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QATAR TO BEGIN UAE TALKS ON GAS SALES
Qatar is about to begin official talks with the UAE on the long-term supply of natural gas to Abu Dhabi and Dubai, according to a senior Qatari official in Dubai. "We had entrusted this responsibility to private oil and gas companies, but all negotiations reached a deadlock over prices. We will now begin talks with the Abu Dhabi government for a speedy decision. We feel government-level intervention is necessary at this stage to finalise the deal," said the official. "Our talks with Abu Dhabi will be different from the agreement we signed with the UAE Offsets Group. We understand it is owned by the government, but we have taken a different line now," he added. The Qatar General Petroleum Corp (QGPC) signed a statement of principle with the UAE Offsets Group on March 16 to supply up to 3 billion cubic feet per day of natural gas to the UAE and Oman. "For the past several years, more than five oil and gas companies based in Doha have been making efforts to sign a deal with Dubai on the supply of natural gas. Pricing has been a major deterrent. We understand the Dubai government is seeking a price which is between 50 cents to 75 cents per British Thermal Unit lower than the market rate," the official said. "We need to hurry up and take a decision on the (proposed) UAE-Qatar pipeline. It has been pending for a long time now. Abu Dhabi and Dubai will require over 1.5 billion cubic feet per day of gas after 2003. "We are negotiating a proposal to supply gas to Kuwait, which has been burning oil in large quantities for several years," the official said. QGPC has signed an agreement with four companies led by the Atlantic Richfield Co to extract, process and market Qatari gas in regional markets. Other members include British Gas, Wintershall and Gulfstream Resources. "We gave them a mandate and feel the time has come for us to support them through government-level talks." (The 'Gulf News' )
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FATIMA SENDS TWO MORE PLANE-LOADS OF RELIEF FOR KOSOVO
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KOSOVAR NAMES BABY AFTER SHAIKHA FATIMA
Her Highness Shaikha Fatima bint Mubarak, wife of the President and Chairperson of the UAE Women's Federation, has donated two plane-loads of relief material for Kosovar refugees, especially women and children, in Albania. The planes carrying garments for women and children, in addition to foodstuff including powdered milk, left for Albania yesterday. Tents and blankets also feature among relief goods. Shaikha Fatima had last month sent three plane-loads to Albania to alleviate sufferings of Kosovar women and children camped there. A Kosovar refugee has named her newly-born baby girl after Her Highness Shaikha Fatima for her humanitarian efforts, particularly for Kosovo refugees. The baby was born at the UAE field hospital in the border region of Kukes yesterday. According to Lieutenant-Colonel Dr. Mohammed Ahmed Al Mahmoudi, commander of the hospital, the delivery was normal and both mother and child were in good health. "The woman was among many pregnant women admitted to the hospital," he said. (The Emirates News Agency, WAM )
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MINISTER PLEDGES MORE EMIRATISATION EFFORTS
Communications Minister and Chairman of the Human Resources Committee of the Banking Sector Ahmed Humaid Al Tayer pledged further efforts to continue efforts to employ more nationals in the banking sector. In a statement to Wam, Mr Al Tayer said commercial, industrial and investment sectors in the UAE could absorb all national graduates. Asked about banks' commitment to implement a cabinet resolution to emiratise at least four per cent of the manpower, he said the response was overwhelming. "Some banks even went far ahead, emiratising 16 to 22 per cent which means that there are serious efforts by the banks to attract national employees," he added. (The Emirates News Agency, WAM )
The UAE stock market fell 1.5 per cent in the week ended May 6 as the UNB Market Index closed 2.1 per cent lower at 120.9 points. Emaar was the only company to gain, while 20 shares continued to fall. Al Sharjah Insurance dropped to Dh6, a fall of 14.3 per cent. A total of 21 companies were unchanged. All three sectoral indices suffered a fall. The UNB Bank Index declined 1.5 per cent, while services dropped 1.3 per cent, and insurance recorded a steeper 2.6 per cent fall, according to the Stock Watch brought out by UNB. Market capitalisation of UAE stocks is currently Dh115.87 billion, 20.2 per cent higher than the Dh96.42 billion of January 1998, when the UNB market index was launched. The performance of the indices in the last year has been mixed - services gained 11.8 per cent, while the banking sector gained 2.8 per cent. The insurance sector recorded a drop of 4 per cent. The combined effect on the market index was a gain of 6 per cent year on year. The historical market P/E adjusted for the P/Es of eight overpriced stocks has fallen to 13.47 times 1998 earnings. The falling P/E ratios makes investment in companies with strong fundamentals attractive buys at this point, the publication reports. (The 'Gulf News' )
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ADGAS LOOKS BACK ON 20 YEARS OF EXPORTING
The Abu Dhabi Gas Liquefaction Co (Adgas) has exported 59 million tonnes of LNG since it went on stream more than 20 years ago. "On April 29, 1977, the LNG carrier Hilli left Das Island carrying the first shipment exported by Adgas - the first natural gas liquefaction plant in the Middle East. Adgas has today confirmed its status as a producer and exporter of LNG not only to Japan, but to East Asia, Europe and the U.S. as well," Adnoc News reported in its latest issue. A principal buyer is Tokyo Electric Power Co (Tepco), which in 1990 signed a 25-year sales and purchase agreement for 4.3 million tonnes per annum and 400,000 tonnes on a best-endeavour basis. The Adgas LNG plant produces LNG, LPG, pentane-plus and sulphur from a offshore plant which has a capacity of over eight million tonnes annually. "Over the last 22 years, Agdas has exported 59 million tonnes of LNG to international companies such as Tepco, Enagas of Spain, Gaz de France, Distrigaz of Belgium, Edison Gas of Italy and Cabot and Duke Energy of the U.S," the publication said. The latest IMF country report on UAE said: "Production and exports of LNG from Adgas remained stable at 5.5 million tonnes annually in 1996 and 1997. Exports to Tepco amounted to 4.5 million tonnes in 1996 and 700,000 tonnes were supplied to Enagas on a one-year contract basis. The purchase of LNG carriers facilitated the sale of an additional 300,000 tonnes on a spot basis to two French companies. The next year, exports to Tepco increased to 4.6 million tonnes of LNG and to Enagas of 900,000 tonnes." Four LNG tankers, each of capacity 135,000 tonnes, were delivered in 1996 and the following year, at a cost of Dh3.67 billion. "Adgas earnings from the sale of LNG increased from Dh4.04 billion in 1996 to Dh5.5 billion the next year. This (1997 earnings) was primarily due to a one-time payment of Dh1.46 billion for retroactive adjustment of LNG prices," the IMF report said. (The 'Gulf News' )
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RESIDENCY DEPARTMENT LAUNCHES HOTLINE
A telephone and fax hotline has begun operating at the Dubai Naturalisation and Residency Department. A computerised system for documents and transactions can be accessed on 04-981010. fax service will enable companies to obtain the reports they need for a Dh100 annual fee. The hotline enables callers to enquire about documents needed for all types of transactions. They may also enquire about the status of transactions being processed, said Lt. Col. Saeed bin Bleilah, the department's director. The service operates 24 hours in Arabic and English and callers may choose the type of transaction and then dial the relevant number to inquire about documents and fees, he said. "People can enquire about documents needed for all types of visas including visit, transit, investor, work and domestic servant visas. Clients may enquire about documents needed to open a company file at the department, and documents for stamping and cancelling visas. Callers may find out about court appointments, changing visas and departure certificates, he said. Nationals may enquire about documents needed to obtain passports, identity cards and birth certificates. (The 'Gulf News')
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EMIRATES PLANS TWO PROPERTIES
The Emirates Group, which recently diversified into property managment and development with the opening of Al Maha Desert Resort last March, is planning two more five-star hotel properties in the UAE. This was revealed recently by Shaikh Ahmed bin Saeed Al Maktoum, President of Dubai's Department of Civil Aviation and Chairman of Emirates airline. One of the luxury properties will be a 200-room hotel in the emirate of Fujairah, while the other will be located in Hatta, Shaikh Ahmed said. "With Emirates airline poised on the brink of both fleet and route expansion, we will be bringing more passengers into the country, and will need more hotels," said Shaikh Ahmed, speaking on the sidelines of the Arabian Travel Market 99 travel and tourism show which closed in Dubai yesterday. Responding to a query on the mushrooming of hotel properties in Dubai, Shaikh Ahmed said that Emirates' fleet expansion and renewal programme with the advent of the new Airbus A330-200 aircraft and the new orders for the long-range A340-500 would add a huge capacity for carrying passengers. For 1999 the airline has forecast that it will carry 11 million passengers, he said. This forecast has been borne out by a healthy first-quarter of 1999, during which Emirates carried 2.6 million passengers. There will certainly be more tourists, and Dubai needs more properties, he said. "In accordance with the vision of Gen. Shaikh Mohammed bin Rashid, Crown Prince of Dubai and UAE Defence Minister, for the 21st century, Dubai will see mega tourism projects being planned and built," he said. At the end of the year 2000, Dubai's tourism receipts will hit the three million mark, he noted. This growth will be fuelled in large part by the new futuristic concourse being built at Dubai International Airport, which is slated to open by early next year. The Department of Civil Aviation is expecting around 12 million passengers by the year 2000, 19.3 million in 2005 and 31.4 million in 2010. Shaikh Ahmed noted that the oil sector contributed only 18 per cent to Dubai's GDP, and therefore Dubai had not been hit by falling world oil prices like other oil-producing nations had. (The 'Khaleej Times')
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ANCIENT SETTLEMENT UNEARTHED IN KALBA
A British archaeological team headed by Karl Phillips from the Archaeology Institute of London University last week completed its excavations at a site in Kalba where they found evidence of a human settlement dating back to the beginning of the third millennium BC. The site, located in the gardens of Kalba, houses a human settlement which existed in the area until the year 500 BC, according to a Press release issued by the Sharjah Department of Culture and Information. The excavations revealed the presence of structural remains built of bricks up to a height of more than three metres, which are in good condition. The structures comprise several towers similar to those dug at various other archaeological sites in the UAE. The British team also discovered a forte dating back to the iron age. The artifacts recovered from the Kalba site included a collection of locally made pottery, in addition to items imported from Iraq, Bahrain, Iran and Sindh Valley, besides household utilities made of stone and bronze. The study of the animal bones found at the site, the release said, proved that the residents of the area had sheep, goats and camels and that they took advantage of the marine environment and consumed fish and other sea creatures. The British team will resume its excavations at the site next season, the release said. (The 'Khaleej Times')
