Saudi foreign minister warns of mass atrocities if Shiite militias enter Mosul

Riyadh, Mar 15: Saudi Aramco on Sunday reported a 20.6 percent drop in its net profit for 2019 due to low oil prices and production levels, the company said in a statement.

These are the first annual results to be announced by the energy giant after its historical $29.4 billion initial public offering and listing on the Saudi Tadawul market last December.

Aramco posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, Monday's statement said.

"The decrease was primarily due to lower crude oil prices and production volumes, coupled with declining refining and chemical margins," it said.

The company also made $1.6 billion of impairment provisions for losses associated with Sadara Chemical Company, an Aramco subsidiary.

"2019 was an exceptional year for Saudi Aramco. Through a variety of circumstances -- some planned and some not -- the world was offered unprecedented insight into Saudi Aramco's agility and resilience," CEO Amin Nasser said.

"Our unique scale, low costs, and resilience came together to deliver both growth and world-leading returns, while also maintaining our position as one of the world's most reliable energy companies," Nasser said.

The earnings for last year are not affected by the coronavirus outbreak or the ongoing price war between Saudi Arabia and Russia that has sent oil prices crashing.

Aramco said it will distribute dividends worth $73.2 billion for 2019 but based on its commitments under the IPO, its dividends for the next five years starting this year will be at least $75 billion.

It said its capital spending last year dropped to $32.8 billion from $35.1 billion in 2018.

The company expects capital spending, which is expenditure on projects, to be between $25 billion and $30 billion this year "in light of current market conditions and recent commodity price volatility."

But it said that capital expenditure for 2021 and beyond is currently under review.

The results were announced amid a price war between Saudi Arabia and Russia after they failed to agree on additional output cuts to support prices dented by the outbreak of the coronavirus pandemic.

"The recent COVID-19 outbreak and its rapid spread illustrate the importance of agility and adaptability in an ever-changing global landscape," Nasser said.

The kingdom said last week Aramco will pump 12.3 million barrels of oil per day, boosting output by at least 2.5 million bpd.

It also announced plans to raise production capacity from 12 million bpd to 13 million bpd.

Forecasts for future crude prices and demand are also bleak.

In its latest monthly report, the Organization of Petroleum Exporting Countries lowered its forecast for global average daily demand by 0.92 million barrels to 99.73 million barrels.

Saudi Arabia is also in the midst of a royal purge that saw King Salman's brother and nephew detained after sources said they were accused of plotting a palace coup to unseat the crown prince, heir to the Saudi throne.

Aramco shares rallied immediately after the listing on December 11, rising by 19 percent to 38 riyals ($10.1) and temporarily lifting the company's valuation above the $2 trillion mark, which was sought by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler.

But as oil prices tumble, Aramco shares have lost 29 percent from its highest point, slipping below the listing price.

On Thursday, Aramco's market value dropped to around $1.55 trillion, but it still remains the world's largest publicly listed company.

Dubai, May 7: As India begins the world’s largest evacuation mission by repatriating its overseas citizens stranded due to COVID-19, as many as 354 of them from the UAE will fly into their home country in the first two flights to Kerala today.

An Air India Express flight, which is scheduled to take off from Abu Dhabi to Kochi at 4.15 pm is the first flight, which will be followed by a Dubai-Kozhikode flight of the same airline at 5.10pm. The Indian missions in the UAE finalised the list of passengers, who were chosen based on the compelling reasons they submitted while registering their names.

Selection criteria

These include pregnant women and their accompanying family members in some instances, people with medical emergencies, workers and housemaids in distress, families with cancelled visas, bereaved family members who couldn’t attend funerals back home, a few students and stranded visitors and tourists including two brothers who got stranded in Dubai International Airport for 50 days, the missions said.

Short-listing the first passengers from among a database of more than 200,000 applicants, who include around 6,500 pregnant women, has been a mammoth task which posed several challenges for the missions, Neeraj Agrawal, Consul Press, Information and Culture at the Indian Consulate in Dubai told Gulf News.

He said the consulate set up an operations room in a tie-up with community volunteers from Kerala Muslim Cultural Centre, Indian Association Ajman, AKCAF Task Force, the BAPS Mandir, Indian People’s Forum, and Tamil Ladies’ Sangam.

 “We are trying to accommodate as many deserving people as possible. We expect the understanding of the people. It has been very difficult to sort out everyone’s urgency.”

“We cannot do a lottery system in this and we had to make sub- categories to ensure there is a mix of people with different types of urgencies.”

“Though we want to give priority to pregnant women, it is practically not possible and not good for the health and safety of the applicants to allot a lot of them on the same flight.”

He said 11 pregnant women have been issued tickets on the Dubai-Kozhikode flight.

“That is the threshold we can allow on a flight.”

Volunteer support

The consul appreciated the support of the volunteers in finalising the flight manifest.

“But our response ratio was very less. Many people whose names came up on top of the list were not willing to go on the first flights.”

Due to various constraints like this and sometimes the details of accompanying persons not readily being available, he said the mission was not able to quickly reach out to who might be really in need.

“However, we have given due consideration to people who got in touch with us with their emergency needs. At the time of issuing tickets, we had about 20 such cases.”

He said the Consul General of India in Dubai Vipul led the entire operation and Pankaj Bodkhe, consul, education, was in charge of the Dubai flight.

A big challenge

“It has been a big challenge. Our only concern is that despite our best efforts, sometimes people with more compelling reasons might have got left out on the first flights because of the volume of people who have reached out to us.”

Since there is a chance that some passengers with tickets might not be allowed to fly if they fail the medical screening including blood tests to check antibodies for COVID-19, he said some applicants in the waiting list have been asked to be on standby at the airport.

People with emergencies wishing to fly to other destinations also could not be included, he pointed out.

“We had to ask them to wait. We are unable to send them to other destinations. We can see their desperation. We feel sorry and desperate.”

He said the government is trying to add more flights to un-chartered destinations and a new flight from Dubai to Kannur has been added on May 12.

Passengers of today’s flights have been urged to reach the airport four to five hours prior to departure to facilitate the medical screening.

Abu Dhabi, Jul 23: Muslims in the United Arab Emirates have been asked to perform Eid Al-Adha prayers at home even as mosques will be allowed to operate at an increased capacity of 50 percent from Aug. 3.

Mosques in the UAE have been operating at 30 percent capacity after they reopened on July 1.

Announcing the move, Dr. Saif Al Dhaheri, the official spokesman for the National Emergency, Crisis and Disasters Management Authority, stated that after assessing the situation and coordinating with the concerned authorities, it was decided that Eid Al-Adha prayers would be conducted in homes and takbeers broadcast through visual and audio means.

He also announced that the Emirates Fatwa Council has recommended that donations and sacrifices should be to official charitable causes in the country only.

Al Dhaheri advised the public to donate during this time to the official charitable bodies in the country with sacrifices and donations, through smart applications concerned with sacrifices or through slaughterhouses outlined by the local authorities that guarantee the application of precautionary and preventive measures and provide remote services without the need to enter livestock markets or slaughterhouses.

Al Dhaheri stressed the need to avoid family visits and gatherings, and replace them using electronic means of communication or phone contact, as well as refraining from distributing Eid gifts and money to children and individuals during this occasion recommending to instead use of electronic alternatives.

Al Dhaheri pointed out that it is necessary to avoid visiting pregnant women, children and those with chronic diseases who are most vulnerable to COVID-19 and not to allow them to leave the home and avoid going out to public places to preserve their health and safety.