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In what are truly mammoth achievements for COMO Hotels and Resorts, COMO Uma Punakha was awarded the third best hotel in the world, while COMO Uma Punakha and COMO Uma Paro in Bhutan were awarded the first and second place respectively in the ‘Best Hotel in Asia’ category.

This is as per the results of the 31st annual Readers’ Choice Awards of Condé Nast Traveler which was announced last week. The winners were chosen from responses from nearly half a million Condé Nast Traveler readers, who submitted a recording-breaking number of responses rating their travel experiences to provide a full snapshot of where and how we travel today.

COMO Uma Bhutan’s General Manager James Low reportedly said these were among the most significant awards in their 25-year history for COMO Hotels and Resorts.

“We have just 29 rooms at COMO Uma Paro, and 11 at COMO Uma Punakha. An award this size for properties this intimate recognises the heart of the matter in modern luxury tourism: people remember what changes them, not just what indulges them. That makes me immensely proud — for the integrity of the brand and its deep engagement with Bhutanese culture, from food to interior design. Above all, it recognises the passion shown by our staff, who consistently shine in their one-one-one engagement with every guest as they share their magnificent country. That’s the COMO difference: travel to Bhutan with COMO, and our highly trained butlers and drivers escort you through every part of this Himalayan mountain experience,” he added.

Meanwhile, COMO The Treasury in Perth also won recognition in the 2018 awards as it was awarded the first place in the Best Hotel in Australia and New Zealand category for the third year in a row. In the Resorts category, COMO Uma Ubud was awarded the second Best Resort in Asia.

Headquartered in Singapore, COMO Hotels and Resorts offers personalized luxury travel experiences at its urban hotels, island resorts, adventure retreats and wellness resorts through individualized service, commitment to holistic wellness and award-winning cuisine. It has 14 luxury properties around the globe in destinations including Bhutan, Turks and Caicos, Miami, Indonesia, Australia, the UK and the Maldives.

Meanwhile, the Condé Nast Traveler Readers’ Choice Awards are the longest-running and most prestigious recognition of excellence in the travel industry and are commonly known as “the best of the best of travel”.

Source:http://www.businessbhutan.bt/businessbhutan/como-uma-punakha-named-best-hotel-in-asia/

TEHRAN: Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday.

The “informed source” in Iran’s oil ministry did not give details of the discount but sought to downplay the move as common industry practice.
“Discount is part of the nature of the global markets being offered by all oil exporters,” the source told IRNA.

Bloomberg reported on Friday that the state-run National Iranian Oil Company was reducing official prices for September sales to Asia to their lowest level in 14 years, compared with Saudi crude.

The United States will seek to block Iran’s international oil sales from November 5, when the second phase of sanctions are reimposed as part of Washington’s withdrawal from the 2015 nuclear deal.

Several key buyers, including China and India, who account for roughly half of Iran’s sales, have said they are not willing to make significant cuts to their energy purchases from Iran.

But analysts predict Iran could still see its oil sales drop by around 700,000 barrels per day from their current level of around 2.3 million.
Much will depend on the European Union, which has vowed to resist US sanctions on Iran, but whose companies and financial institutions are more vulnerable to US financial pressure than their Asian counterparts.

French energy giant Total has already said it is pulling out of its multi-billion-dollar investment project in the South Pars oil field in southern Iran as a result of the renewed sanctions.

Source:http://www.arabnews.com/node/1355571/business-economy

Saudi Arabian Oil Co. and Total are weighing jointly buying businesses such as Tas’helat Marketing Co. to gain access to networks of retail fuel stations in the Gulf kingdom, according to people with knowledge of the matter.

The state-owned company, known as Aramco, and the French oil giant are also looking at a range of options from consolidating some service stations to potentially starting the business from scratch, the people said, asking not to be identified as the matter is private.

French lender Credit Agricole SA and local investment bank Saudi Fransi Capital are advising the firms on their plans, which are still in the early stages, they said.

No final decisions have been taken and the group may decide against acquiring Tas’helat, which operates fuel stations under the Sahel brand, or any other business, they said. Representatives for Total and Credit Agricole declined to comment. Spokesmen for Aramco and Saudi Fransi didn’t respond to requests for comment.

Aramco and Total this month entered into a preliminary accord to study the joint purchase of a retail service station network in Saudi Arabia, and another worth about $9 billion for the potential expansion of a refinery and petrochemicals complex in Jubail, according to a statement April 10.

A division of Aramco, known as Saudi Aramco Retail Co., may enter into a joint venture with the French company to operate the business following a takeover, one of the people said.

Aramco, which is planning what could be the world’s largest initial public offering, is scouting for acquisitions as it seeks to become an integrated energy company with operations spanning the full spectrum of activities in the industry.

The company asked banks to pitch for roles to help identify natural gas assets globally, people familiar with the matter said this month.

Other large energy majors are looking to divest distribution assets and focus more on core exploration activities. Abu Dhabi National Oil Co., another Middle East state-owned explorer, raised 3.1 billion dirhams ($844 million) from the sale of a stake in its fuel retail unit this year.

Source:http://www.arabianbusiness.com/retail/395040-aramco-total-said-to-eye-saudi-fuel-stations-such-as-tashelat

Maximilian Busser and Friends (MB&F) has launched its new aquatic watch Horological Machine No.7 ‘Aquapod’ in three limited edition designs.

Inspired by jellyfish, which generate power from food caught in their tentacles, the Aquapod produces power from its tentacle-like automatic winding rotor, boasting a central ‘flying’ tourbillon similar to the hood of the water creature.

MB&F reveals aquatic version of Horological Machine No.7
The limited edition Aquapod features elements inspired by jellyfish

MB&F reveals aquatic version of Horological Machine No.7
Maximilian Busser and Friends (MB&F) has launched its new aquatic watch Horological Machine No.7 ‘Aquapod’ in three limited edition designs.

Inspired by jellyfish, which generate power from food caught in their tentacles, the Aquapod produces power from its tentacle-like automatic winding rotor, boasting a central ‘flying’ tourbillon similar to the hood of the water creature.

The indications radiate from the centre like “ripples in a pond,” according to the brand. The watch also features outward symmetric rings to display hours and minutes, based on the symmetric ring of brain neurons of jellyfish.

The winding rotor’s 3D ‘tentacles’ are crafted from a solid block of titanium, with platinum mass for efficient winding placed underneath them.

Unlike diving watches, the Aquapod’s unidirectional rotating bezel is not attached to the case, but floats alone.

As for its 72-hour power reserve engine, it was developed in-house by MB&F.

Moreover, as jellyfish glow in the dark, so does the Aquapod on its hour and minute numerals, flying tourbillon and tentacle-like winding rotor.

The timepiece is available in three designs including titanium with blue ceramic bezel limited to 33 pieces, red gold with black ceramic bezel limited to 66 pieces and titanium with green sapphire crystal bezel limited to 50 pieces.

http://www.arabianbusiness.com/style/395163-mbf-launches-horological-machine-no7-aquapod

A partial recovery in oil prices coupled with an ongoing all-out diversification drive and the landmark tax reform, will help the UAE economy to gain increased momentum in 2018 to register 3.3 per cent growth.

After an expected slowdown to 1.7 per cent in 2017, such a vibrant pace of growth predicted for 2018 signifies a virtual turnaround for the economy with a two-fold growth, driven by a rebound in gross domestic product by Dubai and Abu Dhabi, analysts and economists said.

While the ongoing fast-track diversification aimed at further reducing reliance on crude oil revenues will better place the UAE to entrench itself from further volatility in oil fortunes, a five per cent value added tax will help boost state revenues by Dh12 billion per annum, adding about 1.5 to two per cent to GDP.

VAT, which represents a major shift in tax policy, will impact all segments of the economy, leading to a fundamental change in the way businesses operate across around the region.

James Mathew, group CEO at Crowe Horwath (UAE and Oman), said VAT would bring in transparency, which will help the financial sector to differentiate between genuine businesses and suitcase operators. “Obtaining credit facility from banks will become easier for small and medium enterprises in the UAE after the implementation of VAT as companies will have to maintain their books from next year. The genuine SMEs will be able to get more finance because their turnover will not be questioned by the lenders as their records will be clean.”

Mathew said the UAE has been known for its tax-free status and a move towards introducing tax may need a significant overhaul of how the business operates in the region especially for the unorganised SME sector.

“SMEs are going to face challenges implementing the new tax laws as compared to larger organisations which are normally operated with proper operating policies and structures. SMEs are the backbone of the Dubai economy, representing 95 per cent of all establishments in the emirate. Almost half of SMEs in the UAE are in Dubai [45 per cent], while 32 per cent are in Abu Dhabi and 16 per cent in Sharjah. The other emirates account for seven per cent.”

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said that the outlook for the economy is brightening despite regional and global macroeconomic challenges. “With two years into Expo 2020 Dubai, the economic growth momentum is expected to pick up on the back of a vibrant non-oil sector as the country remains on track to establish a diverse knowledge- and innovation-driven economy,” he said.

Most forecasts show that Abu Dhabi’s GDP growth is expected to pick up in 2017 to 3.9 per cent and 4.7 per cent in 2018 – outpacing the overall UAE’s GDP growth rates over the same period respectively, analysts at Knight Frank said in their UAE Market Review and Forecast 2018.

In Dubai, as the economy diversifies in line with Dubai Plan 2021, GDP growth is expected to grow 3.2 per cent in 2017 and begin to strengthen in 2018 to 3.5 per cent. Hafez Ghanem, World Bank vice-president for the Middle East and North Africa, said Dubai is a good example of how an oil exporter should diversify.

Resilient to global and regional headwinds, the UAE economy has already outpaced the rest of the GCC in economic growth in 2017 by making slow but steady progress. Forecasts by the International Monetary Fund and other institutions endorse the optimism shared by analysts.

The IMF said in its latest outlook that better days are ahead for the UAE with the economy right on track for a rebound with a 3.4 per cent surge in 2018.

Jihad Azour, director of the Middle East and Central Asia at the IMF, projected a 1.3 per cent growth in the UAE’s real GDP in 2017, while the overall GCC growth is expected to bottom out at 0.5 per cent this year, the lowest since the 0.3 per cent growth recorded in 2009 in the wake of the global financial crisis.

A forecast by the Institute of International Finance said the UAE would continue to be the best-managed economy in the region. The UAE possesses large financial buffers – estimated at around $670 billion – on top of its renowned safe-haven status, excellent infrastructure and a relatively diversified business-friendly economy. All these advantages will help the economy cope with the prolonged low oil price environment, the IIF said.

The UAE is firmly on course to be one of the best performers among Middle East and North African economies over the next five years as its vibrant growth continues to be driven by trade and tourism. Garbis Iradian, chief economist at the IIF, said despite predictions of a slowdown in economic growth elsewhere in the region, the UAE’s economic performance would improve in 2017 and 2018 with firming oil prices, an improvement in global trade and the expected easing pace of fiscal adjustment. But headline growth (oil and non-oil combined) will decelerate to 1.5 per cent in 2017 due to oil production cuts under the extended Opec agreement.

The country’s bold and decisive diversification into tourism, non-hydrocarbon trade and financial services will continue to mitigate the adverse impact of low oil prices. At present, hydrocarbon GDP accounts for only 30 per cent of total GDP and oil exports for slightly less than 40 per cent of total exports.

The IIF expects non-oil real GDP growth to accelerate to three per cent in 2017 and 3.5 per cent in 2018, supported by investment and non-oil exports of goods and services. Several high-frequency economic indicators, including the purchasing managers’ index, retail sales and number of tourist arrivals over the first nine months of 2017, suggest improvement in sentiment and private sector activity. The UAE is also pressing ahead with its drive to improve the business environment and competitiveness, even from an already high global ranking by the World Bank and the World Economic Forum.

The PMI averaged 55.8 in the first three quarters of 2017 as compared with 53.8 during the same period of last year (a 50.0 threshold separates expansion from contraction). Non-oil activity in Abu Dhabi is improving after a challenging two years during which deep government spending cuts slowed activity. Key projects, such as the construction of nuclear plants and airport expansion, are progressing, albeit with delays.

In the banking sector, which is well-regulated and supervised, the UAE will witness annual credit growth recovering from 1.7 per cent at end-2017 to about five per cent in 2018.

As the UAE continues to weather the effects of low oil prices and the moderation in non-oil economic activity, inflation is forecast to remain subdued as the continued decline in rents offsets higher imports prices while inflationary pressures from the introduction of VAT early next year will be partly offset by further declines in rents, analysts pointed out.

A joint report by the Institute of Chartered Accountants in England and Wales and Oxford Economics says that the UAE will record an accelerated growth in 2018 to 3.6 per cent from 1.7 per cent in 2017. The momentum will further gain pace in 2019 to post 3.6 per cent growth.

In the latest World Competitiveness Ranking of 63 countries by the IMD World Competitiveness Centre, issued in May 2017, the UAE rose to 10th place, making it the only Arab country to find a place among the super league of the global top nations.

In the most recent edition of the Global Competitiveness Report 2017-2018, issued by the WEF, the UAE topped the Arab world and ranked 17th globally in the global competitiveness ranking.

Source:https://www.khaleejtimes.com/business/economy/look-ahead-2018-bright-outlook-for-uae-economy

Russia’s Ambassador to Iran, Levan Dzhagaryan, announced Sunday that his government offered some support so that the Middle Eastern country revamps the Fordow nuclear facility, located near the northern city of Qom.

In an interview with Russia’s news agency TASS, Dzhagaryan said a delegation from the state-run nuclear agency Rosatom visited the Iran and discussed “certain practical aspects of the project to reconfigure the Fordow reactor.”

These recent Moscow-Tehran conversations are taking place within the framework of the Joint Comprehensive Plan of Action on Tehran’s nuclear program, which was signed in Vienna in the summer of 2015 and involves Iran, Russia, the United States, China, the United Kingdom, France and Germany.

According to the deal, the Persian nation should produce no weapons-grade plutonium and reduce its stockpiles of enriched uranium in return for the removal of international sanctions. After Iran implemented its obligations, former US President Barack Obama lifted sanctions. However, following his announcement of a new strategy towards Iran, President Donald Trump refused to certify the agreement on January 13, 2018 and later on said that Washington would withdraw from it unless the accord’s “disastrous flaws” were fixed.

The US President’s position is a cause of concern in both Tehran and Moscow, the Russian ambassador told TASS. “There are reasons to understand our European counterparts also worry about this, as they had applied much effort to reach the deal,” he said.

As part of the plan, Iran also agreed to convert the Fordow facility into a technology and science center and to give inspectors from the International Atomic Energy Agency access to the site. Early in 2017, IAEA verified the removal of excess centrifuges and infrastructure from the plant. According to NPO Nuclear Threat Initiative, 1,044 gas centrifuges remain installed in one wing of the facility, with IR-1 cascades installed separately for stable isotope production.

Sunday also marked the 39th anniversary of the 1979 Islamic Revolution in Iran and amid pro and anti-government rallies, some protesters burned a white sheet reading “Barjam,” the Farsi acronym for the JCPOA.

Source:http://www.mining.com/russian-iran-revamp-fordow-nuclear-facility/

Iraq is emerging from the destruction and strategizing the rebuilding of the country to position itself as a regional super power, said Frost & Sullivan’s recent research report on Assessment of Industry Sector Opportunities in Iraq.

Bridged between Asia, Middle East and African economies and strategically placed at the mouth of Europe, Iraq possesses immense locational advantage as a nation with opportunities that stand to be untapped.

The country benefits from immense natural wealth in the form of its huge reserves of natural resources. Having been brutally battered first by the Gulf war and more recently by the ISIS conflict, Iraq is just emerging from the destruction and strategizing the rebuilding of the country to position itself as a regional super power.

Newer opportunities are emerging with the return of semblance of political stability and initiation of the nation’s redevelopment and The recent report provides a broad overview of the current status of these high priority sectors, apart from providing a brief peek into addressable opportunity areas.
The recent report provides a broad overview of the current status of these high priority sectors, apart from providing a brief peek into addressable opportunity areas.
reformation plans, according to Frost & Sullivan.

Even as the nation’s re-building opportunity proves to be humongous and unique, investors and businesses alike are in need of business intelligence in understanding the right mode of entry, the most rewarding business model and business opportunity, stated the report.

Iraq possesses one of the largest oil reserves in the world, making it a highly attractive business opportunity.

As the country also focuses on diversification initiatives, opportunities unfurl in sectors such as construction, infrastructure, healthcare, transportation, energy and telecom which are being positioned as high priority development sectors, it stated.

The recent report provides a broad overview of the current status of these high priority sectors, apart from providing a brief peek into addressable opportunity areas.

Ali Mirmohammad, senior consultant for Iraq, Frost & Sullivan said: “With the end of the ISIS war, Iraq is on the path of reconstruction and economic resurrection that calls for sustained investment to the tune of over $900 billion within the next decade.”

“Iraq plans to focus on the Oil & Gas downstream value chain as well as minerals value chain, construction and infrastructure industries, healthcare, energy, tourism and financial services sectors to move the GDP growth rate by 10 per cent annually within the next decade,” explained Mirmohammad.

Following the ISIS war, multiple sectors are in a state of disarray and would need massive re-development and newer investments.

“Oil and gas, housing, infrastructure, industry, minerals, and service sectors will account for 65 per cent of the overall investment in the next 10 years, while ICT, transportation healthcare, water, electricity, tourism and renewable energy will grab the remaining 35 per cent investment in Iraq in the next 10 years,” he added.

Mirmohammad pointed out that the country requires over $30 billion per annum of foreign direct investment (FDI) to achieve its reformation and stabilisation goals within the next 10 years.

“With more than 39 million population, Iraq remains and attractive consumer market with potential of over $40 billion,” he added.

Source:https://auto.economictimes.indiatimes.com/news/industry/iraq-emerges-top-infrastructure-investment-hub/62959957