UAE holds annual oil and gas conference ahead of UN COP28 climate talks

The call by Sultan Al-Jaber highlights the gap between climate activists suspicious of his industry ties and his calls to drastically slash the world’s emissions by nearly half in seven years to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with pre-industrial times. Reuters
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Updated 02 October 2023
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UAE holds annual oil and gas conference ahead of UN COP28 climate talks

ABU DHABI: The Emirati president-designate of the upcoming United Nations COP28 climate talks called on oil and gas companies on Monday to be “central to the solution” to fighting climate change, even as the industry boosts its production to enjoy rising global energy prices.

The call by Sultan Al-Jaber highlights the gap between climate activists suspicious of his industry ties and his calls to drastically slash the world’s emissions by nearly half in seven years to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with pre-industrial times.

“That is our North Star. It is in fact our only destination,” Al-Jaber said. “It is simply acknowledging and respecting the science.”

However, he added: “We must do this while also ensuring human prosperity by meeting the energy needs of the planet’s growing population.”

Al-Jaber serves as the CEO of the state-run Abu Dhabi Oil Co., which has the capacity to pump 4 million barrels of crude oil a day and hopes to reach 5 million barrels a day. He also made the call to the annual Abu Dhabi International Petroleum Exhibition and Conference, which brings together the largest players in the oil and gas industries.

While this year’s conference has been described as focusing on “decarbonizing faster together,” the event is primarily about the drilling, processing and sale of the same carbon-belching fuels driving climate change — which cause more-intense and more-frequent extreme events such as storms, droughts, floods and wildfires. And Al-Jaber himself has repeatedly said the world must rely on oil and gas for the near-term to bridge that gap.

“A phase-down of fossil fuels is inevitable. In fact, it’s essential,” Al-Jaber said. “Yet, this must be part of a comprehensive energy transition plan that is fair, that is fast, just, orderly, equitable and responsible.”

But on the business side, the oil industry is on the rebound. After prices briefly went negative during the lockdowns of the coronavirus pandemic, benchmark Brent crude now trades around $92 a barrel. Diesel prices also are expected to rise as Russia has stopped its exports of the fuel, which likely will worsen global inflation through boosting transportation prices that will get passed onto consumers.

The conference highlights the challenge the United Arab Emirates has faced in trying to convince already-critical climate scientists, activists and others that it can host the UN Conference of the Parties — where COP gets its name.

Though all smiles at Monday’s conference, Al-Jaber has acknowledged the withering criticism he’s faced. On Saturday, he offered a full-throated defense of his country hosting the talks he’s slated to lead, dismissing critics who “just go on the attack without knowing anything, without knowing who we are.”

“For too long, this industry has been viewed as part of the problem, that it’s not doing enough and in some cases even blocking progress,” Al-Jaber told the conference. “This is your opportunity to show the world that, in fact, you are central to the solution.”

Following immediately after Al-Jaber, OPEC Secretary-General Haitham Al-Ghais praised his speech and defended the oil industry.

“We see calls to stop investing in oil. We believe this is counterproductive,” Al-Ghais said. “The cornerstone of global economic prosperity today is energy security.”

Al-Jaber said 20 oil and gas companies had pledged to be “net zero” by or before 2050 and eliminate routine gas flaring by 2030. However, the industry would still be producing the oil and gas that release the carbon dioxide that traps heat in the atmosphere.

Al-Jaber, a 50-year-old longtime climate envoy, has been behind tens of billions of dollars spent or pledged toward renewable energy by this federation of seven sheikhdoms on the Arabian Peninsula. Al-Jaber and his supporters — including US climate envoy and former Secretary of State John Kerry, who is on a trip to the UAE this week — say that’s a sign he can lead the COP28 talks.

Meanwhile, Turkish Energy Minister Alparslan Bayraktar said at the Abu Dhabi conference that an Iraqi-Turkish oil pipeline that had been halted for months would see its flow restart this week.

“As of today, the pipeline is ready to operate,” he said. “And within this week we will start operating the Iraqi-Turkiye pipeline, which after the resuming of oil operations, will be able to supply half a million barrels to the oil market.”

He did not elaborate on what the terms would be for the 970-kilometer (600-mile) pipeline, which is Iraq’s largest. In March, Iraqi officials won an international arbitration case to halt oil exports from the semiautonomous Kurdish region to Ceyhan, Turkiye, on the Mediterranean Sea.

Iraqi and regional Kurdish government officials did not immediately acknowledge the pipeline reopening, though Iraq’s oil minister has said it was anticipated, without elaborating.

Bayraktar said the pipeline also sustained damage in the recent earthquake and flooding in Turkiye that had been repaired.


Dubai Financial Market reports $288.6m profit for 2025 - up 159%

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Dubai Financial Market reports $288.6m profit for 2025 - up 159%

RIYADH: Dubai Financial Market reported net profit before tax of 1.06 billion dirhams ($288.6 million) in 2025, up 159 percent from a year earlier.

The improved performance was driven by sustained confidence in Dubai’s capital markets and a year of heightened trading activity, with momentum continuing through the fourth quarter.

The results coincided with the exchange marking 25 years since its establishment in 2000, highlighting its evolution into a more globally connected and institutionally active marketplace, according to a report by the Emirates News Agency. 

For the full year ending Dec. 31, total consolidated revenues rose to 1.28 billion dirhams, while earnings before interest, tax, depreciation and amortization reached 1.13 billion dirhams, translating into an EBITDA margin of 88 percent. 

The results come as Dubai pushes ahead with its D33 agenda to double the emirate’s economy by 2033 and deepen its position as a global financial hub. 

The UAE central bank has pointed to solid capital markets momentum and low sovereign risk indicators in 2025, underscoring the confidence backdrop for higher trading activity. 

Helal Al-Marri, chairman of DFM, said: “DFM’s performance in 2025 reflects the continued strength of Dubai’s capital markets and the confidence of global investors in the emirate’s economic vision.

“As we mark 25 years since the establishment of DFM, the exchange continues to play a central role within Dubai’s financial ecosystem, supporting transparency, liquidity, and long-term market development in line with the Dubai Economic Agenda D33.” 

Fourth-quarter net profit before tax increased to 124.4 million dirhams from 110.6 million dirhams in the same period of 2024, reflecting sustained trading momentum toward year-end. 

Market performance remained strong throughout the year, with the DFM General Index rising 17.2 percent and total market capitalization reaching 992 billion dirhams. 

Average daily traded value climbed to 692 million dirhams, while total traded value amounted to 174 billion dirhams, marking the highest liquidity levels in more than a decade. 

The average daily number of trades rose 31 percent year on year, driven by increased institutional and cross-border activity. 

Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “In 2025, DFM continued to build on the progress of recent years, supported by steady trading activity, growing international participation, and ongoing enhancements to our market infrastructure.” 

He added: “Our focus throughout the year remained on improving market accessibility, supporting a broad range of investment activity, and ensuring the market continues to operate efficiently for both issuers and investors. As we mark 25 years of DFM, we remain committed to developing the market in line with Dubai’s long-term capital markets ambitions.”

Investor participation broadened further during the year, with 97,394 new participants joining the market, of which 84 percent were foreign. 

Foreign investors accounted for 51 percent of total trading value, while institutional investors represented 71 percent of trading activity. 

The total investor base reached 1.25 million, reinforcing DFM’s position as a destination for regional and international capital. 

Capital-raising activity also expanded DFM’s sectoral footprint. 

The exchange hosted Dubai Residential REIT, the region’s first publicly traded residential leasing real estate investment trust, which attracted subscriptions 26 times over and total demand of 56 billion dirhams.

It also saw the secondary public offering of Emirates Integrated Telecommunications Co., alongside the initial public offering of ALEC Holdings, the UAE’s largest construction-sector listing to date, which generated subscriptions of 30 billion dirhams, representing an oversubscription of 21 times. 

Innovation and market development remained a focus in 2025, with the launch of a centralized securities lending and borrowing framework and further enhancements to digital platforms, including AI-enabled features on iVestor. 

DFM also strengthened its international engagement through global roadshows and partnerships, including a memorandum of understanding with the Taiwan Stock Exchange aimed at supporting cross-border listings and investor outreach. 

Looking ahead, the exchange said it remains focused on enhancing liquidity, expanding product offerings, and deepening global connectivity, supported by a strong financial position and a diversified investor base.