French power company EDF to produce lowest amount of nuclear energy in 30 years: NRG matters
Updated 24 January 2022
Arab News
RIYADH: Germany’s concerns over the EU’s nuclear power plans are causing uncertainty in the sector, while initiatives by businesses such as Lamborghini, Fortescue, and Kufpec show some companies are taking green concerns on board.
Looking at the bigger picture:
The German government has formally vocalized its objection — in a letter to Brussels — regarding the EU taxonomy plan which aims to recognize nuclear power plants as a green energy source, Reuters reported. The planned move is considered perilous, costly, and lacks safety requirements in the eyes of the German government.
Through a micro lens:
Italian manufacturer of luxury sports cars and SUVs, Lamborghini has devoted 1.5 billion euros ($1.7 billion) to shift its lineup from pure combustion vehicles to plug-in hybrids as of 2023, Bloomberg reported. The sports car manufacturer aims to introduce its initial plug-in hybrid car in 2023 amid efforts to fully convert its lineup to battery powered models by 2024.
Australian iron ore firm Fortescue Metals Group Ltd. has acquired $223 million of the technology and engineering business service Williams Advanced Engineering Ltd., allowing it to access battery technology, Bloomberg reported.The fourth largest iron producer worldwide will use the acquisition to propel the advance of net zero emissions as well as having electric haul trucks instead of diesel models.
Kuwait Foreign Petroleum Exploration Co., better known as Kufpec, has announced its first discovery in an offshore block of natural gas and a light form of oil — known as condensate — in Indonesia, Bloomberg reported. This comes after triumphant drilling in 88 meters of water in the Anambas-2X well.
Nuclear electric power generation company Electricite de France SA will generate the least amount of atomic power in 30 years due to technical issues in its plants, Bloomberg reported. This will diminish neighboring countries' access to French power exports, posing a great risk for energy security across the European continent.
GCC chambers plan Gulf Guarantee project to boost intra-regional trade
Updated 16 February 2026
Abdulaziz Al-Faki - ALEQTISADIAH
DAMMAM: The Federation of GCC Chambers, in cooperation with the Customs Union Authority, intends to launch the Gulf Guarantee Project to provide a unified mechanism for exports and trade transactions and to enhance the efficiency of intra-GCC trade, which reached about $146 billion by the end of 2024, Saleh Al-Sharqi, Secretary-General of the federation, told Al-Eqtisadiah.
Al-Sharqi said, on the sidelines of his meeting with media representatives at the federation’s headquarters in Dammam, that the initiative represents a qualitative leap in supporting intra-GCC trade by facilitating transit movement through a single point, contributing to cost reduction, accelerating the flow of goods, and enhancing the reliability of trade operations among Gulf markets.
Saleh Al-Sharqi, Secretary-General of the Federation of GCC Chambers. Al-Eqtisadiah
He explained that the federation recently launched a package of strategic initiatives, including the Tawasul initiative aimed at strengthening communication among Gulf business owners and supporting the building of trade and investment partnerships, in addition to the Gulf Business Facilitation initiative, which seeks to address challenges facing Gulf investors and traders, simplify procedures, and improve the business environment across member states.
He noted that these initiatives fall within an integrated vision to address obstacles hindering investment and intra-regional trade flows by developing regulatory frameworks, activating communication channels between the public and private sectors, and supporting Gulf economic integration in line with the objectives of the Gulf Common Market.
In a related context, the Secretary-General affirmed the direction of GCC countries to leverage artificial intelligence technologies to support trade and investment flows, stressing the importance of establishing a unified Gulf committee for artificial intelligence to coordinate efforts and exchange expertise among member states. He said the federation will support this direction in the coming phase, drawing on leading international experiences, particularly the Chinese experience in this field.
Regarding the recently announced electric railway project between Riyadh and Doha, Al-Sharqi revealed that technical and advisory committees are working to complete the necessary studies for the project, confirming that it will positively impact passenger and freight movement between the two countries, enhance Gulf logistical integration, and support regional supply chains.
On investment opportunities available to Gulf nationals in the Syrian market, he said the federation is coordinating with private sector representatives in Syria to overcome obstacles that may face the flow of Gulf investments, in addition to working to provide adequate guarantees to protect these investments and ensure a stable and attractive investment environment.
In response to a question from Al-Eqtisadiah about the impact of tariffs imposed by the US on imports of iron, steel, and aluminum, he said that economic and technical committees in GCC countries are continuously monitoring the repercussions of these tariffs on the Gulf private sector, assessing their effects, and taking the necessary measures to protect it from any potential negative impacts.
Al-Sharqi also pointed to the launch of two specialized committees in the transport and logistics sectors and in real estate activities, given their pivotal role and active contribution to Gulf gross domestic product, stressing that developing these two sectors is a fundamental pillar for enhancing economic diversification and increasing the competitiveness of GCC economies.
He added that during the past year the federation held more than 40 meetings and official engagements with Gulf and international entities, participated in nine regional and international events to strengthen the presence of the Gulf private sector on the global stage, and signed 12 agreements and memoranda of understanding with Gulf, regional, and international entities to open new horizons for economic and investment cooperation.
During the same year, the federation launched four digital platforms to support the Gulf private sector, bringing the total number of its digital platforms to eight serving the business community across member states.
The Secretary-General affirmed that the federation will continue working with relevant economic entities to unify procedures and regulations, reduce non-tariff barriers, and accelerate mutual recognition of products and standard specifications, in a way that enhances the competitiveness of the Gulf economy and supports the growth of intra-GCC trade.
