Tag Archives: culture
Liwa Dates Festival to open at night
Liwa Dates Festival to open at night Silvia Radan / 4 July 2013 For the first time in nine years, the Liwa Dates Festival will take place during the holy month of Ramadan, from July 18 to 25, in the Western Region desert oasis of Liwa. Although the festival’s opening hours will be at night, from 8pm to 1am, the organisers do not think there will be a drop in participants or visitors. “The Liwa Dates Festival always takes place in the summer, when the ratab dates are in season. We cannot postpone the festival because of Ramadan. Besides, we work during the holy month, so the evaluation of the date farms will take place during the day, while the festival’s activities are scheduled in the evening,” explained Mohammed Khalaf Al Mazrouei, chairman of the Higher Organising Committee of the festival and the Culture and Heritage advisor to the Abu Dhabi Crown Prince Court. Last year, 1,500 participants were registered with the festival and over the past eight seasons nearly 70,000 people came to see the Liwa Dates Festival. As usual, buses will be provided for visitors from Abu Dhabi and Al Ain to the festival, which will take place in an air-conditioned massive tent. All the old favourites are back this year, including traditional Emirati folklore, cooking competition, a kids’ tent and the popular date palm farmers’ souk with 120 shops being set up. As for the competitions, there are seven different dates categories, each awarding cash prizes to the top 15 contestants, as well as a mango and a lemon competition, each with prizes for the top 10 winners. Altogether, the festival is giving away this year Dh 5 million in prizes. “The competition is open to any UAE farmer, although we tend to have most of our competitors from Al Gharbia and Al Ain,” pointed out Obaid Khalfan Al Mazrouei, director of the festival. According to him, the festival cannot be extended to the Arabian Gulf simply because the ratab — the fresh, half ripe dates — season starts from east to west. Omani dates, for example, are the first to ripe, while certain Saudi varieties ripen only in September.In the UAE, the ratab season lasts for about a month, depending on the type of dates. The festival is not just a celebration of the dates harvesting, but a good business, as well. “We help the date palm farmers not just with awards, but also facilitate meetings with distributors, manufacturers and other businesses related to date palm trees,” Obaid Al Mazrouei told Khaleej Times. “The date production quality has also improved. In 2009 for example, it was very easy for us to pick the competition winners, while now over 20 people fight for the first place,” he pointed out. The full programme of the festival is available on http://www.liwadatesfestival.ae/ . silvia@khaleejtimes.com Continue reading
Sustainable Asset Management And UAE Ambassador Tours Sustainable Agarwood Plantations
The UN FAO (Food and Agriculture Organisation of the UN) estimate that exports of Agarwood and Oud Oil from Singapore total around US$1.2 billion annually, some analysts put this figure higher at around US$3 billion. Singapore (PRWEB UK) 16 June 2013 The UN FAO (Food and Agriculture Organisation of the UN) estimate that exports of Agarwood and Oud Oil from Singapore total around US$1.2 billion annually, some analysts put this figure higher at around US$3 billion. What is certain is that Singapore and Hong Kong are the most important trading posts in Asia for one of the world’s rarest and most valuable natural commodities. Uncertainty on how much of this rare and mystical product arrives in Singapore, and in many cases where it actually comes from, has caused international concern. Since the year 2000 harvesting of wild Agarwood trees and export of its products has been banned by CITES (the Convention on International Trade on Wild Fauna and Flora) as an endangered species. Monitoring of the trade by TRAFFIC (The Wildlife Trade Monitoring Network) has led some analysts to predict there is less than two years of wild supplies of Agarwood left; yet this largely illegal industry carries on unabated. Currently the world’s largest estimated importer and distributer of Oud is the UAE, where Oud is an everyday necessity in the culture and used regularly in Arabic homes. Recognising the importance of ensuring that supplies to the Gulf could be both sustainable and legal today, and working to ensure continued sustainable supplies of this ever diminishing natural resource for the future, the UAE Ambassador to Singapore his Excellency Mohamed A. Al Qubaisi decided it was time he learned more about how this essential element of everyday Middle East life was obtained. Singapore based Sustainable Asset Management, specialist advisors and analysts to the plantation and Agarwood industry, were honoured to assist and recommended the ambassador visit industry leading sites in Thailand: tree nurseries, sustainable plantations, distilleries, processing plant and retail shops, selecting an innovative company in the sector Asia Plantation Capital (APC) as his focus so he could see first-hand the complete soil to oil process. Mark Wills, Managing Director of Sustainable Asset Management, accompanied the Ambassador and his family on his fact finding mission to Thailand where the group spent three days touring the nurseries, plantations, distilleries and finally a retail site of l’Atelier Du Bois the brand owned by APC. Along the way the ambassador not only witnessed the ground breaking technologies developed and researched by APC but also listened first hand to the managers’ detailed explanations of their advanced processes from soil to oil, resulting in a 100% pure and organic high quality sustainable Oud oil with full CITES certification. During the trip Ambassador Mohamed A. Al Qubaisi kindly shared some insights into the Agarwood relationship with consumers in the Gulf where apparently you will rarely find a house in any GCC country without either Oud or Agarwood being used; these products remain as popular as ever and demand is even growing. The Ambassador explained that Oud oil is more important than Agarwood chips and how for consumers “the priority is the smell and the durability of the fragrance note” people “know very little of its origins, except for the fact that it is rare and very expensive and prices keep increasing.” This rarity brings with it additional problems of local traders who will often try and sell sub-standard product and pass this off as high quality. “There are people who look to copy the product, especially chips and make alternatives which are not well regarded.” Apparently local buyers are also generally unaware of the global protection afforded to Agarwood and how the trade is controlled with CITES certificates, his Excellency Mohamed A. Al Qubaisi was enthusiastic “to get a better understanding of where Oud comes from and how it is made, which I now know. I would be very happy to help citizens in the Gulf understand the importance of sustainable supplies to safeguard an important aspect of our culture for generations to come.” Roger Hargreaves Chairman of APC Thailand stated “We are honoured that his Excellency Mohamed A. Al Qubaisi the Singapore UAE Ambassador chose our company and plantations to visit and gain a wider understanding of the source and fast growing industry behind the production of sustainable Oud oil which is driven in part by the demand in the Gulf and wider Middle East. Additionally now that Oud has become a mainstream fragrance with almost weekly launches by the global fragrance mega brands of a new Oud fragrance, it is vital that responsible countries like the UAE take a keen interest to ensure legal and sustainable on-going supplies for their citizens. APC were one of the first plantation companies to secure a license to import and distribute Oud in the UAE and are now entering into exclusive supply agreements with responsible UAE based importers to secure the long term supply of sustainable and natural Oud into the region, with fully legal CITES certified products and supplies. We were equally honoured that the ambassador considered the quality of fragrance and consistency of our oil to be extremely high quality, rarely encountered from plantation produced Oud oils versus wild oil.” Ambassador Mohamed A. Al Qubaisi concluded “I now have a greater understanding of its origins and the process to bring this to market, something that most people in the GCC countries will not know. Clearly the trees are in decline and that will have an effect on something that is a significant part of our culture. I am very happy that APC is providing a long term sustainable solution to help supply the market with a high quality and consistent product and that will help preserve an important part of our culture for generations to come.” APC and Sustainable Asset Management look forward to further co-operation at a diplomatic and commercial level in promoting the qualities and importance of sustainably produced Oud oil for the Middle East market and plan a series of road shows in the Gulf after Ramadan to promote the qualities of their oil, and to educate the community and importers on the importance of ensuring they buy sustainably sourced CITES certified products to safeguard their future supply and continued enjoyment of one the world’s rarest and most mystical natural products. — Questions & Answers During the trip the Ambassador wanted to answer some questions posed by Mark Wills regarding his visit and the current state of the agarwood industry:- Q. Is Agarwood still popular in the Middle East today? A. You will rarely find a house in any GCC country without either Oud or Agarwood chips being used. So yes it is still as popular today as it has ever been and demand seems to be growing. Q. To what extent does he think people in the Middle East are aware of the origin of Agarwood? A. They know very little of its origins, except for the fact that it is rare and very expensive and prices keep increasing. There are many traders who will try and sell sub-standard product and pass this off as high quality. There are people who look to copy the product, especially chips and make alternatives which are not well regarded. Q. Is there a preference to the country of origin? A. No. The priority is the smell and the durability of the fragrance note. Q. What are your views on the long term sustainability of Agarwood? A. I now have a greater understanding of its origins and the process to bring this to market, something that most people in the GCC countries will not know. Clearly the trees are in decline and that will have an effect on something that is a significant part of our culture. I am very happy that APC is providing a long term sustainable solution to help supply the market with a high quality and consistent product and that will help preserve an important part of our culture for generations to come. Q. What is used more in the GCC oil or chips A. There are more consumers of oil than chips. The largest part of the market is by far oil. Q. Are buyers in the GCC aware that Agarwood product requires CITES certification? A. No. They would not be aware of this. Q. What did you hope to achieve from the trip? A. I wanted to get a better understanding of where Oud comes from and how it is made, which I now know. I would be very happy to help you in whatever ways I can especially helping citizens in the Gulf understand the importance of sustainable supplies to safeguard an important aspect of our culture. The UAE Ambassador to Singapore his Excellency Mohamed A. Al Qubaisi Continue reading
London’s Forced Renters Fuel Apartment Investing Boom
By Neil Callanan, Patrick Gower and Chris Spillane June 11, 2013 (Corrects spelling of Grainger director’s name in third and ninth paragraphs of story published yesterday.) Londoners are increasingly becoming renters whether they like it or not after the U.K. capital’s average home price passed 500,000 pounds ($778,000) last month. With first-time buyers having to borrow more than ever and save longer to afford a down payment, leasing demand is set to soar, and developers and investors are building like never before. The Greater London Authority estimates households renting privately owned apartments or single-family homes will increase to 37 percent by 2025 from 25 percent last year. “It’s one of the most exciting, if not the most exciting asset class in the market today,” said Nick Jopling, executive director of Grainger Plc (GRI), the U.K.’s largest publicly traded residential landlord. “Institutions are recognizing that too.” Investors including Grainger, Dutch pension-fund asset manager APG and developer Quintain Estates & Developments Plc are already seeking to profit while others, such as New York-based private-equity firm KKR & Co., have said they’re considering entering the London market. Savills Plc (SVS) estimates at least 210,000 more U.K. households will seek to rent in the next three years, most in the capital. Multifamily home buyers got total returns of 8.9 percent in the U.K. last year, compared with 2.7 percent for commercial real estate, according to Investment Property Databank Ltd. They’re also set to benefit from measures introduced by Prime Minister David Cameron’s government aimed at stoking construction and reviving the economy. The government’s March budget announcement included 1 billion pounds of incentives aimed at spurring multifamily residential development and easing a housing shortage. ‘Innovative Models’ “These projects represent a wide range of innovative models and will provide a good spread across England, with around one quarter in London,” Housing and Local Government Minister Mark Prisk said in April A month after the incentives were introduced, about 700 million pounds had been allocated to 45 projects around the U.K. The developments could produce as many as 10,000 homes, the government estimates. “Those are the seed assets that we will see in future years acquired by institutional money once they’re built, leased up and tenants are paying their rent,” Grainger’s Jopling said in a telephone interview. Cultural Shift The shift toward companies and investors owning swaths of rental housing is as much cultural as it is economic. Like the rest of Britain, home ownership in London is engrained in the culture. Moving up the so-called housing ladder and renting out an apartment once a new home is acquired, or investing in a few buy-to-let properties, has become a cottage industry. That’s different than places like the U.S. and Germany where homeownership rates are lower and companies own thousands of rental apartments. About 70 percent of Britons own their own home compared with 53 percent in Germany, data compiled by LBS Research shows. In the U.S., the figure is 65 percent. To rent a home to Londoners unable or unwilling to buy one, multifamily investors are focusing on neighborhoods with access to transportation links like the London Underground, such as Paddington as well as Balham and Putney, which are in the south and southwest of the city, according to Adam Challis, head of residential research at broker Jones Lang LaSalle Inc. (JLL) “It’s all about orientating the asset around the demand profile of future occupiers,” Challis said. “Renters typically are going to be young professionals, car free, and as a result transport access is going to be a hallmark of the successful locations.” Underground Zones The Underground’s zones 2 and 3, which ring the city center, were the country’s best-performing areas for renting houses and apartments last year with returns of 10.7 percent, researcher IPD said in February. The average rent in greater London climbed to 1,236 pounds in April, up 4.8 percent from a year earlier, according to an index compiled by HomeLet, the U.K.’s largest referencing and rentals insurance company Quintain, a London-based developer, decided it will rent out about 100 apartments in building projects in the Greenwich area and another 100 in the city’s Wembley neighborhood, rather than sell as they had typically done, because of increased demand. “It’s the new phenomenon of this year,” Quintain Chief Executive Officer Max James said by telephone. “There is a growing institutional demand for this kind of product, so you begin to see this triangle where developers, tenants and institutions are all coming together in the same space.” APG’s Acquisition APG, Europe’s largest pension-fund asset manager with 325 billion euros ($430 billion) under management, teamed with Newcastle, England-based Grainger to buy about 1,200 U.K. homes for about 350 million pounds in January. The trust set up to buy the assets will focus on renting out properties in greater London and may also invest in developing homes for leasing. Prudential Plc (PRU)’s M&G Investments last month bought 534 homes through a unit for 105.4 million pounds from Berkeley Group Holdings Plc (BKG). Berkeley, the U.K.’s third-largest homebuilder by market value, is keeping an undisclosed minority stake after the project is done. It also may develop homes to rent, according to a statement at the time. A unit of Qatar’s sovereign-wealth fund has also been buying and selling in the London multifamily market. Qatari Diar Real Estate Investment Co. and Delancey Estates Plc paid about 557 million pounds for the 2012 London Olympics athlete’s village in a deal that included about 1,400 homes, most of which will be leased rather than sold, according to an August 2011 statement. LondonMetric Property Plc (LMP) was part of a venture that bought a luxury multifamily complex in the affluent Chelsea neighborhood from Qatari Diar last June for 147 million pounds. ‘Ludicrous’ Yields Not every company is enthusiastic about U.K. multifamily residential assets. Axa Real Estate Investment Managers, Europe’s largest property manager, prefers to put its money into housing for students and seniors, Chief Executive Officer Pierre Vaquier said in a March interview. Pension funds, asset managers and insurers are less likely to buy multifamily property in London’s best residential areas because rents aren’t high enough compared with purchase prices, according to Jones Lang’s Challis. “The yield can seem fairly ludicrous in comparison to traditional property investment,” he said. London home asking prices increased 3.3 percent to a record 509,870 pounds in May, property-website operator Rightmove said in a report last month. The price of London homes is now more than nine times the average earnings of residents and buyers typically need a deposit of 59,000 pounds, according to a report by Savills. Rising Rents The typical first-time London buyer borrowed 3.6 times their household income last year for the purchase, the most ever, according to data compiled by the Council of Mortgage Lenders going back to 1974. Rents in the city were about 7.6 percent higher in April than a year earlier, the biggest gain in the U.K., LSL Property Services Ltd. said last month. The London Assembly, a group of elected officials tasked with scrutinizing the Mayor, published a report today urging Boris Johnson to seek a change in U.K. law that would stabilize rents in London. Proposals include the introduction of a public sector letting agency, designed to incentivize “landlords to provide stable rents and longer tenancies.” The U.K. multifamily housing market had about 1.6 billion pounds worth of transactions last year, little changed from a year earlier, according to Savills. The London-based broker estimates purchasers may spend 2.5 billion pounds this year, about 50 percent more than 2012. That’s still small by international standards. Manhattan Sales The dollar volume of apartment-building sales in Manhattan alone more than doubled in 2012 to $9.1 billion, according to data compiled by New York-based Real Capital Analytics Inc. In Germany the value of multifamily-building sales rose 46 percent last year to 10.4 billion euros, according to Savills. U.K. buyers have about 2.85 billion pounds to spend on apartment buildings and other multifamily assets, 185 percent more than last year, according to data compiled by Chicago-based Jones Lang. “This is likely to be just the tip of the iceberg,” Jones Lang said in a statement. It “doesn’t take into account potential investment from U.K. institutions such as pension funds, insurers and third party fund managers — the majority of which are currently either deploying or looking to deploy capital into the residential sector.” To contact the reporters on this story: Neil Callanan in London at ncallanan@bloomberg.net; To contact the reporter on this story: Patrick Gower in London at pgower@bloomberg.net; Christopher Spillane in Johannesburg at cspillane3@bloomberg.net Continue reading
