- Dubai Returns to Akwaaba African Travel Market in Lagos
Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) has announced its return to this year’s Akwaaba African Travel Market, taking place in Lagos from 30 October to 1 November, underpinning the city’s continued commitment to the African market.
In its second consecutive year of participation, Dubai Tourism is set to highlight the latest additions to the city’s entertainment destinations and shopping experiences for African travellers in the coming months. Ten partners, including Emirates Airlines, Emirates Holidays, IMG Worlds of Adventure, North Tours, Red Apple Middle East Tourism, Time Hotels, Hilton Hotels, All In One Tourism, Alpha Tours and Arabian Falcon Holidays will be joining Dubai Tourism at their stand at the event.
The African continent continues to be a strong source market for visitors to Dubai. Nigeria, in particular, was amongst the top 20 source markets in 2015, with more than 127,000 overnight visitors arriving in the city. Strengthening its place as the preferred destination for African travellers, Dubai Tourism aims to use Africa’s premier travel trade show as a platform to showcase Dubai’s ever-expanding family entertainment venues and retail sector.
Speaking ahead of the event, Regional Director Africa for Dubai Tourism, Stella Obinwa said: “Dubai continues to establish itself as a destination of choice for travellers from the African continent, holding particular appeal amongst those looking for wholesome family fun, incredible shopping deals and year-long entertainment. This year, we want to showcase Dubai’s newest additions to its family entertainment and shopping venues which are set to welcome visitors from around the globe.”
As Dubai progresses towards becoming the world’s number one family holiday destination, one of the key activations at the trade show will include the world’s largest indoor theme park, IMG Worlds of Adventure. Open to the public in August 2016, the 1.5 million square foot, temperature-controlled indoor space offers year-round fun for all ages – spread across four themed zones: Cartoon Network, Lost Valley Dinosaur Adventure, MARVEL and IMG Boulevard.
Soon to open its doors is Dubai Parks and Resorts, featuring the LEGOLAND Dubai, LEGOLAND Water Park and a first-of-its-kind Bollywood Parks, while Hollywood-inspired Motiongate Dubai which will be launched on 16 December. The Parks will be connected by a retail, dining and entertainment walkway – Riverland Dubai, while guests can also stay at the Polynesian-themed Lapita hotel.
“We are very excited to provide our African visitors a glimpse of Dubai’s thrilling additions to the family entertainment portfolio. With the recent opening of IMG Worlds of Adventure and the soon-to-be-launched Dubai Parks and Resorts, we are proud to see Dubai’s steady success towards becoming the world’s number one family holiday destination. We are also bolstering our commitment to further enhance Dubai’s shopping experiences which include the upcoming Dubai Shopping Festival from December 26 to January 31,” Obinwa said.
Commencing its 22nd edition in December 2016, Dubai Shopping Festival (DSF) will promote Dubai as a shopping destination, with its expansive retail offerings being a major attraction for African visitors. Featuring a month-long extravaganza of shopping bargains and festivities across the city, an integrated shopping and entertainment destination that opens each year – Global Village – along with appearances and experiences by global celebrities and fashion brands the city provides shoppers with the best deals across a plethora of shopping focused activations.
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.
OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.
Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”
Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.
Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.
Experts have started predicting $75 a barrel by April.
“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”
Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin
Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges
Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.
The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.
The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.
“We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.
Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.
Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.
In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.
The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.
Oil Prices Extend Gains to $64.32 Ahead of OPEC+ Meeting
Oil Prices Rise to $64.32 Amid Expected Output Extension
Oil prices extended gains during the early hours of Thursday trading session amid the possibility that OPEC+ producers might not increase output at a key meeting scheduled for later in the day and the drop in U.S refining.
Brent crude oil, against which Nigeria oil is priced, gained 0.4 percent or 27 cents to $64.32 per barrel as at 7:32 am Nigerian time on Thursday. While the U.S West Texas Intermediate gained 19 cents or 0.3 percent to $61.47 a barrel.
“Prices hinge on Russia’s and Saudi Arabia’s preference to add more crude oil production,” said Stephen Innes, global market strategist at Axi. “Perhaps more interesting is the lack of U.S. shale response to the higher crude oil prices, which is favourable for higher prices.”
The Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, are looking to extend production cuts into April against expected output increase due to the fragile state of the global oil market.
Oil traders and businesses had been expecting the oil cartel to ease production by around 500,000 barrels per day since January 2021 but because of the coronavirus risk and rising global uncertainties, OPEC+ was forced to role-over production cuts until March. Experts now expect that this could be extended to April given the global situation.
“OPEC+ is currently meeting to discuss its current supply agreement. This raised the spectre of a rollover in supply cuts, which also buoyed the market,” ANZ said in a report.
Meanwhile, U.S crude oil inventories rose by more than a record 21 million barrels last week as refining plunged to a record-low amid Texas weather that knocked out power from homes.
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