Net profit (after tax) up 32% per cent y-o-y to Dh1.45 billion
Haitham Al Ghais, secretary-general of the Organisation of the Petroleum Exporting Countries (Opec), emphasised the need for increased investments in the oil industry to meet global energy demands and sustain economic growth.
He stressed that these investments are crucial for ensuring reliable energy supplies for current and future generations.
“Allocating more investments in the oil industry will contribute to promoting the sustainability of the global energy sector, securing sufficient and reliable supplies for the world as a whole, and ensuring secure supplies for future generations,” Al Ghais said in statements,
The Opec Secretary General pointed out that the increase in investments in the oil industry comes in light of the increase in global demand for energy, as the upstream sector needs investments estimated at $11.1 trillion, the downstream sector about $1.7 trillion, while the midstream sector requires investments of $1.2 trillion by 2045.
The Opec secretary-general highlighted the importance of investments in the energy sector for global energy security and emission reduction. He emphasised the role of member states in addressing critical global issues like climate change and energy transition.
He highlighted the organisation’s active involvement in climate change negotiations, emphasising member states’ belief in its global significance. Opec facilitates information exchange and supports members in implementing strategies to reduce emissions, fostering environmentally friendly practices in the oil and energy industry.
He noted that Opec members consistently announce and implement initiatives to meet ambitious climate goals, aligning with national commitments under the Paris Agreement. These efforts include innovative projects leveraging diverse natural resources and sector-specific expertise to develop technologies such as carbon capture, utilisation, and storage, enhancing sustainability across all facets of the oil industry.
Al Ghais highlighted investments in oil, hydrogen, and renewable energy by member states. He emphasised the importance of oil not just as an energy source but also for materials in renewables and various aspects of daily life. He stressed that oil is crucial for global economic growth and access to electricity, especially for the 675 million people who currently lack it.
Net profit (after tax) up 32% per cent y-o-y to Dh1.45 billion
UAE business activity and business confidence remained strong
Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
Move aims to deepen multi-sectoral cooperation
Brands in the UAE and the region have been advised to create the right awareness schemes that they’re deemed neutral
This continuous rise in investment is attributed to an emerging trend of financialisation of savings