The revised tariff structure offers a tiered pricing system for industrial customers exceeding a monthly consumption threshold of 10,000 megawatt-hours
Energy
ADNOC
ADNOC to boost UAE manufacturing to $24.5bn by 2030
ADNOC supports UAE manufacturing with boost to In-Country Value programme
Abu Dhabi
UAE petrol prices to change for June 2024
UAE petrol prices went up last month for the fourth month in a row and will change again this week
Abu Dhabi
Institutional investors lap up additional 880 million ADNOC Drilling shares
ADNOC offered 880 million shares, priced at AED3.90 – nearly 70% above the IPO price of AED2.30 per share
Abu Dhabi
ADNOC offers further 880 million shares of ADNOC Drilling
Open only to Professional Investors; a higher free float is expected to provide a pathway towards inclusion in the MSCI Emerging Market Index
electric charging stations
UAE’s MoEI, Etihad WE form joint venture to supercharge EV infrastructure
UAEV is the first network fully owned by the government with the objective of making EV charging more accessible in the UAE
Abu Dhabi
Abu Dhabi’s TAQA reports AED2.1bn net income for Q1 2024
The company said its earnings were bolstered by the recognition of contributions from SWS Holding
Abu Dhabi
Own-produced sales propel Fertiglobe’s Q1 revenue to $552 million
Cost optimisation and AI technology to help realise at least $100 million in incremental annual adjusted EBITDA by end of 2025
Abu Dhabi
ADNOC Drilling delivers record Q1 revenue and EBITDA
Revenue up 24% to $886 million; EBITDA up 31% to $437 million; Board proposes new enhanced progressive dividend policy
DEWA
DEWA leads UAE’s clean energy transition with ambitious projects
The UAE Energy Strategy 2050, launched in 2017, marked a significant milestone in the country’s commitment to balancing energy supply and demand while meeting environmental targets
electric vehicle
Revealed: Statevolt Emirates’ $3.2bn gigafactory to trigger massive real estate demand, job creation in RAK
The California-headquartered company’s move to play a key role in strengthening the UAE’s positioning as a leader in sustainability and green transition
Dana Gas
Dana Gas Q1 profit dips on lower hydrocarbon prices
Net profit down 24% to $38 million compared to $50 million last year; Revenue at $97 million
Aramco
Aramco net income falls to $27.3bn in Q1, Saudi oil firm expects to pay over $124bn dividends this year
Aramco expects to pay out huge dividends this year, despite fall in net income
ADNOC
ADNOC Gas profits surge to $1.19bn on strong domestic demand
Company plans to invest more than $13 billion in domestic and international growth opportunities between 2024 and 2028
Oil
Oil price moves up after Saudi Arabia hikes prices
rent crude futures climbed 28 cents to $83.24 a barrel, while US West Texas Intermediate crude futures were at $78.40 a barrel, up 29 cents
Crude oil near two-month low as US inventories rise on worries over demand
US inventories in the previous week were increased by 7.3 million barrels to 460.9 million barrels, the highest since June
ADNOC
ADNOC, G42 and Presight boost AI in energy sector
ADNOC aims to be the most AI-enabled company in the energy industry