UAE bans this popular cough syrup

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

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.

Apr 24: Dubai's Supreme Committee of Crisis and Disaster Management has announced partial easing of restrictions on public movement in the emirate starting from Friday amid the COVID-19 outbreak.

The announcement is in line with the decisions of the Ministry of Health and Prevention and the National Emergency Crisis and Disaster Management Authority (NCEMA), a statement released late on Thursday said.

The move, which coincides with the start of the fasting month of Ramzan, will allow increased freedom of movement while ensuring the continuation of strict precautionary and preventive measures, the statement said.

The Committee has also outlined a new set of guidelines on movement and a list of exempted commercial activities and vital sectors, it added.

The decision to reduce restrictions on movement in Dubai follows a careful assessment of the current situation and analysis of reports from various authorities working to combat the pandemic, the committee said.

Underlining the emirate’s success in countering the spread of the virus, it said that stringent measures undertaken over the last three weeks have significantly helped to mitigate the crisis.

It further stressed that despite the partial easing of restrictions on movement, people will not be allowed to hold public or private gatherings and those who breach the guidelines will face legal action.

The need to ensure the safety and wellbeing of the community cannot be underestimated, the Committee stressed.

"Despite the difficult circumstances the world is facing today, the UAE has set an example for dealing with the crisis. This was also made possible through the commitment of all individuals and institutions both in the private and public sector,” the committee said in the statement.

“All measures undertaken by the country have been driven by the objective of safeguarding everyone’s safety and wellbeing,” it added.

Public transport (bus and metro), restaurants and cafes (except for buffet and shisha), retail sector (malls, high-street outlets and souqs), wholesale sector and maintenance shops will be allowed to operate under certain conditions, it said.

Shopping malls, markets and commercial outlets will be open daily from 12 pm to 10 pm. Restaurants and shops are allowed to operate at a maximum of 30 per cent capacity at shopping malls, it said.

Malls and retail outlets are not allowed to hold entertainment events to avoid congestion and crowding, it added.

Restaurants and cafés too have been allowed to operate but are not permitted to serve shisha and buffet. Dine-in customers are allowed but should occupy only a maximum of 30 per cent of the outlet’s capacity and only single-use cutlery can be used at restaurants and cafes, it said.

However, family entertainment facilities, cinemas, changing rooms and prayer rooms will not be allowed to operate. Hotels will be allowed to operate without opening pools, gyms, sauna and massage parlours.

A maximum of 30 per cent of the workforce of all organisations will be allowed to work from their offices while the rest will be required to work from home.

As part of the first phase of easing of restrictions, the stringent curbs on public movement will now be limited to the period between 10 pm to 6 am. During this period, the public will be allowed to leave their homes only for medical emergencies.

Individuals will be able to leave their homes between 6 am and 10 pm without a permit.

The public will be required to strictly follow precautionary measures which include maintaining physical distance from others as per guidelines and wearing a face mask. Those who do not wear a mask will be subject to a fine of AED 1,000.

Members of the public have also been allowed to exercise outside their homes provided they do not leave their area of residence. They can undertake activities such as walking, running or cycling for 1-2 hours each time. Only a maximum of three people can exercise at the same time.

Permission has also been granted to allow visit first and second degree relatives as long as gatherings are restricted to not more than five people. However, visiting high-risk individuals (individuals above 60 years and those with underlying medical conditions) should be avoided.