Frank Kane’s Davos diary: Food for thought as Aramco’s Amin Nasser hosts Davos

Saudi Aramco CEO Amin Nasser at the World Economic Forum in Davos, Switzerland on Jan. 23, 2020. (Saudi Aramco)
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Updated 24 January 2020

Frank Kane’s Davos diary: Food for thought as Aramco’s Amin Nasser hosts Davos

  • The theme of the reception was “the art of the possible,” aiming to highlight Aramco’s huge investment in energy technology
  • Among the foreseen events were the release of audited reserves estimates showing Aramco — officially — as the world’s biggest oil company

DAVOS: Rapidly becoming a highlight of the hectic Davos calendar is the Saudi Aramco reception and dinner, held for the past two years now at the InterContinental Hotel on the outskirts of the Alpine resort.

The egg-shaped InterConti is one of the bigger and newer establishments here, very different in style from most of the other traditional Swiss hotels. It exudes corporate power and influence and is a fitting venue for the most valuable company in history to host friends, clients and would-be partners for a few informal hours.

On Wednesday, the hotel was virtually an extension of Riyadh. In addition to the Aramco event, there was also a big presence by the Saudi Arabian General Investment Authority (SAGIA), with its slogan “Saudi Arabia: Now Live” in prominent view in the bustling lobby.

The Aramco event — hosted of course by chief executive officer Amin Nasser — was a gathering of some of the most powerful people in the Kingdom, as well as a number of the great-and-good of the energy world and representatives of the global elite.

The Saudi Energy Minister Prince Abdul Aziz bin Salman chatted amiably with guests, none the worse for wear from the door-stepping he had got from the Western press earlier in the day, which had caused a storm of disapproval on Saudi domestic media. He had a few words for everyone.

Yasir Al-Rumayyan, governor of the Saudi Public Investment Fund and chairman of Armco, was in attendance too, enjoying the refreshments and canapes of the gathering.

The theme of the reception — held in the InterConti’s cavernous basement function hall — was “the art of the possible,” aiming to highlight Aramco’s huge investment in energy technology, its big global research and development commitment, and its awareness of climate-change issues. “We are more than just a petrol pump,” was the message.

One neat synergy between traditional Saudi life and modern technology was the story of Mohamed Amanullah, leader of Aramco’s Advanced Research Center, who devised a way of using discarded date seeds — suitably processed — as a filter in the oil-drilling process. “It shows heritage and sustainability in one place,” an Aramco aide explained.

The highlight of the soiree was an address from Nasser, who took the stage to thank guests for making the trek to the InterConti. He noted that Davos 2020 had the highest number ever of Saudi delegates.

“Last year was an exceptional year for Aramco, in a variety of areas; some of them planned, some not predicted,” he told the audience.

Among the foreseen events were the release of audited reserves estimates showing Aramco — officially — as the world’s biggest oil company; the record-breaking bond issue in spring; the finding by scientific experts that the Kingdom had the cleanest crude of any of the oil majors; and, of course, the biggest initial public offering in history last month and market recognition of the fact Aramco is the biggest listed company in the world.

Some unplanned events were also mentioned, notably the attacks on Aramco facilities last September that briefly halted most of the Kingdom’s oil industry, but which was overcome with rapid efficiency. The oil price spike was short lived.

“Our job is to fulfill the global need for affordable energy,” Nasser said, highlighting Aramco’s “responsibility and moral obligation” to help alleviate energy poverty in poorer countries, especially in sub-Saharan Africa.

Nasser finished with a pledge that Aramco’s hi-tech capabilities will be enhanced and expanded for the benefit of the world. “I am confident that we can use technology to remove carbon dioxide emissions and methane from the atmosphere,” he said.

That is a mission worthy of the biggest energy company on the planet and provided food for thought for the rest of the Davos evening.


First Abu Dhabi Bank and Egypt Post launch services drive

Updated 30 September 2020

First Abu Dhabi Bank and Egypt Post launch services drive

  • The First Abu Dhabi Bank is the largest bank in the United Arab Emirates

CAIRO: First Abu Dhabi Bank in Egypt has signed a memorandum of understanding with Egypt Post to boost financial inclusion in society and improve customer services.

The strategy is in line with the country’s plan to improve and develop communication channels with citizens and improve access to basic services.

The agreement was signed by Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank, and Sherif Farouk, Chairman of the National Postal Authority, Egypt Post.

A statement issued by First Abu Dhabi Bank said the memorandum of understanding will improve access to post offices, through which foreign remittances, salaries and pensions can be received and disbursed by Egyptians at home and abroad.

The partnership will also help the bank provide notification and collection services to customers, payments through its mobile smart wallet, services for collecting and paying customer dues, exchange and collection services for small and medium enterprises, credit services and contractual postal services.

The statement added that the agreement will build a culture of financial inclusion and awareness, while also reducing the cost of banking operations.

Farouk said that the memorandum will allow the authority to handle remittances of overseas Egyptians through its 4,000 Egypt Post branches across the country.

Fayed said the partnership is part of the bank’s strategy to boost access to customer services, whether individuals or companies.

He added that money transfers from outside Egypt are one of the most important sources of foreign currency for the country. Easing money transfers for Egyptians working abroad with First Abu Dhabi Bank via the National Postal Authority will increase the amount of remittance exchange outlets and transfers.

The First Abu Dhabi Bank is the largest bank in the United Arab Emirates and one of the biggest financial institutions in the world. Its network of branches are in 19 countries around the world, including Egypt.