DOHA // Mubadala Oil and Gas and the Yemen Company for Investments in Oil and Minerals (YICOM) have signed an agreement to co-operate on oil and gas exploration and production in Yemen.
The two state-owned companies signed the agreement yesterday in Sana'a, the capital of Yemen, in the presence of Amir al Aydarus, the country's oil and minerals minister. It covers information sharing and a plan to assess potential joint projects including the redevelopment and expansion of Yemeni fields plagued by declining oil and gas output.
"The Yemeni government has created an attractive investment environment in the upstream sector, and we believe Mubadala can use its ability to act as a powerful catalyst, working with YICOM, to open up new oil and gas opportunities in Yemen," said Suhail al Mazrouei, the deputy chief executive of Mubadala Oil and Gas.
The company is the overseas upstream petroleum arm of Mubadala Development, a strategic investment company owned by the Abu Dhabi Government. It has targeted the MENA and Caspian regions and South East Asia for investment.
Yemen, the poorest Arab nation, has been suffering from declining foreign revenue as its oil production falls amid an upswing in political instability and lawlessness.
The UAE Government this year has promoted international efforts to help Yemen overcome its economic and security challenges, which many consider a threat to regional stability.
"We call upon the international community to stand by the government of Yemen and extend to it the necessary assistance and support, in order to enhance its capacity to fulfil the requirements of fighting terrorism, restoring security and achieving stability and development," Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, told the UN general assembly in New York in September. He said the UAE was keen to offer its support to Sana'a.
At a concurrent ministerial meeting of the Group of Friends of Yemen, participants including Sheikh Abdullah stressed the importance of international and regional co-operation with Yemen, especially on economic development.
Ali Mujawar, the prime minister of Yemen, has argued that the country's "basic problem" is economic.
Yemeni oil output fell 36 per cent between 2001 and last year, from 466,000 to 298,000 barrels per day.
tcarlisle@thenational.ae
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Voices: How A Great Singer Can Change Your Life
Nick Coleman
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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.
Company%20Profile
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Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
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At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting