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A worker cycles past Aramco oil tanks in Abqaiq, Saudi Arabia

Opec set for tricky new year: US booms and demand slows

Opec+ has struggled to maintain high oil prices this year and 2023 is ending with Brent trading 10 percent lower year on year and below the crucial $80 break-even mark of GCC countries. 2024 looks likely to be another challenging year for the oil alliance, analysts have told AGBI. Oil demand rose by more than […]

The Archer Aviation Midnight. Archer has reached an agreement with the Abu Dhabi Investment Office to launch air taxis – a sign of the strong relationship between the US and the UAE

UAE-US trade relations defy region’s pivot to the east

The trade relationship between the UAE and the US remains strong even while GCC countries increasingly look east for opportunities. In October 2023, the US trade balance with the UAE stood at $1.63 billion, while US exports grew 28 percent year on year to reach $2.3 billion the same month. Martina Strong, the US ambassador […]

The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4%

UAE and Qatar keep rates steady in line with US Fed

The central banks of the UAE and Qatar have followed the US Federal Reserve’s decision to keep interest rates unchanged. The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4 percent, the UAE state-run Wam news agency reported. The central bank also decided to maintain the interest rate on […]

Cop28 Director General Majid Al Suwaidi talks to the media regarding progress on the Cop28 global stocktake

Cop28 denies ‘favouritism’ in fossil fuel wording

The UN climate talks in Dubai stretched past the Tuesday morning deadline set as tensions mounted over a deal that departed from committing to a phase-out of fossil fuels.  The latest draft of the global stocktake sparked fury from climate activists and politicians last night. Majid Al Suwaidi, director-general of Cop28, told a press conference […]

Oman geologic hydrogen Eden

Oman could become world leader in geologic hydrogen

Green hydrogen has made global headlines as a potential carbon-free alternative to fossil fuels, but some experts believe another, abundant source of the gas could be under our feet. It is known as geologic hydrogen. Geologic hydrogen occurs naturally in the earth’s crust and is produced when water reacts with iron-rich rocks in the subsurface. […]

Exxon Mobil hits back at IEA carbon capture criticism

Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency’s (IEA) recent claim that using wide-scale carbon capture to fight climate change was an implausible “illusion,” saying the same could be said about electric vehicles and solar energy. “There is no solution set out there today that is at the scale to solve […]

US vice president Kamala Harris announced a further pledge to help combat climate change

US launches plans to curb methane emissions

The United States has announced a comprehensive plan to target methane emissions from the country’s oil and gas sector – a critical step in the global effort to curb emissions contributing to climate change. The US Environmental Protection Agency (EPA) introduced policies banning routine flaring of natural gas from new oil wells, mandating leak monitoring […]

'National emissions trading systems are essential to create a global carbon price,' said the European Energy Exchange

Carbon capture and storage not a ‘miracle’ climate cure

A new study has strongly criticised fossil fuel-producing states for incorporating carbon capture and storage (CCS) in their climate strategies, claiming the technology is being used to extend the shelf life of oil companies rather than as a climate action tool. As Cop28 kicked off in Dubai, analysis by US-based non-profit environmentalist organisation Oil Change […]

Person, Architecture, Building Flags were barely raised before countries reached their first deal on the climate damage fund

UAE’s $100m leads climate disaster fund Cop28 pledges

Negotiators at Cop28 in Dubai struck the first deal of the summit on Thursday evening, officially agreeing to set up a fund to help vulnerable countries recover from damage caused by climate change.  The plan to create a United Nations-led “loss and damage” fund was hailed as a breakthrough for negotiations at Cop27 in Egypt […]

FedEx van in the street

PIF maintains US holdings as giga-project demand eases

US equity holdings of the Saudi Public Investment Fund (PIF) showed little change in the third quarter, as recently revised foreign direct investment figures eased pressure on it to support the kingdom’s giga-projects.  PIF total ownership in US equities slipped to $36.48 billion from $38.93 billion in the second quarter, according to a PIF filing […]

Boom Supersonic Overture Video length: 01:47

Boeing remains cautious on prospect of supersonic flight

Neom Investment Fund – part of the Saudi giga-project Neom – has invested in US aircraft manufacturer Boom Supersonic, and Riyadh Air is also considering supersonic flight in its future projects. Saudi Arabian entities, it appears, are not fazed by the view of some industry experts that faster-than-sound flight poses unique difficulties. Darren Hulst, commercial […]

Cabin crew member Anna Orszulik and pilot Wilfried Woelfel in a VistaJet Global 7500: the company offers 'an alternative to private jet ownership'

India and Gulf tipped as key markets for private jet hire

Private jet operator Vista Global Holding is expecting the Middle East and India to be its fastest-growing markets in the luxury aviation industry. The Dubai company’s “pay for hours flown” platform, VistaJet, has a fleet of about 360 aircraft available at 24 hours’ notice. “The most dynamic and fast-growing markets for us are the Middle […]

Wind turbine against blue sky with blurred green foreground greenwashing environment Video length: 04:43
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Masdar City exec: Let’s talk about greenwashing

Greenwashing – a deceitful marketing gimmick where companies exaggerate their environmental actions – is “egregious” as it takes advantage of a movement that affects everyone on earth, according to Bill Weir, CNN’s chief climate correspondent.  A recent global survey conducted by US-based The Harris Poll and sponsored by Google Cloud found that six out of […]

Jack Selby says there are many opportunities for acquisition in the Middle East following his experiences with PayPal

Gulf’s ‘copycats’ still attractive to Silicon Valley

Copycat companies in the Middle East are still an attractive acquisition option for Silicon Valley giants because the risk of trying to establish themselves in the region is too high, according to Thiel Capital managing director Jack Selby. The Middle East has been criticised for mimicking startups from other parts of the world, rather than […]