Oil set for seventh weekly gain as traders weigh China’s return

Consumption in top importer China is expected to rise as it lifts strict Covid restrictions

Oil prices

Oil prices are ‘nowhere near’ peak yet, says UAE minister

The UAE is the third largest producer in OPEC

Saudi Arabia

Saudi raises oil prices amid Asia rebound

Saudi Arabia sends more than 60 per cent of its crude exports to Asia, with China, Japan, South Korea and India being the biggest buyers

landfills

Dubai Airports’ new initiative to divert 60% of DXB’s waste from landfills by mid-2023

The food waste plan was created in partnership with Sharjah’s Beeah Group

wind turbines

How robots can help build offshore wind turbines more quickly

The real timesaver would be installing turbines more quickly

investment firms

How GCC investment firms can adapt to capture new opportunities

Private equity firms, principal investors, and SWFs in the region need to respond to rapidly evolving societal goals and expectations on sustainability

Adnoc borouge

ADNOC delivers fourth consecutive record-setting IPO on ADX

The retail offering, which attracted higher retail demand than any UAE IPO in nearly 20 years, was 74 times oversubscribed

OPEC+

OPEC+ agrees on 648,000 bpd hike in July, August

The next meeting will be held on June 30, 2022

Mubadala Petroleum

Mubadala Petroleum’s output reaches a record 500,000 barrels of oil equivalent a day

According to Mubadala Petroleum, this achievement marked a 22 per cent increase in production from 2021

Borouge

Borouge’s $2bn Abu Dhabi IPO draws $83bn of orders

Borouge’s shares will start trading on June 3

fuel prices

UAE increases fuel prices for June 2022

The price of Super 98 has risen to Dhs4.15 per litre

Oil powers to sixth monthly gain as EU set to curb Russian flows

Global benchmark Brent topped $122 a barrel, hitting a two-month high

Dubai-Skyline-e1650964799688

UAE’s Utico hires banks to advise on potential IPO

Utico is the largest private utility provider in UAE and is one of the 27 companies forming part of the RMB Group

DEWA

DEWA reveals number of new electricity and water connections in Dubai last year

It provides its services to 3.5 million people who live in Dubai

Qatar exports surge as demand for gas climbs on Ukraine crisis

China was the top destination of Qatar’s exports in April with close to QR6.6bn riyals

ACWA Power

ACWA Power, OQ, and Air Products sign agreement to build green hydrogen-based ammonia facility in Oman

The facility would be powered by renewable energy and produce green energy products

Oil extends gain as US stockpiles tighten before driving season

West Texas Intermediate futures climbed toward $111 a barrel after rising 0.5 per cent on Wednesday

EV charging Getty images

Abu Dhabi launches regulatory policy for EV charging infrastructure

The policy will enable necessary investments into EV charging infrastructure in Abu Dhabi and encourage consumers to purchase and use EVs in the emirate

Sharjah waste to energy

Middle East’s first waste-to-energy plant opens in Sharjah

The Sharjah Waste to Energy plant will divert up to 300,000 tonnes of waste from landfills annually

ADNOC

Abu Dhabi’s ADNOC, Masdar deepen partnership with BP

ADNOC, BP and Masdar also agreed to explore the production of sustainable aviation fuels in the UAE

Oil

Oil eases as investors focus on EU’s embargo impasse, gasoline

Oil markets remain in backwardation, a bullish pattern in which near-term prices trade above longer-dated ones

What are the biggest issues being discussed at Davos 2022?

Some issues to be discussed at Davos 2022 include the Ukraine crisis, the lingering threat of the pandemic, inflation and the shifting geopolitical influence.

compact station

ENOC Group launches compact station in DAFZA to support fuelling needs

The compact station is equipped with eight dispensers, allowing for fuelling on both sides of the station

IPO

Offer price for Abu Dhabi’s largest ever listing set at Dhs2.45 per share

The IPO subscription period has commenced today, May 23, and will close for retail investors on May 28, 2022

Markets

Oil drops as traders weigh tight gasoline markets, weak growth

Oil markets remain in backwardation, a bullish pattern that’s marked by near-term prices trading above longer-dated ones

uae adnoc oil dicovery

UAE’s ADNOC announces three onshore oil discoveries

ADNOC said that the new finds totalled 650 million barrels of oil

Oil pump

Oil rebounds after two-day drop as traders weigh products, China

Investors have shunned equities and many commodities after Federal Reserve officials reaffirmed much tighter monetary policy lies ahead to cool an overheating economy and tame inflation

Image courtesy- ACWA Power

ACWA Power reports net profit of SAR152m in Q1 2022

ACWA Power earned an operating income before impairment loss and other expenses of SAR517m, which was 19.5 per cent higher than the same period in 2021

oil

OPEC+ ministers say pumping more oil won’t ease gasoline prices

Soaring demand ahead of the peak US driving season is sending refining margins to extraordinary heights

Sheikh-Khalifa

Sheikh Khalifa: UAE spent Dhs40bn in development projects under former President’s rule

Sheikh Khalifa became President of the UAE on November 3, 2004, and remained in that role until his death on May 13, 2022