Shell has recently released its first progress report on energy transition, after the implementation of its Powering Progress strategy in 2021.

During the Capital Markets Day event in June 2023, Shell emphasized how its strategy is designed to generate more value while producing fewer emissions, with a particular emphasis on the “more value” aspect.

This energy transition update focuses on how the strategy effectively delivers “fewer emissions.”

Shell aims to achieve net-zero emissions across all operations and energy products by 2050, which marks a significant shift for the business.

The company is confident that this commitment aligns with the ambitious objectives of the Paris Agreement, which aims to limit global warming to 1.5°C above pre-industrial levels.

Shell’s approach advocates for a balanced and orderly transition from fossil fuels to low-carbon energy solutions, ensuring that energy remains secure and affordable.

According to Wael Sawan, Shell’s CEO, “Energy has significantly contributed to human progress, enabling many worldwide to lead more prosperous lives. Currently, the global community faces the dual challenge of meeting increased energy demands while addressing the pressing issue of climate change. The swift advancements in energy transition observed in recent years across various countries and technologies bolster my firm belief in our strategic direction.”

Sawan further remarked, “Our investment of $10-15bn between 2023 and 2025 in low-carbon energy solutions positions us as a major player in the energy transition.

“Moreover, in 2023, our expenditure on low-carbon solutions reached $5.6bn, accounting for over 23% of our total capital investment” He added.

Shell’s investments in emerging technologies, including electric vehicle charging infrastructure, biofuels, renewable energy, hydrogen, and carbon capture and storage, are instrumental in reducing emissions for both Shell and its customers.

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The company aims to scale these technologies to ensure they become an economical option for consumers.

Shell’s advocacy efforts are now focused on pivotal areas deemed essential for the energy transition, such as supporting policies that align with national net-zero goals, including carbon pricing, providing the secure energy supply the world requires, influencing demand shifts, and expanding low-carbon solutions.

In 2023, Shell surpassed 60% of its objective to cut emissions from its operations in half by 2030, relative to its 2016 levels.

This exceeds the commitments made by the signatories of the Oil and Gas Decarbonization Charter established at COP28.

Shell was among the pioneers in setting a goal for near-zero methane emissions by 2030.

In 2023, the company attained a methane emissions intensity of just 0.05%, well below its target of 0.2%. Additionally, Shell contributed to the World Bank’s Global Flaring and Methane Reduction Fund in 2023, further endorsing collective efforts to minimize methane emissions and flaring.

“In 2023, we met our objective to lower the net carbon intensity of the energy products we offer, achieving a 6.3% reduction from 2016 levels – marking the third year in a row we’ve reached our goal,” Sawan observed. “To further the decarbonization of the transport sector, we’ve set a new goal to reduce emissions from the use of our oil products by 15-20% by 2030, in comparison to 2021 divs.

He exclaimed that “We are expanding our power business, including renewable energy ventures, in regions such as Australia, Europe, India, and the USA, and have ceased direct energy supply to residential homes in Europe.”

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Emirates Stallions Group, an engineering and construction company based in the UAE and owned by International Holding Company (IHC) in Abu Dhabi, has reported a year-on-year increase in net profit of 316% for FY 2023. The company’s net profit has reached AED687 million ($187 million).

Emirates Stallions Group has announced the results for the 12 months ending on December 31, 2023.
the company managed to increase its revenue to AED609 million, with a focus on high-value projects that contributed to the revenue stream, this has resulted in a yearly increase.

ESG is a company that provides manpower supply, workers and staff accommodation solutions, as well as landscaping and agriculture, real estate development, engineering project management and associated services to construction, development and hospitality.

In addition to its net profit, ESG reported a gross profit of AED168 million, which is a 99% increase over the previous year.

The group’s financial position of its stakeholders received a boost, as ESG’s total equity surged to AED2.29 billion, a growth of 202% as compared to December 2022.

Additionally, the company’s book value per share witnessed increases, reaching AED9.1, which is a year-on-year increase of 202%.

Ali Khorma, CEO at ESG Emirates Stallion Group said: “At ESG, we are not just focused on expanding our portfolio but are deeply committed to operational profitability within our existing as well as newly introduced verticals. Our strategy is to leverage our strengths, innovate continuously, and deliver superior value to our stakeholders. This approach has been instrumental in our ability to achieve such significant milestones.”

He also noted that: “Looking ahead, ESG remains committed to building on its current momentum, with a focus on sustainable growth, operational excellence, and strategic expansion to continue delivering exceptional value to both its shareholders and clients alike,”

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Funded by the Saudi Kingdom’s sovereign wealth fund and the Public Investment Fund it aims to be a part of the 2030 vision of the Saudi kingdom to transform Saudi Arabia to transform its economy away from the petroleum (oil) sector and diverge into alternatives that could ensure its future, implementing a vision to achieve that outcome by 2030.

Neom announced that with a goal of $500B they are starting the construction of their first massive project.

• The Line, a mirrored megastructure stretching across 170 kilometers towering 500 meters above sea level, aims to be a city of the future.

The megastructure aims to be completely reliant on renewable green energy while focusing on the health of the people and the planet over other aspects, aiming to host 9 million people and allowing residents access to all daily essentials within a 5-minute walking distance while promising a high-speed rail that can cross the entirety of The Line within 20 minutes.

Other projects were announced shortly after with the list going up to 11 announced megaprojects as of February 5^th.

• OXAGON

Announced on November 15^th, 2021 is another planned city by Neom, that aims to be built as the world’s largest floating structure, incorporating automation and AI into regular tasks.

Neom claims that OXAGON will have the world’s first fully automated port and integrated logistics hub, the city will be built in the northwest of Saudi Arabia occupying the edges of the Red Sea.

• TROJENA

Nicknamed the mountains of Neom, TROJENA, 6 different clusters to each their purpose, it will be built 50 kilometers from the Gulf of Aqaba in the Sarawat mountains.

TROJENA aims to include a ski resort in the Arabian Peninsula, a vertical village and the world’s most advanced health and well-being center all injected into the normal natural structure to preserve it.

• SINDALAH

Neom aims for SINDALAH to be the first completed project in the aim of vision2030, the project is set to be completed in 2024 is a resort island located on the northwest coast of Saudi Arabia.

It will include multiple luxury features such as the exclusive yacht club, The Village, SINDALAH’s golf course and sports club, its variety of resorts and its beach clubs while being close to NEOM’s mainland.

• LEYJA

Announced on the 15^th of October 2023, it’s a natural-looking cluster of hotels, carved into mountains 400 meters high on the edges of the Gulf of Aqaba, standing on top will be the Oasis Hotel, a luxury hotel hosting 40 rooms and suites.

The Wellness Hotel, a split hotel creating a valley, will also host 40 luxurious rooms and suits with its focus on its open-air roof for star observation.

The Adventure Hotel, the first sight of LEYJA, acts as the welcoming area due to the carving structure of the valley, it offers 40 rooms and other entertainment options.

• EPICON

Announced on the 15^th of November 2023, EPICON is a resort and a hotel destination, aimed to be built on the Gulf of Aqaba. It will consist of two towers, one 225 meters tall with the other towering 275 meters tall and 45 residential beach villas.

EPICON will be home to an ultra-premium luxury hotel holding 120 rooms and 55 luxury hotel suites and apartments.

• SIRANNA

Announced on the 29^th of November, only accessible by watercraft, also built on the Gulf of Aqaba, SIRANNA will be a luxury destination that can host 100 hotel rooms and apartments designed to be isolated from the rest of the destinations, SIRANNA offers a beach club, spas and wellness facilities.

• UTAMO

Announced on the 13^th of December 2023, UTAMO is designed to be the performance and art destination in NEOM, it will offer a place for music events, exhibitions and art activation.

UTAMO will also offer VIP lounges and exclusive entertainment.

• NORLANA

Announced on the 27^th of December 2023, NORLANA will the waterfront community of NEOM, it will include a 120-beth marina, sustainable deluxe mansions, apartments and beach villas.

It will be built with sand dunes surrounding it.

• AQUELLUM

Announced on the 10h of January 2024, AQUELLUM will be a floating structure that is supposed to encompass an entire ecosystem.

AQUELLUM will include a floating marina, an underwater entry canal and a 100-meter-tall structure with a transit system connecting them, more information to be released later.

• ZARDUN

Announced on the 24^th of January 2024, ZARDUN is a resort holding 4 ultra-luxury buildings.

It aims at incorporating modern ecotourism while preserving the natural beauty of the landscape stretching 4 kilometers.

The 4 buildings will offer luxury features while acting as the 4 pillar corners of the retreat, with natural and native plants and animals.

ZARDUN includes the Tower Hotel, the Wedge Hotel, and the Nature Hotel, offering up to 100 rooms.

More information about its development will be released by NEOM later.

This covers the major plans of construction that NEOM is a part of in the vision2030 plan of the Kingdom of Saudi Arabia, the first part of NEON is expected to be completed by later 2024 or early 2025.

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On Thursday when the markets opened, gold prices dropped in price compared to last week, 24K gold trading saw a price mark of DH246.25 per gram compared to Wednesday pre-market-closure price of DH246.5.

While the other variants saw prices as follows:

• 22k DH228.0
• 21k DH220.50
• 18k DH189.0
• Spot DH7,465.36

Gold prices have seen a volatile pattern since the start of 2024 with an all-year high price of DH247.8 per gram on January 15^th and this year’s all time low very shortly after on January 17^th with one gram costing AD242.3.

Dubai, nicknamed as the city of gold, is known for its production with The price in it being relatively cheaper than other regions.

The price is set by the London Bullion Market Association twice a day, once at 10:30 AM and the other at 3 PM GMT.

The price is also determined by its purity and the value of pure gold in the current market based on its supply and demand.

• 24k is pure gold, having a purity of 99,9%, making it the most expensive variant.
• 22k has a purity of 91.70%, it’s the second purest variant.
• 18k has a purity of 75%, it has a big market in Europe and South America.
• 14k has a purity of 58,30%, this type of gold has demand due to its lower price point especially in the USA.
• 10k has a purity of 41.70%, it has seen some demand in the UK.

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Step, from what started as small gatherings and a series of workshops 11 years ago became Dubai’s largest tech festival, introducing more than 400 startups, hundreds of investors and over 8,000 attendees.

The conference managed to secure $8.2 billion and over a hundred participating companies, it will start on February 21^st and will last a day until the 22^nd.

Step will have 6 main tracks each focusing on different topics and interests.

START:

Start will focus on the startup scene, tech influencers will share keynotes, panels, growth strategies, investment insight and debates.

This track will focus on growth and scalability, solopreneurship, investment and fundraising and acquisitions and IPOS.

FINTECH:

Fintech track will include industry leaders and regulators to discuss advancements in banking, wealth management such as digital assets management, ownership and security, blockchains and payments.

AI:

Ai track will focus on Artificial Intelligence including AGI, discussing LLMs, co-pilot systems and advanced neural networks with experts discussing these topics and their potential in future and current use.

DIGITAL:

Digital track envelops international developments in content marketing, ad technology and retail.

Experts will have panels and breakout sessions to talk and discuss the future of digital technology.

WELLNESS:

Wellness track focuses on lifestyle trends and how tech can be incorporated into them, with expert speakers including NLP specialists, nutritionists, coaches and startups talking about living well in the digital age.

EARTH:

Earth track discusses Greentech and the ability to build a more sustainable future using the latest technologies throughout society.

Step conference will be presented by Dubai Internet City partnered by Bim Ventures.

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BRICS currently holds around USD 45 trillion with its current millionaire population expected to rise by 85% within the next 10 years, adding up the new members will make BRICS hold 45% of the world’s population and almost 36% of the world’s entire GDP.

This could have some major changes as the wealth report done by Henley and Partners in partnership with New World Wealth shows that countries about to join the BRICS will have greater wealth rates per person.

Saudi Arabia is expected to have an increase in average wealth per person of 105% in the next 10 years while the UAE is expected to have an increase of 95%, the reports have also shown an increase in women’s wealth in the region.

The new report showed that private wealth grew by 92% in China, 5 of its cities take place in the top 10 richest in BRICS, holding 862,400 millionaires, 2,352 centi-millionaires, and 305 billionaires. India comes in 2^nd in BRICS wealth rankings with 326,400 millionaires, over 1000 centi-millionaires and 120 billionaires with wealth growing by 85% over the last 10 years. The UAE’s millionaire population has also increased since 2013 by 77% with the Middle East wealth hub having 116,500 millionaires, 300 centi-millionaires, with Saudi Arabia seeing a 35% increase in its millionaire population and Ethiopia seeing a 30% increase.

According to Dr. Juerg Steffen, the CEO of Henley & Partners, the BRICS group of countries has become a significant player in the global economy. As a result, it now presents many attractive new opportunities for investors, entrepreneurs, and high-net-worth individuals with talent. Furthermore, the inclusion of MENA countries is not just a political shift. It is also a recognition of their rapidly growing economic stature. The region has historically been pivotal due to its vast energy resources, but it now also plays a more diverse economic role.

Dominic Volek, the Group Head of Private Clients at Henley and Partners, believes that the expansion of the BRICS community will create new opportunities in the investment migration sector. This will be beneficial for investors who want to gain access to BRICS member states, as well as those within BRICS countries who want to enhance their global access and passport power.

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Jones The Grocer, a cafe and a gourmet grocer opened in building 6 of Dubai’s Gold and Diamond Park on Sheikh Zayed Road. it serves sandwiches and salads, generally food to grab and go, it also serves a variety of drinks from fresh juices and smoothies to hot drinks like coffee and tea.

It is the first female-focused co-working space in Dubai and the UAE overall that focuses on building a community around developing and working women, it offers meeting rooms and workspaces that women can use either professionally or personally, it also offers membership packages that vary from monthly to annual to all working or studying women.

The store caters to over 90 retailers and 350 offices in the Gold and Diamond Park with its working hours going from 8 AM to 6:30 PM on weekdays while it closes an hour earlier on Saturdays at 5:30 PM.
Jones The Grocer offers a variety of signature items such as roast coffee, T2 leaf teas, hot chocolate, fresh juices, smoothies and organic sodas. Jones The Grocer offers a range of food items including salads, wraps, sandwiches, baked pastries and sweets, served hot or cold according to preference.

while it focuses on a quick food concept, it also offers hot dishes such as a variety of hot table meals. Jones The Grocer also offers snacks such as roasted nuts, biscuits, chocolates and crisps.
They offer indoor seating for up to 16 people, free Wi-Fi, and accessible parking for all visitors.

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Vilal Housing, a trademark specializing in developing residential homes in the UAE, has revealed its plans to construct 50 residential villas. The villas are expected to be delivered by 2024.
Vilal Housing notes that the delivery of these villas to its UAE clients is crucial in addressing the increasing demand for housing in the country.

The company claims to offer designs and construction services to their clients retaining high quality and competitive prices while noting that the time to complete the projects will take at most 15 months.
The company employs a specialized team for construction auditing, supervision and on-site inspection while it is also contracted with certified engineering offices, which allows it to stick to specified requirements, designs, prices and schedules agreed upon by both parties.

Vilal Housing provides project management services for housing projects, catering to UAE citizens who acquired residential plots, the company constructs homes on those allocated lands, adding luxurious designs and ensuring cost-effectiveness.
The “Shareek” platform which was introduced by Vilal Housing to strengthen partnerships and enhance performance enables suppliers and service providers to present their services to Vilal Housing’s clients and take advantage of the opportunity available on the platform.

Gaith Al Hashemi, Manager of the Customer Relations Center at ‘Vilal Housing’ emphasized that the delivery of 50 villas underscores the company’s dedication to delivering top-quality services at competitive rates, aligning with the visionary leadership’s goal of enabling Emirati families to attain suitable housing.
He also stated that they take pride in successfully executing the initial phase of homes for UAE citizens, adhering to the standards and timelines specified.

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 The largest operator of fully integrated economic zones, business services, staff accommodation, and industrial real estate solutions in UAE has recently announced that they are expanding their warehousing capacity by developing an additional 250,000 square meters. This is in addition to their previous estimate of 587,000 square meters from Q3 2023, out of which 93,000 square meters were allotted for cold storage facilities.

The group is investing $169M to boost its warehouse capacity by 43% by 2025, The group has already begun construction due to the strong demand for warehousing and other prebuilt facilities across the emirate of Abu Dhabi, this includes but is not limited to constructing more than 97,500 square meters of leasable area in Khalifa (KEZAD Al Ma’mourah A, B)  industrial area and more than 15,300 square meters of leasable area in ICAD 3.

Kezad Group has already developed and delivered over 270,000 square meters of warehouse capacity since Q3 2022, with the leased area seeing a 66% increase over that period. The development includes prebuilt facilities to fit various sizes and specifications, consisting of logistics and distribution warehouses, light industrial units, and showrooms of different sizes.

The Kezad group’s CEO, Mohamed Al Khadar Al Ahmed, announced that their goal to strengthen and improve the ecosystem and zones has resulted in an increased and continuous demand for warehousing and industrial units and that they are committed to developing more facilities to meet the current and future demands while holding a competitive cost of doing business to expand and reach new markets in the region.

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Smart hotelStation bottling solution contributes to eliminating single-use plastic water bottles in the hospitality industry, it first launched and started operations at a 362-room hotel in central Jakarta, Indonesia.

The innovation enables hotels to serve clean, purified, rich-in-minerals glass bottled water using a high-performance PRO water purifier, hygienic filling, and clear labeling. By removing up to 99.7% of known water contaminants including viruses, bacteria, micro, and nanoparticles, Bluewater changes the formula and offers a clean water delivery system while also reducing the amount of carbon waste.

Bluewater is promoting clean water packaging and serving by its ability to supply 17 hotels offering 4,000 guest rooms, reducing the number of plastic bottles needed in the hospitality industry and giving an alternative to conventional water bottle packaging.

A global public opinion survey by GlobeScan revealed that 58% of almost 30,000 people polled in 31 countries, including Indonesia, Vietnam, and China, viewed freshwater shortages as a ‘very serious’ problem.

Bluewater founder and CEO, Bengt Rittri, revealed that hotels use over 5 million plastic bottles daily and that Bluewater is dedicated to meeting the needs of the current market while also noting that this specific industry has been a major contributor to plastic bottle waste, and access to safe and clean drinking water assists both the consumers and businesses.

Mr. Rittri also explained that when they launched Bluewater, they decided to create a planetary plan in place of a traditional business to emphasize the desire to combat carbon waste and climate change.

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