UAE minister thanks expat workers for 'unfailing efforts'

Agencies
April 28, 2019

Abu Dhabi, Apr 28: Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance, has praised the enormous participation of all segments of the society, including institutions, individuals, students, families, local and federal entities Sheikh Nahyan made the remarks while addressing a ceremony organised by the Ministry on Friday to celebrate the International Workers' Day, under the slogan "Together in the Emirates of Zayed" .

The ceremony, which was organised in collaboration with a large number of partners in the Workers' City in Saadiyat, Abu Dhabi, witnessed various awareness activities that focused on security, community and health topics.

"Such a significant participation reflects the real image of co-existence in the UAE affirming strength and durability of the community's cohesion and highlighting the tolerance, communication and cooperation that we have all learned from the founding father late Sheikh Zayed Bin Sultan Al Nahyan, " Sheikh Nahyan added.

He continued by saying the spontaneous response by all segments of society to participate in the Ministry of Tolerance's celebrations of the International Workers' Day, is a true value that makes the UAE a unique example in the world worth to the capital of the global tolerance.

The Minister has recently launched a number of initiatives, among them Mobile Hospitals Initiative', which will continue offering free medical services to workers through the year at the workers villages nationwide. In addition, he launched the second season of the Tolerance Cricket Cup for all workers in the country and the first Tolerance Kabaddi Cup.

The even was attended by government officials, dignitaries, ambassadors of sisterly countries, senior officials, investors, businessmen and around 5,000 workers.

In his speech to the workers, Sheikh Nahyan said, "The UAE deeply appreciates your contributions to its development and progress. Our country has been built upon the skills and hard work that you, your brothers and friends have given to the UAE. On this Labour Day, we thank you for your excellent work and unfailing efforts to make the UAE a country that is peaceful and welcoming to everyone. I am honoured to join you this evening to celebrate this annual event together."

He added, "The UAE shares its history with all of you. Our nation's founder, the late Sheikh Zayed bin Sultan Al Nahayan, deeply valued and respected you as an important component of our global society. He made the UAE a country that welcomes talented and industrious people to live and work under the protection of its large Arab tent. We are proud that today's festivities are being held under the theme of Together in the Emirates of Zayed.

"Our celebration this evening is an expression of our country's strong commitment to tolerance. In this Year of Tolerance, I am delighted to announce the launch of the second annual Tolerance Cricket Cup, which was a huge success last year. I am also announcing today the launch of the first Tolerance Kabaddi Cup competition.

Both cups are nation-wide tournaments played among teams of players representing different workers' villages from across the country. In addition, I am pleased to announce the launch of a health care and fitness campaign that will improve the quality of life for all workers nation-wide. I thank all partners and sponsors of these activities that extend the values of human fraternity, harmony, tolerance and peace that we all enjoy in the UAE," he added.

"Thank you all for being part of the UAE community and for the critical part that you have played in building our country. Thank you for your help in making our Emirates of Zayed true to his vision as a country of peace, progress and prosperity.

And thank you for your efforts to support the cooperation and friendship between your countries and the United Arab Emirates. I am very pleased to join with you in celebrating Labour Day in our Year of Tolerance," Sheikh Nahyan concluded.

Meanwhile, Nasser bin Thani Al Hamli, Minister of Human Resources and Emiratisation congratulated the UAE workers on the International Workers' Day, praising the care and support of the UAE represented by the wise leadership to the workers as one of the most important segment of society. He stressed that the ceremony reflects the community cohesion highlighting values of coexistence in the UAE as a unique example in the world.

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News Network
April 29,2020

Dubai, Apr 29: Saudi Arabia reported 1,325 new cases of coronavirus, bringing the total number of infections in the country to 21,402, the Ministry of Health announced on Wednesday (April 28).

Meanwhile, the ministry reported 169 recoveries today, with total recoveries in the kingdom at 2,953. There are 125 cases in intensive care.

The ministry also confirmed 5 deaths, bringing the total number of deaths in the kingdom to 157.

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News Network
May 4,2020

Dubai, May 4: An Indian salesman in the UAE has won a whopping 10 million dirhams at an Abu Dhabi draw, a media report said.

Dileep Kumar Ellikkottil Parameswaran, from Kerala’s Thrissur, works with an auto spare parts company in Ajman and earns 5,000 dirhams (USD 1,361) a month, Gulf News reported on Sunday.

Parameswaran, who won the 10 million dirhams (USD 2.7 million) prize at the Big Ticket draw in Abu Dhabi, will spend a big part of the money to repay a loan of 700,000 dirhams (USD 190,574 ), according to the report.

He said that a good part of the prize money will be spent on the education of his two children.

Parameswaran, who has been a resident of the UAE for 17 years, lives in Ajman along with his family.

Big Ticket is the largest and longest-running monthly raffle draw for cash prizes and dream luxury cars in Abu Dhabi.

A live monthly draw is organized at the Abu Dhabi International Airport on 3rd of each month.

Tickets are sold for 500 dirhams (USD 136).

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Agencies
March 15,2020

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.

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