While the recent volatility in the global oil market is having negative consequences for many oil- exporting countries – both Russia and Iran are particularly concerned about its immediate impact on their fragile economies – it will ultimately stimulate global economic growth and is therefore good for oil producers.
For the moment, Opec's announcement that there are still no plans to cut its output is a good move. As The National reported yesterday, the Saudi oil minister, Ali Al Naimi, said after the group's meeting in Abu Dhabi that it's too late to take such a step, blaming non-Opec producers for the collapse in the price of crude oil due to oversupply and describing the downwards price trend as "temporary". But it is all about how we interpret the fluctuating price. The declining price doesn't mean that oil has become cheap. There should be a distinction between expensive oil and high price oil. Expensive oil is not good for the global economy because it puts greater pressure on local economies and hinders growth. But high price – yet affordable – oil can help greatly in global demand creation and assist the economies of oil-importing countries to develop, which will ultimately lead to global economic growth.
GCC countries are in a relatively safe position currently. After all, even if prices slid down closer to the break-even prices on which government budgets are calculated, many factors indicate that Gulf countries have the financial resources to maintain pro-growth spending and their economies won’t be hugely impacted. Reports show a strong non-oil growth and sufficient fiscal strength in GCC countries that can help to overcome short-term negatives and prevent any budget deficiency, especially in the UAE and Saudi Arabia.
Maintaining its output at 30 million barrels of oil per day will help Opec to keep its market share – about a third of the world’s oil – which is important to sustain its influential role in the global market.
Points classification after Stage 4
1. Arnaud Demare (France / FDJ) 124
2. Marcel Kittel (Germany / Quick-Step) 81
3. Michael Matthews (Australia / Sunweb) 66
4. Andre Greipel (Germany / Lotto) 63
5. Alexander Kristoff (Norway / Katusha) 43
Western Region Asia Cup Qualifier
Results
UAE beat Saudi Arabia by 12 runs
Kuwait beat Iran by eight wickets
Oman beat Maldives by 10 wickets
Bahrain beat Qatar by six wickets
Semi-finals
UAE v Qatar
Bahrain v Kuwait
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Champion%20v%20Champion%20(PFL%20v%20Bellator)
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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:
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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.
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
World Cup League Two
Results
Oman beat Nepal by 18 runs
Oman beat United States by six wickets
Nepal beat United States by 35 runs
Oman beat Nepal by eight wickets
Fixtures
Tuesday, Oman v United States
Wednesday, Nepal v United States
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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UAE currency: the story behind the money in your pockets
