Global energy crisis is a ‘management’ issue, says Crescent Enterprises CEO Badr Jafar

Global energy crisis is a ‘management’ issue, says Crescent Enterprises CEO Badr Jafar

DAVOS: As the world grapples with its most serious energy crisis since the Second World War due to the war between Russia and Ukraine, Badr Jaafar, chief executive officer of UAE-based Crescent Enterprises, told Arab News he believes it is actually more of “a management crisis.” “The reality is, when you refer to it as an energy crisis, you give the impression that it is somehow a problem with the actual energy source. The problem is, of course, the lack of producer policies to make sure that the energy reaches the (necessary) markets,” Jafar said, speaking on the sidelines of the World Economic Forum’s Annual Meeting in Davos. “And this is related, fundamentally, to many, many years of underinvestment in critical sources of energy, in order to provide energy security to large parts of the world.” The headlines speak for themselves. Residents in the UK have been seeing ads suggesting coal furnaces as a replacement for electric or gas heating in their homes as a way to cut costs, while Europeans have been warned to brace for tough winters ahead. “That’s why I refer to it as a management crisis — not to be facetious, but because we need to