OPINION Energy Crisis looms for the Iranian natural gas sector While the world’s attention has been focused on the sanctioned Iranian oil industry, another vital part of the country’s energy infrastructure is deteriorating – its natural gas sector. Iran’s domestic economy and its consumers depend far more on gas than they do on oil. But if urgent financial, technical and commercial support is not provided […] June 2, 2023
Opinion Energy Time to deploy the ‘silver bullet’ against climate change There is a solution ready to hand in the global warming challenge – technology May 15, 2023
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
Energy UAE and China seek tie-up to develop nuclear energy The UAE state-owned Emirates Nuclear Energy Corporation (ENEC) has signed three memorandums of understanding (MoUs) with Chinese nuclear energy organisations. The MoUs were signed with Nuclear Power Operations Research Institute, China National Nuclear Corporation Overseas and China Nuclear Energy Industry Corporation, the UAE state-run WAM news agency reported on Sunday. The first MoU with Nuclear […] May 8, 2023
Economy Iran growth forecasts cut but Gulf trade could rally Growth forecasts for Iran’s economy have been cut as analysts see US sanctions remaining in place “for the foreseeable future”, but expanding trade with the UAE and improved relations with Saudi Arabia may help to cushion the blow. Fitch sees growth slowing to 2.3 percent in 2023-24 from a previous forecast of 5.8 percent because […] April 27, 2023
Energy Xlinks in talks to boost UK-Morocco project funding British renewable power firm Xlinks is in talks to raise new funding for its proposed plan to build vast solar panel and wind farms in the Moroccan desert that could power more than seven million British homes by 2030. Founder and CEO Simon Morrish said the talks represented “a significant step up in the level […] April 7, 2023
Exclusive Banking & Finance Tax boon for wealth funds shows their value to UK, says minister The UK’s decision to scrap a planned tax on sovereign wealth funds highlights the importance the government places on Gulf investors, Britain’s investment minister has told AGBI. “I’m personally very pleased that we’ve decided to maintain the status quo,” said Dominic Johnson, a minister of state in the UK’s newly formed Department for Business & […] March 29, 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
Finance Iran-Saudi deal offers hope for increased Middle East stability The immediate economic impact of renewed relations between Saudi Arabia and Iran is expected to be minimal, but the agreement brokered by China is likely to have far reaching ramifications for the wider Middle East region, according to economists. The two countries agreed to re-establish ties after four days of talks last week in Beijing. […] March 13, 2023
Opinion UAE startups are critical for sustainable growth and disruption The battle against climate change must be fought on every possible front March 9, 2023
Energy Turkey eyes investments of $40bn for second nuclear plant Turkey expects to receive $40 billion worth of investment for the country’s second nuclear power plant (NPP) in Sinop province in the Black Sea region. The project manager Elektrik Uretim, renamed Tunas, plans to commence excavations at the site this year after finalising investment negotiations with technology companies, Daily Sabah newspaper reported. The plant will […] March 7, 2023
Energy Masdar pledges $1.2bn for UK’s battery storage industry UAE state-owned renewable energy giant Masdar has reaffirmed its commitment to developing the UK’s battery storage industry with a $1.21 billion capital investment. Speaking on the second day of International Energy Week in London, Mohamed Jameel Al Ramahi, CEO of Masdar said: “I’d like to announce that we have committed to deploy £1 billion across […] March 2, 2023
Opinion Energy Russia is the big loser from the weaponisation of energy Invasion of Ukraine has badly damaged Moscow's oil and gas industry February 23, 2023
Development Abu Dhabi and World Bank unit to invest $1.5bn in emerging markets Abu Dhabi and a World Bank subsidiary have agreed to invest up to $1.5 billion in sustainable private sector-led projects in emerging markets. Under the memorandum of co-operation, which was signed at the World Government Summit in Dubai on Tuesday, the Abu Dhabi Fund for Development and the World Bank’s IFC (International Finance Corporation) will […] February 15, 2023
Energy Korea submits proposal to Turkey on $33bn nuclear power project South Korea-based Korea Electric Power Corporation (KEPCO) has submitted a preliminary proposal to Turkey to take part in a project to build four nuclear power plants in the country, Yonhap news agency reported. KEPCO chief executive Cheong Seung-il met with Turkey’s energy minister, Fatih Donmez, presenting the proposal for the construction of four reactors capable […] February 6, 2023
Analysis Korea prospects high as President Yoon courts GCC free trade deal Negotiations are continuing on a free trade deal with GCC countries which will make “enormous contributions” to expanding relations, South Korea’s President Yoon Suk Yeol has said. “I hope that the Korea-GCC FTA will become a forward-looking agreement that contributes to our two countries’ joint endeavours of responding to new challenges including climate change, supply […] January 24, 2023
Energy Rolls-Royce plans to bring its factory-built nuclear plants to Gulf Rolls-Royce is eyeing opportunities to bring its nuclear reactors to the Middle East as part of the region’s efforts to combat climate change. The UK industrial company is developing a small modular reactor (SMR) that uses pressurised water reactor technology, with the reactor components built in factory conditions and assembled on site. Nine-tenths of a […] January 23, 2023
Economy UK-GCC trade talks based on ‘substance over speed’ Negotiations between the UK and GCC over a free trade agreement are focused on “substance over speed”, Simon Penney, Britain’s trade commissioner for the Middle East, says. The third round of talks are due to take place by the end of the first quarter, with previous rounds of discussions having concluded in September and December […] January 19, 2023
Opinion Shifting sands: Three years of rapid change in the Middle East The region emerged stronger from the pandemic and 2023 promises even more January 18, 2023
Energy UAE-UK Business Council unveils blueprint for energy transition The UAE and UK must step up co-operation on clean energy if they are to meet their decarbonisation targets, the UAE-UK Business Council has said. The council’s energy transition white paper, published on January 17, said there was “an untapped commercial opportunity to be exploited from closer collaboration between both countries in terms of developing […] January 17, 2023
Analysis Energy GCC poised for starring role in global hydrogen market The GCC is set to play a key role in the global hydrogen market, with the UAE, Saudi Arabia and Oman looking to become leaders in the export of clean fuel. As industry experts come together in Abu Dhabi this week for the World Future Energy Summit, a report from Frost & Sullivan paints a […] January 16, 2023
Cop28 Cop28 chief sets out UAE’s vision for climate finance The UAE intends to make financing for climate change projects “more affordable [and] much more accessible”, the country’s oil chief and Cop28 president has said. Dr. Sultan Al Jaber said finance reforms were needed because the world was “way off track” the goals of the 2015 Paris climate accord, during a speech to the Atlantic […] January 16, 2023
