We’re ushering in next 50 years with a well-thought-out strategic vision: UAE President — gulfbusiness.com

Highlights:

– The UAE President Sheikh Khalifa bin Zayed Al Nahyan has said that the country’s founding fathers embraced sustainable development as a guiding methodology to build up a modern nation that derives its human, socio-economic, and cultural clout from robust constitutional, organisational and structural tenets.

– President Khalifa added, “We have introduced to the world an inspiring development success story, which has rendered our country a leading regional and international financial centre, and a sought-after place to live, work, invest and travel. In so doing, we have surpassed others in terms of wellbeing, service excellence, corporate governance, trade openness, quality of life and entrepreneurship. We have successfully weathered the repercussions of the COVID-19 pandemic and restored normalcy while observing full compliance with preventative measures in place.”

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Sphinx Avenue Restored After 2,500 Years as Egypt Boosts Tourism – Bloomberg — www.bloomberg.com

Highlights:

– Construction of the original avenue was finished during the reign of Nectanebo I (380-362 BC), one of Egypt’s last native pharaohs whose armies sparred with Persian invaders. It was then renovated by the Ptolemaic Queen Cleopatra and later used by the Romans.

– The restoration’s one of several projects undertaken by Egyptian authorities in a bid to win back the legions of tourists who used to flock to the country’s ancient treasures before post-Arab Spring turmoil and then the coronavirus took their toll

– As the global health emergency froze travel, income dropped by half in the fiscal year that ended in June, falling to $4.9 billion from $9.9 billion in the previous 12 months, according to the central bank.

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UAE Sets Up $10 Billion Fund to Support Turkey as Ties Warm – Bloomberg — www.bloomberg.com

Highlights:

– The fund will focus on strategic sectors such as energy, food and healthcare, the UAE’s state-run WAM news agency reported. The UAE, a small but influential Persian Gulf oil-and-business powerhouse, and Turkey also signed cooperation deals for their wealth funds, stock exchanges and central banks.

– Abu Dhabi’s sovereign wealth fund ADQ signed a cooperation deal with the Turkish Presidency Investment Office on foreign direct investment involving energy, petrochemicals, technology, transportation, infrastructure, health care, financial services, food and agriculture. ADQ is also expected to sign cooperation agreements with closely held Turkish companies Kalyon and CCN, according to a Turkish official.

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Living at AlJurf

Find Out More About Living at AlJurf

AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm.

Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards.

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Villa With Caravaggio Paintings in Rome Up for Auction, Valued at EUR471 Million – Bloomberg — www.bloomberg.com

Highlights:

– The Casino dell’Aurora, also known as Villa Ludovisi, was built in 1570 and has been in the Ludovisi family since the early 1600s. After Prince Nicolo Boncompagni Ludovisi died in 2018, the villa became the subject of an inheritance dispute between the children from his first marriage and his third wife, Rita Jenrette Boncompagni Ludovisi.

– A “monumental property” on six levels, the listing says it is “among the most prestigious architectural and landscape beauties of pre-unification Rome,” with three garages, the Caravaggio, two roof terraces and a “splendid garden with arboreal essences and tall trees, pedestrian paths, stairs and rest areas.”

– Aside from the Caravaggio ceiling and the lush gardens outside, the 2,800-square-meter (30,000-square-foot) home off the swank Via Veneto features frescoes by Guercino.

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Business Booms for Cargo Salvage Buyers Amid Supply Chain Crisis – Bloomberg — www.bloomberg.com

Highlights:

– When a product doesn’t reach its destination for a period of time, it often loses the value that it originally had,” says Tom Enders, owner of Michigan-based Salvage Groups Inc. When that happens, customers sometimes refuse to accept the goods; other times, they simply abandon them. In either case, “shipping lines can contact a company like ours to recover as much value from it as they can,” he says.

– No one in the supply chain makes money when stuff is sitting idle,” Enders says. “They make money when they’re moving stuff.”

– That’s where salvage buyers come in.

– The size of the buyers’ profits hinges on how cleverly they can get rid of what they acquire.

– When the goods are worthless or dangerous they take a cut of the disposal fee; when the goods have value they make a profit on the resale.

– Because 90% of the world’s goods travel by ship, just about anything can wind up in the hands of a salvage buyer.

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Recurring revenue loans show how everything is a growth stock – Bloomberg — www.bloomberg.com

Highlights:

– Having spent years chasing shrinking returns in the booming institutional loan market, yield-hungry lenders are taking a leaf out of the venture capitalist playbook and extending cash to companies that aren’t yet profitable but which might be expected to become so in the future.

– After years of watching the equity market pour money into unprofitable but ‘high-growth technology companies, the credit market appears to be doing the same.

– As recurring revenue deals proliferate, the amount of yield lenders are receiving in exchange for risk is diminishing.

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Brazil’s Anti-Poverty Program Will Rock Commodity Markets – Bloomberg — www.bloomberg.com

Highlights:

– Brazil has an outsize role in a wide array of the world’s essential foodstuffs and minerals. When the currency falls, production costs for Brazilian producers fall as well, making their goods more competitive and adding to supply.

– the weakness of the real may yet help to ease the inflationary pressures coursing through the world economy.

– Soybeans, the country’s largest export, production in the current crop season is projected to hit a record of more than 5 billion bushels

– Brazil is the biggest exporter of chicken and beef and the third-biggest of pork, and all three are forecast to see rising production over the coming year

– Domestic chicken consumption has surged in recent years to replace beef calories that Brazilians can no longer afford. Even so, output will climb to 4.2 million tons next year.

– Only iron ore among Brazil’s major commodity exports has fallen behind. Analysts expect output by state-controlled Vale SA will grow by about 20 million metric tons next year

– Brazil has been such a dominant producer of arabica beans. When the currency weakens, output goes up and arabica prices go down.

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