Skip to main content Skip to footer ![ADNOC Drilling announces Turnwell JV to execute $1.7 billion unconventionals contract](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/Turnwell.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/Abu-Dhabi-GDP-1-1.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/04/Oil-prices-1-1-1-1.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/UAE-Ghana-climate-1-1-1.jpeg/w=1024,h=683)
The framework outlines six key investment areas, including biodiversity corridors, reforestation
![Governments allocate nearly $2 trillion in direct clean energy investment since 2020: IEA](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/Governments-clean-energy-1-1.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/Oman-SP.jpg/w=1024,h=682)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2023/12/petrol-price-uae.jpg/w=1024,h=683)
The new rates will be applicable from October 1
![Oil prices rise amid Middle East tensions, upcoming Fed insights on monetary policy](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/06/Oil-prices-11.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/COP28-President.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/05/Oil-prices-2.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/Abu-Dhabi-oil-exploration.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/EtihadWE-1-1.jpeg/w=1024,h=682)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/CBUAE-UAE-economy-1-1.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/Oil-prices-1-7.jpg/w=1024,h=681)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/UAE-US-Senators2-1-2-1.jpg/w=1024,h=682)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/IRENA-renewables-1.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/06/Oil-prices-1-2.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/Masdar-Saeta-1.jpeg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/UAE-IRENA-1.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/Egypt-infrastructure-1-1.jpg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/Masdar-Serbia-1.jpeg/w=1024,h=683)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/Oil-prices-9.jpg/w=1024,h=680)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/UAE-USA-trade-1.jpg/w=1024,h=682)
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](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/09/ADNOC-Distribution-dividend.jpeg/w=1024,h=683)
ADNOC Distribution to pay the second and final dividend for 2024 in April 2025