Japan yesterday signed a US$3 billion (Dh11.01bn) loan to help to develop Abu Dhabi's oil industry as well as 10 other deals in areas ranging from health care to education to support the emirate's economic diversification drive.
The state-owned Japan Bank for International Cooperation (JBIC) will supply the loan to Abu Dhabi National Oil Company (Adnoc) in return for guarantees of oil supply to the world’s third-biggest economy.
“I am pleased that Japan can contribute to the development of Abu Dhabi’s oil industry,” Toshimitsu Motegi, Japan’s minister of economy, trade and industry, said after the signing of the deal in the capital.
The loan was provided on the condition "that crude oil will be supplied to Japan", he said, without specifying an amount.
Japan relied on Abu Dhabi for 22 per cent of its total crude imports last year, averaging 793,000 barrels per day.
The country’s energy needs have become more acute following the tsunami and earthquake in March 2011 that crippled the Fukushima nuclear power plant and raised broader questions about the country’s strategy to secure much of its energy from domestic nuclear sources.
It is the third time Japan has extended a loan to Adnoc to support the company’s oil supply capacity. JBIC, the country’s export credit agency, previously provided $3bn loans each in 2007 and 2010.
The repayment of the latest loan will be over a five-year period, said Mr Motegi.
The repayment period corresponds to the emirate’s goal of expanding oil capacity over the next five years, from about 2.8 million barrels per day now to 3.5 million by 2018.
Japan has emerged as one of the few foreign players within Abu Dhabi’s oil industry. It holds two small offshore concessions and stakes in two huge offshore joint ventures with Adnoc alongside western majors such as BP, Total and ExxonMobil.
But the latest deal comes as Japanese companies seek to secure a slice of lucrative Second World War-era onshore oil rights, which expire at the start of next year.
The Abu Dhabi Company for Onshore Oil Operations (Adco) concession, as the prized set of oilfields is called, accounts for half the emirate’s crude output.
“The relationship between Japan and Abu Dhabi pre-dates the establishment of the UAE,” Nasser Ahmed Al Sowaidi, the chairman of Abu Dhabi Department of Economic Development, said yesterday.
“It goes back to year 1968 when the first contract for oil concession was signed between a Japanese company and Abu Dhabi Government.”
But Abu Dhabi is increasingly keen for Japanese business to play a bigger part in the emirate’s push to diversify into non-oil segments of the economy.
Mr Motegi and Mr Al Sowaidi oversaw the signing of 10 agreements yesterday between the two sides to work more closely in areas including education, health care, research, human resources and industry.
“Today’s agreements signify the view held and shared by both sides that significant innovative technologies are the key to a prosperous future,” said Mr Al Sowaidi.
tarnold@thenational.ae
* with additional reporting by April Yee
The specs: 2017 Lotus Evora Sport 410
Price, base / as tested Dh395,000 / Dh420,000
Engine 3.5L V6
Transmission Six-speed manual
Power 410hp @ 7,000rpm
Torque 420Nm @ 3,500rpm
Fuel economy, combined 9.7L / 100km
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
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Real estate tokenisation project
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.
What is hepatitis?
Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.
There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.
Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.
People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.
There are an estimated 170 million carriers of Hepatitis C around the world.
The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
More on Quran memorisation:
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