Saudi Aramco, the world’s biggest oil producing company, plans to to be a global market leader in the production of non-metallic materials such as hoses and flowlines made from petrochemical products rather than steel or other metals.
Aramco plans to pursue opportunities in the non-metallic sector as part of plans to cater to the automotive, building and construction, package and renewables sectors, the company’s vice president of engineering services, Abdullah Al Baiz, said in a statement.
Greater usage of non-metallic materials in various industries will help boost the consumption of crude oil, he said.
“It represents a great opportunity to increase global crude demand,” said Mr Al Baiz. “Our goal is to lead the non-metallic materials business globally.”
State-run Aramco is diversifying into several areas besides oil and gas production to help boost its income as well as localise production in the kingdom.
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The company is increasing its petrochemical production and refining capacity to deliver products to local downstream industries in addition to exporting goods.
To localise content, the company has adopted the In-Kingdom Total Value Add initiative or IKTVA, which aims to meet at least 70 per cent of its procurement spending from Saudi companies by 2021.
“We will achieve our target by being active in the following four areas: maximising deployment; promoting research and development; supporting localisation through our flagship IKTVA initiative; and finally by investing in relevant companies in all stages of maturity,” he said.
As part of the company’s pivot to non-metallic materials production, it plans to cater to the renewables sector by helping replace the use of glass in solar panels with polycarbonate, which is lighter in weight and has impact resistance and low thermal conductivity, he added.
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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
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Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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.
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Five personal finance podcasts from The National
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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