KUWAIT: Arab countries’ global crude reserves are at 54.3 percent and the region is eager to boost world supplies by 38.1 percent by 2050, said Jamal Al-Loughani, Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) on Thursday. Speaking during his participation at the Seventh China-Arab Energy Cooperation Conference, held in Haikou, China, Al-Loughani said that Arab countries contributed around 29.3 percent of global production and also had a 30.2 percent share of the world export of oil.
He indicated that OAPEC was keen on participating in the China-Arab Energy Cooperation Conference, which is held this year slogan of “Entering the Golden Era of China-Arab Energy Cooperation of Quality and Sustainability.” By 2050, Arab countries would be eager to contribute to the world’s energy supplies, especially with the region having around 26.3 percent of certified natural gas reserves and an intention to boost supplies by 19.8 percent in the same year, said Al-Loughani. The OAPEC chief indicated that China’s growing demand for oil imports might reach 76.5 percent by 2045.
He added that the Asian giant demand for natural gas had been growing, revealing that it would reach 41 percent by 2022 despite China being the fourth global supplier of gas. Al-Loughani said that fossil fuel could contribute to a balanced shift in diversifying energy resources that would be environment-friendly as well as compatible with efforts to counter climate change. The energy industry also has a challenge in the form of securing resources of oil and natural gas, which be the main drivers of global development by 53 percent until 2045, revealed the OAPEC chief. (KUNA)
DUBAI: American University in the Emirates (AUE) is thrilled to present its highly anticipated graduation concert on 29th September 2023. The spectacular event will prove to be the ultimate afterparty with headliners Myriam Fares, Ahmed Saad, Ayed and DJ Aseel.
Acclaimed artist, Myriam Fares, known as the queen of the stage for her exceptional talent in singing, acting, and entertaining will bring her signature style and stage presence to the Coca-Cola Arena. Joining her will be the immensely talented Egyptian singer, Ahmed Saad who will have you dancing the night away.
Completing the line-up are Saudi Arabian rising star, Ayed and the legendary DJ Aseel. Together they will transform this event into a party you’ll never forget. American University in the Emirates, known for their incredible annual celebrations this has become a favorite among AUE students and concert- goers alike. AUE's events production team has gone above and beyond to plan an even more breathtaking event for this year's graduates and opened the concert to the public to see the sensational lineup of international artists, guaranteeing an unforgettable experience for all attendees.
Tickets pieces start from just AED 95 and are available now at coca-cola-arena.com.
This event is presented by American University in the Emirates and supported by Dubai Calendar.
DUBAI: Neon Galaxy, the indoor neon space-themed playworld located at Dubai Parks™ and Resorts, has expanded its cosmic boundaries to welcome more families and children.
Open to children and teens, the ‘Astro Arena’ play area – filled with ninja courses, slides, rope climbing and a wipe-out challenge – now has a brand-new spacious mezzanine, where parents can relax and get an elevated view of the action below.
Parents can also catch up on work, grab a bite or just sit back and unwind at the upgraded and more spacious Cosmic Café. While there, families can try out the café’s new menu, featuring an array of delicious food options – from wraps, burgers, salads, pizzas, crepes and pancakes to a refreshing selection of soft beverages, slushies and ice cream.
Since its highly successful launch in April 2023, Neon Galaxy has captivated children and young teens with its neon space-themed playground. Offering a wide range of soft play and attractions for the little ones, as well as thrilling adventures for teens, Neon Galaxy is just one of the many exciting experiences awaiting families at Dubai Parks™ and Resorts, where world class entertainment awaits.
Visitors to Dubai Parks™ and Resorts can purchase tickets directly at ‘Neon Galaxy’, with prices starting from AED 60 per hour, or online at www.dubaiparksandresorts.com.
The Pakistan rupee continued to depreciate in the interbank market, losing another 1.46 against the dollar, while it gained ground in the open market.
The dollar was trading for Rs307.10 in the interbank market when the market closed, rising by 0.48 per cent from the previous close of Rs305.64, according to State Bank of Pakistan’s data.
In the open market, however, it was being traded at Rs324 in the afternoon, down from yesterday’s of Rs328.
“The army chief’s meeting and resolve to take on smugglers has led to the fall [in the dollar’s rate in the open market,” stated Khurram Schehzad, chief executive of financial consultancy firm Alpha Beta Core.
The open market fluctuated yesterday as well during the day with the rate for greenbacks going up to Rs338 but coming back to the previous closing of Rs328.
The news about billions of dollars of possible foreign investments in Pakistan was listened to closely by the market and currency dealers said the claim could keep the market peaceful for the next few days.
Army chief meeting with businessmen Army Chief, General Asim Munir, in a four-hour meeting with some 50 businessmen on Saturday, signalled towards the country’s bright future in view of the upcoming huge foreign investments in various sectors.
The army chief said that during his recent visit to Saudi Arabia, Saudi Crown Prince Mohammed Bin Salman, had assured the army chief of investing $25bn in Pakistan aimed at attracting investment in the agriculture sector by offering land and ensuring exports.
Sources said the army chief has asked the Saudi prince to set aside $10bn to overcome the country’s foreign exchange issues which would be returned in rupees.
While referring to the meeting in the UAE, the army chief had also requested the UAE ruler to provide $10bn for improving foreign exchange reserves on which the UAE ruler had reportedly agreed.
Gen Asim Munir also assured businessmen of bringing $25-30bn investment from Qatar and Kuwait in his next visit to improve the country’s economy. He said that he would try to bring a total of $75-100bn investment from Saudi Arabia, the UAE, Qatar and Kuwait.
Dubai, UAE: Roya Lifestyle Developments, the recently launched luxury real estate development company behind the highly-anticipated SLS Residences at Palm Jumeirah, announces its achievement of two significant milestones. The developer has sold the first of its five penthouses at a staggering AED 60 million. Additionally, 80% of the total units at SLS Residences at Palm Jumeirah have been sold since the project launch.
The sale of the AED 60 million penthouse highlights the caliber of the prestigious development and solidifies Roya Lifestyle Development’s position in redefining ultra-luxurious living. The penthouse boasts 13,962 sq ft and features upscale amenities, including a private courtyard, sun loungers and pool area, terrace dining area, and fire pit, making it the ultimate abode. The four-bedroom penthouses have emerged as the pinnacle of desirability, with only a few units left for sale. "The recent sale of the AED 60 million penthouse stands as a testament to the exceptional stature of SLS Residences at Palm Jumeirah, reinforcing our unwavering commitment to delivering an unparalleled ultra-luxury living experience," said Rami Hussein, CEO of Roya Lifestyle Developments. "Further achieving the sale of 80% of the residence units highlights the trust and confidence our buyers have placed in our vision for bringing the SLS experience to life for residents."
The first SLS branded residence outside the Americas, SLS Residences at Palm Jumeirah, hosts a collection of 113 private residences thoughtfully designed to cater to diverse preferences. Nestled within the iconic Palm Jumeirah, SLS Residences offers panoramic views of the Dubai Skyline and the blue waters of the Arabian Gulf that are second to none.
Within the realm of the SLS Residences are unique features and amenities that residents will have access to. This includes a private beach, equipped with BBQ stations and stand up paddle boards, as well as the Social House, which will host a boutique-fitness space, private dining lounges, a game-entertainment room, a kids club, a private screening room, along with an indoor and outdoor gym.
Further amplifying the living experience are the top-tier services residents can expect, tailored to their needs. The Residences will go beyond the ordinary by not only offering essential services such as maintenance, security, valet, and property insurance but by also providing signature SLS on-demand services. Should residents seek a devoted caretaker, chauffeur, or pet pampering and sitting, their desires will be met with care and attention. Elevating personal style becomes effortless with the availability of personal shoppers, stylists, and jewelers. From a dining experience by the in-resident private chef and event planning to beach picnic kit delivery and wellness coaches, each of the services, whether essential or lifestyle, is designed to enrich the lives of residents.
Roya Lifestyle Developments has established an investor-friendly payment plan, allowing buyers to invest 60% during the construction phase, with the remaining 40% payable upon completion and handover of the residences. This strategic approach exemplifies Roya's commitment to building enduring relationships with its valued clientele.
Opportunities to become part of the SLS Residences at Palm Jumeirah community are increasingly limited. Interested buyers and investors seeking to experience the pinnacle of luxury living are encouraged to contact Roya Lifestyle Developments. For more information, please call 800-ROYA (7692).
KUWAIT: Menzies Aviation, the leading service partner to the world’s airports and airlines, has successfully extended its agreement with Jazeera Airways, the leading low cost carrier in Kuwait. The announcement marks the next step in an expanding partnership with the Kuwaiti airline, which includes passenger, ramp, and air cargo services at seven airports in five countries.
At Kuwait International Airport (KWI), the extended five-year agreement will see Menzies Aviation, operating as National Aviation Services (NAS) at KWI, continue to deliver ground and air cargo handling services, managing more than 1,400 flights a month. In addition, it will oversee the airline’s dedicated T5 Pearl lounge in the exclusive Jazeera Terminal 5, offering passengers a dedicated space to work or relax before they fly.
This latest announcement in the ongoing partnership with Jazeera Airways follows the introduction of passenger, ramp and air cargo services earlier this year at Islamabad International Airport (ISB) in Pakistan where the Menzies-RAS team successfully managed its inaugural flight from Kuwait.
In Europe, new contracts were also secured at Tivat International Airport (TIV), Montenegro and Belgrade Nikola Telsa Airport (BEG), Serbia. This marks the next step in the partnership between Menzies and the airline, building on its existing operations at Jinnah International Airport (KHI) and Allama Iqbal International Airport (LHE) in Pakistan, and Queen Alia International Airport (AMM) in Jordan.
Hassan El Houry, Chairman - Menzies Aviation, said: “The extension of our agreement with Jazeera Airways in Kuwait is the next step in our continued strategic partnership, and demonstrates the strength of our ground services offering. We have built a strong relationship with the airline since we began working with them in 2005, first as NAS and now as Menzies Aviation. We are delighted to continue delivering our ground, cargo and lounge services in Kuwait and new locations in the airline’s growing network across the Middle East, Central and South Asia, Europe and Africa.”
About Menzies Aviation Menzies Aviation is the leading service partner to the world’s airports and airlines, with operations on six continents, at more than 255 airports in 60-plus countries, serving more than 4 million flights a year and handling over 2 million tonnes of cargo. Supported by a team of over 40,000 highly trained people, the company provides complex and time-critical ground services, including passenger, lounge and ramp services; air cargo services, including handling, warehousing and wholesale freight forwarding; and fuel services, including fuel farm management and into-plane fuelling.
Menzies Aviation is recognised across the industry for delivering the safest, most secure and sustainable services tailored to customers’ needs and is essential to keeping passengers, aircraft and cargo moving, round the clock, every minute of every day.
Menzies Aviation is headquartered in London, and since its founding in 1833, has become the largest aviation services group in the world by number of countries.
Stocks suffered losses for the fifth straight session on Thursday, bleeding more than 1,700 points on the back of rumours of a hike in interest rates, economic uncertainty, and the unrelenting depreciation of the rupee.
The bourse stayed flat for 10 minutes after the opening bell. However, at 9:40am, the market began its gradual slide with the KSE-100 eventually losing 659 points by 12:00pm, sinking to 45,584.62. After 2:50pm, the market plunged steeply — by 1,784.93 points — to reach a low of 44,459.62. When trading closed, it corrected itself to 45,002.41, down 1,242.14 points, or 2.69pc from the previous day’s 46,244.55.
The last time the market plunged so sharply (by over 1,500 points by day’s end) was after then-prime minister Shehbaz Sharif’s announcement of a 10pc “super tax“ on large-scale industries in June 2022.
Intermarket Securities’ Equity head Raza Jafri told Dawn.com that the KSE-100 continued to be under severe selling pressure owing to a lack of confidence emanating from a weak economy, particularly the depreciating rupee.
“While value buyers may return if the dip extends, meaningful valuation rerating needs clarity to return,” he added.
Arif Habib Corp analyst Ahsan Mehanti echoed Jafri’s viewpoint, saying stocks fell across the board on economic uncertainty amid a slump in the rupee and a likely hike in interest rates owing to high inflation.
“The caretaker finance minister’s assertion of a lack of fiscal capacity to give relief on power bills and concerns for unresolved circular debt crises in the power sector played a catalyst role in [yesterday’s] bearish close,” he said.
The market had witnessed a sharp drop after rumours circulated that the State Bank of Pakistan was set to convene an emergency meeting in which it is expected to raise interest rates by up to 300bps, noted JS Global in its daily report.
KASB Securities chairman Ali Farid Khawaja told Dawn.com that investor sentiment “is very fragile”. “Any comment around political instability worries the market,” he said.
However, in Khawaja’s view, the bearish trend “will be short-lived” as he expects the market to recover. “We have seen similar volatility in the past as well.” He said reports of the Saudi crown prince’s visit to Pakistan “should be a strong catalyst for investor sentiment”.
Yousuf M. Farooq, director of research at Chase Securities, said market sentiment has changed over the last few days because of the anticipation of a rate hike.
“The market is expecting higher rates on changing expectations for inflation on the back of a continuously sliding rupee, higher oil and electricity prices and an anticipation of second-round impacts.”
He added that higher interest rates mean a higher cost of capital and cheaper stock prices.
“The market on the other hand is extremely cheap when compared to other crisis-ridden countries. The PSX is trading at three-four times earnings and earnings, dividends and buybacks have remained robust.”
Investor Jibran Sarfaraz told DawnNewsTV said a reduced inflow of dollars and the rumours circulating about an impending interest rate hike — by an expected 2 to 3pc — have resulted in the sell-off.
“You can see there is pressure on the market because of this, and the dollar [rate] is also increasing day by day which is creating problems for importers and investors are worried.”
He said until economic and political stability returns, “nothing can be done”.
Sarfaraz’s solution: controlling inflation and, by extension, the interest rate. “Whichever government comes to power should focus on stabilising the dollar [and inflation]. The more interest rates stay high, the more investors will hesitate.
“Unless the interest rate eases, investors won’t come because they’re getting 22-23 pc interest rates [by stowing their money in banks]. They will move where the higher profit margin is higher.”