Dubai’s The World Islands place ‘Lebanon Island’ up for sale for $22 million

The World Islands project was unveiled in 2003 with Lebanon Island being the only island developed for commercial use. (File/stvaranjewptemaodnule)
Updated 28 August 2018
0

Dubai’s The World Islands place ‘Lebanon Island’ up for sale for $22 million

  • The island comes with a private beach club, a restaurant with dancefloor and a swimming pool big enough for 250 people
  • Included on the island are several private chalets, two beaches, VIP cabanas and a small pier for seaplanes and yachts

DUBAI: Dubai’s The World Islands’ Lebanon Island, known as the ‘daycation’ spot, has been put on sale for $22 million, according to Arabian Business.
The island comes with a private beach club, a restaurant with dancefloor and a swimming pool big enough for 250 people.
Included on the island are several private chalets, two beaches, VIP cabanas and a small pier for seaplanes and yachts.
Dubai-based real estate agency Allsopp & Allsopp are handling the sale, saying that the island is “a unique resort and residential investment opportunity,” and that it could be turned into “a private retreat for an individual, or perhaps an exclusive resort offering from an upmarket hotel chain,” CEO Lewis Allsopp told Arabian Business

Also read: Going, going, gone: A slice of Europe on Dubai’s doorstep

“We are experiencing a wide range of interest from people looking to take over the running of the existing beach club, to some high-profile individuals who are considering purchasing the island and building a large residential home or palace,” he added.
The World Islands project was unveiled in 2003 by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, with Lebanon Island being the only island developed for commercial use.


Oil prices rise on Libyan export interruption, but markets remain weak

Updated 11 December 2018
0

Oil prices rise on Libyan export interruption, but markets remain weak

  • The rise came after crude prices dropped by 3 percent the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts
  • Crude futures have lost around a third of their value since early October amid the financial market slump and an emerging oil supply overhang

SINGAPORE: Oil prices edged up on Tuesday after Libya’s National Oil Company declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group.
Despite that, overall sentiment on oil prices remained weak amid worries over global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.
International Brent crude oil futures were at $60.19 per barrel at 0336 GMT, up 19 cents, or 0.3 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $51.16 per barrel, up 16 cents, or 0.3 percent.
Libya’s National Oil Company (NOC) late on Monday declared force majeure on exports from the El Sharara oilfield, the country’s biggest, which was seized at the weekend by a militia group.
NOC said the shutdown would result in a production loss of 315,000 barrels per day (bpd), and an additional loss of 73,000 bpd at the El Feel oilfield.
The rise came after crude prices dropped by 3 percent the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia.
Crude futures have lost around a third of their value since early October amid the financial market slump and an emerging oil supply overhang.
In a show of no confidence, money managers cut their bullish wagers on crude to the lowest in more than two years in the week ending Dec. 4, the US Commodity Futures Trading Commission (CFTC) said on Monday.
The financial speculator group cut its combined futures and options position in New York and London by 25,619 contracts to 144,775 during the period. That is the lowest level since Sept. 20, 2016.
In physical markets, Kuwait and Iran this week both reduced their January crude oil supply prices to Asia
“There remains a lot of uncertainty if the production cut is thick enough to make a significant dent in global supply,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.
“The general risk-off tone in global markets and the stronger dollar ... are contributing to the selling pressure.”
The OPEC-led group of oil producers last Friday announced a supply cut of 1.2 million barrels per day (bpd) in crude oil supply from January, measured against October 2018 output levels.