Smart taxis in all Saudi cities in 45 days

Dubai, May 7: Saudi Arabia will emerge as the victor of the oil price war that sent global crude markets into a spin last month, according to two experts in the energy industry.

Jason Bordoff, professor and founding director of the Center for Global Energy policy at New York’s Columbia University, said: “While 2020 will be remembered as a year of carnage for oil nations, at least one will most likely emerge from the pandemic stronger, both economically and geopolitically: Saudi Arabia.”

Writing in the American publication Foreign Policy, Bordoff said that the Kingdom’s finances can weather the storm from lower oil prices as a result of the drastically reduced demand for oil in economies under pandemic lockdowns, and that it will end up with higher oil revenues and a bigger share of the global market once it stabilizes.

Bordoff’s view was reinforced by Sir Mark Moody-Stuart, former chairman of Royal Dutch Shell and one of the longest-standing directors of Saudi Aramco. In an interview with the Gulf Intelligence energy consultancy, he said that low-cost oil producers such as Saudi Arabia would emerge from the pandemic with increased market share.

“Oil is the only commodity where the lowest-cost producers have contained their production and allowed high-cost producers to benefit. When demand recovers this year or next, we will emerge from it with the lowest-cost producers having increased their market share,” Moody-Stuart said.

Bordfoff said that it would take years for the high-cost American shale industry to recover to pre-pandemic levels of output. “Depending on how long oil demand remains depressed, US oil production is projected to decline from its pre-coronavirus peak of around 13 million barrels per day.

“Shale's heady growth in recent years (with production growing by about 1 million to 1.5 million barrels per day each year) also reflected irrational exuberance in financial markets. Many US companies struggling with uneconomical production only managed to stay afloat with infusions of cheap debt. One quarter of US shale oil production may have been uneconomic even before prices crashed,” he said.

Moody-Stuart said that recent statements about cuts to the Saudi Arabian budget as a result of falling oil revenues were “an important step to wean the population of the Kingdom off an entitlement feeling. It means that everybody is joining in it.”

The former Shell boss said that other big oil companies would follow Shell’s recent decision to cut its dividend for the first time in more than 70 years. But he added that Aramco would stick by its commitment to pay $75 billion of dividends this year.

“When a company looks at its forecasts it looks ahead for one year, so for this year it (the dividend) is fine,” he said.

Bordoff added that Saudi Arabia’s action in cutting oil production in response to the pandemic would improve its global position.

“Saudi Arabia has improved its standing in Washington. Following intense pressure from the White House and powerful senators, the Kingdom’s willingness to oblige by cutting production will reverse some of the damage done when it was blamed for the oil crash after it surged production in March,” he said.

“Only a few weeks ago, the outlook for Saudi Arabia seemed bleak. But looking out a few years, it’s difficult to see the Kingdom in anything other than a strengthened position,” Bordoff said.

Abu Dhabi, May 18: Bollywood superstar Salman Khan has recorded a special message for Indian expats in the UAE as the country fights the coronavirus pandemic.

Khan - one of the biggest stars of Bollywood for decades - enjoys a large fan following in the Gulf, which is why Abu Dhabi roped in the actor to record a special video message for expats, urging them to cooperate with authorities in the capital and the country as they carry out sanitisation and testing programmes.

In the video, tweeted by the Abu Dhabi Media Office on Sunday night, the superstar appeals to Indians in Abu Dhabi to become heroes by staying home (stepping out for essential work/errands only), following precautionary measures and simply 'do the right thing' by getting tested if they have any Covid-19-related symptoms.

"كونوا أبطالاً، وقوموا بالعمل الصائب"
النجم الشهير سلمان خان، والذي صور أفلاماً عديدة في أبوظبي، يناشد الجالية الهندية باغتنام كرم وإنسانية حكومة وشعب أبوظبي، والتعاون معها من خلال الالتزام بتعليمات الجهات المعنية وإجراء الفحوصات عند ظهور أي عوارض الإصابة بفيروس كوفيد-19. pic.twitter.com/PVfaWg2j4z

— مكتب أبوظبي الإعلامي (@admediaoffice) May 17, 2020

Khan, who has shot his recent super hit films (Race 3) in the capital, assured expats that Abu Dhabi authorities will not leave the community in these challenging times as it is a hospitable city who takes care of all residents.

"Following preventive measures also protects your family from the virus - so do the right thing as heroes do," Khan concludes.

The second phase of Abu Dhabi's sanitisation and testing in labour areas is underway, which started on May 16. Special testing facilities have been set up in the city for this purpose that test thousands of workers everyday.

As of May 17, UAE has confirmed over 23,000 cases along with over 8,000 recoveries and 220 deaths.

The country recently made a breakthrough in treating Covid-19 by using stem cells to help with the recovery.

The UAE leadership has thanked citizens and residents for their cooperation and assured that the country will take care of everyone in the country - with food and medicines being the red line, and that there will be no shortage of either during the crisis. Stimulus packages have been announced to help businesses stay afloat.

Dubai, Apr 29: Dubai on April 23 was a suicide, Dubai Police confirmed to Gulf News on Wednesday.

According to Dubai Police, he committed suicide by jumping from a building in Business Bay.

“We received a report about a man plunging to his death from the 14th floor of a friend's building on Thursday. The businessman committed suicide over financial problems,” Brigadier Abdullah Khadim Bin Sorour, director of Bur Dubai Police Station, told Gulf News.

Joy Arakkal receiving the Lifetime Achievement Award from Kerala Chief Minister Pinarayi Vijayan

The police ruled out any criminal suspicion behind the suicide and said they are coordinating with the businessman’s family for the repatriation of his body.

A UAE Gold Card visa recipient, Arakkal was the managing director of Dubai-headquartered Innova Group of Companies which had diverse businesses, with major focus in the oil sector. He is survived by his wife Celine and children, Arun and Ashly, who live in Jumeirah.

Consul General of India in Dubai Vipul confirmed to Gulf News that Arakkal’s family is set to fly home with his body after Indian authorities gives them special permission to travel in a chartered air ambulance.

“They have received the NOCs (No Objection Certificates) from India. We have taken it up with the UAE MoFAIC (Ministry of Foreign Affairs and International Cooperation) for necessary permits from the UAE side,” Vipul said.

Once the approval is received, a chartered air ambulance will fly in from Bangalore to carry the family and the mortal remains of Arakkal.

Quiet embalming service

A few social workers and community leaders, who were coordinating with Arakkal’s family for the repatriation procedures, attended the embalming service was on Tuesday.

“Only the family members and a few of his employees were present apart from us,” said advocate Hashik T.K.

He said M.K. Raghavan, a member of Indian parliament from Kerala, and R. Harikumar of Elite Group in the UAE, offered great support for securing approvals from Indian authorities.

“We have been requesting the central and state governments to consider the emotional aspect of traditional funeral process in the case of expats who die abroad.”

He said almost two dozen bodies have been flown to India in the past few weeks on cargo flights. But, no family member was allowed to accompany the bodies so far.

Besides Arakkal’s family, the Indian government also issued immigration clearance for the family of a cancer patient from Nottingham, who is seeking treatment, to fly down to Calicut International Airport in Kerala.

Quarantine and funeral
On reaching Kerala, the family members would follow the quarantine procedures as per the government rules, Hashik said.

Arakkal’s’s funeral will be held in his hometown in Mananthavady in Wayanad district where he had built a 45,000sqfit mansion, one of the biggest houses in Kerala, last year.

“It is sad that he could stay in that house for a month or so only,” said a community member.

He said Arakkal had built houses for the poor and also funded the weddings of several young couples back home.

His companies include oil refineries, petrochemical trading, ISO tank cleaning services, shipping services and a telecom company working for infrastructure projects in the UAE.

He had received many awards including a lifetime achievement award from the Chief Minister of Kerala Pinarayi Vijayan during his visit to Dubai.