Unit 3 of UAE’s Barakah nuclear power plant receives operating licence

The UAE is the first country in the Arab region to operate a nuclear power plant

Oil

Oil set for weekly loss as traders weigh monetary tightening

Oil is still up more than 50 per cent this year after rebounding demand combined with upended trade flows

oil supply

IEA sees world oil supply struggling to meet demand in 2023

Crude has climbed more than 50 per cent this year

Oil extends losses as traders weigh Iran supply, demand outlook

Oman wealth fund considers IPOs of state energy firm OQ’s units

The share sales are part of Oman Investment Authority’s plan to exit state assets in a bid to bolster the country’s coffers and expand its stock exchange

APICORP Mena energy investment outlook _ GettyImages

Energy investments in the MENA region to reach $879bn in five years: APICORP

The MENA region is well-positioned to supply around 10-20 per cent of the global hydrogen market by 2050, with the GCC and North Africa set to become global export hubs

Oil extends gains after US crude stockpiles drop, exports soar

Oil holds near $121 as investors weigh tightening markets

Crude has rallied about 60 per cent this year as an economic rebound coincided with upended trade flows

ENOC Group

Dubai’s ENOC Group bans single-use plastics across operations

As alternatives, ENOC has switched to more sustainable items such as paper bags, wooden straws, water dispensers with reusable bottles and recyclable lids

US inflation

Oil extends losses as investors weigh US inflation, China demand

US inflation accelerated to a fresh 40-year high last month, raising the likelihood of more aggressive interest-rate hikes from the Federal Reserve

TotalEnergies Qatar

TotalEnergies wins stake in $29bn Qatari gas project

TotalEnergies will own 25 per cent of a joint venture with QatarEnergy, with the venture in turn holding 25 per cent of North Field East

Electric vehicle

Electric vehicle outlook is even brighter if the world bikes and takes the bus

Electrification has now spread to all segments of road transport, opines Bloomberg columnist Colin McKerracher

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 announces Dhs12.08bn revenue in H1 2022

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