Davos Diary: An evening in the life of WEF, from Brexit to biodiversity

Al Gore, former US Vice President and Climate Reality Project Chairman, naturalist Sir David Attenborough and New Zealand’s Prime Minister Jacinda Ardern at the WEF, in Davos. (Reuters)
Updated 25 January 2019
0

Davos Diary: An evening in the life of WEF, from Brexit to biodiversity

  • An absent Theresa May was the star of the show at WEF last year, before the Brexit debacle took such a serious turn
  • Sir David Attenborough was present to spread the word about climate change, which is one of the hot topics of Davos 2019

DAVOS: The Belvedere hotel was buzzing with rumor on the eve of the formal opening day of Davos 2019, and most of it centered on British Prime Minister Theresa May. Will she? Won’t she?
The UK leader has apparently withdrawn from this year’s World Economic Forum (WEF) meeting. She is one of a number of big-hitters who have decided their services are needed at home, in the face of populist “crises” ravaging the US and Europe.
In the Belvedere, the reason for May’s absence was apparent from the first step in the door. There, in the main lobby amid all the corporate branding for the banks and consulting firms that make the hotel their home base for the duration of Davos, flew the Union flag of the UK along with the slogan “Free Trade is GREAT Britain and Northern Ireland.”
Very in-your-face, but it was hard to work out exactly who had hung it there. Was it a Brexiteer, anxious to promote the idea that after withdrawal from the EU, the UK would be free to trade with the rest of the world? Or was it a member of the Remain camp, pushing the line that Britain within the EU would be free to trade with the 27 other member of the customs union?
There were other conspiracy theories being spun around. It was a greeting flag, it was said, to welcome May on what would be a surprise visit after all. British business leaders — marginally more anti- than pro-Brexit — are due to hold their annual Davos lunch event on Thursday.
Some recalled that May was the star of the show there last year, before the Brexit debacle took such a serious turn. Maybe she would want to reprise that triumph? Such is the hectic pace at which rumor spreads in Davos that I heard the same notion being put around later in the day as hard fact. We shall see, but if it happens, you read it here first.
After the excitement of the Belvedere, the agenda moved to the Hilton hotel, back within the ring of steel that surrounds the main WEF congress hall. That was the venue for the welcome bash thrown by the WEF media team, which is always a “must attend” event. Even more so this year because the guest speaker was the distinguished British broadcaster and naturalist Sir David Attenborough. The nonagenarian TV supremo — maker and voiceover to the “Planet” series of nature programs on the BBC — was in Davos to spread the word about climate change, which is one of the hot topics of Davos 2019.
Adrian Monck, the WEF’s head of public and social engagement and a former broadcaster himself, introduced Sir David with the words: “It’s not often you get to hear from a TV legend, but I don’t want to get into my TV career now,” drawing a few laughs around the room.
Sir David’s message on climate change and biodiversity destruction was rather more serious. “There are people here in Davos with enormous power, some who have more power than national states.
I want to tell them that we know what the matter is and we know what we can do to fix it,” he said.
He hopes his new documentary series “Our Planet,” which will air on Netflix, will help change perceptions, especially among climate change deniers. Sir David resisted the chance to criticize President Donald Trump, maybe the denier-in-chief, but he did say: “It is easy to say the problem does not exist, so we need bold action and bravery.”

  • Frank Kane is an award-winning business journalist based in Dubai. Twitter: @frankkanedubai


Jubail petrochemical complex could lead to homegrown car industry

Updated 27 June 2019
0

Jubail petrochemical complex could lead to homegrown car industry

  • Advanced Petrochemical said it signed a memorandum of understanding with SK Gas to build a propane dehydrogenation and polypropylene complex
  • The project is expected to produce high value plastics grades for the automotive industry as well as other specialized grades that are currently being imported into Saudi Arabia

LONDON: Advanced Petrochemical and South Korean SK Gas plan to develop a $1.8bn petrochemical complex in Jubail that could help plans to develop a homegrown car industry in Saudi Arabia.
It comes amid increased economic cooperation between Riyadh and Seoul following an $8.3 billion economic co-operation pact struck this week during the first visit of Saudi Crown Prince Mohammed bin Salman to South Korea.
The Saudi petchem producer said it signed a memorandum of understanding with SK Gas to build a propane dehydrogenation and polypropylene complex. The project is expected to produce “high value plastics grades for the automotive industry” as well as other specialized grades that are currently being imported into Saudi Arabia, Advanced Petrochemical said in a filing to the Tadawul stock exchange on Wednesday.

 

Separately the company said it has received propane feedstock allocation from the Kingdom’s Ministry of Energy, Industry and Mineral Resources for the project, which is slated to start in 2024.
Advanced Petrochemical also disclosed in a third filing that it was conducting a feasibility study for a cracker project in the Kingdom.
These latest deals reflect twin objectives to develop high-value manufacturing in the Kingdom to create jobs while also investing heavily in the petrochemicals sector to capitalize on rising global demand for high value plastics.
Saudi Arabia is the largest new automotive sales and auto parts market in the Middle East, accounting for an estimated 40 percent of all vehicles sold in the region, according to the US export.gov website.The addition of potentially as many as 3 million women drivers to the roads is expected to further spur domestic demand.
Saudi companies, spearheaded by Saudi Aramco, are investing billions of dollars in petrochemical projects worldwide to meet rising global demand. Petrochemicals are set to account for more than a third of the growth in world oil demand to 2030, and nearly half the growth to 2050, adding nearly 7 million barrels of oil a day by then, according to the International Energy Agency (IEA).
Demand for plastics — the key driver for the petchem industry — has outpaced all other bulk materials (such as steel, aluminum, or cement), nearly doubling since 2000, the IEA estimates.

FACTOID

40% - Saudi Arabia is the largest new automotive sales and auto parts market in the Middle East, accounting for an estimated 40 percent of all vehicles sold in the region.