Oil near $ 110 after OPEC deal

Updated 13 December 2012
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Oil near $ 110 after OPEC deal

JEDDAH: OPEC ministers held their oil production ceiling unchanged yesterday while voting to keep secretary-general Abdullah El-Badri in his post for another year, Petroleum and Mineral Resources Minister Ali Al-Naimi said after a meeting in Vienna.
“We will hold” output, which currently stands at 30 million barrels per day, Al-Naimi told reporters after the Organization of Petroleum Exporting Countries wrapped up its ministerial meeting.
Crude oil rose to around $ 110 a barrel yesterday. Brent crude futures were up $ 2.02 to $ 110.03 a barrel by 1450 GMT, rebounding from last week’s dip. US crude was up $ 1.19 to $ 86.98 a barrel.
The OPEC ministers also voted to keep Libyan Abdullah Al-Badri on for one more year, having apparently failed to agree on a replacement for the already two-term secretary-general.
Three candidates were in the running for his job: Majed Al-Moneef, a former Saudi governor to OPEC, ex-Iranian oil minister Gholam Hossein Nozari and former Iraq oil minister Thamir Ghadhban.
“We extended one year for the secretary general,” Al-Naimi told journalists. “We have an experienced secretary general in position. Extending it one year is a very very very good decision,” he said.
OPEC was to hold its next meeting on May 31, the minister said.
UAE Oil Minister Mohammed bin Dhaen Al-Hamli earlier said that OPEC should make its oil more attractive to customers in response to the supply of shale from the US. Speaking at the start of the meeting he said US shale was a “big issue.”
His remarks came as the International Energy Agency said in a monthly report that spectacular growth in US production on the back of a boom in shale oil will be one of the top developments for the market in 2013.


Saudi Arabia has lion’s share of regional philanthropy

Updated 27 April 2018
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Saudi Arabia has lion’s share of regional philanthropy

  • Kingdom is home to three quarters of region's foundations
  • Combined asets of global foundations is $1.5 trillion

Nearly three quarters of philanthropic foundations in the Middle East are concentrated in Saudi Arabia, according to a new report.

The study, conducted by researchers at Harvard Kennedy School’s Hauser Institute with funding from Swiss bank UBS, also found that resources were highly concentrated in certain areas with education the most popular area for investment globally.

That trend was best illustrated in the Kingdom, where education ranked first among the target areas of local foundations.

While the combined assets of the world’s foundations are estimated at close to $1.5 trillion, half have no paid staff and small budgets of under $1 million. In fact, 90 percent of identified foundations have assets of less than $10 million, according to the Global Philanthropy Report. 

Developed over three years with inputs from twenty research teams across nineteen countries and Hong Kong, the report highlights the magnitude of global philanthropic investment.

A rapidly growing number of philanthropists are establishing foundations and institutions to focus, practice, and amplify these investments, said the report.

In recent years, philanthropy has witnessed a major shift. Wealthy individuals, families, and corporations are looking to give more, to give more strategically, and to increase the impact of their social investments.

Organizations such as the Bill and Melinda Gates Foundation have become increasingly high profile — but at the same time, some governments, including India and China, have sought to limit the spread of cross-border philanthropy in certain sectors.

As the world is falling well short of raising the $ 5-7 trillion of annual investment needed to achieve the UN’s Sustainable Development Goals, UBS sees the report findings as a call for philanthropists to work together to scale their impact.

Understanding this need for collaboration, UBS has established a global community where philanthropists can work together to drive sustainable impact.

Established in 2015 and with over 400 members, the Global Philanthropists Community hosted by UBS is the world’s largest private network exclusively for philanthropists and social investors, facilitating collaboration and sharing of best practices.

Josef Stadler, head of ultra high net worth wealth, UBS Global Management, said: “This report takes a much-needed step toward understanding global philanthropy so that, collectively, we might shape a more strategic and collaborative future, with philanthropists leading the way toward solving the great challenges of our time.”

This week Saudi Arabia said it would provide an additional $100 million of humanitarian aid in Syria, through the King Salman Humanitarian Aid and Relief Center.

The UAE also this week said it had contributed $192 million to a housing project in Afghanistan through the Abu Dhabi Fund for Development.