Eurasian Natural Resources Corporation (ENRC) emerged out of the post-Soviet privatisation process in Kazakhstan in the 1990s.
It was floated on the London Stock Exchange in 2007, where it is a member of the FTSE index with a market capitalisation of nearly £6 billion (Dh34.89bn). However, it is still majority owned by shareholders in Kazakhstan.
Last year, ENRC provoked controversy in London when two non-executive directors resigned after boardroom disagreements, with one of them commenting that the way the company was run was "more Soviet than City".
Here, Felix Vulis, the long-standing chief executive, gives his view of the company as a major Kazakh corporation and as a member of one of the big international exchanges.
Can you explain the significance of ENRC to the economy of Kazakhstan?
ENRC is one of the largest companies in Kazakhstan, with revenue of US$7.7bn (Dh28.28bn) and earnings of $3.5bn. We account for approximately 4 per cent of Kazakhstan's GDP and employ over 65,000 in the country. ENRC is a business with tremendous assets and an established track record, and it is our assets in Kazakhstan, which are world class, that form the bedrock of our international expansion programme.
Just to highlight a few points, ENRC is now one of the world's largest producers of ferrochrome, one of the world's significant exporters of iron ore, the world's ninth-largest producer of traded alumina, and one of the largest electricity providers in Kazakhstan, accounting for over 16 per cent of the country's recorded electricity production in 2011.
We aim to grow our business while maintaining our commitment to respecting the environment, providing safe and healthy workplaces and making a positive contribution to the societies in which we operate. Alongside our significant investment in infrastructure, energy supply and the modernisation of our extensive operations, we support the communities in which we operate.
As part of our well established CSR [corporate social responsibility] programme, last year ENRC funded projects totalling over $100 million, which specifically supported education, health care, housing and cultural initiatives.
You chose the London Stock Exchange as the location for your market listing. Why was this? Were there other viable alternatives?
The London Stock Exchange was a natural choice for us. It is one of the most respected exchanges in the world. It is also the home of a large number of our mining peers and hence provides us with a pool of informed investors.
What are the challenges for a Kazakh company in dealing with international investors?
The challenges for a Kazakh company are no different to other companies who are seeking international investment - showing that you have a world-class business and management team and consistently communicating our strategy, which is to deliver long-term investment returns. I would see it not so much as a challenge as an opportunity as international investors tend to inherently understand the international nature of our business.
What's your take on the current state of the Kazakh economy?
The Kazakhstan economy has undergone significant development of late. In the last year it showed relatively strong economic growth [7.5 per cent GDP growth against 7.3 per cent in 2010], primarily driven by growth in the services sector, communications, domestic trade, agriculture and manufacturing.
The local currency, the Kazakh tenge, appreciated modestly against the dollar. It is expected that the high global oil prices and investment into energy will help to sustain the strength of tenge. We have great confidence in the future prosperity of the Kazakh economy, demonstrated by our extensive investment programme. To highlight two examples, earlier this year we acquired the remaining shares we did not already own in a high-quality coal asset, Shubarkol, and next year we are due to complete one of ENRC's key investment projects, the $750m construction of the new Aktobe ferroalloys plant, which will be one of the largest and most modern high-carbon ferrochrome plants in the country.
What's your view on the global commodities market? Are we in a "bubble" phase?
The global commodities market has been strong for a number of years. However, against a turbulent economic backdrop, the commodity pricing environment has been volatile. In the longer term, our confidence in the commodities market remains strong.
As a global corporation, how do you view the Middle East?
While we currently have no operations in the Gulf, we are very aware that it has been one of the most successful regions in the global economy in recent years and remains one of the most important energy markets in the world. In particular, we have noticed the increasing commercial links between the UAE and Kazakhstan, which can only be a good thing for a developing economy.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
JOKE'S%20ON%20YOU
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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.
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
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Ways to control drones
Countries have been coming up with ways to restrict and monitor the use of non-commercial drones to keep them from trespassing on controlled areas such as airports.
"Drones vary in size and some can be as big as a small city car - so imagine the impact of one hitting an airplane. It's a huge risk, especially when commercial airliners are not designed to make or take sudden evasive manoeuvres like drones can" says Saj Ahmed, chief analyst at London-based StrategicAero Research.
New measures have now been taken to monitor drone activity, Geo-fencing technology is one.
It's a method designed to prevent drones from drifting into banned areas. The technology uses GPS location signals to stop its machines flying close to airports and other restricted zones.
The European commission has recently announced a blueprint to make drone use in low-level airspace safe, secure and environmentally friendly. This process is called “U-Space” – it covers altitudes of up to 150 metres. It is also noteworthy that that UK Civil Aviation Authority recommends drones to be flown at no higher than 400ft. “U-Space” technology will be governed by a system similar to air traffic control management, which will be automated using tools like geo-fencing.
The UAE has drawn serious measures to ensure users register their devices under strict new laws. Authorities have urged that users must obtain approval in advance before flying the drones, non registered drone use in Dubai will result in a fine of up to twenty thousand dirhams under a new resolution approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Mr Ahmad suggest that "Hefty fines running into hundreds of thousands of dollars need to compensate for the cost of airport disruption and flight diversions to lengthy jail spells, confiscation of travel rights and use of drones for a lengthy period" must be enforced in order to reduce airport intrusion.
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The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
Company%20Profile
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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
What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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