Planned gas investment in the Mena region rose by 29 per cent to $126 billion despite a slump in demand for clean fuel this year, according to the Arab Petroleum Investments Corporation.
The increase comes after a 4 per cent reduction in demand for gas globally this year, compared with 2019, due to the pandemic.
The crunch in demand for gas, which is considered a clean fuel, was largely due to movement restrictions and slowing industrial activity around the world.
Apicorp said the outlook for demand in 2020 was “in stark contrast” to that for 2019, a record year for final investment decisions for liquefied natural gas around the world.
The virus-induced economic crisis is expected to slow the growth rate for global gas demand from the previous estimate of 1.8 per cent to 1.5 per cent during the outlook period from 2020 to 2024.
“The decrease in gas demand has put fiscal pressure on government and private sectors alike," Apicorp chief executive Ahmed Ali Attiga said.
"We expect a few committed projects to continue facing strong headwinds in terms of payments, supply chain issues and potential project delays.”
Strong policy support would be needed from governments to enhance collaboration between the private and public sectors, he said.
A continued integration of the downstream value chain is expected in the Mena region.
Saudi Arabia, Iran and Iraq will take the lead in terms of gas investment. Developments in Saudi Arabia and Iran’s South Pars gasfield will drive gas-to-power projects.
The UAE, which significantly increased its gas investment after the discovery of several significant reserves that pushed it into sixth position worldwide, allocated $22bn towards the development of unconventional and sour gas.
Egypt leads the region in petrochemical sector investment, followed by Iran and Saudi Arabia.
The North African country recorded a $10bn rise in gas activities, particularly related to gas blocks awarded to Chevron, BP and Noble.
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
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Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)
Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)
Welterweight:
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Super lightweight:
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Chris Corton (PHI) v Zia Mashwani (PAK)
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Other workplace saving schemes
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Bantamweight:
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
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This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
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How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
