Construction starts at the world’s largest hydrogen pilot plant

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Construction starts at the world’s largest hydrogen pilot plant
  • World’s largest pilot plant for the production of “green” hydrogen at the voestalpine site in Linz, Austria
  • Capacity of 6 megawatts: the most effective and advanced plant of its type
  • plant is scheduled to be fully operational by spring 2019
An EU-funded flagship project for a CO2-reduced energy future and the decarbonization of steel production is taking shape: today, at the voestalpine site in Linz, the H2FUTURE project consortium, consisting of voestalpine, Siemens, VERBUND, and Austrian Power Grid, together with the research partners K1-MET and ECN, officially gave the go-ahead for construction of the world’s largest pilot plant for the production of “green” hydrogen. With a capacity of 6 megawatts, this is the most effective and advanced plant of its type. The partners from industry and power generation will use this facility to research into future breakthrough technologies which are needed to meet global climate goals over the long-term. The plant is scheduled to be fully operational by spring 2019.
Reducing CO2 emissions by around 80 percent to 2050 is the central climate goal, and requires both energy suppliers and industry to prepare themselves and explore new pathways together. This is the role of the H2FUTURE research project. More than 600 billion cubic meters of hydrogen are used annually worldwide, more than 95 percent of which is produced via a CO2-intensive process. What will be the world’s largest and most advanced plant of its type for generating “green”, i.e. CO2-free hydrogen, will be built at the voestalpine premises in Linz. In future the EU-funded EUR 18 million project will be used to test the potential applications for green hydrogen in the various process stages of steel production, and integration into the power reserve markets for the power grid. For the industry, transport, and energy sectors, CO2-free hydrogen is an important source of energy for sector coupling and can significantly contribute to achieving the climate goals. The new plant is designed to be a technological milestone on the pathway to the energy transition, and thus to the gradual decarbonization of the steel industry. After the launch of the project at the beginning of 2017, construction of the pilot facility at the voestalpine site in Linz has now accelerated. The foundations are in place and construction of the hall is currently underway. The core electrolysis components will be delivered during the summer, with the plant going live within a year. The start of the comprehensive two-year test program is planned for spring 2019. “Construction of the new pilot plant for the production of CO2-free hydrogen is taking us a step further towards the long-term realization of a technology transformation in the steel industry. The goal is to research real breakthrough technologies which will be applicable on an industrial scale in the next couple of decades,” says Wolfgang Eder, Chairman of the Management Board of voestalpine AG. The vision of the technology and capital goods group is to move away from coal and coke via bridging technologies based on natural gas, as is already the case at the direct reduction plant in Texas, and finally on to the greatest possible use of green hydrogen. “The prerequisite is the provision of sufficient energy from renewable sources and at competitive prices,” adds Herbert Eibensteiner, Member of the Management Board of voestalpine AG and responsible for the Steel Division. “At the core of the plant beats a high-tech heart from Siemens. Using green electrons we split water into its constituent parts, hydrogen and oxygen,” explains Wolfgang Hesoun, Chairman of the Managing Board of Siemens AG Österreich (Siemens Austria). Siemens has developed what is currently the world’s largest PEM (proton exchange membrane) electrolyser module for the research facility in Linz. With a capacity of 6 megawatts, the plant will be able to produce 1,200 cubic meters of “green” hydrogen an hour. The goal is to achieve a record output efficiency of 80 percent in converting electricity into hydrogen. The hydrogen can be stored for use in a multitude of applications: as a raw material in the industry, as seen in Linz, but also as a fuel for mobility and as an energy carrier in electricity and gas supply. “Siemens’ DNA is clean energy: from generation and distribution to application. Efficient technologies are a key element in curbing climate change with its dramatic consequences,” Hesoun explains. Global demand for hydrogen will increase tenfold by 2050, to around 6 trillion cubic meters. Plants such as the one in Linz are the prerequisite for meeting this growing demand in an almost CO2-neutral manner. “It’s also possible for energy-intensive industries to be climate neutral. This outstanding project takes us one step closer to the goal of global decarbonization,” says Roland Busch, Chief Technology Officer and member of the Managing Board of Siemens AG. “This technology supports our customers as they drive transformation within the energy sector and enhance climate protection. Siemens has set ambitious decarbonization goals for itself: by 2020, we’ll have cut our carbon footprint in half, and we’ll be climate neutral by 2030,” says Busch. Only when water is electrolyzed using electricity from renewable sources can “green” hydrogen be produced. With its 128 hydropower plants, VERBUND, Austria’s largest electricity company and a leading European hydropower electricity producer, generates almost 100 percent of its electricity from renewable sources. “To integrate the volatile renewable energy from wind and solar power into the energy system, we will need even more storage capabilities in future. In addition to our pumped-storage plants in the Alps, and battery storage solutions of various dimensions, we see huge potential in energy storage with green hydrogen,” says Wolfgang Anzengruber, CEO of VERBUND. “For us, “green” hydrogen is the perfect example of the sector coupling which is urgently required for decarbonizing power generation, industry, and transport.” VERBUND will supply electricity generated from renewables for the H2FUTURE project, and is also responsible for the development of grid-relevant services. Using demand side management, the PEM electrolyser functions as a dynamic, normal load component, helping to compensate for fluctuations in an increasingly volatile power supply. The project volume for the new plant amounts to around EUR 18 million for six consortium partners over a project period of 4.5 years. Around EUR 12 million of this is funding from the European Commission, specifically from the Fuel Cells and Hydrogen Joint Undertaking (FCH JU). “The H2FUTURE project is one of the FCH JU flagship projects financed from the EU Horizon2020 program. It demonstrates that greening large industry, such as steelmaking, is feasible and is a viable option in the near future. Moreover, this project successfully shows sector coupling. Both these aspects are vital in proving that hydrogen is an important piece of the puzzle in achieving European climate goals,” explains Bart Biebuyck, Executive director, Fuel Cells and Hydrogen Joint Undertaking (FCH JU).
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for 170 years. The company is active around the globe, focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. With its publicly listed subsidiary Siemens Healthineers AG, the company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2017, which ended on September 30, 2017, Siemens generated revenue of €83.0 billion and net income of €6.2 billion. At the end of September 2017, the company had around 377,000 employees worldwide. Further information is available on the Internet at www.siemens.com. In its business segments, voestalpine is a globally leading technology and capital goods group with a unique combination of materials and processing expertise. This global Group comprises about 500 Group companies and locations in more than 50 countries on all five continents. It has been listed on the Vienna Stock Exchange since 1995. With its top-quality products and system solutions using steel and other metals, the voestalpine Group is one of the leading partners of the automotive and consumer goods industries in Europe as well as the aerospace and oil & natural gas industries worldwide. voestalpine is also the world market leader in turnout technology, special rails, tool steel, and special sections. In the business year 2016/17, the Group generated revenue of EUR 11.3 billion, with an operating result (EBITDA) of EUR 1.54 billion; it had about 50,000 employees worldwide. More information: www.voestalpine.com VERBUND is Austria’s leading electricity company and one of Europe’s largest hydropower electricity producers. About 96 percent of the company’s electricity is generated from hydropower. VERBUND trades in electricity in 12 countries, and in 2017 with around 2,800 employees, it achieved an annual turnover of about 2.9 billion euros. Along with its subsidiaries and affiliates, VERBUND is active from electricity generation to transport and on to international trading and marketing. VERBUND has been listed on the Vienna Stock Exchange since 1988, and 51% of the share capital is held by the Republic of Austria. More information: www.verbund.com

APICORP forecasts almost US$1 trillion for energy investment in MENA region over next 5 years

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APICORP forecasts almost US$1 trillion for energy investment in MENA region over next 5 years
  • Total investment (committed and planned) of US$919 billion over 5 years
  • Power sector accounts for the bulk of planned investments as region continues to prioritise critical projects, particularly renewable energy
  • The need to maintain energy investment and an improving macroeconomic outlook will support greater private sector participation
  • Renewable-energy projects will be key to meet rising power demand from Morocco and Jordan
Dammam – Saudi Arabia, 20th March 2018: — The Arab Petroleum Investments Corporation (APICORP), the multilateral development bank focused on the energy sector, today published its annual MENA Energy Investment outlook. The report forecasts that the MENA region will see a number of critical energy projects pushed through over the next five years, despite the uncertain geopolitical backdrop. Around $345bn has been committed to projects under execution while an additional $574bn worth of development is planned. The overall economic outlook remains similar to the forecasts estimated this time last year, with growth of around 3.2% forecast for both 2018 and 2019. Global investment in the industry is expected to pick up and parts of the MENA region are expected to see a corresponding improvement in investment. Saudi Arabia is expected to lead the way, but the uncertainty over the possible re-imposition of sanctions on Iran mean that it may struggle to attract the foreign investment it needs to develop its industry. Iraq is also facing challenges, despite the improving security situation. Saudi Arabia and the UAE represent 38% of planned investments, with $149bn and $72bn respectively, over the outlook period, as both countries look to boost their upstream oil and gas sectors. For Egypt, the main focus isramping-up of gas production and meeting rising power demand. Planned investments in the country are $72bn, with the power sector making up over 50% of the total. Elsewhere planned projects in Kuwait stand at $59bn over the same period, with over 50% in the oil sector. More specifically, the country intends to increase oil output to 4m b/d within the next few years. Similarly, in Algeria planned projects stand at around $58bn with the Hassi Messaoud Peripheral Field Development accounting for a significant portion of investments in upstream oil. The country will seek to invest in upstream oil and gas to meet its target of increasing production by 20%. However, low fiscal buffers and competing pressures on revenue may impact Algeria’s efforts to execute its ambitious capacity expansion plans. Other major investment in the oil and gas sector will be made in Iran, with an estimated $67bn in planned projects in the coming period, and Iraq, at $47bn. Oil investments account for $27bn with the ENI-led Zubair and the PetroChina-led Halfaya, two of the largest upstream development projects in the country. However, the outlook for those countries is much less certain, with a significantly higher degree of political risk. There are three main challenges that could potentially hinder the growth of investment in the region. The first is that the global investment in the oil and gas sector are closely interlinked with oil prices, and though the situation as a whole is improving, prices are not expected to return to the high levels seen prior to the sharp drop in 2014. Another challenge to growth is the rising cost of capital, as some governments will find it harder to attract foreign investment. However, supported by its high reserves, and low debt to GDP ratios, the GCC was successful in issuing record debt of over $50bn in 2017, surpassing the previous year’s record of $37bn. Saudi Arabia represents the bulk of this, with over $21bn of debt raised, followed by Abu Dhabi and Kuwait with $10bn and $8bn respectively. Oman ($8bn) and Bahrain ($3bn) also tapped the international market. Finally, the regional geopolitical environment remains fragile, and persistent conflicts in the region are creating instability that deters investors and causes them to become cautious in investing in the entire region. 2017 certainly saw improvements and rebalance in the region. The period of weakest economic growth and oil prices seems to have passed, but the recovery phase will take longer and is not without its challenges. GCC governments have announced expansionary budgets following a few years of tightening expenditures because of lower oil revenues, and will prioritise critical investments in their energy sectors. Commenting on the report, Dr Ahmed Ali Attiga, Chief Executive Officer of APICORP, said: “We expect the MENA region to continue investing heavily as major energy-exporting countries expand the size of their energy sector and strengthen their positions in global markets.” Our unique mission as a multilateral development bank for the Arab world puts us at the epicentre of the regional energy market, and our reputation as a trusted partner for financing projects is stronger than ever. With our detailed insight into the nature and amount of required investment in the region, we are well placed to support governments and private sector organisations seeking to execute landmark energy projects.” Mustafa Ansari, Senior Economist at APICORP, added: “We see three important trends materialising in our outlook: the first is higher allocation of capital towards the power sector, which now accounts for the bulk of planned investments as demand for electricity continues to increase. The second is the increase in committed investments, reflecting an improving investment climate and a healthy transition of projects from the planning phase towards execution. And third, the private sector has an increasing role to play in financing energy projects in the Middle-East, that will help ease fiscal pressures on governments.” Ghassan Al-Akwaa, Energy Sector Specialist, added: “The emphasis on diversification has never been more important and we are witnessing this across all sectors. Renewable energy will continue to see its role in the power generation mix increase while governments will continue in their efforts to integrate the supply chain and invest in new mega refining and petrochemical projects, opening many opportunities for private investments” The MENA Energy Investment Outlook report is published annually by APICORP and offers insight into the region’s most strategically important industry. Providing unique estimates for both committed investments and planned investments, it delivers a highly accurate indication of the execution likelihood of a given project. The publication is part of APICORP’s range of specialised research products catering to the needs of energy professionals in the private and public sectors and the wider financial community around the globe.

SWISS-BELHOTEL INTERNATIONAL PREPARES FOR A STRONG SHOW AT THE 25TH EDITION OF ARABIAN TRAVEL MARKET

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SWISS-BELHOTEL INTERNATIONAL PREPARES FOR A STRONG SHOW AT THE 25TH EDITION OF ARABIAN TRAVEL MARKET

Dubai – Swiss-Belhotel International has a number of strategic global and regional announcements lined up for the Arabian Travel Market (ATM), taking place in Dubai from 22 to 25 April 2018. Attending the event will be the top team from the group led by Mr. Gavin M. Faull, Chairman and President of Swiss-Belhotel International.

Confirming the group’s presence at ATM, Mr. Laurent A. Voivenel, Senior Vice President, Operations and Development for the Middle East, Africa and India for Swiss-Belhotel International,said, “This year, marks the 25th anniversary of ATM which is the leading travel and tourism trade exhibition in the Middle East and we feel privileged to be part of it. With 6 new hotels opening in quick succession across the GCC over the next few months, it is also a very significant year for us at Swiss-Belhotel International. In addition, we are in advanced negotiation of some fabulous new projects in various other parts of the region that will be announced during ATM. Joining us on the occasion will be our key associates, owners and partners.”

With 16 new hotels, featuring more than 2,600 rooms in 12 cities, Swiss-Belhotel International currently has an extremely strong development pipeline in the Middle East and Africa. Mr. Voivenel stressed, “We are delighted to expand our footprint in the region adding exciting new destinations as we continue to deliver consistent growth and brand excellence for our hotel owners and guests. We are well positioned to take advantage of the growing demand for quality hotels in the region and are eager to capitalize on the various opportunities.”

Swiss-Belhotel International will be present at Arabian Travel Market from 22 to 25 April on stand ‘HC1130’ in Sheikh Saeed Hall in Dubai International Convention and Exhibition Centre.

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For media contact: Hina Bakht Managing Director EVOPS Marketing & PR Mob: 00971 50 6975146 Tel: 00971 4 566 7355 Hina.bakht@evops-pr.com www.evops-pr.com

About Swiss-Belhotel International

Swiss-Belhotel International currently manages a portfolio of more than 145* hotels, resorts and projects located in Cambodia, China, Indonesia, Malaysia, Philippines, Vietnam, Bahrain, Egypt, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, Australia, New Zealand, Bulgaria, Georgia and Tanzania. Awarded Indonesia’s Leading Global Hotel Chain for six consecutive years, Swiss-Belhotel International is one of the world’s fastest-growing international hotel and hospitality management groups. The Group provides comprehensive and highly professional development and management services in all aspects of hotel, resort and serviced residences. Offices are located in Hong Kong, New Zealand, Australia, China, Europe, Indonesia, United Arab Emirates, and Vietnam. www.swiss-behotel.com *Numbers may fluctuate

Tesla Q1 2018 Vehicle Production and Deliveries

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Tesla Q1 2018 Vehicle Production and Deliveries
Q1 production totaled 34,494 vehicles, a 40% increase from Q4 and by far the most productive quarter in Tesla history. 24,728 were Model S and Model X, and 9,766 were Model 3. The Model 3 output increased exponentially, representing a fourfold increase over last quarter. This is the fastest growth of any automotive company in the modern era. If this rate of growth continues, it will exceed even that of Ford and the Model T. We were able to double the weekly Model 3 production rate during the quarter by rapidly addressing production and supply chain bottlenecks, including several short factory shutdowns to upgrade equipment. In the past seven days, Tesla produced 2,020 Model 3 vehicles. In the next seven days, we expect to produce 2,000 Model S and X vehicles and 2,000 Model 3 vehicles. It is a testament to the ability of the Tesla production team that Model 3 volume now exceeds Model S and Model X combined. What took our team five years for S/X, took only nine months for Model 3. Given the progress made thus far and upcoming actions for further capacity improvement, we expect that the Model 3 production rate will climb rapidly through Q2. Tesla continues to target a production rate of approximately 5,000 units per week in about three months, laying the groundwork for Q3 to have the long-sought ideal combination of high volume, good gross margin and strong positive operating cash flow. As a result, Tesla does not require an equity or debt raise this year, apart from standard credit lines. Q1 deliveries totaled 29,980 vehicles, of which 11,730 were Model S, 10,070 were Model X, and 8,180 were Model 3. Net orders for Model S and X were at an all-time Q1 record, and demand remains very strong. Model S and X customer vehicles in transit were high. 4,060 Model S and X vehicles were in transit to customers at the end of Q1, which was 68% higher than at the end of Q4 2017. An additional 2,040 Model 3 vehicles were also in transit to customers. These vehicles will be delivered in early Q2 2018, which keeps us on track for our full-year 2018 Model S and X delivery guidance. Finally, we would like to share two additional points about Model 3:
  • The quality of Model 3 coming out of production is at the highest level we have seen across all our products. This is reflected in the overwhelming delight experienced by our customers with their Model 3’s. Our initial customer satisfaction score for Model 3 quality is above 93%, which is the highest score in Tesla’s history.
  • Net Model 3 reservations remained stable through Q1. The reasons for order cancellation are almost entirely due to delays in production in general and delays in availability of certain planned options, particularly dual motor AWD and the smaller battery pack. As described above, owner happiness with the product is extremely high.
We would like to thank our customers, suppliers and investors for their continued patience and belief in Tesla. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5%. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles. Forward-Looking Statements Certain statements herein, including statements regarding future production and delivery of Model S, Model X and Model 3 and expected gross margin and cash flow results, are “forward-looking statements” that are subject to risks and uncertainties. These forward-looking statements are based on management’s current expectations. Various important factors could cause actual results to differ materially, including the risks identified in our SEC filings. Tesla disclaims any obligation to update this information.

Amazon Key Features—Keyless Entry, Guest Access, and Ability to Monitor and Lock/Unlock Your Door from Anywhere—Now Available Nationwide

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Amazon Key Features—Keyless Entry, Guest Access, and Ability to Monitor and Lock/Unlock Your Door from Anywhere—Now Available Nationwide

Amazon Key everyday use features are now available to all Amazon customers in the U.S.; Prime members in 37 cities can continue to take advantage of optional in-home delivery

Expansions to Amazon Key also include a broader lock selection from two of the world’s top lock makers, Kwikset and Yale, and entry and exit video clips during guest access

Today Amazon announced the expansion of Amazon Key’s smart entry features to all customers nationwide, including keyless entry, remote lock and unlock, and guest access. The in-home delivery feature continues to be available only to Prime members in 37 select cities and surrounding areas. Amazon also added a new feature to Amazon Key: entry and exit clips for guests, friends, and family. With this feature, customers have the option to view motion video clips of a person entering or leaving when the door is locked or unlocked. This provides customers with increased peace of mind and security with real-time notifications and the ability to watch the clips at their own convenience. Customers can turn on or off the entry and exit clips feature at any time in the Amazon Key App. “Customers have told us that they love how easy it is to use Amazon Key for keyless entry and door monitoring from anywhere with the Amazon Key App,” said Rohit Shrivastava, General Manager, Amazon Key. “It’s a great service for busy families; you no longer have to worry about giving keys to service providers like house cleaners, instead you can give them their own code right from your Amazon Key App. We’re excited that customers across the country can now take advantage of these convenient features.” In addition to in-home delivery, Amazon Key makes customers’ lives easier in many ways. No more leaving a physical key under a door mat; customers can lock and unlock their door from anywhere using the Amazon Key App with the touch of a button. Customers also have the added security of providing codes to guests for home access, managing their guest list, and assigning when and for how long a guest has access. Amazon Key customers can also use their app to view a live stream of their door anytime, use two-way audio, and receive notifications when their door is locked or unlocked. And, customers can use Alexa to lock their door, ask for lock status and view the live feed from their Cloud Cam on compatible devices like Fire TV, Echo Spot, and Echo Show. Customers across the country can now choose from five new smart locks from leading lock manufacturers Kwikset and Yale. This expands the selection to a total of eight state-of-the-art smart locks available in three finishes as part of the Amazon Key Home Kit. Some of the new features include full touch screen keyless entry for added security and contemporary new styles to fit the aesthetic of any door. For a limited time, customers can purchase the Amazon Key Home Kit at a special price, with savings between $109.99-139.99 per Kit. The Kit includes an Amazon Cloud Cam (Key Edition) and one of eight compatible smart locks. Customers can visit www.amazon.com/keykit to see the new lock options and order the Amazon Key Home Kit. As before, Prime members in 37 cities and surrounding areas across the U.S. have the added benefit of being able to opt in to in-home delivery. Amazon Key in-home delivery is available on tens of millions of items sold on Amazon.com at no extra cost for Prime members. Amazon Key works with Same-Day, Two-Day, and Standard Shipping. Once set-up is complete, receiving in-home delivery is as simple as a click: customers select “in-home” while shopping and Amazon handles the rest. About Amazon Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit www.amazon.com/about and follow @AmazonNews. View source version on businesswire.com: https://www.businesswire.com/news/home/20180405005674/en/ Source: Amazon.com, Inc. Amazon.com, Inc. Media Hotline Amazon-pr@amazon.com www.amazon.com/pr

AHIC 2018: Significant opportunities for Middle East investment

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AHIC 2018: Significant opportunities for Middle East investment
The Arabian Hotel Investment Conference 2018 is forecasting significant opportunities for hotel investors targeting the Middle East in light of new data from MEED Projects, which predicts that more than US$14 billion worth of hotel construction contracts will be awarded in 2018. According to MEED Projects, the online projects tracking service, the value of new hotel investments in the MENA region could hit a record high in 2018. Ed James, director of content and analysis at MEED Projects, said: “After a relatively subdued 2017 up to end of November which has seen US$5.45 billion worth of new hotel construction contracts awarded, the value of hotels due to be awarded next year is more than US$14 billion. This total would comfortably exceed the US$8.5bn awarded in 2016 and the previous record of US$11.9 billion awarded in 2015.” James added: “On the back of its forecasted performance, investment in hotels will comprise about seven per cent of the total US$200 billion scheduled projects spending in the MENA region next year, making it one of the most important construction subsectors. “On a country basis, the UAE will be by far the largest market, with an expected US$8.4 billion worth of contracts, followed by Saudi Arabia at US$1.9 billion and Qatar at US$1.7 billion.” These figures will be discussed at the 14th edition of AHIC, which will be held at the purpose-built AHIC Village in the grounds of the Waldorf Astoria Ras Al Khaimah, UAE, in partnership with Ras Al Khaimah Tourism Development Authority. Jonathan Worsley, chairman of Bench Events, said: “These new figures are exciting for the Middle East hospitality investment community, which gathers annually at AHIC. “With oil prices now trading significantly higher than the January 2016 lows, we expect to see signs of recovery and stability in most regional economies.” AHIC 2018, which promises to further knowledge, deepen existing relationships and forge new ones among the leaders of the hospitality investment community, will attract around 800 hotel investors, major developers, leading financiers, and C-level hotel executives to attend three days of content, networking and events. Partner of AHIC 2018, Haitham Mattar, chief executive, RAKTDA, added that hotel investors would need to rise to the challenge of meeting the shifting demands of travellers and the specific requirements of certain demographic and geographic groups, such as millennials, families, and baby boomers, as well as halal travellers and those from emerging markets such as China and India. “Investors need to understand these requirements and must also take into consideration from the outset which type of technology will drive the sector in the future – they need to consider this right at the beginning or risk becoming rapidly irrelevant,” said Mattar. He observed: “The biggest risk for hotel investors is not embracing the changes and challenges outlined above and expecting traditional business to keep on coming. “It’s no longer a case of build it and they will come. “It’s more a case of build what they want, and they will come. “There’s a lot of competition on the global scene for the business of the new emerging markets. “The hotel guest is now very much in the driving seat from the very design and product development phase.”

Ruth Porat to Join Google as Chief Financial Officer

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Ruth Porat to Join Google as Chief Financial Officer
Google Inc. (NASDAQ: GOOG) today announced that Ruth Porat, currently Chief Financial Officer at Morgan Stanley, will join its management team as CFO. Ruth joined Morgan Stanley in 1987 and has played several key roles at the company, including Vice Chairman of Investment Banking, Global Head of the Financial Institutions Group and and co-Head of Technology Investment Banking. Throughout the financial crisis, Ruth led the Morgan Stanley teams advising the U.S. Treasury on Fannie Mae and Freddie Mac, and the New York Federal Reserve Bank on AIG. She has been the lead banker on numerous milestone technology financing rounds, including for Amazon, eBay, Netscape, Priceline and Verisign as well as for The Blackstone Group, GE and the NYSE. As CFO she helped improve resource optimization across different businesses through better capital and funding allocation, as well as expense reductions. Ruth has a B.A. from Stanford University (Economics & International Relations), a M.B.A. with distinction from The Wharton School of the University of Pennsylvania and a M.Sc., from the London School of Economics (Industrial Relations). She is Vice Chair of the Stanford University Board of Trustees, a member of the U.S. Treasury’s Borrowing Advisory Committee, a Board Director at The Council on Foreign Relations and a member of the Advisory Council of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. Ruth will start at Google as CFO on May 26, reporting to Google CEO and Co-Founder, Larry Page. “We’re tremendously fortunate to have found such a creative, experienced and operationally strong executive,” said Larry Page. “I look forward to learning from Ruth as we continue to innovate in our core–from search and ads, to Android, Chrome and YouTube–as well as invest in a thoughtful, disciplined way in our next generation of big bets. Finally, huge thanks to Patrick Pichette for his seven super successful years as CFO”. “I’m delighted to be returning to my California roots and joining Google,” said Ruth Porat. “Growing up in Silicon Valley, during my time at Morgan Stanley and as a member of Stanford’s Board, I’ve had the opportunity to experience first hand how tech companies can help people in their daily lives. I can’t wait to roll up my sleeves and get started.” Contact: press@google.com

Tourism contributed over AED150 bn to Dubai’s GDP

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Tourism contributed over AED150 bn to Dubai’s GDP
A recent report from Knight Frank looks at how the development of tourism in Dubai is a major contributor to the country’s economy. 
The report makes five key findings: • Dubai International Airport (DXB), the world’s largest airport by international traffic, recorded 83.7 million passengers in 2016, up 26% from 2014. In 2017 this has increased further to over 88 million passengers. • In the hospitality sector, the total number of hotel keys per resident is highest at 29.9 per 1,000 people in Dubai, compared to our selected hub cities. • Currently Dubai is home to 104 five star-hotels (Dubai Corporation of Tourism & Commerce Marketing). • STR global indicates there are 53 hotels five-star hotels in planning or construction with opening dates before 2020. • Dubai’s average spend per overnight visitor is estimated to be over USD 2, 000 in 2017, the highest among Knight Frank’s global hub cities.
“For Dubai, the tourism market has historically been a strategically important sector. In 2017, it is estimated that the sector contributed over AED150bn to GDP (4.6% of GDP), and provide almost 570,000 jobs (4.8% of total employment). The sector’s direct contribution to GDP has increased by 138% in the 10 years to 2017 with employment in the sector growing by 119% over the same period,” said Knight Frank. Ali Manzoor, Associate Partner, Head of Hospitality said: “Despite facing challenging market conditions, Dubai’s hospitality sector remains amongst the top performers in the Middle East, underpinned by the Emirate’s positioning as a regional commerce hub and the development of world class demand generators. Visitation has for the most part continued to grow from key source markets with India and China notable standouts, and Russian visitation continuing its positive momentum from the previous year. We remain optimistic about the outlook of the sector and envisage that the market will once again stabilise once the rate correction has run its course,” he said. The report states that the real estate transactions for 2017 have increased by 6% in terms of number, and 4% in value when compared to AED 275.8 billion for 2015, and increased by 14% in number, and 6% in value compared to AED 268.7 billion for 2016. Bin Mejren added: “Looking at the details of the results from 2017, the sales of land, buildings and units in the Dubai real estate market totalled AED 114 billion through 49,000 transactions, while mortgages for the same three categories reached AED 138.5 billion through 15,700 transactions. There were approximately 4,000 other transactions valued at approximately AED 33.3 billion, where the total turnover for the year 2017 was AED 285.562 billion from 69,000 transactions.” For 2017, Dubai’s real estate market also has attracted investors from around the world, including Gulf nationals, Arabs and foreigners, with a total of 39,480 investors making nearly 53,000 transactions worth more than AED 107 billion. The UAE investor continued to lead the list of nationalities investing in the Dubai real estate market, where the value of their investments amounted to AED 25.307 billion. Indian investors followed with AED 15.6 billion and Saudis came third with investments exceeding AED 7 billion, followed by British and Pakistanis whose investments amounted to AED 6 and 5 billion, respectively. Other active investors include Chinese, Jordanians, Egyptians and Canadians. The report also reveals the top ten real estate sales areas in Dubai, with ‘Burj Khalifa’ taking first place in terms of value with 2,008 transactions worth AED 7.368 billion. ‘Business Bay’ followed in second place with 3,763 transactions worth AED 7.115 billion, while ‘Dubai Marina’ took third place with 3,300 transactions worth nearly AED 7 billion.

ALDAR LAUNCHES AED 10 BILLION MASTERPLAN – ALGHADEER

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ALDAR LAUNCHES AED 10 BILLION MASTERPLAN – ALGHADEER
Over 14,000 homes to be delivered over 15 years First neighbourhood of 611 homes on sale at Cityscape Abu Dhabi – maisonette prices start from AED290,000 and townhouses from AED899,900 Featuring HARVEST – supporting healthy and sustainable living Strategically located in Abu Dhabi, close to Dubai Expo 2020, capitalizing on UAE’s dynamic growth areas Aldar Properties PJSC (“Aldar”), announces the launch of a new AED10 billion masterplan that will incorporate and greatly enhance one of its already established destinations – Alghadeer, which sits close to the border of Abu Dhabi and Dubai within its Seih Al Sdeirah landbank. Alghadeer masterplan consists of 14,408 units, including villas, townhouses, and maisonettes. Total residential GFA is set to exceed 1.3 million sqm and will be complemented by office space, retail space, hospitality, education and community amenities. Commenting, Talal Al Dhiyebi, Chief Executive Officer, Aldar Properties said: “The launch of Alghadeer is clear statement of Aldar’s ambition. From its strategic location to its sustainable living initiatives, Alghadeer signals the creation of a new way of living for UAE residents, now and in the future. We are confident of the demand for a community which offers a distinct lifestyle – peaceful residential neighbourhoods, within close proximity to the bustling cities of Abu Dhabi and Dubai.  “This launch further underlines how Aldar is expanding its successful destination-led strategy to additional areas of Abu Dhabi, capitalizing on the UAE’s flourishing population as well as our reputation as Abu Dhabi’s leading developer. The scale and 15-year timeframe of the development underlines Aldar’s confidence in the Abu Dhabi residential market.” Alghadeer is designed to benefit from the significant growth being experienced in the north of Abu Dhabi and the south of Dubai. This area of the UAE includes major job creating projects such as Dubai Expo 2020, KIZAD, Dubai World Central incorporating Dubai South, the Al Maktoum Airport, as well as Dubai Industrial and Wholesale Cities, which will further boost the demand for high quality living spaces on the border of the two Emirates. With easy access to the UAE’s arterial highways, Alghadeer will become home to those seeking both connectivity, and an escape from city life. At the heart of Alghadeer is HARVEST, a multi-use agricultural led space featuring allotments, as well as THE HUB – a F&B outlet, THE STUDIO – an educational area for training and workshops, THE SHED – a dedicated area for purchasing farming tools and supplies, and THE MARKET – a retail area for freshly grown produce, and THE FIELD – where people can rent plots and grow their own produce. Appealing to those who prefer wide-open spaces and unique recreational amenities, the destination will also feature lakes, running and cycle tracks, gym, camping and BBQ sites and a network of walkable gardens and parks lit entirely by solar powered lights.   The new Alghadeer masterplan also includes schools, a hotel, public garden areas, community swimming pools, multi-use sports areas, and community centres. FIRST HOMES TO GO ON SALE AT CITYSCAPE ABU DHABI – 17TH APRIL Aldar will initially launch the first neighbourhood of 611 homes for sale during Cityscape Abu Dhabi taking place in the UAE Capital from 17-19 April. Customers will have the opportunity to purchase maisonettes, townhouses and villas. This neighbourhood is located to the north west of the masterplan, and near Alghadeer’s central amenities such as HARVEST. Prices within this first release will start from AED290,000 for maisonettes, with townhouses starting at AED899,900. Construction of this first neighbourhood is scheduled to commence in 2018 and be completed during 2021. A PROVEN TRACK RECORD IN THIS DESTINATION The new Alghadeer masterplan incorporates Aldar’s existing community of the same name which boasts over 2,000 homes and is a thriving destination for many families. Alghadeer’s key success factor is its proximity to major growth areas within the emirates of Abu Dhabi and Dubai which enables residents of Alghadeer to have greater choice over where they work, shop, travel, and educate their children. Alghadeer’s masterplan, development model and floorplans will be available to view at Cityscape Abu Dhabi, which runs from 17 – 19 April, 2018.

IEA Executive Director visits OPEC Secretary General at Vienna headquarters

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IEA Executive Director visits OPEC Secretary General at Vienna headquarters
Dr. Fatih Birol, the Executive Director of the International Energy Agency, accompanied by a delegation of senior IEA officials, visited the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna today, and met with its Secretary General, H.E. Mohammad Sanusi Barkindo.
Dr. Birol and Mr. Barkindo underscored the growing working relationship between both organizations and their commitment to continued dialogue and cooperation. They also exchanged views on recent oil market developments. Dr. Birol’s visit was a timely one, given this new impetus towards greater cooperation. Mr. Barkindo, along  with an OPEC delegation, had visited the IEA’s headquarters in September 2016, a month after he had assumed office. Today’s meeting highlighted the sustained dialogue between energy producers and consumers that is necessary to enhance stability, security and transparency in energy markets. Dr. Birol and his team shared their views on current and future energy markets, as well as on cooperation with other international organizations. Dr. Birol began his career at OPEC before joining the IEA more than two decades ago. He has since emphasized that a healthy dialogue between the IEA and OPEC is critical to help guarantee energy security in an environmentally sound and economically sustainable way. “Whether it is under the ‘umbrella’ of the International Energy Forum (IEF), or through coordinated joint research activities, closer ‘collaboration’ and ‘complementarity’ between our two organizations have become the watchwords of the day,” H.E. Mohammad Barkindo said. “I am pleased to visit the OPEC Secretary General and the OPEC Secretariat,” Dr. Birol said. “This meeting represents yet another fruitful opportunity to exchange views, discuss recent trends in the market and further deepen the important ties between our organizations.” OPEC’s Secretary General has been a strong advocate of advancing dialogue and cooperation among producers and consumers.
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