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Geopolitics and a tighter global refining system and a drop in OPEC cohesion may push oil lower

Geopolitics and a tighter global refining system and a drop in OPEC cohesion may push oil lower, to a latest report by Bank of America Merill Lynch said. Global crude oil prices, particularly Brent, have firmed up more than expected. “We see Brent averaging $54 this quarter and $52.50/bbl in 1H18, compared our previous forecasts of $50 and $49.50/bbl, respectively. We also adjust WTI to average $49 this quarter, relative to our previous forecast of $47/bbl,” said a bank spokesperson.

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Al Qabdah gets Dh400 million contract to build Alandalus Apartments at Jumeirah Golf Estates

Jumeirah Golf Estates (JGE), the world-class residential golf destination offering luxury homes and leisure facilities among two internationally-acclaimed championship golf courses, has awarded Al Qabdah Building Contracting a contract worth Dh400 million for its mid-market luxury residential community, Alandalus.

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IHG signs management agreement for new Holiday Inn & Suites in Dubai Business Bay

InterContinental Hotels Group (IHG), one of the world’s leading hotel companies, has signed a management agreement with Kingston Holdings International Limited to develop a new Holiday Inn and Suites in Dubai Business Bay. The signing will complement IHG’s hotel pipeline in the area, which includes a Hotel Indigo, Crowne Plaza and an InterContinental Residences, and anchor the company’s position as one of the leading operators in the Business Bay area.

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Growth in Dubai’s non-oil private sector loses momentum

Dubai’s non-oil private sector growth loses momentum, according to the latest Emirates NBD Dubai Economy Tracker Index – a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy. “September data signalled a sharp improvement in business conditions in Dubai’s non-oil private sector, driven by steep expansions in output and new business. That said, the rate of growth eased since August,” it said in a statement.

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Dubai Land Department becomes world’s first government entity to conduct all transactions through Blockchain network

Dubai Land Department (DLD) said, it has become the world’s first government entity to adopt Blockchain technology, reflecting the ‘Dubai Blockchain Strategy’ launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of Dubai Foundation for the Future. The initiative has been developed in cooperation with Smart Dubai and other partners.

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Al Qabdah bags Dh600 million contract for The Pulse at Dubai South

Master Developer Dubai South awarded a contract worth more than Dh600 million to Al Qabdah Global Building Contracting for the development of residential buildings in the urban community The Pulse located in the Residential District of Dubai South, adjacent to the Expo 2020 Dubai site and Al Maktoum International Airport, and part of the 140 square kilometre mega development project.

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Dh200 m Bellevue Towers completes raft casting

Dubai Properties, a leading Dubai-based real estate master developer of renowned destinations across the emirate, today announced the completion of the raft casting at its Bellevue Towers residential project. Valued at more than Dh200 million, the two tower development, conveniently located in proximity to Marasi Business Bay waterfront and within walking distance of Sheikh Mohammed Bin Rashid Boulevard, is scheduled for handover in Q3 2019.

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Dubai reveals £100m Martian city

In an effort to simulate what life will be like living on Mars, the UAE will build a £100m city in the middle of the desert.The Mars Science City project was unveiled at a meeting of the UAE government this week and will consist of gigantic domes covering a 1.9 million-square-foot area.

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Dubai Land Department launches Urban Journalism Academy

Dubai Land Department on Monday launched Urban Journalism Academy – that will help bridge a growing knowledge gap between global urban development and the local media and help them develop better editorial contents.

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First phase of Al Seef opens along Dubai Creek

The first phase of the once popular Al Seef Street on Dubai Creek is now open to the public, developer Meraas Holding said. The 1.8 kilometres long destination aims to tell Dubai’s story through architecture and unique experiences, enabling visitors to rediscover the heart of the city along its much-loved creek.

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