Markets

Dubai Returns to Akwaaba African Travel Market in Lagos

Published

8 years ago

October 29, 2016

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.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

Published

2 days ago

September 5, 2024

Samed Olukoya

Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

Published

3 days ago

September 4, 2024

Samed Olukoya

Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

Crude Oil

Again NNPC Raises Petrol Price to N897/litre

Published

4 days ago

September 4, 2024

Investors King

The Nigerian National Petroleum Company (NNPC) Limited has once again increased the price of Premium Motor Spirit (PMS) from N855 per litre on Tuesday to N897 on Wednesday.

The increase was after Aliko Dangote, the Chairman of Dangote Refinery, announced the commencement of petrol production at its refinery.

The continuous increase in pump prices has raised concerns among Nigerians despite the initial excitement from the refinery announcement.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the 650,000 barrels per day refinery will supply 25 million litres of petrol to the Nigerian market daily this September.

This, NMDPRA said will increase to 30 million litres per day in October.

However, the promise of increased fuel supply has not yet eased the situation on the ground.

Tunde Ayeni, a commercial bus driver at an NNPC station in Ikoyi, said “I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed to N897. This is terrible, and yet they still haven’t started selling the product.”

The price hike comes as NNPC continues to struggle with sustaining regular fuel supply.

On Sunday, the company warned that its ability to maintain steady distribution across the country was under threat due to financial strain.

NNPC cited rising supply costs as the cause of its difficulties in keeping up with demand.