Tabreed weather-watching AI could cool homes from Dubai to Makkah

Tabreed weather-watching AI could cool homes from Dubai to Makkah
Tabreed is using AI to predict the impact of the weather on cooling demand. (AP)
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Updated 28 February 2021

Tabreed weather-watching AI could cool homes from Dubai to Makkah

Tabreed weather-watching AI could cool homes from Dubai to Makkah
  • It is one of four new pilot projects announced by Tabreed that will support its aim to boost plant efficiency and reduce operating costs

DUBAI: The UAE company that provides cooling to thousands of homes across the Gulf plans to use weather-watching technology to anticipate when demand will rise and fall.

It is one of four new pilot projects announced by Tabreed that will support its aim to boost plant efficiency and reduce operating costs, the company said in a bourse filing on Sunday.

Demand for district cooling varies widely from day to day depending on outside temperature, humidity, wind speed and other atmospheric factors.

The “Wet Bulb Forecasting” project aims to better forecast customer demand over the next 24 hours by analyzing some of these factors using artificial intelligence.

“Based on the simulation of this pilot project, we forecast a 25 to 30 percent increase in performance, compared to our industry benchmarks,” said François-Xavier Boul, Tabreed’s chief development officer.”

Gulf states including the UAE and Saudi Arabia are seeking to reduce their carbon footprint through the use of green technology and alternative energy sources.

Tabreed operates 86 district cooling plants around the region, including three in Saudi Arabia.

Among the developments it services are the world’s tallest building in Dubai and the Jabal Omar Development in Makkah.


British shoppers rush back to reopened stores

British shoppers rush back to reopened stores
Updated 8 min 55 sec ago

British shoppers rush back to reopened stores

British shoppers rush back to reopened stores

LONDON: English and Welsh shoppers rushed back to clothes and furniture stores last week when they reopened after three months of COVID lockdown restrictions, but the novelty of dining and drinking outside rapidly faded.
The Office for National Statistics said credit and debit purchases of clothes and furniture jumped to 89 percent of pre-pandemic levels in the week to April 15, up by 26 percentage points on a week earlier.
The figures are based on high-value CHAPS payment data from credit and debit card processors collected by the Bank of England.
This data shows overall card spending rose to 91 percent of its level in February 2020 last week, up from 83 percent the week before when the Easter holiday weekend had reduced spending.
The number of shoppers in the week to April 17 rose to 75 percent of its level two years earlier, up by 31 percentage points on the previous week, and the volume of job adverts held at pre-pandemic levels.
Nonessential retailers in England and Wales reopened on April 12 for the first time since early January, and English pubs and restaurants were allowed to begin serving customers who booked outdoor seating.
The first day of opening brought a rush of diners and drinkers, but the appeal of eating and drinking outdoors in dry but cold weather had faded by the weekend.
Reservations on April 17 stood at 60 percent of their average level two years ago, down from 79 percent on April 12, according to data from booking website OpenTable produced for the ONS.


Strong coffee sales gives Nestle first quarter boost

Strong coffee sales gives Nestle first quarter boost
Updated 12 min 43 sec ago

Strong coffee sales gives Nestle first quarter boost

Strong coffee sales gives Nestle first quarter boost

ZURICH: Swiss food giant Nestle said Thursday that strong coffee sales helped raise overall turnover by 1.3 percent in the first quarter of the year.
Global sales rose to 21.1 billion Swiss francs (19.1 billion euros, $22.9 billion), an earnings statement said.
Nestle’s measure of so-called organic growth, which strips out effects from acquisitions, divestments and foreign exchange movements, jumped by 7.7 percent in the first three months of 2021, as the group increased its share of growing markets, the statement added.
But the Swiss franc’s strength against other major currencies meant that once global sales were converted, the overall figure was reduced by 5.3 percent, while various divestments trimmed an additional 1.0 percent, the statement said.
Nestle is transforming its portfolio of brands and has begun to increase its offer of vegetarian products to accompany a global trend, for example.
And while “coffee was the largest contributor to growth” owing to strong demand for its Nespresso, Nescafe and Starbucks brands, dairy products and pet food also contributed to the increase in organic growth.
“Vegetarian and plant-based food offerings continued to see strong double-digit growth” as well, the group noted.
Nestle has benefited from the coronavirus pandemic in that demand via supermarkets remained strong, but sales to restaurants and other food outlets suffered in 2020.
In the first months of this year, “retail sales saw solid growth and out-of-home channels saw signs of improvement,” Nestle chief executive Mark Schneider said in the company statement.
The group confirmed its 2021 full-year forecast for “sustained mid-single digit organic growth,” which suggests something on the order of 5 percent.


Halt in oil production threatens stability of Libya, UN warns

Halt in oil production threatens stability of Libya, UN warns
Updated 23 April 2021

Halt in oil production threatens stability of Libya, UN warns

Halt in oil production threatens stability of Libya, UN warns
  • Delay in distribution of state-provided funds blamed for production and export shutdown
  • UN urges all parties to ensure the country’s National Oil Company remains free of political interference

NEW YORK: The UN on Thursday raised concerns about the recent halt in production and exports of crude oil at Marsa Al-Hariga port, and further imminent shutdowns at other facilities, and the destabilizing effect it could have on the country.

“The uninterrupted production of oil, as well as maintaining the independence and impartiality of the NOC (The National Oil Corporation), remains a vital cornerstone to the economic, social and political stability of Libya,” said the UN Support Mission in Libya (UNSMIL).

NOC blames the interim government for the halt in production at the eastern facility, citing the Central Bank’s refusal for several months to pay out funds from the oil sector budget. The funding shortfall has caused many companies to fail to fulfill their obligations, and to the deterioration of storage tanks. It has also had negative effects on pipelines, wells and oil reservoirs.

Oil is by far Libya’s biggest source of revenue. After years of blockades that at times reduced the flow of oil almost to zero, production rebounded to more than 1 million barrels a day after the blockades were lifted in September.

The NOC has managed to remain independent despite bitter political disputes over the country’s oil. Recently, however, there have been complaints about interference by the new government. The interim authority includes a three-member Presidential Council and a cabinet, which was appointed under a UN-led process to lead the divided country toward general elections in December.

The interim leadership is also tasked with preparing for the reunification of economic and financial institutions, tackling the dire living conditions many Libyans have been forced to endure, and enacting economic reforms needed to ensure a more equitable distribution of oil revenues in the country, which is a member of OPEC.

UNSMIL urged all parties to ensure that NOC remains “an independent, technocratic and well-sourced institution, and to ensure the transparent and equitable management of resources, as set out in the Libyan Political Dialogue Forum Roadmap, to combat corruption. This is of critical importance for the government that is requested to improve the delivery of basic services to the Libyan people.”

Libya descended into civil war after the NATO-backed uprising in 2011 that toppled dictator Muammar Qaddafi. Fighting in recent years pitted the Government of National Accord against the forces of eastern military commander Khalifa Haftar. Each side had support from competing regional powers.

“Libya is only now emerging from a very costly conflict, and there are multiple urgent needs that need to be addressed to improve the quality of life of Libyans throughout the country,” UNSMIL said.


First Abu Dhabi Bank completes Bank Audi Egypt takeover

First Abu Dhabi Bank has gained legal and regulatory approval to complete the acquisition of a 100 percent stake in Bank Audi Egypt. (Reuters/File Photo)
First Abu Dhabi Bank has gained legal and regulatory approval to complete the acquisition of a 100 percent stake in Bank Audi Egypt. (Reuters/File Photo)
Updated 22 April 2021

First Abu Dhabi Bank completes Bank Audi Egypt takeover

First Abu Dhabi Bank has gained legal and regulatory approval to complete the acquisition of a 100 percent stake in Bank Audi Egypt. (Reuters/File Photo)
  • Following the transfer of shares, the acquisition will make First Abu Dhabi Bank one of the largest international banks operating in Egypt

CAIRO: First Abu Dhabi Bank has gained legal and regulatory approval to complete the acquisition of a 100 percent stake in Bank Audi Egypt, a subsidiary of the Lebanese Bank Audi Group, the bank announced on Thursday.

In a statement, the bank said that after the completion of the share transfer process, First Abu Dhabi Bank will begin merging the assets and operations of Bank Audi Egypt and First Abu Dhabi Bank — Egypt, with the merger process expected to be completed in 2022.

Following the transfer of shares, the acquisition will make First Abu Dhabi Bank one of the largest international banks operating in Egypt, with assets exceeding EGP 130 billion ($8.5 billion) after consolidating on Dec. 31, 2020.

“This step represents a strategic achievement that supports First Abu Dhabi Bank’s development aspirations at the international level and will accelerate the expansion of its business in one of the most important markets with high growth potential. This acquisition will play an essential role to enhance the volume and momentum of First Abu Dhabi Bank’s business in Egypt,” Hana Al-Rostamani, CEO of First Abu Dhabi Bank Group, said in a statement.

The banking services Bank Audi Egypt provides to individuals and companies through its wide network of branches will support the operations of First Abu Dhabi Bank in Egypt, which has operated in Egypt since 1975.

Mohamed Abbas Fayed has been appointed CEO of the combined entity. He joined First Abu Dhabi Bank in 2019 and was previously CEO and managing director of Bank Audi Egypt, which helped him gain extensive experience over three decades in the sector and in the Egyptian market.


Saudi Arabia sees 110% rise in flight searches in March

Saudi Arabia sees 110% rise in flight searches in March
Updated 22 April 2021

Saudi Arabia sees 110% rise in flight searches in March

Saudi Arabia sees 110% rise in flight searches in March
  • The Skyscanner data showed that domestic flights within Saudi Arabia were the most searched for last month

RIYADH: Saudi Arabia recorded a 110 percent month-on-month surge in people searching for flights in March, according to global online travel platform Skyscanner, as the Kingdom’s travelers get ready for international flights to reopen from May 17.
The Skyscanner data showed that domestic flights within Saudi Arabia were the most searched for last month, followed by international destinations in India, Pakistan, the Philippines and Egypt.
Flights were grounded in the Kingdom in March 2020. Domestic traffic resumed at the end of May 2020 and the Saudi General Authority of Civil Aviation (GACA) recently announced that international flights will resume by May 17, 2021.
In a bid to capitalize on this, Skyscanner has launched an Arabic language version of its platform on desktop and mobile web.
“We’re pleased to be able to offer travelers in the Middle East a far more relevant experience on desktop, allowing them to plan and book travel in their local language and currency,” Gavin Harris, director of strategic partnerships, Skyscanner, said in a press statement.
“Arabic is one of the 5th most spoken languages in the world and outbound travel from Saudi Arabia and the UAE accounts for a significant proportion of the total travel market,” he added.
In December, the “Global Holiday Intent” survey, conducted by YouGov on behalf of Reed Travel Exhibitions — organizer of the Arabian Travel Market (ATM) exhibition in Dubai — found that 46 percent of those surveyed in Saudi Arabia said that they intended to travel internationally once restrictions were lifted.
Additional research released this week by global travel services company Collinson found that more than four fifths of business travelers in Saudi Arabia had seen their job affected in some way by a lack of cross-border business travel, and about one third of survey respondents said that they felt unable to do their job effectively.