Several Saudi-listed companies have announced that they received a notice from Saudi Aramco to increase fuel prices from January 1 this year, a decision they said could affect finances and production costs.
Saudi Aramco, the world's largest oil-producing company, increased retail diesel prices for 2024 by 53 per cent to 1.15 Saudi riyals ($0.31) per litre, its third increase since 2016.
In their filings to the Tadawul stock exchange, companies warned the rise in feedstock and fuel prices would have a direct consequence on production costs, affecting their earnings starting from the first quarter of this year.
Saudi Basic Industries Corporation (Sabic), Saudi Kayan Petrochemical Company, Saudi Ceramic, Qassim Cement, Saudi Aramco Base Oil, Rabigh Refining and Petrochemical, Almasane Alkobra Mining and Nama Chemicals are among the dozens of companies that commented on the fuel price increase.
Sabic, the Middle East's biggest petrochemicals company, said in a filing to the Tadawul stock exchange that its annual cost of sales was expected to rise by about 1.7 per cent.
“This impact will appear starting from the first quarter of 2024,” it said.
Sabic Agri-Nutrients estimates the financial bearing at about 3.8 per cent of its annual sales costs based on the latest audited annual financials, while Yanbu National Petrochemical expects a 2.8 per cent rise in its annual cost of sales, the company said.
Saudi Kayan Petrochemical also predicted an increase of about 1.2 per cent in its annual cost of sales, based on its recent audited financial statement. The financial impact will likely show in the first quarter.
Sahara International Petrochemical said that it expected a 3.18 per cent rise in costs.
The companies said they were looking for ways to offset the rising costs.
In November, Saudi Aramco reported a 23 per cent drop in third-quarter net profit amid the kingdom's voluntary production cuts and a fall in crude prices.
Net profit after zakat for the three-month period to the end of September fell to 122.2 billion riyals, the state oil company said.
Revenue during the period also declined by 22 per cent to 424 billion riyals.
Brent, the benchmark for two thirds of the world’s oil, surged to nearly $140 a barrel after the invasion of Ukraine in March 2022, but has since given up most of its gains due to resilient Russian crude supply and fuel demand concerns.
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
MATCH INFO
New Zealand 176-8 (20 ovs)
England 155 (19.5 ovs)
New Zealand win by 21 runs
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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if you go
The flights
Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com
Seeing the games
Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com
Staying there
Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com
UAE currency: the story behind the money in your pockets
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.
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
RESULTS
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Killing of Qassem Suleimani
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
Barbie
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THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
