The new and progressive dividends policy is for the next five years; Shareholders to be distributed at least $4.8 billion until 2028
Energy
Abu Dhabi
UAE petrol prices to change for July 2024
UAE petrol prices fell last month following four months in a row of increases and will change again this week
clean energy
Revealed: ISA to woo major firms to solar energy sector in Africa, Middle East with a $200mn initial fund
The global intergovernmental body is in parleys with authorities in the UAE and Saudi Arabia to expand the fund corpus and also the scope of the initiative to the Middle East in a big way
district cooling
Empower’s Bin Shafar re-elected to the Board of Directors of IDEA
The US-based International District Energy Association has over 2,500 members from 30 countries
DEWA
Dubai announces massive new $78m reservoir
Dubai Electricity and Water Authority announces reservoir plan as it looks to protect water supply from emergencies
Kuwait
Kuwait warns of major power cuts as 52-degree heat hits electricity supply
Kuwait has warned of power cuts as soaring temperatures hit electricity network
Masdar
Masdar strikes $3.4bn deal to acquire Greece’s renewables giant Terna Energy
Masdar extends renewables investment with $3.4bn deal for Greece’s Terna Energy
Oil
Oil prices decline in Asian trading on Tuesday
Both Brent crude and US West Texas gained around 2 percent on Monday, closing at their highest since April
Abu Dhabi
Abu Dhabi announces plan to build region’s first AED1bn hydrogen equipment manufacturing complex
The complex will have an investment of over AED1 billion, and aims to support Abu Dhabi’s Industrial Strategy and strengthen its position as a competitive industrial hub in the region
ADNOC
ADNOC awards $5.5bn contract for Ruwais gas project in the UAE
ADNOC strides ahead on clean power goals with $5.5bn contract for Ruwais LNG project
Abu Dhabi
Abu Dhabi’s Enersol increases stake in US-based Gordon to 67.2%
Enersol, a JV between ADNOC Drilling and Alpha Dhabi Holding, will acquire an additional equity stake of around 42.2%
electricity provider
SEWA announces Kalba commercial power transmission station now operational
This will enhance power transmission and distribution networks across all areas in the emirate
Aramco
Aramco sets final share price ahead of $11.2bn sale
Aramco has set a share price of SR27.25 as it looks to raise around $11.2bn from a secondary public offering
Aviation
Sustainable Aviation Fuels production to surge threefold by 2024: IATA
This would account for 0.53 percent of aviation’s fuel need in 2024
Aviation
UAE petrol prices slashed; 2025 holidays announced; World’s best airlines; Burj Khalifa property guide, Dubai super sale – 10 things you missed this week
UAE cuts petrol prices, World’s best airlines revealed, 2025 holidays announced, Dubai super sale and more of the top stories this week
Abu Dhabi
UAE announces petrol, diesel prices for June 2024
From June 1 the cost of filling up vehicles in the UAE will be lower than May petrol rates; diesel prices have decreased as well
DEWA
Moody’s upgrade DEWA’s credit rating to A3 with stable outlook
Dominant market position; strong credit metrics; healthy tariff structure and strong liquidity profile boost Baseline Credit Assessment