August, 2016

• 6 August

  Sustainability in tourism plans a must

    The success of UAE’s economic diversification plan largely depends on how the non-oil sector performs. While it has been predicted that oil will contribute to merely 36% of the country’s GDP, the expanding economic footprint of tourism and hospitality sector is a happening reality. The UAE is investing heavily in the tourism sector. This capital investment is expected to ...

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• 6 August

  Clinton can’t beat Trump but may be Trump can

    Perhaps Donald Trump will come to America’s rescue after all. The past week leaves no doubt, at least, that the biggest threat to Trump’s campaign for the presidency is Trump. For days, quite unbelievably, he’s been criticizing the Muslim parents of a U.S. soldier who died a hero’s death in Iraq. Khizr Khan’s attack on Trump at the Democratic ...

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• 6 August

  Bitcoins make bank robbery great again

    A bitcoin exchange in Hong Kong has been hit by hackers who stole $72 million worth of the cryptocurrency. Or at least, that’s what it was worth when the theft took place; once news of the hack broke, the market for bitcoins slumped, meaning that the hackers’ haul is now valued somewhat lower. The market slumped, quite understandably, because ...

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• 6 August

  UAE retail, hospitality to boost printing industry

  

    Dubai / Emirates Business Investments in themeparks, infrastructure and retail in UAE will further boost the billion dollar printing industry, according to International Expo Consults (IEC), part of Falak Holding. The sector is expected to grow exponentially across the MENA region, thanks to the investment by governments in various sectors especially infrastructure. As per the Smithers Pira report, the ...

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• 6 August

  Citigate inks pact with Stellar Diamonds

  

    Dubai / Emirates Business Dubai-based commodities trading company Citigate Commodities Trading Limited announced the signing of head of terms with Stellar Diamonds plc (AIM: STEL), the London Stock Exchange listed diamond development company focused on West Africa. The agreements include a Baoulé kimberlite mining project in Guinea that has a resource estimation of approximately 3 million carats and two ...

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• 6 August

  Jumeirah Golf Estates gets double win at realty awards

  

    Dubai / Emirates Business Dubai’s Jumeirah Golf Estates, host of the DP World Tour Championship, has taken home two major awards at Indian-based real estate awards ceremony — the World’s Best Realty Brand Awards 2016 Asia, as India is revealed as Dubai’s largest real estate investor group outside of the Arab world. Jumeirah Golf Estates’ high-end collection of villas ...

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• 6 August

  Egypt’s solar power upset clouds outlook for investors

  

    Reuters When Egypt announced plans to develop renewable power in 2014, investors piled in, drawn by year-round sunshine and chronic electricity shortages. Two years on, many projects have stalled, hitting confidence among foreign investors Egypt sorely needs. Developers who prequalified for solar and wind projects under attractive feed-in-tariff (FiT) schemes say they face delays and currency risks while wrangling ...

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• 6 August

  Crude slump sees oil majors’ debt burden double to $138bn

    Bloomberg When commodity prices crashed in late 2014, oil executives could look at their mining counterparts with a sense of superiority. Back then, the world’s biggest oil companies enjoyed relatively strong balance sheets, with little borrowing relative to the value of their assets. Miners entered the slump in a very different state and some of the world’s largest — ...

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• 6 August

  Oz power revolution swaps grids for home batteries

  

    Bloomberg A revolution in south Australia is wresting power from utility-owned grids and putting it inside batteries installed inside the homes of electricity consumers. Billed as the world’s biggest “virtual power plant,” AGL Energy Ltd. is installing 1,000 batteries in and around Adelaide at a cost of about A$20 million ($15 million), according to a statement on Friday. The ...

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• 6 August

  Oil traders see glimmer of profit in hoarding crude at sea

  

    Bloomberg Oil traders once again believe it’s worth heading out to sea. The market structure for Brent crude, the benchmark for more than half the world’s oil, now makes it viable to store supplies in a ship to potentially lock in profits on a sale six months later, according to a Bloomberg survey of 6 traders and analysts. In ...

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