UAE petrol prices fell last month following an increase the month before and will change again this week
Energy
Abu Dhabi
Abu Dhabi’s Masdar secures €144mn financing for Serbian wind farm Čibuk 2
The announcement raises Masdar’s total operational and under-construction renewable energy capacity in Serbia to 312MW
Abu Dhabi Future Energy Company
UAE’s Masdar to acquire Saeta Yield from Brookfield in $1.4bn renewable energy deal
The acquisition deal, billed as one of the largest in the renewable energy sector in Spain, is expected to be closed towards the end of this year
clean energy
Middle East renewable energy investments to pass $75bn by 2030
Countries in the Middle East will invest heavily in renewable energy over remainder of decade while still being hydrocarbon production powerhouses
Abu Dhabi
Abu Dhabi to launch new unified water management strategy
The comprehensive strategy covers all stages of the water cycle, from production and delivery to consumption
clean energy
UAE clean energy spending passes $12.3bn
The UAE is investing billions of dollars in clean energy as it looks to lead global energy transition
Abu Dhabi
Abu Dhabi’s TAQA adopts new brand identity, structure
Abu Dhabi Distribution Company and Al Ain Distribution Company to be merged into a single company called TAQA Distribution
Abu Dhabi Securities Exchange
UAE IPO: NMDC Energy shares end day up 8% in year’s biggest offering
NMDC Energy shares soared more than 21 per cent after IPO in the UAE
Dana Gas
Dana Gas says Pearl Petroleum has initiated arbitration against Enerflex
Company says the action is in accordance with the contract “to recover costs and damages arising from Enerflex’s defective performance”
China
Russia, China, India to jointly build massive nuclear power plant on moon: Report
The Lunar Power Project, led by Rosatom, aims to build a small nuclear power plant capable of generating up to half a megawatt of energy
Kuwait
Kuwait’s EQUATE Group reports $348mn net income in H1 2024, up 291% YoY
The company also reported total revenue of $1.86 billion in the first half of this year
kuwait oil production
OPEC+ countries including Saudi, UAE, Kuwait and Oman extend voluntary oil production cuts
Saudi Arabia, UAE, Kuwait and Oman join OPEC+ members in extending voluntary oil production cuts
Abu Dhabi Securities Exchange
NMDC Energy IPO oversubscribed by 31 times as record offering generates $24bn demand for UAE listing
NMDC Energy set to raise $877m in massive UAE IPO
Barakah Nuclear Energy Plant
Nuclear power in the UAE: Sheikh Mohamed celebrates ‘significant step’ as Barakah Nuclear Energy Plant is fully operational
UAE leaders celebrate next step in nuclear ambitions as Barakah Plant Unit 4 begins operations
ACWA Power
ACWA Power, SEWA sign agreement for Sharjah’s first independent water project
The plant will generate nearly 272,000 cubic metre per day of desalinated water by Q2 2027
Abu Dhabi National Oil Company
ADNOC to acquire 35% stake in Exxon’s low-carbon hydrogen project
The planned project in Baytown, Texas, will be world’s largest and produce 900,000 tons of low-carbon hydrogen and over 1 million tons of low-carbon ammonia
clean energy
UAE bets big on green hydrogen, eyes global clean energy leadership, ministry official says
The UAE’s clean energy push mirrors a regional trend, as Gulf countries invest in renewables to diversify from oil dependence