THE EARLY PHOENIX
September 5, 2024
★ THE GULF
UAE Invests in U.S., Jordan, Supplies Half Japan’s Oil
The UAE is expanding its global influence with strategic investments. ADNOC acquired a 35% stake in ExxonMobil’s Texas project, focusing on carbon capture and emission reduction. A $2.3 billion rail project with Jordan aims to enhance trade and logistics. Additionally, ACWA Power’s $682 million desalination plant in Sharjah supports regional water sustainability. The UAE also supplied 31.07 million barrels of oil to Japan in July 2024, making up nearly half of Japan’s oil imports. The UAE’s non-oil sector saw growth with increased orders, reaching a 60% increase since 2020. Pakistan’s exports to the UAE increased by 7.74% in July 2024, making the country second top export destinations. The United States, however, remained the leading destination with exports totalling $476.01 million, marking a 7.26% rise. The United Kingdom followed, with exports valued at $183.3 million.
Saudi Aramco Gains, Fintech Grows, ACWA Power Secures Solar Funding
Aramco’s stock saw over 15 million shares traded, rising to 28 SAR. Despite this, the stock remains 20% lower than its September value of 34.9 SAR. Al Rajhi Capital targets a price of 33 SAR, while Aljazira Capital targets 32 SAR. Saudi Arabia reached $1.9 billion in fintech investment by Q2 2024, exceeding targets with 224 companies. The first Fintech Conference brings leaders together to discuss growth and innovation. ACWA Power secured $2.6 billion for three solar projects in Mecca and Qassim, with a combined 3,500 MW capacity.
Qatar Expands Trade, Faces GDP Dip, Doubles Urea Production
Trade between Qatar and Sweden rose by 79% in 2023, reaching 1.55 billion Qatari Riyals. Qatar is encouraging Swedish investment in food, energy, and IT sectors. Qatar’s economy contracted 0.04% year-on-year in Q4 2023, with GDP at QAR 176.8 billion. Non-oil sectors grew by 1.7%, but a 3.1% decline in mining impacted overall performance. Qatar Energy will double urea production to 12.4 million tons, becoming the world’s largest exporter. A new complex in Mesaieed Industrial City will boost output and global exports before 2030.
Oman Expands Oil and Gas Exploration with New Agreement with Daleel Petroleum
Oman signed an agreement with Daleel Petroleum to operate Block 15 in Al Dhahirah, supporting its oil and gas exploration strategy. By March 2024, Oman’s oil exports reached 78.8 million barrels at $79.7 per barrel. The number of operational oil and gas fields rose to 405 in 2023, up from 380 in 2022. Refined oil production also increased to 224 million barrels in 2023.
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Iraq Report Sept 5, 2024: Iraq Tackles Economic Instability, Security Threats
Israel & Palestinian Territories Report Sept 5, 2024: Israel’s Philadelphi Route Withdrawal Confirmed Despite Netanyahu’s Opposition
