Saudi Aramco completes $2.65bn purchase of Valvoline Inc.’s global products business

Aramco will own the Valvoline brand in connection with its product business (AFP)
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Updated 02 March 2023
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Saudi Aramco completes $2.65bn purchase of Valvoline Inc.’s global products business

Dhahran: Saudi Aramco has completed through a wholly owned subsidiary the acquisition of US company Valvoline Inc.’s global products business for $2.65 billion.

Under the deal, which came after the two companies signed a share purchase agreement announced on Aug. 1, last year, Aramco aims to become one of the most prominent integrated brands in the world in the field of lubricants.

Aramco will own the Valvoline brand in connection with its product business, while Valvoline will own the brand in connection with its retail services business, and the two firms plan to work together to further spread ownership of the Valvoline brand globally.

Headquartered in Lexington, Kentucky, Valvoline Global Operations will continue to be a world leader in automotive and industrial solutions, creating future-ready products and best-in-class services for partners around the globe.

The acquisition is expected to enhance Aramco’s growing presence in the premium brand lubricants market, while opening global horizons to promote the established name and provide a foundation for future growth and integration of its refining, chemicals, and marketing business portfolio.


Al-Kholood 1-0 Al-Ahli: Late goal seals victory in Roshn Saudi League

Updated 6 min 12 sec ago
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Al-Kholood 1-0 Al-Ahli: Late goal seals victory in Roshn Saudi League

DUBAI: Al-Kholood secured a crucial 1-0 victory over Al-Ahli in the 15th round of the Roshn Saudi League at King Abdullah Sports City Stadium in Buraidah.

The match’s only goal came from Alex Collado in the 90+2nd minute, earning Al-Kholood three vital points.

With the win, Al-Kholood increased its tally to 16 points, moving to 12th place in the standings. Meanwhile, Al-Ahli remains in fifth place on 26 points.


Saudi mining minister reveals Kingdom’s ‘most valuable asset’ at Future Minerals Forum

Updated 16 min 37 sec ago
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Saudi mining minister reveals Kingdom’s ‘most valuable asset’ at Future Minerals Forum

RIYADH: Saudi Arabia’s wealth extends beyond its oil and gas reserves, with its human capital as its most valuable asset, according to the country’s minister of industry and mineral resources.

Speaking at the Future Minerals Forum in Riyadh, Bandar Alkhorayef emphasized the Kingdom’s commitment to developing its citizens as part of Vision 2030, describing human capital as “the most important asset that we have in this country”. 

During the forum, the minister also announced the inauguration of the Young Mining Professionals Association, a collaboration between the ministry and Saudi mining company Ma’aden, to further empower young talent in the sector. 

“Our Vision 2030 is very keen to ensure that everything we do, from an economic or sector development, is touching our people,” said Alkhorayef. 

“It is designed in a way that impacts people, people’s development, people’s opportunity for investment, entrepreneurs, but also job opportunities, quality job opportunities,” the minister said. 

He added: “I’m happy that our mining sector is very serious about ensuring that at the core part of what we are doing in our strategy, addressing how much impact we can bring to our people and especially to the youth of Saudi Arabia.” 

In a separate panel, Muhammad Al-Saggaf, president of King Fahd University of Petroleum and Minerals, echoed the minister’s sentiments, underscoring the critical role of talent in driving the Kingdom’s economic diversification. 

“In very simple terms, the mandate of KFUPM is to help expand the economy of Saudi Arabia. That is the mandate. We want to do our part that is to push forward an expansion of the base of the economy of the Kingdom,” he said. 

“What do you need to create new sectors?” Al-Saggaf asked. “You need two things: you need investment, and you need talent, and many times, strategists and planners focus a lot on investment, getting FDI (foreign direct investment) agreements, and so on. But talent is, as important, if not even more important, than the investment. And without it, you cannot actually achieve sector development in the way that the Kingdom and Vision 2030 wants.” 

He further explained the connection between investment and talent, describing it as “multiplicative” rather than additive. 

“If it were additive, you could make up for talent by adding investment, but that is not the case. In fact, the relationship between them is multiplicative. It is talent that amplifies and enables and allows the investment to achieve its goals, and without that talent, you will be multiplying by zero and you will be achieving nothing.” 

Al-Saggaf outlined three types of talent emerging from academic institutions. “The first type is the economy-burdening talent,” he said. 

“Those graduates who are unable to have the skills needed for today’s or tomorrow’s economy, and then they become a burden on the economy. They have to be re-skilled, or they take on menial jobs for which they spend years and they don’t need that training, if not, they become disgruntled because they are poor and unemployed and so on,” he added. 

“The second type, which is the largest type, is the economy-maintaining talent. Those are all the engineers and all the physicians, all the professors or the bankers or the lawyers who strive to maintain the progress of the current economy because the current economy has to continue to evolve and survive. And they are the largest portion of any economy this type, and they are essential and needed,” he explained. 

“But the most important type, as far as we are concerned. Our niche is type three. That’s the economy-creating talent. Those are the few who are going to go on to create the future jobs and create the future sectors,” he said. 

Al-Saggaf emphasized that KFUPM focuses on nurturing this talent. “This is why we tell all our students, and we have a number of our students in the audience today — when they get into KFUPM, you are not here to learn to get a job. If you get into KFUPM, it’s a very tough school to get into, you are implicitly guaranteed a job — that is not the objective. You are not here to learn to get a job. You are here to learn to create a job.” 

He also highlighted the university’s achievements in fostering diversity in engineering education. “KFUPM has the highest enrollment of females in engineering anywhere in the world with 50 percent, as opposed to 10-15 percent in global universities,” he said. 


Pakistan, Bangladesh envoys in UAE meet, propose direct flights from Islamabad, Karachi to Dhaka

Updated 26 min 47 sec ago
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Pakistan, Bangladesh envoys in UAE meet, propose direct flights from Islamabad, Karachi to Dhaka

  • The two diplomats discuss enhanced trade and investment cooperation, people-to-people contact
  • Both envoys agree to support the welfare of the Pakistani and Bangladeshi diaspora in the UAE

ISLAMABAD: Pakistan and Bangladesh discussed the resumption of direct flights between Islamabad, Karachi and Dhaka during a meeting in Abu Dhabi on Thursday, signaling a potential step toward closer bilateral cooperation.
Pakistan and Bangladesh were once one nation but split in 1971 after a bloody civil war, which saw the part previously referred to as East Pakistan secede to form an independent nation.
In the decades since, Bangladeshi leaders, particularly former Prime Minister Sheikh Hasina Wajid, maintained close ties with India, Pakistan’s arch-rival. However, ties between the two countries warmed up since her ouster in a student-led uprising last year in August, marking a new phase of bilateral relations.
The discussion focusing on the ties between both nations took place between Tareq Ahmed, the newly appointed Bangladeshi envoy to the United Arab Emirates, and Faisal Niaz Tirmizi, Pakistan’s ambassador to the UAE.
The interaction happened at Pakistan House in Abu Dhabi.
“During the meeting, matters of mutual interest including cooperation in trade and investment, efforts to increase people-to-people contact, and resumption of direct flights from Islamabad and Karachi to Dhaka, were discussed,” said a statement released after the two diplomats met. “Both sides underscored the importance of supporting the welfare of the large Pakistani and Bangladeshi diaspora in the UAE.”
The Pakistani ambassador highlighted the deep historical and cultural ties between the two nations and stressed the untapped trade potential that could contribute to their economic growth.
His counterpart reaffirmed Bangladesh’s commitment to strengthening ties with Pakistan and emphasized the need for dialogue and cooperation to tackle shared challenges in the region.
There have also been interactions on multilateral forums between the top leaders of both countries since the fall of Wajid’s administration.
Deputy Prime Minister Ishaq Dar is also scheduled to visit Dhaka in the beginning of February to further consolidate relations between the two countries.


Al-Ettifaq beats Damac 3-0 in Saudi Pro League

Updated 37 min 18 sec ago
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Al-Ettifaq beats Damac 3-0 in Saudi Pro League

DUBAI: Al-Ettifaq defeated hosts Damac 3-0 in Khamis Mushait on Wednesday in their Saudi Pro League match.

Steven Gerrard’s team took an important victory, with goals from Mousa Dembele in the 22nd and 45th minutes, and Vitinho adding a third in the 83rd minute.

The win takes Al-Ettifaq’s points total to 18, moving them up to 11th in the league table. Damac are currently in 10th with the same number of points but a better goal difference.


UAE playing a pivotal role in cricket’s modern ecosystem

Updated 42 min 44 sec ago
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UAE playing a pivotal role in cricket’s modern ecosystem

  • Graeme Smith view that ILT20 ‘was not good for the game’ took no account of the league’s involvement in local UAE cricket

David White, CEO of DP World ILT20, has responded to adverse comments made by Graeme Smith, commissioner of South Africa’s Betway SA 20 league, about the ILT20.

Smith expressed a view that ILT20 “was not good for the game, with no investment back into local cricket.” As suggested in this column last week, Smith’s opinion took neither proper account of ILT20’s involvement in local UAE cricket nor the vastly different starting points from which the two leagues set off on their franchise journeys.

White took a similar line in his response, suggesting that Smith should have taken a closer look at the Emirates Cricket Board’s overall strategy. The UAE has long provided a safe bridge over troubled waters. Initially in Sharjah, its ability to be a go-to haven has grown with the Dubai International Stadium and the Sheikh Zayed and Tolerance Stadiums In Abu Dhabi. Most recently, in October 2024, the prospect of canceling the ICC Women’s T20 World Cup because of civil unrest in Bangladesh was averted by the ability to move the tournament to the UAE. A solution to the standoff between India and Pakistan over the 2025 Champions Trophy has also been supplied by the compromise to play India’s matches in Dubai.

Further back, the IPL was played in the UAE in 2021 because of COVID-19 restrictions in India, while the 2014 event was switched because it clashed with Indian general elections. The men’s T20 World Cup was also shifted to the UAE and Oman in 2021. On top of that, the ICC academy offers top-notch training facilities and two grounds on which to play. It is no surprise that the UAE attracts teams and players at professional level for training camps and competitions. It is also accessible from Europe and South Asia. A measure of its success is that the idea of English county teams going to the UAE for pre-season training is no longer considered to be risible.

While these aspects do not directly address Smith’s criticism, they do illustrate the UAE’s pivotal position in cricket’s ecosystem. Aware of this, the Emirates Cricket Board is seeking to use that position to develop its own domestic strength. Who can blame them? Funds have been invested in the community game and in school’s festivals. A secondary school competition has been reintroduced. Three hundred players registered for a development tournament, after which there was a draft with 25 players selected to participate in ILT20. There, they will learn from leading players and coaches.

South Africa, on the other hand, has been playing organized cricket since the mid-19th century, with the first club established at Port Elizabeth in 1843. In 1889 an England team visited to play two matches against a South African X1, in what would later be classed as Tests. The strength of South Africa’s cricket was encapsulated in 2012, when its men’s team became the first one to top the ICC rankings in all three formats of the game. The country’s position and reputation in world cricket is very different to that of the UAE. However, its financial position has been fragile and a franchise league was created to address that issue. SA20 can draw on a sizeable pool of domestic talent and Cricket South Africa has ensured that the best of that talent is available. The tournament requires franchises to sign 19 players, with a minimum of ten South Africans, a maximum of seven international players, a new rookie South African and a wildcard.

One of Smith’s gripes about ILT20 is the number of international players allowed to play in the tournament. Each playing 11 must include at least two UAE players and four in the squad overall. Smith’s view seems to be that this is not enough. One day the balance may well change when enough UAE players emerge with the ability to perform to the levels set by ILT20. Recalibrating the balance too early runs the risk of reducing the tournament’s quality. It would be wrong to suggest that ILT20’s strategy is not developmental. It takes time and patience.

Apart from financial considerations, SA20’s main goal is to nurture the improvement and growth of South African domestic players and the overall domestic system. Smith has gone so far as to argue that SA20 has already helped in the men’s Test team reaching the final of the World Test Championship. This seems to be an opportunistic claim. One thing that ILT20 achieves, but SA20 does not, is to facilitate participation by players from other ICC Associate members. This year, Nepal, Malaysia, the US, Scotland, Netherlands, Namibia and Italy are represented.

Both tournaments have got off to exciting starts. In SA20, last year’s winners, Sunrisers Eastern Cape, lost their first three matches, anchored at the foot of the table. The opening match of ILT20, a re-run of last year’s final, was won by one run by last year’s beaten finalists Dubai Capitals against the Mumbai Indians. Two days later, the Indians had their revenge. The 2023 winners, Gulf Giants, were beaten by six wickets by the team which they defeated, the Desert Vipers, in the final. The Giants’ innings reads curiously. In a total of 119 for nine, James Vince scored an unbeaten 76.

Vince has played 55 times for England, is a long-standing captain of Hampshire, which he led three times to success in T20 competitions, plus high positions in the county championship. On Jan. 13, he announced that he was quitting red-ball cricket to focus on white-ball cricket in 2025. He will play in the Pakistan Super League, or PSL, which will be staged in April this year so as not to clash with the Champions Trophy.

Vince had a decision to make between the PSL or red-ball cricket with Hampshire. The  England and Wales Cricket Board has stipulated that only players with white-ball-only contracts will be allowed to play in overseas franchise tournaments during English season months. Vince’s case is an example of the ways in which franchise tournaments are shaping both the future of cricket and its players’ careers.   

Each franchise has different objectives and strategies. Collectively, they are shifting cricket’s landscape. They do not appear to talk to each other and there is no regulation. Is it too much to expect that, one day, they may respect and understand their differences for the overall benefit of the game?