Economy Middle East

Energy

Saudi Arabia’s ACWA Power inks $800 million deal with Senegal for desalination project
Energy

Saudi Arabia’s ACWA Power inks $800 million deal with Senegal for desalination project

The plant, known as the Grande Côte seawater desalination plant, will have a capacity of 400,000 cubic meters per day

UAE’s DEWA shareholders approve payment of $844.18 million in dividends
Energy

UAE’s DEWA shareholders approve payment of $844.18 million in dividends

The dividend has a record date of April 8th, 2024

UAE’s ADNOC Distribution revamps dividend policy, commits to $700 million or 75 percent of net profit until 2028
Energy

UAE’s ADNOC Distribution revamps dividend policy, commits to $700 million or 75 percent of net profit until 2028

The company also reiterated dedication to 5-year growth strategy, encompassing AI, digitalization, and cutting-edge tech

Abu Dhabi’s TAQA, Japan’s JERA to develop greenfield plant in Saudi Arabia
Energy

Abu Dhabi’s TAQA, Japan’s JERA to develop greenfield plant in Saudi Arabia

Project leverages advanced technologies and emphasizes sustainability

UAE’s ADNOC starts crude oil extraction from Belbazem offshore block
Energy

UAE’s ADNOC starts crude oil extraction from Belbazem offshore block

Belbazem offshore block's production capacity set to increase: 45,000 bpd of crude oil and 27 million mmscfd of gas

Saudi Arabia’s ADES Holding inks two agreements for oil exploration and production in Egypt’s Gulf of Suez
Energy

Saudi Arabia’s ADES Holding inks two agreements for oil exploration and production in Egypt’s Gulf of Suez

For FY 2023/2024, Egypt has raised its projected total investments in oil and natural gas to $5.79 billion

OPEC Secretary General: Oil industry calls for $11.1 trillion in investments by 2045
Energy

OPEC Secretary General: Oil industry calls for $11.1 trillion in investments by 2045

Al Ghais highlighted OPEC’s role in addressing global issues like climate change, energy transition

With over $15.4 billion in investments, Aramco seeks stronger collaboration with China
Energy

With over $15.4 billion in investments, Aramco seeks stronger collaboration with China

Amin Nasser highlights mutual opportunities for economic growth and investments

QatarEnergy, Nakilat forge agreement to lease and operate 25 gas tankers
Energy

QatarEnergy, Nakilat forge agreement to lease and operate 25 gas tankers

Partnership strengthens Qatar's position as a leading LNG exporter

Oil to retain significant role in energy markets for decades, affirms OPEC Secretary General
Energy

Oil to retain significant role in energy markets for decades, affirms OPEC Secretary General

Al-Ghais highlighted that calls to abandon oil were "wrong" and "unrealistic"

Egypt implements fuel price increases as part of IMF agreement
Egypt

Egypt implements fuel price increases as part of IMF agreement

The country is taking steps to align fuel prices with international markets

Oman LNG inks deal to provide LNG supply to Germany’s SEFE
Energy

Oman LNG inks deal to provide LNG supply to Germany’s SEFE

The LNG deliveries from Oman to Germany scheduled between 2026 and 2029

In a first, agreement for naming rights of fuel stations signed in Dubai
Energy

In a first, agreement for naming rights of fuel stations signed in Dubai

Through Project Landmark, companies and brands can secure naming rights for Emarat's service stations

Oil demand will reach a record 104 million barrels per day in 2024: Aramco CEO
Energy

Oil demand will reach a record 104 million barrels per day in 2024: Aramco CEO

Nasser emphasizes the effectiveness of carbon capture in mitigating greenhouse gasses

Egypt’s Modern Gas to develop $533K subsidiary in Saudi Arabia
Energy

Egypt’s Modern Gas to develop $533K subsidiary in Saudi Arabia

Modern Gas generated revenues of $55.2 million in 2023

Saudi Arabia’s crude exports dip 0.2 percent in January
Energy

Saudi Arabia’s crude exports dip 0.2 percent in January

OPEC+ extends output cuts amid market dynamics and global demand predictions

ADNOC signs 15-year LNG supply deal with German energy firm
Energy

ADNOC signs 15-year LNG supply deal with German energy firm

Strategic deal reinforces ADNOC's role in global energy transition

ADNOC Drilling shareholders set to receive $358 million as H2-2023 dividend
Energy

ADNOC Drilling shareholders set to receive $358 million as H2-2023 dividend

The dividend will be paid to all record shareholders as of March 21, 2024, on or around April 3, 2024

Saudi Aramco posts second highest ever net income of $121.3 billion in 2023
Energy

Saudi Aramco posts second highest ever net income of $121.3 billion in 2023

Total dividends paid rises 30 percent year-on-year

LNG market disrupted by Red Sea crisis, prices fall sharply
Energy

LNG market disrupted by Red Sea crisis, prices fall sharply

Stability attributed to relatively mild winter, robust stockpiles

Four fundamental actions to build resilience in energy and natural resources in the Middle East
Energy

Four fundamental actions to build resilience in energy and natural resources in the Middle East

Challenges and opportunities amid geopolitical conflicts, pandemic recovery and climate change

UAE extends oil output cut of 163,000 bpd until end of June 2024
Energy

UAE extends oil output cut of 163,000 bpd until end of June 2024

The oil output cut is in addition to the voluntary cut of 144,000 bpd previously announced by the UAE in April 2023

Petrol, diesel prices in UAE to increase in March
Energy

Petrol, diesel prices in UAE to increase in March

Petrol prices will go up by 15-16 fils starting next month

Saudi Aramco signs multiple supply deals worth $6 billion
Energy

Saudi Aramco signs multiple supply deals worth $6 billion

The agreements are aimed at fostering localization and supply chain development