KUWAIT CITY, Aug 13, (KUNA): The US Federal Reserve’s recent decision to slash interest rate on the USD and ongoing trade war between Washington and Beijing contributed to lifting gold prices in the past two days from USD 1,400 per ounce to USD 1,475 (OZ).
A report issued by the Kuwaiti Sabayek Company for precious metals, released on Tuesday, said the gold price, according to “most investors,” would exceed USD 1,500 (OZ). The yellow metal rate reached the highest level since 2013 when it has recently hit USD 1,475 (OZ), buoyed by a weak USD and investors’ inclination toward bourses and global stocks. The US Federal Reserve policy of trimming the interest rate will most certainly push the precious metal price higher than the USD 1,500 (OZ), according to the Sabayek Co. report.
Continuing commercial war between the US and China will lead to higher commodity prices, thus the USD value is forecast to drop, the report said, indicating that this situation would “serve the yellow metal and cause it to climb in the coming days.” Locally, sales in July were low with upcoming summer vacation and the eid, in addition to hike of global prices due to geopolitical factors in East Asia, as well as the global trade war. The report says the prices in the local market will remain low due to investors’ jitters and anticipations.
Source: Arab Times
International oil markets are closely watching a particular crude oil production number – Saudi Arabia’s Aramco figure, and they are reacting accordingly.
The longterm ambition of oil countries to live without depending on oil seems to be a farfetched o b j e c t i v e . None of our Arabian Gulf countries can move away from it and find a realistic solution in terms of a new source of revenue as an alternative to oil.
We in Kuwait started to call for an alternative revenue source instead of oil in 1965 through our planning board. Unfortunately, we are still in the talking stage even though we have all the necessary tools, a small population, good infrastructure and technology, high rate of education and computer know-how, plus young population.
Lack of determination, vision and leadership are the main obstacles in the plan to move away from oil. In addition, the available money has been delaying such a firm action.
Maybe we need to wait further until the time comes when we run out of money and start cashing our overseas investments. The second country to take such a decision is Saudi Arabia. It decided three years ago to reduce the dependence on oil by 2020 but it has now realized that this is not possible and that the date is not realistic.
Nevertheless, their decision to sell about five percent of its giant Saudi Aramco is a step towards moving away from oil by offering its shares to international investors, and generating more cash for other non-oil investments inside the country.
Further delays could result in lower value for its assets with oil prices going down and not likely to improve and go above $70 in the coming years. Another factor to bear in mind is that oil producing countries will not be generating the surplus cash that they used to get in the last five years. Since the end of 2014, most of them have been facing big financial deficits, including Kuwait and Saudi Arabia, as they need oil price to be within the range of $75 to $80 per barrel.
This is impossible to achieve now and in the future due to free availability of shale oil from USA and Argentina, and with other countries to follow. The choice of finding an alternative source of revenue instead of depending on oil is no longer a free option, but it is a must action. Five years ago, USA came to the decision to stop being addicted to oil from the Middle East, and to become independent. Now they are, and are addicted to their own oils. Can we do the same and move away from our addiction to our sole of income?
By Kamel Al-Harami Independent Oil Analyst
Source: Arab Times
KUWAIT CITY, July 28: The electrical cars are entering the Kuwaiti market gradually, opening a new phase for customers, and with it the discussions for the car charging stations needed by these vehicles have begun for the success of their experimental use on the roads, reports Al-Rai daily.
The Minister of Commerce had formed a technical committee specialized in electrical vehicles in which officials from 14 government agencies and the private sector had participated to establish the necessary conditions and the provision of electric charging stations in all areas.
This is in line with the vision of Kuwait 2030 which aims at increasing reliance on alternative energy and reducing dependence on oil with the aim of reducing pollution and raising the competitiveness of the state in the environmental field.
In view of the diversity of opinions on the success of electric cars spreading in the local market, the views of some officials differed on the importance of their spread and the need of the local market for them. More meetings will be held in order to outline the establishment and construction of the stations that meet the needs of the customers and move Kuwait to a new level in the automotive sector.
Source: Arab Times
Second edition of GIAS will be held from January 27-29 Dubai, United Arab Emirates, 16 July 2019, (AETOSWire): The General Civil Aviation Authority (GCAA) of UAE has announced that the second edition of Global Investment in Aviation Summit (GIAS) 2020, themed ‘Enabling Global Aviation Growth through Fund Raising and Key Partnerships’ will be held in Dubai from January 27-29.
Over 200 investors and 1,200 delegates, besides selected government officials, aviation organisations, finance & insurance firms, aviation asset owners, aircraft operators & logistic service providers and legal consultants are expected to turn up at the event.
While disclosing the details of the summit Saif Mohammed Al Suwaidi, Director General of the GCAA, highlighted the UAE’s remarkable position in the international and regional aviation industry.
Al Suwaidi said, “The national agenda for 2021 aims for UAE to be the world first in the quality of the air transport infrastructure. Although we are facing some challenges, such as determining the airspace and congestion in the UAE, we achieved great strides in the aviation industry.”
He added: “The aviation industry is one of the cornerstones of the country's economic development.” Registration is open on http://www.gias.ae/, and the website will have the latest updates on top policy makers, industry leaders and aviation experts who are attending the panel discussions and workshops.
Crucial projects and investment opportunities in the international civil aviation sector are expected to be unveiled at the event.
The summit would also reveal the best practices of the first aviation business incubator Intelak, which provides training programmes and workshops for trainees who want to learn the secrets and techniques of the aviation sector.
The first edition of GIAS has witnessed a participation of over 850 international delegates and 120 investors from 60 countries around the world, including United States, United Kingdom, France, Germany, India, Saudi Arabia and Egypt.
Note to editors
Global Investment in Aviation Summit was launched in 2018 to establish a socioeconomic sustainable civil aviation system. Ministers, aviation experts, financiers and investors gather every year to deliver a reliable environment to boost the industry. GIAS has seen a participation of more than 850 international delegates and 120 investors from 60 countries, including Saudi Arabia, US, UK, India, Germany, France. For more details visit http://www.gias.ae/, *Source: AETOSWire
Casablanca, Morocco, 16 July 2019, (AETOSWire): HSEVEN, Africa’s largest accelerator is launching “HSEVEN DISRUPT AFRICA”, an ambitious startup acceleration program designed for entrepreneurs of the Moroccan and African diaspora. The 6-month program will provide a seed investment of €150,000 plus an eventual investment of €500,000 to €1.5 million.
HSEVEN DISRUPT AFRICA is designed to support exceptional entrepreneurs building high-impact startups, and targets seed and early stage startups with 2 to 5 founders that are eager to impact Africa through innovative services, products and business models. The program will start with a global call for applications, followed by an international selection roadshow in New York, Montréal, San Francisco, Shanghai, Dubaï, Londres, Amsterdam, Paris, Casablanca.
The selected startups will benefit from a seed investment of €150,000 at the beginning of the program for 5 to 7% equity, then an eventual investment of €500,000 to €1.5 million at the end of the program. These investments will be granted through a partnership with the venture capital firm Azur Partners. The program will also benefit from funding of the Dutch Good Growth Fund (DGGF) and the Innov-Invest program of the Caisse Centrale de Garantie (CCG) with the support of the World Bank.
The startups will be given strategic advice and expertise, access to key networks and capital through our partners Azur Partners, Fabernovel, Strategy&, PricewaterhouseCoopers (PwC), l’École Centrale, Amazon Web Services and the top 50 Venture Capital firms interested by Africa. They will also benefit from tailored mentoring with +350 Moroccan and international mentors. For more information, visit: www.hseven.co
The startups will be located at HSEVEN’s 12,000 ft² campus in the heart of the Marina of Casablanca. The call for applications is now open and 10 startups will be selected to take part in the program.
“We will bring the best Moroccan, African, and African-at-heart entrepreneurs from all over the world to build impactful world-class African startups” said Amine Al-Hazzaz, Founder & CEO of HSEVEN.
HSEVEN is the biggest Startups accelerator in Africa with a 12,000 ft² campus and an acceleration capacity of 200 startups a year. HSEVEN is building one of the strongest ecosystems on the African continent today to maximize entrepreneurs' opportunities and create world-class African startups with the ambition to:
“Accelerate the Startups that will impact Morocco and Africa’s future.”
To WATCH this press release, please click HERE or follow URL:
The centre in Bareen International Hospital in MBZ City will offer the latest services
Abu Dhabi, United Arab Emirates, 16 July 2019, (AETOSWire): CosmeSurge, one of the region’s most trusted brands for cosmetic and aesthetic procedures, has launched its 15th centre in the UAE and Oman. Located on the second floor of Bareen International Hospital in Mohammed Bin Zayed City, Abu Dhabi, the centre will provide innovative, high quality aesthetic and cosmetic dermatology and plastic surgery services for which the brand is renowned.
NMC Health’s Chief Operating Officer Michael Davis inaugurated the new facility, which is CosmeSurge’s fourth centre in Abu Dhabi. A team of six specialists in dermatology and aesthetic services provide facial rejuvenation, laser treatments, intravenous vitamin (IV) infusion therapy and more.
“We are excited about the opening of this new branch in the capital; the intention is to provide the community in Mohammed Bin Zayed City with exceptional healthcare and treatment options. With our focus on excellence and innovation, state-of-the-art facilities and highly qualified specialists and consultants, we will continue to set new benchmarks for aesthetics and cosmetic procedures in the region,” said Davis.
In addition to four clinics in Abu Dhabi, CosmeSurge has three in Dubai, two in Sharjah, one in Al Ain, one in Fujairah, two in Ras Al Khaimah and one in Ruwais. CosmeSurge also has one clinic in Oman.
“This expansion aligns with our goal of establishing NMC Health as a leading provider of specialised healthcare and advanced surgical procedures in the global healthcare industry,” added Davis.
With the launch of this new clinic, CosmeSurge extends the range of specialties available at Bareen International Hospital, a multispecialty hospital known for its high quality medical and surgical services.
Founded in 2002, CosmeSurge is one of the region’s most trusted brands for cosmetic procedures. CosmeSurge offers modern, high quality dermatology and plastic surgery treatments, and dentistry, at fourteen clinics in the GCC.
The clinics are staffed by highly qualified plastic surgeons, dermatologists and aestheticians.
At its state-of-the-art facilities, CosmeSurge provides the highest level of clinical care and service and the full range of cosmetic and dermatology services, with over sixty cosmetic treatments for different areas of the body.
CosmeSurge’s clinics in the UAE are in Dubai, Sharjah, Abu Dhabi, Al Ain, Ras Al Khaimah, Ruwais and Fujairah. CosmeSurge also has a clinic in Muscat, Oman, and one on London’s Harley Street; and it is forging partnerships with leading experts in Los Angeles and other overseas cities.
CosmeSurge is a part of NMC Health PLC. - the largest private sector healthcare provider in the region and the 3rd largest globally. With a worldwide network of over 200 healthcare facilities, NMC has earned the trust of millions and continues to serve communities across 19 countries with its bench-strength comprising of 2000 doctors and 20000 other staff members. *Source: AETOSWire
Terra Drone is now operating in GCC countries
Dammam, Kingdom of Saudi Arabia, July 14, 2019, (AETOSWire): One of the largest providers of industrial drone solutions in the world, Tokyo-headquartered Terra Drone Corporation, has entered into an investment agreement with NDT Corrosion Control Services Co. (NDTCCS), a leading Saudi company which has been providing nondestructive testing and inspection services in the Middle East since 1975. With this agreement, Terra Drone and NDTCCS will establish a new joint venture, Terra Drone CCS, focusing on the Middle East market.
NDTCCS counts some of the biggest oil and gas companies in the Middle East among its clients. These include major national oil and gas companies like the Abu Dhabi National Oil Company, Saudi Aramco, Kuwait Oil Company, and Oman Oil Company to name but a few. With branches in Saudi Arabia, UAE, Kuwait, Oman and Bahrain that NDTCCS has, Terra Drone CCS will provide UAV inspection and testing services to a variety of sectors, including power line, utilities, renewables, telecommunications, and oil and gas facilities. The company will also contribute to surveying activities and urban development using drones.
With Terra Drone’s innovative technology, Terra Drone CCS will be able to cater to its client base in a much more time- and cost-efficient manner. Terra Drone CCS will also utilize the technology stack of Terra Inspectioneering – Terra Drone Corporation’s newest branch which performs visual and ultrasonic inspections using proprietary drone technologies.
According to L.M. Murugan, Group General Manager, NDTCCS, “Joining forces with Terra Drone will not only add value to our customers, but it would also spark a digital transformation in the Kingdom of Saudi Arabia and the Gulf Cooperation Council (GCC). By collaborating both companies’ technical expertise and experience, Terra Drone CCS will become a pioneer of emerging technologies like drones, Internet of Things, data analytics, and artificial intelligence in the region.”
Explaining his motivation toward the new joint venture establishment, Terra Drone Corporation CEO, Toru Tokushige, says, “NDTCCS is already a market leader in GCC and the best partner we could ask for to serve clients in this region. We look forward to bringing our leading technologies such as Terra UTM, Terra Wing, Terra LiDAR, 4G LTE drones, and our proprietary mapping software Terra Mapper to the region.”