Category Archives: UAE
The United Arab Emirates,often abbreviated as UAE or shortened to The Emirates, is a federation situated in the southeast of the Arabian Peninsula in Southwest Asia on the Persian Gulf, bordering Oman and Saudi Arabia and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar and Iran.
Polarcus Limited, a UAE-based owner of hi-tech seismic fleet has announced second quarter 2012 financial results.
The second quarter 2012 was characterized by improved market conditions. This was reflected in the high utilization of 89% in the quarter. Revenues increased largely due to having two more vessels in operation and profitability rose as a function of improved utilization.
Rolf Ronningen, CEO Polarcus, commented on the results: “The second quarter has seen the start of another very active North West Europe season giving rise to a healthy improvement in market conditions, with further stimulus expected to come from major license rounds in both the UK and Norway. Coupled with our continuing focus on operational performance and the efficient and timely delivery of Polarcus Amani and Polarcus Adira, Polarcus has delivered a record utilization in the quarter of 89%, up from 72% in the same quarter last year.”
Looking ahead, Ronningen continued: “We continue to see tangible evidence of a globally developing market underscored by exceptionally high tender activity by the oil companies in the second quarter across all regions, including new exploration frontiers. We expect these tenders on award will contribute to maintaining a robust market outlook through the fourth quarter 2012 and first quarter 2013, effectively reducing some of the market’s traditional cyclicality.”
Highlights in the second quarter 2012:
Revenues of USD 114.3 million, up 74% from Q2 11
EBITDA of USD 42.9 million, up 157% from Q2 11
EBIT of USD 21.9 million, up 657% from Q2 11
Net Cash Flow from operating activities of USD 48.1 million
Polarcus Adira delivered on time and on budget
Fleet backlog extended to an estimated total value of USD 325 million
Vessel utilization at 89%, comprising Contract 81% and Multi-Client 8%
Repaid USD 55 million 13% bond and partly replaced by a USD 410 million fleet bank facility
Successful transfer of shares to the Oslo Stock exchange main list
(Reuters) – Dubai’s chief of police has warned of an “international plot” to overthrow the governments of Gulf Arab countries, saying the region needs to be prepared to counter any threat from Islamist dissidents as well as Syria and Iran.
The comments by Dahi Khalfan, one of the most outspoken security officials in the United Arab Emirates, follow the detention in the UAE since April of at least 20 dissidents, according to relatives of the detainees and activists.
“There’s an international plot against Gulf states in particular and Arab countries in general…This is preplanned to take over our fortunes,” Khalfan told reporters at a gathering late on Wednesday marking the Muslim holy month of Ramadan.
“The bigger our sovereign wealth funds and the more money we put in the banks of Western countries, the bigger the plot to take over our countries…The brothers and their governments in Damascus and North Africa have to know that the Gulf is a red line, not only for Iran but also for the Brothers as well.”
Most of the detainees since April are Islamists, targeted by an official clampdown amid concern they may be emboldened by the rise of the Muslim Brotherhood in other Arab countries such as Egypt.
UAE Interior Ministry officials have not been available to comment on the arrests. Last week, UAE officials announced that authorities were investigating a foreign-linked group planning “crimes against the security of the state”.
“I had no idea that there is this large number of Muslim Brotherhood in the Gulf states. We have to be alert and on guard because the wider these groups become, the higher probability there is for trouble,” Khalfan said on Wednesday.
“We are aware that there are groups plotting to overthrow Gulf governments in the long term.”
The rise of the Muslim Brotherhood in the Arab world poses a serious threat to Gulf states, Dubai’s police chief said, as he warned of an “international plot” to overthrow Gulf rulers.
Dahi Khalfan, one of the most outspoken security officials in the United Arab Emirates, also accused Shi’ite power Iran and its ally Syria of interfering in the Gulf states, most of which are ruled by Sunni Muslim monarchies.
At least 20 dissidents, most of them Islamists, have been detained in the UAE since April, according to relatives and activists, amid concern they may be emboldened by the rise of the Muslim Brotherhood in other Arab countries such as Egypt following popular protests.
Gulf Arab states are also wary of Iran which some governments suspect of stirring up unrest in their countries and harboring expansionist ambitions.
“There’s an international plot against Gulf states in particular and Arab countries in general … This is pre-planned to take over our fortunes,” Khalfan told reporters at a gathering late on Wednesday marking the Muslim holy month of Ramadan.
“The bigger our sovereign wealth funds and the more money we put in the banks of Western countries, the bigger the plot to take over our countries.”
Last week, UAE officials announced that authorities were investigating a foreign-linked group planning “crimes against the security of the state”.
“I had no idea that there is this large number of Muslim Brotherhood in the Gulf states. We have to be alert and on guard because the wider these groups become, the higher probability there is for trouble,” Khalfan said.
“We are aware that there are groups plotting to overthrow Gulf governments in the long term.”
“The brothers and their governments in Damascus and North Africa have to know that the Gulf is a red line, not only for Iran but also for the Brothers as well.”
He did not mention other countries, but some Gulf Arab leaders have implicitly accused the United States, a key ally, of supporting Islamists including the Brotherhood as they came to power over the past year in Egypt and Tunisia.
The Gulf states have also been alarmed by pro-democracy protest movements closer to home in Bahrain and Yemen.
Khalfan’s comments have caused controversy in the past. Last month Egypt’s Foreign Ministry summoned the UAE ambassador to clarify statements by Khalfan on Twitter that were an “attack on Egypt”, according to Egyptian state-run media, which did not cite the remarks that caused offence.
The police chief said on Wednesday that his tweets on local and regional politics were personal and did not necessarily reflect the views of the government of Dubai.
(Reporting by Mirna Sleiman; Writing by Andrew Torchia; Editing by Pravin Char)
- ICM worried over fallout from ‘sabotage cell’ bust (arabtimesonline.com)
- UAE urged to free arrested Internet activists (thehimalayantimes.com)
- UAE Govt afraid of the Arab Spring , speeds up the crack down against the Revolutionaries (jafrianews.com)
- Is West’s Dubai Playground Threatened by Islamist Radicals? (ibtimes.com)
(Reuters) – The United States is seeking to build regional shields against ballistic missiles in both Asia and the Middle East akin to a controversial defense system in Europe, a senior Pentagon official disclosed on Monday.
The effort may complicate U.S. ties with Russia and China, both of which fear such defenses could harm their security even though the United States says they are designed only to protect against states like Iran and North Korea.
The U.S. push for new anti-missile bulwarks includes two sets of trilateral dialogues – one with Japan and Australia and the other with Japan and South Korea, said Madelyn Creedon, an assistant secretary of defense for global strategic affairs.
Such shields could help counter perceived threats to their neighbors from Iran and North Korea and help defend the United States from any future long-range missiles that the two countries might develop, she told a conference co-hosted by the Pentagon’s Missile Defense Agency.
The model would be the so-called “phased adaptive approach” for missile defense in Europe, Creedon said. This includes putting interceptor missiles in Poland and Romania, a radar in Turkey and the home-porting of missile defense-capable Aegis destroyers in Spain.
Moscow fears that such a shield, given planned upgrades, could grow strong enough by 2020 to undermine Moscow’s own nuclear deterrent force. It has threatened to deploy missiles to overcome the shield and potentially target missile defense installations such as those planned in NATO members Poland and Romania.
China likely would be even more opposed to an antimissile shield in its backyard, said Riki Ellison, a prominent missile-defense advocate noted for his close ties to current and former U.S. senior military officials involved in the effort.
Beijing “would take much more offense to an Asian phased adaptive approach than Russia is doing with the European one,” he said, calling regional shields a good idea in theory but problematic in reality.
In the Middle East, Creedon said Washington will work to promote “interoperability and information-sharing” among the members of the Gulf Cooperation Council – Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates and Oman – as they acquire greater missile-defense capabilities.
The biggest U.S. missile defense contractors include Boeing Co, Lockheed Martin Corp, Raytheon Co and Northrop Grumman Corp.
The Obama administration at the same time stepped back from an announcement this month that it was weighing the possibility of giving Russia certain classified missile-defense data as the price for winning its acquiescence to the European shield.
“We are not proposing to provide them with classified information,” Ellen Tauscher, the administration’s special envoy for strategic stability and missile defense, told the conference. Instead, she said, the Obama administration had offered Moscow a chance to monitor a flight test in international waters of a U.S. Standard Missile-3 interceptor.
This, she said, would let Russian officials see for themselves the accuracy of “what we are saying about our system.” The United States argues that the U.S. system poses no threat to Russia’s nuclear deterrent.
As recently as March 6, the administration had said it was continuing negotiations begun under former President George W. Bush on a pact with Moscow that could include sharing limited classified data, but said it was making no headway toward a deal with Russia.
Obama’s administration was not the first “to believe that cooperation could be well-served by some limited sharing of classified information of a certain kind if the proper rules were in place to do that,” Bradley Roberts, a deputy assistant secretary of defense, had told the House of Representatives’ Armed Services subcommittee on strategic forces at the time.
The idea of such data-sharing drew sharp criticism from Republicans in the U.S. Congress including a move to legislate a prohibition.
The rollback on any such deal involving classified data exchange came after President Barack Obama was caught on camera on Monday assuring outgoing Russian President Dmitry Medvedev that he would have “more flexibility” to deal with contentious issues like missile defense after the November 6 U.S. presidential election.
Obama, during talks in Seoul, urged Moscow to give him “space” until after the vote, and Medvedev said he would relay the message to Russian President-elect Vladimir Putin.
(with additional reporting by Andrea Shalal-Esa; Editing by Eric Beech)
- Obama seeks to defuse controversy on missile comments (mb50.wordpress.com)
- President Obama Asks Medvedev for ‘Space’ on Missile Defense – ‘After My Election I Have More Flexibility’ (mb50.wordpress.com)