• 02 March 2020 10:48 | Anonymous member (Administrator)

    CBC Gold Member, Concorde Corodex Group is honored with Silver Award Category in the Construction Sector. Concorde Technical, part of Concorde - Corodex Group is honored with the prestigious win of the Sheikh Khalifa Excellence Award by the Abu Dhabi Chamber of Commerce and Industry.

  • 20 January 2020 13:48 | Anonymous member (Administrator)

    20 January 2020, Abu Dhabi: Mohammed Bin Rashid University of Medicine and Health Sciences (MBRU) in Dubai signed today a Memorandum of Understanding (MOU) with United Eastern Medical Services (UEMedical) in Abu Dhabi, the parent organization of Danat Al Emarat Hospital for Women & Children, HealthPlus Network of Specialty Centers and Moorfields Eye Hospital Abu Dhabi. The MOU aims to train students from the College of Medicine in the group’s hospitals and different centers, as well as allow for collaborations in different educational programs, and conduct specialized scientific research, organize scientific conferences and exchange experiences, and provide consultations in the academic and medical fields.

    The MOU was signed by Dr. Amer Sharif, Vice Chancellor of MBRU and Mr. Mariano Gonzalez, CEO of Danat Al Emarat Hospital at MBRU’s campus in Dubai, in the presence of Mr. Majd Abu Zant, COO of UEMedical and CEO of HealthPlus Network of Specialty Centers, Professor Alawi Alsheikh-Ali, Provost, Dean of the College of Medicine- MBRU, in addition to a number of senior officials from both parties.

    Dr. Amer Sharif said, “We’re delighted to partner with United Eastern Medical and broaden our circle of healthcare partners in the UAE. This partnership will support elevating the delivery of medical education in the country through research collaborations, continuing professional development opportunities, and enhancing clinical training for our medical students and future residents and fellows. Our philosophy, at MBRU, is to teach our students to be professional communicators, health advocates, collaborators and leaders; and we believe that such partnerships enable us to create medical experts who demonstrate these characteristics. We look forward to this collaboration and to having our medical students train and apply what they have learned at Danat Al Emarat Hospital, HealthPlus Specialty Centers and Moorfields Eye Hospital Abu Dhabi, we’re sure they will be received well. We hope that this MoU will pave the way to a successful long-term partnership that’ll ultimately serve our community.”

    Mr. Mariano Gonzalez stated, “Our MOU will facilitate training programs at the group’s facilities, including Danat Al Emarat Hospital, where we have clinical affiliations with international hospitals such as SickKids Hospital in Canada and University College London Hospitals (UCLH). This will help students to learn from numerous leading physicians during their training programs especially in Obstetrics & Gynecology, Surgery, Pediatrics, Neonatology and Internal Medicine. We are indeed confident of the caliber of our physicians and healthcare professionals who will share their extensive experiences with the younger generation.”

    Mr. Majd Abu Zant expressed his gratitude after signing the MOU with MBRU, “Besides our inpatient and outpatient facilities, the medical simulation center, multidisciplinary laboratories, medical library, research and academic capabilities at the University will be utilized to enhance our joint training program.”

    “UEMedical aims to deliver world class medical services through its various Centers of Excellence, underpinned by our strong medical education and research framework. The group previously signed MOUs with a number of leading universities and colleges to train students in nursing, pharmacy, radiology and laboratory specialties. Our MOU with MBRU is considered the first for medical college students as we take part in preparing our future generation of physicians. The students will have access to advanced technologies and internationally accredited systems at our facilities within multiple specialties such as endocrinology, fertility and IVF as well as ophthalmology,” Mr. Majd added.

    Dr. Sadoon Sami Sadoon, Chief Medical Officer at Danat Al Emarat said, “The first batch of students will be trained at Danat Al Emarat Hospital, HealthPlus Centers and Moorfields Eye Hospital Abu Dhabi during this year.”

    “Department of Health Abu Dhabi (DoH) has previously accredited Danat Al Emarat Hospital, HealthPlus and Moorfields Eye Hospital Abu Dhabi as research centers, positioning the group as one of few leading academic and research centers in UAE. Our clinicians are conducting extensive research and studies that will be published in international journals, and will be working closely with MBRU,” Dr. Sadoon concluded.

    Source: uemedical.ae

  • 12 January 2020 14:48 | Anonymous member (Administrator)

    Physicians at Danat Al Emarat Hospital in Abu Dhabi performed its first Intrauterine Fetal Blood Transfusion for a fetus on 23 weeks of pregnancy suffering from severe anemia. The transfusion, a life-saving procedure, was done on 4 sessions. Advanced ultrasounds & lab investigations suggested that an infection by a virus called 'Parvo' virus transmitted from the mother caused the hydrops and fetal severe anemia. The Emirati baby, Mezna, was born on 30 weeks of pregnancy & is in good health.

  • 16 December 2019 14:24 | Anonymous member (Administrator)

    Overview: PAL Aerospace Services Aircraft Maintenance LLC (PAL Aerospace LLC) is an Emirati-owned, Abu Dhabi based company with over a decade of presence in the UAE. PAL Aerospace LLC delivers a range of aviation and aerospace solutions, including engineering design, modification, integration, operations, in-service support, parts distribution and aircrew training with the support of the PAL Group of companies under Exchange Income Corporation.

    The PAL UAE Logistics Centre will support both Civil and Military markets for fixed and rotary-wing fleet aircraft. This Centre is equipped with state-of-the-art IT infrastructure and highly qualified staff to support AOGs and 24/7 operations globally. PAL is in the process of attaining all relevant registrations, qualifications, permits, and quality standards including General Civil Aviation Authority (GCAA) Approval, AS 9110C, AS 9120B and CAR 145.

    The UAE’s advantageous geographical location as well as being in the Abu Dhabi Airport Logistics Park, is ideal for the development of the PAL Spare Parts and Logistics Centre into a key regional hub for:

    • Providing spare parts sale and distribution of various platforms
    • Component workshops (such as a Ni-CAD battery shop, Avionics shop etc.)
    • In-Service Support services.

    Source: PAL Aerospace UAE Logistics Centre

  • 05 December 2019 16:57 | Anonymous member (Administrator)

    CAE and Emirates announced today, following the 2019 Dubai Airshow, the sale of two Boeing 777X full-flight simulators and associated training suites of the CAE XR Series models. The carrier also has options for four additional training suites.

    With orders of 126 Boeing 777X aircraft, Emirates is the biggest customer of the new upgraded 777 aircraft. 

    “CAE is honored to support Emirates’ pilot training program as the airline readies for the entry-into-service of its new Boeing 777X fleet,’’ said Nick Leontidis, CAE’s Group President, Civil Aviation Training Solutions. “We have been partners with Emirates for more than 25 years, and this latest program selection serves as a testament to the value CAE brings to its key airline partners.’’

    Adel Al Redha, Chief Operating Officer for Emirates Airline said: “As we begin plans to integrate the Boeing 777X into our fleet over the course of the next two years, we are pleased to once again work with our longstanding partner CAE to provide our flight deck crew with best-in-class training technology. We want to ensure our flight deck crew are prepared to operate the B777X variants as they enter operation, and combined with CAE’s track record of execution and innovation, I am confident we will benefit from the best training equipment available.’’

    CAE has won 4 out of 5 airline training programs for the new Boeing 777X aircraft. Emirates’ first brand-new Boeing 777X FFS will be delivered by the beginning of 2021. CAE announced in 2017, the sale of the world's first airline-operated Boeing 777X FFS to Lufthansa Aviation Training. In 2018, CAE sold three Boeing 777X FFSs to Qatar Airways and most recently CAE sold a Boeing 777X FFS to an undisclosed Asian airline.

    Source: cae.com

  • 19 November 2019 09:13 | Anonymous member (Administrator)

    Abdul Hakeem Al Muflahi, Chief Executive Officer of AMMROC.(left) and Marc-Olivier Sabourin, CAE (right) signed an MOU at the Dubai Air Show to cooperate on training sustainment services in the Middle East.

    Dubai, UAE, November 19, 2019 (NYSE: CAE; TSX: CAE) – Today at the Dubai Air Show, Advanced Military Maintenance Repair and Overhaul Center (AMMROC) and CAE announced the signing of a Memorandum of Understanding (MOU) to pursue training sustainment services and offset opportunities in the Middle East.

    Under the MOU, the two companies will cooperate on providing a range of training sustainment services in the United Arab Emirates (UAE) and other locations throughout the Middle East. The training sustainment services provided by AMMROC and CAE will include maintenance and support of simulators and training devices, contractor logistics support, courseware development, and instructors, all of which will provide offset opportunities to further support local industry.

    “This MoU represents AMMROC’s continued collaboration and investments with leading global entities in aviation and defence such as CAE. Long term partnerships with our clients is the very basis of our business model and we are keen to work alongside CAE to improve and diversify our capabilities through enhanced training that equip local and international professionals with the cutting-edge skills they need to face some of most demanding defence challenges,” said Abdul Hakeem Al Muflahi, Chief Executive Officer of AMMROC.

    The two companies already provide maintenance and support services on the UAE Air Force and Air Defence A330 Multi-Role Tanker Transport (MRTT) training devices. The CAE-built A330 MRTT air refueling officer part-task trainer (ARO PTT) and CAE Simfinity A330 MRTT integrated procedures trainer (IPT) were delivered in 2013 and are used to support the training of pilots and boom operators.

    “This cooperation with the leading maintenance, repair and overhaul company in the region will help us grow our training services in the UAE and the Middle East,” said Marc-Olivier Sabourin, Vice President and General Manager, Defence & Security International, CAE. “We are excited to partner with AMMROC and contribute to developing a highly skilled workforce locally that can meet the needs of military customers in the Middle East region.”

    AMMROC’s offerings place it at the forefront of the aircraft aftermarket industry, enabling the UAE and other regional air forces to maintain operational readiness, airworthiness, and technical ownership of various rotary- and fixed-wing aircraft and platforms. AMMROC is also the only Lockheed Martin-approved C-130 Hercules service centre in the MENA region.

    In addition to its MRO solutions, the company retains comprehensive capability to modify platforms such as the Sikorsky UH-60 Black Hawk helicopter – one of the world’s most battle-tested air vehicles – into mission-ready, multi-role combat helicopters.

    AMMROC is joint-venture owned by EDGE and Lockheed Martin, and is part of the Platforms & Systems cluster within EDGE, an advanced technology group for defence and beyond that was inaugurated in November 2019.

    Executives from AMMROC and CAE along with a representative from the Embassy of Canada to the UAE celebrate the signing of an MOU at the Dubai Air Show.

    Source: cae.com


    About AMMROC

    Headquartered in Abu Dhabi, AMMROC is a leading provider of military maintenance, repair and overhaul (MRO) services for a wide range of fixed- and rotary-wing aircraft across South Asia, Middle East and North Africa. Launched in 2010, the company continues to expand the boundaries for flight as it leverages world-class capabilities, a highly skilled workforce and innovative technologies to deliver robust MRO solutions that provide military operators with the highest level of aircraft readiness, fleet deployability and safety.

    For more information, please visit www.ammroc.ae

    Media Contact:

    Huda Al Blooshi, +971 503 137 222; HAAlblooshi@ammroc.ae                    

    About EDGE

    EDGE is an advanced technology group that develops disruptive solutions for defence and beyond. Solving real world challenges, it is dedicated to bringing innovative technologies and services to market with greater speed and efficiency.

    Consolidating over 25 entities and employing more than 12,000 brilliant minds, EDGE offers expertise in five core clusters.

    Today, EDGE is reimagining capabilities through technology leadership with research and development at its core.

    For more information, please visit www.edgegroup.ae            
    For media inquiries, please contact:
    Kevin Healy
    Marketing Director, EDGE
    +971 58 948 9431

    About Lockheed Martin

    Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 105,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

    For additional information, visit our website: www.lockheedmartin.com
    Media Contact:
    Kara Schoeffling, +971 56 401 8894; kara.e.schoeffling@lmco.com

    About CAE

    CAE’s Defence & Security business unit focuses on helping prepare our customers to develop and maintain the highest levels of mission readiness.  We are a world-class training systems integrator offering a comprehensive portfolio of training centres, training services and simulation products across the air, land, sea and public safety market segments.  We serve our global defence and security customers through regional operations in Canada; the United States/Latin America; Europe/Africa; and Asia-Pacific/Middle East, all of which leverage the full breadth of CAE’s capabilities, technologies and solutions.

    CAE is a global leader in training for the civil aviation, defence and security, and healthcare markets. Backed by a record of more than 70 years of industry firsts, we continue to help define global training standards with our innovative virtual-to-live training solutions to make flying safer, maintain defence force readiness and enhance patient safety. We have the broadest global presence in the industry, with over 10,000 employees, 160 sites and training locations in over 35 countries. Each year, we train more than 220,000 civil and defence crewmembers, including more than 135,000 pilots, and thousands of healthcare professionals worldwide. www.cae.com  

    Follow us on Twitter @CAE_Inc and @CAE_Defence

    CAE contacts:
    Hélène V. Gagnon, Vice President, Public Affairs and Global Communications,
    +1-514-340-5536, helene.v.gagnon@cae.com
    Trade media:
    Chris Stellwag, Director, Marketing Communications – Defence and Security,
    +1-813-887-1242, chris.stellwag@cae.com
    Investor relations:
    Andrew Arnovitz, Vice President, Strategy and Investor Relations,
    +1-514-734-5760, andrew.arnovitz@cae.com

  • 26 October 2019 13:54 | Anonymous member (Administrator)

    26 October 2019, UAE: United Eastern Medical Services (UEMedical) in Abu Dhabi announced the execution of the constructions work of Danat Al Emarat Hospital for Women & Children expansion project, which includes the construction of a new building adjacent to the current building in Abu Dhabi Gate City. Mr. Mohammed Ali Al Shorafa Al Hammadi, CEO and Managing Director of UEMedical, and Mr. Mariano Gonzalez, CEO of Danat Al Emarat Hospital broke ground on the six-story building in the presence of a number of officials from UEMedical group and the project constructors, contractors and consultants.

    Alongside the groundbreaking ceremony, Mr. Mohammed Ali Al Shorafa Al Hammadi said, “After conducting a thorough market study, and as we witnessed Danat Al Emarat’s growing patients’ volumes and the positive clinical outcomes, the decision was to invest 300M Dirhams to build a new facility adjacent to the existing hospital expanding our capacity to almost double and expanding the range of medical services offered. With the expansion, UEMedical assets increased to a value of 4.2 Billion Dirhams. The new building consists of 6 floors highly equipped, and includes 100 new beds, increasing the total number of hospital beds to 225.”

    “As we continue to build an advanced network of healthcare facilities for our nation, this expansion comes in line with the growing interest in women and child healthcare services, which are highly supported by H.H. Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union, GWU, President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation, FDF,” Mr. Al Shorafa added.

    He also said that the decision to start the expansion project followed detailed studies on the needs and requirements in Abu Dhabi, based on the Department of Health Abu Dhabi reports, identifying specialties needed in the Emirate, capacity gaps and beds required especially in the fields of pediatrics and obstetrics & gynecology.

    “Danat Al Emarat Hospital is considered a referral center for high risk pregnancies, encompassing a full fledge fetal medicine department, level III neonatal intensive care unit (NICU), pediatric surgery and pediatric subspecialties such as pediatric gastroenterology, orthopedics, neurology, cardiology and more; in addition to an advanced minimal invasive gynecology surgery center and bariatric and metabolic surgery center, both accredited as Centers of Excellence by the Surgical Review Corporation (SRC). With the new facility, we will be able to accommodate the growing needs of Abu Dhabi’s population and beyond.”

    The project will be completed by end of 2020, with 3 contracting and consulting companies overseeing the project; including Eastern International LLC, Amar Golden Design, and the renowned American architectural firm HKS, who designed the existing tower of Danat Al Emarat.

    Mr. Mariano Gonzalez, CEO of Danat Al Emarat Hospital stated, “the expansion will include 3 additional high-tech operating rooms, 16 equipped delivery rooms, and additional 30 consultation rooms for the outpatient specialty clinics. The expansion will also include a bigger pharmacy in the new building and a larger neonatal intensive care unit (NICU Level III) increasing our capacity to 40 NICU beds fully equipped to serve our newborns in line with advanced international standards and protocols.”

    “The expansion will be accompanied by an increase in the medical and technical staff, attracting over 500 new employees, including 100 physicians in different specialties and 200 nurses who will join us during the final stages of the constructions project by the 3rd and 4th quarter of 2020,” Mr. Mariano concluded.

    Source: uemedical.ae

  • 16 September 2019 16:06 | Anonymous member (Administrator)

    SNC-Lavalin (TSX:SNC) announces that it has been awarded a general engineering, project management and technical support services contract from Al Yasat Petroleum, a joint venture between Abu Dhabi National Oil Company (ADNOC) and China National Petroleum Corporation (CNPC), with an estimated value of approximately $52 million CAD.

    Under the three-year agreement, extendable for two years, SNC-Lavalin will partner with Al Yasat Petroleum extending the engineering and project support arm, in line with the Al Yasat Smart Growth Operating Model. The scope of work includes conceptual studies and design, front end engineering and design (FEED), execution planning, detailed engineering for small works and specialized studies. SNC-Lavalin will support Al Yasat in managing sub-contracts, procurement services and market surveys. As part of this agreement, SNC-Lavalin will also provide its digital expertise to help Al Yasat in the ambitious digital transformation plan using latest technologies. Project support includes project services and securing Al Yasat with manpower to be part of an integrated project management team.

    “With over 50 years of presence in the Middle East, we have built a reputation for creating long-term value for leading international and national oil companies. This win underpins our successful track record and strategic approach to growing our business in engineering and consulting services,” said Craig Muir, President, Resources, SNC-Lavalin. “We are proud to support Al Yasat Petroleum on this project, and we will ensure it is efficiently delivered to the highest quality standards by combining our traditional engineering expertise with innovative solutions and digital technologies.”

    Covering two concession areas in Abu Dhabi, United Arab Emirates, Al Yasat drives effective and efficient exploration and development of new areas, onshore and offshore. The onshore concession area is located to the Southwest of Abu Dhabi and measures 7800 km², the offshore concession area is located to the Northwest of Abu Dhabi and covers six fields with a total area of 582 km². The offshore area consists of fields at Bu Haseer, Belbazem, Umm Al Dholou, Umm Al Salsal, and Yaser. 

    About SNC-Lavalin

    Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. From offices around the world, SNC-Lavalin's employees think beyond engineering. Our teams provide comprehensive end-to-end project solutions – including capital investment, consulting, design, engineering, construction management, sustaining capital and operations and maintenance – to clients across the EDPM (engineering, design and project management), Infrastructure, Nuclear and Resources businesses. www.snclavalin.com


    For more information:

    Media                                                                       Investors
    Daniela Pizzuto                                                      Denis Jasmin
    Director, External Communications                    Vice President, Investor Relations
    514-393-8000, ext. 57522                                       514-393-8000, ext. 57553
    Daniela.Pizzuto@snclavalin.com                        denis.jasmin@snclavalin.com

  • 19 August 2019 09:52 | Anonymous member (Administrator)

    Hans Fraikin (left) and James Spence (right) of the Libra Project - the world's first private democratised and tokenised green utility. Chris Whiteoak / The National

    When Abu Dhabi renewable energy company Libra Project first set up in 2017, its founders never imagined that two years down the line they would be mistaken for one of the biggest companies in the world.

    Libra Project plans to develop, fund and operate renewable energy power plants that provide clean electricity in developing parts of the world by using blockchain to reduce the cost of funding. The start-up’s goal to improve 100 million lives by 2030 will be funded by selling a security token that allows investors to choose which projects to build based on their positive impact as well as profits.

    How often does one of the biggest companies in the world create a spin-off that happens to have the same name as your brand.

    Hans Fraikin, Libra Project

    So when Facebook unveiled its digital coin Libra on June 18, a reserve-backed digital currency pegged to a basket of government-issued currencies set to go live in 2020, it left Libra Project's founders in a spin.

    Both Facebook and Libra Associatoin, a membership organisation founded by Facebook's subsidiary Calibra and 27 other organisations that will govern the cryptocurrency, declined to comment.

    As well as sharing a name, Facebook’s Libra will allow customers to make purchases or send money with zero fees, while Libra Project will roll out its fully compliant digital token later this year – similarities that caused confusion.

    Hans Fraikin, founder and chief executive of Libra Project, says while some team members considered Facebook’s concept “a threat”, he saw it “as an opportunity – an incredible piece of serendipity if not cosmic luck”.

    “How often does one of the biggest companies in the world create a spin-off that happens to have the same name as your brand that you registered in the UK, the US and Europe a year and a half before? The way I saw it was that all of a sudden this increased our brand value exponentially.”

    James Spence, founding partner of the venture, says Libra Project's website experienced a 2,000 per cent spike in the first three days after Facebook's announcement. While some visitors registered names and contact details, the company was also trolled by anti-Facebook campaigners.

    “We don’t want people to affiliate us with Facebook,” says Mr Spence. “They have some trust issues, so we’ve had to reach out to our partners and assure them that we are not Facebook. We are the Libra Project, we own our name and have registered and they should have no concerns about doing business with us.”

    Libra Project was first set in motion when Mr Spence and co-founder and chief technology officer Alexander Alzamora brainstormed ideas on how to fund renewable energy projects.

    Mr Alzamora, who has worked in the sector for 10 years, was finding traditional fundraising mechanisms challenging, prompting Mr Spence, with a background in financial services, to suggest a different way to drive capital to projects.

    “We looked at the traditional fund model and did not like the middle man mentality – with the lack of choice and the decisions being made for profit rather than for the actual impact they are going to make,” says Mr Spence. “We then looked at using blockchain as a way to give a vote to the token holders about which projects would be built."

    Mr Spence says any impact delivered by the projects is transmitted transparently onto blockchain along with the financial transactions and the returns. The impact will be measured by using Internet of Things devices that capture data such as levels of air pollution at a project’s source.

    The clean tech impact investor will operate in line with the United Nation’s Sustainable Development Goals, by building biomass, solar, waste heat recovery and waste-to-energy projects in the Asia Pacific and Middle East and Africa regions - growth areas for energy consumption.

    In Southeast Asia, for example, the population is set to increase to 715 million people in 2025 from 615 million in 2014, according to United Nations Conference on Trade and Development. In turn, electricity demand will grow 4 per cent annually, doubling demand from today according to the International Renewable Energy Agency ’s 2018 ASEAN Remap report, as governments increasingly look for renewable options.

    One initiative, Libra Project, is considering is a waste heat recovery system at a Philippines cement plant. When the plant is active, it prevents 35,000 people living in nearby villages from accessing power, Mr Spence says.

    “By putting a waste heat recovery system on that cement plant – that’s funded by the tokenisation system – instead of becoming a consumer of electricity off the grid, it becomes a generator of clean energy electricity and it’s self-sufficient,” says Mr Spence. “We are selling electricity to the cement plant and the investors own the equipment providing that electricity and they own the revenue coming back.”

    Mr Fraikin ran his own film production company in London before joining Libra Project in 2018. Chris Whiteoak / The NationalMr Fraikin ran his own film production company in London before joining Libra Project in 2018. Chris Whiteoak / The National

    To fund the company, the founders reached out to friends and family for the Series A round of $500,000 (Dh1.8 billion) in 2018. While the holding company, Libra Project Asset Management, is registered in London, UK, the operation and maintenance arm to oversee the projects is registered in Abu Dhabi’s Masdar City and the Digital Securities issuance company is registered in Abu Dhabi Global Market (for the international market) and in Delaware (for the US market).

    The company has seven projects in the pipeline and is currently closing a deal on the acquisition of three biomass plants in Thailand, which will help approximately 10,000 homes in the area receive electricity with a carbon offset of 87,253.9 tonnes annually.

    “We are launching globally but the US is the toughest financial market from a security point of view in line with SEC [US Securities and Exchange Commission] regulation,” says Mr Spence. “Once we have the sign-off in the US, that’s pretty good to take to the rest of the world. There will be a few changes for the UK, Europe and this market but the bulk of the work is done."

    Libra Project hopes to roll out the digital token in the third quarter of this year, however, Mr Spence says Facebook’s Libra coin “delayed” the launch and the company's Series B funding while it took “a step back to assess the situation”.

    “We’ve now decided we are good to move forward," Mr Spence says.

    Of the $1.5m Libra Project is looking to raise, about $500,000 is already reserved, with about $925,000 left to sell at $100 a share, which offers investors equity in the holding company and a corresponding amount of tokens.

    It was in January this year that Libra Project first heard that another entity was interested in their name. They were contacted by a law firm, which said it was representing an anonymous partner. The partner wanted to buy some of Libra Project’s domains.

    “When we opened the company we registered 32 domain titles to try and secure our IP so that other people could not clone our site as we grew,” says Mr Spence.

    “We told the lawyer we had certain domains we wanted to keep but there are others we might be willing to part with if the price was right as long as there was no conflict with what the other company was doing."

    Facebook and Libra Association, which has one domain, Libra.org, as its official site, declined to comment on any past or future plans to purchase additional domains.

    While Libra Project has not sold any domain names yet and is not considering legal action over the name, there has been some crossover.

    Facebook’s coin is called Libra but many media outlets have referred to the venture as Libra project.

    “That is causing some confusion for people trying to buy [our token] when we’re not selling it yet," says Mr Spence.

    Last month Facebook said it would not proceed with the launch of its cryptocurrency until regulatory concerns are addressed, as the US Treasury Secretary Steve Mnuchin took the unusual step of saying he had serious concerns it could be used for illicit activity.

    Ultimately, Libra Project hopes Facebook may want to tie up with them in the future.

    Mr Spence adds: "I hope Facebook look at what we are doing and the environmental and social impact we are trying to create and come in to support us.”

    Q&A: James Spence, founding partner of Libra Project

     James Spence, founding partner of Libra Project, says the company is targeting accredited investors to begin with. Chris Whiteoak / The National James Spence, founding partner of Libra Project, says the company is targeting accredited investors to begin with. Chris Whiteoak / The National

    What is the minimum investors can put in?

    $100. That is a lot cheaper than most investments in impact – for those you will be asked to place $10,000 for 10 years.

    How easily can you access your money?

    It's like any digital security; if you need your money back tomorrow then you just sell it at the market price. And we won’t be charging a fee. A lot of platforms charge a 5 per cent bid spread on the buy and sell price – ours will be at the market rate.

    So, there is no lock-in period?

    When people first buy our digital security there will be a lockaway period; we can’t have people buying and selling coins until the projects are built. Once the project starts generating a revenue, we’ll put it out there for the retail market to resell. The length of the lock-in period is yet be fully discussed and disclosed.

    What will that token buy?

    You won’t specifically own assets in one project, you’ll own a share of the whole company — so multiple projects that are all generating a revenue. You are getting returns on your $100 share — as your percentage over the whole of the company.

    What are the risks for investors?

    We are looking at funding the first couple of projects alternatively so that we already have a working revenue model before the investors come in. That takes away a lot of the risk if we already have an income coming into the company.

    Could investors lose their money?

    With any investment in the world you can lose your money. But when you buy the security you own the physical assets. If there had to be a liquidation ... [the physical assets] would get sold and the investors would get priority for any disbursement.

    What type of investors are you targeting?

    We’re not going to the retail market yet. We’re going to accredited investors to start off … the retail market will take some time. It costs a lot to be signed off by all the regulators globally for the retail segment. By the time we get to that stage, we will already have most of the power projects built through the accredited investors.

    Source: www.thenational.ae

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