Arabian Business recently featured a review of “The 100 Most Powerful Arabs Under 40 – Business and Industry.” It is certainly a fascinating list and one worth reviewing. Here is a snapshot of just a few of the choices.
At number 9, they feature Amal Clooney which most people know, today, as George Clooney’s wife. Certainly, she is a powerhouse in her own right as a Barrister at Doughty Street Chambers in the UK. She has been defending high-profile clients in international legal cases for years. She is a lawyer, activist and author with degrees from Oxford University and NYU’s School of Law. Born in Beirut, she emigrated to the UK in 1890 during the Lebanese Civil War.
At number 11 on the list is Ahmad Belhoul, the CEO of Masdar. Dr. Ahmad Belhoul is in charge of one of Abu Dhabi’s most important projects, Masdar City. This is currently under construction outside of the UAE capital and is being called the world’s first sustainable eco-city. The Masdar Institute of Science and Technology is already there, as is the International Renewable Energy Agency (IRENA). Belhoul has a BSc from Khalifa University in the UAE, an MSc from the University of Melbourne and a PhD from Sir John Monash University in Australia.
At number 17 is Majid Jafar who runs the region’s oldest privately held energy giant, Crescent Petroleum. In the post Saddam Hussein era, Crescent Petroleum focuses on oil and gas exploration in countries such as Iraq and Egypt. Jafar is the vice chairman of the Crescent Group, the holding company founded by his father, Hamid Jafar. They have interests in in transport, logistics, private equity and property. He is also the vice chairman of the Global Energy Initiative, an NGO based in New York. They focus on sustainable development by trying to tackle issues of climate change and energy poverty around the world. Majid Jafar holds degrees from Cambridge, London’s School of Oriental and African Studies (SOAS), and an MBA from Harvard Business School.
Saudi Arabia, the top oil exporter in the Middle East wants to reassure everyone. They have recently explained that they are ready to supply Asia with more oil. Oil Minister Ali Al Naimi explained in his remarks that were carried by the state news agency that their spare output capacity allows them to counter any issues with supply or demand.
As the Oil Minister explained, they are ready to help South Korea, Asia and other countries with “volumes needed as it has huge spare capacity to meet any rise in global oil demand or a decline in supplies.” They did not offer any solid figures about their spare capacity or about exactly how much oil the kingdom has. But they did explain that they have raised their output to about nine million barrels per day to help to compensate from the shortfalls in Libya.
Taking Over the Shortfall
With the unrest in Libya, Saudi Arabia is stepping in to take over the shortfall. It has already sold approximately 2 million barrels to European buyers.
Oil prices have recently surged, with the highest prices so far that they’ve had in the last few weeks. Brent jumped $4 a barrel, creating a 32 month high.
Naimi explained that the oil prices were not actually driven by a lack of oil, but by speculation and fear about supply and demand due to the upheaval in the Middle East.