Oil producers join Saudi in carbon reduction compensation call



The International Energy Agency (IEA) and some oil-producing nations are going head to head over climate change, as Saudi Arabia and other exporters push to receive compensation for any fall in global oil consumption that could follow new limits on carbon emissions. The IEA executive director, Nobuo Tanaka, questioned the Saudi proposal at a press conference last week, noting OPEC revenues will still grow four-fold under a scenario in which the use of fossil fuels is strictly regulated.

"Do they really need to be compensated?" Mr Tanaka asked. Saudi Arabia has argued that just as low-lying nations such as Bangladesh are vulnerable to the effects of climate change, it is among the countries most likely to be hurt by an effort to cut the use of fossil fuels The Qatari minister of energy and industry, Abdullah al Attiyah, has added his support to the Saudi proposal. "If the world is asking us to put huge investment and they are asking to put in new capacity, we want to be sure that somebody will take this new capacity," he told Bloomberg.

The IEA, which was formed in 1974 to defend the interests of large oil-consuming nations, is usually focused on OPEC efforts to reduce output to increase prices. But current prices of about $75 a barrel have been described as an acceptable level for both sides. On climate change, the IEA argues that the cost of shifting to low carbon sources of energy is less than the costs of allowing a significant rise in global temperatures.

"IEA ministers acknowledged that the cost of inaction on climate change will be greater than the costs of action," the agency said in a communique from a ministerial meeting last week. But heavier costs will be borne by the highest emitters of carbon and suppliers of fossil fuels. The US Congressional Budget Office, a non-partisan body, said proposed legislation to curb carbon output in the US would cost the economy jobs as it reduced GDP by between 0.25 per cent and 0.75 per cent by 2020.

The US is the world's second-biggest emitter of greenhouse gases, after China. "Reducing the risk of climate change would come as some cost to the economy," the body's director, Douglas Elmendorf, told a congressional hearing. "Over the next decades the economic losses from policies to avert climate change would exceed the economic gains in terms of climate change." The costs to oil producers are disputed, as experts note that OPEC, with large, accessible reserves, is likely to still supply a significant quantity of crude to the market over the next several decades.

An IEA forecast released early this month showed that under a frequently cited scenario in which emissions are cut to hold global warming at2°C, world oil consumption in 2030 would be 15.3 million barrels per day less than in a business-as-usual scenario, leading to a 16 per cent fall in revenues. But due to the combined effect of higher oil prices and output, revenues would still be four times higher by 2030 than they were in the past 22 years, the IEA predicted.

* with Bloomberg @Email:cstanton@thenational.ae

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

ENGLAND SQUAD

For Euro 2024 qualifers away to Malta on June 16 and at home to North Macedonia on June 19:

Goalkeepers Johnstone, Pickford, Ramsdale.

Defenders Alexander-Arnold, Dunk, Guehi, Maguire, Mings, Shaw, Stones, Trippier, Walker.

Midfielders Bellingham, Eze, Gallagher, Henderson, Maddison, Phillips, Rice.

Forwards Foden, Grealish, Kane, Rashford, Saka, Wilson.

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

SPECS: Polestar 3

Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September

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

Company Profile

Company: Astra Tech
Started: March 2022
Based: Dubai
Founder: Abdallah Abu Sheikh
Industry: technology investment and development
Funding size: $500m

Key developments

All times UTC+4

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

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)

COMPANY PROFILE

Company: Growdash
Started: July 2022
Founders: Sean Trevaskis and Enver Sorkun
Based: Dubai, UAE
Industry: Restaurant technology
Funding so far: $750,000
Investors: Flat6Labs, Plus VC, Judah VC, TPN Investments and angel investors, including former Talabat chief executive Abdulhamid Alomar, and entrepreneur Zeid Husban