TOP STORIES FROM THE GCC
Saudi Crown Prince unveils master plan for new Abha International Airport
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, and Chairman of the Council of Economic and Development Affairs, has launched the master plan for the new Abha International Airport in the Aseer region.
Its terminal area will expand to 65,000 square metres from the current 10,500 square metres of the existing airport. The first phase is scheduled to be completed by 2028. Read more
UAE and Georgia sign CEPA to boost trade
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Irakli Garibashvili, Prime Minister of Georgia, witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Georgia.
The CEPA aims to double non-oil trade from $481m to $1.5bn in five years. Read more
OPEC sticks to 2024 oil demand growth forecast
The Organization of the Petroleum Exporting Countries (OPEC) on Thursday stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs of a resilient world economy so far this year and expected further demand gains in China.
World oil demand will rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023, the OPEC said in a monthly report. Read more
UAE’s DP World raises $1.5bn with green sukuk
Dubai’s DP World has raised $1.5bn through a green sukuk to support the ports operator’s global decarbonisation efforts.
The sukuk, which was oversubscribed more than 2.3 times, will be listed on both Nasdaq Dubai and the London Stock Exchange. Read more
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Insight: Using generative AI to accelerate digital transformation safely
History will earmark 2022 as a pivotal juncture in the Fourth Industrial Revolution, when generative AI transitioned into the mainstream.
Envision a force so versatile that it optimises processes across a wide range of sectors, from government institutions to fledgling startups, enhancing both efficiency and effectiveness.
That’s the exciting promise of generative AI. Read more
Interview: Powering economies through net-zero electricity
The path toward achieving 100 percent fossil-free electricity entails several key elements. A significant shift toward renewable energy sources like solar and wind power is crucial as they offer clean and sustainable electricity generation while moving away from fossil fuels.
Establishing an efficient and reliable grid infrastructure is essential to accommodate the intermittent nature of renewable energy sources. Dr Mostafa AlGuezeri, managing director of Hitachi Energy for the UAE, Gulf, Near East and Pakistan, speaks to Gulf Business about the energy sector’s period of transition towards a net zero future. Read more
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