The oil and gas industry should not be stigmatised in the climate debate and the sector has a role to play for an orderly energy transition, Reuters reported, quoting Opec leaders attending a climate event in Saudi Arabia.
Energy ministers from Saudi Arabia, the UAE and Iraq, the three largest members of the Organisation of Petroleum Exporting Countries (Opec), have gathered in the Saudi capital Riyadh for the UN Mena Climate Week.
Taking place in Riyadh from October 8 to 12 and hosted by Saudi Arabia, the discussions at Mena Climate Week will feed into the year-end UN Climate Change conference (Cop28) in Dubai.
“The three of us here as major hydrocarbon producers also have a responsibility to the world to provide the transition with enough hydrocarbon resources to make sure we are transitioning at a responsibly priced manner,” Reuters quoted Suhail Al Mazrouei, the UAE's Minister of Energy and Infrastructure, as saying on a panel that brought the three countries together.
“We cannot stop using the sources of energy we use today before we secure alternative, sustainable sources of energy for the future,” Saudi news agency SPA reported, quoting the minister.
Oil companies have come in for criticism for not moving fast enough on climate targets as chronic underinvestment in the oil and gas sector adds to crude market volatility.
The industry will need to take “multiple pathways” when it comes to the energy transition, heads of global oil and gas majors said at the Adipec 2023 recently.
Leaders of global energy heads have been urging governments to invest more in oil and gas projects at a time of energy crisis, which has been exacerbated by the Ukraine war.
Oil and gas upstream capital expenditure rose by 39 per cent to $499 billion last year, the highest level since 2014, the International Energy Forum said.
However, annual upstream spending needs to increase to $640 billion by 2030 to ensure adequate supplies, the IEF said.
Oil and gas is “very much needed” in the world and can continue to be produced, if you are producing in a way that’s better, Vicki Hollub, chief executive of Occidental Petroleum, said during a panel at Adipec 2023.
The world must increase clean energy spending from the $1.8 trillion expected in 2023 to $4.5 trillion per year by the start of the next decade to limit global warming to 1.5°C, the International Energy Agency said.
Countries also need to triple the global installed renewables energy capacity to 11,000 gigawatts by the end of the decade, the agency added.
The UAE will host the Cop28 climate summit in Dubai between November 30 and December 12, where countries will assess where they stand with regards to climate goals as part of a process called the global stocktake.
“Cop28 will deliver transformational outcomes for this region, and for the world,” Dr Sultan Al Jaber, Cop28 president-designate and UAE special envoy on climate change, said at the Mena Climate Week event on Sunday, according to Reuters.
“We have had 27 Cops, and you might be surprised to learn that 17 of them have been hosted in fossil fuel-producing nations,” said Mr Al Jaber, who is also the managing director and group chief executive of Adnoc.
“The fact is, energy is fundamental to everyone, everywhere.”
He said at the Adipec conference last week that the oil and gas industry is essential to solving current global energy challenges, including playing a “critical” role in scaling up renewable energy.
“Everyone must be at the table to make the transformational progress needed,” Dr Al Jaber told Adipec.
“No other industry has the same ability to manage [the] complexity, depth of knowledge, capital, technology and scale that is needed for the task at hand.”
“This industry can and must help to drive the solutions. For too long, this industry has been viewed as part of the problem, that it is not doing enough and, in some cases, even blocking progress,” he added.
Meanwhile, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman also said the industry should not be stigmatised and the world still needed hydrocarbons, Reuters reported.
“There is a case for us to be in oil and gas,” he told the Mena Climate Week event.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
25%20Days%20to%20Aden
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Five hymns the crowds can join in
Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday
Some 17 hymns will be sung by a 120-strong UAE choir
Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium
‘Christ be our Light’ as the entrance song
‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar
‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion
‘Tell out my Soul’ as the final hymn after the blessings from the Pope
The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’
There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia
The choir will be accompanied by a brass ensemble and an organ
They will practice for the first time at the stadium on the eve of the public mass on Monday evening
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Company%20profile
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