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.
[ fneuhof@thenational.ae ]
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If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
The biog
Name: Capt Shadia Khasif
Position: Head of the Criminal Registration Department at Hatta police
Family: Five sons and three daughters
The first female investigator in Hatta.
Role Model: Father
She believes that there is a solution to every problem
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
The specs: 2019 Chevrolet Bolt EV
Price, base: Dh138,000 (estimate)
Engine: 60kWh battery
Transmission: Single-speed Electronic Precision Shift
Power: 204hp
Torque: 360Nm
Range: 520km (claimed)
MEDIEVIL (1998)
Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
COMPANY PROFILE
Name: DarDoc
Based: Abu Dhabi
Founders: Samer Masri, Keswin Suresh
Sector: HealthTech
Total funding: $800,000
Investors: Flat6Labs, angel investors + Incubated by Hub71, Abu Dhabi's Department of Health
Number of employees: 10
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match: Bernardo Silva (Manchester City)
Race card
6.30pm: Emirates Holidays Maiden (TB), Dh82,500 (Dirt), 1,900m
7.05pm: Arabian Adventures Maiden (TB), Dh82,500 (D), 1,200m
7.40pm: Emirates Skywards Handicap (TB), Dh82,500 (D), 1,200m
8.15pm: Emirates Airline Conditions (TB), Dh120,000 (D), 1,400m
8.50pm: Emirates Sky Cargo (TB), Dh92,500 (D)1,400m
9.15pm: Emirates.com (TB), Dh95,000 (D), 2,000m
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
UAE medallists at Asian Games 2023
Gold
Magomedomar Magomedomarov – Judo – Men’s +100kg
Khaled Al Shehi – Jiu-jitsu – Men’s -62kg
Faisal Al Ketbi – Jiu-jitsu – Men’s -85kg
Asma Al Hosani – Jiu-jitsu – Women’s -52kg
Shamma Al Kalbani – Jiu-jitsu – Women’s -63kg
Silver
Omar Al Marzooqi – Equestrian – Individual showjumping
Bishrelt Khorloodoi – Judo – Women’s -52kg
Khalid Al Blooshi – Jiu-jitsu – Men’s -62kg
Mohamed Al Suwaidi – Jiu-jitsu – Men’s -69kg
Balqees Abdulla – Jiu-jitsu – Women’s -48kg
Bronze
Hawraa Alajmi – Karate – Women’s kumite -50kg
Ahmed Al Mansoori – Cycling – Men’s omnium
Abdullah Al Marri – Equestrian – Individual showjumping
Team UAE – Equestrian – Team showjumping
Dzhafar Kostoev – Judo – Men’s -100kg
Narmandakh Bayanmunkh – Judo – Men’s -66kg
Grigorian Aram – Judo – Men’s -90kg
Mahdi Al Awlaqi – Jiu-jitsu – Men’s -77kg
Saeed Al Kubaisi – Jiu-jitsu – Men’s -85kg
Shamsa Al Ameri – Jiu-jitsu – Women’s -57kg
More from Neighbourhood Watch
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
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
Women’s T20 World Cup Qualifier
From September 18-25, Abu Dhabi
. The two finalists advance to the main event in South Africa in February 2023
Group A: United States, Ireland, Scotland, Bangladesh
Group B: UAE, Thailand, Zimbabwe, Papua New Guinea
UAE group fixtures:
Sept 18, 3pm, Zayed Cricket Stadium – UAE v Thailand
Sept 19, 3pm, Tolerance Oval - PNG v UAE
Sept 21, 7pm, Tolerance Oval – UAE v Zimbabwe
UAE squad: Chaya Mughal (captain), Esha Oza, Kavisha Kumari, Rinitha Rajith, Rithika Rajith, Khushi Sharma, Theertha Satish, Lavanya Keny, Priyanjali Jain, Suraksha Kotte, Natasha Cherriath, Indhuja Nandakumar, Vaishnave Mahesh, Siya Gokhale, Samaira Dharnidharka
The specs
Engine: 2-litre 4-cylinder
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Fuel consumption: 6.3L/100km
Price: Dh106,900
On sale: now
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
COMPANY PROFILE
Company name: Switch Foods
Started: 2022
Founder: Edward Hamod
Based: Abu Dhabi, UAE
Industry: Plant-based meat production
Number of employees: 34
Funding: $6.5 million
Funding round: Seed
Investors: Based in US and across Middle East
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company profile
Company: POPC
Started: 2022
Founders: Amna Aijaz, Haroon Tahir and Arafat Ali Khan
Based: Dubai, UAE
Industry: art and e-commerce
Funds raised: undisclosed amount raised through Waverider Entertainment
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
RESULTS
2.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: SS Jalmod, Antonio Fresu (jockey), Ibrahim Al Hadhrami (trainer)
2.45pm: Sharjah Equine Hospital – Maiden (PA) Dh40,000 (D) 1,000m
Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
3.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (D) 1,700m
Winner: Inthar, Saif Al Balushi, Khalifa Al Neyadi
3.45pm: Al Ain Stud Emirates Breeders Trophy – Conditions (PA) Dh50,000 (D) 1,700m
Winner: MH Rahal, Richard Mullen, Elise Jeanne
4.25pm: Sheikh Mansour bin Zayed Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,200m
Winner: JAP Aneed, Ray Dawson, Irfan Ellahi
4.45pm: Sharjah Equine Hospital – Handicap (TB) Dh40,000 (D) 1,200m
Winner: Edaraat, Antonio Fresu, Musabah Al Muhairi
MATCH INFO
Uefa Champions League semi-final, second leg
Roma 4
Milner (15' OG), Dzeko (52'), Nainggolan (86', 90+4')
Liverpool 2
Mane (9'), Wijnaldum (25')
The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
The specs
Engine: 2.3-litre 4cyl turbo
Power: 299hp at 5,500rpm
Torque: 420Nm at 2,750rpm
Transmission: 10-speed auto
Fuel consumption: 12.4L/100km
On sale: Now
Price: From Dh157,395 (XLS); Dh199,395 (Limited)
Racecard
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m
SPECS
Engine: Twin-turbocharged 4-litre V8
Power: 625 bhp
Torque: 630Nm
On sale: Now
Price: From Dh974,011
What is hepatitis?
Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.
There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.
Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.
People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.
There are an estimated 170 million carriers of Hepatitis C around the world.
The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.
Company profile
Company: Zywa
Started: 2021
Founders: Nuha Hashem and Alok Kumar
Based: UAE
Industry: FinTech
Funding size: $3m
Company valuation: $30m
The specs: 2019 Mini Cooper
Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150+ employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
COMPANY PROFILE
Name: Yango Deli Tech
Based: UAE
Launch year: 2022
Sector: Retail SaaS
Funding: Self funded
The specs
Engine: 5.2-litre twin-turbo V12
Transmission: eight-speed automatic
Power: 715bhp
Torque: 900Nm
Price: Dh1,289,376
On sale: now
Recipe: Spirulina Coconut Brothie
Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)
Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy.
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
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
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
UAE athletes heading to Paris 2024
Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).
Cycling
Safia Al Sayegh (women's road race).
Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).
Athletics
Maryam Mohammed Al Farsi (women's 100 metres).