Tim Cook: Apple keen to bring its passion to Saudi Arabia

Updated 06 February 2014
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Tim Cook: Apple keen to bring its passion to Saudi Arabia

In his first trip in the region, Tim Cook, CEO of Apple, made a historic stop to the UAE and held a meeting with Ahmad Julfar, CEO of Etisalat Group, to discuss how the presence of Apple can be elevated in the region and how the two companies can strengthen their relationship across Etisalat’s footprint in the Middle East, Africa and Asia where Etisalat operates in 15 countries, including Saudi Arabia, Pakistan, Egypt and Nigeria.
This meeting took place in the presence of Saleh Al-Abdooli, CEO of Etisalat UAE, and Khalid Al-Kaf, CEO of Mobily. Julfar welcomed Cook and praised the excellent relationship that Etisalat has had with Apple, a relationship dating back 4 years ago, when the two companies signed an agreement on devices to cover the UAE and Saudi Arabia.
Cook said: “We are all about making great products that people don’t know they need today but when they have them, they can’t live without We would like to bring our passion to the UAE, Saudi Arabia and Africa.” The two companies agreed to work together to bring more innovations in the region in sectors of high growth potential and of strategic importance to both companies.”


Brent crude oil rises for a sixth day as supplies tighten amid strong demand

Updated 18 min 59 sec ago
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Brent crude oil rises for a sixth day as supplies tighten amid strong demand

  • US West Texas Intermediate crude futures were at $68.98 a barrel, up 34 cents
  • The potential of renewed US sanctions against Iran is pushing prices higher

SINGAPORE: Brent crude oil rose for sixth day on Tuesday, passing $75 a barrel, on expectations that supplies will tighten because fuel is rising at the same time the US may impose sanctions against Iran and OPEC-led output cuts remain in place.
Brent crude oil futures climbed to as high as $75.20 a barrel in early trading on Tuesday, the highest since Nov. 27, 2014. Brent was still at $75 a barrel at 0311 GMT up 29 cents, or 0.4 percent, from its last close.
Brent’s six-day rising streak is the most since a similar string of gains in December and it is up by more than 20 percent from its 2018 low in February.
US West Texas Intermediate (WTI) crude futures were at $68.98 a barrel, up 34 cents, or 0.5 percent from their last settlement. On Thursday, WTI rose to as high as $69.56, the most since Nov. 28, 2014.
Markets have been lifted by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) which were introduced in 2017 with the aim of propping up the market.
The potential of renewed US sanctions against Iran is also pushing prices higher.
Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA said new sanctions against Tehran “could push oil prices up as much as $5 per barrel.”
The US has until May 12 to decide whether it will leave the Iran nuclear deal and re-impose sanctions against OPEC’s third-largest producer, which would further tighten global supplies.
“Crude prices are now sitting at the highest levels in three years, reflecting ongoing concerns around geopolitical tensions in the Middle East, which is the source of nearly half of the world’s oil supply,” ANZ bank said.
“Oil strength is coming from Saudi Arabia’s recent commitment to get oil back up to between $70 to $80 per barrel as well as inventory levels that are back in the normal range,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.
OPEC’s supply curtailments and the threat of new sanctions are occurring just as demand in Asia, the world’s biggest oil consuming region, has risen to a record as new and expanded refineries start up from China to Vietnam.
One of the few factors that has limited oil prices from surging even more is US production, which has shot up by more than a quarter since mid-2016 to over 10.54 million barrels per day (bpd), taking it past Saudi Arabia’s output of around 10 million bpd.
As a result of its rising output, US crude is increasingly appearing on global markets, from Europe to Asia, undermining OPEC’s efforts to tighten the market.