Energy

ADNOC Drilling announces Turnwell JV to execute $1.7 billion unconventionals contract

Turnwell adopts batch drilling, which is a method that improves efficiency and reduces costs

Abu Dhabi reports new record GDP of $80.86 billion, 4.1 percent increase in Q2 2024

This growth is driven by the development of non-oil sectors, showcasing the emirate's economic diversification efforts

Oil prices hold steady amid concerns over Middle East conflicts, sluggish global demand growth

Brent crude futures for December delivery rose by 13 cents, or 0.18 percent, reaching $71.83 a barrel

UAE commits $30 million to boost Ghana’s biodiversity and climate initiatives

The framework outlines six key investment areas, including biodiversity corridors, reforestation

Governments allocate nearly $2 trillion in direct clean energy investment since 2020: IEA

This amount is nearly three times the funding committed after the financial crisis of 2007-08

S&P raises Oman’s credit rating to ‘BBB-’ with stable outlook

The Omani government, along with many state-owned enterprises (SOEs), is continuing to deleverage its balance sheet

UAE petrol, diesel prices reduced for October 2024

The new rates will be applicable from October 1

Oil prices rise amid Middle East tensions, upcoming Fed insights on monetary policy

Brent crude futures for November delivery rose by 51 cents, or 0.71 percent, reaching $72.49 a barrel

COP28 President calls for ambitious NDCs to keep 1.5°C goal within reach, drive socioeconomic growth

Dr. Al Jaber said the UAE Consensus provides a vital roadmap for action at the ‘Roadmap to Mission 1.5: NDC 3.0’ event

Oil prices decline as Libya and OPEC+ boost output, while China’s stimulus offers support

Brent crude futures decreased by 20 cents, or 0.28 percent, settling at $71.40 per barrel

Abu Dhabi awards oil and gas exploration concession to Malaysia’s Petronas

The company was awarded exploration concession for Onshore Block 2 in Abu Dhabi

EtihadWE, Khalifa University join forces to enhance desalination and resource efficiency in the UAE

The agreement seeks to explore and evaluate advanced membrane technologies and improve water quality

UAE Central Bank raises country’s GDP growth forecast for 2024 to 4 percent, 6 percent for 2025

Growth in 2025 will be fueled by strong non-hydrocarbon momentum and a rise in hydrocarbon production 

Oil prices steady amid Libyan production hopes, strong U.S. demand

Brent oil futures for November rose by 0.1 percent to $73.51 per barrel

Sheikh Mohamed strengthens UAE-U.S. relations through key dialogues with U.S. senators on shared interests, global challenges

Key focus areas included the economy, trade, climate action, AI, renewable energy, and sustainability

81 percent of new renewables cheaper than fossil fuels, saving $409 billion since 2000: IRENA

Solar PV costs plummet to 4 cents per kWh, 56 percent lower than fossil fuels

Oil prices dip slightly as market reacts to China’s stimulus measures, supply disruptions

Brent oil futures for November delivery dropped 0.1 percent to $75.12 per barrel

Abu Dhabi’s Masdar announces $1.4 billion acquisition of Saeta from Brookfield

The acquisition encompasses a portfolio of 745 megawatts (MW) of primarily wind energy assets 

UAE, IRENA forge partnership to boost climate ambitions in 20 developing nations

The partnership aims to leverage the UAE’s climate leadership and IRENA’s role in NDC development and sustainable energy transition 

Egypt invests $300 billion in infrastructure development over 10 years, says minister

El Khatib underscored the need to continue infrastructure development to achieve 6 to 7 percent economic growth

Abu Dhabi’s Masdar secures $159 million for 154 MW Čibuk 2 wind farm, powering 62,000 households

Non-recourse financing has been secured from lenders UniCredit and Erste Bank Serbia

Oil prices surge as China launches economic stimulus amid Middle East tensions, hurricane threat

Brent crude futures for November climbed by 69 cents, or 0.93 percent, reaching $74.59 a barrel

UAE, U.S. strengthen strategic partnership as trade reaches $39.5 billion in 2023

The UAE President's visit marks a significant moment in over fifty years of bilateral relations between the two nations

ADNOC Distribution approves $350 million interim cash dividend for H1 2024

ADNOC Distribution to pay the second and final dividend for 2024 in April 2025