VIENNA // The former rulers of the Habsburg dynasty stare down from their portraits high on the walls of Hofburg Palace, reminders of the power that once emanated from these marble halls.
Six centuries after their rise to reign, this baroque monument houses a conference centre that every two years hosts Opec and its followers - a centre of power in its own right.
As recently as January last year, Opec's linchpin Saudi Arabia was targeting an oil price of US$75 a barrel, and watched in amazement as futures markets soared above $100.
Today, many Opec ministers consider $100 an appropriate price floor, and some are pushing for a range as high as $120.
Thanks to that rally, Opec enjoyed a windfall last year, netting at least $1 trillion (Dh3.67tn), the group's highest take ever.
And the wealth and power were in full view last week. Outside the palace, rows of glistening black Mercedes dropped-off the delegate.
Ministers traded in their kanduras for dapper suits and met in rooms hidden behind mirror-clad walls. Oil analysts lunched on salmon and sorbets before taking home porcelain plates from Limoges, gifts from Saudi Aramco.
In the 1,000 square metre Festival Hall, Hofburg's biggest, golden chandeliers illuminated cornices carved with the clusters of plump grapes - an ample harvest.
The ministers, however, are aware the good times may not last forever.
A weakened world economy in which growth is slowing even in China, and has come to a near standstill in developed nations, threatens oil demand.
"An obvious manifestation of this crisis is the economic deceleration in the developed countries, which has turned the possibility of a collapse in oil demand into a clear and present danger," warned Rafael Ramirez, the oil minister of Venezuela, which alongside Iran leads the group's price hawks.
In the long term, Opec crude has to compete with oil and gas North American companies are unlocking from shale formations, and nations from Poland to China are gearing up to do the same.
Major oil companies are stretching other drilling frontiers in the Russian Arctic and fields buried under kilometres of ocean and salt layers off Brazil's coast.
"Technology is pushing back the peak of oil," Ryan Lance, the chief executive of ConocoPhillips told ministers.
[ ayee@thenational.ae ]
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
Mission: Impossible - Dead Reckoning Part One
Director: Christopher McQuarrie
Stars: Tom Cruise, Hayley Atwell, Pom Klementieff, Simon Pegg
Rating: 4/5
SPEC SHEET: APPLE IPHONE 15 PRO MAX
Display: 6.7" Super Retina XDR OLED, 2796 x 1290, 460ppi, 120Hz, 2000 nits max, HDR, True Tone, P3, always-on
Processor: A17 Pro, 6-core CPU, 6-core GPU, 16-core Neural Engine
Memory: 8GB
Capacity: 256/512GB / 1TB
Platform: iOS 17
Main camera: Triple: 48MP main (f/1.78) + 12MP ultra-wide (f/2.2) + 12MP 5x telephoto (f/2.8); 5x optical zoom in, 2x optical zoom out; 10x optical zoom range, digital zoom up to 25x; Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting
Main camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, HD @ 30fps, slo-mo @ 120/240fps, ProRes (4K) @ 60fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
Front camera: 12MP TrueDepth (f/1.9), Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting; Animoji, Memoji
Front camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, slo-mo @ 120/240fps, ProRes (4K) @ 30fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
Battery: 4441mAh, up to 29h video, 25h streaming video, 95h audio; fast charge to 50% in 30min (with at least 20W adaptor); MagSafe, Qi wireless charging
Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Apple Pay), second-generation Ultra Wideband chip
Biometrics: Face ID
I/O: USB-C
Durability: IP68, water-resistant up to 6m up to 30min; dust/splash-resistant
Cards: Dual eSIM / eSIM + eSIM (US models use eSIMs only)
Colours: Black titanium, blue titanium, natural titanium, white titanium
In the box: iPhone 15 Pro Max, USB-C-to-USB-C woven cable, one Apple sticker
Price: Dh5,099 / Dh5,949 / Dh6,799
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
More from Neighbourhood Watch
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 7-speed dual-clutch auto
Fuel consumption: 10.5L/100km
On sale: Now
Price: From Dh129,999 (VX Luxury); from Dh149,999 (VX Black Gold)
Company profile
Date started: January 2022
Founders: Omar Abu Innab, Silvia Eldawi, Walid Shihabi
Based: Dubai
Sector: PropTech / investment
Employees: 40
Stage: Seed
Investors: Multiple
Traces of Enayat
Author: Iman Mersal
Publisher: And Other Stories
Pages: 240
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Read more from Aya Iskandarani
Race card
6pm: Al Maktoum Challenge Round 1 – Group 1 (PA) $50,000 (Dirt) 1,600m
6.35pm: Dubai Racing Club Classic – Handicap (TB) $100,000 (D) 2,410m
7.10pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
7.45pm: Jumeirah Classic Trial – Conditions (TB) $150,000 (Turf) 1,400m
8.20pm: Al Maktoum Challenge Round 1 – Group 2 (TB) $250,000 (D) 1,600m
8.55pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
9.30pm: Ertijaal Dubai Dash – Listed (TB) $100,000 (T) 1,000m
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Points classification after Stage 4
1. Arnaud Demare (France / FDJ) 124
2. Marcel Kittel (Germany / Quick-Step) 81
3. Michael Matthews (Australia / Sunweb) 66
4. Andre Greipel (Germany / Lotto) 63
5. Alexander Kristoff (Norway / Katusha) 43
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September