From emerging technologies to regulatory updates, our Energy Economic News delivers critical insights into the complex world of energy and finance.
Dubai utility firm DEWA (Dubai Electricity and Water Authority) has announced a net profit before tax of Dh2.8 billion for the first half of 2024, marking a 2.6% increase. This impressive profit was generated from Dh13.7 billion in revenue, which saw a 7.3% rise. In the April to June period alone, DEWA’s revenue reached Dh7.86 …
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Dubai Electricity and Water Authority (DEWA) has successfully recorded investments worth Dh43.6 billion over the past decade through public-private partnerships and collaborations with international investors and developers. This significant milestone is credited to DEWA’s innovative Independent Power and Water Producer (IPWP) model. The IPWP model, developed by DEWA, serves as a pioneering framework for public-private …
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Arif Patel is a famous businessman from Dubai who has done outstanding work in the energy sector. He is now one of the most recognized business pioneers who worked with many companies and supported their growth. Preston Trading is a well-known business that does mining, engineering, oil and gas exploration, and oilfield services. He started …
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Abu Dhabi National Oil Company (Adnoc) achieved a significant financial milestone by completing a $935 million placement of shares in its drilling unit, Adnoc Drilling, to institutional investors. The placement involved 880 million shares, equivalent to 5.5 percent of the total issued and outstanding share capital of Adnoc Drilling, enhancing the company’s free float to …
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In a significant move to boost the adoption of electric vehicles (EVs) in the United Arab Emirates, the Ministry of Energy and Infrastructure (MOEI) has partnered with Etihad Water and Electricity (Etihad WE) to develop a government-owned electric vehicle charging network. This initiative marks a pivotal development in the country’s push towards sustainable transportation. The …
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Lunate, a global investment firm, has made a significant move in the energy sector by acquiring a 40% stake in ADNOC Oil Pipelines llc. This stake was procured from leading institutional investors BlackRock and KKR, marking a notable shift in the ownership of the prominent oil pipeline operator. ADNOC Oil Pipelines, a subsidiary of the …
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In a critical move amidst fluctuating global oil prices, senior ministers from Opec+ have decided to maintain their current oil output policy. The decision was made during an online meeting of the Joint Ministerial Monitoring Committee (JMMC), a panel within the Organisation of Petroleum Exporting Countries and allies led by Russia, collectively known as Opec+. …
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Adnoc Gas, a key player in the energy sector, has announced a significant dividend payout for the year 2023, amounting to $3.25 billion. This decision was confirmed at the company’s first annual general meeting (AGM) since its landmark initial public offering (IPO) in March 2023. The distribution includes an inaugural interim cash dividend of $1.625 …
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The UAE fuel price committee, in its latest announcement on Sunday, has set new fuel prices for April 2024, marking a noticeable increase from the previous month. The revised pricing structure indicates a surge in the cost of various fuel types including Super 98 petrol, Special 95, E Plus 91, and diesel, reflecting changes in …
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Abu Dhabi’s renowned power and water company, Taqa, has achieved a significant milestone by securing a deal for a new project in Saudi Arabia. In a joint venture with Jera Co., Japan’s leading power generation company, Taqa will construct a greenfield industrial steam and electricity cogeneration plant in Jubail, located in Saudi Arabia’s Eastern Province. …
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Adnoc Distribution, a key player in the global energy sector, has recently confirmed a new five-year dividend policy, ensuring robust returns for its shareholders. This strategic move, along with the appointment of new board members, was approved by shareholders and aligns with the company’s commitment to a forward-thinking growth strategy, heavily underpinned by artificial intelligence …
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Adnoc Drilling, a key player in the oil and drilling sector, has announced its medium-term financial expectations, projecting substantial growth in revenue, earnings, and operational expansion. The company anticipates its total revenue to reach between $3.60 billion and $3.80 billion in the coming years, signifying a promising future for the organization. The expected Earnings Before …
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The United Arab Emirates has taken a significant leap towards fulfilling a quarter of its electricity requirements with the successful start-up of the fourth reactor at the Barakah Nuclear Energy Plant. This milestone, announced by the Emirates Nuclear Energy Corporation (ENEC), brings the UAE closer to generating 25% of its electricity needs through nuclear power, …
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In a significant move to stabilize oil prices, the United Arab Emirates and Saudi Arabia have announced the extension of their oil supply cuts until mid-2024. This decision aligns with Russia’s recent announcement to further reduce its oil production and exports. The UAE’s Ministry of Energy confirmed that the nation would maintain its additional voluntary …
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Abu Dhabi National Oil Company (Adnoc) has officially completed its acquisition of a 24.9 percent stake in OMV AG, a prominent energy and chemicals group based in Vienna, Austria. This strategic move, resulting from a deal with Mubadala Investment Company (Mubadala), marks a significant advancement in Adnoc’s global chemicals growth strategy and reinforces its status …
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