Electric car sales to grow 35% to hit 14m in 2023 amid sustainability push: IEA

Electric car sales to grow 35% to hit 14m in 2023 amid sustainability push: IEA
The share of electric cars in the overall car market has risen from around 4 percent in 2020 to 14 percent in 2022. (Shutterstock)
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Updated 27 April 2023
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Electric car sales to grow 35% to hit 14m in 2023 amid sustainability push: IEA

Electric car sales to grow 35% to hit 14m in 2023 amid sustainability push: IEA

RIYADH: The sale of electric cars is expected to increase by 35 percent in 2023 to hit 14 million, up from the 10 million sold in 2022, as the world continues its drive toward a sustainable future, according to a report released by the International Energy Agency.   

In its Global EV Outlook 2023 report, the IEA noted the share of electric cars in the overall market has risen from around 4 percent in 2020 to 14 percent in 2022 and is set to increase to 18 percent this year.   

The IEA further noted this rapid electrification of transport vehicles will eliminate the need for 5 million barrels of oil per day by the end of the decade.  

“Electric vehicles are one of the driving forces in the new global energy economy that is rapidly emerging — and they are bringing about a historic transformation of the car manufacturing industry worldwide,” said IEA Executive Director Fatih Birol.   

He added: “Cars are just the first wave: electric buses and trucks will follow soon.”  

According to the IEA, the majority of electric car sales to date are mainly concentrated in three markets: China, Europe and the US.  

The IEA further noted that China accounted for 60 percent of global electric car sales in 2022.  

Europe and the US, the second- and third- largest markets, also saw strong growth with sales increasing by 15 percent and 55 percent respectively in 2022.  

Apart from the US, Europe and China, electric car sales in countries such as India and Indonesia tripled in 2022, while the sales figure doubled in Thailand.   

The IEA added that in emerging and developing economies, two- or three-wheeler vehicles outnumber cars. The report pointed out that over half of India’s three-wheeler registrations in 2022 were electric.   

“In many developing economies, two- or three-wheelers offer an affordable way to get access to mobility, meaning their electrification is important to support sustainable development,” the report added. 

 


Abu Dhabi launches $2.7bn investment plan to boost manufacturing sector

Abu Dhabi launches $2.7bn investment plan to boost manufacturing sector
Updated 9 sec ago
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Abu Dhabi launches $2.7bn investment plan to boost manufacturing sector

Abu Dhabi launches $2.7bn investment plan to boost manufacturing sector

RIYADH: Abu Dhabi is embarking on an economic transformation with a 10 billion dirhams ($2.7 billion) investment plan to bolster its manufacturing sector through six strategic programs. 

The goal is to more than double the sector’s size, reaching 172 billion dirhams, creating 13,600 skilled jobs and boosting non-oil exports by 2031, said top executives at a workshop organized by the Ministry of Industry and Advanced Technology on Sunday. 

Speaking at the workshop, Industrial Development Bureau Executive Director Arafat Al-Yafei said: “The programs include talent development, ecosystem enablement, industry 4.0, circular economy, homegrown supply chain and value chain development.” 

According to Al-Yafei, the number of new industrial licenses has grown by 16.6 percent since the Abu Dhabi Industrial Strategy was launched in June 2022. 

Moreover, total capital investments by manufacturers operating in the emirate have increased by 12.42 billion dirhams to 384.06 billion dirhams in the year ending June 2023. 

During the workshop, Al-Yafei emphasized the importance of the collaboration of MoIAT and Abu Dhabi Chamber of Commerce and Industry in raising awareness about programs and incentives designed to attract talent and investments, capitalizing on the abundant opportunities within the emirate’s industrial sector. 

Abu Dhabi Chamber CEO Ahmed Khalifa Al-Qubaisi reaffirmed the institution’s commitment to supporting the local business community and facilitating the growth of the industrial sector. 

He emphasized the sector’s consistent progress, particularly after Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed launched the ADIS. 

ADIS aims to solidify Abu Dhabi’s position as the most competitive industrial hub in the region. 

Salama Al-Awadhi, director of the National In-Country Value Program at the Ministry of Industry and Advanced Technology, also underscored MoIAT’s collaboration with public and private partners. 

She said: “MoIAT collaborates with public and private sector partners to strengthen the role of the national industrial and technological landscape. This aligns the sector with the direction of global transformation.” 

Al-Awadhi added: “The ministry is committed to supporting this direction, which aligns with the UAE’s development goals.” 

Abu Dhabi’s substantial investment in its manufacturing sector, along with strategic partnerships and initiatives, is poised to catalyze economic growth, job creation and increased exports, firmly positioning the emirate as an industrial hub in the region. 


Egypt launches bid round for gas and oil exploration in 23 new areas — statement

Egypt launches bid round for gas and oil exploration in 23 new areas — statement
Updated 10 min 4 sec ago
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Egypt launches bid round for gas and oil exploration in 23 new areas — statement

Egypt launches bid round for gas and oil exploration in 23 new areas — statement

DUBAI: Egypt’s petroleum ministry launched on Monday an international bid round for gas and oil exploration in 23 new areas, it said in a statement, according to Reuters.

The bid includes 10 areas in Egypt’s Western Desert, two in the Eastern Desert, seven in the Gulf of Suez, and four areas in the Red Sea, it added. 

 


Oil Updates – prices rise, tight supply back in focus

Oil Updates – prices rise, tight supply back in focus
Updated 25 September 2023
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Oil Updates – prices rise, tight supply back in focus

Oil Updates – prices rise, tight supply back in focus

LONDON: Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand, according to Reuters.

Brent crude futures climbed 69 cents, or 0.7 percent, to $93.96 a barrel by 9:46 a.m. Saudi time after settling 3 cents lower on Friday.

US West Texas Intermediate crude futures extended gains for a second session, trading at $90.57 a barrel, up 54 cents, or 0.6 percent.

“Crude oil prices have started the week on the front foot, as the market continues to digest Russia’s temporary ban on diesel and gasoline exports, into an already tight market, offset with the Fed’s hawkish message that rates will stay higher for longer,” IG Markets analyst Tony Sycamore said.

Both contracts fell last week, snapping a three-week winning streak, after a hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns.

Prices had rallied more than 10 percent in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year.

Last week, Moscow temporarily banned gasoline and diesel exports to most countries in order to stabilize the domestic market, fanning concerns of low supply especially for heating oil as the Northern Hemisphere heads into winter.

“The Russian fuel export ban news appears to be priced in for the time being but the undercurrent of global oil supply tightness runs deep, with an intense focus on diesel shortages and fears over unanticipated LNG (liquefied natural gas) supply disruptions likely to persist, especially in the European markets,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.

In the US the number of operating oil rigs fell by eight to 507 last week, their lowest since February 2022, despite higher prices, a weekly report from Baker Hughes showed on Friday.

Expectations of better economic data this week from China, the world’s largest crude importer, also lifted sentiment. However, analysts flagged that oil prices face technical resistance at the November 2022 highs that were hit last week.

The Asian country’s manufacturing sector is expected to return to expansion mode in September, with the purchasing manufacturing index forecast to rise above 50 for the first time since March, Goldman Sachs analysts said.

In a positive sign, China’s oil demand increased 0.3 million barrels per day to 16.3 million bpd last week, partly due to a gradual recovery in jet fuel demand for international flights, they added.


ADNOC, Abu Dhabi’s TAQA secure financing for $2.2bn water project 

ADNOC, Abu Dhabi’s TAQA secure financing for $2.2bn water project 
Updated 25 September 2023
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ADNOC, Abu Dhabi’s TAQA secure financing for $2.2bn water project 

ADNOC, Abu Dhabi’s TAQA secure financing for $2.2bn water project 

DUBAI: State oil giant Abu Dhabi National Oil Co. and Abu Dhabi National Energy Co., also known as TAQA, said on Monday they secured the financing for a $2.2 billion project to provide sustainable water supply to ADNOC’s onshore operations. 

The project, which was announced in May, will comprise a centralized seawater treatment facility for ADNOC’s operations at the Bab and Bu Hasa fields in Abu Dhabi, as part of the oil giant’s efforts to decarbonize its business. 

A group of nine local banks and international banks will finance the project, through a combination of commercial and Islamic finance facilities, ADNOC and TAQA said in a bourse statement. 

The banks to finance the project are First Abu Dhabi Bank, Gulf International Bank, Natixis, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Emirates NBD, Emirates Development Bank and Warba Bank. 

A consortium comprising Orascom Construction and Metito will construct a seawater treatment facility and transportation and distribution network. 

ADNOC and TAQA each own a 25.5 percent stake in the project, resulting in a combined 51 percent majority, while the consortium will own the remainder under a build, own, operate and transfer model. 

Alpha Dhabi to buy majority stake in Metito 

Alpha Dhabi said on Monday it plans to acquire a majority stake in the UAE-based water and wastewater project developer Metito Holdings. 

Pending regulatory approvals, Alpha Dhabi said it plans to acquire the stake from Metito’s selling shareholders Mitsubishi Corp., Mitsubishi Heavy Industries, and Gulf Capital. 

Alpha Dhabi did not disclose the size of the stake it would take in Metito, which has around 20 offices and 4,500 employees across the world. Alpha Dhabi also did not disclose the value of the transaction or how the transaction would be funded. 

The Ghandour family, Metito’s founding shareholders, will retain their leadership roles, Alpha Dhabi said in the statement on Monday. 

Alpha Dhabi is linked to Sheikh Tahnoun bin Zayed Al-Nahyan, the UAE’s national security adviser and a brother of the country’s President Sheikh Mohammed bin Zayed Al-Nahyan. Sheikh Tahnoun owns the Royal Group, which has a 74 percent stake in the parent of Alpha Dhabi, the International Holding Co. 


EU says no intention of cutting ties with China, but urges Beijing to reduce risk perception

EU says no intention of cutting ties with China, but urges Beijing to reduce risk perception
Updated 25 September 2023
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EU says no intention of cutting ties with China, but urges Beijing to reduce risk perception

EU says no intention of cutting ties with China, but urges Beijing to reduce risk perception

BEIJING: The European Union has no intention of cutting ties with China even as the bloc takes steps to lower economic dependencies and de-risk, but China “could do a lot” to help reduce the perception of risk, the EU trade chief said on Monday.

The EU has long complained about a lack of level playing field in China and the politicization of the business environment. Concern turned to wariness after Beijing’s move to strengthen ties with Moscow despite the war in Ukraine.
Europe’s economic ties with China are deep, but China “could do a lot to help reduce our perception of risk,” Trade Commissioner Valdis Dombrovskis said in a speech delivered at the Tsinghua University in Beijing.