Madinah, Mar 14: There were no injuries reported after a fire at Prince Muhammad International Airport on Friday. The fire broke out as a result of an electrical short circuit in a women's lounge at an executive office, according to fire safety officials of the airport. Prince Muhammad International Airport is one of the busiest airports in the Kingdom serving as a crucial gateway for pilgrims.
Dubai, Mar 9: The eyes of the world will be on the oil markets when the big trading hubs in Europe and North America open following the end of the deal between Saudi Arabia and Russia that has helped to sustain crude at relatively high levels for the past three years.
There were big falls on Friday when ministers from the Organization of the Petroleum Exporting Countries (OPEC) failed to get a deal with non-OPEC members — the so-called OPEC+ — to extend output agreements. Brent oil was down nearly 10 percent at $45.27 going into the western weekend.
Saudi Aramco took immediate action to cut prices after the OPEC+ collapse, offering big discounts for crude deliveries from next month, when the current output restrictions end.
According to a notification sent to customers by Saudi Aramco, seen by Arab News, the Kingdom’s oil giant will cut between $4 and $8 per barrel, with the biggest discounts being offered to buyers in northwest Europe and the US.
Roger Diwan, an oil analyst at consultancy IHS Market, said: “We are likely to see the lowest oil prices of the past 20 years in the next quarter.”
West Texas Intermediate, the US oil benchmark, fell to $28.27 in November 2001.
The move raises the possibility of a “crude war” between the three biggest oil blocs — the US, Russia and the Arabian Gulf. Some analysts believe the American shale industry is more vulnerable to low prices than either the Russians or the Saudis.
Robin Mills, head of the Qamar consultancy, told Arab News: “I don’t think this was premeditated but Saudi Arabia has clearly swung quickly into action to put the Russians under pressure. But the Russians, with low debt and a flexible exchange rate, can cope with a few months of low prices.”
The boom in US shale has made the country the biggest oil producer in the world, but with high financing costs. Lower global prices would put a lot of shale companies out of business.
On the other hand, American motorists, and President Donald Trump, would be pleased to see lower fuel prices in an election year.
In Moscow, one prominent financier with ties to the Kingdom played down the long-term significance of the Vienna fallout.
Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, told Arab News: “Saudi Arabia is our strategic partner, and cooperation between our two countries will continue in all areas. We will also continue to work within the framework of the Russia-Saudi Economic Council.”
One Russian official, who asked not to be named, added: “There is a good relationship between Alexander Novak, Russian energy minister, and his Saudi counterpart Prince Abdul Aziz bin Salman, and I am sure they will continue talking to each other less formally.”
Dubai, Jul 28: A heart-broken father who lost his 19-year-old son in a tragic car accident during Christmas last year has sponsored the repatriation costs of 61 Indians stranded in the UAE.
The special flydubai repatriation flight, chartered by the All Kerala Colleges Alumni Federation (Akcaf) volunteer group, of which he is a member of, departed from Dubai to Kochi on July 25 carrying 199 passengers.
On this particular flight, I sponsored 55 air tickets," said TN Krishnakumar, a sales and marketing director. He had lost his son Rohit Krishnakumar in a car accident, which also claimed the life of the teen's friend, Sharat Kumar (21).
"All passengers who were registered with the Indian missions were also asked to register on the Akcaf volunteer group website. Each passenger was further vetted, after which we made home visits to ensure that all the applicants were genuinely in need of financial support and repatriation," he said.
Commenting on what inspired him to dedicate himself to community work, Krishankumar said: "When a situation like this comes up, you realise there is no meaning in money. I invested everything I made into my son, and that had crashed in front of my eyes. He was a third-year medical student at the University of Manchester in the UK and had returned home for a vacation when the accident took place. Since then, I have been involved in a lot of social activities. If I do not do this, there is no meaning to my existence."
Since the outbreak of the Covid-19 pandemic, Krishnakumar said the group has supported thousands of individuals in need of help. "We supported unemployed people with several hundred bags of grocery kits and other necessary items. We also supported Covid-19 patients by transferring them to the medical facility in Warsan, etc.," he said.
"I come from a very middle-class family. I got a scholarship to study in college, and I studied with the help of taxpayers' money. I have always wanted to give back to society. I have grown immensely in life and now is my time to give back.," he added.
Krishnakumar also sponsors the education of over 1,000 academically gifted school children in Kerala's government-aided schools. He is a life trustee at the College of Engineering Trivandrum Alumni Galaxy Charitable Trust and an active participant towards various educational causes.
Dubai, May 5: Saudi Arabian prosecutors have ordered the arrest of a Saudi citizen for insulting an Asian expatriate and abusing him for not embracing Islam.
A video went viral online showing the expat, apparently with little knowledge of the Arabic language, being insulated by an Arabic-speaking man who does not appear in the clip, for having not embraced Islam and for not fasting.
A monitoring centre affiliated with the public prosecution examined the video the content of which “shows the citizen’s use of abusive words against the Asian resident on the pretext of inviting him to Islam,” the prosecution source said.
“The public prosecution closely follows up whatever infringes rights of citizens and residents including harm to their dignity and legal rights regardless of pretexts of such infringement,” the source added.
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