Opec's 12 member countries earned about US$1 trillion (Dh3.67tn) from oil last year.
As we sit down to consider the prospects for this year, I resist the looming necessity to open my belt out to the next hole in hopeful anticipation of living up to my new year's resolutions as it strikes me that, unlike a year ago when global economic recovery was the plat du jour, this year already has a feeling of greater austerity.
The convergence of what were once faraway hypotheticals - euro collapse, double-dip recession, Chinese slowdown, drumbeat of conflict around the Strait of Hormuz, peak oil production - are emerging as all too real on the horizon.
Yet the world appears paralysed, watching these slow-motion accidents unravel before its very eyes without access to any reflexes to introduce corrective measures. Perhaps that's what it feels like to be literally on the edge of a cliff with no options.
Analysts are advising investors to prepare for a worst-case scenario. A recent UBS wealth management note to clients warns: "What to buy in case of euro-zone break-up: precious metals, tinned food and small-calibre weapons".
Mohamed El Arian, the Egyptian-American chief executive of Pimco, has applied a somewhat appropriate description to this counter-intuitive period in which we live - the era of the "new normal", in which contradictory forces can coexist: US$100 oil and record corporate profits with record unemployment; frenzied capitalist economics with communist governance; an emerging federalist but somewhat undemocratic Europe.
For us in the Gulf, there is a question as to whether we have moved into a new epoch of triple-digit crude oil prices, allowing countries and companies to plan with some certainty - most Gulf states are increasingly inching their annual budgets closer and closer to $100 oil.
Listening to the dour new year's messages from the "Merkozy" duet, one could be forgiven for projecting that we are destined for another roller coaster ride reminiscent of the 2008-2009 collapse, when oil fell like a rock from $150 to $30 a barrel.
There are certainly strong narratives to support both paths up and down the mountain - demand erosion with recession in the EU and slowdown in China versus limited increase in production capacity with noises of unrest across the Middle East.
Saudi Arabia's better-than-expected budget surplus provides all the positive indicators one would desire for tomorrow's government expenditure - that is if oil can continue to defy gravity and stay propped up out of harm's way high in a tree nest of $100 a barrel.
But it is a brave man who bets against Newton's thesis. Editors scrambled for new metaphors to describe uprisings across the Middle East, the tsunami in Japan and floods in Australia.
As the Lebanese-American economic philosopher Nassim Taleb might say, we have certainly had our fair share of black swans - random unpredictable events that can have a huge impact on our lives - which last year triggered an oil windfall of $100 a barrel across the Gulf.
One side of the brain shouts "long may it last", and at the same time the sober side whispers "be careful what you ask for". Any escalation of tensions in the Strait of Hormuz would be costly for us on this side of the Gulf.
The Dow Jones, FTSE 100 and other stock market indexes, while essentially flat last year, have held their 100 per cent gains since the 2008-2009 crash, and brokers are saying it's "back to the races".
And yet I find it difficult to completely swallow the "new normal", as we are still caught in a supply-demand imbalance of far too many questions and very few answers.
Sean Evers is a managing partner of TheGulfIntelligence.com and the former Middle East bureau chief of Bloomberg News & TV
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Fanney Khan
Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora
Director: Atul Manjrekar
Cast: Anil Kapoor, Aishwarya Rai, Rajkummar Rao, Pihu Sand
Rating: 2/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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
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THE CARD
2pm: Maiden Dh 60,000 (Dirt) 1,400m
2.30pm: Handicap Dh 76,000 (D) 1,400m
3pm: Handicap Dh 64,000 (D) 1,200m
3.30pm: Shadwell Farm Conditions Dh 100,000 (D) 1,000m
4pm: Maiden Dh 60,000 (D) 1,000m
4.30pm: Handicap 64,000 (D) 1,950m
SQUADS
Pakistan: Sarfraz Ahmed (capt), Azhar Ali, Shan Masood, Sami Aslam, Babar Azam, Asad Shafiq, Haris Sohail, Usman Salahuddin, Yasir Shah, Mohammad Asghar, Bilal Asif, Mir Hamza, Mohammad Amir, Hasan Ali, Mohammad Abbas, Wahab Riaz
Sri Lanka: Dinesh Chandimal (capt), Lahiru Thirimanne (vice-capt), Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Sadeera Samarawickrama, Roshen Silva, Niroshan Dickwella, Rangana Herath, Lakshan Sandakan, Dilruwan Perera, Suranga Lakmal, Nuwan Pradeep, Vishwa Fernando, Lahiru Gamage
Umpires: Ian Gould (ENG) and Nigel Llong (ENG)
TV umpire: Richard Kettleborough (ENG)
ICC match referee: Andy Pycroft (ZIM)
The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
'Nope'
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UAE FIXTURES
October 18 – 7.30pm, UAE v Oman, Zayed Cricket Stadium, Abu Dhabi
October 19 – 7.30pm, UAE v Ireland, Zayed Cricket Stadium, Abu Dhabi
October 21 – 2.10pm, UAE v Hong Kong, Zayed Cricket Stadium, Abu Dhabi
October 22 – 2.10pm, UAE v Jersey, Zayed Cricket Stadium, Abu Dhabi
October 24 – 10am, UAE v Nigeria, Abu Dhabi Cricket Oval 1
October 27 – 7.30pm, UAE v Canada, Zayed Cricket Stadium, Abu Dhabi
October 29 – 2.10pm, Playoff 1 – A2 v B3; 7.30pm, Playoff 2 – A3 v B2, at Dubai International Stadium.
October 30 – 2.10pm, Playoff 3 – A4 v Loser of Play-off 1; 7.30pm, Playoff 4 – B4 v Loser of Play-off 2 at Dubai International Stadium
November 1 – 2.10pm, Semifinal 1 – B1 v Winner of Play-off 1; 7.30pm, Semifinal 2 – A1 v Winner of Play-off 2 at Dubai International Stadium
November 2 – 2.10pm, Third place Playoff – B1 v Winner of Play-off 1; 7.30pm, Final, at Dubai International Stadium
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MATCH DETAILS
Barcelona 0
Slavia Prague 0
Tell-tale signs of burnout
- loss of confidence and appetite
- irritability and emotional outbursts
- sadness
- persistent physical ailments such as headaches, frequent infections and fatigue
- substance abuse, such as smoking or drinking more
- impaired judgement
- excessive and continuous worrying
- irregular sleep patterns
Tips to help overcome burnout
Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’
Do activities that you want to do as well as things you have to do
Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones
Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation
Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.
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
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
