Sustainability UAE to invest $54bn to meet sustainable energy goals By Pramod Kumar November 5, 2024, 7:49 AM Reuters/Maxim Shemetov UAE energy minister Suhail Al Mazrouei said the UAE is a model for an ambitious and practical transition to clean energy The UAE plans to invest up to AED200 billion ($54.4 billion) to meet sustainable energy demand over the next six years, minister of energy and infrastructure Suhail Al Mazrouei has said. The move intends to “decarbonise economy and achieve net-zero emissions by 2050”, the UAE state-run Wam news agency reported. “Our efforts to diversify the energy mix and increase reliance on clean energy sources align with our goal of reducing carbon intensity in our oil and gas operations by an additional 25 percent over the next decade,” he added. Al Mazrouei said that the UAE serves as a model for an ambitious and practical transition to clean energy sources, adding that the country has significant investments in clean energy projects in operation and others under development. Abu Dhabi invites companies for greenfield solar project UAE opens world’s largest single-site solar plant Costs versus profits in the energy transition debate Last month, the International Energy Agency said that Middle East and North African countries are on track to triple their renewable capacity by 2030, mainly due to the expansion of solar photovoltaic projects. Renewables are forecast to increase from 53 gigawatts (GW) in 2023 to almost 150GW by the end of the decade, in which solar PV is expected to account for more than 85 percent in the region. Cop28 in Dubai called on governments and the private sector to triple global renewable energy capacity to at least 11,000GW to meet the Paris Agreement’s 1.5C scenario.
Finance Jordan to get $131m under IMF’s finance programme Jordan will receive $131 million from the International Monetary Fund (IMF) under its $1.2 billion extended fund facility programme (EEF). The four-year programme, approved in January 2024, remains on track, the IMF said in a statement following the completion of a second review. Jordan’s economy continues to grow amid low inflation, the fund said, adding […] 3 hours ago
Leisure & Hospitality Hilton set to triple Egypt presence with new brands Hilton is set to triple its presence in Egypt, increasing the number of hotels to 25 and expanding its footprint to more than 40 properties over the coming years. The expansion includes the opening of its lifestyle brand, Tapestry Collection, on the African continent, as well as Egypt’s first Curio Collection and a resort under […] 3 hours ago
Trade UAE finalises trade deal with five-nation EAEU bloc The UAE has finalised an economic agreement with the Eurasian Economic Union (EAEU) that will reduce or remove tariffs and eliminate technical barriers to trade with five countries. The economic partnership agreement with the EAEU, made up of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, will align customs procedures and harmonise digital trade and ecommerce, UAE […] 13 hours ago
Oil & Gas Conflict hampering Mediterranean operations, says Chevron CEO US energy major Chevron has struggled to keep natural gas production online in the Eastern Mediterranean during the conflict in the Middle East, according to its chairman and chief executive Mike Wirth. Chevron is the largest producer of natural gas for Israel, in particular through two “large” offshore platforms, Tamar and Leviathan, that also supply […] 13 hours ago
