Adnoc Distribution, UAE's biggest fuel distributor, said on Sunday it has secured a trade licence to operate in Saudi Arabia, its first foray outside the home market as the kingdom's planned phasing out of fuel subsidies attracts retailers.
The retail brand of state-owned Abu Dhabi National Oil Company was "committed to opening one service station in Saudi Arabia in 2018," it said in a statement.
Adnoc floated its fuel retail business in December on the Abu Dhabi Securities Exchange as it looked to build a leaner business model. Adnoc Distribution, which has also targetted Dubai for expansion, grew its net profit 6.8 per cent year-on-year in the fourth quarter on the back of higher oil prices and an increase in fuel sales. The company holds around 67 per cent of the UAE market share by number of retail fuel service stations.
Saudi Arabia's municipal and rural affairs ministry, which regulates the kingdom's fuel stations, issued the award in Riyadh. The kingdom said in its budget for 2018 in December that it would raise domestic prices for gasoline and jet fuel in this year as it looks to phase out subsidies completely by 2025.
The move has opened doors for private players such as Adnoc Distribution to enter the fray with more competitive fuel offerings.
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Read More:
Adnoc Distribution to expand into Dubai and Saudi Arabia in 2018
Adnoc Distribution fourth-quarter profit rises 6.8% on higher oil prices
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Adnoc Distribution, which holds a virtual monopoly in Sharjah and Abu Dhabi, has been targetting growing its footprint, with rollout of at least 13 new fuel stations this year, besides an expansion of three existing facilities.
The fuel retailer currently operates 360 service stations and 235 Oasis convenience stores, making it the biggest operator in the segment. The company also leases retail and other space at its service stations to tenants that include fast food chains such as McDonald’s, Burger King and KFC.
The distributor announced a tie-up in March with food retail group Urban Foods to open Géant-branded stores at a number of its service stations.
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Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
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Assassin's%20Creed%20Mirage
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Starfield
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Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
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Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
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Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
Mohammed bin Zayed Majlis
