Kuwait to fight $2 billion Dow Chemical award



Kuwait has vowed to fight a verdict that ordered it to pay more than US$2 billion (Dh7.34bn) to Dow Chemical, one of the largest corporate arbitration awards, over its failure to go ahead with a petrochemical venture with the US company.

The International Chamber of Commerce's international court ruled that Kuwait has to pay Dow a total of $2.16bn in damages after pulling out of a major petrochemicals joint venture in 2008, the United States company announced late last week.

The $17.4bn "K-Dow" joint venture with state-owned Petrochemicals Industries Company (PIC) was unilaterally cancelled as the credit crunch raised financing costs and pushed the global economy into recession, sapping demand for plastics.

"The company's management is discussing with lawyers all of the legal proceedings that are available," Maha Mulla Hussain, PIC's chairman and managing director, told the state-run Kuwait News Agency.

The last-minute decision by Kuwait to pull the plug on K-Dow was just the latest in a series of major foreign investment projects that have failed to get off the ground in Kuwait.

The decision drew relief from Dow, while Sheikh Jaber Al Sabah, Kuwait's prime minister, expressed his "anguish" via the state-run Kuna news agency.

"This outcome brings resolution and closure to the issue," said Andrew Liveris, Dow's chairman and chief executive.

The country's power and energy sectors are woefully underdeveloped, as political deadlock has prevented the government from signing off on major projects.

Earlier this year, the Az Zour power plant, a public-private partnership that will generate 1,500 megawatts of power and desalinate about 100 million imperial gallons of water, was awarded to a consortium of International Powerand Sumimoto after a drawn-out process.

The plant addresses Kuwait's chronic shortages of electricity, which have made summer blackouts a common occurrence.

The country also faces other shortages and is forced to import refined oil from abroad to feed its power plants.

Two massive projects, the 615,000 barrels per day (bpd) Az Zour refinery and the Clean Fuel Project, have both been cancelled once.

Now Kuwait is launching its third attempt to increase its refining capacity to a total of 1.4 million bpd, and produce fuel clean enough to export to developed markets.

At an estimated combined cost of $30bn, the projects are unparalleled in Kuwait, and would rank among the biggest of their kind in the region.

Invitations to pre-qualify were launched last month, but the political headwinds are likely to set in later, when winning bids have been accepted and parliament has to sign off the investment.

In spite of its limited decision-making powers, the national assembly has made life difficult for the executive branch over the years, hoping to gain more influence in the process.

So far, it has successfully stalled the refinery projects.

Politics has also stalled a long-standing provisional deal with ExxonMobil to increase production capacity in the country's Northern Fields by 700,000 bpd. The project was on the drawing board for decades but was never started, and international oil companies are still waiting for the resurrection of the project.

The fractious nature of Kuwaiti politics has led to the dissolution of four governments over the past six years, and the current parliament is considered by some to be the most volatile to date.

Hopes of foreign investors now rest with Hani Abdul Aziz Hussein, the new oil minister.

A technocrat who has been active in the country's hydrocarbon sector for many years, he is respected among the political classes. It remains to be seen whether he will be given the time to succeed where others have failed.

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Brief scoreline:

Manchester United 2

Rashford 28', Martial 72'

Watford 1

Doucoure 90'

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

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T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings 
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Mountain Classification Tour de France after Stage 8 on Saturday: 

  • 1. Lilian Calmejane (France / Direct Energie) 11
  • 2. Fabio Aru (Italy / Astana) 10
  • 3. Daniel Martin (Ireland / Quick-Step) 8
  • 4. Robert Gesink (Netherlands / LottoNL) 8
  • 5. Warren Barguil (France / Sunweb) 7
  • 6. Chris Froome (Britain / Team Sky) 6
  • 7. Guillaume Martin (France / Wanty) 6
  • 8. Jan Bakelants (Belgium / AG2R) 5
  • 9. Serge Pauwels (Belgium / Dimension Data) 5
  • 10. Richie Porte (Australia / BMC Racing) 4
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

MANDOOB
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If you go

The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at. 
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.   

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The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The specs

Engine: 2.0-litre 4-cyl

Power: 153hp at 6,000rpm

Torque: 200Nm at 4,000rpm

Transmission: 6-speed auto

Price: Dh99,000

On sale: now

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The Florida Project

Director: Sean Baker

Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe

Four stars

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

The Year Earth Changed

Directed by:Tom Beard

Narrated by: Sir David Attenborough

Stars: 4

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

Our legal consultants

Name: Hassan Mohsen Elhais

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

THE TWIN BIO

Their favourite city: Dubai

Their favourite food: Khaleeji

Their favourite past-time : walking on the beach

Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll

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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now