Saudi oil reserves close in on world’s top spot

Arab News
June 12, 2019

Jun 12: Estimates of Saudi Arabia’s crude oil reserves have increased by 12 percent, closing in on Venezuela’s top spot in the world.

In the first major change to the estimated reserves since 1989, BP revised Saudi Arabia’s proved oil reserves to 297.7 billion barrels at the end of 2018 from 266.2 billion a year earlier, only slightly behind 303 billion in Venezuela.

Canada was third with 168 billion barrels, followed by Iran with 156 billion and Iraq with 147 billion.

In its benchmark 2019 Statistical Review of World Energy, BP recalibrated some Saudi gas reserves as oil after Saudi Arabia started separate reporting of oil, gas and natural gas liquids (NGL) reserves, BP chief economist Spencer Dale said.

Saudi Arabia has begun reporting its reserves as it prepares to float the national energy company Saudi Aramco. The listing was postponed and is now planned for early next decade.

Riyadh has rarely changed its oil reserves estimates in the past, despite pumping 8-10 million barrels per day.

BP also said oil reserves for the US, which became the world’s top producer in 2018, were revised upwards by 22 percent to 61.2 billion barrels from 50 billion barrels at the end of 2017.

Overall, global reserves were little changed at 1,729.7 billion barrels, about 50 years’ supply at current levels of global demand.

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coastaldigest.com news network
June 29,2020

Dubai, Jun 29: Saeed bin Ahmed Al Lootah, a pioneering Emirati businessman and the founder of the world's first Islamic bank, is no more. He breathed his last on June 28.

Born in 1923, Saeed was instrumental in setting up the Dubai Islamic Bank (DIB) in 1975 to provide the community with a Sharia-compliant alternative to conventional banking.

He established several companies, organisations and societies, including the Dubai Consumer Cooperative. He also established the Islamic Education School in 1983 and the Dubai Medical College for Girls in 1986.

In 1992, Haj Saeed established the first College of Pharmacology in Dubai. Later he launched the Dubai Centre for Environmental Research, the Dubai Specialised Medical Centre, and the Medical Research Labs for health control and research into medicinal herbs and Islamic (Nabawi) medicine. He also set up an orphanage.

Saeed bin Ahmed Al Lootah was a self-made businessman who progressed from being a seafarer and trader to an accomplished tutor, author, economist, banker, entrepreneur, businessman and visionary community leader.

According to details available on the S.S. Lootah Group website, his "fervent adherence to the core values of education, cooperation and economy" helped empower "people to excel at everything they do".

"He realised the need to build permanent houses and ventured into construction. His 'capital' at that time were his skills, knowledge and hard work," the website said.

He laid the foundation of S.S.Lootah Contracting Company as a joint venture with his brother Sultan in 1956. "With the enduring values of education, cooperation and economy set as the foundations of his work, Haj Saeed started a number of businesses as well as not-for-profit education and research ventures, with an aim to serve the people of the UAE.

"Thanks to his vision and leadership, our home grown ventures continue to demonstrate unique values that extend well beyond its functional benefits - creating greater economic, social and environmental benefits for people in UAE and beyond."

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, took to Twitter on Sunday to offer his respects.

Sheikh Mohammed said: "He was a trader who started with nothing. His touch is visible in several aspects of the Dubai economy."

Calling the deceased a "wise and smart man", Sheikh Mohammed said: "May Allah bless his soul and grant his family the strength to endure and persevere."

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, also paid his respects. "He combined economic leadership with charitable work. He launched charitable educational institutions and sponsored many orphans. His memory will live on. May Allah have mercy on him and grant his family patience."

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News Network
April 27,2020

Riyadh, Apr 27: The government of Saudi Arabia has signed a SR995 million (approx. Dh972m) contract with China to provide Covid-19 tests for nine million people in the Kingdom.

The Saudi Press Agency, SPA, reported that the decision came "as a result of a phone call made today (Sunday) between the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Chinese President Xi Jinping."

The contract includes providing necessary equipment and supplies, making available of 500 Chinese specialists and technicians who are specialised in performing tests, establishing six large regional laboratories throughout the Kingdom; including a mobile laboratory with a capacity of performing 10,000 tests per day. Saudi cadres will also be trained to conduct daily tests and comprehensive field tests, under the new agreement

The contract was co-signed by the National Unified Procurement Company and Chinese company Huo-yan Laboratories by Dr. Abdullah Al Rabeeah, Advisor at the Royal Court, on behalf of the Government of Saudi Arabia, and Chinese Ambassador to the Kingdom Chen Weiqing, as a representative of the Chinese Government.

The contract is one of the largest contracts that will provide diagnostic tests for the novel Coronavirus.

Tests were also purchased from several other companies from the United States, Switzerland and South Korea, bringing the number of available tests to 14.5 million, covering around 40 percent of Saudi Arabia's population, SPA added.

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Agencies
January 4,2020

Dubai, Jan 4: Three UAE airlines have made it to lists of the safest carriers in 2020, reinforcing the value these companies provide passengers in the increasingly competitive aviation scene.

Abu Dhabi's Etihad Airways and Dubai's Emirates are in the list of the top 20 safest airlines, while Sharjah-based Air Arabia is in the list of the top 10 low-cost carriers, safety and product rating website AirlineRatings.com reported on Thursday.

It named Qantas as the safest airline for 2020 out of the 405 carriers it monitors.

The top 20, in order, are Qantas, Air New Zealand, EVA Air, Etihad Airways, Singapore Airlines, Emirates, Alaska Airlines, Qatar Airways, Cathay Pacific Airways, Virgin Australia, Hawaiian Airlines, Virgin Atlantic Airlines, TAP Portugal, SAS, Royal Jordanian, Swiss, Finnair, Lufthansa, Aer Lingus and KLM.

"These airlines are clear standouts in the airline industry and are at the forefront of safety," said AirlineRatings.com editor-in-chief Geoffrey Thomas.

"For instance, Australia's Qantas has been recognised by the British Advertising Standards Association in a test case in 2008 as the world's most experienced airline."

"Qantas has been the lead airline in virtually every major operational safety advancement over the past 60 years and has not had a fatality in the pure-jet era," said Thomas.

AirlineRatings.com editors also identified their top 10 safest low-cost airlines; they are, in alphabetical order, Air Arabia, Flybe, Frontier, HK Express, IndiGo, Jetblue, Volaris, Vueling, Westjet and Wizz.

Saj Ahmad, chief analyst at StrategicAero Research in London, says that it isn't a surprise that UAE carriers are on those lists.

"UAE airlines almost always feature in the top rankings for safety because they value the equipment that they fly their passengers on each and every day," he told Khaleej Times on Thursday.

"All airlines do; but for the UAE, where airlines have expanded rapidly in the last couple of decades, it's an amazing feat that they rank so highly while inducting so many new aeroplanes."

There's little benefit to adding luxurious cabins if maintenance, security and safety protocols as well as routine engineering schedules are not adhered to, he stressed.

"And with the UAE itself sporting MRO activities as well as through companies like Strata, which supply components to Airbus and Boeing directly, airlines here have harnessed that tech-change to ensure that their fleets have the highest redundancy and safety checks at every possible chance," Ahmad added. "That translates into passenger confidence - and we can see the brand and loyalty strength across Emirates, flydubai, Air Arabia and Etihad; it's no surprise that each year, they all fly more and more passengers across their network."

In making its selections, AirlineRatings.com editors and its industry advisors take into account numerous critical factors that include: Audits from aviation's governing bodies and lead associations, government audits, airline's crash and serious incident record, fleet age, financial position and pilot training and culture.

"All airlines have incidents every day and many are aircraft or engine manufacture issues instead of airline operational problems. And it is the way the flight crew handles incidents that determines a good airline from an unsafe one. So just lumping all incidents together is very misleading," said Thomas.

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