The Finance World Magazine| Edition: March 2023

Energy News
Saudi Aramco invests in the future with major
deals at LEAP23
At the recent LEAP23 conference,
Saudi Aramco made a strong
statement about its commitment
to innovation and the future
of technology. The oil and gas giant
struck major deals with Zoom, the
popular video conferencing platform,
and Wa’ed Ventures, the investment
arm of the kingdom’s labor ministry.
These deals will help Saudi Aramco
stay at the forefront of technology and
enhance its offerings to customers. The
Zoom deal will allow the company to
integrate the platform into its existing
communication infrastructure, while
the Wa’ed Ventures deal will provide
access to a network of startups and
tech companies. These investments
demonstrate Saudi Aramco’s willingness
to adapt and evolve in a rapidly changing
business landscape.
Dubai’s Soaring
Population Leads to
5.5% Energy Surge
Dubai’s rapidly growing population
has resulted in a 5.5%
increase in energy consumption,
putting pressure on the
city’s infrastructure and resources.
This trend is expected to continue as
the population continues to grow and
the demand for energy services such
as electricity, water, and gas increases.
The government of Dubai has been
proactive in addressing this challenge
and is investing in renewable energy
solutions to meet the growing demand
for energy. The city has set a target to
produce 75% of its total energy from
clean sources by 2050, which will help
to reduce its carbon footprint and
ensure a sustainable energy future for
its residents. Dubai is also exploring
innovative solutions such as smart
grid technology and energy-efficient
buildings to maximize energy efficiency
and reduce waste.
Saudi Aramco’s $7.2B
Deals to Revitalize the
Kingdom’s Economy
Saudi Aramco, the state-owned
oil company of Saudi Arabia, has
signed several deals worth $7.2B
to boost the Kingdom’s economy
and diversify its revenue streams. The
deals include partnerships with leading
international companies in sectors such as
energy, petrochemicals, and technology.
This investment is expected to create job
opportunities, drive economic growth,
and support the country’s wider economic
diversification efforts. The Kingdom
is also making significant investments
in renewable energy, with the goal of
reducing its dependence on oil and
transitioning to a more sustainable energy
mix. These deals demonstrate Saudi
Aramco’s commitment to supporting
the development of the Kingdom and its
vision of a sustainable future.
ADNOC Propels UAE’s
Manufacturing Industry
with $4.63B Deals
The Abu Dhabi National Oil
Company (ADNOC) has recently
made a significant investment
in the manufacturing sector of
the United Arab Emirates (UAE) with
a series of deals worth $4.63B. These
deals aim to enhance the country’s
manufacturing capabilities and position
it as a global leader in key industries.
This investment is expected to drive
the growth of the local economy, create
jobs, and support the UAE’s wider
economic diversification efforts. The
deals include partnerships with leading
international companies in areas such as
petrochemical manufacturing, advanced
materials, and technology solutions.
Dubai Powers Up with
$2.2B Investment
in Local Electricity
Projects
Dubai has recently announced
a $2.2B investment in local
electricity projects, aimed at
enhancing the city’s energy
infrastructure and ensuring a reliable
supply of power to its residents. This
investment demonstrates Dubai’s
commitment to maintaining its position
as a leader in sustainable development
and improving the quality of life for
its residents. The funds will be used
to upgrade existing power stations,
build new ones, and develop renewable
energy sources such as solar and
wind power. The city is also exploring
innovative solutions such as smart
grid technology to optimize energy
efficiency and reduce waste. This
investment is expected to create job
opportunities, drive economic growth,
and support the government’s efforts
to transition to a more sustainable
energy mix.
44 www.thefinanceworld.com March 2023