IRVING, Texas--(BUSINESS WIRE/AETOSWire)-- Fluor Corporation (NYSE: FLR) announced today that its joint venture COOEC-Fluor Heavy Industries, Co., Ltd. (COOEC-Fluor) fabrication yard in Zhuhai, China, has safely completed the pipe spool fabrication portion of its scope of work in support of the Kuwait Integrated Petroleum Industries Company (KIPIC) Al-Zour project in Kuwait.
To achieve this milestone, COOEC-Fluor delivered more than 95,000 pipe spools by fabricating 337,000 linear meters of carbon, alloy and stainless steel pipe. The completed pipe spools were loaded out and arrived at the project site in Kuwait at the end of September. The project team has completed more than 3.5 million hours without a lost-time incident.
“The completion of the pipe spool fabrication package is a significant achievement for COOEC-Fluor,” said Chris Vertanness, vice president and director of operations at the COOEC-Fluor fabrication yard. “Not only does this milestone showcase the yard’s extensive pipe and steel fabrication capability in addition to modular assembly, but it also demonstrates our ability to safely deliver large-scale projects at an accelerated pace by shipping more than 15,500 spools per month at peak.”
The fabricated pipe spools were delivered to a Fluor-led joint venture that is currently working to deliver two engineering, procurement, fabrication and construction packages for key process support units, utilities and infrastructure for the Al-Zour refinery project in Kuwait. Upon completion, the new complex is expected to be one of the largest refineries in the world and produce 615,000 barrels of oil per day.
In addition to the recently completed pipe spool fabrication scope of work, COOEC-Fluor is fabricating and assembling 188 modules with final loadout and shipping to the project site planned for October.
About Fluor Corporation
Founded in 1912, Fluor Corporation (NYSE: FLR) is a global engineering, procurement, fabrication, construction and maintenance company that transforms the world by building prosperity and empowering progress. Fluor serves its clients by designing, building and maintaining safe, well executed, capital-efficient projects around the world. With headquarters in Irving, Texas, Fluor ranks 164 on the Fortune 500 list with revenue of $19.2 billion in 2018 and has more than 53,000 employees worldwide. For more information, please visit www.fluor.com or follow Fluor on Facebook, Twitter, LinkedIn and YouTube.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191010005390/en/
Amidst gloomy real-estate sentiment, strategic opportunities demonstrate strong upside and yield in Dubai real-estate
Dubai, United Arab Emirates, October 7, 2019, (AETOSWire): The Manrre Real-Estate Fund, managed by Dalma Capital, has published results after closing its first year since inception with strong yield and capital appreciation on its 215 million AED portfolio – a stark contrast to market sentiment and the performance Dubai’s other real-estate funds.
“Our outlook for the Manrre fund called on the wise words of Warren Buffett – ‘be greedy when others are fearful, and fearful when others are greedy’”, said Manohar Lahori – a Director of Manrre and 30-year veteran of Dubai real-estate investment, “This principle will allow us to outperform in the long-term and take advantage of market cycles.”
The fund launched in 2018 amidst doubt and skepticism about the market, but has generated a total annualized return of 12.5%, including an 11.9% coupon paid to shareholders and a 0.6% increase in NAV per share – significantly outperforming the benchmark which has lost 27% over the same period.
The fund, which focuses on the logistics and industrial sector – an area which is of high interest for investment.
Why are booming e-commerce and tech industries benefiting industrial and logistics real-estate?
“The logistics and industrial real-estate sectors are benefiting from the regional e-commerce boom underpinned by the launch of Noon and Amazon.ae. As we have seen in other markets, when retail spending behavior shifts to online shopping, real-estate demand shifts from retail centers to warehouses,” explains Zachary Cefaratti, CEO of Dalma Capital “The 21st century mall is an Amazon fulfillment center.”
Other trends in the burgeoning tech sector also create opportunities for industrial real-estate, such as the proliferation of datacenters and mass-adoption of apps such as Deliveroo – a tenant of the Manrre Fund. “Deliveroo’s delivery-only super-kitchens bring new, exciting restaurant brands to different areas” said Yousef Al-Barqawi, Head of Deliveroo Editions “Our Editions Kitchens provide restaurants with the infrastructure to set up their brands efficiently.”
Continued growing demand from Manrre’s tenants for warehouses, logistics facilities and centralized kitchens on the back of the ecommerce and tech boom has helped contribute to the outperformance of the fund.
Manrre’s investment thesis and performance has won the support of investment industry veterans who understand this intersection of real-estate and tech. Noor Sweid, Founder of Global Ventures stated “I was delighted to join as an independent member of the Manrre investment committee. The fund thesis supports our outlook for the shifting landscape in the tech and e-commerce sectors.” Noor was recently named one of the world’s top 50 women in tech and one of the top 30 most influential Arab women by Forbes and Arabian Business.
Taking advantage of deflated prices
Whilst bright spots have emerged in these specific sectors, the overall market remains troubled. “Cash is king in the market today” says Kunal Lahori, a director of Manrre, “We have turned the current state of the market to our advantage as corporates seek to free up capital through sale and leaseback or distressed sales.”
The focus of the Manrre fund remains in logistics and industrial assets, but the fund acquires assets opportunistically in other segments of the commercial real-estate market with a focus on creditworthy, stable tenants. “Robust tenant due diligence is of heightened importance in a challenging economic environment” commented Shiv Kumar, a member of Manrre’s advisory board.
High quality assets, attractive terms and robust tenants have been critical to the success of the fund, epitomized by its acquisition of Arabtec’s staff accommodation facility in Dubai Investments Park on a sale and leaseback structure, with a 10-year lease.
The apparent bottoming and turnaround of logistics and industrial real-estate is an optimistic sign for Dubai real-estate and could be a leading indicator that market conditions are improving broadly. Concerns about oversupply of residential developments has led investors to remain cautious about how their real-estate portfolio is allocated. Unfortunately for most investors, the logistics and industrial real-estate market is difficult to access, requires specialized expertise and has high barriers to entry – a problem which Manrre was established to help address.
London, United Kingdom, 3 October 2019-(AETOSWire): Finablr PLC, a global platform for payments, and Samsung Electronics America today introduced the Money Transfer feature in Samsung Pay. This new in-app international money transfer service, a first of its kind in the U.S., offers users seamless and secure cross-border payments to 47 countries through a variety of payout methods, all within Samsung’s native mobile wallet. The service combines Samsung Pay’s convenience, scale and security with Finablr’s international reach and 40 years of cross-border payment expertise to put mobile payments into the hands of millions of consumers.
Samsung Pay users in the U.S. can use their existing eligible pre-registered debit or credit cards in Samsung Pay to safely and securely send money in most major currencies to their recipients via Finablr’s global network. The service leverages Finablr's global reach and distribution capabilities, providing a wide choice of payout options tailored to the preferences of the recipient – from bank deposits to cash available for pick up. This partnership marks a significant collaboration between Samsung and Finablr to launch such a service with global scale.
Money Transfer is powered by Finablr group company, Travelex, and offers Samsung Pay customers:
“Our consumers are global and have friends and family around the world. Samsung is excited to enable users to send money from the US to the rest of world by making it simple, secure and transparent,” said Sang W. Ahn, Vice President & Division Head, Content & Services, Samsung Electronics America. “Money Transfer is a first step in our vision to evolve Samsung Pay into a platform that makes users’ financial lives more convenient. The range of services in Samsung Pay, developed in close collaboration with industry leaders such as Finablr, positions us to positively impact consumers’ everyday financial experiences.”
Promoth Manghat, Group Chief Executive Officer at Finablr, commented, “We are delighted to be partnering with Samsung to launch this new in-app cross-border payments capability. Underpinned by our integrated technology platform, this service demonstrates our ability to drive payments innovation. Combining our industry-leading network and pioneering technology with Samsung’s leadership in the mobile device market, allows us to innovate at a scale that is unique in the US$127 trillion global cross-border payments market. This partnership advances our mission to meet the evolving needs of financial consumers and further strengthens our position as a partner of choice for global payments and technology companies.”
Money Transfer in Samsung Pay is available now in the U.S. The service will be expanded to other markets in 2020.
Riyadh, Saudi Arabia, October 07, 2019, (AETOSWire) – This week, Atkins celebrated its 10-year anniversary in the Kingdom of Saudi Arabia. An official ceremony was held at the British embassy in Riyadh to mark this occasion, with the attendance of Her Majesty’s Ambassador to Saudi Arabia, Mr. Simon Collis; Philip Hoare, President of Atkins, in addition to the senior leadership team of Atkins, Faithful+Gould, Atkins Acuity, key clients and dignitaries.
Her Majesty’s Ambassador to Saudi Arabia, Mr. Simon Collis, commented: “I congratulate Atkins on their first 10 years in Saudi Arabia. I know Atkins to be a world class company from working with them across the region over many years. Their values, capabilities and commitment put them in excellent position to partner with a wide range of clients in Saudi Arabia to design and deliver projects aligned with Vision 2030. I am excited to see what Atkins will achieve over the next 10 years.”
“With over 50 offices across six continents, Atkins has established a stellar reputation as one of the most respected design, engineering and project management consultancies in the world,” said Philip Hoare, President of Atkins. “For more than half a century, we have played a pivotal role in the transformation journey of the Middle East region, and the 10-year anniversary in the Kingdom is a testament to our continuous commitment to supporting its sustainable growth through our world-class expertise, market knowledge and innovative solutions that bring our clients’ vision to life.”
With over 50 years’ presence and a number of iconic projects in the Middle East region, Atkins officially opened its first Saudi office in Riyadh in 2010. Earlier this year, Atkins relaunched its Riyadh office with an expanded 1500sqm facility that boosts the company’s innovative design and engineering approach. The company also has offices in Jeddah and Al Khobar that provide end-to-end advisory, design and engineering and project management services under the Atkins Acuity, Atkins and Faithful+Gould brands.
Working together as a blended team of international and regional expertise, Atkins helped shape cutting edge ideas in the Kingdom; from large infrastructure projects to mixed-use master developments, all the way to providing integrated project and programme management consultancy for lifestyle destinations. Riyadh Metro, King Abdulaziz International Airport, and King Abdullah Financial District are among some of the flagship projects where Atkins is proudly supporting the Kingdom’s Vision 2030 and its economic diversification agenda.
Supporting Saudization, Atkins has built a diverse workforce in the Kingdom to empower local capabilities and promote knowledge exchange across a wide range of expertise and geographies. Today, more than 85 Saudi nationals are part of Atkins local team, and 15 Saudi graduates are enrolled in its 2-year graduate development program that helps early career professionals master essential technical skills through on-the-job training and planned rotations within business various operations.
Atkins (www.atkinsglobal.com) is one of the world’s most respected design, engineering and project management consultancies, employing over 18,300 people across the UK, North America, Middle East and Africa, Asia Pacific and Europe. We build long-term trusted partnerships to create a world where lives are enriched through the implementation of our ideas. You can view Atkins’ recent projects here.
Monaco and Riyadh, Saudi Arabia, 3 October 2019, (AETOSWire): AMAALA, the ultra-luxury development situated along Saudi Arabia’s Red Sea coast, which is focused on integrated wellness and healthy living, signed a partnership agreement on Friday 27th September with The Prince Albert II of Monaco Foundation, the Centre Scientifique de Monaco and Oceanographic Institute.
The VIP Signing Ceremony took place at the Oceanographic Institute on the final evening of the Monaco Yacht Show and was attended by HSH Prince Albert II of Monaco, AMAALA Chief Executive Officer Nicholas Naples, the AMAALA Advisory Board, select partners of the brand and esteemed guests. The signing was followed by a VIP dinner prepared by 3-Star Michelin Star Chef Mauro Colagreco.
This follows a framework agreement signed last year at the Monaco Yacht Show to explore areas of mutual collaboration. Together the partners will work on oceanographic and marine life research and conservation initiatives to benefit the world’s oceans with four opportunities identified for joint projects: coral reef management, iconic species protection, Marine Protected Areas (MPA) enforcement, and fighting plastic pollution.
Chief Executive Officer Nicholas Naples of AMAALA said: “We are very selective with whom we align, as is The Prince Albert II of Monaco Foundation. Their mission to raise awareness of the impact of human activities on the natural environment, encourage more environmentally-friendly behaviour, and promote innovative solutions, makes the Foundation a natural fit for AMAALA. We are committed to fully sustainable development throughout the design, build, and operation phases, which includes being net carbon neutral from the start of operations. We plan to create a coastal oasis that not only flourishes but a place that elevates the role of responsible tourism globally.”
H.E. M Bernard Fautrier, Vice President and CEO of the Prince Albert II of Monaco Foundation said: “The impact of human activities on the ocean has been devastating, and through our partnership with AMAALA, we look to come together and raise awareness of that impact, integrating environment preservation and sustainability into the heart of the future. Monaco has long-been committed to the environment, and we look forward to working alongside AMAALA to safeguard the biodiversity of the Red Sea, taking actions for future.”
Professor Patrick Rampal of Centre Scientifique de Monaco added: “We are very pleased to have entered into this partnership with AMAALA, which will allow us to pursue innovative areas of research in a previously undiscovered location. This project will allow us to, collaboratively, better understand the biology of corals in order to better protect their ecosystems. The Red Sea corals offer exceptional characteristics, in particular their resistance to environmental stresses, which will be interesting to explore with Saudi researchers.”
This event marks the first partnership for AMAALA which is anchored around the three pillars of wellness and sports, art and culture, and sun, sea, and lifestyle. The destination of AMAALA, referenced by the press as part of the Riviera of the Middle East, is dedicated to sustainable building practices, with environment preservation and enhancement paramount to the success of the ambitious project. Developing sustainable yachting practices will also be a goal for AMAALA. Only 2,005 miles from Monaco which equates to six days of cruising on average, AMAALA is the ideal haven for sailors and water lovers to extend the Mediterranean yachting season.
The signing was the culmination of participation in the Monaco Yacht Show where AMAALA also hosted its inaugural Advisory Board Meeting. AMAALA, who participated in the third Monte Carlo Gala for the Global Ocean, welcomed its Advisory Board Members and select guests to the celebration. This major fundraising event gathers international artists and philanthropists for an exclusive gala in favour of the Foundation’s worldwide initiatives dedicated to a sustainable ocean. Long-time champion for climate change action Robert Redford was honoured for his global environmental contributions.
AMAALA is part of The Red Sea Collection which, alongside NEOM and The Red Sea Project, participated at the Monaco Yacht Show for the second year. The Red Sea Collection showcased the Kingdom’s west coast, one of the world’s pristine paradises, to the superyacht industry and sailing lovers and sponsored two key show events – The Yacht Summit and the Inaugural Awards Gala, both on 24 September.
Download high-resolution images of AMAALA here.
Ras Al Khaimah, United Arab Emirates, 03 October 2019:( AETOSWire) Multi-Platinum singer, songwriter, and fashion icon, Najwa Karam, and celebrity singer Waleed Al Shami will headline the Ras Al Khaimah New Year’s Eve Gala Dinner this year as part of several activities being organised to mark the Ras Al Khaimah New Year’s Eve celebration, set to be the grandest ever.
The gala dinner event will be held at the Al Hamra International Convention Centre located on the waterfront near Waldorf Astoria. More than 1,000 guests are expected, who will then join in the New Year’s Eve Gala fireworks celebrations.
This year, the fireworks display will attempt to clinch two more Guinness World Records for Ras Al Khaimah. For the first time, pyro-drones will be deployed create a spectacular display. Another addition to #RAKNYE2020 will be the Japanese aerial shell fireworks display, which is being brought to the region for the very first time.
A range of family activities will be held across several venues from Al Marjan Island, the flagship master-planned community by Marjan, the master-developer of freehold projects in Ras Al Khaimah. Al Marjan Island will serve as the main location of the event. There will be viewing platforms from Al Hamra too, ensuring that hundreds of thousands of spectators can effortlessly watch the firework display.
Arch. Abdulla Al Abdouli, CEO of Marjan, said: “The Ras Al Khaimah New Year’s Eve celebrations have grown in global stature over the past years, welcoming hundreds of thousands of visitors from across the world. The celebration has cemented Ras Al Khaimah’s reputation as a must-visit destination, and contributed to catalysing investments into the Emirate, as visitors see for themselves the world-class infrastructure and growth environment we offer.”
Ticket sales for the gala dinner event will be sold through Platinum List and will be available in three packages – Silver, Gold and Diamond, priced AED 800, AED 1300 and AED 1800, respectively. For more details, log on to: www.raknye.com
All government entities – as well as key private sector entities – are working to make the Ras Al Khaimah New Year’s Eve celebration the most memorable experience this year. Dedicated social media channels for the celebration have also been launched at raskalkhaimahnye.com and raknye.com.
Watch the 2020 sneak peek video of the fireworks here.
ISLAMABAD: Inflation surged by 11.4 per cent year-on-year in September from, reported the Pakistan Bureau of Statistics (PBS) on Wednesday.
Inflation, measured through the Consumer Price Index (CPI), edged up by 0.77pc over the previous month after PBS revised its calculation methodology. Based on the new base year (2015-16), September inflation came in at 11.37pc, versus 10.49pc in the previous month.
The change in base year means the economy’s price levels in FY16 will now be the base against which all existing prices will be calculated for calculating the CPI.
Going by the old base year of FY08 that was being used until two months ago, the key inflation index comes in at 12.55pc for September, showing a 0.92pc increase over the month of August.
As per the new base year, lowest CPI was recorded in July at 8.4pc which grew to 11.37pc in September.
Aside from the rebasing, PBS has also changed the weights assigned to various consumption items in the goods basket, and introduced a new panel of prices to be obtained from urban and rural areas.
As per data, the urban CPI covers 35 cities and 356 consumer items while rural tracks 27 rural centres and 244 items. The former grew by 11.6pc year-on-year in September whereas the latter jumped by 11.1pc.
The International Monetary Fund has estimated that Pakistan’s inflation may escalate up to 13pc. However, the government’s estimate is around 11pc, which is already been crossed in the outgoing month.
The core inflation rate was 8.8pc in September according to the new methodology – up from 8.2pc. The central bank determines the key policy rate (which currently stands at 13.25pc) on the basis of the core inflation rate.
Further analysis show that the food inflation in urban areas rose by 15pc in September on a yearly basis and 2pc month-wise. In rural areas, food inflation rose 15pc on yearly and 1.8pc on monthly basis.
Similarly, non-food inflation in urban centres was recorded at 9.7pc year-on-year while in rural areas it was at 8pc.
In urban areas, the food items which saw their price levels go up included: chicken (40.75pc), tomatoes(37.47pc), onions (32.31pc), fresh vegetables(12.84pc), eggs (9.76pc), potatoes(6.21pc), cooking oil (4.68pc), vegetable ghee (4.18pc), motor fuel (3.88pc), sugar (3.78pc), daal masoor (2.54pc), mustard oil (1.75pc), pulse gram (1.44pc), wheat flour (1.29pc) and daal mash(1.01pc).
On the other hand, items that declined in urban were fresh fruits (15.64pc) and wheat (0.3pc).
In the rural areas, items that witnessed inflation increase included tomatoes (35.4pc), onions (28.49pc), chicken (26.56pc), potatoes (18.18pc), fresh vegetables (10.96pc), eggs (9.79pc), sugar (5.21pc), cooking oil (3.22pc), daal moong (2.81pc), vegetable ghee (2.51pc), daal mash (2.35pc) and milk powder (1.85pc).
Meanwhile, fresh fruits fell 20.6pc, Fish 2.8pc, beans 1.72pc and wheat 0.32pc.
Published in Dawn, October 3rd, 2019