Saudi Electricity Company sees net profit of around $1.8bn in 2024
Energy
Arab Energy Fund
Arab Energy Fund teams with Hartree to create $120mn cleantech investment vehicle
The platform will focus on venture capital stage companies
Burjeel Holdings
EWEC and Burjeel partner to accelerate Carbon Neutrality in healthcare
The water and electricity delivery company will power 22 of Burjeel’s healthcare facilities in Abu Dhabi and Al Ain with clean energy
ADNOC
ADNOC and OMV to create $60bn chemical powerhouse Borouge Group International
Borouge and Borealis combine to form $60bn Borouge Group International with polyolefins capacity of appx 13.6mn tons per annum; New entity to acquire Nova Chemicals for $13.4bn
DEWA
Dubai’s energy demand jumps 5.4% in 2024, driven by economic growth and population surge
DEWA reported a 3.4% increase in its peak demand in 2024 compared to 2023
Abu Dhabi
Ramadan 2025 announced in GCC; 50 UAE megaprojects; Best and most expensive schools in Dubai; Real estate price analysis – 10 things you missed this week
Ramadan start dates announced, UAE megaprojects, top Dubai schools, real estate analysis and more of the top stories this week
Abu Dhabi
UAE announces March 2025 petrol prices
UAE reveals petrol price fluctuations for March 2025
ADQ
Abu Dhabi’s ADQ, Italy’s Eni sign MoU to strengthen critical minerals supply chains
The collaboration will prioritise potential investments in key regions such as Africa, North America, and Central Asia
Abu Dhabi
UAE petrol prices to change for March 2025
UAE petrol prices increased in February following two months of frozen prices
DEWA
DEWA’s landmark Hatta hydroelectric plant to export power to Dubai from April 2025
During an inspection visit to the AED1.421 billion facility, DEWA MD and CEO Al Tayer revealed that operational tests began in January 2025 for the project, which has reached 96.82 percent completion
Abu Dhabi
ADNOC collects $2.84bn through 4% stake sale in ADNOC Gas
Priced at $0.93 per share, the marketed offering for 3.1 billion shares was oversubscribed 4.4 times
ADNOC
ADNOC companies report $50bn revenue and $9bn net profit
ADNOC’s L&S, Gas, Drilling, Distribution arms, plus Fertiglobe and Borouge drive massive dividends and revenue
Artificial intelligence
Saudi AI firm nybl partners with NOV to transform oil and gas operations
The alliance is a pivotal step forward for nybl’s strategic growth plan, aiming to enhance AI offerings to the oil and gas industry
ACWA Power
ACWA Power signs $2.3bn deal for Egypt’s largest wind farm
The PPA with the Egyptian Electricity Transmission Company includes a 2.0 GW Wind Project, exceeding ACWA Power’s current 1.1 GW Suez Wind Farm
acquisition
ACWA Power expands in Gulf with $693mn deal for Bahrain, Kuwait assets
Under the terms of the agreement, ACWA Power will acquire ENGIE’s shares in the four key operating assets
Aramco
Aramco eyes Philippines expansion with 25% Unioil deal
Aramco continues international expansion with deal for Unioil Petroleum Philippines stake