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Evermore, the popular diamond brand from Dubai-based Siroya ALTR, is eyeing a major expansion in the GCC region, with immediate plans to make foray into Saudi Arabia and Bahrain.

The company is also finalising further expansion within the UAE, with plans to open at least three more stores in the coming few months.

“We are looking at Saudi Arabia and Bahrain as aggressive markets for our future stores. The former has the largest youth population and Bahrain has an increasingly aware demographic looking for options,” Rohan Siroya, founder of Evermore, told Arabian Business.

“In the next 3-4 months, we hope to have multiple retailers selling the brand in Saudi Arabia,” Siroya said.

Siroya said Evermore is currently present in multiple stores in Bahrain and Muscat but the company now wants to go full steam in some of the GCC markets to expand its presence and size.

On the UAE expansion, Siroya said: “The UAE has been true to its name as a global consumer hot pot. With 6 stores here, we are looking at adding on 3 more in the next six months.”

Evermore is currently present in multiple stores across Dubai, including Bur Dubai, Dubai Mall, and Mirdiff City Centre, besides its flagship store in the Deira Gold Souk.

Evermore GCC and India expansions
Incidentally, Siroya ALTR – a joint venture between well-known UAE-based jewellery brand Siroya and New York-based ALTR created diamonds, is looking to expand in the GCC market in a big way. close on the heels of it making a foray into India, with the opening of the first Evermore store in Pune, Maharashtra.

Siroya said the GCC and India expansions are part of the company’s ambitious global expansion plans to make the Evermore brand a true global brand.

Evermore was first launched in Dubai and London.

“On a 5-year plan, we are looking keenly at 50 stores in the Middle East, and a similar footprint in India,” he said.

Siroya also revealed plans to add more countries to the company’s expansion programme going forward.

“New counters will be added at where we believe the demographic exists to accept this category,” he said.

“Within Siroya we have an existing client base of over 3000 retailers, and we have begun pitching to many potentials and bringing the opportunity to them,” said Evermore founder, the second generation from the Siroya Group, a multi-business entity and a stalwart in UAE’s gold industry.

“This [the group client base] is where we really differentiate from competitors who lack a marketing approach – we handhold and then continue to grow business together,” Siroya said.

He said the second year operations of the JV – Siroya ALTR – will be focused on consolidating the stores.

“We must ensure higher throughput for our partners in terms of sales. We are running new training programmes, CRMS and end-to-end branding projects to do so,” Siroya said.

Evermore, which is into manufacturing of lab-grown diamonds, supplies jewellery ranging from -2 size diamonds up to 10-carat single stones to retailers.

“Our business currently is relatively smaller than the 35-year-old parent business. However, the growth rate is extremely encouraging. We know the consumer preference is shifting rapidly and we are primed for it as retailers look for organised B2B players,” Siroya said.

“Diamonds are a slower-turn, higher-margin business; Gold is a higher-turn, lower-margin business. They differ in that way,” he said.

Source:https://www.arabianbusiness.com/industries/retail/dubai-diamond-major-evermore-eyeing-uae-gcc-expansions

SINGAPORE: Oil prices dipped on Monday as rising trade tensions dented the outlook for fuel demand growth especially in Asia, although US sanctions against Iran still pointed toward tighter supply.

Front-month Brent crude oil futures were at $72.63 per barrel at 0509 GMT, down by 18 cents, or 0.25 percent from their last close.
US West Texas Intermediate (WTI) crude futures were at $67.63 a barrel, unchanged from their last settlement.

Signs of slowing economic growth and lower fuel demand increases, especially in Asia’s large emerging markets are weighing on the oil markets.
Singapore-based brokerage Phillip Futures said on Monday that “trade protectionism and escalating tensions between the world’s largest economies (The United States and China) have cast a looming shadow on global oil demand growth in 2018.”

Hedge funds and other money managers reduced their bullish positions in US crude futures and options in the week ending on Aug. 7, data from the US Commodity Futures Trading Commission showed on Friday.

Beyond the darkening economic outlook, Phillip Futures said hedge funds had reduced bullish bets because of “rising production levels from OPEC and the United States.”

US energy companies last week added the most oil rigs since May, adding 10 rigs to bring the total count to 869, according to the Baker Hughes energy services firm.

That was the highest level of drilling activity since March 2015.
Despite this cautious oil market sentiment, there are drivers that are keeping prices from falling further.

The United States has started implementing new sanctions against Iran, which from November will also target the country’s petroleum sector.
Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC).

“With US sanctions on Iran back in place … maintaining global supply might be very challenging,” ANZ bank said on Monday, although it added that “the US is doing its bit to increase production.

Source:http://www.arabnews.com/node/1355481/business-economy

Abdul Aziz Al Ghurair, Emirati businessman and philanthropist, has announced the establishment of a AED100 million ($27.2 million) education fund for refugees.

On the occasion of World Refugee Day, he said the Abdul Aziz Al Ghurair Refugee Education Fund will benefit refugee youths affected by wars and disasters residing in the UAE.

The initiative will run for three years and will support the education of a minimum of 5,000 children, a statement said.

The move comes as international funding for refugee education has not been able to keep up with the vast need in the largest host countries.

Al Ghurair said: “I established this fund during the Year of Zayed because I believe that philanthropists have a role in helping to support one of the most acute challenges of our region: lack of education opportunities for young people who need it the most. Young people whose education has been interrupted by conflict deserve a chance to rebuild their lives and have a shot at a good future.”

The Abdul Aziz Al Ghurair Refugee Education Fund will support high-impact education programs at the secondary, vocational and tertiary levels of education for refugee youth in Jordan and Lebanon.

Source:http://www.arabianbusiness.com/education/399114-emirati-tycoon-launches-27m-education-fund-for-refugees

Lebanon’s economy is expected to improve even before offshore gas and oil exploration at the beginning of 2019, Energy and Water Minister Cesar Abi Khalil said Wednesday. A consortium of France’s Total, Italy’s Eni and Russia’s Novatek has signed agreements for offshore oil and gas exploration and production in block 4 and the much-disputed block 9 near the maritime border with Israel.

“At this time, those companies are spending a lot of money on exploration and preparatory work,” Abi Khalil told reporters on the sidelines of the Oil & Gas in EastMed Forum in Beirut.

“All of that money is being pumped into the Lebanese economy and this has direct and indirect benefits on the economy,” he said.

Abi Khalil also added that for each job being created in the oil sector, 11 more will be created in supporting sectors.
Lebanon expects the consortium to use this time ahead of the exploratory drilling for “preparatory work,” according to Abi Khalil., “whether it’s technical studies or mobilization works to prepare for exploration in 2019.”Of the sovereign wealth fund that is expected to utilize future oil revenues to invest in development projects, the minister said: “It is true that the offshore petroleum resources law states that all the proceeds from this sector should be injected into the sovereign wealth fund.The minister also gave updates on the planned Floating Storage Regasification Unit project, which will reportedly be at three locations along the Lebanese coastline, by saying that they are in the pre-qualification process at the moment and that companies have submitted their expressions of interest and their prequalification files.

“We have received offers from the biggest companies in the world,” Abi Khalil said.

“I reckon we will have a sufficient number of offers hence, we will be issuing the request for proposals shortly and we expect the companies to reply positively to our request for proposal and hopefully in the coming few months we can have a winning bidder and we will give them the notice to proceed and to start building the FSRUs in order for us to be able to import LNG.”

The minister added that as a result, he expects the electricity production cost to fall by around 40 percent.

On the onshore exploration front, the minister said that the onshore law is being debated at the Parliament and that a subcommittee from the energy committee is studying the onshore law and hopes it will be finalized quickly to be passed to the general assembly for voting.

Source:http://www.libc.net/2018/03/29/lebanon-anticipates-economic-revival/