Mubadala Petroleum and Italian energy company Eni have signed an agreement to identify opportunities in energy transition, as the UAE seeks to accelerate decarbonisation across sectors.
Both sides will explore opportunities in the areas of hydrogen, carbon capture utilisation and storage in the Middle East, North Africa, South East Asia and Europe as well as other regions.
The UAE, Opec's third-largest oil producer, is looking to increase the share of clean energy to 44 per cent by 2050 and plans to invest Dh600 billion by mid-century to expand its renewable energy capacity.
Abu Dhabi, which accounts for a bulk of the UAE's oil production, is also developing more renewable energy projects. The emirate is building the world's largest solar plant at Al Dhafra with a total capacity of 2 gigawatts, as part of the UAE's efforts to increase clean energy capacity.
Mubadala Petroleum is developing a portfolio heavily weighted towards gas, which is seen as a transitional fuel in the Middle East. The company's portfolio accounts for two-thirds of natural gas. Earlier this year, Mubadala Petroleum said it lowered its greenhouse gas emissions by 25 per cent in the last three years.
The UAE is looking to introduce hydrogen into high-emitting sectors such as transportation as it looks to decarbonise its economy.
UAE-based entities such as Mubadala Investment company, Abu Dhabi National Oil Company and holding company ADQ are planning to develop a sustainable, hydrogen-based economy in the country in a bid to decarbonise.
The three state-backed entities formed a hydrogen alliance earlier this year to boost investment in the sector.
Mubadala-owned Masdar is also developing green hydrogen, which is produced from renewable-powered electrolysis. Adnoc, the state oil company, is looking at increasing its current capacity to produce blue hydrogen. The company is currently developing a large plant to produce blue ammonia, which is a more easily transportable form of hydrogen.
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
UAE currency: the story behind the money in your pockets
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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