coal-fired power plants... -
ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions. -
Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom. -
France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from 100 euros ($109) a month, Environment Minister Christophe Bechu said on Friday. President Emmanuel Macron unveiled the plan on social media in December as part of efforts to reduce carbon... -
Saudi Arabia to host WEF special meeting in April
Davos, Switzerland — Saudi Arabia will host a special meeting of the World Economic Forum (WEF) in Riyadh this April, Saudi Economy and Planning Minister Faisal Al Ibrahim said on Thursday. Speaking at the panel 'Saudi Arabia: The Course Ahead', Faisal Al Ibrahim said the event will focus on global collaborations,... -
Diversification of energy sources needed to meet demand: Saudi minister
Davos, Switzerland -- The Saudi Minister of State for Foreign Affairs, Cabinet's member, and Climate Affairs Envoy, Adel bin Ahmed Al-Jubeir has called for diversification of energy sources to meet the increasing global demand for energy. The minister made these remarks Wednesday at a session titled “Bold Steps for a... -
Aramco injects $4 billion into its global venture capital arm
Dhahran, Saudi Arabia -- Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more than doubling the capital allotted to it, from $3 billion to $7 billion. This, Aramco said in a statement, will take Aramco’s overall venture capital allocation to $7.5 billion, which... -
Stock markets: Germany drags Europe down, Tokyo rises again
In Asia, Tokyo rose for a sixth successive day to build on last week's advances, which saw the Nikkei break above 35,000 points for the first time since 1990 thanks to a revival of Japanese inflation and a weaker yen that helps exporters. -
Several MoUs signed at Future Minerals Forum in Saudi Arabia
RIYADH, SAUDI ARABIA – The third edition of the Future Minerals Forum (FMF), organized by the Kingdom’s Ministry of Industry and Mineral Resources, has witnessed the signing of several memoranda of understanding (MoUs) between a number of government agencies, companies and institutions. New exploration sites were announced as well as... -
Oil prices rise on Red Sea escalation, corporate earnings season
Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive rebel attacks on Red Sea shipping. An analyst at SEB bank said if the US-UK attacks were unsuccessful in destroying Houthi weapons, and oil tankers need to go around Africa,... -
Saudi Arabia announces operational start of this year’s Hajj season
Riyadh, Saudi Arabia - Saudi Minister of Hajj and Umrah, Tawfiq Al-Rabiah, officially inaugurated the operational activities for the 1445 AH Hajj season on Friday. The commencement follows the conclusion of the third edition of the Hajj and Umrah Services Conference and Exhibition, a four-day event that showcased facilities for... -
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 in the Red Sea, fueling worries about a wider conflict. Tokyo and European stock markets ended the week with gains as traders brushed off data showing US inflation rose more... -
US consumer inflation jumps more than expected to 3.4 percent
Washington, US - Consumer inflation in the United States rose more than anticipated in December, government data showed Thursday, underscoring the bumpy road to cooling price increases as the presidential election looms. The Department of Labor's consumer price index (CPI), a key measure of inflation, was up 3.4 percent from a... -
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, touching almost 510 gigawatts, with solar PV accounting for three-quarters of additions worldwide. Nearly 200 nations at the COP28 summit last month agreed to transition away from fossil fuels. -
India’s Russian oil imports fall to 11-month low as price cap rises
Indian refiners bought 1.45 million barrels per day of Russian oil last month, their lowest amount since last January and down nearly 16 percent from November, according to global energy trade intelligence platform Kpler. -
UAE and India sign MoUs to deepen ties in renewable energy, healthcare
Abu Dhabi, UAE--The UAE Ministry of Investment has signed three memorandums of understanding (MoUs) with India, setting out frameworks for the expansion of bilateral investment cooperation in the renewable energy, food processing and healthcare sectors. The agreements were signed by the respective Indian ministries, underscoring the UAE’s strong commitment to... -
SEC, Emaar Economic City sign agreements Â
RIYADH, SAUDI ARABIA - The Saudi Electricity Company (SEC) and its subsidiary National Electricity Transmission (NET) have signed here two agreements with Emaar, The Economic City (EEC) which is the main developer of King Abdullah Economic City (KAEC). The agreement was signed in the presence of Saudi Arabia Minister of... -
France drops renewables targets in new energy bill
The proposed text affirms "the sustainable choice of using nuclear energy as a competitive and carbon-free" source of electricity. But the proposed text sets no such targets for building renewable capacity, in particular wind and solar, whereas previous energy laws did. -
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 percent dive in Boeing shares after an emergency landing on an Alaska Airlines aircraft revived safety worries. "We basically are having a little bit of a bargain hunting today," economist... -
Energy companies to test CO2 capture in Brazil undersea oil field
PARIS, FRANCE  - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2 in an undersea oilfield off Brazil in an effort to reduce emissions, TotalEnergies said on Monday. The pilot unit will separate oil from CO2-rich natural gas at the bottom of... -
Qatar PMI data reveals ‘stable business conditions’ in non-energy sector
Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data from Qatar Financial Centre (QFC) has revealed. Volumes of output, new business and backlogs of work were all largely stable compared with November levels, while employment growth was maintained, and... -
UK announces Europe’s first high-tech uranium fuel plant
HALEU fuel is needed to power many of the next generation of advanced nuclear reactors, including so-called small modular versions that the UK intends to use. The first plant of the uranium fuel will be in northwest England and is scheduled to be operational by the 2030s, the government said. -
Eurozone inflation rises to 2.9% in Dec mainly due to energy costs
The data supports comments by European Central Bank (ECB) chief Christine Lagarde, who has warned that Europe should remain on guard despite falling inflation. -
FAO says global food prices fell 13.7 percent in 2023
World food prices fell in 2023, with considerable declines for grains and oils as supply concerns eased, the UN's Food and Agriculture Organization said. The FAO's cereals price index fell 15.4 percent last year, "reflecting well supplied global markets" compared to 2022, when prices soared after Russia's invasion of Ukraine,... -
Oil prices jump, stocks slump after Iran blasts
"Heightened tensions in the Middle East following a bomb blast at a ceremony honouring a slain general in Iran have led to further risk-off sentiment and rising US yields," said Axel Rudolph, senior market analyst at online trading platform IG. -
UAE announces reduction in fuel prices for January
ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following fluctuations in the global oil market. This change reflects a continuous trend observed in the fuel prices over the past few months, with September and October witnessing increases and November... -
5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of the important global challenges and opportunities. -
GCC makes pivotal strides in development, diplomacy
In 2023, Saudi Arabia, UAE, Qatar, Bahrain, Oman and Kuwait collectively advanced in technology and sustainable development, achieving global integration. -
Excel Astra to build facility in KEZAD
The fabrication unit will cost the firm US$5.44m. -
Russia redirected most oil exports to China and India, says Novak
After President Vladimir Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a European Union embargo on its seaborne oil deliveries. As it was losing much of its market share in Europe, Moscow pivoted to other buyers including China. -
Oman to expand production of green hydrogen to boost non-oil economy
Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as GDP, fiscal revenue and the balance of payments, over the long term against the backdrop of the global energy transition, says Fitch Ratings. Uncertainty around potential outcomes remains high at... -
Qatar expects a decrease in inflation next year
Doha, Qatar-- Inflation in Qatar is expected to fall in 2024, according to Ali bin Ahmed Al Kuwari, the Minister of Finance. In a press conference on Thursday, the minister said that the inflation witnessed in Qatar in 2023 was temporary and associated with a specific period and reasons, such... -
China’s BYD to manufacture cars in Hungary
BYD already has operations in Hungary, including an electric bus factory. -
ENEC announces completion of Unit 4 of Barakah Nuclear Energy Plant
The Federal Authority for Nuclear Regulation (FANR), the UAE's independent nuclear regulator, recently issued the Operating License for Unit 4 to Nawah. This milestone takes the UAE one step closer to full fleet operations at Barakah, the largest single source of clean electricity in the region. Once operational, Unit 4,... -
Plan to end e-vehicle subsidies sparks anger in Germany
BERLIN, GERMANY - The German government on Sunday faced a backlash after abruptly ending an electric car subsidy scheme in a blow to the already struggling automotive industry. The scheme is one of the casualties of a budget crisis caused by a shock constitutional court ruling in November that upended the... -
ENEC, CNNC sign MoU
Both the firms will offer their expertise in the sector. -
Coal use to decline next year after record high in 2023: IEA
The latest forecast came after nearly 200 countries at the COP28 UN climate talks adopted a deal stating that the world will be "transitioning away from fossil fuels" to achieve net-zero emissions by 2050 and limit global warming. Coal is the largest energy-related source of the CO2 emissions responsible along... -
Gulf expects no change in oil export despite deal at COP28
Dubai, UAE - An agreement to "transition away" from fossil fuels may be a landmark moment but don't expect quick changes among the major producers of the Gulf, where the deal was hammered out. After the UN's COP28 climate talks in Dubai, Saudi Energy Minister Prince Abdulaziz bin Salman immediately played... -
EU reaches deal to reform electricity market
The agreement will see states given the "possibility to exclusively support" the acquisition of new renewable generation, in line with member countries' decarbonization plans, said the EU Council statement. The deal also empowers the Council, which represents member states, to declare a union-wide "crisis" based on market conditions. -
World Bank to expand climate funding in MENA by $10 billion
Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to align 100 percent of new operations with the goals of the Paris Agreement. -
China, Saudi Arabia sign 60 pacts worth $25bn at Beijing conference
Beijing, China - China and Saudi Arabia signed over 60 MoUs and agreements worth over $25 billion at the investment conference in Beijing. The conference was attended by more than 1,000 government and business leaders. Agreements were signed in key sectors including energy, agriculture, tourism, mining, financial services, logistics, infrastructure,... -
Digitalization has high environmental costs, says UNCTAD meet
DUBAI, UAE - With global attention on the COP28 climate summit, UNCTAD’s eWeek 2023 highlighted digitalization’s potential to accelerate climate action and its environmental costs. Data-driven technologies like the Internet of Things, robotics and artificial intelligence (AI) can enhance climate change monitoring, optimize energy use and production processes, and promote...