Members of the Iraq delegations, including the late Abdullah Ismail (centre), at the Baghdad Conference to create Opec in September 1960. Photo: OPEC
Members of the Iraq delegations, including the late Abdullah Ismail (centre), at the Baghdad Conference to create Opec in September 1960. Photo: OPEC
Members of the Iraq delegations, including the late Abdullah Ismail (centre), at the Baghdad Conference to create Opec in September 1960. Photo: OPEC
Members of the Iraq delegations, including the late Abdullah Ismail (centre), at the Baghdad Conference to create Opec in September 1960. Photo: OPEC

Last founding delegate of Opec has died


James Langton
  • English
  • Arabic

The last surviving delegate from the conference that founded Opec has died at his home in Abu Dhabi.

After the July 17 Revolution brought hard-line members of the Ba’ath party to power in 1968, he left Iraq for Abu Dhabi, using his expertise to assist in the setting up of the new national oil company in 1971.

Abdullah Ismail was Iraq’s deputy minister of oil and part of his country’s delegation to the historic 1960 Baghdad Conference that resulted in the formation of the Organisation of the Petroleum Exporting Countries.

Opec was established as a response to the price manipulation carried out by oil firms, which disregarded the interests of oil-producing countries and their people, the rightful owners of the resource
Abdullah Ismail

Interviewed for the 60th anniversary of Opec last year, he explained that the organisation had been set up “as a response to the price manipulation carried out by oil firms which disregarded the interests of oil-producing countries and their people, the rightful owners of the resources".

Concerned that prices were being driven down by a cartel of oil companies, the Iraqi government invited Iran, Kuwait, Saudi Arabia and Venezuela — the major oil producers at the time — to Baghdad on September 10, 1960.

The result was a decision to find ways to co-ordinate prices in a way that benefited the producers, with a second meeting in 1961 that agreed to set up the headquarters of Opec in Vienna and with Iran’s representative, Dr Fuad Rouhani, as the first Secretary General.

Abdullah Ismail was Iraq’s deputy minister of oil and part of his country’s delegation to the historic 1960 Baghdad Conference that resulted in the formation of Opec. Photo: Opec
Abdullah Ismail was Iraq’s deputy minister of oil and part of his country’s delegation to the historic 1960 Baghdad Conference that resulted in the formation of Opec. Photo: Opec

“The organisation … has played a key role in safeguarding the interests of oil-producing countries and embracing many legitimate rights that were impossible or difficult to acquire before Opec,” Mr Ismail said.

Abu Dhabi joined Opec in 1967, expanding to UAE membership after the creation of the union on December 2, 1971.

By then events had led to Ismail's relocation to Abu Dhabi, where he was able to offer his services to Sheikh Zayed, Ruler of Abu Dhabi and future first President while he was preparing to unite the seven emirates as the UAE.

There he joined diplomat Adnan Pachachi, another Iraqi exile, who was advising on foreign policy. Ismail's expertise in the oil industry made him a valued adviser to Mana Saeed Al Otaiba, who would become the UAE’s first Minister for Petroleum, with Ismail as undersecretary at the ministry.

The Founding Father, Sheikh Zayed, at Das Island in 1973. Das Island was a forward operating base for Abu Dhabi's oilfields in the Arabian Gulf. Photo: BP Archive / National Archives / Ministry of Presidential Affairs
The Founding Father, Sheikh Zayed, at Das Island in 1973. Das Island was a forward operating base for Abu Dhabi's oilfields in the Arabian Gulf. Photo: BP Archive / National Archives / Ministry of Presidential Affairs

The creation of the UAE required a national strategy for management of the new country’s energy resources, with Adnoc eventually raising its share of the offshore and onshore concessions to a majority 60 per cent by 1974.

In his role as undersecretary Ismail gained the respect of all who dealt with him, with a visiting delegation of British members of parliament in 1975 noting that he “spoke with complete frankness and lucidity".

In an interview for the Ministry of the Interior magazine 999 in 2014, he told of being asked almost on arrival in 1968 to represent Abu Dhabi for a meeting of the economic council of the Arab League in Cairo.

Explaining that he was still technically employed by the Iraqi government, he recalled that Ahmed bin Suwaidi, Sheikh Zayed’s foreign adviser and future Foreign Minister of the UAE, immediately ordered a telex “to the Baghdad government and [to] tell them that Abdullah Ismail has resigned from the Iraqi Oil Ministry".

Adnan Pachachi was another member of the Iraqi diaspora in Abu Dhabi during the same time as Abdullah Ismail. Pachachi died in 2019. Ravindranath K / The National
Adnan Pachachi was another member of the Iraqi diaspora in Abu Dhabi during the same time as Abdullah Ismail. Pachachi died in 2019. Ravindranath K / The National

A decree from the Ruler followed, making Ismail a citizen and confirming his member of the circle that would forge the new country.

Abdullah Ismail Bachi passed away on Tuesday evening, November 16, 2021 in Abu Dhabi, and was buried at Baniyas Cemetary.

Condolences will take place from 6pm to 9pm on Saturday November 20 at Al Thuraya Hall of the Beach Rotana Hotel.

He is survived by his wife Tamima Toufiq Al Dabbas and children Firas, Inas and Ahmad.

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The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.

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Greatest Royal Rumble match listing

50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias

Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match

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Cruiserweight Championship Cedric Alexander v Kalisto

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Abu Dhabi traffic facts

Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road

The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.

Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.

The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.

The highest levels of traffic were found on Sunday, November 10.

Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019

 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The specs: McLaren 600LT

Price, base: Dh914,000

Engine: 3.8-litre twin-turbo V8

Transmission: Seven-speed automatic

Power: 600hp @ 7,500rpm

Torque: 620Nm @ 5,500rpm

Fuel economy 12.2.L / 100km

A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

Europe's top EV producers
  1. Norway (63% of cars registered in 2021)
  2. Iceland (33%)
  3. Netherlands (20%)
  4. Sweden (19%)
  5. Austria (14%)
  6. Germany (14%)
  7. Denmark (13%)
  8. Switzerland (13%)
  9. United Kingdom (12%)
  10. Luxembourg (10%)

Source: VCOe 

Short-term let permits explained

Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.

Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.

Fines for littering

In Dubai:

Dh200 for littering or spitting in the Dubai Metro

Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle. 
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle

In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches 

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Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

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UAE currency: the story behind the money in your pockets
Updated: November 20, 2021, 7:00 PM