Adnoc Global Trading's hub in Abu Dhabi Global Market. The launch of ICE Futures Abu Dhabi and the Murban futures contract represents an historic moment for Adnoc, Abu Dhabi and the UAE. Adnoc
Adnoc Global Trading's hub in Abu Dhabi Global Market. The launch of ICE Futures Abu Dhabi and the Murban futures contract represents an historic moment for Adnoc, Abu Dhabi and the UAE. Adnoc
Adnoc Global Trading's hub in Abu Dhabi Global Market. The launch of ICE Futures Abu Dhabi and the Murban futures contract represents an historic moment for Adnoc, Abu Dhabi and the UAE. Adnoc
Adnoc Global Trading's hub in Abu Dhabi Global Market. The launch of ICE Futures Abu Dhabi and the Murban futures contract represents an historic moment for Adnoc, Abu Dhabi and the UAE. Adnoc

Murban Futures mirror the UAE's rise on the world stage


  • English
  • Arabic

Tomorrow, a new era will begin for global oil markets, when the first Murban futures contract is sold on the opening day of trading on ICE Futures Abu Dhabi: a new independent energy commodities exchange that will be hosted at Abu Dhabi Global Market.

The launch of ICE Futures Abu Dhabi and the Murban futures contract represents an historic moment for Adnoc, Abu Dhabi and the UAE. As a centre of gravity for the world's energy needs, our nation has long been a reliable supplier. Now, with the entry of our largest crude grade into the global futures market, we will create more value from the energy we produce.

The new Abu Dhabi-based exchange, IFAD, will essentially liberalise access to Murban by transforming the UAE’s flagship crude into a freely traded global commodity. Preferred by many refineries across Asia, about 60 customers in 30 markets choose Murban for its consistent quality, reliable production volumes, stable supply and capacity to increase to meet flexible demand. As demand for oil continues to grow, Murban will be ideally placed to fulfil it. Abu Dhabi and the UAE will gain more value from a product that is freely traded at a price that the market sets, and price transparency will allow our customers to better hedge and manage their market risks. Importantly, for energy-consuming economies, this will increase access to some of the world's least carbon-intensive barrels, as Murban’s carbon intensity is less than half the industry average, giving it a distinct competitive advantage.

When oil first flowed from a well in 1953 about 100 kilometres west of the city of Abu Dhabi, few predicted the impact it would have on our emerging nation. In fact, the first Murban well proved unproductive, but subsequent wells reached commercial viability by 1958, and on December 14, 1963 the first tanker-load of Murban oil was shipped to foreign shores. This marked the beginning of the Murban era, which would transform the economic and social trajectory of our country. Over the past five decades, the growth and enduring success of the Abu Dhabi National Oil Company has been inextricably linked to the development of the UAE, supporting the country's domestic economy, its geopolitical standing and its soft power influence throughout the world.

The Murban Futures contract represents the next step in that journey, and marks a step change in Adnoc's progress as a proactive player in oil markets. This evolution began with the formation of Adnoc's trading arms, beginning in 2019, which enabled the company to become an active market participant last year. An additional key enabler was the move from retroactive pricing of our Murban crude to forward pricing last March, a critical prerequisite to creating the Murban Futures Contract. Going forward, Murban will be destination-free, allowing buyers to sell it on without restrictions, and allowing Adnoc to capture the incremental value. In short, wherever and whenever crude oil is traded, Murban will be traded, and increasingly, when traders turn on their screens anywhere in the world, Murban will appear alongside its benchmark peers.

An historical image of Murban extraction. Wam
An historical image of Murban extraction. Wam

Both the futures contract and IFAD are innovations that will introduce new skillsets to the UAE and offer our partners a rewarding investment in the future of our country. Backed by nine of the world’s biggest energy traders, IFAD will establish itself as a key presence in energy markets, with Murban as its core product, extending its reach across energy consuming markets. Analysts already consider Murban as a reference grade for Asia, and over time the name “Murban” will resonate as a benchmark alongside Brent and West Texas Intermediate.

Murban has long been the pride of the UAE. It will soon become a byword for quality and reliability in oil markets everywhere, representing the best of the UAE as an enterprising, positive force in the world, committed to stability, prosperity and sustainable economic progress.

Dr Sultan Al Jaber is Minister of Industry and Advanced Technology, and Adnoc managing director and group chief executive

SPECS
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Company%20profile
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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Results

6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)

7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby

7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby

8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass

8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby

9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

WISH
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Analysis

Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.

The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement. 

We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment. 

 

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The specs

Engine: 3.5-litre V6

Power: 272hp at 6,400rpm

Torque: 331Nm from 5,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.7L/100km

On sale: now

Price: Dh149,000

 

UAE currency: the story behind the money in your pockets
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

Scoreline:

Cardiff City 0

Liverpool 2

Wijnaldum 57', Milner 81' (pen)

COMPANY%20PROFILE
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SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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Persuasion
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Martin Sabbagh profile

Job: CEO JCDecaux Middle East

In the role: Since January 2015

Lives: In the UAE

Background: M&A, investment banking

Studied: Corporate finance

THE BIO

Favourite place to go to in the UAE: The desert sand dunes, just after some rain

Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude

Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE

Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally

Favourite subjects in school: Mathematics and science

RESULTS
%3Cp%3E%0D%3Cstrong%3E5pm%3A%20%3C%2Fstrong%3EWathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(Turf)%202%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3EAl%20Hazeez%2C%20Saif%20Al%20Balushi%20(jockey)%2C%20Khalifa%20Al%20Neyadi%20(trainer)%0D%3Cbr%3E%3Cstrong%3E5.30pm%3A%20%3C%2Fstrong%3EShams%20Gate%20Tower%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20ES%20Sudani%2C%20Antonio%20Fresu%2C%20Hamad%20Al%20Marar%0D%3Cbr%3E%3Cstrong%3E6pm%3A%3C%2Fstrong%3E%20Al%20Bahr%20Towers%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20AF%20Musannef%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ernst%20Oertel%0D%3Cbr%3E%3Cstrong%3E6.30pm%3A%3C%2Fstrong%3E%20Capital%20Gate%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Shugga'A%20Baynounah%2C%20Dane%20O%E2%80%99Neill%2C%20Nisren%20Mahgoub%0D%3Cbr%3E%3Cstrong%3E7pm%3A%20%3C%2Fstrong%3EEtihad%20Towers%20%E2%80%93%20Conditions%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3EAF%20Maqam%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ernst%20Oertel%0D%3Cbr%3E%3Cstrong%3E7.30pm%3A%3C%2Fstrong%3E%20Fairmont%20Marina%20%E2%80%93%20Maiden%20(TB)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3ETempesta%20D'Oro%2C%20Xavier%20Ziani%2C%20Salem%20bin%20Ghadayer%3C%2Fp%3E%0A
Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Scream%20VI
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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

No more lice

Defining head lice

Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.

Identifying lice

Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.

Treating lice at home

Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.

Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital

Barbie
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LOVE%20AGAIN
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