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DUBAI, 2nd September, 2021 – The Dubai Gold and Commodities Exchange (DGCX) registered a high monthly Average Open Interest (AOI) of 161,259 contracts during August.
The DGCX Group saw its West Texas Intermediary (WTI) Futures Contract gain traction last month, registering year-on-year (Y-O-Y) Average Daily Volume (ADV) growth of 62% compared to the same period last year.
The rise was noticeable from July 2021 and followed global trends, with oil prices recently posting its biggest weekly gain in over a year, as energy firms began shutting U.S. production.
Additionally, the DGCX’s Weekly INR-US Dollar (USD) Futures Contract continued to generate interest from market participants, recording a year-to-date (Y-T-D) volume growth of 9% in August, compared to the same period last year. The Pakistani Rupee (PKR) Futures Contract again maintained its growth during the month. Once again, this growth illustrates increased demand for the product since its launch in April. Additionally, the DGCX recorded a spike in trading in its precious metal’s portfolio this month, with the Shari’ah Compliant Spot Gold Contract trading six times more compared to the same period in 2020.
During August, the DGCX Group also issued a tender for members interested in applying as Market Makers on the DGCX platform, as part of its Designated Market Making scheme. The program will run for a period of 12 months – from January 03, 2022, until December 30, 2022 – and will encourage market participants to further bolster trading activity and liquidity on the exchange, thus making prices more efficient for the DGCX’s member base. The closing date for receiving applications is 24th September 2021.
The Group will host a webinar about Marketing Making Opportunities at DGCX on the 7th of September 2021. Interested participants can join the webinar by clicking here.
Les Male, CEO of DGCX, said, “In August, the DGCX saw market participants leverage several of our contracts for a variety of hedging and investment purposes. These were stimulated by managing exposure to volatility in the oil markets, capitalizing on gains in the INR and diversifying into new geographies. As we continue to receive interest in our contracts, we believe it is important to continue driving liquidity, and have recently invited our members to act as market makers on the exchange. The initative will pave the way for increasing market activity across our portfolio and support our strategic objective of generating stronger trading activity that continues to strengthen Dubai’s growth and development for commodities, FX and equities trading.”

ABU DHABI, 2nd September, 2021 – Abu Dhabi Sports Council and Spartan Arabia have announced two community races and qualifiers for the Spartan World Championships that will be hosted in Abu Dhabi from 2 – 5 of December 2021 in the Al Dhafra District at Liwa City for the first time in the Middle East and outside of the United States.
The first qualifying race will be held at the Al Ghazal Golf Club under the umbrella of Beast Cancer Awareness on 8th October and a mixed-race on the 9th taking place at Al Ghazal Golf Club in honor of breast cancer survivors.
While the race on 8th October is for the gritty, resilient, and passionate women racers, the 9th of October is open to men, women, and kids between the ages of 4 to 14. Both races will be a 5KM Spartan “Sprint” with 20 obstacles where racers can put their endurance to the test. ADSC and Spartan Arabia are proud to give back to the community with the Breast Cancer Awareness charity Sprint race for women to be held for the 3rd time in a row in Abu Dhabi.
The second qualifying race which is to be held at the Al Ain Zoo race will take place on the 5th of November and will encompass a “Sprint”, “Super”, “Hurricane Heat”, and Kids race.
The “Super”, a 10km course with 25 obstacles, testing the endurance and resilience of the more skilled racer and the “Hurricane Heat”, a 4-hour team challenge, will push the physical and mental limits of every competitor. It will be the last opportunity for participants to qualify for the 2021 Spartan World Championships, where global elites battle it out to stake their claim on the grand prize of $115,000 and earn bragging rights as the Spartan World Champion!

“The Spartan World Championship has already generated massive interest with participants rearing to go at the qualifying competitions,” Aref Al Awani, General Secretary of Abu Dhabi Sports Council, said.
“The next two qualifying rounds are at the Al Ghazal Golf Club and at the premises of the Al Ain Zoo on successive days on October 8 and 9 respectively, before the final qualifier also at the zoo premises on 5 November.
“We are super delighted with the lead-up for the Spartan World Championship, which is held outside the United States of America for the first time ever in their 10 year history of the event.
“The Spartan Worlds is a unique new addition to our growing list of international sporting events. It also adds to our list of community events promoting our government’s initiative of their healthy lifestyle program.
“Another feature of this competition is the amateur athletes of all levels can choose their own adventure while those elite juniors and elite adults vie for world titles.”
The highlight is of course the Spartan Beast run over the half-marathon distance that features a mix of high-speed running, leg-burning steep climbs and breath-taking scenery with more than 30 signature Spartan obstacles against the backdrop of the spectacular desert terrains.
“The Spartan Worlds will be staged when the country is celebrating the golden jubilee National Day and it surely will have a festive atmosphere throughout the competition,” Al Awani added.
“We also warmly welcome all participants arriving from around the world and those taking part in the community races. We wish all of them the very best and a most enjoyable week at the beautiful venue at Liwa.”
“After a 2 year hiatus due to COVID, we are very excited to be back to racing and to the community as a whole. The women’s race dedicated to breast cancer awareness is very dear to our hearts and we encourage all women to be a part of spreading the message via racing, while the popular family race in Al Ain zoo is also set for November for a terrain full of scenery” Rayyan Yacob Agha Managing Director of Spartan Arabia.

SHARJAH, 2nd September, 2021 – The American University of Sharjah (AUS) has earned a Sustainability Tracking, Assessment and Rating System (STARS) Silver rating from the Association for the Advancement of Sustainability in Higher Education (AASHE), making it the highest-rated university in the Gulf Cooperation Council region.
The move from a Bronze to a Silver rating demonstrates the university’s commitment to promoting sustainable practices throughout its academic and operational activities. AUS Sustainability, the campus department dedicated to realising the university’s strategic sustainability goals, collaborates with all university stakeholders to implement solutions that promote sustainable living and working on campus and beyond.
Speaking about this achievement, Rose Armour, Head of AUS Sustainability, said, “Incorporating sustainability is vital to higher education for two reasons. First, sustainability will play a role in each of our students’ futures, in both their professional and personal life, so, they need to understand the concepts and impacts of actions as they pertain to climate change and social justice. Second, students are seeking out sustainability in the classroom and campus activities.”
The new AUS rating was achieved following a rigorous process to meet STARS’ points-based system of benchmarking efforts at sustainability in four comprehensive areas: Academics, Engagement, Operations, and Planning and Administration.
“We could not have made all the progress we did, as we almost doubled our score, without the help and commitment of our EcoReps. The outreach work they do with students is so valuable, they are true role models in our community. We have been so impressed with the work and impact of the EcoReps that we will be expanding the programme this year and hiring EcoReps that will focus specifically on the residential halls,” Armour explained.
“The AUS has earned a Silver rating as a result of the culmination of many small actions, whether professors incorporating sustainability into their classroom, students choosing to research on sustainability and climate change, or installing electric car recharging stations and offering free counselling services at the health clinic. Everything has an impact, and everything adds up. We should never forget that each action we take, even if small, becomes a part of our overall impact as a community, ” Armour said.
The university is widely recognised for its many sustainability initiatives. In 2020, it became the Gulf region’s first university to begin to remove single-use plastics across its campus. Additionally, the Engineering and Sciences Building has been awarded the highly sought-after 2 Pearl rating by Estidama, a sustainable development initiative of the Abu Dhabi Urban Planning Council. The AUS also received the Green Audit Award as part of the Abu Dhabi Environmental Agency’s Sustainable Campus Initiative for university students.
With more than 900 participants in 40 countries, AASHE’s STARS programme is the most widely recognised framework in the world for publicly reporting comprehensive information related to a college or university’s sustainability performance. Participants report achievements in five overall areas: 1) academics 2) engagement, 3) operations, 4) planning and administration, and 5) innovation and leadership.
“STARS was developed by the campus sustainability community to provide high standards for recognising campus sustainability efforts,” said AASHE Executive Director, Meghan Fay Zahniser. “The AUS has demonstrated a substantial commitment to sustainability by achieving a STARS Silver rating and is to be congratulated for their efforts.”
The programme is open to all institutions of higher education, and the criteria that determine a STARS rating are transparent and accessible to anyone. Because STARS is a programme based on credits earned, it allows for both internal comparisons as well as comparisons with similar institutions.

CAIRO, 2nd September, 2021 – Sheikh Khalifa bin Mohammed bin Khalid Al Nahyan assumed his position as Secretary-General of the Arab Fund for Disasters and Crises Management, under a new initiative launched by the Arab Parliament as part its new action strategy aimed at helping Arab communities face sudden crises and disasters.
Sheikh Khalifa expressed his appreciation for his selection, noting the values of giving and volunteering are historically instilled in the Arab region and are key motives for always supporting Arab communities.
He then pledged to help achieve the fund’s noble objectives.
During a press conference, Adel Abdulrahman Al Assoumi, President of the Arab Parliament, stressed the appointment of Sheikh Khalifa as the fund’s Secretary-General is mainly due to his key role in supporting the culture of volunteering and humanitarian work in the UAE, as well as his significant efforts and widespread social activities in the volunteering sector in both the UAE and the Arab region, and noted that he would undoubtedly be a valuable addition to the fund.
The Arab Parliament’s initiative to establish the fund highlights its noble humanitarian and social values, Al Assoumi added, hoping that the fund will support charity, relief and volunteering activities across the Arab region.
The fund is a real platform for establishing a comprehensive Arab system in this area, based on relevant universal foundations and standards, he said in conclusion.

MOBILE, Alabama – Leaders of Myer Marine Services and Hargrove Engineers + Constructors, both based in Mobile, have signed a pact with a firm in Guyana that aims to accelerate the growth of oil and gas sector in the South American nation.

The memorandum of understanding between the Alabama companies Georgetown, Guyana-based GAICO Construction was signed in August at the Offshore Technology Conference in Houston, Texas.

The aim of the agreement is to facilitate a close collaboration between the companies that will spark the development of projects in the small country on South America’s North Atlantic Coast.

The strategic partnership will enable the transfer of skills and technology to bolster workforce development in Guyana’s growing oil and gas sector, according to OilNow, an online news organization that focuses on Guyana’s oil and gas industry.

“We are thrilled to enter this partnership today with Hargrove and GAICO, and to become an active participant in the growth and development of Guyana,” said David Myer, president of Myer Marine Services. “With our collective experience and broad areas of expertise, the capabilities of this team are endless, and unmatched in Guyana or abroad.

“We are looking forward to what the future holds for this team, and for Guyana.”

Ralph Hargrove, president and CEO of Hargrove Engineers + Constructors, also praised the potential of the partnership.

“Hargrove is excited about the opportunity to partner with GAICO and Myer in order to meet the ambitious industrial and infrastructure plans in Guyana while creating skilled employment opportunities for the Guyanese people,” Hargrove said.

‘UNIQUE OPPORTUNITY’

The Alabama Department of Commerce and the Export Alabama Alliance supported the Mobile companies as the partnership with GAICO was negotiated.

“This is an excellent example of Alabama companies taking advantage of the Export Alabama Alliance and its expertise,” said Greg Canfield, Secretary of the Alabama Department of Commerce. “Myer Marine and Hargrove utilized services of our federal and local partners and from the state level we were able to provide financial assistance through our State Trade Export Program (STEP) grant.

“They are now poised to take advantage of this unique opportunity,” he added.

Hilda Lockhart, director of the Office of International Trade at Commerce, Guyana was the only economy in the Caribbean region that expanded in 2020, with a growth rate of 43.5%, driven by the discovery of major crude oil reserves off the coast. Guyana’s GDP is projected to grow by almost 21% in 2021.

Alabama’s trade ties to the country have been modest, according to Commerce data. In 2019, Alabama exported $12.6 million in goods, mostly agricultural products and construction machinery. Exports plummeted in 2020, and two-way trade between Alabama and Guyana totaled around $1 million last year.

STRATEGIC PARTNERSHIP

Komal Singh, CEO of GAICO Construction, joined Myer and Hargrove for the MOU signing ceremony in Houston last month.

GAICO Construction has expanded its operations to capitalize on growth in Guyana’s petroleum industry. GAICO, which employs over 100 people across Guyana, is involved in the development of the country’s civil works sector, its marine sector and mostly recently, in the oil and gas sector in the areas of oil spill response and waste management.

“GAICO is honored to be partnering once again with two major American based companies. This MOU is the beginning of another big step for not only GAICO but also for Guyana, as we are all determined to grow the economy and bringing the professional skills needed utilizing the private sector,” Singh said.

Myer Marine Services, founded in 2013, has grown to become a premier steel fabrication, machining, and field services company. Led by Myer and his sons, Brandon and Bradley, Myer Marine Services offers a full range of services from initial design to installation aboard an offshore drill platform or ship.

Hargrove has considerable experience in the oil and gas sector. It provides project planning, engineering, controls + automation, procurement, construction management, and startup services that boost production, enhance operations and add new processes to new and existing facilities.

“We are thrilled to see the partnership between Myer Marine and Hargrove, two outstanding Mobile-based companies,” said Christina Stimpson, director of economic development at the Mobile Area Chamber of Commerce. “Collectively, their expertise and capabilities will no doubt make them successful as they enter into the Guyanese market.”

The MOU signing ceremony was witnessed by Guyana’s Minister of Foreign Affairs, Hugh Todd, United States Ambassador to Guyana, Sarah Ann Lynch; CEO of Go-Invest, Dr. Peter Ramsaroop; Chairman of the Private Sector Commission, Paul Cheong; Vice-President of the Georgetown Chamber of Commerce and Industry, Gerry Gouveia Jr.; and other officials.

The Guyana Office for Investment, the Government of Guyana, the U.S. Embassy and Guyana’s private sector helped facilitate the partnership.

Read OilNow’s report on the MOU.

 

TALLAHASSEE, Fla. – Governor Ron DeSantis issued a proclamation to declare September as Florida Preparedness Month in conjunction with the Federal Emergency Management Agency’s “Ready” Campaign, National Preparedness Month. Florida Preparedness Month focuses on the importance of Florida residents and visitors being aware of and preparing for natural and man-made hazards.

“Florida Preparedness Month serves as a reminder for Floridians to review disaster plans and prepare for the remainder of hurricane season,” said Governor Ron DeSantis. “We’ve anticipated an above-average hurricane season and I encourage residents and visitors to monitor weather alerts, keep a stocked disaster supply kit and develop a disaster preparedness plan.”

“We’re entering the peak of hurricane season and now is the time for residents and visitors to prepare,” said Florida Division of Emergency Management (FDEM) Director Kevin Guthrie. “Disasters can happen at any time. All Floridians should have a disaster plan in place and know if they live in an evacuation zone or low-lying, flood prone area.”

The 2021 Atlantic Hurricane Season runs until November 30, with September marking the historical peak of hurricane season. The National Hurricane Center continues to predict an above-average hurricane season, with between 15 to 21 named storms in total.

FDEM encourages every household and business to take the necessary steps to ensure disaster preparedness. This includes:

• Keeping a stocked disaster supply kit with enough supplies to last every individual and pet at least seven days,
• Developing individualized disaster preparedness plans for families, businesses and individuals with special needs,
• Learning if resident homes or businesses are located in evacuation zones or flood-prone areas to create evacuation plans and better understand orders from local officials, and
• Reviewing insurance policies and ensuring cover is up-to-date.

Residents and visitors can find additional preparation resources at FloridaDisaster.org/PlanPrepare. See benefits of opening a money market account to store emergency fund.

National Preparedness Month and Florida Preparedness Month are observed every September. The national public service campaign is designed to educate families and communities on the importance of disaster mitigation, preparedness and response. More information on National Preparedness Month can be found here.

Governor DeSantis’ proclamation for Florida Preparedness Month is available here.