Day: January 25, 2022

DUBAI, H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, met with General Duncan Capps, Commander of the Royal Military Academy Sandhurst at Expo 2020 Dubai.

The meeting touched on how to enhance the present relations between the UAE police and Sandhurst, and ensure exchange of knowledge and experiences.

The meeting also discussed Dubai Expo and its role in fostering dialogue and connections among the peoples of the world.

Source: Emirates News Agency

RAS AL KHAIMAH, Marjan, RAK Hospitality Holding, and Wynn Resorts Limited, the US-listed international developer and operator of luxury resorts, have announced a multibillion-dollar integrated resort development on the man-made Al Marjan Island in Ras Al Khaimah.

The spectacular Al Marjan Island is only 15 minutes from the Ras Al Khaimah International Airport and 45 minutes from the Dubai International Airport. Comprising four islands, Al Marjan Island delights visitors with over 7.8 kilometres of sparkling beaches and 23 kilometres of waterfront in addition to world-class hotels and residential developments.

Al Marjan Island spans an area of 2.7 million sqm of reclaimed land extending into the Arabian Gulf. The new integrated resort on one of the exclusive islands, which covers an area of almost 250,000 sqm, will offer a pristine setting with spectacular views of the Arabian Gulf as well as sandy beaches and a marina. The development is the first beach resort being developed by Wynn Resorts globally.

The current scope includes a circa 1,000 + room hotel, high-end shopping mall, a state-of-the-art meeting and convention facility, an exclusive spa, more than 10 restaurants and lounges, a wide array of entertainment choices, a gaming area, and other amenities.

The integrated resort will be developed with significant foreign direct investment by Wynn Resorts. As the largest project of its kind in the emirate’s growing hospitality sector, it will create substantial value to the local economy by accelerating tourism, creating jobs, and energising the growth of related sectors. Set to be completed in 2026, the entire project will be developed to the highest standards of sustainability best practices.

Abdulla Al Abdooli, CEO of Marjan, said the new integrated resort highlights the fast-growing recognition of Ras Al Khaimah as a leading investment destination for high-quality hospitality projects. “The integrated development, featuring a world-class hotel, entertainment and gaming amenities, will add to the emirate’s destination strategy to attract tourists from across the world. We are partnering with Wynn Resorts, one of the world’s most renowned integrated resort companies, which has a strong track record of developing luxury destinations with exceptional accommodation, dining, entertainment concepts and gaming facilities. By leveraging Wynn Resorts’ expertise in developing luxury hospitality destinations, the new development will raise the benchmark in luxury hospitality in the region. It will also create exceptional value to the Ras Al Khaimah economy and boost the leisure, business, and MICE tourism sectors.”

Craig Billings, newly appointed CEO of Wynn Resorts, said, “Al Marjan Island is a pristine setting and an ideal greenfield location for us to create the one-of-a-kind guest experiences for which Wynn Resorts is renown. The region offers tremendous potential for the hospitality and tourism industry, and we are excited about the prospect of developing an integrated resort in Ras Al Khaimah.”

The new resort is in the initial stages of design and development and will be applying for an integrated resort licence from Ras Al Khaimah Tourism Development Authority.

Source: Emirates News Agency

DUBAI, The Dubai Police has recently received a delegation from the Sweden Consulate in Dubai within the aim of exchanging experiences and information that mutually benefit both bodies.

Headed by senior representative of the Consulate Andy Hedberg, the delegation were welcomed by the Director of Traffic Technologies Department, Colonel Mohammed Ali Karam, in the presence of all directors of the traffic police sub-departments.

Col. Karam briefed the Swedish delegation on the tasks and duties carried out by the General Traffic Department in maintaining road security, reducing traffic accidents and deaths, as well as enforcing traffic laws and regulations.

The delegation also learned about the Dubai Police’s role in maintaining safety and security, and the latest technologies it has utilised in this regard.

Towards the end of the visit, the representative of the Sweden Consulate and his accompanying delegation expressed their appreciation for the warm reception and praised Dubai Police’s for their tireless efforts towards ensuring the safety and security of community.

Source: Emirates News Agency

DUBAI, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, affirmed that the Dubai government provided all support needed for the growth of the financial markets operating in the Emirate through developing legislatives framework and infrastructure to allow exchanges to consolidate their presence regionally and globally.

Sheikh Maktoum added that Dubai Mercantile Exchange (DME) was able to gain the confidence of major oil producers and consolidate its position as the most reliable source of oil pricing in the region.

During the meeting, Sheikh Maktoum praised the achievements of DME during the last stage, marking that the successful exchange strategy contributed in the growth of trading volume and enhanced its ability to benefit from the steady growth of crude oil trading in the Middle East and Asia regions.

H.H. Sheikh Maktoum reviewed with the DME board of directors the latest regional and global developments in the sector, especially during the rapid changes experienced by the energy market, and the great growth opportunities that it holds.

Also, Sheikh Maktoum reviewed the qualitative achievements of DME during the last period, as the number of companies using the exchange platform for physical delivery reached 60 companies, and the number of barrels of oil delivered through the DME mechanism reached 2.5 billion barrels. An equivalent of 17 billion barrels was traded, while the number of barrels of oil that are priced according to the Oman Crude Oil Futures Contract on a daily basis is 5.2 million barrels.

DME lists the Oman Crude Oil Futures Contract (DME Oman) as its flagship contract, providing the most fair and transparent crude oil benchmark for the region. DME Oman is the explicit and sole benchmark for about 170 million barrels of crude oil per month since 2018, after it was limited to pricing about 30 million barrels per month.

The meeting was attended by Ahmad Sharaf, Chairman and Dubai Holding independent rep.; Nasser Al Jashmi, Secretary-General of Oman’s Ministry of Finance; Abdullah Al Harthy, Under-Secretary of Oman’s Ministry of Finance, Derek Sammann, Senior Managing Director and Global Head of Commodities, Options and International Markets, CME Group, and Raid Al Salami, DME Managing Director.

DME Oman is pricing more than 170 million barrels of crude oil per month since 2018 compared to around 30 million barrel per month prior to Saudi, Kuwait and Bahrain switch. The contract is regarded as the most reliable crude oil futures price benchmark, due to the quality of Oman Blend, which represents the majority of the GCC crude oil grades.

DME is the first operator of international energy futures and commodities exchange in the Middle East. The company focuses on bringing fair and transparent price discovery and efficient risk management regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a recognised body by the Dubai Financial Services Authority (DFSA) thus, addresses the growing market need for price discovery of sour crude oil.

DME is a joint venture between Dubai Holding, Oman Investment Authority and CME Group. In addition to its core shareholders, global financial institutions and energy trading firms such as Goldman Sachs, J.P. Morgan, Morgan Stanley, Shell, and Vitol have taken equity stakes in DME, providing the exchange with a resounding vote of confidence by major players in global energy markets.

DME is located within the Dubai International Financial Centre (DIFC), a financial free zone designed to promote financial services within the UAE. DME is regulated by the Dubai Financial Services Authority and all trades executed on DME are cleared through and guaranteed by CME Clearing. CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a Recognised Body by the DFSA.

Source: Emirates News Agency