Lateefa AlWaalan named ‘Entrepreneur of the Year’

Updated 07 May 2015
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Lateefa AlWaalan named ‘Entrepreneur of the Year’

Lateefa AlWaalan, founder and CEO of Yatooq, has been named Saudi Arabia’s “EY Entrepreneur Of The Year (EOY) 2015” by an independent panel of judges at the EOY event.
The event was held under the patronage of Dr. Tawfiq Al Rabiah, minister of commerce and Industry, the Strategic Partner of the event.
Lateefa was chosen from a group of 11 finalists from 10 companies, each a dynamic and gifted business leader. The award was presented yesterday evening at a gala dinner.
The event was sponsored by Eye of Riyadh,  Riyadh Bank and Endeavour Saudi.
Fahad Altoaimi, office managing partner, Riyadh and Entrepreneur of the Year leader, EY, says: “We congratulate Lateefa on being named Saudi Arabia’s EY Entrepreneur Of The Year 2015.”
He added: “Lateefa truly deserves this award which honors her business achievements, innovation and contribution to her community. Lateefa will join the Entrepreneur Of The Year award winners from over 50 countries at Monte Carlo in June 2015, where she will be inducted into the World Entrepreneur Of The Year Academy and will vie for the World Entrepreneur Of The Year award.”
The independent judging panel comprised: Abdallah Obeikan, CEO of Obeikan AGC Co. Ltd; Abdulaziz Al-Omran, co-founder, a member of the board of trustees and chair of the Riyadh Chapter of Oqal; Abdul Rahman Ibrahim Alrowaita, managing director and general manager — Aseer Company; Ali Al-Othaim, chairman of the National Committee of Young Businessmen Council of Saudi Chambers; Fahad A. AlKassim, chairman of Amwal Financial Consulting; Khlood Abdulaziz Aldukheil, founding partner and an executive transactor at MKD Financial and Business Advisory; Mohammad A. Abunayyan, chairman of the Board of ACWA Power International.
Lateefa was chosen by the independent panel of judges after an extensive process of evaluation.
The judging process was based on numerous criteria that included entrepreneurial spirit, financial performance, strategic direction, social impact and influence.
The program celebrates the success of entrepreneurs who build and lead successful, growing and dynamic businesses.
 The event has been running for 28 years by EY in 145 cities across 60 countries.
The EOY awards recognize outstanding entrepreneurs for their vision, innovation, courage, and leadership in building and growing successful businesses — businesses that influence the way we live, the products and services we depend on, and the economic vibrancy of our local communities and global markets.


Iran looms large over OPEC summit

Updated 22 September 2018
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Iran looms large over OPEC summit

  • Saudi Arabia only country in Mideast, and perhaps world, with enough capacity to keep market supplied, say experts
  • At Algiers, Opec and leading non-Opec countries are expected to discuss how to allocate supply increases to offset a shortage of Iran supplies

LONDON: The Opec summit in Algiers on Sunday meets amid widespread fears of a supply crunch when a forecast 1.4 million barrels a day of crude is lost from Iran in November when US sanctions kick in.
If, on top of that, more supply shocks hit the market in worse-than-expected disruption from Libya and Iraq, the price of crude could surge, said Andy Critchlow, head of energy news at S&P Global Platts. “At the moment, the market looks finely balanced,” he said.
There isn’t a lot of slack in the system. As Critchlow points out: “Upstream investment in infrastructure and new wells is historically low and it will take a long time to turn that around.”
At Algiers, Opec and leading non-Opec countries are expected to discuss how to allocate supply increases to offset a shortage of Iran supplies. The gathering comes after a tweet by President Trump on Sept. 20 calling on Opec to lower prices. He said on Twitter that “they would not be safe for very long without us, and yet they continue to push for a higher and higher oil price.”
Critchlow reckoned KSA still had spare capacity of about 2 million bpd. And KSA would get oil back as they go into winter as it had needed 800,000m bpd merely to generate electricity for the home market to meet heightened demand for air conditioning in the summer.
But there is uncertainty about what will come out of Algiers. For a start, the Iranians say they will not attend. That could be tricky in terms of an Opec communique at the end of the meeting as statements need unanimous support from member nations. And Iran has indicated it will veto any move that would affect Iran’s position, ie, one where other countries absorb its market share as sanctions bite.
Jason Gammel, energy analyst at London broker Jefferies, said: “The magnitude of the drop in Iranian exports is likely to be higher than any hit in demand as a result of problems linked to emerging market currencies, or trade wars. That’s why we expect oil prices to continue to strengthen. The Saudis and their partners will keep the market well supplied, and I think the issue is that the level of spare capacity in the system will be extremely low. Any threat or interruption will mean price spikes. Possibly by the end of the year demand will exceed supply; for now, the market remains in balance, but threats of supply disruption will bring volatility.”
Under the spotlight in Algiers is a production cuts accord forged by Opec and 11 other countries in 2016 which has been extended to the end of this year. The agreement helped reboot prices and obliterate inventory stockpiles that led to the crash in crude prices nearly three years ago. But how long will the agreement last? Algiers may kick that one into the long grass.
Thomson Reuters analysts Ehsan Ul-Haq and Tom Kenison told Arab News: “OPEC members would like to maintain cohesion within the group around supply ahead of Iran sanctions and declining Venezuela production, However, they are expected be in favor of maintaining stability in prices while doing so. On the other hand, they need to find a consensus around how their market share would be affected by a decision to pump more oil in the market. Any decision around production will likely be offset until the November meeting.”
Critchlow said that it is what KSA and Russia say and do that matters. “They speak for a fifth of the global oil market, producing a combined total of 22m bpd.” Together, they are the swing producers when it comes to crude production and supply.
Another factor about Algiers is that it is a meeting of the Joint Ministerial Monitoring Committee, which is not a policy-making forum. Big policy statements may have to wait for the main Opec summit in Vienna at the end of year. That said, there will be some very high-level delegations in Algiers, including the Saudi oil minister and his Russian counterpart.
A statement about the demand picture could emerge, especially as there are fears about the impact on the global economy from the US-China tariff war.
Looking to the future, Critchlow thought the Opec production cuts accord would carry on into 2019. “Oil priced between $70/bbl and $80/bbl is a sweet spot for Middle East producers. Its’s good for Saudi as it helps stop further drainage of their foreign reserves and moves the budget back toward balance. Do they want (the price) to go higher? I think that would cause a lot of political problems for them.”