Arab billionaire businessman Majid Al Futtaim dies

Arab billionaire businessman Majid Al Futtaim dies
Majid Al Futtaim, left, with Ruler of Dubai Sheikh Rashid bin Saeed. (Wikimedia Commons)
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Updated 17 December 2021

Arab billionaire businessman Majid Al Futtaim dies

Arab billionaire businessman Majid Al Futtaim dies
  • Al Futtaim established Majid Al Futtaim (MAF) in 1992, a conglomerate that develops shopping malls across the Middle East and North Africa
  • He was ranked the third-richest Arab businessman by Forbes Magazine this year with a family fortune of $3.6 billion

DUBAI: Prominent UAE businessman Majid Al Futtaim, who founded retailing and entertainment giant MAF, has died, Dubai’s ruler said on Friday in a Twitter post paying tribute to one of the emirate’s pioneers “who gave back to the nation.”
Al Futtaim, who was born in the 1930s according to local media, in 1992 established Majid Al Futtaim (MAF), a conglomerate that develops shopping malls across the Middle East and North Africa.
He was ranked the third-richest Arab businessman by Forbes Magazine this year with a family fortune of $3.6 billion.
“May God have mercy on our brother Majid Al Futtaim, a pioneering businessman and one of the most important in Dubai and among its greatest men who gave back to the nation,” Dubai ruler Sheikh Mohammed bin Rashid Al-Maktoum tweeted.
He referenced MAF’s decision this year to hire 3,000 Emiratis over the next five years.


Chelsea draws trip to Manchester City in FA Cup third round

Chelsea draws trip to Manchester City in FA Cup third round
Updated 2 min 27 sec ago

Chelsea draws trip to Manchester City in FA Cup third round

Chelsea draws trip to Manchester City in FA Cup third round
  • Chelsea will head to Manchester when the big guns enter the competition over the weekend of Jan. 6-9

LONDON: To reach a fourth consecutive FA Cup final, Chelsea will have to go through Manchester City in the third round.
Chelsea will head to Manchester when the big guns enter the competition over the weekend of Jan. 6-9.
The Blues have made it to Wembley in each of the last three years, but have ultimately gone down to Arsenal, Leicester and Liverpool respectively.
Liverpool, which beat Chelsea on penalties last season to lift the trophy for the eighth time, launches its defense at Anfield against English Premier League struggler Wolverhampton.
Erik ten Hag will get his first taste of world football’s oldest club competition when Manchester United hosts Everton. West Ham makes the short trip to Brentford, and Southampton travels to Crystal Palace.
Premier League leader Arsenal and high-flying Newcastle drew away games at League One sides Oxford and Sheffield Wednesday.
Tottenham hosts League One’s Portsmouth, and Brighton travels to Middlesbrough in FA Cup winner Michael Carrick’s first taste of the competition as Boro boss. Championship rivals Cardiff host Leeds, and Burnley go to Bournemouth.
Nottingham Forest and Fulham both face second-tier opposition on the road in the shape of Blackpool and Hull respectively.
Aston Villa welcome fourth-tier Stevenage, and Leicester face either fifth-tier Dagenham & Redbridge or League Two’s Gillingham.


More than 300 dead in Iran unrest: Guards general

More than 300 dead in Iran unrest: Guards general
Updated 21 min 18 sec ago

More than 300 dead in Iran unrest: Guards general

More than 300 dead in Iran unrest: Guards general
  • The toll includes dozens of police, troops and militia killed in clashes with demonstrators or murdered

TEHRAN: More than 300 people have been killed in Iran since protests erupted over the death in morality police custody of Mahsa Amini on September 16, a Revolutionary Guards general said Tuesday.
“Everyone in the country has been affected by the death of this lady. I don’t have the latest figures, but I think we have had perhaps more than 300 martyrs and people killed in this country, including children, since this incident,” Brig. Gen. Amirali Hajjizadeh, head of the Guards’ aerospace division, said in a video published by the Mehr news agency.
The toll includes dozens of police, troops and militia killed in clashes with demonstrators or murdered.
The latest official toll is much closer to the figure of at least 416 “killed in the suppression of protests in Iran” published by Oslo-based group Iran Human Rights.
The group says its toll includes those killed in violence related to the Amini protests and in distinct unrest in the southeastern province of Sistan-Baluchistan.


UAE brings forward oil production capacity expansion to 2027

UAE brings forward oil production capacity expansion to 2027
Updated 28 min 44 sec ago

UAE brings forward oil production capacity expansion to 2027

UAE brings forward oil production capacity expansion to 2027

DUBAI: The board of Abu Dhabi’s ADNOC endorsed plans on Monday to bring forward the company’s five million barrel per day oil production capacity expansion to 2027 from a previous target of 2030, to meet rising global energy demand, according to Reuters.

The UAE’s hydrocarbon reserves increased by 2 billion stock tank barrels of mostly Murban-grade crude and 1 trillion standard cubic feet of natural gas in 2022, the state oil firm said in a statement.

The additional reserves increase the UAE’s reserve base to 113 billion STB of oil and 290 TSCF of natural gas.

ADNOC’s board of directors, which was chaired by the UAE’s President Sheikh Mohammed bin Zayed on Monday, also approved the creation of ADNOC Gas.

A gas processing and marketing entity to be effective from January, the company will combine the operations, maintenance and marketing of ADNOC Gas Processing and ADNOC LNG into one consolidated entity.

ADNOC said it plans to float a minority stake in the new company on the Abu Dhabi Securities Exchange in 2023.

A five-year business plan and capital expenditure of 550 billion dirhams ($150 billion) for the period 2023-2027 was also approved by the board to enable the company’s growth strategy.

ADNOC will also create a low carbon solutions and international growth vertical focused on new energies, gas, LNG and chemicals. The board directed the firm to pursue a net zero by 2050 ambition to support the UAE’s drive toward net zero carbon.

“The world needs maximum energy, minimum emissions and it needs all the energy solutions if we are to ensure global energy security,” ADNOC’s chief Sultan Al-Jaber was quoted as saying in the statement.

 


S&P Global lowers 2023 growth forecast for emerging markets

S&P Global lowers 2023 growth forecast for emerging markets
Updated 34 min 9 sec ago

S&P Global lowers 2023 growth forecast for emerging markets

S&P Global lowers 2023 growth forecast for emerging markets

BENGALURU: S&P Global Ratings lowered its 2023 growth forecast for emerging economies on Tuesday, citing persistent pressures from the Russia-Ukraine conflict, a lingering COVID-19 pandemic and tight monetary policy conditions, according to Reuters.

The ratings agency now projects real gross domestic product growth of 3.8 percent next year, down from its previous forecast of a 4.1 percent expansion.

“The downward revision to growth comes from all EMs (emerging markets) excluding China and Saudi Arabia, with most economies poised to expand below their longer-run trend rates,” it said, adding that forecasts for 2024 and 2025 remain broadly unchanged, averaging at 4.3 percent.

While inflation in emerging markets have passed the peak or are peaking soon on the back of declining food and fuel inflation, it is still poised to remain above central banks’ targets in many economies, forcing monetary policies to stay restrictive, the agency warned.

“But the deceleration in inflation--coupled with a worsening growth outlook--could bring policy easing onto the agenda in several EMs, especially in Latin America, by the middle of next year,” S&P said.

 


Oil Updates — Crude prices up; Chevron awaits Venezuelan oil cargoes

Oil Updates — Crude prices up; Chevron awaits Venezuelan oil cargoes
Updated 29 November 2022

Oil Updates — Crude prices up; Chevron awaits Venezuelan oil cargoes

Oil Updates — Crude prices up; Chevron awaits Venezuelan oil cargoes

RIYADH: Oil rebounded on Tuesday after falling to more than 11-month lows in the previous session, as investors weighed a potential output adjustment from the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, who are set to have a key meeting this week.

Brent crude futures advanced $1.81, or 2.2 percent, and traded at $85.00 a barrel at 0446 GMT. US West Texas Intermediate crude futures rose $1.37, or 1.8 percent, to $78.61 a barrel.

Brent settled down 0.5 percent the previous day, having slumped more than 3 percent to $80.61 earlier in the session to its lowest since Jan. 4. WTI settled up 1.3 percent on Monday after touching its lowest since December 2021.

Chevron awaits Venezuelan oil cargoes, but PDVSA wants payments

Chevron Corp. aims to start receiving cargoes of Venezuelan oil as early as December after the oil company last week received a US license to do so, but Caracas may not be as eager because US sanctions restrict payments, people familiar with the matter told Reuters.

The US on Saturday granted Chevron a six-month license to operate in Venezuela, reinstating oil trading privileges it had, while preventing exchanges of cash and requiring the crude cargoes go to US refiners.

Executives at Venezuelan state firm PDVSA initially welcomed the authorization for a partial return to the US, once the country’s most important market. They are less enthusiastic after learning of license terms that will not allow Chevron to reimburse operational costs or pay taxes and royalties in Venezuela, according to the people.

PDVSA and Venezuela’s oil ministry did not immediately reply to requests for comment.

As of Nov. 23, Chevron’s largest joint oil venture in Venezuela had 1.79 million barrels of exportable crude in stock, a document seen by Reuters showed. Another oil processing project where it is a minority partner halted operations earlier this year due to accumulated inventories that could not be exported.

Talks with EU on Russia oil price cap going well: White House

A White House spokesperson on Monday said talks with the European Union about a Russian oil price cap are going well.

Spokesperson John Kirby told reporters that he did not see inordinate pressure to take more action on the cap.

(With input from Reuters)