SOL Properties Breaks Ground on Fairmont Residences Solara Tower Dubai
SOL Properties, a leading UAE developer, said it has begun construction of the premium residential ‘Fairmont Residences Solara Tower Dubai’, further elevating the regional real estate landscape by implementing stringent green building principles and advanced energy-efficient technologies.
Fairmont Residences Solara Tower Dubai will bring a new level of luxury, experiences and authentic service to the vibrant city of Dubai under Fairmont Hotels & Resorts, a globally leading luxury hotel brand within the Accor group, the developer said.
Fairmont will guide the project’s design, ensuring it embodies the brand’s commitment to providing homeowners with exclusive privileges.
Residents will enjoy unique access to integrated services and luxurious amenities, including a private swimming pool, fitness centre, and spa, offering a hotel-like experience within the comfort of their own home and positioning the tower as a significant landmark.
Moreover, the pioneering initiative exemplifies Fairmont and SOL Properties’ long-standing commitment to sustainable development, aligning with the UAE’s Green Agenda 2030 and reinforcing the nation’s status as a global sustainability hub.
The Fairmont Residences Solara Tower Dubai, a premium residence for upscale urban living, uses sustainably sourced and highly efficient materials such as post-tension slabs to reduce material cost while enhancing structural integrity.
Similarly, it harmonises opulence and functionality by leveraging prefabricated steel structural components that facilitate speedy on-site assembly, reduce construction time, enhance precision and promote environmental preservation by limiting power use and waste production.
In addition, the project will also feature self-shading balconies to reduce the need for air conditioning and electric-powered lights, thus reducing utility bills and carbon footprint, ensuring a superior lifestyle for all residents.
Advanced technologies, such as Building Information Modelling (BIM), are being utilised to enhance the project’s overall efficiency.
Ajay Bhatia, Founder and CEO of SOL Properties, said: “We, at SOL Properties, strive to elevate UAE residents’ quality of life by synergising luxury and sustainability. In recent years, we have witnessed remarkable growth in the demand for sustainable luxury residences within the UAE as luxury homebuyers are increasingly seeking residences that align with their environmental values without compromising on comfort and design.
“Hence, we remain committed to catering to the evolving demands of our clients by employing innovative designs and eco-friendly practices that enhance the luxury living experience. We are pleased to reveal that the construction of the ‘Fairmont Residences Solara Tower Dubai’ is expected to be completed by Q4 2027.”
The project utilises advanced software and hardware technologies that streamline design, planning and coordination to minimise errors, enhance project management and uphold sustainable standards.
Moreover, the building’s private units and communal areas will feature lush, green spaces, with plants that require minimal maintenance.
The project’s landscaping will help enhance air quality, elevating the environment’s ecological health, while offering stunning panoramic views of Dubai’s cityscape. It will also feature cutting-edge smart energy management systems and water-efficient fixtures that promote a sustainable lifestyle.
With a legacy of 20 years, Sol Properties has delivered several world-class projects, consolidating its stature as a leader in the luxury property landscape.
The company’s portfolio encompasses an eclectic array of exquisite residential developments and commercial spaces that converge sustainability and architectural brilliance.
04/09/2024
IMF: Egypt’s Economy Showing Signs of Recovery
Egypt’s economy is showing signs of recovery, as the government’s recent efforts to restore macroeconomic stability have started to yield positive results, the International Monetary Fund (IMF) said, reports Arab News.
In its latest review report, the IMF said that the inflation rate in Egypt remains elevated but is coming down.
The North African country has been implementing several economic reforms to maintain fiscal stability, which includes the unification of the official and parallel exchange rates in March.
Since then, the country’s economy has improved significantly, with the Egyptian pound becoming market-determined, the foreign exchange backlog at banks eliminated, and daily interbank global exchange turnover increasing.
“The unification of the exchange rate and the accompanying monetary policy tightening have curtailed speculation, brought in foreign inflows, and have moderated price growth. With signs of recovery in sentiment, private sector growth should be poised for a rebound,” said Antoinette Sayeh, deputy managing director and acting chair at the IMF.
She added: “A sustained shift to a flexible exchange rate regime and a liberalised foreign exchange system, continued implementation of a tight monetary policy stance, and further fiscal consolidation coupled with proper implementation of the framework to monitor and control public investment should support internal and external balance.”
The international financial institution added that the country is facing hurdles in implementing the ongoing reforms due to geopolitical issues like the conflict in Gaza and tensions in the Red Sea.
“Risks remain significant. Regional conflicts and uncertainty about the duration of disruption of trade in the Red Sea are important sources of external risk. Maintaining appropriate macroeconomic policies, including a flexible exchange rate regime, would help ensure economic stability,” added Sayeh.
The report highlighted that ongoing fiscal consolidation efforts in Egypt will help place public debt on a decisive downward path.
“To ensure that resources are still available to meet vital spending needs to help Egyptian families, including on health and education, particular attention will be needed to strengthen domestic revenue mobilisation and contain fiscal risks from the energy sector. This will also assist in generating some fiscal space to expand social spending in support of vulnerable groups,” added the IMF.
Sayeh also suggested several implementations that could boost the economic stability of Egypt in the future, including a structural reform agenda and measures that increase tax revenues.
She added that restoring energy prices to their cost recovery levels by December 2025, including retail fuel prices, is essential to supporting the smooth provision of energy to the population and reducing imbalances in the sector.
The report further said that the banking sector in Egypt remains stable and that financial institutions in the country could achieve profitability and have sufficient capital liquidity.
The IMF added that it has softened several conditions of its US$8 billion financial support package to Egypt, including allowing Cairo more time to implement reforms.
In the latest review, approved in late July but published on August 26, the IMF said that it agreed to delay the publication of Egypt’s annual fiscal account audits by its Central Auditing Organisation until the end of November from the original end of March.
04/09/2024
Saudia Launches 1st Direct Medan Service
Saudi Arabia’s national carrier, Saudia, has launched its first direct flight to Medan in North Sumatra, offering four weekly services from the western cities of Jeddah and Madinah.
Marking the second destination in Indonesia after Jakarta to be served by the carrier, the announcement, which was made on Aug. 31., aligns with the airlines’ commitment to connecting the world with the Kingdom and advancing Saudi Vision 2030, particularly in enhancing services for pilgrims and visitors to the two holy mosques.
The air carrier celebrated the inaugural flight to Medan with a ribbon-cutting ceremony at the Madinah-based Prince Mohammed bin Abdulaziz International Airport, in the presence of Indonesia’s ambassador to the Kingdom, Abdulaziz Ahmed, and the assistant vice president of KSA Sales at Saudia, Wail Basaffar, as well as relevant stakeholders.
Established in 2021, Saudi Arabia’s Air Connectivity Program aims to enhance the country’s air routes to 250 destinations worldwide and transport 330 million passengers by 2030. The initiative also seeks to streamline market entry and promote expansion opportunities for flight travel partners in the Kingdom.
By developing new routes, the ACP strives to position the nation as a global leader in tourism air connectivity.
In its statement, Saudia said it offers a range of services designed to elevate the guest experience, including digital platforms allowing users to plan their journeys, complete necessary procedures, and access after-sales support.
It added that it provides on-site services at airports to expedite processes and ensure a seamless travel experience.
With a fleet of 143 aircraft, the company’s international operations are continuously evolving to expand its market share and set new benchmarks in guest transportation, catering to tourists, visitors, and pilgrims.
The air carrier emphasized that it is committed to increasing the volume of transit traffic between continents via the Kingdom, adding that this is a key pillar of its strategic vision and new era.
Despite June being a peak travel month due to the Hajj pilgrimage and summer travel season, the airline topped the global rankings for the month with an 88.22 percent on-time arrival rate, according to new data from the independent aviation tracking site Cirium.
Saudia also recorded an on-time departure rate of 88.73 percent, while operating 16,133 flights across its network of over 100 destinations on four continents.
In May, Saudia Group signed an order for an additional 105 A320neo family planes, marking the largest aircraft deal with Airbus in the Kingdom’s history.
The US$19 billion deal, announced at the Future Aviation Forum in Riyadh by Ibrahim Al-Omar, the group’s director general, includes A320neo and A321neo models. These aircraft will be distributed between Saudia and flyadeal, the group’s low-cost carrier.
Saudia will acquire 54 A321neo aircraft, while flyadeal will receive 12 A320neo and 39 A321neo models. The group is set to receive the first airliner in the first quarter of 2026.
04/09/2024
QatarEnergy to Double Annual Urea Production
State-owned QatarEnergy will boost its production of urea to more than 12.4 million tons annually from 6 million tons currently, its CEO said in a press conference on Sunday, without giving a timeframe.
Saad Al-Kaabi, also Qatar's minister of state for energy affairs, said the construction of four new production lines for urea, a key ingredient in fertilizers, would boost output by 106%. He said the first production line would begin before 2030.
"When we looked at the market for urea in the future, with the growth of humanity today, with 1.5 to 2 billion people that will be joining us in the next 20-30 years, the urea requirement for food production will be exponentially increasing," Kaabi said.
He also said construction on a project to expand gas production from the North Field was on schedule.
The massive expansion is set to boost QatarEnergy's overall liquefied natural gas (LNG) production by 85% over current levels. North Field is part of the world's largest natural gas field that Qatar shares with Iran, which calls it South Pars.
Kaabi also announced construction of a third new solar power station in Qatar's eastern Dukhan region to more than double Qatar's overall solar energy production to 4,000 megawatts by 2030.
04/09/2024
OPEC August Output Falls to Lowest since January on Libya, Survey Finds
OPEC oil output fell in August to its lowest since January, a Reuters survey found on Monday (Sep 2), as unrest that disrupted Libyan supply added to the impact of ongoing voluntary supply cuts by other members and the wider OPEC+ alliance.
The Organization of the Petroleum Exporting Countries pumped 26.36 million barrels per day last month, down 340,000 bpd from July, the survey found. This was the lowest total since January 2024, according to Reuters surveys.
A drop in Libyan exports and production amid a standoff between political factions over control of the central bank has helped boost oil prices and, sources say, increased the prospect that OPEC+ will proceed with a planned output hike from October.
Libya provided the largest supply loss last month of 290,000 bpd, the survey found. Output was disrupted at the Sharara field early in the month and at more fields towards the end, trimming output to an average of 900,000 bpd, the survey found.
Some flows data, such as that of Kpler, showed little impact on Libyan exports in August, although sources in the survey estimated the production impact to be more significant.
Libya is exempt from OPEC+ agreements to limit production. Other declines came from Iraq, which lowered exports in August according to the survey and is seeking to boost compliance with its OPEC target, and from Iran which is also exempt.
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Iran has been boosting exports in the last few years despite US sanctions remaining in place and is still pumping close to the highest levels since 2018.
Among countries posting higher output, there was a small increase in Nigeria which boosted exports, the survey found.
OPEC pumped about 220,000 bpd more than the implied target for the nine members covered by supply cut agreements, with Iraq still accounting for the bulk of the excess, the survey found.
04/09/2024
Kuwait Airways Adjusts Ticket Prices, Revamp in Competitive Market
Kuwait Airways revises its ticket pricing to become more competitive in the market. This adjustment reflects the board of directors’ commitment to advancing the national carrier and improving passenger services.
Abdul Mohsen Al Faqan, chairman of Kuwait Airways, discussed these updates on the Friday Break programme on Kuwait Radio, emphasising that Kuwait Airways is enhancing the overall travel experience.
Recent upgrades include luxury amenities, improved entertainment options, and increased onboard comfort.
The airline has allocated widebody aircraft to high-demand routes, updated its menu with distinctive Kuwaiti dishes, and maintained punctuality during the busy summer season. Al Faqan announced new offerings, such as special travel packages to Barcelona that include a flight ticket, hotel stay, and a ticket to a Spanish League soccer match.
Kuwait Airways is considering expanding its network to new destinations, including Moscow, various locations in China and East Asia, and several European countries.
This expansion is planned in conjunction with the opening of the new T2 passenger terminal and the addition of new aircraft to the fleet.
The airline will soon introduce a self-service baggage weighing system, allowing travellers to weigh their luggage up to 12 hours before departure.
Baggage allowances have been adjusted as well: economy class passengers are permitted two pieces of 23 kilograms each, business class passengers two pieces of 32 kilograms each, and first-class or royal-class passengers three pieces of 32 kilograms each.
04/09/2024