Construction RAK Properties sets vision for Ras Al Khaimah development RAK Properties is planning to launch one project a month for the next year, as Ras Al Khaimah aims to build 40,000 new homes in order to cater to demand, CEO Sameh Muhtadi told AGBI. “Our target of launches is about AED5 billion in 2025,” Muhtadi said. He added that most projects would be located […] January 22, 2025
Oil & Gas Iraq makes huge oil discovery but faces Opec restrictions Iraq has announced the discovery of a massive oil field expected to significantly increase the country’s hydrocarbon reserves, but Baghdad will face a number of challenges in its attempt to exploit the new resource. The field, located in the central part of the country, contains more than 2 billion barrels of medium and light crude […] January 21, 2025
Analysis Oil & Gas Exit of Libya’s oil chief is a sign change must come, say analysts The embattled chairman of the Libyan National Oil Corporation resigned last week after less than three years in post. Farhat Bengdara’s departure was for health reasons, LNOC said, but industry insiders believe it indicates the time has come for structural change and redistribution of oil revenues in Libya. Bengdara had several disagreements with Abdul Hamid […] January 20, 2025
Real Estate ‘Safe’ Sharjah attracts Kuwaiti investors to $950m project The emirate of Sharjah has been praised as “safe and business-friendly” by a Kuwaiti developer who has formed a partnership to develop a AED3.5 billion ($950 million) housing project in its burgeoning local property market. Talal Al-Bahar, vice-chairman and CEO of Kuwait Real Estate Company (Aqarat), said that investors were attracted to Sharjah because of […] January 17, 2025
Industry Adnoc produces graphene and hydrogen at Habshan plant Adnoc Gas has started producing hydrogen and graphene – a “miracle material” stronger than diamond, more conductive than copper and more flexible than rubber. A subsidiary of Abu Dhabi National Oil Company, Adnoc Gas has teamed up with Baker Hughes of the US to install decarbonisation technology patented by Levidian, a British climate technology enterprise, […] January 17, 2025
Oil & Gas Kuwait to spend $30bn to increase oil output by 40% Kuwait is planning to expand its oil production capacity by up to 40 percent, despite a bearish outlook for global demand and years of stagnant growth. Khaled Al Sabah, managing director at the Kuwait Petroleum Corporation (KPC) and CEO of Kuwait Oil Tanker Company, told an energy conference last week that the Gulf state plans […] January 16, 2025
Renewable Energy Masdar views Middle East as biggest growth market UAE’s renewable energy company Masdar considers the Middle East its biggest market, even though its target is to grow globally, a senior executive has said. “The Middle East is the biggest market for us, we are a company from here, and this market is growing significantly,” Abdulaziz Alobaidli, chief executive officer of Masdar, told AGBI […] January 15, 2025
Renewable Energy UAE plans $6bn solar energy storage plant The UAE will construct a renewable facility capable of providing energy at scale around the clock. The project – estimated to cost $6 billion – will be developed in partnership between the UAE state-owned renewables company Masdar and the Emirates Water and Electricity Company (Ewec). The new facility will include solar power with the potential […] January 14, 2025
Energy Turkey needs $80bn for energy transition, says minister Turkey needs $80 billion to meet growing energy demand, which has tripled in the last two decades, the energy minister said on Monday. “We need to attract capital into our energy markets. We need to find new business solutions,” Alparslan Bayraktar said at the International Renewable Energy Agency assembly in Abu Dhabi, adding that the […] January 14, 2025
Sustainability New net zero centre to support Oman’s carbon neutrality A “net zero centre” has been established by Oman’s Ministry of Energy and Minerals to support the sultanate’s carbon neutrality efforts. The centre will develop strategies, monitor the implementation of net-zero projects and provide technical support to government and private sectors to improve energy efficiency and reduce carbon emissions. The new centre “will play a […] January 8, 2025
Analysis Oil & Gas Middle East oil supplies to Europe drop, replaced by US Middle East oil exports to Europe fell by nearly a quarter in 2024, replaced by US and South American supplies, as geopolitics in the Middle East reshaped transport routes. European oil refineries cut imports from the Middle East as a result of increased shipping prices, triggered by attacks on vessels along the Red Sea route […] January 7, 2025
Oil & Gas Nigeria targets Abu Dhabi for oil-backed loan Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC), is looking to Abu Dhabi National Oil Company (Adnoc) as a potential source of financing as the African state strives to increase its crude oil production capacity. NNPC seeks to raise $2 billion through a syndicated crude oil-backed loan in an operation called Project Leopard. […] December 20, 2024
Analysis Oil & Gas UAE to shake up old world order as oil trading centre For years, Geneva, London, Amsterdam and Singapore have been the preferred homes of middlemen helping to move crude oil and its derivatives around the world. But recent geopolitical and economic shifts have paved the way for the UAE to emerge as a trading powerhouse, attracting international talent and rivalling the old world order. The UAE […] December 20, 2024
Analysis Oil & Gas How Adnoc’s XRG will achieve its bold investment ambitions When XRG, the newly formed investment arm of the Abu Dhabi National Oil Company (Adnoc), launched last month it said that it wanted to double its $80 billion in assets under management by 2035. For comparison, Abu Dhabi’s ADQ, the world’s 10th largest sovereign wealth fund and the younger sibling of Adia and Mubadala, had […] December 19, 2024
Oil & Gas Oil shipments from UAE to Asia to be cut next year The UAE is reducing its oil shipments early next year as Opec+ pushes for compliance with production cuts in order to try to stop prices falling. However it is unclear if this means that the country – Opec’s fifth largest producer – is cutting its output, analysts have told AGBI. Adnoc, the UAE’s state-owned oil […] December 16, 2024
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] December 13, 2024
Analysis Oil & Gas IEA and Opec agree on one thing: 2024 demand was down The Organization of the Petroleum Exporting Countries (Opec) and the Paris-based International Energy Agency (IEA) traditionally diverge strongly in their forecasts for the oil markets. While this is still the case – the IEA’s 2024 forecast for oil demand growth is about half that of its oil producing rival – the duo’s latest monthly reports […] December 12, 2024
Oil & Gas Kuwait’s state oil company to expand in Indonesia State-owned Kuwait Foreign Petroleum Exploration Company plans to expand its operations in Indonesia, according to the company’s senior executive. Kufpec is a subsidiary of Kuwait Petroleum Corporation, tasked with exploring and extracting oil and gas outside Kuwait’s borders. It is active in nine countries across Australasia, Africa, North America and Europe. In Indonesia Kufpec already […] December 11, 2024
Analysis Oil & Gas Opec+ likely to adopt a wait-and-see strategy for 2025 Opec+ leaders have much to consider ahead of their meeting next week – little of it positive for flagging oil prices. First, there is the prospect of a second presidential term for Donald Trump as leader of the world’s largest oil producer and exporter; second, an economic downturn in China that shows no sign of […] November 29, 2024
Renewable Energy Masdar and Silk Road Fund to co-invest in renewables The UAE and China have announced an initiative at Cop29 in Baku to co-invest nearly $3 billion in renewables in developing countries and the global south. Under a memorandum of understanding signed between Silk Road Fund (SRF) of China and UAE’s renewable energy company Masdar, SRF is set to pour up to CNY20 billion ($2.8 […] November 22, 2024
Oil & Gas Saudi Arabia’s crude oil exports rise to 3-month high Saudi Arabia burned 36 percent less crude oil for power generation in September – freeing up fuel for exports, which hit a three-month high. The kingdom sold 5.75 million barrels per day in September, 80,000 bpd more than in August, according to data published this week. The figures are from the Joint Organisations Data Initiative, […] November 20, 2024
Renewable Energy Masdar-led consortium to build Saudi solar plant Masdar, the UAE clean energy company, has won a contract with Chinese and South Korean partners to develop a 2GW solar project in Saudi Arabia. The company, along with its partners GD Power of China and the Korea Electric Power Corporation, will build the plant at Al Sadawi, about 500km north of Riyadh in the […] November 20, 2024
