Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman addresses the Future Investment Initiative conference in Riyadh. Reuters
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman addresses the Future Investment Initiative conference in Riyadh. Reuters
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman addresses the Future Investment Initiative conference in Riyadh. Reuters
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman addresses the Future Investment Initiative conference in Riyadh. Reuters

Saudi Arabia in talks with European countries to boost oil exports


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Saudi Arabia is looking to address the energy requirements of some European countries after boosting its crude oil exports to the region last month, Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday.

Saudi Aramco, the world’s largest oil exporting company, exported 950,000 barrels per day of crude to Europe last month, compared to 490,000 bpd in the same period a year earlier, the minister said at the Future Investment Initiative conference in Riyadh.

The kingdom is “engaged” with countries such as Germany and Poland to see if “any type of facilitations” are required, he said.

“They [European countries] are going through a phase of de-bottlenecking their supply chains and supply systems,” he said.

Europe is experiencing its worst energy crisis after Russia, the region’s biggest natural gas supplier, reduced its exports in response to EU’s wide-ranging economic sanctions. To prepare for the peak winter season, countries are restarting coal plants and boosting liquefied natural gas (LNG) imports from the US and Qatar.

This could be the “worst energy crisis” with the exception of the Covid-19 pandemic and countries should focus on finding a solution, instead of adopting “kicking the can” policies, the prince said.

Brent crude plunged to an 18-year low in 2020 after Covid restrictions erased global fuel demand. West Texas Intermediate, the gauge that tracks US crude, turned negative for the first time.

Brent crude, which surged to $140 a barrel after Russia’s invasion of Ukraine in February, was up 0.6 per cent at $93.80 a barrel as of 7.15 PM UAE time.

The US and the International Energy Agency (IEA) member countries have been releasing crude from their emergency reserves to bring fuel prices under control.

“People are depleting their emergency stocks [and have] used it as a mechanism to manipulate markets while its profound purpose was to mitigate shortages of supply,” the Saudi energy minister said.

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Saudi Arabia's Future Investment Initiative 2022 - in pictures

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“However, it is my firm duty to make it clear to the world that losing emergency stock may become painful in the months to come”

Last week, US President Joe Biden announced the release of 15 million barrels from the country’s Strategic Petroleum Reserve, completing a 180-million-barrel release announced in March.

Energy markets are going to enter a new phase of uncertainty once an EU ban on Russia crude comes into effect on December 5.

Russia will continue exporting crude to some countries through its pipelines, but it would still need to find a new market for more than 1 million bpd of crude by December, UBS said in a research note last week.

“We do have an uncertainty, [which] will come with some gloomier picture of what the next year would be,” the prince said.

The energy minister said countries could mitigate the situation by taking ‘pre-emptive’ measures.

This month, the Opec+ group of oil producing countries slashed its collective output by 2 million bpd on expectations of a global economic slowdown.

The International Monetary Fund has cut its growth forecast for 2023 and warned of a cost-of-living crisis as the global economy continues to be affected by the war in Ukraine, broadening inflation pressures and a slowdown in China.

“Just two days ago, it was reconfirmed that China will continue with its own [zero-Covid] policy, which means that the much talked about potential growth … will be still in waiting,” the prince said.

Crude production in Saudi Arabia increased by 236,000 bpd to 11.05 million bpd in August, while its exports in the month surged to a more than two-year high of 7.6 million bpd, according to latest data from the Joint Organisations Data Initiative.

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

'Brazen'

Director: Monika Mitchell

Starring: Alyssa Milano, Sam Page, Colleen Wheeler

Rating: 3/5

The specs: 2018 Range Rover Velar R-Dynamic HSE

Price, base / as tested: Dh263,235 / Dh420,000

Engine: 3.0-litre supercharged V6

Power 375hp @ 6,500rpm

Torque: 450Nm @ 3,500rpm

Transmission: Eight-speed automatic

Fuel consumption, combined: 9.4L / 100kms

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In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
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  • Field operator: Dh5,000 to Dh7,000

Company profile

Name: The Concept

Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal

Based: Abu Dhabi

Founded: 2017

Number of employees: 7

Sector: Aviation and space industry

Funding: $250,000

Future plans: Looking to raise $1 million investment to boost expansion and develop new products

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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CHELSEA'S NEXT FIVE GAMES

Mar 10: Norwich(A)

Mar 13: Newcastle(H)

Mar 16: Lille(A)

Mar 19: Middlesbrough(A)

Apr 2: Brentford(H)

Results

United States beat UAE by three wickets

United States beat Scotland by 35 runs

UAE v Scotland – no result

United States beat UAE by 98 runs

Scotland beat United States by four wickets

Fixtures

Sunday, 10am, ICC Academy, Dubai - UAE v Scotland

Admission is free

Company%20Profile
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War and the virus
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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
School counsellors on mental well-being

Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.

Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.

Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.

“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.

“Some have got used to being at home don’t want to go back, while others are desperate to get back.

“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.

“It is worrying and has taught us how important it is that we prioritise mental well-being.”

Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.

The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.

At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.

“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.

“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.

"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”

Inside%20Out%202
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COMPANY%20PROFILE
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What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

Three ways to boost your credit score

Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:

1. Make sure you make your payments on time;

2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;

3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.

UAE currency: the story behind the money in your pockets
Honeymoonish
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Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
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The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

MATCH INFO

Day 2 at the Gabba

Australia 312-1 

Warner 151 not out, Burns 97,  Labuschagne 55 not out

Pakistan 240 

Shafiq 76, Starc 4-52

'Falling%20for%20Christmas'
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Updated: October 26, 2022, 7:05 AM`