Economy Gulf is ‘ideal playground’ for surging French investment France aims to boost its investment relationship with the GCC region by hosting an inaugural Vision Gulf event in Paris next month. The flagship conference organised by Business France, the country’s national trade agency, aims to promote increased collaboration between Middle East-based investors and French corporates. Taking place on June 13-14 at the French Ministry […] May 15, 2023
Opinion Energy Aramco’s profits are more than enough to fund Saudi Arabia Energy giant will reinvest $31.9bn profits into gas, hydrogen and value-add businesses May 12, 2023
Exclusive Energy Adnoc taking on the world in renewable energy push Abu Dhabi National Oil Company is in talks to expand operations in the UK, US and East Mediterranean, with a focus on natural gas, hydrogen production and renewable energy storage, its newly appointed global growth director has said. Musabbeh Al Kaabi, Adnoc’s executive director of low carbon solutions and international growth, told AGBI the company […] May 4, 2023
Energy BP plans assets transfer into new venture with Adnoc BP is planning to transfer assets into a new joint venture with the Abu Dhabi National Oil Company (Adnoc), which will focus on developing new gas resources in the East Mediterranean, said chief financial officer Murray Auchincloss. “BP expects to contribute assets to form the joint venture,” he told Reuters without providing details or costs. […] May 3, 2023
Energy Aramco delivers low-carbon ammonia shipment to Japan Saudi Aramco’s first shipment of independently-certified low-carbon ammonia has reached Japan for use as fuel in power generation. The ammonia was produced by Sabic Agri-Nutrients with feedstock from Aramco and sold by Aramco Trading Company to the Fuji Oil Company. Mitsui OSK Lines was tasked with shipping the liquid to Japan, which will be transported […] April 21, 2023
Analysis GCC and Japan move into fast lane for trade growth When Abu Dhabi announced the launch of the world’s largest autonomous racing league last month, it was with a significant nod to trade with Japan. Aspire, an arm of the emirate’s Advanced Technology Research Council, unveiled plans to host the first autonomous car race next year, featuring the Dallara-built Super Formula cars exclusively provided by […] April 13, 2023
Energy Uzbekistan draws in billions of GCC energy investments Uzbekistan’s energy sector is attracting billions of dollars from the Gulf as the former Soviet republic looks to generate 35 percent of its electricity from renewable sources by 2030. The central Asian country has an average of 330 sunny days a year and the potential for solar energy is huge, prompting companies such as Saudi-based […] March 31, 2023
Banking & Finance PPP pioneer has all the right moves – now it needs new partners Jordan is a pioneer of public-private partnerships in the Mena region – and has been since the early 2000s, when the new Queen Alia airport was constructed under a PPP deal. Marquee developments such as Aqaba Container Terminal and a range of water and renewable energy projects have since been financed via PPP, says Hamzeh […] March 23, 2023
Analysis Energy ‘Huge potential’ for Germany and Saudi to collaborate on hydrogen Top-level talks have taken place in Germany to boost trade and investment with Saudi Arabia, as experts describe the potential for collaboration on producing cost-competitive hydrogen as “huge”. As the world seeks cleaner energy solutions to meet net zero climate targets, analysts say the two countries have the resources, infrastructure and skills to build on […] March 23, 2023
PIF-backed Oman infrastructure fund raises $1 billion Omani infrastructure investor Rakiza, which is backed by Saudi Arabia’s PIF, has closed its first fund, raising more than $1 billion from participants. Rakiza has already spent a quarter of this money in buying three Omani assets – a 30 percent stake in a telecom tower portfolio, 31 percent of a Port Sohar container terminal […] March 21, 2023
Energy Rolls-Royce sees Mena as ‘driver’ for green power growth The Middle East and Africa’s rapid urbanisation and push to decarbonise power generation is a “great economic driver” for Rolls-Royce, the British engineering firm’s regional chief told AGBI. Rolls-Royce is one of the world’s top aero engine manufacturers, supplying civilian and military craft, although its power systems division provided 26.4 percent of its £12.69 billion […] March 17, 2023
Energy Oman signs green hydrogen deals worth $20bn Hydrom, a subsidiary of Energy Development Oman, has signed six deals worth $20 billion to invest in green hydrogen projects across the sultanate. The agreements, which span seven years, were inked with developers from Belgium, Germany, India, Japan, Kuwait, the Netherlands, Singapore, the UAE and the UK. The production capacity of the projects will hit […] March 15, 2023
Analysis Aviation UAE firms at forefront of fuelling sustainable aviation Emirates operated its first flight with one of its engines powered entirely with sustainable aviation fuel last month – a milestone for UAE firms as they seek to lead the industry towards decarbonisation. The flight, which took off from Dubai International Airport and flew for more than an hour, was a showpiece event for the […] March 13, 2023
Opinion Energy Lessons for Europe from Biden, the Gulf and CERAWeek The President's $370bn renewable incentives were the talk of the energy conference in Houston March 10, 2023
UAE industrial giant pins future on net zero 2050 ambitions Emirates Global Aluminium (EGA) – the UAE’s largest industrial company outside those focused on oil and gas – is pinning its future on the country’s decarbonisation efforts as the global market for aluminium remains under pressure. The company said it is committed to producing aluminium more sustainably and, last year, produced 57,000 tonnes of CelestiAL […] March 8, 2023
EXCLUSIVE Energy Oracle Energy looks to the Gulf after Pakistan hydrogen project Oracle Energy – a joint venture between UK-listed Oracle Power and an investment vehicle of Dubai royal Sheikh Ahmed Dalmook Al Maktoum – is “open” to developing clean energy projects in the Gulf. With its debut green hydrogen plant planned in Pakistan, Oracle Energy co-founder Naheed Memon told AGBI: “Expanding in the Middle East is […] March 8, 2023
Sustainability Aramco plans to invest in new powertrain tech company Saudi Aramco has signed a letter of intent to become a potential minority stakeholder in a new powertrain technology company (PWT) to be established by Geely Holding Group and Renault Group, the oil company said in a statement. The new company will focus on internal combustion and hybrid powertrain technologies. Aramco’s investment will contribute to key […] March 2, 2023
Energy $8.5bn funding deals signed for Saudi green hydrogen project Agreements have been finalised and signed to fund the world’s largest green hydrogen production facility, which will be built in Saudi Arabia with a total investment of $8.5 billion. Acwa Power announced on Wednesday in a filing to the Saudi Stock Exchange that the Neom Green Hydrogen Project will be funded by a combination of […] March 1, 2023
Energy Clean energy powers boost to UAE and Kyrgyzstan trade Abu Dhabi’s Masdar is looking to develop a pipeline of renewable energy projects in Kyrgyzstan as part of the former Soviet republic’s plans to reduce its greenhouse gas emissions by as much as 44 percent by 2030. A deal signed with the Ministry of Energy of the Kyrgyz Republic last month will begin with a […] February 16, 2023
Analysis Energy Gulf ‘needs to pick up pace’ to hit 2030 solar energy goals The Middle East’s solar power industry has come a long way, but it needs to work faster if the region is to meet its energy transition targets, according to the Mesia Solar Outlook Report 2023. Romain Riche, international development director at Mesia (Middle East Solar Industry Association), told AGBI that the key challenges were accelerating the […] February 15, 2023
Energy Licence issued for world’s largest green hydrogen plant in Saudi The first industrial operating licence has been issued for Neom Green Hydrogen Company (NGHC), which aims to run the world’s largest production facility of its kind. Saudi Arabia’s Ministry of Industry and Mineral Resources announced on Wednesday that the licence has been granted to NGHC, a joint venture between Neom, Acwa Power and Air Products. […] February 1, 2023
Opinion Cop28 Everyone needs a seat at the Cop28 table, including oil CEOs Sustainability, security and stability must be carefully balanced as we move towards net zero. The energy industry can and should take a leading role January 26, 2023
