Saudi King names his son Abdulaziz as new energy minister

Agencies
September 8, 2019

Riyadh, Sep 8: Saudi Arabia's King Salman has appointed his son Prince Abdulaziz bin Salman as the new energy minister of the country, the state media said on Sunday.

Citing a royal decree, Saudi Press Agency reported that the new minister will replace Khalid al-Falih. This will be the first time when a member of the ruling Al Saud family will be holding the post of the energy minister of the world's top oil exporter.

The new energy minister is an older half-brother to the crown prince, Mohammad Bin Salman, and an experienced oil industry figure in Saudi Arabia. He has been the minister of state for energy affairs since 2017.

Prince Abdulaziz is a longstanding member of the No. 1 crude exporter's delegation to the Organisation of the Petroleum Exporting Countries (OPEC), with decades of experience in the oil sector, Al Jazeera reported.

The move comes as Brent crude oil trades below USD 60 a barrel, well below the USD 80 to USD 85 a barrel that analysts say is needed to balance the Saudi budget.

Sources from the energy ministry were quoted as saying that the prince's lengthy experience has overcome what has always been seen as the impossibility of appointing a royal to the post of energy minister in Saudi Arabia, according to Gulf News.

Saudi Arabia has had five oil ministers since 1960, however, none of them had been a royal.

Last month, Saudi Arabia created a ministry for industry and mineral resources and separated it from the Kingdom's energy ministry.

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News Network
May 5,2020

Abu Dhabi, May 5: The overall real GDP (gross domestic product) of the United Arab Emirates is estimated to have grown by 1.7 percent in 2019, the country’s central bank said in a statement on Monday carried by WAM.

"The UAE hydrocarbon sector is estimated to have exhibited a growth of 3.4 percent in 2019. However, non-oil activities advanced at a softer pace growing by 1.0 percent. As a result, overall real GDP is estimated by FCSA (Federal Competitiveness and Statistics Authority) to have grown by 1.7 percent in 2019," said the financial regulator in its Annual Report 2019.

"The spread of COVID-19 is expected to impact trade and supply chain movements, coupled with travel restrictions which paves way for high volatility in capital markets and commodity prices. While the outbreak is expected to negatively affect the global and domestic economies, it is still early to gauge the scale of the economic fallout," the report added.

The report noted that the higher hydrocarbon output, as well as growth in non-hydrocarbon economic activity, supported the pace of the country's overall economic growth in 2019.

"Meanwhile, the fading effect of VAT, the appreciating Dirham, lower energy prices and decline in rents pushed inflation in negative territory. However, the employment rate registered a steady rebound. Looking ahead, the economic outlook for 2020 remains uncertain owing to the COVID-19 outbreak," the report elaborated.

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Agencies
May 25,2020

Abu Dhabi, May 25: Dusty weather to persist in the UAE on Monday as well with a chance of rainfall in parts of the country, the national Met department reported.

According to the NCM, the weather today will be fair to partly cloudy, with a chance of some convective clouds formation by afternoon - eastward and northward - extending to some internal areas that may be associated with some rainfall.

The weather will get humid by night and Tuesday morning over some coastal areas.

NCM predicts a wet Eid break.

Sharjah Police issued a weather warning as heavy rain flooded roads in Sharjah's Kalba among other areas.

Moderate to fresh winds will gain strength during the day causing blowing dust and sand.

The sea will be slight to moderate in the Arabian Gulf and in Oman Sea.

Earlier on Sunday, a weather alert was issued by authorities as moderate to heavy rain - accompanied with hail - lashed parts of the UAE. A rainbow in Dubai skies cheered up residents, celebrating a unique Eid this year amid the coronavirus Covid-19 pandemic - by mostly staying home.

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News Network
May 7,2020

Dubai, May 7: The holy month of Ramadan is expected to be a 30-day month this year, said Ibrahim Al Jarwan, member of the Arab Union for Astronomy and Space Sciences.

According to Arabic daily Emarat Al Youm, he said that Sunday, May 24, will mark the end of the holy month of Ramadan and the beginning of Shawwal.

Additionally, he said that the crescent of Shawwal will occur on Friday, May 22, at 9.39pm, after sunset, and will be visible on Sunday, May 24, the beginning of Shawal, which makes Ramadan a 30-day month this year.

He added that the next Ramadan is expected to start on April 13, 2021, and the one after that on April 2, 2022.

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