World needs to invest $3trn-plus in renewables in 10 years: UAE minister

World needs to invest $3trn-plus in renewables in 10 years: UAE minister
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Updated 19 January 2022

World needs to invest $3trn-plus in renewables in 10 years: UAE minister

World needs to invest $3trn-plus in renewables in 10 years: UAE minister

The world needs to invest at least $3 trillion in renewable energy in the next 10 years, state news agency WAM quoted United Arab Emirates (UAE) Industry Minister Sultan al-Jaber as saying on Tuesday in Dubai.

The minister, who is also the Abu Dhabi National Oil Company (ADNOC) chief executive, added that the UAE remains committed to providing reliable supplies of oil and gas with less carbon emissions.

The minister was attending a session at Abu Dhabi Sustainability Week Summit at the Expo 2020 site in Dubai.


Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic

Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic
Updated 12 sec ago

Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic

Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic

RIYADH: Fawaz Abdulaziz Alhokair Co. has turned into profit in its fiscal year ended March 31, supported by a post-pandemic rebound in sales.

The Saudi retailer made SR38 million ($10 million) in profit, after erasing losses of SR1.11 billion from a year earlier, according to a bourse filing.

The profit hike was coupled with a 40-percent rise in revenue due to a gradual ease of COVID-19 restrictions which led to a recovery in trading activity and consumer spending.

Revenues reached as high as SR5.9 billion by the end of the fiscal year.

“The robust results are supported by the trading activity returning to pre-pandemic levels, the successful execution of the operational upgrade strategy, and the strength of our teams across the business,” said interim CEO Mohamad Mourad, commenting on the results.

Based on the strong foundation set during the past year and the positive momentum in key markets, he said the company expects to build on its growth trajectory to deliver a credible performance in the fiscal year 2023.


Biden says will see Saudi’s crown prince, won’t push directly on oil

Biden says will see Saudi’s crown prince, won’t push directly on oil
Updated 18 min 21 sec ago

Biden says will see Saudi’s crown prince, won’t push directly on oil

Biden says will see Saudi’s crown prince, won’t push directly on oil

MADRID: US President Joe Biden on Thursday said he would see Saudi Arabia’s king and crown prince during a visit to the country next month but that the purpose of his trip was not to press them to increase oil output.

Asked at a press conference in Spain if he would ask the Saudi leaders to increase oil production, Biden said “No.”

He said he had indicated that all the Gulf states should be increasing oil production generically, not Saudi Arabia particularly.

He said he hoped the countries would conclude that it was in their own interest to do so.

His comments came as The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, agreed on Thursday to stick to earlier approved oil output increases in July and August and refrained from any policy discussions for September.

The decision to stick to the planned increases comes despite calls for bigger increases to tame crude prices.

Russia's invasion of Ukraine has exacerbated concerns about oil supplies, sending prices to record highs this year.

In their monthly video conference, which lasted about an hour, the 23 members of OPEC+ agreed to add another 648,000 barrels per day in August, the same as for July.


Macro Snapshot — Eurozone unemployment falls to record low; UK balance of payments deficit balloons

Macro Snapshot — Eurozone unemployment falls to record low; UK balance of payments deficit balloons
Updated 32 min 23 sec ago

Macro Snapshot — Eurozone unemployment falls to record low; UK balance of payments deficit balloons

Macro Snapshot — Eurozone unemployment falls to record low; UK balance of payments deficit balloons

RIYADH: Eurozone unemployment fell to a record low in May as the economy continued to rebound from the COVID-19 pandemic.

The EU’s statistics office Eurostat said on Thursday that unemployment in the 19 countries sharing the euro fell to 6.6 percent of the workforce in May from a revised 6.7 percent in April.

The 6.6 percent rate is the lowest rate since records dating back to 1998, just before the official launch of the euro in January 1999.

UK balance of payments 

Britain racked up a record shortfall in its current account in early 2022, in part due to the soaring cost of its fuel imports, according to data that officials cautioned could be revised.

The balance of payments deficit — a measure of how much the country relies on money from abroad — ballooned to £51.7 billion ($62.8 billion) or 8.3 percent of gross domestic product between January and March.

Data from the Office for National Statistics also showed the increasing strain on households as their real disposable income shrank for the longest period on record.

Portugal’s inflation rise 

Portuguese consumer prices jumped 8.7 percent year-on-year in June, at their fastest pace since December 1992, up from 8 percent in May, flash data from the National Statistics Institute showed.

Core inflation, which strips out volatile food and energy prices, rose 6 percent year-on-year, the fastest rate since May 1994, up from 5.6 percent the previous month.

Russia’s invasion of Ukraine and the subsequent pressure on energy and food markets has stoked inflation, which was already accelerating as the global economy reopened after the coronavirus pandemic

Hong Kong retail sales fall 

Hong Kong’s May retail sales fell 1.7 percent from a year earlier after a sharp increase the previous month, government data showed.

Sales eased to HK$29.1 billion ($3.71 billion), having jumped 11.7 percent in April. The government said that over April and May together there was a year-on-year increase of 4.7 percent.

(With input from Reuters) 


Saudi Aramco awards $16m steel pipes deal to homegrown pipe producer

Saudi Aramco awards $16m steel pipes deal to homegrown pipe producer
Updated 34 min 17 sec ago

Saudi Aramco awards $16m steel pipes deal to homegrown pipe producer

Saudi Aramco awards $16m steel pipes deal to homegrown pipe producer

RIYADH: Saudi Steel Pipe Co. has been awarded a deal worth SR58 million ($16 million) for the supply of oil and gas steel pipes to oil giant Aramco.

The contract will be valid for a year, a statement by the pipe manufacturer revealed.

The company expects the transaction to impact its financial statements starting from the last quarter of the year.


Abu Dhabi to allocate $2.7bn to position itself as regional industrial hub  

Abu Dhabi to allocate $2.7bn to position itself as regional industrial hub  
Updated 47 min 34 sec ago

Abu Dhabi to allocate $2.7bn to position itself as regional industrial hub  

Abu Dhabi to allocate $2.7bn to position itself as regional industrial hub  

RIYADH: Abu Dhabi government is planning to invest 10 billion dirhams ($2.7 billion) across six industrial programs as it aims to double the size of the manufacturing sector to 172 billion dirhams by 2031.

It intends to achieve the goal by increasing manufacturers’ access to financing, and improving the ease of doing business while attracting foreign direct investment, the National reported. 

This is being done as part of the Abu Dhabi Industrial Strategy that looks to strengthen the emirate’s position as the region’s competitive industrial hub by 2031. 

Last year, the UAE launched an industrial strategy, named Operation 300 billion, as it seeks to increase the industrial sector’s contribution to the country's gross domestic product to 300 billion dirhams in 2031, up from 133 billion dirhams in 2021.