Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, has signed a shareholder agreement with Kazmortransflot (KMTF), a unit of Kazakhstan's state energy company KazMunayGas to set up a joint venture.
AD Ports Group will have a 51 per cent stake in the new entity while KMTF will own 49 per cent.
The new company is expected to offer a “broad” range of services, including offshore support and crude oil transport vessels in the Caspian and Black seas, AD Ports Group said in a filing to the Abu Dhabi Securities Exchange on Wednesday.
KMTF, the offshore logistics arm of KazMunayGas, will submit tender for a “number of identified projects” with estimated maritime contract values of more than $780 million, AD Ports Group said.
“This new joint venture with KMTF opens the door to enormous opportunities in the Caspian Sea, which plays a key role in global energy production, and is serviced by prominent players within the energy sector,” said Falah Al Ahbabi, chairman of AD Ports Group.
The Caspian Sea region, one of the oldest oil-producing areas in the world, plays an increasingly important role in the global energy industry.
The area has significant oil and natural gas reserves in the Caspian Sea and onshore in the Caspian basin.
The deal comes as Kazakhstan looks to expand production from its giant Kashagan oilfield, which is operated by a consortium that includes Italy’s Eni, US-based ExxonMobil and KazMunayGas.
“The endeavour can expect to create opportunities around the region, particularly with the ongoing upgrades of fleets and facilities … and some major offshore projects, such as the multibillion-dollar expansion of the Kashagan field,” AD Ports Group said.
AD Ports Group, which also signed a vessel-pooling agreement with KMTF, said the companies would aim to jointly transport eight million to 10 million tonnes of crude oil annually in the medium-term.
Established in 2006, AD Ports Group owns and operates 10 ports in the UAE. These include Khalifa Port, Zayed Port, Mussaffah Port, Fujairah Terminals, Community Ports, Kamsar Port and the Abu Dhabi Cruise Terminal, as well as a terminal in Guinea.
AD Ports Group also manages more than 550 square kilometres of industrial zones and an end-to-end logistics business, besides offering a range of maritime services.
Russia’s military offensive in Ukraine and the chronic underinvestment in new oil and gas infrastructure have led to a global energy crisis.
“As the world looks for reliable energy sources in challenging conditions, we will be able to provide a full portfolio of services supported by a modern fleet and teams of experts combining local knowledge and global experience,” KazMunayGas chairman Mirzagaliyev Magzum said.
Oil and gas upstream investment needs to increase and be sustained at near pre-coronavirus levels of $525 billion through 2030 to ensure market balance, according to the International Energy Forum.
Upstream investment in 2021 was depressed for a second consecutive year at $341 billion — about 25 per cent below 2019 levels.
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The National Editorial: Is there much to celebrate on International Women's Day 2021?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
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1) Beware of cheques presented late on Thursday
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3) Be aware of people asking to test drive the car alone
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5) Don't be rushed into a sale
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
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Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
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Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
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ICC men's cricketer of the year
2004 - Rahul Dravid (IND) ; 2005 - Jacques Kallis (SA) and Andrew Flintoff (ENG); 2006 - Ricky Ponting (AUS); 2007 - Ricky Ponting; 2008 - Shivnarine Chanderpaul (WI); 2009 - Mitchell Johnson (AUS); 2010 - Sachin Tendulkar (IND); 2011 - Jonathan Trott (ENG); 2012 - Kumar Sangakkara (SL); 2013 - Michael Clarke (AUS); 2014 - Mitchell Johnson; 2015 - Steve Smith (AUS); 2016 - Ravichandran Ashwin (IND); 2017 - Virat Kohli (IND); 2018 - Virat Kohli; 2019 - Ben Stokes (ENG); 2021 - Shaheen Afridi
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
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• New “hybrid Navy” with AUKUS submarines and autonomous vessels
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Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
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What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
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What is a rare disease?
A rare disease is classified as one that affects a small percentage of the population. More than 7,000 diseases are identified as rare and most are genetic in origin. More than 75 per cent of rare genetic diseases affect children.
Collectively rare diseases affect 1 in 17 people, or more than 400 million people worldwide. Very few have any available treatment and most patients struggle with numerous health challenges and life-long ailments that can go undiagnosed for years due to lack of awareness or testing.
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
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Favourite place to visit in the UAE: The beach or Satwa
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When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
KILLING OF QASSEM SULEIMANI
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
Rashmee Roshan Lall: Sound of silence in South Asia
Fanar Haddad: The Iranian response will be gradual
