Business
Heineken to launch first large-scale brewery in Dubai
Dubai is set to host the Gulf’s first large-scale brewery as a joint venture involving Heineken NV prepares to produce popular beer brands in the emirate.
Bloomberg reports that this marks a significant shift in a region traditionally known for its strict regulations on alcohol sales and consumption.
Sirocco, a partnership between Heineken NV and Dubai-based Maritime and Mercantile International, announced plans to begin construction of the brewery late next year, having already secured the required permits.
The project is expected to be completed by 2027. Dubai, the Middle East’s business and tourism hub, is among the region’s most cosmopolitan cities.
Officials permitted alcohol consumption and sales over two decades ago, with regulations gradually easing to accommodate a surge in tourism.
Recently, the city eliminated a 30% sales tax on alcohol and liquor license fees, though sales to Muslims remain restricted. Dubai, part of the United Arab Emirates, is one of seven sheikhdoms in the federation.
The UAE has been gradually loosening restrictions on alcohol, with notable developments such as Las Vegas-based Wynn Ltd. building the region’s first casino in Ras Al Khaimah and Abu Dhabi granting a license for on-site beer brewing at a restaurant last year.
The planned brewery in Dubai will produce popular brands like Heineken, Kingfisher, Amstel, and Birra Moretti.
The company also aims to expand its workforce from 60 to 190 full-time employees.
Sirocco, which has been supplying alcohol in the UAE for nearly 20 years, states that local production will help increase output to meet rising demand in a market that attracts over 17 million tourists annually.
The establishment of the new brewery highlights the Gulf’s efforts to liberalize their economies while navigating conservative social norms.
With Middle Eastern governments aiming to reduce their dependence on oil, Dubai continues its push to attract tourists and expatriates as part of its economic diversification strategy.
Business
NPA initiate trucks movement code to ease traffic at Lagos ports
The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.
The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.
The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.
The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.
In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.
Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.
According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.
Business
Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment
Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”
The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.
Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”
Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.
However, she emphasised that Nigeria must sustain broader macroeconomic reforms.
“Nigerians have to feel the dividends of reform in the real economy,” she added.
The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.
Business
Naira Exchange Rates Thursday, July 30 : Black Market, CBN, Commercial Bank
Sterling Bank publishes both a buy rate and a sell rate for USD, GBP, EUR, and ZAR. The buy rate is what Sterling Bank will pay you when you exchange foreign currency for Naira. The sell rate is what you will pay when buying foreign currency from Sterling Bank at its branches.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,407 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,900 Sell: ₦1,925
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1385.00
GBP / NGN ₦1775.23 ₦1862.81
EUR / NGN ₦1518.76 ₦1599.69
ZAR / NGN ₦80.66 ₦85.12
CBN Exchange Rates
US DOLLAR (USD) ₦1,366.71
GREAT BRITISH POUND (GBP) ₦1,815.82
EURO (EUR) ₦1,555.32
SWISS FRANC (CHF) ₦1,666.72
JAPANESE YEN (JPN) ₦8.34
CHINESE YUAN (CNY) ₦201. 99
WEST AFRICAN CFA (XOF) ₦2. 37
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,849.04
SAUDI RIYAL (SAR) ₦364.02
SOUTH AFRICAN RAND (ZAR) ₦81.46
“No Fire at Lagos Airport Terminal 2” – FAAN Claims
BREAKING: Fire Outbreak at Murtala Muhammed International Airport Terminal (Images)
BREAKING: INEC Releases Tinubu, Atiku, Obi Credentials
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News2 days agoJUST IN: Prof. Segun Aina Takes Over as New JAMB Registrar
-
News11 hours agoBREAKING: Fire Outbreak at Murtala Muhammed International Airport Terminal (Images)
-
News2 days agoYahaya Bello Commends Tinubu’s Security Gains, Meets NSA Ribadu
-
Politics1 day agoBREAKING: INEC Releases Tinubu, Atiku, Obi Credentials
-
News7 hours ago“No Fire at Lagos Airport Terminal 2” – FAAN Claims