Dana Gas swung back to profit in the fourth quarter of last year after almost doubling its Egyptian oil and gas reserves.
The Sharjah company's net income for the final three months of last year reached Dh59 million (US$16m), compared with a loss of Dh193m loss for the same period in 2009. Revenue increased 46 per cent to Dh539m, according to preliminary year-end data.
Dana's full-year profit last year rose 80 per cent compared with 2009 to Dh158m on Dh1.79 billion of revenue. A 22 per cent production increase from its Egyptian reserves accounted for most of the company's sales increase.
Ahmed al Arbeed, the chief executive of Dana, said he was optimistic about all of the company's projects, despite the political turmoil in Egypt and a long-running dispute over Iranian gas exports to Sharjah.
"Egypt has not changed [for us] at all. We are still producing there. We don't really expect problems," Mr al Arbeed said.
Even in the case of a regime change, the administration overseeing the country's oil and gas sector would stay intact, he predicted.
"The system in the Egyptian oil sector is well established. There are over 70 operators in Egypt … the contracts will continue." Mr al Arbeed said Dana did have a plan for evacuating expatriate staff working in Egypt because communications from within the country had become difficult.
Gaffney Cline, the UK advisory firm, assessed Dana's proved reserves in Egypt at 89 million barrels of oil equivalent (boe) at the end of last year, up from 47 million boe at the end of 2009. The company was producing 42,000 boe a day from Egypt at the end of last year.
Mr al Arbeed said he had not given up on Dana's long-delayed plan to market Iranian gas in the UAE that its Sharjah affiliate Crescent Petroleum had expected to start importing five years ago.
"We cannot forget this important project," he said. "This concerns the country where we have our headquarters. We promised the people that we would bring the gas, so we will do this."
Crescent served the National Iranian Oil Company (NIOC) with an arbitration notice in July 2009. A ruling was expected towards the end of this year, Mr al Arbeed said.
"We understand that NIOC has recently introduced hydrocarbons into the completed upstream facilities within Iran to progress the commissioning and testing activities," Dana said in its preliminary year-end report.
"This potentially allows for contractual gas deliveries to commence." In Iraqi Kurdistan, where the Pearl Petroleum consortium in which Dana holds a 40 per cent interest has been supplying gas to two power stations for the past two years, an agreement between the regional government and Iraq's federal government is in the final stages of negotiation.
It would allow Pearl to recover the cost of its investment, Mr al Arbeed said.
"We expect to get our money back," he said. "We are one of the major investors in the region."
Dana's investment in Kurdistan exceeds Dh1.3bn, the company said. Further development of the Kurdish gas reserves is planned to supply fuel and feedstock to local industries.
Mr al Arbeed said he hoped some of the gas would eventually be exported because that would be in the interests of both Kurdistan and Iraq.
Extending Pearl's existing gas pipeline from Erbil, the Kurdish regional capital, to the Turkish border would not be a problem, he said.
In the UAE, Dana is developing a small offshore gasfield jointly owned by Sharjah and Ajman. The main elements of a sales agreement for the gas have been finalised with the Government of Sharjah and first production from the field is expected next year, Mr al Arbeed said.
tcarlisle@thenational.ae
Sugary teas and iced coffees
The tax authority is yet to release a list of the taxed products, but it appears likely that sugary iced teas and cold coffees will be hit.
For instance, the non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Cold coffee brands are likely to be hit too. Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
The years Ramadan fell in May
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
