Yusuffali marks hat-trick victory in Abu Dhabi Chamber election

Updated 28 June 2014
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Yusuffali marks hat-trick victory in Abu Dhabi Chamber election

Yusuffali M.A., head of Lulu group, Middle East’s retail major, and non-resident India (NRI) businessman, won the Abu Dhabi Chamber election held yesterday with a thumping majority.
Ali who won previous two elections, retained his seat with 1,721 votes, highest among expatriate candidates. The elections during which 14,555 votes were cast also elected 13 local citizens to the board of directors for a four-year term.
Four panels — the Abu Dhabi Initiative, Abu Dhabi Excellence, Abu Dhabi Future and Abu Dhabi First — representing 70 Emiratis, including five women and eight expatriate candidates, participated in the elections. Huge turnout was witnessed during the election which was held at three different centers.
Abu Dhabi Chamber is the only government organization in the world where expatriates can get elected to the director board through a democratic election process.
Sheikh Nahyan bin Mubarak Al Nahyam, UAE minister for culture, youth and community development, on behalf of Abu Dhabi government and ruling family members congratulated Ali on his hat-trick victory and urged him to continue his work and contribute to the growth of the UAE in general and Abu Dhabi in particular.
“I am pleased with faith reposed on me by the business community of Abu Dhabi and I thank them wholeheartedly for helping me to come out victorious once again. I am fully aware of the responsibilities and I will strive to further enhance the business and investment relationship between India and UAE and work closely with all stake holders for mutual benefit,” said Ali after winning.
Abu Dhabi Chamber is an autonomous entity under government supervision, which works toward streamlining and regulating business and industrial affairs in Abu Dhabi. Chamber is also playing its role as a supporter of and contributor to the economic development process and as an economic partner in making contributions to Abu Dhabi’s economic growth.
Abu Dhabi's sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA), currently estimated at $775 billion, is one of the world's wealthiest sovereign fund in terms of total asset value.


Tunisia to almost double gas production this year

Updated 18 January 2019
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Tunisia to almost double gas production this year

  • The project will be jointly owned by Austria’s OMV and Tunisian National Oil Company ETAP
  • It will include investments of about $700 million

TUNIS: Tunisia will almost double production of natural gas to about 65,000 barrels of oil equivalent per day this year, the industry and energy minister, Slim Feriani, told Reuters on Friday.
The country’s gas output will jump from 35,000 barrels of oil equivalent per day (boed) when the southern Nawara gas field comes onstream in June, Feriani said.
“We will raise our production by about 30,000 barrels of oil equivalent when the Nawara project in the south will start,” Feriani told Reuters in interview.
This project will be jointly owned by Austria’s OMV and Tunisian National Oil Company ETAP with investments of about $700 million.
Feriani also said Tunisia was seeking to attract about $2 billion in foreign investment to produce 1,900 megawatts (MW) of renewable energy in three years. “We will start launching international bids for the production of renewable wind and sun energy. We aim to produce 1,900 MW by investment of up to $2 billion until 2022,” he said.
This would represent about 22 percent of the country’s electricity production.
PHOSPHATE
Tunisia also plans to raise production of phosphate from 3 million tons to 5 million in 2019, he said.
Raising the output will boost economic growth and provide revenue to revive its faltering economy, the minister said.
Phosphate exports are a key source of foreign currency reserves, which have dropped to levels worth just 82 days of imports, according to Tunisia’s central bank.
Tunisia produced about 8.2 million tons of phosphate in 2010 but output dropped after its 2011 revolution. Annual output has not exceeded 4.5 million tons since 2011.
Feriani said lower production has caused Tunisia to lose markets and about $1 billion each year.
Phosphate exports were hit by repeated protests in the main producing region of Gafsa, where unemployed youth demanding jobs blockaded rail transport.