Oil price surges to highest level for seven years

 Oil prices on Jan. 18, 2022, were at their highest since 2014. (AFP)
Oil prices on Jan. 18, 2022, were at their highest since 2014. (AFP)
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Updated 19 January 2022

Oil price surges to highest level for seven years

Oil price surges to highest level for seven years
  • Increase fueled by growing demand as economic threat from omicron coronavirus variant recedes

DUBAI: The price of crude oil reached its highest level for seven years on Tuesday as demand for crude recovers from the pandemic recession, with some experts predicting it will go through the $100 per barrel mark next year.

Brent, the global benchmark, closed at $87.29, while the US standard, West Texas Intermediate, was not far behind at $85.24, both at the highest levels since late 2014.

Analysts said the main reason for the spike was the prospect of growing demand as markets take  an increasingly optimistic view on the omicron coronavirus variant.

US investment bank Goldman Sachs said Brent was likely to rise above $100 this year, with a deficit in supply likely because omicron’s negative effect on demand had so far been smaller than feared.

The oil exporters’ group OPEC said it expected global oil markets to remain “well supported” in 2022, and that the impact of the omicron variant would be “mild and short-lived.”

Robin Mills, chief executive of energy consultancy Qamar, told Arab News that the demand recovery was the main reason for the recent price surge.

However, there were also concerns that some members of the OPEC+ alliance of producers — led by Saudi Arabia and Russia — would not be able to meet their ever-increasing targets under the organization’s plans to restore market balance.

“Of course, the Kazakhstan, Libya and Abu Dhabi security issues have given some short-term impetus,” Mills said.

Other experts pointed to the possibility of a resurgence of American shale production at current price levels, as well as an increase in demand, especially in the US, as gasoline prices soared.


Al-Fayha shock Al-Hilal in King’s Cup final to claim first-ever major trophy

Al-Fayha shock Al-Hilal in King’s Cup final to claim first-ever major trophy
Updated 6 min 38 sec ago

Al-Fayha shock Al-Hilal in King’s Cup final to claim first-ever major trophy

Al-Fayha shock Al-Hilal in King’s Cup final to claim first-ever major trophy
  • The underdogs took the Saudi and Asian champions to extra time after holding them to a 1-1 draw in normal time, before winning 3-1 on penalties

Al-Fayha defeated Al-Hilal 3-1 in a penalty shootout on Thursday to claim the King’s Cup, the first major trophy in the club’s history.

After two hours of football ended 1-1 at the King Abdullah Sports City Stadium in Jeddah, the men from Al-Majma’ah were the ones celebrating after Panagiotis Tachtsidis fired home the decisive spot-kick.

It was a stunning ending to the game, during which a Salem Al-Dawsari goal deep into first-half stoppage time broke the deadlock and put Al-Hilal ahead, before Ramon Lopes equalized for the underdogs midway through the second half.

The Riyadh giants had more of the game in terms of possession and chances but nevertheless found it hard going against determined opponents who have the best defensive record in the country. Had Al-Hilal been a little more clinical during the opening exchanges it might have been a very different evening.

It was a breathless opening by the favorites. Coach Ramon Diaz had talked before the game about how his team needed to take their chances because Al-Fayha have the tightest defense in the country, and had they heeded those words Al-Hilal could have almost put the game beyond reach within the first 10 minutes.

With less than five minutes on the clock, the men in blue almost took the lead when Nasser Al-Dawsari burst through onto a loose ball in the area and lifted his shot over the goalkeeper. It was heading toward the back of the net when, almost out of nowhere, Hussein Al-Shuwaish appeared and hooked the ball clear. Soon after, Al-Fayha goalkeeper Vladimir Stojkovic got down low at his near post to save well from Odion Ighalo.

Five minutes later, Al-Hilal again came close. Moussa Marega sent over a perfect cross from the right side for Al-Dawsari, who arrived unnoticed and unmarked. Somehow, the winger managed to head wide with the goal at his mercy.

Al-Fayha weathered this early storm during the first 20 minutes, during which they did not even manage to secure one fifth of the possession, before finally starting to venture into opposition territory. At the midway point of the first half, Ahmed Bamsaud sent a header over the bar. By that time, the game had settled into a scrappy affair and it looked likely that the two teams would go in goalless at the break.

But with virtually the last kick of the half, Al-Dawsari struck. Collecting the ball from Salman Al-Faraj just inside the left side of the area, the 30 year old took a touch and, with the goalkeeper perhaps expecting a curler into the top corner, fired a low shot with his right foot that beat the diving Stojkovic at the near post.

The half-time show lasted more than 30 minutes and after the restart it took a little time for the game to rediscover its rhythm but Al-Fayha were noticeably more aggressive. After 66 minutes, the underdogs were back on level terms.

It was not a great goal to concede, from Al-Hilal’s viewpoint. Defender Ali Al-Bulaihi completely missed a cross from the right and Lopes got to the ball ahead of Jang Hyun-soo around the penalty spot. His shot on the turn should have been saved by Abdullah Al-Mayouf, who instead could only palm the ball onto the underside of the bar on its way into the net.

Al-Fayha could have gone on to win the game in normal time but were unable to take their chances. The pace slowed in extra time and the play became cagey once more.

After 98 minutes, Al-Hilal’s two Al-Dawsaris combined down the left but the goalscorer pulled his shot just wide. As you might expect, the Asian champions made almost all the running in the 30 minutes of extra time but were just not able to find a way through.

And so to penalties. The shootout started well for the favorites as Al-Mayouf saved the first spot kick but Ighalo failed to capitalize, hitting the bar. After Al-Fayha got off the mark by scoring their second penalty, Al-Faraj blasted his attempt wide and it was all uphill from there for Al-Hilal, especially after Stojkovic then saved well from Abdullah Al-Hamdan.

In the end, it was left to Tachtsidis to fire home with his left foot, giving Al-Fayha the win and the first major trophy in club history.

Al-Hilal are now left to focus on the league, starting with a massive clash against leaders Al-Ittihad on Monday.


Exclusive: Floyd Mayweather Jr talks life in Dubai ahead of Don Moore exhibition fight on top of Burj Al-Arab

Few boxers can match Mayweather’s remarkable unbeaten career in the ring. (AFP)
Few boxers can match Mayweather’s remarkable unbeaten career in the ring. (AFP)
Updated 27 min 32 sec ago

Exclusive: Floyd Mayweather Jr talks life in Dubai ahead of Don Moore exhibition fight on top of Burj Al-Arab

Few boxers can match Mayweather’s remarkable unbeaten career in the ring. (AFP)
  • Only a select group of VIPs will be at the bout, which was postponed from last week after the passing of UAE President Sheikh Khalifa bin Zayed Al-Nahyan

DUBAI: For most of his career as one of the greatest boxers of all time, Floyd Mayweather Jr, was used to being on top of the world.

This weekend, he will, in a very literal sense, return to the summit.

On Saturday, Mayweather Jr will step into the ring in Dubai at the helipad of Burj Al-Arab, although only a select group of Sheikhs and VIPs will see the legendary 45-year-old American fighter take on Don Moore. 

The event will be the world’s first NFT Sporting event, with Mayweather earning a reported amount of $25 million.

Currently, he is spending time with celebrity friend, Tamer Hassan, renowned British Hollywood actor and humanitarian, and Hassan’s close friend, celebrity publicist and real estate power broker, Kas Syed for Espace Real estate alongside friend and American footballer, Antonio Brown.

Mayweather was due in the ring last weekend but the fight was postponed due to the passing of UAE President Sheikh Khalifa.

"I am saddened by the passing of HH Sheikh Khalifa and will continue to support this amazing country, I love coming here and will continue to invest and broaden my business into Dubai" He told Arab News.

Few boxers can match Mayweather’s remarkable unbeaten career in the ring. From 1996 until his retirement in 2017, he won 15 world titles, ranging from super featherweight to light middleweight.

Like Hassan and Syed, Floyd now retired and a boxing promoter himself, still misses being in the ring. For many boxing experts and fans, he is the greatest pound for pound boxer of modern times.

Mayweather seems to be enjoying his time in Dubai, in and outside the gym.

The boxer has spent the week skiing in the mall of the Emirates, splashing out in Dubai mall, visited the Museum of the Future and topped it off with a luxury cruise on a yacht hosted by Espace Real Estate and Superfly Yachts DXB. Mayweather also treated his closest friends and family to a whopping 150 burgers and 150 pizzas.

Asked if he has any plans to bring his talent elsewhere in the region, Mayweather told Arab News: “The Middle East is always welcoming and combat sports is growing fast in the region. As the name says, Money May, if it makes sense, I am there.”


Everton seal Premier League survival after epic escape, Burnley out of bottom three

Everton seal Premier League survival after epic escape, Burnley out of bottom three
Updated 40 min 4 sec ago

Everton seal Premier League survival after epic escape, Burnley out of bottom three

Everton seal Premier League survival after epic escape, Burnley out of bottom three
  • Their thrilling comeback was a microcosm of Lampard’s reign since he took over in January, with Everton staring disaster in the face before pulling back from the brink
  • Thursday’s drama was only an appetizer for what will be a thrilling final day of the season

LONDON: Everton staged a dramatic fightback from two goals down to preserve their Premier League status with a 3-2 win against Crystal Palace, while Burnley climbed out of the relegation zone after a 1-1 draw at Aston Villa on Thursday.

Frank Lampard’s side recovered from conceding twice in the first half as Michael Keane and Richarlison netted after the break before Dominic Calvert-Lewin’s late winner sparked wild celebrations at Goodison Park.

After a nerve-jangling battle to avoid playing outside the top-flight for the first time since 1954, Everton can finally relax with one game to play.

Their thrilling comeback was a microcosm of Lampard’s reign since he took over in January, with Everton staring disaster in the face before pulling back from the brink.

Everton are four points above the relegation zone, leaving fourth-bottom Burnley and third-bottom Leeds scrapping for survival.

“It is the character of this club, the fans and the players that dragged us through,” Lampard said.

“The players to a man were incredible. The fans lifted them and we created a special night in Everton’s history.

“The spirit of the club was immense. I’m overwhelmed.”

Burnley, who host Newcastle in Sunday’s final round of fixtures, climbed above Leeds on goal difference thanks to their point at Villa.

They will be safe if they match Leeds’ result at Brentford on the last day.

Whatever happens at the weekend is unlikely to surpass the emotion at Goodison, where fans wept tears of joy during a frenzied post-match pitch invasion.

The celebrations turned nasty when supporters taunted Palace boss Patrick Vieira, who responded by kicking one fan.

Palace had silenced the boisterous crowd with their 21st minute opener.

Vitalii Mykolenko allowed Jean-Philippe Mateta to get in front of him and the Palace forward headed in Eberechi Eze’s free-kick.

Several bottles were thrown toward Mateta and the atmosphere turned even more toxic in the 36th minute when Jordan Ayew poked home after Abdoulaye Doucoure failed to clear.

But Lampard had labelled the game “all or nothing” and Michael Keane gave Everton a vital 54th minute lifeline, the defender applying the finishing touch from Mason Holgate’s header.

Revitalized, Everton laid seige to the Palace goal and Richarlison hooked the equalizer past Jack Butland in the 75th minute.

With Goodison at fever pitch, Dominic Calvert-Lewin completed the comeback in the 85th minute with a clinical header that sparked a jubilant pitch invasion.

At Villa Park, Burnley’s Maxwel Cornet won a penalty on the stroke of halftime when he was bundled over by Emiliano Buendia.

Ashley Barnes sent Emiliano Martinez the wrong way with a cool strike for his first goal since February 2021.

In the 48th minute, Buendia volleyed Villa’s equalizer, with Burnley protesting that a foul throw should have been given in the buildup.

Burnley finished with 10 men after Matt Lowton was sent off for a high tackle on Calum Chambers in stoppage-time.

“Terrific point for us. We’re at home on the last day and it’s in our hands,” Burnley interim boss Mike Jackson said.

Chelsea effectively guaranteed a third place finish with a 1-1 draw against Leicester at Stamford Bridge.

Given their vastly superior goal difference advantage over fourth placed Tottenham, who sit three points behind them, the FA Cup runners-up will not be caught.

James Maddison gave Leicester a sixth minute lead from the edge of the area before Marcos Alonso volleyed home in the 35th minute.

Thursday’s drama was only an appetizer for what will be a thrilling final day of the season.

Manchester City will be crowned champions for a fourth time in five seasons if they beat Villa at the Etihad Stadium.

But second placed Liverpool, one point behind Pep Guardiola’s team, would steal the title if City drop points and they defeat Wolves at Anfield.

In the battle to qualify for next season’s Champions League, Tottenham need to win at Norwich to be certain of pipping Arsenal, who host Everton and are two points behind their north London rivals.

Manchester United can qualify for the Europa League with a win at Palace, although they would drop into the Europa Conference League with a defeat and a West Ham victory at Brighton.


Saudi dialogue sessions to stimulate creativity and innovation in Hajj and Umrah

Saudi dialogue sessions to stimulate creativity and innovation in Hajj and Umrah
Updated 57 min 54 sec ago

Saudi dialogue sessions to stimulate creativity and innovation in Hajj and Umrah

Saudi dialogue sessions to stimulate creativity and innovation in Hajj and Umrah
  • Challenges faced by the Hajj and Umrah sector were discussed

MAKKAH: Saudi Arabia hosted a two-day session of virtual dialogue this week, aimed at “stimulating creativity and innovation in the field of Hajj and Umrah.”

The discussions addressed the challenges faced by the Hajj and Umrah sector, pioneering ideas in this field, and ways of promoting innovation within the sector.

Hisham Saeed, spokesman and undersecretary for Hajj and Umrah services at the Ministry of Hajj and Umrah, stressed that creativity and innovation are key pillars of Saudi Vision 2030.

“We aspire to impress the pilgrim throughout his journey, thanks to a creative and innovative work system in the field of Hajj and Umrah,” he said.

“If we want to innovate, we must have an ambitious vision founded on excellence and quality,” said Mohammed Saati, spokesman for the Hajj Smart Card Project. “The Ministry of Hajj and Umrah hopes to make the Hajj smart card a key tool in all pilgrims’ journey in the Kingdom.”

Dr. Naeem Al-Bihani, associate professor of entrepreneurship and head of business administration at Umm Al-Qura University, said the best ideas are generated in a stimulating culture and environment. “Innovation is not just about techniques and systems, it’s a way of life for individuals and institutions in all disciplines,” he noted.

Sami Sarhan, head of industrial partnerships at the King Abdullah University of Science and Technology, said it is vital to develop services provided to pilgrims from their arrival in the Kingdom until their safe return home.

Dr. Ammar Attar, CEO of Manaafi Consulting, stressed that a culture of innovation is essential for the Hajj and Umrah system.
 


Djibouti becomes 10th member of Digital Cooperation Organization

Djibouti becomes 10th member of Digital Cooperation Organization
Updated 20 May 2022

Djibouti becomes 10th member of Digital Cooperation Organization

Djibouti becomes 10th member of Digital Cooperation Organization
  • Saudi initiative aims to promote social prosperity through more inclusive participation and growth across the digital economy

RIYADH: Djibouti has officially joined the membership of the Digital Cooperation Organization, a Saudi initiative that brings together nations, businesses, civil society groups, academics, and R & D institutions to promote social prosperity through more inclusive participation and growth across the digital economy. 

Djibouti Ambassador to Saudi Arabia Dya-Eddine Said Bamakhrama signed the DCO’s founding charter in a ceremony organized at the embassy in Riyadh, and in the presence of the DCO’s secretary-general, Deemah Al-Yahya, and Omar Al-Nimr, director of governmental and international relations in the organization.

“I signed the foundation charter of the DCO for Djibouti to be a member of this new organization focusing on digital prosperity for all. Deemah Al Yahya, secretary-general of the DCO, was present during the signing at the Djibouti Embassy,” the ambassador tweeted on Wednesday.

With the signing of the charter, Djibouti becomes the 10th member country and the fourth in Africa to join the membership of the organization, which includes Saudi Arabia (the headquarters country), Jordan, Bahrain, Pakistan, Rwanda, Oman, Kuwait, Morocco and Nigeria.

HIGHLIGHT

Founded by Saudi Arabia, Bahrain, Jordan, Kuwait and Pakistan, the Digital Cooperation Organization is driven by the vision of a digital future for all. It aims to empower women, youth and entrepreneurs, expanding the digital economy and advancing with innovation.

Morocco joined as the ninth member state of the DCO last month. The DCO was launched after Saudi Arabia’s G20 presidency at the G20 Summit in November 2020, where there was great focus on the digital economy, especially in education and health in response to the challenges of the COVID-19 pandemic.

Founded by Saudi Arabia, Bahrain, Jordan, Kuwait and Pakistan, the DCO is driven by the vision of a digital future for all. It aims to empower women, youth and entrepreneurs, expanding the digital economy and advancing with innovation.

Bamakhrama told Arab News on Thursday: “The DCO is interested in digitization in the field of administration and the economy, and works with governments, civil society, international organizations and the private sector in promoting comprehensive digital transformation within member states by adopting initiatives focused on the digital economy and supporting women, youth and entrepreneurs in this field.”

Bamakhrama added that countries in the DCO are part of a broader network for building global partnerships that develop common digital ambitions.

The ambassador said that the organization aims to achieve diversification and economic and social prosperity, thanks to the growth opportunities provided by the digital transformation of the public sector.

“Djibouti joining the organization comes within the framework of an ambitious national will to adopt digitization, with the aim of responding to many challenges and finding sustainable solutions to them, and providing an exceptional environment for work, living and prosperity in Djibouti,” said the ambassador.

Djibouti’s entry to the DCO comes after Minister of State in charge of Digital Economy and Innovation Maryam Hamdo Ali visited Saudi Arabia in late March, when she met with many senior officials specialized in information technology and digitization.

“In Djibouti, digital technology occupies an important place in the program of President Ismail Omar Guelleh to promote national development at various levels,” said the ambassador.