Dubai Chronicle

2008-06-18T23:33:00.000+04:00

Deutsche Bank builds up the largest research facility in the Middle East

2008-06-15T16:38:00.001+04:00

Deutsche Bank announced today that it is moving ahead with the establishment of a Middle East research platform, expected to be the largest facility of its kind in the region.

Spearheading Deutsche Bank's efforts will be Pascal Moura, Head of Research for Emerging Markets, who will be relocating to Dubai to oversee the two-year long establishment process.

The research facility will focus on 80 leading blue-chip regional stocks across all sectors as well as supporting Deutsche Bank Global Research.

Ricardo Honegger, Chief Country Officer for Deutsche Bank in the UAE, said Deutsche Bank's commitment to the region is unequivocal. "We are constructing the MENA Research platform to ensure the induction of the broadest base of analyst experience, across both mature and emerging markets, in an effort to ensure real value addition not only to our clients but also to the regional markets," he added.

Deutsche Bank's commitment to establish the research unit was made during a recent visit to the region by Dr. Josef Ackermann, Chairman of Deutsche Bank AG's Management Board and the Group's Executive Committee.

Pascal Moura said Deutsche Bank forecasts GDP growth in the region of 7-8 percent per annum for the foreseeable future and we expect a growing interest from asset managers across the globe. "We want to make sure that we offer to investors the quality and depth of coverage that we have in other regions in order to support them in their quest to generate Alpha," he added.

Moura joined Deutsche Bank in 2002. Prior to heading Deutsche Bank's research into emerging markets, Moura was Head of European Mid-Cap Research, and before that he was Head of Swiss Research for the Bank.
WAM

Indian Property Show (IPS) at the Airport Expo

2008-06-12T18:31:00.001+04:00

Indian Property Show (IPS), the world's largest Indian real estate and property exhibition, opens today at Airport Expo in Dubai will run thru June 12-14, 2008 from 11:00 a.m. to 10:00 p.m. Featuring a stronger and bigger line-up of India's realty developers and projects, IPS will offer an exhaustive end to end resource platform that will cover every potential and seasoned property investor's needs.

Sunil Jaiswal, CEO, Sumansa Events and Organiser of IPS, said, "Our core focus is to continue to build on what we started, i.e., to fortify and strengthen the resources that every NRI in the UAE needs to make an informed decision on how to make his or her investment count. In that sense, 2008 is bigger and better and we are looking forward to presenting a stronger line-up of developers and real estate experts to our visitors".

There are over 250 real estate developments currently underway in India. IPS is set to showcase property worth $ billion in Dubai, making it the largest and most diverse event in its class in the world. IPS will feature a series of free seminars that will cover legal and financial advice, Vaastu, home financing and investment strategy.
/AME Info/

Programme for Sports Leadership Development launched

2008-06-12T14:39:00.001+04:00

Dubai Sports Council in partnership with Mohammed Bin Rashid Program for Leadership Development (MBRPLD), an innovative leadership programme designed to develop future national leaders capable of promoting the sustainable development of Dubai, today announced at a press conference, the launch of the Hamdan Bin Mohammed Program for Sports Leadership Development (HBMPSLD).

At the press conference - held at Raffles Dubai Hotel - MBRPLD also signed a Memorandum of Understanding (MoU) with Dubai Sports Council to design and manage the new programme.

The Hamdan Bin Mohammed Programme for Sports Leadership Development, initiated by H.H. Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Sports Council, is a unique leadership program designed to develop future national leaders by integrating sports' values and ethics.

The programme has been developed based on an approach that aims to achieve all-round development of an individual so as to aid in the formation of visionary leaders who can play a major role in the process of comprehensive sports development. The launch of this program is considered as a milestone for Dubai Sports Council, which, since its establishment in 2005, has made significant strides in the field of regulating and developing the administrative work at sports clubs.

Speaking at the press conference, Eng. Mattar Al Tayer, Vice President of Dubai Sports Council and Chairman of the Executive Office of Dubai Sports Council, said, "The launch of this innovative sports leadership programme in Dubai is a reflection of the emirate's progressive approach to excellence. Building a productive sport society is vital for the all-round development of Dubai, leveraging the emirate's position as one of the prime business, tourism and leisure destinations of the world." The key objectives of the HBMPSLD include ensuring a long-term systematised leadership development in sports; initiating changes for a progressive and productive sport society under the 'Change Agents Programme'; convening an elite group of sports leaders to help participants in the program benefit from their experiences; sharing insights about individual leadership styles and values; and helping Dubai Government to successfully implement the Dubai Strategic Plan 2015.

During the press conference, Adel Al Shared, Director of Mohammed Bin Rashid Program for Leadership Development, provided an overview of the HBMPSLD, highlighting the modules, structure and strategies of the program.

"The HBMPSLD is a comprehensive sports leadership development programme that is designed to create sports leaders of international repute. The programme incorporates various elements of management, leadership, sports and communication that are required to provide a well-rounded perspective to future leaders." "The programme is a golden opportunity for members to achieve personal development and hone their skills through comprehensive and innovative means in the field of sports training. The programme addresses topics such as effective communication, community building, sports in Dubai and the UAE, Dubai Sports Strategy, project finance, cross sector support, master planning, role of the government, leading change management, international sport structure, strategic management of sport and organisational design," he added.

Dr. Ahmed Alshareef, General Secretariat of Dubai Sports Council, said, "This programme will help realize the first goal according to the strategic plan of Dubai Sports Council, which states the launch of an initiative for developing and qualifying administrative and technical staff in sports clubs.

Dubai Sports Council has launched many pioneering initiatives including the Dubai International Sports Conference which successfully completed its third year. Regarding the organizational aspects, the Council has introduced the strategic plan, the unified organisational structure and the unified financial system for all clubs.

This programme affirms the scientific methodology adopted by the Council for developing the abilities of nationals, in order to be able to effectively handle responsibilities as they assume various roles." The HBMPSLD will adopt a combination of strategies that include sharing of international best practices and experiences, in addition to studies and projects related to local sports and culture in the UAE, in accordance with the Dubai Strategic Plan 2015.
/WAM/

In support of the “Make a Wish” Charity Foundation

2008-06-12T12:31:00.006+04:00

Alpha Events Co. in coordination with The Red Crescent hosted a charity dinner in support of the “Make a Wish” Charity Foundation at the ballroom of Al Murooj Rotana Hotel.

Today “Make a Wish” has established its' presence in 33 countries world wide, including Dubai and Abu Dhabi. The aim of the organization is to grant the one off ‘life’s dream wish’ to children with incurable diseases.

Alpha Events Co. themed the event: “Adults and children together, we can make this world a better place”. Indeed, it was the evening, when young talents and their parents & teachers joined together in order to place a smile on the faces of children with life threatening conditions.

In UAE, the organization works closely with the medical centre for children suffering from talessimia and all the proceeds from the evening will be donated to the cetre.

In this regard, Alpha Events would like to thank all sponsors and patrons alike for their generosity.

List of Sponsors

STORM Associates
Damani
La Coquette
Seewings International
EMDI
Powerhouse
Emirates NBD
Arabian Falcon Holiday
ABOP
Al Shaali & Co (Advocates & Legal Consultants)

List of Patrons

Mr. Mufid Abukishek
Mrs. Mohammed Al Habbai
Mr. Imad Qaddumi
Mrs. S. Qaddumi
Mr. Saeed Sadek
Ms. Safa Sadek
Mr. Abu Nabil
Mrs. Salwa Qaddimi
Miss Assia Djaammaeva
Mr. Antouan
Miss Elena Makacheva
Miss Madina Bachutseva
Mrs. Fatima Khinchagova
Mrs. Nazmiyat Gadjieva
Miss Beatha Wooding
Mr. Ghazi Gashut
Mr. Ablahat
Mrs. Mili Abdul Aziz
Miss Liz Kirwan
Ms. Sue Pengalli
Mr. Waqas E (Jav Int’l)
Mr. Bharat Harpalani
Mr. Graham
Mr. & Mrs. Elalachi
Mr. Ray
Mrs. Sofia
Mr. Greg Pogonowsli
Mr. & Mrs. Nowshir Engineer
Mrs. Bernadette
Mr. Don John
Mrs. Gergana Mineva

All parents of children from dance group “Bravo”

Alpha Events would also like to thank everybody, who made the evening possible and addresses it's special appreciations to Mr. Rashid Khamis & Mr. Mohammed from the Red Crescent Dubai, Miss Khadija Warsaw from “Make a Wish” in Dubai, Mrs. Anna Gorbachova and Mrs. Margarita Kuzmina of Dance Group “Bravo”, Mr. George Abi Habib, Miss. Marouchka, Mrs. Denise Armstrong, Miss Amira, Mr. Adnan Iziter, Miss Daria Fedoseeva, Mrs. Viktoria Belasho, Mr. Guzal’, Vycheslav Kolinko.

Customer service standards decline

2008-06-12T12:18:00.000+04:00

Dubai’s fast-paced growth in key industries has set off an “alarming” lag in customer service standards, new research has revealed.

The retail sector was singled out as performing lowest in customer service standards, according to rankings released yesterday by industry experts Joshua Group.

A survey by the United Kingdom-based customer service specialists has found that many firms in Dubai need to raise standards of customer service if the emirate is to sustain its position of regional leadership.

Ruth Field, Joshua Group’s vice-president for the Middle East, told Emirates Business that over the past seven years customer service levels in Dubai have fallen, with companies losing out financially as a result.

“This is something that is genuinely felt within the region – customer service levels are falling below the standard… and Dubai companies have to be losing money,” said Field.

She said companies are spending unnecessary time and money because of inefficient structures to tackle customer complaints.

“There’s such phenomenal growth taking place – the growth plan is huge. The challenge is that companies now need to – before they grow too far forward – put a stake in the ground and start looking at what they’re trying to achieve from a global perspective of people coming in and looking at the sustainability of it,” she said.

“It’s making sure they can sustain what they’ve got – and it will only be sustainable if they get the service standards right.”

The company said in a statement: “At best Dubai only achieves an average rating and in some areas, for example taking ownership of an issue and anticipating future needs, it falls well below the standards expected.”

The survey focused on indicators such as consistency of service, anticipation of customer needs, staff behaviour, and the timely delivery of orders in key sectors of automotive, hotels, restaurants, banking and retail.

The results show a delivery gap that is well below the international standards required for the majority of companies and organisations within Dubai to maintain their leadership position.

On consistency of service, Field said the gap that organisations need to make up is a “staggering” 53 per cent.

She said the area of staff behaviour indicated a 44 per cent gap, while anticipating customers’ needs showed that companies have a 56 per cent gap to compensate, and timely delivery of orders indicated a 62 per cent gap.

“These are areas we think Dubai needs to start addressing. It’s a fantastic showcase here and the world is looking at it. But all organisations, whether government or private, need to put customers at the heart of everything they do. They can’t build their businesses around what they think their customers needs are,” Field said.

She added that failing to deliver products or services on time performed the worst among the customer service areas surveyed.

The survey, Professional Opinion on Customer Service, is Joshua Group’s first to target Dubai and forms part of plans to conduct a repeat census of the emirate every six months. “We need to give it a six-month window to see if there’s any improvement. The idea is, over the course of several years, to build up a score-card of how Dubai is developing in this area.”

The group, an independent business development and training consultancy with offices in Dubai and the UK, works with government and private sectors clients around the world. Its clients in the region include the British Council, Visit Britain, the British Embassy and Internet City in Dubai, as well as the British Council in Abu Dhabi and Qatar, and said it has several other UAE partnerships in the pipeline. Field said the company works extensively with the government and several police forces in the UK and this is an area it is looking to work with in Dubai.

In Dubai to launch the firm’s World Class Customer Service model, Field said the key to the “tool box” model is that it is a complete framework to develop and sustain successful customer service by going beyond telling organisations where the problems lie, to provide the tools and “how to” steps needed to put it right.

/Business 24/7/

Mashreq named best bank in UAE

2008-06-12T12:14:00.000+04:00

Leading UAE bank Mashreq was named "Best Bank in the UAE" and GulfMerger, a financial and investment advisory firm, was named the "Best Merger & Acquisition House in Kuwait" at the Euromoney Awards for Excellence Middle East.

Mashreq won the award for the fourth time in the last 16 years.

Mashreq CEO Abdul Aziz Al Ghurair was given the "QFC Euromoney Award for Outstanding Contribution to Financial Services in the Middle East" for his work in promoting the UAE banking industry.

Simon Brady, Euromoney magazine CEO, said: "Euromoney was impressed by the growth evident in all aspects of Mashreq's business – it has one of the strongest consumer franchises in the UAE. Mashreq was selected as this year's best UAE bank, based on key criteria such as transaction volume, market share, customer service, competitive pricing and innovative technologies."

Al Ghurair said: "The award for Best Bank in the UAE is a tremendous achievement."

/Business 24/7/

UAE Government launches the First Media Communications Manual

2008-06-12T12:11:00.001+04:00

The UAE Government today launched its first-ever Media Communications Manual, outlining communications policies and procedures and defining roles and responsibilities of communications' teams across the UAE federal government.

Developed in line with the UAE Government Communications Strategy, the manual comes as part of a broader plan to enable the UAE ministries and federal authorities to enhance their internal and external communications capabilities.

The Government Media Communications Manual has been developed by a team of prominent experts. It includes detailed guidelines on all media related activities such as media inquiries, key messages, media briefings, press releases and newsletters, among others.

Mohammad AlGergawi, Minister of Cabinet Affairs said: "The manual is an integral element of the Government Communications Strategy endorsed recently by the Cabinet. Designed to match best international practices, the government media communications manual will ensure optimum transparency and accuracy of information on government initiatives, policies, and services" Issued for the first time in the UAE, the manual will include clear definitions of roles and responsibilities of communication departments across the UAE ministries and federal authorities. It will be an important reference for all government day-to-day media communications activities, leading to enhanced interaction between the government entities, the media and the public.

Her Excellency Naglaa Al Awar, Secretary General of the Cabinet, as well as other senior officials representing all UAE ministries and federal authorities, witnessed the launch of the Government Media Communications Manual at a workshop organised by the Cabinet Secretariat General in Raffles Hotel, Dubai.

H.E. AlGergawi added: "The UAE Government Communications Strategy also includes a series of guidelines, workshops and training programmes that will be carried out according to the agreed timelines. The strategy aims to fulfill the leadership's vision towards enhancing the government's communications competencies and positioning the UAE among the leading nations in government communications." During the workshop, the role of the Government Communications Office has been reviewed, along with the key media responsibilities of communications teams across the federal government. In additions, the contents of the communications manual has been briefly explained with special attention to the standard media operating procedures, development of media messages, press releases, press conferences, newsletters among other media tools, all of which guaranteeing smooth and effective communication between government entities and their audiences.

Representatives of all federal authorities will come together for a second workshop, organized by the Cabinet Secretariat General on 12 June in Dubai, to review the key components of the Government Media Communications Manual for ensuring the timely and accurate implementation of the guidelines.
/WAM/

'Iran Today' by Elham Moadina

2008-06-11T10:32:00.000+04:00

For the first time in Dubai, Iranian artist Elham Moaidnia will be exhibiting her latest collection entitled Iran Today, a stunning collection of paintings that offers a fresh and retrospective look at the plight of women within the Iranian culture.

The ‘Iran Today’ exhibition will be held at the Showcase Art Gallery on Jumeirah Beach Road from today till July 15. Sharon Harvey, owner of the Showcase Art Gallery said, “This is Elham’s first exhibition in Dubai and we are honoured to have the opportunity of displaying her work and bringing Dubai art lovers a phenomenal talent.

This exhibition is truly special and a ‘must-see’ for anyone with an interest in art.” Elham Moaidnia says she started scribbling with a pencil and paper from the age of nine. She was fascinated by drawing the real world around her, and soon developed a deep love for art, which has not left her and has grown by the day.

She began her work by copying the classics, graphic work, and national and traditional motifs. She was born in Esfahan, the cradle of art and culture in post-Islamic times.

Gradually Iranian motifs faded away from her works and they were replaced with expressionism, and today she considers her work post-expressionist.

Among the masters she is most inspired by Marc Chagall.

The principal essence and message of Elham’s works is a social commentary. She is inspired by man’s struggle in today’s world and the fate of women in Iran. The essence of her work is descriptive, where she narrates the events or realities she observes. In proportion to the strength or placidity of her emotion versus the subject of work, her sentimental passion is also an influence, and shows itself on the canvas.

Colours play the central role in reflecting her message, along with the lines and curves.

She uses various media: water colour, oil painting, gouache, dilapidated paper from old books and newspapers and calligraphy, and even ceramic and wood at times. The second feature of Elham’s work is offering a positive message for activity. Hence, her work is not merely narrative describing a tragic reality, rather at times, offers small windows of hope and light.

Elham says: “I am an optimist and I am hopeful. I know that eventually someone will come, someone who is like no one, someone who pulls out his knife solely for cutting bread and dividing it between the needy!” This optimism, accompanied with passion and enthusiasm for the plight of the modern woman is what drives Elham. She asserts herself and her work with strength and a high profile.

Elham is still at the beginning of her career. Art has a very difficult and uneven path, full of ups and downs; yet Elham is very hardworking, industrious and serious and does not easily give up on her beliefs and work.

In support of “UAE Free of Thalassemia by 2012”

2008-06-11T09:41:00.002+04:00

du, the integrated telecom service provider in the UAE, held a voluntary blood screening drive for its employees to check against Beta Thalassemia and Sickle Cell diseases. This comes in support of the National Health campaign “UAE Free of Thalassemia by 2012”, under the patronage of H.H. Sheikh Nahyan Bin Mubarak Al Nahyan, Minister for Higher Education and Scientific Research and launched by Dr. Maryam Matar, Executive Director of the UAE Genetic Diseases Association.
The two-day drive was scheduled for 9-10 June to check for genetic blood disorders such as Beta Thalassemia and Sickle Cell Anaemia and is intended to increase employee’s awareness on the health risks posed by these blood disorders.

Hala Badri, EVP, Corporate Communications said: “Our commitment to support the government’s effort in the areas of prevention and control of life threatening diseases is one of the key pillars in du’s CSR strategy. We organized the blood screening drive to educate our employees internally about the risks of genetic blood disorders, because we believe that the first step towards achieving this is to start with ourselves. We also want to endorse the enormous efforts the UAE Genetic Diseases Association has put to fight against Thalassemia and Sickle Cell Anemia in the country. We are confident that our employees will enthusiastically support this initiative and make it a resounding success.”

Dr. Maryam Matar, Executive Director, Genetic Diseases Association, UAE said: “The UAE Genetic Diseases Association has been able to considerably reduce the impact of common genetic disorders prevalent in the country through its community outreach programs, health education, counseling and free screening tests. We thank the government in supporting and increasing awareness among people, UAEGDA now has a free genetic clinic equipped with a state-of-the-art screening facility supervised by internationally renowned experts”.

“The first program of UAE Genetic Diseases Association is UAE Free of Thalassemia 2012 and as part of this, UAEGDA has introduced new mobile units to facilitate blood collection. We start with this service utilizing these blood screening vans with an exclusive blood screening program being conducted for the employees of du and hope to organize similar programs for the employees of other corporate houses in the UAE to ensure that our future generations are born healthy,” Dr. Matar concluded.

du had issued an internal communication to invite all employees to participate in the screening. The GDA van was stationed in front of Dubai Media City (DMC) Building 14 from 10:00 am to 3:00 pm for the two consecutive days.

du employees pre-registered on the association’s website www.uaegda.ae to obtain a confidential user name and password, to be used late to retrieve the tests results once available.

About du

du, the integrated telecom service provider in the UAE, launched mobile telecommunication services on 11 February 2007 across the UAE in addition to internet and pay TV services in some of the free zones of Dubai. Call Select, the first of du's nationwide Fixed line services for voice telephony, was launched in July 2007.

Among du’s many firsts is its historic Number Booking Campaign for both individuals and business, Pay by the Second billing system, Mobile TV, Mobile Payments, first of its kind ‘WoW’ recharge card (which offers customers the choice between more credit and more time) and Self Care. du business offers include Closed Business User Group and preferred International Destinations.

du’s retail network, currently numbering 16 du shops located in strategic locations across all emirates, was launched on 25 February 2007, supporting the delivery of du services to customers.

du is 40 percent owned by the UAE Federal Government, 20 percent by Mubadala Development Company, 20 percent by Emirates Communications & Technology Company LLC and 20 percent by public shareholders. It is listed on the Dubai Financial Market (DFM) and trades under the name du.

du was recognised as the ‘Best Brand’ for its innovative branding and outstanding success at the Telecom World Awards Middle East 2007.

Midday working ban announced

2008-06-11T09:31:00.000+04:00

The UAE Ministry of Labour announced the summer midday work ban on Tuesday, warning companies that flout the law would face heavy fines.

The ministry said the ban would be from 12:30 pm to 3:00 pm from July 1 until Aug. 31.

The ban on labourers working during the day’s hottest hours was introduced in 2004, but its start date has varied.

The ministry also said that an intensive inspection campaign would be start on the first day of the ban coming into force.

The ministry said companies must also provide covered rest areas for the workers during the breaks.

New stylish Hotel from Starwood Hotels opens in Dubai

2008-06-10T13:12:00.004+04:00

The Westin Dubai Mina Seyahi Beach Resort and Marina, Starwood Hotels’ newly-built 294-room relaxation spot, is set to lure tourists and visitors with its interior neoclassical style and tranquil setting facing the Arabian Gulf. A complete converged network from Nortel was deployed by Alpha Data, the UAE’s leading systems integrator.

Located at the Jumeirah Beach, the new five-star resort offers a rejuvenating experience for the whole family to enjoy following its opening last month. Alpha Data deployed the telephony, data networking and wireless solutions; the installations were completed in April ahead for the resort’s official opening.

“The Westin Dubai Mina Seyahi Beach Resort and Marina is another product of Starwood Hotels’ continuous goal of building top-of-the-line hotels for people and tourists,” said Allam Shalabi, Complex Director of Engineering of Westin Dubai Mina Seyahi Beach Resort and Marina. “The Westin Beach Resort is the new place to go to relax and enjoy nature’s beauty in a cosmopolitan city.”

A common network was also made with both The Westin and its neighboring hotel, Le Meridien Mina Seyahi, which is also managed by Starwood Hotels. Operating under the same administration department; telephony and data networking are now connected for the two hotels.

Commenting on the project with Alpha Data, Shalabi added, “Alpha Data’s track record with the hospitality sector and their level of expertise is why we selected them and the results so far are excellent.”

“We are extremely proud that Starwood selected Alpha Data to install the network for their newest resort in Dubai. Alpha Data has worked as a systems integrator for the vast majority of the key landmark hotels across UAE over the past ten years. Our engineers worked closely with the team at the resort to integrate all the systems based on the instructions and policies required by Starwood Hotels,” said Sandeep Nair, Account Manager at Alpha Data Dubai.

About Alpha Data

Founded in 1981, Alpha Data is one of the largest IT and Telecom Solutions companies in the Emirates with revenues in excess of $120 Million and offices in Abu Dhabi and Dubai. Alpha Data strives to build long term client relationships based on mutual trust and respect. With a team of over 650 qualified personnel, Alpha Data provides complete end-to-end solutions in the following areas of expertise: Telecommunications & Radio, Networking & Security Solutions, Infrastructure Cabling, Enterprise Computing, Audio Visual Systems and Applications. Each of our specialist areas are backed up by highly qualified presales and post sales support teams who handle both project implementation and post-sales support. Beyond our offering, what counts most to our clients is the technical skills of our staff. Alpha Data's people have both high level industry certification & in depth experience in their respective fields.

Dubai gets new health care plan

2008-06-10T11:22:00.003+04:00

From January 10, 2009, all residents of Dubai will compulsorily have to be part of a Health Funding System which will entitle them to affordable basic healthcare within the emirate.
In a major announcement made by the Dubai Health Authority yesterday, Director-General of DHA Qadhi Saeed Al Murooshid said the new system will be compulsory for everyone.

As per the new system, employers will contribute the majority of the funding provided through a flat rate to the Health Benefits Contribution (HBC) pool, paid on behalf of their employees. Outpatient Care Practices (OCP) will be at the core of the system and will manage patient care while only authorised insurance companies will distribute health insurance schemes incorporating the new funding system.

Starting January, 2009, everyone residing in the emirate or holding a Dubai residence visa will be required to register himself/herself with public or private outpatient (OP) clinics of their choice (subject to availability). They will then be issued a health card which will give them access to essential healthcare within Dubai only.

Those requiring healthcare facilities in any other emirate, once the system is in place, will have to bear the cost until the Federal Insurance System is in place. Currently, the draft Federal UAE health insurance proposal is under consideration.

The registration process will be carried out by employers after paying an expected contribution of between Dh500 and Dh800 per person towards the HBC pool. This figure will be reviewed annually.

In cases where there is no direct employer, the individual resident of Dubai will be responsible for the payment to HBC for dependants and those they sponsor.

The UAE nationals will continue to receive existing levels of cover and service which means the government will bear all their healthcare expenses./ The entire registration process for Dubai has to be completed within a year. However, the current insurance schemes being held by companies will continue until as and when all Dubai employees/residents are registered.

The Dubai government, during the pilot phase, will provide financial support. It will also pay the contribution to the HBC for its own employees and set aside additional funds in respect of long-term health planning and significant risks.

Basic healthcare services that everyone will be entitled to will include: primary outpatient care, prescription drugs, long-term community care, childhood immunisation, children's dental care, mental health, ambulatory specialist care, non-emergency inpatient care and acute and emergency care.

However, individuals using either own resources or through their employer will be able to buy private "top-up" health insurance. This will not exempt anyone from the obligation to contribute in full to the basic system which will be compulsory.

"The DHADHA transition programme will be introduced over the next four years, completing in 2012, with the DHADHA health funding process fully being implemented by 2015," according to the director general.

The DHADHA, over the past 12 months, has extensively consulted and engaged 700 public and private medical establishments, over 50 insurance companies, liaised with over six Dubai's largest hospitals and visited 10 countries.

Al Murooshid said, "Dubai's population has grown to nearly 1.5 million and continues to expand. Alongside this growth, the rapidly rising cost of healthcare facilities, services and medicines are all driving the demand for more healthcare expenditure."

At present, the DHADHA transition team is working closely with The Executive Council (TEC) on all future financing arrangements. Full details of the new funding system are available on the DHADHA web site (www.dha.gov.ae/healthfunding)

The new Dubai Health Funding system is similar to the Health Insurance Law that Abu Dhabi introduced in 2006. However, unlike the Abu Dhabi system that ensures that all employers and sponsors are responsible for health insurance coverage at all times for their employees and their families, the Dubai system is more employer-friendly. The employer has a choice of offering cover to the employee only.

However, the Dubai funding system has been 'custom-designed' after studying success of similar systems in Australia, New Zealand, Australia, the USA, the Netherlands, Singapore and the UK.

According to World Health Organisation (WHO), the UAE is ranked 44th in the world in terms of healthcare. While this is comparable to other AGCC countries, the DHADHA aims at developing the system at par with the world's best.

Bahrain has a national public health system that offers free or low-cost healthcare services and treatments to all residents. Saudi Arabia has a national healthcare system in which the government provides healthcare services through a number of government agencies. The quality of healthcare in Kuwait and Oman is considered high and equal to that in western Europe and the USA, except for highly specialised treatment.

/Khaleej Times/

UAE Integrated Telco Ready to commission first project at Al Warqa’a

2008-06-10T09:44:00.002+04:00

du – the UAE’s integrated telecom service provider announced that it has been chosen by the Sheikh Mohammad Bin Rashid Housing Establishment as the lead telecom provider to provide Fibre-to-the-Home (FTTH) based triple-play telecom services across all its prestigious housing projects. Al Warqa’a, the first housing project to benefit under the plan, is ready to be commissioned across all of its 544 villas.

It has been also agreed that du will also roll out Triple-play services for villas at Oud Al Mateena and Al Barsha. The residents of all three prestigious housing projects which are reserved for Emirati nationals – Al Warqa’a, Oud Al Mateena and Al Barsha - will be able to enjoy high speed internet, IPTV, fixed line telephone services and IP telephony.

To ensure maximum convenience for the UAE nationals who will be benefiting from the Sheikh Mohammad Bin Rashid Housing Establishment projects, du will dedicate a customer service agent in the establishment keys handover site office of Al Warqa’a (phase 1) project to assist UAE nationals with subscribing to du triple-play services easily and conveniently.

Farid Faraidooni, EVP Commercial division, du, said: “This announcement underscores du’s commitment to becoming the partner of choice across all industries in the UAE, verticals as well as telecom. As an integrated telecom company we offer a host of triple-play services through our resilient FTTH network across all the three housing projects to bring a world of convenience and superior connectivity to the residents.”

On his part, Eng. Abdul Rahman Seifaei, CEO's Assistant for Projects Issues, noted: "In the MRHE, we aspire to extend the best and highest level of services to the UAE Nationals and to present them with fully-serviced houses. This is why we have joined hands with Emirates Integrated Telecommunication Company, du, to use the latest technologies and cutting-edge innovations to equip these houses with the best telephone services."

He also added that Mohammad bin Rashid Housing Establishment translates the directives of the prudent leadership in regard with the importance of providing all needed services and comforts in the houses that are offered to the Nationals.

du landline customers will enjoy benefits such as Pay by the Second billing on all calls, simplified tariffs, 24 hour off-peaks, reduction of monthly subscription charges and a permanent waiver of monthly subscription charges for Value Added Services such as conference calls and Caller ID.

du Broadband customers will enjoy enhanced broadband packages with the addition of five email addresses and augmented mail box sizes.

Broadband 512 kbps – 250MB per mailbox

Broadband 1 Mbps - 500MB per mailbox

Broadband 2 Mbps - 1GB per mailbox

du customers opting for the basic TV package do not need to pay any monthly charges while they pay a lower price for the decoder. They also get a new TV package and a reduction in minimum subscription period.

About du

du, the integrated telecom service provider in the UAE, launched mobile telecommunication services on 11 February 2007 across the UAE in addition to internet and pay TV services in some of the free zones of Dubai. Call Select, the first of du's nationwide Fixed line services for voice telephony, was launched in July 2007.

Among du’s many firsts is its historic Number Booking Campaign for both individuals and business, Pay by the Second billing system, Mobile TV, Mobile Payments, first of its kind ‘WoW’ recharge card (which offers customers the choice between more credit and more time) and Self Care. du business offers include Closed Business User Group and preferred International Destinations.

du’s retail network, currently numbering 16 du shops located in strategic locations across all emirates, was launched on 25 February 2007, supporting the delivery of du services to customers.

du is 40 percent owned by the UAE Federal Government, 20 percent by Mubadala Development Company, 20 percent by Emirates Communications & Technology Company LLC and 20 percent by public shareholders. It is listed on the Dubai Financial Market (DFM) and trades under the name du.

du was recognised as the ‘Best Brand’ for its innovative branding and outstanding success at the Telecom World Awards Middle East 2007.

Lebanese fashion guru to design signature hotel

2008-06-09T22:04:00.001+04:00

The Paris-based Lebanese designer, Elie Saab, and a Dubai government-owned company, Tatweer, launched Monday a 163- million dollar project to build a boutique hotel overlooking the Tiger Woods golf course.

The 360,000-square feet boutique hotel would be designed by Saab, bear his name and reflect his style, a statement released by Tatweer said.

The company is a member of Dubai Holding, which was set up by the government to manage its assets and investments.

The hotel, which will overlook the world's first golf course designed by US professional golfer Tiger Woods, will have 89 suites and 14 bungalows in different sizes to cater for the top-tier clientele.

'It is indeed no coincidence that the world's first golf course designed by the world's number one golfer Tiger Woods in Dubailand will host the first hotel to be designed by the world's top designer Elie Saab,' said Saeed al-Muntafiq, Tatweer chairman.

Tatweer has mega projects in the leisure and entertainment business, including the Universal Studios Dubai.

Dubai is becoming less attractive for skilled employees

2008-06-09T19:37:00.001+04:00

A survey in the UAE has revealed that Dubai is becoming less attractive for skilled employees due to the rising inflation.
The survey conducted by Bayt.com, a leading recruitment portal in the Gulf, and YouGov Siraj, an online research company, with over 50 employers and nearly 400 employees — expatriates and nationals — disclosed that 66 per cent of the employers feel that Dubai is becoming less attractive due to the rising inflation which is adversely affecting their chances of attracting the right talent.

The results, which were disclosed yesterday at the Dubai Economic Council (DEC) forum on The Future of Talent in Dubai, also noted that the residents' challenges included "the high cost of living, high inflation fuelled by obnoxious rents, falling dollar peg, compromising lifestyle to tackle inflation, traffic and parking woes".

Nevertheless, residents liked the emirate for its unprecedented growth, tax-free and crime-free environment.

On the employment front, however, the survey found that an overwhelming 90 per cent of human resources managers in private and public companies think recruiting employees is getting increasingly tougher than it was three years ago.

Some issues in finding the right talent include difficulty in hiring the right people and not being able to afford current salary levels. The biggest problem they face is finding people with leadership skills and passion for work. However, 68 per cent of organisations are ready or getting ready to address talent shortages.

The survey found that UAE nationals produce by far the highest turnover and are the toughest to retain, while Asian expats are the most loyal. They are also the second most likely to switch jobs. Well-qualified and good leadership skills is what employers expect, noted the survey.

Experts, on the other hand, observed at the forum that unless wage discrepancies between the private and public sector are not quickly tackled, companies in the private sector would continue to find it hard to lure young locals to work with them.

Dr Samer Kherfi, Assistant Professor of Economics at the American University of Sharjah, who gave a presentation on the wage structure in Dubai, said, "There is a large gap between the public and the private sector wages, where the private sector pays lesser. For equity purposes, Emiratis are paid more in the public sector. Besides, the pay structure is not linked to productivity."

He noted these are the reasons why the private sector finds it difficult to get Emiratis. "A lot of well-educated Emirati women are not part of the labour force and if they are, it could help deal with issues of labour shortage," he noted.

Khalid bin Zayed Al Nahyan, Chairman of the Executive Committee, DEC, said that if the skewed balance has to be corrected, incentives in the private sector have to be restructured and balanced. He noted that pay scales should match productivity, which needs to be assessed.

Dr John McHale, Associate Professor of Economics and Toller Family Research Fellow at the Queen's School of Business, Ireland, said, "The competition for talent is increasing in Dubai. The strength of the emirate is that it is employer driven. Highly skilled professionals are coming here to work."

/Khaleej Times/

New Salik toll gate ready on Al Maktoum Bridge

2008-06-09T18:09:00.000+04:00

The new Salik toll gate has been installed on Al Maktoum Bridge.
From September motorists using the bridge will have to pay a toll for using the crossing.

Roads and Transport Authority has planned another toll gate on Shaikh Zayed Road.

Burj Dubai may not be completed until "August or September 2009"

2008-06-09T17:18:00.002+04:00

The Burj Dubai is facing up to a nine month delay and is unlikely to be finished until August or September next year, Emaar Chairman Mohammed Alabbar revealed on Monday.

Alabbar told reporters in Dubai that the world's tallest building may not be completed until "August or September 2009".

"With a project like this you have to get it absolutely right," he said.

The mega-project was originally scheduled to be completed by the end of this year.

The remarks are the second time Alabbar has warned construction of the Burj Dubai has fallen behind schedule.

In March the chairman said the tower would likely be delayed by four months, which Emaar said in a subsequent statement was related to the interior design of the tower.

Work on the Burj Dubai was delayed in November when around 40,000 labourers employed by Arabtec, one of the construction companies working on the project, went on strike for a week over pay and conditions.

Arabtec Executive Director Tom Berry said at the time the strikes could cause the company miss completion dates for some of its key projects in Dubai, without being more specific.

The Burj Dubai currently stands at over 630 metres and its final height is rumoured to be between 700 and 1,000 metres, although Emaar remains tight-lipped on the subject.

Local media reports last year said the final height would be 818 metres, citing architects drawings posted on the internet.

In April the tower, already the world’s tallest building and tallest free-standing structure, became the world’s tallest manmade structure, surpassed the 628.8-metre high KVLY-TV mast in North Dakota, US.

The Burj Dubai is to be the centrepiece of a city within a city, Downtown Burj Dubai. The $20 billion development as a whole will include 30,000 homes, nine hotels, 6.2 acres of parkland, 19 residential towers, the Dubai Mall, and a 30-acre manmade lake.

Education sector workers get additional housing allowance

2008-06-09T16:40:00.000+04:00

The Executive Council of the Emirate of Abu Dhabi has approved a financial increase in the additional housing allowance allocated for all UAE nationals and expat staff working in the sector of education in the Abu Dhabi, Al-Ain and Western Education Zones.

Sources at the ministry told this reporter that the Minister of Education Dr Hanif Hassan Ali is currently studying the report provided by the committee that was tasked with evaluating the practices adopted by private schools to increase the fees.

"The committee affirmed that the increase percentages were not fixed and there were different levels of increases in the emirates. For instance, in Dubai the Knowledge and Human Development Authority has fixed the increase at 16 per cent every three years. However, in the emirate of Abu Dhabi, the Abu Dhabi Education Zone (ADEZ) abides by the law to implement an increase of 20 per cent every three years," the sources said.

Meanwhile, the sources added that the new law to streamline private education in the country would see the light of the day next week after Cabinet's endorsement.

/WAM/

Pearl Dubai breaks ground for US$4-billion Dubai Pearl Project

2008-06-09T15:33:00.002+04:00

Pearl Dubai FZ LLC, a consortium of investors led by Al Fahim Group, today broke ground for Dubai Pearl, the world class US$4-billion mixed-use development, located in the heart of Dubai Technology and Media Free Zone (TECOM Investments).

Senior officials from Dubai Pearl and TECOM Investments were present at the ground breaking ceremony, including Mr. Abdullatif Al Mulla (Group CEO, TECOM) Mr. Ali BuRuhaima (Chief Officer Asset Development Zoning Authority, TECOM) and ( Mr. Abdul Majeed Al Fahim, Pearl Dubai).

Pearl Dubai FZ LLC recently received the mobilization and excavation permits for the works. Dubai Pearl's 1.7 million square feet of plot size will have a built up area of 17 million square feet. The anticipated concrete quantity is 1.2 cubic meters with an aluminum façade spanning 200,000 square meters.

The preliminary piling test has already begun in mid May, while the main contract is in the tendering stage, with bids expected to be submitted in July, 2008.

Dubai Pearl will combine an active business district with quality urban lifestyle, offering easy access to premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as Jumeirah.

Dubai Pearl

Dubai Pearl is a US$4 billion world class, mixed-use development by Pearl Dubai FZ LLC. Located opposite the Palm Jumeirah in the heart of the Dubai Technology and Media Free Zone, a state-of-the-art business cluster operated by TECOM and home to global IT and media companies.

Dubai Pearl is a landmark destination offering spectacular views of the Dubai coast. The development will redefine the pulse of new Dubai providing a 24-hour living city with commercial, retail, residential and leisure facilities. Designed with people in mind to create an all year round walkable environment, the Dubai Pearl will service the Dubai Technology and Media Free Zone and its communities.

Set for completion at the end of 2010, Dubai Pearl's prime location will offer an unparalleled combination of free-hold in the convenience of a freezone with luxury, energy efficient sustainability and state-of-the-art technology.

Four new types of visit visas

2008-06-09T15:32:00.000+04:00

The Director-General of Federal Naturalisation and Residency Department (FNRD) in the Ministry of Interior, Lieutenant-General Mohammed Salim Al Khaili, yesterday introduced four new types of visit visas and announced the new fees structure for various types of visit visas that would be implemented from August 1.

Addressing media at the FNRD Directorate-General in the capital, Lt-Gen. Al Khaili said visa fees have been revised as per the Cabinet's decision No.16 of 2008.

Colonel Darwish Eid Ebaid Al Meheri, Manager of Entry and Residency Department, pointed out that all visas would be issued after the sponsor or the company paid for and provided health insurance because the visitors who come to the country should have health insurance cover.

About the new types of visas, Lt-Gen. Al Khaili said, "This is to meet the developments that the UAE is witnessing as part of the economic boom and the huge contracting and tourism projects across the country."

The new fees approved for the six-month multiple entry visa is Dh2,000. However, under this category visitors would not be allowed to stay for more than 14 days in the country on each visit. The visa can be renewed for another six months on payment of Dh2,000.

The new visit visas will be of two types: the long stay (three months) that would cost Dh1,000, and the short (one month) costing Dh500. Both are not renewable.

Lt-Gen. Al Khaili told Khaleej Times that the Ministry of Interior is keen on protecting the workers' rights and stressed that the companies must abide by the laws when bringing workers to the UAE. The visit visas should be sought only for visitors, not workers, he clarified.

"We work in cooperation with the authorities concerned to protect the rights of workers such as wages, air tickets and health insurance that would not be available to them if they entered the country on visit visas,", he pointed out, noting that

the firms can apply for three-month mission visas to bring in workers.

The non-renewable mission visa would allow a stay of three months and cost Dh200 and the non-renewable transit visa would allow a stay of 14 days and cost Dh100.

Visit visas for GCC residents would allow a stay of one month and cost Dh100, and could be renewed for another month for a fee of Dh500.

Visit visas for those accompanying GCC nationals would allow a stay of one month and cost Dh100 and could be renewed for another month at a fee of Dh200.

The duration of the new education visas would be fixed depending on the universities' courses and programmes taken by the students and each authorised academic institute must apply to issue visas for that particular course. The education visa would cost Dh1,000 and could be renewed for a fee of Dh500.

For the medical treatment visas, Col. Al Meheri said they would be issued to expatriates who want to come to the country for medical treatment and would cost Dh1,000 for three months and could be renewed at a cost of Dh500 for another three months.

He added that the tourism visas would cost Dh100, and allow one-month stay and could be renewed for another month at a cost of Dh500.

Lt-Gen. Al Khaili said the travel and tourism agencies would have to pay a refundable guarantee of Dh1,000 per visa at the time of issuance.

Visit visas issued for conferences and exhibitions would cost Dh100 for a stay of one month and would be non-renewable.

/Khaleej Times/

Victorian Govt Business office temp staff

2008-06-09T15:29:00.001+04:00

The Victorian Government Business Office in Dubai has a requirement for one or two temporary staff for 3 - 4 months, starting from June, to work updating a major Directory we compile.

Experience in research, attention to detail and good computer and telephone communication skills are required. In the first instance please send your resume to Alyssha Allan at alyssha.allan@invest.vic.gov.au

Financial Accountant - Dubai

2008-06-09T15:27:00.000+04:00

epi International, an investment organisation with an entrepreneurial business culture is seeking an outstanding individual for the position of Financial Accountant, based in Dubai.

This highly principled organisation has provided unique syndicated investment opportunities since 2003, in which time it has enjoyed exceptional success. As a private investment organisation managing proprietary capital, we have the freedom to adopt investment strategies that maximise absolute performance. We build our success through our culture of partnership and innovation.

The successful candidate will be responsible for administering all accounting functions maintaining accounting systems to properly record financial transactions in accordance with generally accepted accounting principles and with adequate internal controls. This position is responsible for maintenance of financial systems and report preparation and will report to the Senior Financial Officer (SFO). Given the scope and development of epi International, the potential for professional growth is available. This is a very practical, hands-on role for which you will be provided support and resources. Solutions and execution must be provided by you.

In order to be considered for this challenging position, you will need to have the following:

• A recognised professional accounting qualification;
• Experience in all areas of financial accounting, reporting and working capital management;
• Fully competent with accounting software e.g. Quickbooks
• A proven record to work within a results-orientated environment demonstrating the ability to plan, organise and re-prioritise tasks;
• A ‘take ownership’ and customer-service approach with external and internal customers;
• The ability to perform well under pressure whilst managing a demanding workload;
• Possession of a disciplined and self-motivated work style, enabling proactivity; and
• A team orientated attitude.

The ideal candidate will have an established record of achievements (minimum 5 years experience) in business, finance, and accounting; although applicants with less experience may be considered. Outstanding attitude is the most essential criteria; you must have a commitment to excellence and a “can do” mindset.

A competitive salary tied to performance will be offered commensurate with experience. Coupled with encouragement to assume responsibility in a creative and fast-paced environment, we believe this role offers unique and exciting opportunities for the right person.

To be considered for this position, please email your curriculum vitae (maximum 4 pages) with covering letter to: tom@epi-world.com.

Alpha Data signs a partnership agreement with Optimiza

2008-06-09T15:16:00.002+04:00

Alpha Data, the UAE’s leading systems integrator, has signed a partnership with Optimiza with a specific focus on Optimiza’s kiosks solutions.

Today, Optimiza is the first and only company to provide total enterprise turnkey Arabic-English kiosk solutions for the MENA region. Optimiza’s Kiosk Division offers software and system solutions for self-service and customer information relevant to a variety of sectors using touch screen kiosks. These touch screen kiosks are suitable for retail, real estate, hotels, banking, telecom, large-scale leisure environments, trade fairs, events and conventions for applications such as digital signage, bill payment and information.
Alpha Data’s partnership with Optimiza will focus on the UAE, making Alpha the preferred reseller of their kiosk solutions in Abu Dhabi.

Commenting on the partnership, Fayez Ibbini, Managing Director of Alpha Data said, “Alpha Data is consistently seeking strategic partnerships with organisations that complement our offerings to our clients. Our partnership with Optimiza brings a new product line to our offerings, with particular benefit to our hospitality and retail sector clients.”

On this occasion, Issam Jallad, Managing Director of Optimiza UAE said “Alpha Data’s long-standing presence in the UAE, their extensive reach in terms of customer base and the technical expertise of their staff make them an ideal partner for Optimiza and we forecast a great deal of growth in Abu Dhabi through working with them.”

About Optimiza (Al-Faris National Company)

A publicly-listed IT company (ASE:CEBC) with a paid up capital of US $35 million, Optimiza has established a comprehensive Middle East network that ensures reliable business solutions and services with local support in the areas of management consulting, IT solutions and services, training and outsourcing.

With 27 years’ experience and hundreds of projects delivered, Optimiza’s intellectual capital spans diverse industries, enabling more than 450 professionals to integrate and deliver successful, innovative consulting and technology solutions, with a commitment to excellence and customer satisfaction.

Optimiza serves clients from the telecom, banking, insurance, manufacturing and distribution, healthcare and government sectors, through its network of offices in Saudi Arabia, Qatar, Kuwait, Jordan, the United Arab Emirates and Iraq, and a region-wide reseller base.
www.optimizasolutions.com

About Alpha Data

Founded in 1981, Alpha Data is one of the largest IT and Telecom Solutions companies in the Emirates with revenues in excess of $120 Million and offices in Abu Dhabi and Dubai. Alpha Data strives to build long term client relationships based on mutual trust and respect. With a team of over 650 qualified personnel, Alpha Data provides complete end-to-end solutions in the following areas of expertise: Telecommunications & Radio, Networking & Security Solutions, Infrastructure Cabling, Enterprise Computing, Audio Visual Systems and Applications. Each of our specialist areas are backed up by highly qualified presales and post sales support teams who handle both project implementation and post-sales support. Beyond our offering, what counts most to our clients is the technical skills of our staff. Alpha Data's people have both high level industry certification & in depth experience in their respective fields.

The Cultural Observer

2008-06-09T00:38:00.001+04:00

• Dubai Libraries have launched the summer activities program under the theme (Today’s Reader is Tomorrow’s Leader). The courses program will extend from June 22 to July 31, 2008. For further information, please visit: www.dm.gov.ae

• The Sultan Bin Ali Al Owais Cultural Foundation, in cooperation with Juma Al Majid Centre for Culture and Heritage, hosts poet Karim Al Iraqi for a poetry recitation evening today at the foundation’s premises on Rigga Street. An art exhibition of Saudi artist Sara Al Sahli will also be opened today at the foundation.

• The Scene Club holds an awards ceremony for winners in the short film competition at the Conference Hall of the Knowledge Village, today at 07:00pm. For further information, please visit: www.thesceneclub.com.

• An art exhibition of artist Mehdi Fallah is held at the Knowledge Village, Block 13, until June 20, 2008.

• The Moda Gallery at the Mall of the Emirates hosts an art exhibition titled “Solo” by Suhail Al Budour until June 20, 2008.

• The Grosvenor House Hotel hosts an exhibition of artist Niamh Cunningham from June 07-15, 2008. For further information, please contact 0505385374.

• Dubai Press Club organizes a symposium on “Arabic Language in the UAE – Realities and Challenges” on Wednesday, June 04, 2008. At 04:30pm.

• B_ASEMENT hosts an exhibition showcasing the works of Aisling Haghshenas, Farbod Morshedzadeh, Hossein Edalatkhah, Rayka Milanian, and Shahpari Behzadi. The exhibition runs from June 16 to July 07, 2008.

• The Emirates Scientific Club announced its program of summer courses on photography, calligraphy and other subjects. For further information, please contact 0427222252.

• Rouq Ousha announced their cultural activities which will be starting from 25/5/2008 and will continue to the 10/6/2008. For information contact the following number 042611200.

• A press conference will be held at the Ritz Carlton Hotel on June 10, 2008 to announce the launch of The inaugural Emirates Airline International Festival of Literature (EAIFL), where some of the world’s literary talents will be participating. The event will take place in Dubai from February 25 to March 01, 2009.

• The first Documentary Films Initiative in the UAE will be held from 4 – 7 July 2008, at the Dubai Community Theater and Art Center of the Emirates Mall.

National Bonds registers record sales of Dh1b

2008-06-09T00:32:00.000+04:00

National Bonds, the Shariah-compliant national savings scheme of the UAE, yesterday announced it has achieved record-breaking sales in the first five months of 2008. The company's sale of bonds touched Dh1 billion at the end of May 2008, an increase of 150 per cent compared to Dh409 million for the same period in 2007.

Growth from the beginning of the year shows an increase in customer numbers by 21 per cent and total volumes by 58 per cent. Mohammed Qasim Al Ali, CEO of National Bonds Corporation, said that the surge in sales was driven by the company's strategy to increase awareness of the value of savings among all UAE residents. "The simplicity of investing in our bonds has made us a household name in the UAE. The savings habit is getting ingrained deeper in the UAE society as demonstrated by the growth of 150 per cent in the number of bond sales in 2008 compared to the same period in 2007." Al Ali added that the company's stellar performance in 2007 has greatly strengthened investor confidence: "Earlier this year, we disbursed an annual profit of 6.03 per cent, which is higher than that of any other comparable savings product in the market.

The key value proposition is that our bonds are priced as low as Dh10 and can be purchased from over 300 locations in the UAE. Today, our 420,000 bondholders come from all walks of life, which is testament of our efforts in making National Bonds everyone's favourite place to save. "We have invested in several key initiatives to enhance customer experience with National Bonds. Among them is an automation system that once implemented will immediately provide customers bond certificates at the time of purchase. This will accelerate their enrollment for the next draw. National Bonds is also looking at other convenient tools by offering customers alternate channels to purchase bonds from the comfort of their home or office. "

/Khaleej Times/

Dubai hotels to get new ratings system

2008-06-09T00:30:00.000+04:00

A revised ratings system that will reflect enhanced international standards is to be announced soon for Dubai hotels as the booming hospitality sector gears up to attract as many as 10 million tourists by 2010.

Khalid bin Sulayem, Director-General Department of Tourism and Commerce Marketing (DTCM), said the current ratings system had been under review for some time and now was time for a change as the number of hotels and hotel apartments in Dubai is set to rise to 488 in the next two years compared to 452 in 2007.

Dubai's hotel rooms will climb to 64,179 in 2010 from 51,168 last year. According to industry experts, the number of hotel rooms is expected to increase by 32.7 per cent annually until 2011.

Sulayem said Dubai's buoyant hospitality sector, which has been recording spectacular growth over the past several years, can sustain the extra capacity. The upcoming mega projects including The Atlantis at the Palm would add an extra 2,000 rooms by the end of 2008, he said.

The new hotel rating system, which will replace the classification system introduced 1998, is expected to be in force soon, and will reflect international standards in terms of service and facilities. It will encompass several areas of hotel operations, including new medical and disability access requirements, and applying standards to a property's conference and banqueting, spa and leisure, and business centre facilities.

Informed industry sources said international classification systems were studied in the creation of the new system. Hotels will be classified as either leisure, city/business or ‘other' properties, with separate sub-sectors covering niche accommodation products such as theme park hotels, boutique hotels, budget hotels, wellness and spa hotels and heritage hotels. Also, hotel apartments will be classified as either leisure or city/business apartments. Under the changes, existing hotel criteria could be upgraded to meet new minimum standards. Sulayem, speaking at the launch of the Hotel Show, which opened yesterday at the Dubai International Exhibition Centre, said DTCM has been holding consultation meeting across all sectors from developers to hotel management companies. "With new projects coming on stream all of the time we feel there is time for a review."

Dismissing suggestions that room rates prevailing in Dubai are relatively higher, he said Dubai hotels offer higher quality and service levels compared with other destinations. He also welcomed the entrance of budget hotels into the market as they have a place in the overall portfolio of properties in Dubai on offer to the traveller. Overall, he said, the market remains robust, exemplified by the products and services on offer at the show.

According to the World Tourism Organisation international travel to the Middle East will grow at a significantly faster rate than other competing global destinations. In the year 2020, Middle Eastern destinations will receive 68.5 million arrivals (compared to 46.4 million in 2007), representing a growth rate of 7.1 per cent over the period 1995-2019. The global average for the same year is expected to be 4.1 per cent.

According to Hospitality consultancy HVS International approximately 253 hotels will be entering the regional market in the next fours years, adding an additional 120,000 guestrooms to current supply — not including the massive but unconfirmed 'Dubailand' project in the UAE.

“The UAE accounts for nearly 75 per cent of the new supply, followed by Egypt, Qatar, Saudi Arabia and Oman.

Approximately 25,000 rooms are set to enter the Dubai market in 2008, 20,000 in 2009, 25,000 in 2010 and 20,000 in 2011.

A recent study confirmed the Middle Eastern region’s position as the current world’s top performer in average rate and occupancy.

The study, compiled by analysts at Deloitte, reveal a chart-topping average rate of $18, and an overall occupancy of 74.3 per cent.

Absolute RevPAR (revenue per available room) in the region for first quarter grew 19 per cent year over year.

“With the strongest occupancy and average room rates in the world, hotel performance in the Middle East is off to a very good start in 2008. If the rest of 2008 follows the pattern already set for the first quarter, hoteliers could enjoy a remarkable five-year run of double-digit growth,” analysts said.

/Khaleej Times/

Gulf currency to cut costs

2008-06-09T00:21:00.002+04:00

A leading international rating agency, Fitch, has said the Gulf common currency, expected in 2010, will help reduce prices of essential commodities in the Gulf Cooperation Council states. The use of a common GCC Cooperation Council for the Arab States of the Gulf currency will reduce the member states' cost of global trade transactions to a great extent, the Fitch said in a report, adding that companies and consumers would benefit as a result of fall in prices.

Charles Seville, an associate director of Fitch who prepared the report, said the common currency would give GCC Cooperation Council for the Arab States of the Gulf countries greater flexibility in dealing with external pressure.

"When the prices of oil go up, the value of the currency will also go up," Al-Eqtisadiah business daily quoted him as saying. Seville also observed that GCC Cooperation Council for the Arab States of the Gulf countries with a common religion and heritage are in a good position to establish a currency union that will boost their economies. "A flexible currency will help the GCC Cooperation Council for the Arab States of the Gulf adopt monetary policies that are suitable to the region's situation," he said.

The report came ahead of a meeting of the governors of GCC Cooperation Council for the Arab States of the Gulf central banks, to be held in Doha tomorrow.
Secretary-General Abdul Rahman Al-Attiyah, will discuss the group's basic monetary law. GCC Cooperation Council for the Arab States of the Gulf leaders are likely to endorse the law during their upcoming summit in Muscat.

GCC Cooperation Council for the Arab States of the Gulf countries have decided to introduce a common Gulf currency at the beginning of 2010. All member countries except Oman have agreed to establish the currency union as scheduled but Oman wants more time. The currency union will reduce inflation rates in GCC Cooperation Council for the Arab States of the Gulf countries.

Research will rise further in the absence of effective policy tools to prevent it. Inflation is already in double digits in Oman, Qatar and the UAE and close to 10 percent in Kuwait and Saudi Arabia, leaving only Bahrain with a modest inflation rate of around five percent.

"The Gulf inflation is at its highest in over 30 years. "As in the seventies, some of the region's increased oil wealth is feeding through into higher prices, and with policy tools limited, inflation will rise further before it starts to fall," said Richard Fox, head of Middle East and Africa Sovereign Ratings.

Inflation in Saudi Arabia and Oman has been more affected by rising food prices. With at least some commodity prices now moderating and housing costs less of a factor, inflation may abate later this year, one analyst said. By contrast, in Qatar and UAE, lower inflation must await improved property supply.

Deciding on exchange rates for the new currency when it is introduced could be a major sticking point if inflation in the region remains as high and erratic as it has been in recent months. Valuing a new currency against existing currencies is difficult if the relative values of the existing currencies are constantly in flux.

Fitch considers the upsurge in inflation the biggest threat to the single currency project timetable. Seville hoped that improved real estate supply, moderation in food prices and more restrained government spending would start to reduce inflation later this year.

/Arab News /

Cap on steel prices ruled out

2008-06-09T00:19:00.000+04:00

The UAE government has ruled out any intervention in the markets to curb the price of reinforced steel, which is on an upward spiral.

Mohammed Abdul Aziz Al Shehi, Undersecretary of the Ministry of Economy, told Emirates Business that the ministry will not move to fix the price of a tonne of steel, which currently ranges from Dh5,400 to Dh5,700 according to the country of origin.

He added that the steel price hike is not a local or regional occurrence but a global phenomenon.

"We will not fix the prices since they change each day, and price-fixing will lead to an absence of steel from the markets, which would be very damaging to the real estate and infrastructure projects underway in all emirates," Al Shehi said

The Undersecretary said the government has already exempted steel from customs tariffs and there were no taxes imposed on the commodity either. Companies and traders are free to import steel and there exists no monopoly in the market as well. Under the circumstances, then, the major reason for the price rise in the country was a lack of local manufacturing facilities, he said. However, there are plants currently under construction, he added.

The shortage of cement will disappear in a few days, Al Shehi said, and the ministry will this week announce a list of 30 suppliers of cement nationwide who are selling at Dh18 a bag. Moreover, cement is sold for Dh16 a bag at cement factories and there is no need for contractors to buy at higher prices since availability is not a constraint at the factories, he said.

The ministry will carefully monitor new dealers all over the country and scrutinise their receipts and bills of sale.

Buyers will be sold 50 bags at a time and the ministry does not mind if consumers buy the amount they need in stages, Al Shehi said.

Large contracting companies can buy directly from the plants, he said. Ras Al Khaimah, Ittihad and Gulf CementGulf Cement factories will push their production to the maximum in order to increase supply and reduce prices. Also, huge amounts are being imported from India, Iran and Pakistan, he added.

Meanwhile, big contractors in Abu Dhabi continued to complain about the growing shortage of cement. According to some who spoke to Emirates Business, there exists a black market for the material where a bag of cement is sold for Dh22 to Dh25.

They also said the price of a tonne of reinforced steel in Abu Dhabi has hit Dh5,700, which is expected to go up to Dh6,000 in a few days time.

/Emirates Business 24/7 /

New types of visit visas

2008-06-08T09:21:00.002+04:00

The Federal Naturalisation and Residency Department (FNRD) at the Ministry of Interior (MoI) will announce today the new types of visit visas that would come into force soon.

The announcement will be made by Lt-Gen Mohammed Salim Al Khaili, Director-General of FNRD.

Khaleej Times had published on May 28 that the new types of visas would include a one-month visit visa that would cost Dh500, a three-month visit visa at Dh1,000 and six-month visit visa at Dh2,000.

The third type allows the visitor to enter the country and leave more than once during the six-month period after a one-month stay on each entry.

The announcement also will include new medical and education visas that would be implemented country-wide.

Shortage of nurses hits health sector

2008-06-08T09:06:00.002+04:00

Shortage of nurses is beginning to tell on the UAE health sector and government hospitals are pushing for more benefits and for the upgrading of the recruitment system to retain the experienced nursing workforce currently available.

The seriousness of the issue can be gauged from hospital statistics. Internationally, the ratio of nurses to patients is set at 1:5, in general, and one nurse to one or two patients at the most for the Intensive Care Unit (ICU) of each hospital.

But, this is not the case in the UAE. One hospital in the Al Baraha area of Dubai has a ratio of one nurse to 10 patients, and in the ICU, one nurse to four patients.

The situation has been so for the past few years as more nurses in this region are tempted to proceed to the United States and the European countries reportedly offering family and immigrant visas in lieu of the usual work visas to experienced nurses and their families.

The UAE has been home to nurses from several countries with 40 per cent of them coming from India, followed by Filipinos 30 per cent and the remaining 30 per cent is shared by local nurses and those coming from other Arab countries. Of the 30 per cent, the local nurses comprise mere 4-7 per cent.

Most of them have spent more than three years in the UAE. But, with the current skyrocketing of prices of basic commodities and the spiralling cost of villas and houses, many have opted to leave the UAE and take up jobs in the West.

Mitzel (not her real name), a Filipino nurse who has been working in Al Wasl Hospital for 17 years, told Khaleej Times that she has been witness to the growth of Dubai from a mainly barren municipality to the modern city with skyscrapers all around.

"When I came here, the government provided me free housing and even food. But, nurses lose their accommodation when they marry. Bringing up our children here has become very difficult as everything is expensive, particularly the flats and villas," she lamented.

She has started looking for jobs in the United States, where most Filipino nurses go nowadays because of lucrative offers, including family visas and relocation allowances.

An Indian nurse at Dubai Hospital, who requested anonymity, said she has been working with this hospital for five years. Yet, she has plans to get a job in London as she is feeling the pinch of high cost of living in the UAE.

"If the situation was the same as five years ago, I would stay on. But, it is different now. Everything is getting expensive and the salary raise is not enough to make ends meet in Dubai," she said.

Dr. Mustafa Al Hashim, Director of Al Baraha Hospital, decries the fact that most nurses coming recently to UAE are just making Dubai as the jump-off point to go to western countries.

He said that as of now, the hospital is trying to rotate all doctors and nurses in their duty to make up with the imbalance in the nurse-patient ratio. However, he is pushing for immediate solution to the shortage of nurses in the UAE as the population continues to grow and compulsory insurance is being introduced by the government.

"Previously, people used to go and buy medicines over the counter without a doctor's prescription. But compulsory insurance is changing this trend. Families are turning to hospitals because they know they have insurance coverage," Dr. Al Hashim added.

The Al Baraha Hospital is a 205-bed capacity. It has 200 nurses and 100 doctors yet it is receiving 200 to 300 emergency patients, 10 to 15 new-born babies daily, and around 500 to 800 daily outpatients.

"This number will continue to swell as more insurance-covered workers come to the hospitals and population in this area increases," he said.

The hospitals in the country, including Al Baraha Hospital, have pushed for more benefits, increased salary and improved recruitment system for the nurses. "This is the only way to keep them," he stressed.

Newcomers, many of them without MoH and DoH certificates, are now being accommodated, even though they are on visit visa to narrow the discrepancy. Again, they told Khaleej Times, they just accept this job to get the required overseas experience required of them by hospitals in the West to get better jobs in the US and Europe.

Recognising the shortage of nurses, health officials said several steps have been taken, including allowing nurses on visit visa to take up jobs in the country.

A senior official from the MoH said that the ministry had taken these steps to meet the shortage in both public and private sectors.

"Nurses are permitted to take the nursing examination of the MoH and take up work in the private sector on conditions," said the official.

Among other steps by the MoH to encourage expatriate nurses to join the workforce in the UAE, is reduction of the number of years mandatory to serve at public sector institutes after graduation.

According to the official, at least 43 per cent of the MoH's manpower are nurses. "There were also not enough nurses being supplied by the internal education sector to meet the country's needs, and only four to seven per cent of the country's nurses are nationals," said the official.

He said the shortage of advanced nursing programmes, combined with outdated nursing curricula, have forced many young nursing students to go abroad for their training, which leads to problems as several of them never return.

/Khaleej Times/

Ready for Dubai Summer Surprises?

2008-06-07T21:59:00.002+04:00

The Dubai Shopping Festival Office announced the Dubai Summer Surprises Grand Raffle where visitors and residents this summer stand the chance to win a 2009 model BMW X5 and Dhs100,000 in five exciting draws throughout the summer extravaganza from June 19 to August 22.

The raffle is being organized in cooperation with Emarat, and Arabian Gulf Mechanical Centre (AGMC), the exclusive importer for BMW in Dubai, Sharjah, and the Northern Emirates.

For a coupon purchase of just Dhs200 a lucky winner will take home the prizes worth Dhs400,000 in what is among the biggest summer promotions during DSS 2008. Raffle coupons are available in 80 locations including select fuel stations of Emarat, Eppco, and Enoc, in addition to kiosks at Deira City Centre, Mall of the Emirates, BurJuman, Baniyas Street, Al Fahidi Street, Gold Souk, and Modhesh Fun City.

An attraction of the raffle is the sale of just 5000 coupons per draw, meaning that ticket buyers have a greater chance of winning this DSS. The date for each draw will be determined upon the sale of 5000 raffle tickets. The draws will be telecast on Sama Dubai from one of the shopping malls.

Abdulla Amiri, DSF Office Operations and Logistics Manager and Head of DSS Raffle Committee said,

'Raffle draws have always been a major attraction during DSS giving millions of visitors and residents an opportunity to realize their dreams through winning which is a core characteristic of the summer extravaganza. The DSS Grand Raffle this year is especially attractive because the 2009 BMW X5 is among the newest cars on the roads today.'

Stathis. I. Stathis, General Manager of AGMC said, 'We are extremely delighted to be part of this exciting promotion. The success of DSS Grand Raffle is a significant indication of what the cooperation between the private and the government sector can achieve.'

Emcredit gets check default data from Dubai Public Prosecutors

2008-06-07T21:50:00.002+04:00

Emcredit, the United Arab Emirates' first credit rating bureau, said Dubai Public Prosecution agreed to supply it with information on lawsuits resulting from bounced checks.

The data will be fed into Emcredit's emBounce data product to help lenders in the Gulf state better assess credit risk, Emcredit said in an e-mailed statement today.

Freehold property buyers in Dubai fully entitled to a residence visa

2008-06-07T09:12:00.001+04:00

Dubai officials have confirmed that anyone who buys a freehold property in the emirate is fully entitled to a residence visa in the emirate through the master-developer, reported Gulf News.

In recent weeks there has been widespread concern among property buyers about this issue, with some believing that master developers had broken the contract as visas had not been issued.

DEWA increases Islamic bond sale 16% to $871 million

2008-06-07T09:08:00.001+04:00

Dubai Electricity & Water Authority, the Gulf emirate's state-run utility known as Dewa, increased its first sale of Islamic bonds in United Arab Emirates dirhams by 16 percent on investor demand for the securities.

Dewa raised its sale of five-year floating-rate Ijarah sukuk to 3.2 billion dirhams ($871 million) from 2.75 billion dirhams, data compiled by Bloomberg show. The notes pay 1.25 percentage points more than the quarterly Emirates interbank offered rate, which was last at 1.8813 percent, the data show.

Dewa hired Barclays Capital, Citigroup Inc., Dubai Islamic Bank PJSC and Emirates NBD PJSC to help it raise the sukuk, a banker familiar with the sale said May 21.

Muslim Shariah law forbids interest payments, so Ijarah sukuk are based on a leasing contract and pay a profit distribution to investors rather than interest.

/Bloomberg/

Oil rises to record on weakening dollar

2008-06-07T01:42:00.002+04:00

Crude oil surged more than $10 a barrel to a record as the dollar weakened after the U.S. unemployment rate grew the most in two decades and Morgan Stanley said prices may reach $150 within a month.

Oil may ``spike'' because ``Asia is taking an unprecedented share'' of Middle East exports, Morgan Stanley analyst Ole Slorer wrote. The dollar weakened against the euro after unemployment rose to 5.5 percent, signaling the Federal Reserve may be reluctant to increase interest rates. Oil also rose after an Israeli minister said an attack on Iran may be necessary.

Oil is ``being used as a hedge by speculative buyers for the weakened dollar,'' said Gary Adams, vice chairman of oil and gas consulting at Deloitte & Touche LLP in Houston. ``We are seeing that the price will continue to go up as investors look for alternatives.''

Crude oil for July delivery rose $10.75, or 8.4 percent, to settle at $138.54 a barrel at 2:48 p.m. on the New York Mercantile Exchange. Today's increase was the biggest gain in dollar terms ever and the largest on a percentage basis since June 1996. Oil rose $11.33 to an all-time high $139.12 a barrel during trading.

Today's rise was bigger than the entire price of oil on Dec. 10, 1998, when crude traded at $10.72 a barrel. Oil has more than doubled in the past year.

``This is all just a plain old stampede,'' Tim Evans, an energy analyst for Citi Futures Perspective in New York, said in an e-mail. ``The sellers have basically pulled their orders so it doesn't take much incremental buying to push prices higher.''

Record Gasoline

Gasoline for July delivery rose 21.35 cents, or 6.4 percent, to $3.548 a gallon in New York after reaching a record $3.565. Regular gasoline at the pump fell 0.3 cent to an average $3.986 a gallon after touching a record yesterday, AAA, the biggest U.S. motoring organization, said today on its Web site.

Shaul Mofaz, Israel's transportation minister and a contender for the post of prime minister, told the Yediot Ahronot daily newspaper that Israel will have to attack Iran if it doesn't abandon its nuclear-development program.

``The Iranian risk premium, which had left the market for some time, is likely to return and hover over the market in the next few weeks,'' said Antoine Halff, head of energy research at Newedge USA LLC in New York. ``The knee-jerk reaction to the comments by Mofaz will wear off quickly because Israel would not broadcast its intention in this fashion.''

Brent crude oil for July settlement rose $10.15, or 8 percent, to $137.69 a barrel on London's ICE Futures Europe exchange, a record close, after reaching an all-time high of $138.12 a barrel.

With Asia taking an ``unprecedented'' share of Middle East oil, U.S. benchmark West Texas Intermediate crude oil may reach $150 a barrel by July 4, Morgan Stanley's Slorer said in his report.

Oil Forecast

BNP Paribas SA, France's biggest bank, boosted its 2008 oil outlook by 19 percent to $124 on climbing Asian demand for diesel fuel and kerosene. Last month, Goldman Sachs Group Inc. raised its New York crude-oil price forecast for the second half of this year by 32 percent.

The market ``is underpinned by demand, which is totally different than 1973 and 1979'' when supply cuts caused prices to surge, said Ray Carbone, president of Paramount Options Inc. in New York. Oil's rise is linked to ``supply and demand. Nobody wants to admit it. Too bad.''

A decline in oil prices earlier in the week came after Congress held hearings on possible energy price manipulation, and billionaire investor George Soros said an oil price ``bubble'' is working with fundamentals in the market that may lead to a recession.

Prices rose yesterday after European Central Bank President Jean-Claude Trichet's comment that the bank may raise interest rates next month caused the dollar to fall against the euro.

Weaker Dollar

Oil has surged to records this year partly because investors have turned to commodities as a hedge against the falling dollar.

The dollar weakened further today after the Labor Department said the U.S. jobless rate increased by half a point to 5.5 percent, the biggest increase since 1986 and higher than every forecast in a Bloomberg News survey.

Rising unemployment ``is going to lead to a drop in the dollar and higher commodity prices,'' said Phil Flynn, a commodities trader for Chicago-based Alaron Trading. The Fed will be ``less aggressive in raising interest rates.''

The dollar decreased 1 percent to $1.575 per euro at 1:52 p.m. in New York, from $1.5593 yesterday.

Chevron in Nigeria

Workers at Chevron Corp. in Nigeria may strike, a union official said. Chevron has yet to respond to worker demands that the head of the Nigerian unit be replaced, said Ethelbert Uka, treasurer of the Petroleum and Natural Gas Senior Staff Association of Nigeria. Daily production of about 450,000 barrels of crude oil may be threatened, the Lagos-based newspaper Vanguard reported earlier.

A Chevron spokesman said the company is trying to open negotiations with the workers.

Nymex trading in crude oil, heating oil and gasoline on the Globex electronic system was ``briefly halted'' and resumed around 1:15 p.m. New York time because heating oil reached its limit move for the session, said Brenda Guzman, a spokeswoman for the exchange.

The limits, which govern maximum price moves, up or down, were doubled for the remainder of the electronic session, she said. Crude oil's limit rose to $20, natural gas to $6 and heating oil and gasoline rose to 50 cents.

/Bloomberg/

Rent directly from the owner in Dubai Media City (TECOM)

2008-06-05T19:11:00.006+04:00

The Concord Tower is one of the most prestigious office towers in Dubai. Located on Al Soufouh road in Dubai Media City, with a spectacular view of The Palm Jumairah, Sheik Zayed Road, Dubai Marina and Burj Dubai.

With more than 600,000 sq.ft. leaseable area, the building is a perfect choice for companies that are looking for spacious office space, in a prime location in Dubai.

Location

Concord Tower is located in Dubai Media City, and is part of the TECOM which is a free zone that offers 100 percent tax exemption and ownership for international companies. Located on Al Soufouh Road, with an easy access from Sheik Zayed Road, you will always find an easy access to reach your office in the Concord Tower.

Services

All tenants will enjoy many free of charges services.

Two gyms located on the roof top
Swimming pool, Jacuzzi and sauna
Retail shops, restaurants & coffee shop
Cleaning
Security

Office features

30 Storey of commercial and office space
600,000 sq.ft. leaseable areas
For every 800 sq.ft. a free parking would be provided. Additional parking available for an annual fee.

For further additional information on current availability, floor plans & quotations, please contact Information@DubaiChronicle.com or call on +971 50 8731863.

The Cultural Observer

2008-06-05T17:15:00.001+04:00

• The Sultan Bin Ali Al Owais Cultural Foundation, in cooperation with Juma Al Majid Centre for Culture and Heritage, hosts poet Karim Al Iraqi for a poetry recitation evening today at the foundation’s premises on Rigga Street. An art exhibition of Saudi artist Sara Al Sahli will also be opened today at the foundation.

• The Scene Club holds an awards ceremony for winners in the short film competition at the Conference Hall of the Knowledge Village, today at 07:00pm. For further information, please visit: www.thesceneclub.com.

• An art exhibition of artist Mehdi Fallah is held at the Knowledge Village, Block 13, until June 20, 2008.

• The Moda Gallery at the Mall of the Emirates hosts an art exhibition titled “Solo” by Suhail Al Budour until June 20, 2008.

• The Grosvenor House Hotel hosts an exhibition of artist Niamh Cunningham from June 07-15, 2008. For further information, please contact 0505385374.

• Dubai Press Club organizes a symposium on “Arabic Language in the UAE – Realities and Challenges” on Wednesday, June 04, 2008. At 04:30pm.

• B_ASEMENT hosts an exhibition showcasing the works of Aisling Haghshenas, Farbod Morshedzadeh, Hossein Edalatkhah, Rayka Milanian, and Shahpari Behzadi. The exhibition runs from June 16 to July 07, 2008.

• The Emirates Scientific Club announced its program of summer courses on photography, calligraphy and other subjects. For further information, please contact 0427222252.

• Rouq Ousha announced their cultural activities which will be starting from 25/5/2008 and will continue to the 10/6/2008. For information contact the following number 042611200.

• The Emirate of Dubai will host the inaugural Emirates Airline International Festival of Literature (EAIFL), where some of the world’s literary talents will be participating. The event will take place from February 25 to March 01, 2009.

• The first Documentary Films Initiative in the UAE will be held from 4 – 7 July 2008, at the Dubai Community Theater and Art Center of the Emirates Mall.

Dresdner Bank To Join The Dubai International Financial Centre

2008-06-05T17:08:00.002+04:00

Dresdner Bank has expanded its presence in the Near and Middle East region with the formation of a subsidiary in Dubai. The new company "Dresdner Bank (DIFC) Limited" has received a license from the Dubai Financial Services Authority to establish its office the Dubai International Financial Centre.

Dresdner Bank is one of the top ten players in Europe's private banking industry, and in Germany ranks number two in this segment. In total, the bank manages assets worth about 130 billion Euros (USD 201 billion) for its affluent and wealthy private clients.

Dresdner Bank is not new to the region having maintained a representative office in Dubai for over 12 years. Building on this experience, the new company has been established to serve as a platform for further growth throughout the GCC region specifically to take advantage of one of the most attractive and fastest growing private wealth management markets in the world. Dresdner Bank (DIFC) Limited will be part of Dresdner Bank's Private Wealth Management Division.

Welcoming Dresdner Bank to the DIFC community, Nasser Al Shaali, CEO of the DIFC Authority said: "With the exceptional growth of private wealth in the Middle East, the demand for wealth management services has experienced a tremendous surge. Institutions like Dresdner Bank with vast expertise in this sector have access to a large number of new market opportunities. Their office in DIFC gives the company the strategic platform to establish new relationships with customers, gain competitive edge and increase their share of the regional market."

Andreas Georgi, who represents this Division on Dresdner Bank's Board of Managing Directors said "The formation of a subsidiary in Dubai is a further step within the international expansion strategy of Dresdner Bank?s Private Wealth Management"

Clients will be able to access the comprehensive offering within the Allianz Group, which now encompasses two Shariah-compliant mutual funds managed by Allianz Global Investors ("Allianz RCM Islamic Global Equity Opportunities" and "Allianz RCM Islamic Global Emerging Markets Equity") to meet the high demand of Shariah-compliant investments in the entire region.

The new company will be run by Nigel Putt, who has managed client relationships in the Near and Middle East for many years and who offers comprehensive experience in regional and international private wealth management. The Team will be supported by the addition of further relationship managers in the coming months.

Dresdner Bank's Private Wealth Management Division has been expanding recently. Last year, the bank increased the number of offices in Germany dedicated to this sector from 7 to 22 and enlarged its international footprint through the acquisition of two asset managers in Belgium. In addition, new offices have been opened in three locations in Great Britain. Kleinwort Benson, the British subsidiary, was recently awarded "Best Private Bank in UK" by Financial Times and Investors Chronicle. The establishment of Dresdner Bank (DIFC) Limited further complements the expansion of the division on a global basis.
/Mondo Visione/

Developers hit by bank funding cap

2008-06-05T16:34:00.002+04:00

New entrants and medium size developers in the UAE are finding it difficult to obtain finance for their projects as banks are on the brink of reaching the 20 per cent cap on funding to real estate, say industry sources.
The UAE Central Bank says all banks operating in the domestic market may lend only 20 per cent of their domestic deposits for land purchase and development.

This law was enforced in the UAE in the early 80's, at a time when there was a global dip in the real estate market. The government obviously wanted to control an over-exposure to the real estate sector then.

"The law is probably outdated but it has not been repealed so far," TK Raman, Chief Operating Officer of Abu Dhabi-based Finance House, told Emirates Business. "Most lenders in the market are getting closer to that level and are becoming more selective as a result."

Developers have started to feel the pinch. Kwon Hong Sa, Chairman of South Korean developer Bando Corporation, said: "We have found many institutions interested in providing construction finance but it is financing for land that we have realised is rather difficult to get in the market." Bando is looking for $1billion (Dh3.67bn) of external funding for land purchases to start construction of its projects in Dubai.

"We have so far approached eight financial institutions, two local and six international, with regard to this," added Hong Sa.

"Korean banks are unfamiliar with Dubai land transactions and procedures so we think it could be quicker if we had funding from a local bank or institution. Banking systems in Korea are different from those in Dubai and generally the obstacle we face is the need to produce information on the market here in a format that is acceptable to institutions in Korea," he said. Bando has a turnover of $150m in Dubai and $500m in Korea and has self-financed its $400m maiden Dubai venture - U-Bora Towers.

Raman said: "It's not that lenders don't recognise the credibility of international developers and acknowledge their achievements abroad. It's just that when you are a relatively new player in the market you are probably not a high priority for lenders."

Hadara Development and Investment, which plans to enter the Dubai realty sector, are looking to strategically align with partners for borrowing purposes.

Chief Executive Tariq Ramadan said: "What we believe is that borrowing is hard to come by for both local and international developers. It is better for developers to be self-reliant to a certain extent."

Buniah Chief Executive Mohammed Al Safeen said: "In Dubai today there is no such thing as easy funding for real estate projects. There are quite a few practical options available - for example if a developer pays for land in full it can be mortgaged.

"Also joint or co-ventures and strategic alliances are options that developers in the market continue to use as financing tools for their projects. And pre-sales is a revenue stream that developers continue to depend on for raising capital."

However big-time developers say for them to obtain finance is not difficult but alternatives such as joint ventures are more sustainable options for securing funds.

A Damac PropertiesDamac Properties official said: "We have our own funds so we are not looking for financiers. We do sometimes opt for joint venture, not because of financial constraints but because of the nature of land acquisition in international market.

"In Malaysia and India, for example, it is difficult for even big developers with a considerable fund base to develop solo. But in Dubai we might consider a joint venture; again not because of financial constraints but because of the nature of the business or the partner."

A Nakheelspokesperson said: "Our international development strategies include joint ventures such as our investment with leading Australian developer Mirvac and with leading companies in targeted markets and development projects in which we can add value through our innovation and expertise.

"To help us deliver our projects in the coming years, we are putting into place prudent agreements with regard to the cost of construction. We've approached contractors on the basis that they're our partners, which is why we've attracted top-flight companies for this.

"We've spent a lot of time formalising locked-in agreements for building materials such as steel. If you lock in with contractors early enough, the price escalation risk can be removed, which is so important. Joint venture opportunities in Dubai will always be a consideration, but there's nothing I can disclose at this stage."

Al Safeen said: "The bigger developers are more fortunate as they are able to source funds in the market. It is the mid-size developers who are not able to leverage much due to their business structure who find it really hard. Our own benchmark is a little different. We don't typically like to arrange project finance for something which exceeds 24 months. We think that for a new developer starting a project, the financing may spill over to three to four years until he really starts selling properties."

Interest rates for land loans vary from 7.5 per cent to 10 per cent and there are additional charges.

"Specifically on financing for land in Dubai, generally nobody gives a 100 per cent loan. A minimum 30 per cent down payment is required and the balance can be financed. The idea is that the developer or investor has to represent a risk-free proposition to the lending institution. I am optimistic about the fact that as the market matures you will see more of an international situation where more international lenders enter the market," Safeen said.

Sundar Parthasarthy, Senior Vice-President of Abu Dhabi Commercial Bank, said lenders had started to check out developers more thoroughly before providing funds. "We look at the background of the developer. We look at their cash flows and whether they are sustainable and examine their management background. The developer today has to be that much more financially secure to enter the market here. A company may be big in its home country or other markets but nobody may know that in this market," he said.
By Anjana Kumar

/Emirates Business 24/7 /

Pilot operation of 10 'hybrid' environment-friendly vehicles launched

2008-06-05T10:48:00.002+04:00

Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, yesterday inaugurated the pilot operation of 10 'hybrid' environment-friendly vehicles.

According to Mattar Al Tayer, Chairman of the Board and Executive Director of the Roads and Transport Authority (RTA), these vehicles would be run on an experimental basis for one year as taxis.

"The RTA and General Motors Company will embark on the experimental operation of 10 hybrid cars for one year as taxis. They are fitted with twin engines and run on fuel and electricity. During the experimental period, measurements will be made to identify the capability of hybrid car batteries, their lifetime and the percentage of fuel saving," Al Tayer said.
General Motors has completed training of more than 100 individuals from Dubai Taxi, Dubai Police, Civil Defence and Ambulance Services on operating and maintaining hybrid cars, the official stated.

Al Tayer added that the department was making efforts for ensuring an environment-friendly transport system in the emirate.

"RTA seeks a complete renovation of all mass transit system in the emirate so that it will become environment-friendly. A team has been formed to substitute the existing taxis and public buses with new environment-friendly vehicles using hybrid engines and replacing the existing abra engines with CNG operated engines. All of this is a first step in a master plan to make vehicles in Dubai environment-friendly," he pointed out.

He added that following the results of the experiment, RTA will start gradual replacement of taxis in Dubai with environment-friendly vehicles. Also, there were plans to start hybrid public buses as well.

Terry Johnson, President of General Motors Operations, Middle East, said they were extremely proud to team up with the RTA to introduce such modern technology to the Middle East for the first time.

Shaikh Maktoum also inspected the new double-decker buses which would start operations soon.
/WAM/

Madame Tussauds to launch in Dubai

2008-06-05T09:25:00.000+04:00

The world famous Madame Tussauds waxworks museum could be set to launch in Dubai, the CEO of Merlin Entertainment Group has told magazine Leisure Manager.

Nick Varney said the attraction, which is renowned for its lifelike models of celebrities, would include well-known regional figures as well as global names.

"We're very interested in working with Tatweer on more developments," Varney said in an interview.

"We see it as a strategic partnership, we have good relationships with Tatweer and we have a common shareholder right at the top of the tree, so yes, we'd like to discuss with them observation attractions and Madame Tussauds."

Merlin, the second largest attractions company in the world after Disney, operates Madame Tussauds in London, New York, Amsterdam, Shanghai, Hong Kong, Washington DC, Las Vegas and Berlin.

The news follows Merlin's partnership with Dubailand master developer Tatweer to bring its Legoland theme park brand to the tourism mega-project.

Varney said Legoland Dubailand would be largely inspired by regional icons, with lego models of the Burj Dubai, Burj Al Arab and Pyramids of Giza to be included in its Miniland clusters.

Merlin already operates Legoland parks in the UK, Denmark, Germany and US.

Merlin's observation attractions include the London Eye in the UK and the Pepsi Globe in the US.

Varney said Merlin's ongoing expansion plans included the addition of hotels to some of its premier theme parks to create destination attractions.

He said there were also plans to rollout of Merlin's mid-way brands - Madame Tussauds, The Dungeons, Sea Life, Legoland Discovery Centres and observation attractions.

"At the moment, we're rolling these out at five a year. We've got 120 sites identified around the world so I know we can keep doing this," he said.

Consumers call on banks to stop hoarding rate cuts

2008-06-05T09:20:00.001+04:00

UAE banks should be forced to pass on successive US interest rate cuts to their customers, according to the latest ArabianBusiness.com spot poll.

Discontent has been growing among homeowners in the Gulf state over banks' unwillingness to pass on the cuts, which should have sent mortgage rates tumbling.

The US Federal Reserve has slashed interest rates seven times since September, bringing down the cost of borrowing to just 2%.

The UAE pegs its currency to the ailing US dollar, which forces the Gulf state to mirror Fed monetary policy in order to maintain the relative attractiveness of the dirham.

However, banks have resisted lowering their rates to below a range of between 7.1-8.5%, infuriating customers who feel they are paying over the odds on their mortgages.

An overwhelming 76.4% of respondents to the poll said the successive interest rate cuts should be applied to mortgage and loan customers, since banks are “getting their money cheaper than ever”.

A further 13.3% said banks should pass the cuts to “an extent”, but agreed that if customers are told mortgage repayments vary according to underlying interest rates then banks should honour that.

The remaining 10.1% said banks should not have to pass the cuts on, and should “make hay while the sun shines” by using cheaper borrowing rates to improve their profit margins.

/Arabian Business/

ZU announces three new graduate programmes

2008-06-04T23:02:00.001+04:00

Zayed University yesterday announced the launch of three new graduate programmes for all nationalities. The programmes will commence from October this year.

The announcement was made on the sidelines of a college seminar organised by the College of Information Technology. The event was held at the university's Institute for Technological Innovation at Dubai's Knowledge Village.

The College of Information Technology and its international partner George Washington University in Washington, DC, will offer the Master of Science in Information Technology with specialisation in Cyber Security, the Graduate Certificate in Information Security, and the Graduate Certificate in High Technology Crime Investigation.

Talking about it, Dr Sulaiman Al Jassim, Vice-President of Zayed University said, "Admission to the three graduate programs is open to males and females of all nationalities. Applicants will be evaluated following their completion of an undergraduate degree in IT, MIS, Business or any related field from an accredited university.

“In addition, they should have a proficiency in English to manage a challenging, fast-paced programme."

Dr Leon Jololian, Acting Dean of College of Information Technology said, "The Master of Science in Information Technology (Specialisation in Cyber Security) focuses on the development of concepts, knowledge and skills that will enable successful participants to become experts in the area of information security, Internet crime prevention, and digital crime investigation.

UAE telecom Du banned internet phone service Skype

2008-06-04T20:24:00.002+04:00

Thousands of people can no longer make cheap calls to family and friends abroad after UAE telecom Du banned internet phone service Skype, the latest in a string of recent internet restrictions rolled out by the operator.

Residents living in Dubai's free zones and freehold developments owned by Emaar Properties and Nakheel first noticed disruption to their Skype service last week, complaining that although they could access the Skype website they could not make phone calls over the internet.

In a statement emailed to ArabianBusiness.com, Farid Faraidooni, Du commercial executive vice president, confirmed a partial ban was now in place.

“Du complies with all the guidelines of the Telecom Regulatory Authority (TRA) with regard to content filtering. Accordingly, as per the TRA's instructions, only PC to phone and phone to PC communications are blocked - voice over internet protocol (VoIP),” Faraidooni said.

Du's actions appear to contradict comments made by CEO Osman Sultan in an interview with ArabianBusiness.com in April, in which he said subscribers would not lose access to Skype under new internet restrictions.

Du in April joined rival telecom Etisalat and began filtering internet content through the UAE proxy server. Previously Du subscribers had unfettered access to the web.

The proxy server blocks websites that contain content pertaining to pornography, alcohol, gambling, hatred, child abuse or terrorism, according to the TRA.

At the time Sultan said only websites with "offensive" content would be blocked under the new filtering policy.

The TRA is currently finalising new regulations covering internet access in the UAE, with the 'Internet Penetration Policy' expected to be published before the end of this year.

On Monday Du issued a press release offering cheaper international calls to its customers. For each second of an international call, customers will receive one fil of free credit.

The Freetime offer began on Monday and applies to Du mobile customers.

/ITP.net/

Oil drops to $123 a barrel

2008-06-04T19:57:00.001+04:00

Oil on Wednesday fell below $124 a barrel to its lowest level in nearly three weeks after a fuel price rise in India, which is expected to curb demand.

Wednesday's losses added to a more than $3 slide on Tuesday when the US Federal Reserve warned the weakness of the US currency threatened to stoke inflation.

US crude fell to as low as $123.15 a barrel, the lowest since mid-May. It was trading 85 cents lower at $123.46 a barrel by 0939 GMT. London's Brent crude was trading $1.26 lower at $123.32.

Dollar weakness, which makes dollar-denominated commodities relatively cheap, had been a major factor in oil's rise to a record above $135 a barrel in May.

The high prices have begun to erode demand and have made the cost of subsidies paid out by governments in emerging economies very hard to bear.

India raised its petrol and diesel prices by about 10% on Wednesday, the biggest increase in years.

Other Asian countries have already cut or are considering reducing subsidies, with potentially major implications for demand.

If demand in Indonesia, Taiwan, Thailand, Malaysia and India fell by 5%, that would lower daily crude use by more than 310,000 barrels, the equivalent of two North Sea oil fields' output, said Addison Armstrong of Tradition Energy.

Wednesday's sharp sell-off followed strong selling on Tuesday when US Federal Reserve Chairman Ben Bernanke's warning sent the dollar higher and pushed oil and other commodities lower.

"This could signal the end of the surge in dollar-based commodities which have attracted buyers who see it as a hedge against inflation," Robert Laughlin with MF Global said in a research note.

The oil markets could take further direction from the latest US data on supply and demand scheduled for release at 1430 GMT on Wednesday.

Analysts polled by newswire Reuters expected an 800,000-barrel rise in US crude stocks, a 1.4 million barrels increase in distillates and a 400,000-barrel rise in gasoline inventories.

(Reuters)

Raffles Dubai sets precedent for hospitality technology systems

2008-06-04T16:18:00.002+04:00

Raffles Hotels & Resorts, ranked one of the top hotel groups worldwide, are opening their doors in Dubai with a landmark property next to Wafi Mall. Well known for their pursuit for excellence, Raffles Hotels & Resorts have made every possible effort to ensure that their Raffles Dubai is set to be a market leader and a new landmark. In line with their mission, Alpha Data was selected to implement the latest in hospitality technology at Raffles Dubai.

“The growth in Dubai, not only in terms of numbers of hotels, but in levels of service excellence is phenomenal,” said Ravi Veerasawmy at Raffles Dubai. We were looking for a technology partner who is at the very leading edge to ensure that the systems we installed would provide our guests with the very best in facilities.”

“Alpha Data is one of the only ICT companies in the country who were able to work with us as a systems integration manager to seamlessly link our telephony networks, networking systems, interactive television, building management systems and room managements systems. We needed that level of experience and skill set to ensure that Raffles Dubai sets a new standard in the local hospitality sector,” added Veerasawmy.

“There’s no shortage of exciting, innovative technologies available to help hoteliers create unique, positive guest experiences. Such solutions can establish and reinforce guest loyalty while maximising the profit potential of each guest,” said Anil KJ, a Hospitality Consultant at Alpha Data. “Integrating numerous systems and devices to work together and exchange information is the number one challenge for many hoteliers and that’s where we come in.”

“One of the key requirements was for fully integrated room management and guest access systems. As this had not been done before in the UAE, we worked closely with our manufacturing partners to develop the panels, integrate them and install the systems throughout the hotel,” Anil KJ added.

“Alpha Data has worked as a systems integrator for the vast majority of the key landmark hotels across UAE over the past ten years and we are very proud to have been part of the development of Raffles Dubai,” said KSN Prasad, General Manager of Alpha Data Dubai.

About Alpha Data

Founded in 1981, Alpha Data is one of the largest IT and Telecom Solutions companies in the Emirates with revenues in excess of $120 Million and offices in Abu Dhabi and Dubai. Alpha Data strives to build long term client relationships based on mutual trust and respect. With a team of over 700 qualified personnel, Alpha Data provides complete end-to-end solutions in the following areas of expertise: Telecommunications & Radio, Networking & Security Solutions, Infrastructure Cabling, Enterprise Computing, Audio Visual Systems and Applications. Each of our specialist areas are backed up by highly qualified presales and post sales support teams who handle both project implementation and post-sales support.

Alpha Data is a leader in hospitality technology solutions. With over 15 years of working with over 200 top hotels Alpha Data has both the solution range and the technical expertise to provide technology across an entire property.

Alpha Data is at this year’s Hotel Show, Dubai World Trade Center, Zaabeel Hall from the 8th to the 10th of June, 2008.
For more information, please visit www.alpha.ae

About Raffles hotels & resorts

Raffles is a collection of luxury hotels and resorts worldwide, each distinguished by its luxury, elegance and residential charm. Each hotel is a landmark in its respective city, positioned at the top of its local market and rated among the very best in the world.

Raffles’ relentless pursuit of service excellence has earned for its hotels and resorts a legion of international accolades, including Condé Nast World’s Best Places to Stay and Travel & Leisure World’s Best Awards. Its flagship Raffles Hotel Singapore was named Best Hotel in Asia by readers of Ultratravel magazine by The Daily Telegraph and Best Luxury Hotel 2006 by Travel Trade Gazette Asia. Raffles Hotels & Resorts was ranked second among the world’s top hotel brands in the 2006 Condé Nast Traveler Business
Travel Awards. For more information, please visit www.raffles.com

Pearl Dubai starts work on the first phase of Dubai Pearl

2008-06-04T13:49:00.000+04:00

Pearl Dubai, a group of investors led by Al Fahim Group, has stated construction work on the first phase of its mixed-use real estate development, Dubai Pearl.

Abdul Majeed Al Fahim, Chairman of Pearl Dubai, said: "Pearl Dubai registered an overwhelming response from investors during the first two launches of its commercial and residential units in 2008. The market feedback has emphatically reiterated the high level of confidence Dubai Pearl enjoys amongst investors.

With the completion of scaffolding and site hoarding, and the obtaining of mobilisation permit from TECOM Investments, Pearl Dubai has begun mobilising contractors for the foundation works of the landmark real estate project in Dubai. The Dubai Pearl project is located in the heart of Dubai Technology and Media Free Zone (TECOM Investments), overlooking Palm Jumeirah in the emirate of Dubai. The real estate project is scheduled to complete by December 2010 and will have a built-up area of more than 15 million square feet.

The Cultural Observer

2008-06-04T08:53:00.002+04:00

• His Highness Sheikh Majid Bin Mohammed Bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority today opens the 'Dubai in the 21 Century' exhibition in the Vita Design Museum which offers a comprehensive and fascinating survey of Arab domestic cultures. The Event is held in Basil, Switzerland from June 3 to June11.

• The Moda Gallery at the Mall of the Emirates hosts an art exhibition titled “Solo” by Suhail Al Budour until June 20, 2008.

• The Grosvenor House Hotel hosts an exhibition of artist Niamh Cunningham from June 07-15, 2008. For further information, please contact 0505385374.

• Dubai Press Club organizes a symposium on “Arabic Language in the UAE – Realities and Challenges” on Wednesday, June 04, 2008. At 04:30pm.

• B_ASEMENT hosts an exhibition showcasing the works of Aisling Haghshenas, Farbod Morshedzadeh, Hossein Edalatkhah, Rayka Milanian, and Shahpari Behzadi. The exhibition runs from June 16 to July 07, 2008.

• The Emirates Scientific Club announced its program of summer courses on photography, calligraphy and other subjects. For further information, please contact 0427222252.

• Rouq Ousha announced their cultural activities which will be starting from 25/5/2008 and will continue to the 10/6/2008. For information contact the following number 042611200.

• The Emirate of Dubai will host the inaugural Emirates Airline International Festival of Literature (EAIFL), where some of the world’s literary talents will be participating. The event will take place from February 25 to March 01, 2009.

• The first Documentary Films Initiative in the UAE will be held from 4 – 7 July 2008, at the Dubai Community Theater and Art Center of the Emirates Mall.

The trade between Dubai and India touched $19 bn in 2007

2008-06-03T19:45:00.001+04:00

Indian Consul General Venu Rajamony told reporters here yesterday that total trade between India and Dubai from 2003 to 2007 has increased over six-fold from $3.5 billion to $19 billion.

Imports of Dubai from India rose about four-fold from $2.6 billion to $9.9 billion in last five years, while exports to India increased by whopping 39 times to $3.9 billion from $0.1 billion. Re-exports from Dubai to India increased $0.8 billion to $5.9 billion.

The major commodities imported by Dubai were precious and semi-precious stones, and precious metals valued at about $5.8 billion.

Recent Dubai Customs figures show that India has emerged as Dubai's top trade partner in the first quarter of 2008, with the country heading the list of import and export destinations from the latter.

India has a share of 13.14 per cent of the total imports from the emirate worth AED 12.6 billion (1 AED = $0.272), while 45.7 per cent of the total exports worth AED 4.7 billion during the period.

In 2007, imports of Dubai from India were the second largest after China, and the percentage of India's share in the imports of Dubai went up to 12.2 per cent from 10.6 per cent in 2006.

/Business Standard/

Noor Islamic targets low-income savers

2008-06-03T13:47:00.000+04:00

The United Arab Emirates' Noor Islamic Bank is to target lower-income workers by launching Islamic banking products through the country's post office network.
The joint venture between Noor Islamic and the UAE post office is targeting the 50 per cent of the population who have no formal bank accounts, according to Hussain Al Qemzi, Noor Islamic's chief executive.

"Post office banks are common around the world," says Mr Qemzi. "It is time for an Islamic bank to try out this idea. We have signed a contract with the post offices [in the UAE] to create a post bank to cater to the poor."

Regular banking accounts for low-income individuals would comply with an order from the ministry of labour that requires companies to deposit salaries in banks.

For many low-income expatriate customers from countries such as India, Pakistan and the Philippines, who represent a significant chunk of the UAE's workforce, a post office account would offer significantly lower charges than those of regular banks.

It would also bring these workers into the formal economy and may cut into the hawala system on which many low-paid workers are forced to rely in order to transfer funds back to their families. The informal hawala system has been identified as a financing mechanism used by extremist networks.

The proposed activities of the joint venture will include debit cards, Islamic insurance, credit cards, microfinancing, salary payments, remittances and currency exchange, according to earlier statements. "We understand that providing banking services to the low-income segment may not be lucrative," the joint venture said earlier this year.

Noor Islamic, which began taking deposits from customers this year, is 25 per cent owned by the Dubai government, 25 per cent by Sheikh Mohammed bin Rashid Al Maktoum, Dubai's ruler, 5 per cent by the UAE federal government and 45 per cent by 17 UAE royals and businessmen, according to earlier reports. Some of the most prominent names in Dubai's business elite sit on the bank's board.

Many critics lament the fact that, in practice, Islamic banks are no different from conventional banks, in the sense that they in effect pay the same kinds of assured returns that are paid by regular banks.

Mr Qemzi says that he is looking for expansion into Asia, Africa and even Europe, regions which are home to large and growing communities of Muslims.

"We see plenty of areas which are empty. North Africa and Central Asia has no presence of Islamic banking. Indonesia and Pakistan has a very small presence of Islamic banking," he says.

Noor Islamic may choose to acquire either conventional banks which can be converted to Islamic institutions or existing Islamic banks for expansion. Mr Qemzi previously helped convert the National Bank of Sharjah into an Islamic institution.

"Either you go organic by getting [Islamic banking] licences [in other countries] or you acquire conventional banks and convert them [to Islamic banks]," he says. "You have to do this very carefully. You need to consider the cost of conversion and the regulation has to be in place."

One challenge for such consumer-based expansion is finding bankers who are equally versatile with the needs of the market and familiar with Islamic concepts. This is a common problem cited by top executives at Islamic banks. "We are in a situation where so much talent is chasing such few people," says Mr Qemzi.

/The Financial Times/

Mobile customers receive 1 fils credit for every second of international calls

2008-06-03T13:31:00.001+04:00

du, the integrated telecom service provider in the UAE, has announced the launch of its ground breaking Freetime offer. With Freetime du mobile users can receive free credit every time they make an international call to any destination.

For every one second of every international call, the customer gets one fils of free credit. So, for a one minute call they get 60 fils worth of credit.

This effectively means that a customer can save as much as 60% on international call rates depending on the country they are calling and the time they are calling.

The Freetime offer, which started on 2nd June 2008, will benefit all du mobile customers - Pay as you Go (prepaid) Monthly Plan (postpaid), Visitor Mobile Line and Business Mobile customers, during peak and off-peak times. The promotion does not include international calls made while roaming in other countries.

Farid Faraidooni, EVP of Commercial, du, said: “du is always keen to provide its customers with a unique communications experience that offers convenience and value-added services. The cost-saving offered by Freetime further underscores the value we place on each second used in communicating with loved ones, no matter how far away. Our customers now get the added benefit of actually building up their credit as they keep in touch with friends and family abroad.”

While the Pay as you Go and Visitor Mobile Line customers will be instantly credited after each call, Monthly Plan and Business Mobile Connect (Business postpaid) customers’ monthly bills will be offset with these credits.

All customers have to do to activate this service is call the toll-free Self-Care number 135 from their du mobile and choose option 6. Customers who activated Freetime last year will have the offer automatically activated this time. Mobile Connect (business postpaid) customers need to request for the activation of the Freetime offer through their company administrator.

Customers who are already enjoying discounted Me and Mine rates will also benefit from the Freetime credit.

VAT rate set at 3%

2008-06-03T13:21:00.001+04:00

Dubai Customs has recommended a rate of three per cent for the value added tax (VAT) the UAE would introduce next year as part of a Gulf initiative.
A final decision on the rate and timing of VAT's implementation will be taken by the federal government.

This will mark the country's exit from a perceived 'tax-free' haven to a tax regime.

Although the country is yet to formally launch direct tax, its residents have been paying indirect taxes in the form of fees, surcharges, and road tolls, etc.

Dubai Customs director-general Ahmad Butti Ahmad said the UAE is likely to be the first country of the Gulf Cooperation Council to introduce the tax on goods and services.

"VAT makes sense for Gulf states diversifying into sectors like tourism, hospitality and financial services," Ahmad said at a media briefing on Sunday night, and described it as "the best tax system" for boosting the UAE economy.

/Gulf News/

Emirates expects to grow 15-20 percent in 2008-2009

2008-06-02T23:33:00.002+04:00

Dubai's Emirates Airlines expects to grow 15-20 percent in 2008-2009 and around 25 percent in the follow year as it takes advantage of booming economic growth in the Gulf, Emirates President Tim Clark said on Monday.

His bullish outlook was in sharp contrast to predictions of industry traffic growth of 3.9 percent this year, according to the International Air Transport Association (IATA).

Clark told Reuters on the sidelines of an IATA conference he expected 15 to 20 percent growth in available tonne kilometres -- the total weight of passengers and cargo multiplied by the distance carried -- for the fiscal year 2008-2009.

"It probably steps up more in 2009-2010, probably around 25 percent," he said, adding growth would be helped by the arrival of the A380 superjumbo jet. Emirates is by far the biggest customer of the world's largest aircraft with 58 ordered.

"We have grown about 20-30 percent per annum for a long time, our seat factor went up five percentage points last year when we put in a 22 percent increase in capacity so when we put in more we gain more," Clark said.

Emirates -- the largest Arab airline -- finished the 2007-2008 fiscal year with a load factor of 80 percent and Clark said the airline planned to push that figure up in the next few years, perhaps to 82 percent.

Gulf Arab airlines, most of which are owned by their governments, have been buying billions of dollars' worth of aircraft, capitalising on their location between Europe, East Asia and Africa to expand the region as a hub for international passenger traffic and take market share from rivals such as British Airways and Qantas Airways.

Clark said Emirates was well positioned to weather the global economic slowdown and the crisis that has begun hitting the airline industry, particularly in the United States.

"Don't forget the United Arab Emirates and Qatar GDP growth are running at double digits ... per annum. There is enormous wealth creation going on there for which it is a two-way benefit, we benefit and we contribute to that," Clark said.

RECORD OIL PRICES

Oil prices have roughly doubled in the last year, putting pressure on airlines which have seen their fuel costs soar. Oil prices hit an all-time high of $135.09 a barrel on May 22.

"I would see it creep to $140 (this year) and then start to come off ... my view is that it will go up but then it will come back down again because there will be some rationalisation in the industry," Clark said. "I do not share the $200 view."

As a consequence Emirates, like other airlines, would have to be prudent with costs due to the high oil prices, Clark said.

The expected slowdown in the industry was not pressuring the Dubai airline to trim its aircraft orders or even capacity.

"We have always faced a problem where our capacity never meets our demand. As you can see we grow our seat factors five percent points so unless we increase capacity we are going to be spilling an enormous amount of business," he said.

"As far as we are concerned we have an order stream by and large working and being delivered just about as they said they would be," he said.

/Reuters/

Dubai Customs Illustrates the Main Aspects of VAT

2008-06-02T23:25:00.001+04:00

The date for the switch to VAT from the Customs Duty is to be determined by the federal government

In a media briefing session held last night, Dubai Customs, the organization that has been commissioned to prepare a study about the VAT system, illustrated the main aspects of the new tax system in order to raise the awareness amongst key stakeholders and the public at large.

In this briefing, held at the Raffles Hotel, Dubai and attended by a large number of local, regional and international media representatives, Ahmad Butti Ahmad, Director General of Dubai Customs confirmed that draft laws have already been submitted for approval to the UAE’s federal authorities and are awaiting approval. He also announced that the report on the level of Value Added Tax to be used in the UAE recommended a 3% threshold, and that the final decision is to be taken by UAE’s federal authorities.

Butti said that all rumors about the switching date are not more than speculations, and that UAE’s federal authorities have not determined a certain date yet. Butti believes that this date would be perfectly timed and aligned with UAE’s comprehensive economic strategy.

“The revenues of the new VAT system would match the customs duties which would be canceled when the new system is implemented. Therefore, the new VAT system would not have any negative effect on the inflation rates in UAE.” Butti said.

Answering a question about the implementation of VAT in other GCC countries, Butti said that this implementation depends on their readiness. However, he believes that all GCC countries would implement the VAT system eventually. Butti also confirmed the readiness of Dubai Customs to implement this system as soon as it’s approved, because Dubai has already initiated a proper methodology in 2006 to implement VAT.

“VAT system is the best taxation system in the world, and by being highly transparent and accurate, this system would bring a lot of benefits to the UAE. This system would not have any negative effect on foreign investments because foreigners are used to such taxation systems and they prefer to operate under the umbrella of this system instead of being subject to unclear taxes.” Butti added.

Butti said that VAT is already in use in 145 countries around the world and that over the past years it was proven that VAT is the most transparent and fair system in the world.

Butti referred to Mohsen Khan’s, IMF Regional Director in the Middle East, remarks in a press conference that was held lately. Khan said that VAT is crucial for diversifying the UAE’s economy into new sectors such as: Hospitality, Tourism, Financial services and transportation.

Khan was urging UAE to be the first GCC country to implement the VAT system, because Dubai has reached major milestones in preparing the platform for the new system.

Emirates Post opens new post offices at Dubai Silicon Oasis and Al Barsha

2008-06-02T13:06:00.004+04:00

Emirates Post has opened two new post offices in Dubai: Dubai Silicon Oasis (DSO) and Al Barsha.
The new post offices were inaugurated by Mr. Abdullah Al Daboos, President of Emirates Post Holding, accompanied by Mr. Ibrahim Bin Karam, CEO of Emirates Post, and other senior officials.

The Dubai Silicon Oasis Post Office will be open from 8 am to 3 pm. Apart from offering all regular services, it will have 500 P.O. Boxes. The Al Barsha Post Office will be open from 8 am to 10 pm. It will house 700 P.O. Boxes.

“The post offices are being opened in two of the fastest developing areas in Dubai. Dubai Silicon Oasis is attracting global companies specializing in technology-related areas. With residential complexes and offices, Dubai Silicon Oasis is set to become a vibrant business and residential hub,” said Mr. Abdulla Al Daboos.

Commenting on the inauguration of Emirates Post post-office at DSO, Dr. Juma Al Matrooshi, Sr. Chief Corporate Services Officer, Dubai Silicon Oasis Authority (DSOA), said: “In our goal to develop an integrated community dedicated to technology, it is quite important for us to ensure that engineers and their families living in Dubai Silicon Oasis have access to day to day utilities. The launch of postal services by Emirates Post at DSO represents a vital component of DSO’s integrated city concept.”

Commenting on Al Barsha Area office, Al Daboos said: “Al Barsha area is already humming with a lot of activity and has witnessed huge population growth over the past years. We are pleased to bring postal and related services to the residents of this booming area.”

Emirates Post, one of the most dynamic postal organizations in the region, is part of the Emirates Post Holding, a diversified group involved in postal, courier, financial services, direct marketing, mail fulfillment, card personalization, etc.

About Emirates Post

Emirates Post is a commercially vibrant organization providing high quality services to the public and the corporate sector. Emirates Post has developed innovative new services, diversified its offering and established alliances with global postal corporations. Emirates Post’s diversified offering includes mail fulfillment, utility bill payment services, government services, direct mail, banking, retail services and money exchange & remittances.

About Dubai Silicon Oasis

Dubai Silicon Oasis Authority (DSOA), a 100% owned entity by the Government of Dubai is a free zone, strategically placed on Emirates Road. DSOA’s urban master-planned community spans 7.2 square kilometers of state of the art office towers, R&D and industrial zones, educational institutions, luxury apartments, villas, hotels, healthcare and a full range of lifestyle facilities which translate into a dynamic commercial and social environment. Businesses can flourish under the unrivalled package of incentives, including 100% ownership, and high end IT infrastructure that allows companies to begin operating immediately.

Brad Pitt to Help Design America-Themed Dubai Hotel

2008-06-02T11:08:00.003+04:00

Brad Pitt, the star of ``Fight Club'' and ``Ocean's 11'' who professes a passion for architecture, will be a design consultant for an 800-room hotel and resort Zabeel Properties plans to build in Dubai, the developer said.

Zabeel, based in Dubai, hired architecture firm Graft LLC to design an America-themed hotel in the United Arab Emirates city, the closely held developer said today in a statement. Los Angeles-based Graft, which has worked with Pitt on rebuilding efforts in New Orleans, will include the 44-year-old actor on its Dubai design team, Zabeel said.

``Acting is my career, architecture is my passion,'' Pitt said in the statement. As ``my first major construction project,'' the Dubai hotel will feature ``environmentally friendly architecture, but also embrace my career in entertainment.''

Detailed plans for the hotel and resort will be made public in the next few months, Zabeel said. The developer didn't give the project's exact location or say how much it would cost to build.

The company's properties comprise about $5 billion of residential, commercial and hotel projects, including Tiara Residence and Tiara Hotel, which are part of the Palm Jumeirah artificial-island development.

Graft is one of the architecture firms Pitt began working with in 2007 to rebuild New Orleans's Lower Ninth Ward neighborhood, which was devastated by Hurricane Katrina in 2005. Pitt's New Orleans-based Make It Right organization is working to build affordable homes in the area.

Pitt has long been an admirer of Scottish architect and designer Charles Rennie MacKintosh and American architect Frank Lloyd Wright, BusinessWeek magazine said in a 2005 profile of the actor. He became friends with Frank Gehry during a home- renovation project in 2001, and studied computer-aided design at the architect's Los Angeles offices, the magazine said.

/Bloomberg/

Burj Dubai soars to Dh13,000 per sq.ft.

2008-06-02T10:49:00.004+04:00

The cost of a square foot in some parts of the Burj Dubai has increased to Dh13,000.

Prices in the world's highest tower, which is due to open by the end of 2009, start at Dh 10,000 per sq ft compared to Dh 4,000 just a few months ago.

The Burj Dubai's biggest competitor in terms of price is the Palm Trump International Hotel and Tower, where the square foot rate recently topped Dh12,500.

The Palm Jumeirah has retained first place in terms of returns as the rate has risen to more than 600 per cent over the past six years.

Some villas that were sold for Dh2.6m five years ago have recently attracted offers of more than Dh13m. Meanwhile record amounts are being paid in developments such as Business Bay, the Lagoons and Culture Village areas.

Office units in Business Bay saw a big demand from traders who buy large areas and resell them at an average profit margin of up to 80 per cent. The price of office units in Business Bay range currently from Dh 1,200 to more than Dh 2,600 per sq ft. The price of one built-up square foot in Jumeirah Village ranges from Dh 680 to Dh 1,000, while the price of each built-up square foot in areas where 10-storey buildings can be constructed has gone up substantially.

Dubai Waterfront, Downtown Jebel Ali and International City are seeing increases in prices.

At 636 metres, the Burj Dubai is now the world's tallest man-made structure, having recently surpassed the 628.8m KVLY-TV mast in the United States.

Developer Emaar has not disclosed the tower's final height but it is expected to be in the range of 700m to 1,000m. Some reports say the final height will be 818m, an estimate based on architectural designs published on the internet.

The Burj Dubai is the most important part of the Dh20 billion Downtown Burj Dubai project, which includes 30,000 apartments, nine hotels, 6.2 acres of car parking, 19 residential towers, Dubai Mall and a 30-acre artificial lake.

The Trump Tower, located on The Palm Jumeirah, is regarded as the most luxurious commercial building in Dubai.

It will be the centrepiece building on the Golden Mile, located on the trunk of the Palm.

Initially the tower was shaped like an opening golden tulip, but in April 2006 its design was changed to feature a split linked tower with an open core design.

The 48-storey mixed-use building will have a 300-room five-star hotel and 360 freehold residential apartments. The amenities will include exclusive access to a private beach and yacht club with tennis courts, gym and fitness centre, pools and gardens.

The ambitious Dh2.2bn project is the first joint venture between Nakheel.

Retail City 2008

2008-06-02T10:15:00.001+04:00

Retail City 2008, the three-day industry showcase for investment and development of retail real estate for the $100 billion regional retail sector, opened yesterday at the Dubai International Exhibition Centre.

Opening the event for the third successive year was Sultan Ahmed bin Sulayem, Chairman of Dubai World. Bin Sulayem has been consistent with his rebuttal to those critics who feel that the current retail phenomenon is not sustainable. "Demand will dictate growth. Look at exhibitions such as Retail City. It shows that the retail industry remains a growing, and vibrant business in the region."

During Bin Sulayem's opening tour, it was evident that this year's event was dominated by developers and retail professionals from Abu Dhabi, Dubai, Jeddah & Riyadh. During the official opening tour, bin Sulayem visited a number of key exhibitors, including Mohammad Alhabib, who are developing 2.5million of Gross Leasable Space (GLA) in Saudi Arabia and were displaying a number of projects across Saudi Arabia, including the Panaroma Mall in Riyadh, Alandalus in Jeddah and Jarir Plaza in Dhahran.

He also visited Schon Properties, who have 50,000 square feet of retail space under development in Dubai Lagoon and another major project at Downtown Jebel Ali.

"Retail operations are a key element of all of our projects, where we provide a comprehensive range of features and amenities affording residents easy access to everything they need to live a convenient and comfortable life, said Danial H. Schon, VP Schon Properties.

No hike in visa fees this month

2008-06-02T10:12:00.001+04:00

The Dubai Naturalisation and Residency Department (DNRD) will increase the fees for visit visas soon but not this month, Major-General Mohammed Ahmed Al Marri, Director of DNRD, confirmed yesterday.

Maj-Gen. Al Marri said the rule on the fee increase is a federal one applicable to all the Departments of Residency and Naturalisation in the UAE. He said, however, that no date has been specified yet when the new fees will come into force.

“We follow the instructions of the General Department of Naturalisation and Residency of the UAE. We have not received any formal instructions so far.”

Denying reports in a section of the local media that the fees would be hiked this month itself, Maj-Gen. Al Marri said implementing the decision by July, as reported by Khaleej Times, is also doubtful. “That would be too soon. Such a decision needs quite some time to be enforced properly. The public and the DNRD staff need to get familiar with the new types of visas. We have to get the proper mechanism of implementation.

When we get the necessary instructions, we will inform the public,” he said.

A source from the Call Centre at the DNRD said enquiries have been pouring in at the centre ever since the reports that the new fees would be enforced soon were published.

Meanwhile, Brigadier Nasir El Awadi El Menhali, Director-General of the Abu Dhabi Naturalisation and Residency Department (ADNRD), told Khaleej Times yesterday that a Press conference would be held by the end of this week to announce all the details and the date of implementing the new visas and their costs.

Sources from the ADNRD had informed Khaleej Times earlier that new types of visit visas and the higher fees would be implemented from July.

According to them, visit visa for one month would cost Dh500 and that for three months would cost Dh1,000 while the six-month visa would cost Dh2,000.

The holders of the six-month visit visas can have multiple entry into the country provided they stay for one month at least from the date of the first entry.

/Khaleej Times/

Bur Juman implements parking charges on hourly basis

2008-06-01T19:54:00.001+04:00

There will be no more free parking at Bur Juman as the mall on Sunday imposed parking charges on an hourly basis.

It will now cost Dh20 per hour from 6am to 6pm, but shoppers spending Dh 100 or more in the mall will be entitled to free parking.

Between the hours of 12.30pm to 2.30pm, and from 6pm onwards, parking will be free of charge, as well as Fridays and public holidays.

This, according Bur Juman management has been done to address the concerns raised by shoppers seeking parking spaces in its retail complex.

"We made this proactive move after receiving feedback from shoppers who faced difficulties finding parking spaces and believe that for genuine BurJuman shoppers, the paid parking scheme will address the issue," said Eisa Adam Ibrahim, General Manager of BurJuman.

Upon entering the parking area at BurJuman, a grace period of 15 minutes for pick up and drop is applicable, and customers will be given a grace period of half-an-hour to leave the parking lot after ticket validation.

Payment machines will be available at all parking lobbies. The currency notes that accepted by machines will include Dh 5, 10, 100, and 1 dirham coins. Lost tickets will be charged at full day fee.

/Gulf News/

E-payment system for workers in the private sector

2008-06-01T19:44:00.002+04:00

Salaries and wages of labourers in the private sector companies will be transferred through banks operating in the UAE on a monthly basis in the context of organizing the affairs of labourers working in these companies.

A Memorandum of Understanding (MoU) in this respect was signed Sunday by H.E. Saqer Ghobash, Minister of Labour (MoL) and H.E. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank, in a meeting held at the Ministry of Labour in Abu Dhabi.

Al Suwaidi has emphasized that the apex bank values such trend on part of the Ministry of Labour. He added that the Central Bank will instruct all banks operating in the UAE to facilitate such move and open accounts for all companies/establishments, registered with the Ministry, to enable them transfer salaries of their employees electronically via a special system which the Central Bank is developing for this purpose.

According to him, the system will be linked to the Ministry to enable it to obtain monthly reports about companies which fail to pay their employees, whether partially or totally, or those which pay reduced salaries for some or all employees.

On his part, the Minister of Labour emphasized that the transfer of salaries of workers through banks, as is the case with companies of the public sector, comes in the context of the country's attempt to regulate the labour market and provide the appropriate circumstances and environment to facilitate the procedures and regulate the finance of workers' wages in a way that contribute to achieving good results, which, in turn, reflects positively on the companies themselves and the economy in general.

He said :'' The Ministry of Labour will exert all efforts to ensure that companies comply with this plan, hoping they will cooperate immediately in this regard in order to execute such trends with full awareness that this will serve the interests of companies and their works in the first place.

He expressed his appreciation for the role played by the Central Bank and banks operating in the UAE in carrying out the agreement, by putting the public interest of a large group of workers above any other considerations.
/WAM/

The Cultural Observer

2008-06-01T11:13:00.002+04:00

• Rouq Ousha announced their cultural activities which will be starting from 25/5/2008 and will continue to the 10/6/2008. For information contact the following number 042611200.

• The Emirate of Dubai will host the inaugural Emirates Airline International Festival of Literature (EAIFL), where some of the world’s literary talents will be participating. The event will take place from February 25 to March 01, 2009.

• The first Documentary Films Initiative in the UAE will be held from 4 – 7 July 2008, at the Dubai Community Theater and Art Center of the Emirates Mall.

Strategic tie-ups to help curb food prices

2008-06-01T09:59:00.000+04:00

Food companies across the Middle East are looking to develop closer relationships with the producers of raw materials and ingredients, as the price of foodstuffs globally continues to rise.

A study by Dubai Chamber, based on figures from the Economist Intelligence Unit (EIU), suggests that ten major food groups — including flour, milk and rice — have posted significant price increases in the UAE over the past year, with flour experiencing the highest average rise of 57.72 percent, according to a Press release.

While the authorities' agreements with retail outlets have provided some immediate relief, many companies within the region are looking to forge a direct relationship with ingredient producers to manage price rises in the short-term and ensure greater stability in the long-term. To provide support for companies looking to develop strategic ties, Dubai World Trade Centre is organising Ingredients Middle East, a trade show supporting the food manufacturing and processing industries. Exhibitors from around the world will showcase products including dairy ingredients, fruit products and extracts, herbs, spices and organic ingredients.

/Khaleej Times/

Abyaar announces intention to list on Dubai Financial Market

2008-06-01T09:54:00.001+04:00

Boutique Middle East property developer, Abyaar Real Estate Development Company ("Abyaar" or the "Company"), today confirmed that it intends to pursue a capital increase and secondary listing on the Dubai Financial Market ("DFM").

The Company, which has appointed NBD Investment Bank, an Emirates NBD company, as its Financial Adviser and Lead Placement Agent, has submitted an application to the Emirates Securities and Commodities Authority ("SCA") and to the DFM for approval to list its shares on the DFM. Abyaar shares are already listed on the Kuwait Stock Exchange.

Commenting on the announcement, Marzooq Rashed Al-Rashdan, Vice Chairman and MD, Abyaar said: "Demand for the company's luxury developments in the UAE, which is testament to the high end nature of our design and finishing, continues to grow.

"A capital increase will support us in our ambitious growth plans, which involve further funding of our land bank and diversification into new markets in the Gulf. A listing on the DFM provides an opportunity for UAE based investors to have direct access to this strong and growing market.

"Bearing in mind that the majority of our projects are UAE-based - secondary listing and share sale will no doubt enhance the stocks tradability." The capital raising is expected to be launched within the first half of 2008, with the listing on DFM expected within weeks of the launch, subject to ESCA and DFM approval.

Abyaar have called for an extraordinary general meeting (EGM) where the 10% capital increase and a possible upcoming Sukuk issuing will be discussed.

Emirates Post presents Innovation Award to Post Denmark at World Mail Awards 2008

2008-06-01T09:50:00.001+04:00

Emirates Post presented the Innovation award to Denmark Post at the prestigious World Mail Awards 2008 which were announced at a gala dinner in Budapest, Hungary, in the presence of over 300 senior postal industry executives.
Mr. Ibrahim Bin Karam, CEO of Emirates Post, presented the award to Post Denmark for its “No More” solution that allows packing and distribution of unaddressed mail based on individual mail recipient, rather than mass distribution based on bulk recipients.

“Emirates Post has been sponsoring the Innovation category at the World Mail Awards as it believes innovation is a key driver of any business,” said Bin Karam. “It was indeed a privilege for Emirates Post to stand among major global postal operators and sponsor one of the most coveted categories of the World Mail Awards, the mail industry's premier global honours.”

In its 9th year, the Awards continue to grow in both prestige and breadth of coverage. This is the third year Emirates Post has sponsored the Innovation category. The twelve winners competed against a broad geographical diversity of applicants and a wide variety of products and services submitted by operators and suppliers of the mail industry.

The Awards were part of the World Mail and Express Europe Conference which took place on 20th and 21st May, offering delegates a prime opportunity to network and celebrate best practices in the industry. With over 100 entries received this year, judges had a tough job on their hands. The independent panel of judges met in Budapest hours before the ceremony to determine the 2008 winners with Hungarian celebrity and television presenter Zsuzsanna Demcsلk, presenting the awards in the different categories.

The other winners were Royal Mail (Corporate Social Responsibility), Canada Post (Customer Service), Post Denmark (e-Commerce), Australia Post (Growth), Ulrich Gygi, CEO of Swiss Post (Industry Leadership), Correos (People Management), Post Denmark (Quality), PayShop Portugal (Retail Project), Magyar Posta (Security), 21 Grams (Technology) and New Zealand Post (Transformation).

Dubai bans sale of cigarettes to under 20s

2008-06-01T09:09:00.001+04:00

The Gulf emirate of Dubai on Saturday banned the sale of tobacco to anyone under the age of 20 with immediate effect and barred young people from public areas in which smoking is allowed.

The announcement was made in public advertisements in Arabic-language newspapers as part of a "Youth Without Tobacco" campaign.

A spokesman for Dubai municipality told AFP that cigarette vendors and managers of public places such as cafes and restaurants have been instructed to ask clients for proof of identity even to smoke water pipes.

Those breaking the law would be fined, he said without elaborating.

Before Saturday's ban the sale of cigarettes in Dubai was prohibited to anyone under 18 and smokers were not allowed to light up in public places including hotels, restaurants, cafes and offices.

The campaign was launched to coincide with World No Tobacco Day on Saturday.

The World Health Organisation said on Friday that only a total ban on all forms of tobacco advertising can stop the "constantly mutating virus" of the marketing industry and protect vulnerable young people.

Dubai, one of the seven United Arab Emirates, is a regional tourism and business hub that attracts millions of visitors each year.

/AFP/

Rice price set to rise in the UAE

2008-05-31T09:33:00.002+04:00

Prices of all varieties of rice are expected to rise in the UAE following India's decision not to relax a ban on rice exports imposed in March.
India, the largest rice supplier to the Gulf, has been widely expected to ease curbs on exports of rice with the prospects of an imminent record crop. However, dashing hopes of easing export curbs, Trade Secretary Gopal Pillai said on Tuesday that despite the promise of a bumper crop in 2008, the country would not be following Cambodia's lead in allowing shipments of rice.

India is set to harvest a bumper crop. Output in the year ending June may reach a record 95.68 million tonnes, compared with 93.35 million tonnes produced a year earlier.

Like other Asian rice exporters, India banned exports of non-basmati rice after a series of earlier partial restrictions, in a bid to boost supplies to contain record high inflation.

Importers and distributors in the UAE said prices of non-basmati and basmati rice would come under further pressure as stock levels are fast depleting. "The shortage of popular non-Basmati variety such as Palakadan Matta and Thanjavoor Ponni is already being felt at small and medium retailers." With the current stocks unlikely to last more than two months, the UAE and other GCC countries are going to face a serious supply crunch despite news that Vietnam, following Cambodia, is expected to relax export curbs in July.

India, the world's second largest exporter of the grain — exporting about four million tonnes annually — accounts for more than 50 per cent of UAE's rice imports. Indian rice export to the UAE is around 120,000 metric tonnes per month. Prices of non-Basmati rice have gone up by 25 per cent from Dh15 per five kilo bag to Dh20 while traditional Basmati price has surged 87 per cent — from Dh8.5 to Dh13 per kilo. The price of US-style Thailand rice has almost surged by more than 70 per cent, from Dh40 to Dh70 per 20 kilo bag.

Market analysts said the shortage of rice supply will further inflate prices in the UAE, where core inflation is estimated to be around 13 per cent this year. Deepak Thawani, an expert on commodities, said prices of rice in the UAE are unlikely to return to earlier levels in the near future as global demand for rice would continue to outstrip supply, particularly with hopes of an export relaxation by India fading.

Globally, rice prices have skyrocketed by around 76 per cent between last December and April, according to the UN Food and Agriculture Organisation Rice Price Index. Experts blame the trend on higher energy and fertilizer costs, greater global demand, droughts, the loss of rice farmland to bio fuel plantations, and price speculation. To avoid food scarcities in their own countries, major rice exporters have imposed export bans, taxes or caps.

Although the Indian government has set the minimum export price of premium traditional Basmati at $1,000 per tonne, the current market price is $2,500 per tonne, and for the medium type Basmati, price is hovering between $1,700 and $1,800 per tonne.

India's move to ban non-basmati rice exports and curb sales of the superior basmati variety triggered protectionist measures by other leading producers to secure supplies for the staple consumed by half of the world. The curbs trebled benchmark Thai prices. Prospects of a good harvest in India and some other countries have softened prices, prompting Cambodia to lift a ban on rice shipments it imposed two months ago, the first major Asian exporter to roll back such curbs.

According to the Food and Agriculture Organisation of the United Nations, global output of milled rice in 2008 will be 445.3 million tonnes, up 2.3 per cent from last year's record 435.2 million tons,. Consumption will rise 2.4 per cent.

/Khaleej Times/

2008 China Sourcing Fairs in Dubai Expand 60 Percent

2008-05-31T09:16:00.002+04:00

Global Sources announced today that its three upcoming China Sourcing Fairs in Dubai will be over 60% larger this year. The China Sourcing Fairs: Gifts & Home Products, Electronics, and Fashion Accessories, will feature manufacturers from Greater China. The co-located events will be held June 9-11, 2008, at the Dubai International Convention & Exhibition Centre.

Global Sources' executive director, Sarah Benecke, said: "We are exceptionally pleased at the commitment Greater China suppliers are making to the Middle East and to the event this year. The China Sourcing Fairs in Dubai are now the largest China-products exhibition in the Middle East."

The China Sourcing Fairs in Dubai serve importers and volume buyers in the Middle East and North Africa region who seek high quality products from competitive suppliers in Greater China. More than 7,100 buyers from 95 different countries attended last year's inaugural event.

More exhibitors, more product categories

While the 2007 Fair focused on Chinese exhibitors of gifts and home products, this year's show will again feature hundreds of gifts and home products exhibitors, plus add full exhibition halls of electronics and fashion accessories.

"As product life cycles shorten and companies look for new, exciting products from innovative and creative suppliers, we are thrilled to be able to offer buyers from around the region an even larger exhibition and expanded product categories from which they can choose," Benecke said.
"Product variety, reliable suppliers and cost-effective products have become even more important in this year of rising inflation," said Bill Janeri, Global Sources' general manager of the Middle East. "Buyers in the Middle East are actively looking for new ways to attract consumers, and finding new and interesting products that can deliver reasonable margins is one way they are doing it," Janeri added.

The Fairs in Dubai will feature:

China Sourcing Fair: Gifts & Home Products

Gifts & premiums
Toys
Electronic premiums
Bags & luggage
Health & beauty products
Kitchen & household products
Home decor
Home textiles
Ceramics & porcelain
Decorative lighting
Baby & children's products

China Sourcing Fair: Electronics
Consumer electronics
Digital entertainment
In-car electronics
Computer & networking
Telecoms & accessories
GPS products
Health & personal care electronics
Security & safety
Opto-electronics
Power supplies
Home appliances

China Sourcing Fair: Fashion Accessories
Casual & fashion handbags
Evening bags
Hats & caps
Fashion belts
Leather bags
Fashion jewelry
Hair accessories
Ties, scarves & shawls
Casual & fashion footwear
Umbrellas
Glove & mittens
Wallets & small leather goods
Sunglasses
Travel bags & luggage

About Global Sources

Global Sources is a leading business-to-business media company and a primary facilitator of trade with Greater China. The core business is facilitating trade from Greater China to the world, using a wide range of English-language media. The other business segments facilitate trade from the world to Greater China, and trade within China, using Chinese-language media.
The company provides sourcing information to volume buyers and integrated marketing services to suppliers. It helps a community of over 700,000 active buyers source more profitably from complex overseas supply markets. With the goal of providing the most effective ways possible to advertise, market and sell, Global Sources enables suppliers to sell to hard-to-reach buyers in over 230 countries.

The company offers the most extensive range of media and export marketing services in the industries it serves. It delivers information on 2.6 million products and more than 195,000 suppliers annually through 14 online marketplaces, 13 monthly magazines, over 100 sourcing research reports and 9 specialized trade shows which run 27 times a year across eight cities.
Suppliers receive more than 32 million sales leads annually from buyers through Global Sources online (http://www.globalsources.com/ ) alone.

Global Sources has been facilitating global trade for 37 years. Global Sources' network covers more than 69 cities worldwide. In mainland China, Global Sources has over 2,100 team members in more than 44 locations, and a community of over 1 million registered online users and magazine readers for Chinese-language media.

UAE inflation estimated at 14%

2008-05-31T09:06:00.002+04:00

Inflation in the UAE may have surged to a record 14% in 2007 as a result of strong domestic demand, reported Emirates Business 24/7 quoting a semi-official report.

"The phenomenon has become one of the most debated issues in the UAE because of accelerating inflation rates," the report from the Abu Dhabi Chamber of Commerce and Industry, citing government estimates, said.

"Inflation has steadily risen over the past three years to reach an alarming level in 2007, when it was estimated at as high as 15%. One of the root causes of this problem is the wave of hikes in petrol and diesel prices in the country, as such increases have led to higher construction costs, slashed the profit margin of the contractors and prompted house owners to raise rents sharply."

"The economic boom is another key factor for inflation, as it has led to a surge in domestic demand and this is normal in any country passing through a boom period. Growth rates over the past five years exceeded 15% in current prices and the pace is expected to be maintained in the coming years."

Dollar pegs force the UAE and four of its GCC partners, including Saudi Arabia and Qatar to track US monetary policy at a time when the Fed has been cutting rates to contain the fallout of a mortgage crisis and a weakening economy.

Pressures have been mounting in Gulf states to review the policy of pegging their currency to the weak US dollar, and analysts have suggested that revaluation, not a de-pegging would help in lowering consumer prices.

Earlier this week, Merrill Lynch said the US has effectively given Gulf Arab states the go ahead for making changes to their dollar-pegged foreign exchange policies, by recognising inflation as a problem.

In a report entitled 'US Green Light for the GCC', the US investment bank said the UAE and Qatar will probably move to a currency basket in the next few months, with their respective currencies appreciating 5% before the end of the year."

Citing a US Treasury report to Congress that for the first time mentioned currency and inflation issues in the six-member Gulf Cooperation Council, Merrill said the United States government had become more confident about the outlook for the dollar and therefore did not necessarily need Gulf support for its currency.

Saudi Arabia is unlikely to follow until late next year, Merrill said in the report.

Saudi inflation surged to a a 27-year high of 10.5% in April from 9.6% the previous month, government data showed last week.

In March of this year, Qatar sold its first certificates of deposits as it struggles with inflation at almost 14%.

With an inflation rate of 14%, the UAE would be suffering from one of the highest inflation rates in the region along with Qatar.

Dubai enters top ten most expensive office markets

2008-05-31T08:59:00.002+04:00

London's West End is once again the world's most expensive office market, but Dubai has now entered the top ten for the first time, according to CB Richard Ellis Group, Inc. (CBRE) Research's semi-annual Global Market Rents survey. The report tracks world markets with the highest as well as fastest-growing occupancy costs for the 12 months ended March 31, 2008. Moscow climbed to second position whilst Tokyo's Inner Central Five Wards, Mumbai's Nariman Point and Tokyo's Outer Central Five Wards rounded out the top five most expensive markets.

"Office occupancy costs are continuing to defy sluggish economic conditions and the credit crunch, as they rise faster than global inflation," said Dr. Raymond Torto, CBRE's Global Chief Economist. "These cost increases are dominated by emerging markets, caused by both supply and demand imbalance and the depreciation of the dollar relative to local currencies. In some of these emerging markets, Class A office space is seriously lacking."

Ho Chi Minh City had the fastest-growing occupancy costs during this period, up 94%. Moscow was not far behind at 93%, followed by Singapore at 86%. Overall, EMEA (Europe, Middle East and Africa) dominated the list of markets with the fastest growing occupancy costs, accounting for five of the top 10 and 19 of the top 50 markets. Worldwide, 88% of the 173 office markets monitored posted higher occupancy costs.

Among the most expensive markets, Singapore and Dubai were newcomers to the top 10. Singapore ranked ninth with an occupancy cost of $139.31 (occupancy cost in US$/sq. ft./annum used throughout this release), while Dubai debuted at number 10 with an occupancy cost of $128.49, ahead of Hong Kong, New York and Paris. With a near-doubling of occupancy costs, Moscow rose four places to second at $232.37. Midtown Manhattan was still the priciest market in North America, at $103.43, and ranked number 13 worldwide.

Asia Pacific

Ho Chi Minh City jumped from 45th to 23rd most expensive globally, with occupancy costs rising to $85.84. Occupancy costs in Tokyo's Inner Central Five Wards rose to $220.25, while Tokyo's Outer Central Five Wards increased to $175.35. Perth, Australia, joined the top 50 most expensive, coming in at number 41. Asia Pacific had 11 markets among the 50 with the fastest growing occupancy costs, paced by Singapore (86%) and Mumbai (41%).

Europe

At $299.54, London's West End remained the world's most expensive office market. Occupancy costs in that market are 29% higher than Moscow, where occupancy costs rose to $232.37, the world's second-most expensive; and 82% more than the City of London's $164.18 occupancy cost. In Europe, occupancy costs grew fastest in Moscow, with a 93% increase, and Oslo, Norway, with a 58% increase.

Americas

Four North American cities are among the world's Top 50 most expensive office markets: Midtown Manhattan (13th at $103.43); Calgary Central Business District (CBD) (42nd at $66.27); Toronto CBD (47th at $62.44); and suburban Los Angeles (48th at $62.06). Rio de Janeiro rose to $74.60 (32nd), while São Paulo increased seven spots to 35th at $71.41. North America totaled 16 of the top 50 markets with the fastest growing occupancy costs. The fastest gains were recorded by Miami (29%), Panama City (28%), Seattle (26%) and Houston (25%).

Top Ten Most Expensive Markets
(In US$ per sq. ft. per annum)

1. London (West End), England

2. Moscow, Russia

3. Tokyo (Inner Central), Japan

4. Mumbai, India

5. Tokyo (Outer Central), Japan

6. London (City), England

7. New Delhi, India

8. Paris, France

9. Singapore

10. Dubai, United Arab Emirates

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis is the only commercial real estate services company named one of the 50 "best in class" companies by BusinessWeek, and was also named one of the 100 fastest growing companies by Fortune. Please visit our Web site at www.cbre.com.

Notes:

Global Market Rents is a survey of office occupation costs in 173 cities worldwide.

The Fastest Growing ranking is based upon occupancy costs in local currency and measure. The Most Expensive ranking is based upon occupancy costs in US$ per sq. ft. per annum.

The figures given in this release refer to occupancy cost. This represents rent, plus local taxes and service charges. The occupation cost figures have also been adjusted to reflect different measurement practices from market to market.

To obtain a full copy of the report or to arrange to speak with a CBRE expert, please contact Robert McGrath at 212.984.8267 or robert.mcgrath@cbre.com.

UAE aviation set to achieve100pc e-ticketing target

2008-05-31T08:55:00.000+04:00

The UAE aviation sector is on track to achieve the 100 per cent e-ticketing deadline by the end of the month, but travel agents are expected to continue issuing paper version of the new air ticket details during a phase-in period.

The International Air Transport Association (IATA) had set May 31, 2008 as deadline for all airlines to use e-tickets, the electronic version of conventional paper tickets, as IATA will cease printing paper tickets. This is expected to save the industry $3 billion a year.

As of April, IATA figures showed 91 per cent e-ticketing achievement in the Middle East and North Africa region. Most Middle East carriers are over 95 per cent with only Saudi Arabian Airlines at 84 per cent, but progressing quickly

UAE’s major carriers, Etihad Airways and Emirates achieved 100 per cent e-ticketing about one month ahead of IATA’s deadline and continue to sign interline agreements with travel agents and code-sharing airlines to issue e-tickets.

Keith Longstaff, Emirates’ Divisional Senior Vice-President, Commercial Operations Worldwide said: “Electronic ticketing benefits both the customer and the airline by providing greater convenience, reduced processing time, simplified operations and faster check-in. Customer response has been extremely positive, and today e-tickets have become a norm.”

British Airways has 99 per cent e-ticketing but a spokesperson said paper tickets would be accepted for at least one year from June 1.

Meanwhile, Air Arabia has been using 100 per cent e-ticketing since its inception and Public Relations Manager Housam Raydan said all clients were emailed the details.

“The agent books it online and emails it to the client,” he said. “All the passenger needs is the reservation number and the passport.”

He, however, acknowledged that many clients choose to print the details at home.

Indian Airlines Gulf Regional Manager Abhay Pathak said both Indian and its sister airline Air India, used 100 per cent e-ticketing, but expected printouts to be issued while clients became aware of the product.

“The blue collar segment will be supported by the agents and the process explained,” he said. “Printouts will be provided. It will be cut down eventually.”

Dubai Travel and Tour Agents Group (DTTAG) Manager Leo Fewtrell said the extent to which e-ticketing remained an online process and the reception it received from the public, could not be estimated until after the deadline passed.

Alpha Tours Travel and Holidays General Manager Fabian Fernandes strongly rejected the perception among travel agents that UAE residents were slow to adapt to online travel processes.

Fernandes said clients were already well educated about e-ticketing and had often previously opted for it because incentives made it cheaper than paper tickets.

He said e-ticketing deadline would also see the travel agency launch an SMS (short message service) system in the second week of July to text the details of air travel.

“We will have a new system to SMS ticket details to phones with the itinerary,” he said. “Initially, we will be doing printouts, until July.”

/ Khaleej Times/

Dubai Mercantile Exchange prepares 20% share sale

2008-05-28T22:18:00.002+04:00

The owners of the Dubai Mercantile Exchange's (DME) plan to sell a stake of up to 20% in the bourse soon to help boost liquidity and attract more international players, industry sources said on Wednesday.

The DME launched trading in June 2007 with a sour Middle East crude futures contract, aiming to become the benchmark for pricing in the world's top oil exporting region.

"The DME is keen to sell the stake soon," said one industry source. The Dubai exchange is looking to bring in big investment banks and oil companies that could boost trade volume," another source said. The DME declined to comment.

The contract has survived longer than past attempts to launch sour crude futures, but has yet to establish itself as a viable vehicle for investment funds and for companies looking to hedge exposure to future energy price risk.

The DME is owned by the New York Mercantile Exchange (NYMEX) and the governments of Dubai and Oman. The NYMEX reached a deal in March to merge with the CME Group, the world's largest derivatives exchange.

The DME would like to push through the stake sale before the CME merger is completed, one source said. NYMEX CEO James Newsome told Dubai Eye radio on 13 May that the DME has been approached by almost every major bank and every major energy company to buy an equity stake in the bourse.

"We are willing to give up to about 20%, not just for one new partner but for a group of new partners that have smaller equity stakes who can help us provide liquidity and volume in the exchange," Newsome said.
/Business Intelligence Middle East/

Double bonanza for UAE media professionals at MECOM 2008

2008-05-28T19:56:00.001+04:00

Aligned with the government’s vision to support the development of media channels and in a first of its kind step, du, the integrated telecom service provider in the UAE announced today two exclusive initiatives for the media. The integrated telco unveiled an educational bilingual technology handbook, ‘voice of today… language of tomorrow’, for the visiting media at MECOM 2008. The handbook, which is set to be a reference for specialized media, includes over 500 telecom and technology English and Arabic terminologies alongside their explanations, benefits and features.

The publishing of the handbook coincided with the launch of an interactive online media-dedicated platform in the Middle East exclusively for members of the ‘du media club’. The ‘du media club’ website is exclusively dedicated to foster the development of media’s knowledge of the UAE’s telecommunication industry.

Launching the two initiatives, Osman Sultan, CEO du, said: “The new initiatives underscore du’s commitment to support His Highness Sheikh Mohammed bin Rashid Al Maktoum’s directions and vision of providing the journalists with the best working environment to enable them to deliver their work efficiently . It is also a thank you to the media who have partnered with us since day one of our operations. We hope that the media will find both the technology handbook and media club website informative and indispensible tools in their routine work.

“Our vision is to have the du media club website recognized as the most progressive platform for media professionals. Once again we seek the support of the media in providing us their valuable feedback and make these initiatives a success.”

The first initiative –‘Voice of today … Language of tomorrow‘ - is a concise advanced dictionary explaining telecom and technology English terminologies in both English and Arabic. The 380 page handbook, that will be updated annually, will be distributed to all journalists who visit MECOM and will be available upon request to any member of the media in the future.

The du media club website is the first initiative under Phase II of the development of the du media club that was launched end of 2007. It will support the knowledge growth of the UAE media reporting on the telecommunications industry. It is an interactive website that will be a source of varied information on the telecommunications industry to du media club members.

The website also has a blog, knowledge corner, a wealth of du press releases, photo gallery, monthly competitions and an opinion corner. The website can be accessed on www.du.ae under the media centre section by members of the du media club or directly log into http://www.du.ae/en/about/media-centre.html.

More about the du media club:

Launched in December 2007, the du media club is a dedicated online platform for media professionals in the UAE. Members of UAE media – that includes print, broadcast and web but within the editorial section are welcome to become registered members of the du media club. du Media Club members receive du news before anyone else on their du mobile line. In the near future, they will also receive local and international breaking news.

Members are given strict access to the du media club website, which provides rich content on telecommunications as an industry, du news and photo gallery. They also have an inopportunity to communicate with other fellow reporters in a specially designed blog that tackles important and hot telecom issues.

About du

du, the integrated telecom service provider in the UAE, launched mobile telecommunication services on 11 February 2007 across the UAE in addition to internet and pay TV services in

some of the free zones of Dubai. Call Select, the first of du's nationwide Fixed line services for voice telephony, was launched in July 2007.

Among du’s many firsts is its historic Number Booking Campaign for both individuals and business, Pay by the Second billing system, Mobile TV, Mobile Payments, first of its kind ‘WoW’ recharge card (which offers customers the choice between more credit and more time) and Self Care. du business offers include Closed Business User Group and preferred International Destinations.

du’s retail network, currently numbering 16 du shops located in strategic locations across all emirates, was launched on 25 February 2007, supporting the delivery of du services to customers.

du is 40 percent owned by the UAE Federal Government, 20 percent by Mubadala Development Company, 20 percent by TECOM Investments and 20 percent by public shareholders. It is listed on the Dubai Financial Market (DFM) and trades under the name du.

du was recognised as the ‘Best Brand’ for its innovative branding and outstanding success at the Telecom World Awards Middle East 2007.

www.du.ae

Al Maktoum airport terminal to open next year

2008-05-28T14:14:00.002+04:00

A temporary terminal with a capacity of up to seven million passengers per year will be ready at Al Maktoum International Airport in Jebel Ali in the third quarter of 2009, relieving pressure on the busy Dubai International.

When the facility becomes operational, it will take over all Terminal 2 operations, said Khalifa Al Zafein, executive chairman of the Dubai World Central project, which comprises the new airport and a host of other logistics and aviation facilities.

Eventually the airport will have two mega terminals, six runways and six concourses with a capacity of more than 120 million passengers annually. The first runway is undergoing certification now.

Exclusive facility

Al Zafein said there is no plan to have an exclusive terminal dedicated to budget carriers. Reports had earlier suggested that the terminal currently being built was for budget airlines.

"There is no such thing planned," Al Zafein told reporters yesterday, adding that all types of airlines will be able to use the facility opening late next year.

To cope with rising passenger numbers, the present airport is expected to open Terminal 3 this year, and work on Concourse 3 has started.

The airport's capacity is expected to rise to 70 million passengers a year by 2015.

"Dubai International AirportDubai International AirportDubai International Airport plans to enhance and then to outgrow its current status as a large hub in the region and enter the world stage to become the world's leading international airport hub," Al Zafein said, adding that the projected passenger numbers will be supported by growth in tourism.

He said since 2000 Dubai air traffic has experienced double-digit annual growth in both passengers and cargo.

As many as 600 suppliers of goods and services from 40 countries will take part in the June 2-4 Airport Show in Dubai. The event will focus on airport construction, operations, technology and services.

/Gulf News/

Integrated telco currently building one of the largest FTTH networks in Dubai’s landmark new projects

2008-05-28T14:07:00.002+04:00

du – the UAE’s integrated telecom service provider and the first company to roll-out a Fiber-to-the-Home (FTTH) programme in the region is on its way to record continued success. The integrated teleco, who currently owns one of the largest FTTH networks in the world, is further expanding its network roll-out to cover unique and landmark developments such as Burj Dubai, Dubai Palm Islands, the World and Dubai waterfront projects. Future growths and expansion plans were discussed at one of the interactive sessions at the du stand during MECOM 2008.

du is the sole FTTH provider for most of the new real estate developments in New Dubai. Many Emaar, Nakheel and Dubai Holding mega projects are already enjoying du’s FTTH services in major developments since 2000.*

Osman Sultan, CEO, du, said: “We were the first company in the MENA region to launch fully converged triple play services over FTTH in 2003 and also the first telco to launch IP based TV over FTTH network in the same year. I would also like to add that du was awarded the Cornerstone award for the ‘Best International Deployment of FTTH’ in 2006.”

During the course of the session at MECOM 2008, Mustafa Kaddoura, Vice President, Fixed Access Network Planning and Business Solutions, du, explained: “We have been at the regional fronts of offering fully managed services since 2000. Currently, we have 300,000 FTTH passed homes with more than 50,000 active customers using VoIP and IP TV in addition to high speed broadband using a fully converged network**. More than 30,000 IP phones have been deployed to 2000 du corporate customers during this period as well. Our managed multi-tenancy IP Telephony service is one of the largest deployments in the world.

All residential units within du’s “footprint” are currently served via FTTH. These are Palm Jumeirah, Jumeirah Lake Towers, Jumeirah Islands, Dubai Marina, Emirates living, Discovery Gardens, International city, Arabian ranches, Burj Dubai and many other iconic projects.

What is FTTH?

Fiber to the home (FTTH), also called "fiber to the premises" (FTTP), is the installation and use of optical fiber from a central point directly to individual buildings such as residences, apartment buildings and businesses to provide unprecedented high-speed Internet access. FTTH dramatically increases the connection speeds available to computer users compared with technologies now used in most places. (Source: www.techtarget.com)

on 31 December 2005, du acquired the business and assets of Sama Communications Company, DIC Telecom (International Operations) and its technology division from TECOM Investments FZ LLC. Under this deal, du acquired a subscriber base of 19,100 containing both Enterprise customers and a consumer base. This gave the company a solid foundation to launch its strategic vision for integrated telecommunications services across the UAE.

**Passed homes are homes wired using Fiber Optics that easily connected to du’s network

About du

du, the integrated telecom service provider in the UAE, launched mobile telecommunication services on 11 February 2007 across the UAE in addition to internet and pay TV services in

some of the free zones of Dubai. Call Select, the first of du's nationwide Fixed line services for voice telephony, was launched in July 2007.

Among du’s many firsts is its historic Number Booking Campaign for both individuals and business, Pay by the Second billing system, Mobile TV, Mobile Payments, first of its kind ‘WoW’ recharge card (which offers customers the choice between more credit and more time) and Self Care. du business offers include Closed Business User Group and preferred International Destinations.

du’s retail network, currently numbering 16 du shops located in strategic locations across all emirates, was launched on 25 February 2007, supporting the delivery of du services to customers.

du is 40 percent owned by the UAE Federal Government, 20 percent by Mubadala Development Company, 20 percent by TECOM Investments and 20 percent by public shareholders. It is listed on the Dubai Financial Market (DFM) and trades under the name du.

du was recognised as the ‘Best Brand’ for its innovative branding and outstanding success at the Telecom World Awards Middle East 2007.

www.du.ae

The Cultural Observer

2008-05-28T07:46:00.001+04:00

• Rouq Ousha announced their cultural activities which will be starting from 25/5/2008 and will continue to the 10/6/2008. For information contact the following number 042611200.

• Green Art Gallery in cooperation with Satarkhan Gallery in Egypt are organized an art exhibition to showcase the works of the artist Katherine Bakhoun Tisne and will continue to the 26 May 2008. For more information contact the following number 043449888.

• The Emirate of Dubai will host the inaugural Emirates Airline International Festival of Literature (EAIFL), where some of the world’s literary talents will be participating. The event will take place from February 25 to March 01, 2009.

• The first Documentary Films Initiative in the UAE will be held from 4 – 7 July 2008, at the Dubai Community Theater and Art Center of the Emirates Mall.

Abu Dhabi News:

• The Abu Dhabi Authority for Culture and Heritage is organizing an Arabic lecture entitled “ Writing on the edge of two languages” held by Dr. Mohammed Ameen Rawi at 7:30pm on Wednesday 28/5/2008 at the Cultural Foundation – Abu-Dhabi.

• The Abu Dhabi Authority for Culture and Heritage is organizing a photography exhibition on Emirates women's fashion by “Sibley Dolly” on Monday 26th of May 2008 at 7:30 pm. The exhibition will be held at Ibn Dhaher hall at the Cultural Foundation – Abu-Dhabi.

• Picasso – Abu-Dhabi, Masterpieces from the Musee National Picasso, Paris exhibition will be held from 27 May to 4 September 2008 at Gallery One, Emirates Palace – Abu-Dhabi. For more information visit the following website www.artsabudhbai.com

• The Center of Talent & Creativity part of Abu-Dhabi Culture & Heritage Authority will be organizing evening & morning workshops from 1st to 26th of June 2008. For more information contact the following number 026195286.

• The Open Studio part of Abu-Dhabi Culture & Heritage Authority will be holding summer workshops in arts and drawing. For more information contact the following number 026195357.

• H.E Moahmmed Khalaf Al Mazrooi, Director General of Abu-Dhabi Culture & Heritage Authority announced that the Middle East International Film Festival will be held from 10 – 19 of October 2008.

Donate toys and make a difference

2008-05-28T07:31:00.001+04:00

The Mother, Baby and Child Show Abu Dhabi calls on people to help make a difference by donating toys to autistic children.

Autism is the most common of the Pervasive Developmental Disorders, affecting an estimated 1 in 146 births. A simple donation of a toy, book or game at the Mother, Baby and Child Show (MBC) in Abu Dhabi, will help to brighten an autistic child’s life and help raise funds for the Gulf Autism Centre based in Abu Dhabi.

Children need toys and books to develop necessary motor skills, says the US National Institute for Early Education Research. Studies also show that infant toys are critical for brain growth that affects learning later in life and play is essential for all children to lead happy, healthy, and productive lives,.

Most children receive an abundance of gifts during birthdays and festive occasions, many of which get put away in a cupboard and never used. Encourage your child to share and re-gift one of their many presents or at least ask you children to donate toys they have outgrown, if those toys are in good condition or still in their original packaging.

“This year we also wanted to help make a difference to the lives of children in need, which is why we are launching our special donation drive for the Gulf Autism Centre, as well as our ongoing support to the Make a Wish Foundation.” says Shannon Norris, Events Director for TME, the organisers of the MBC Show:
People who wish to donate can drop off their toy donation at the Mother, Baby and Child Show which will take place at the Abu Dhabi National Exhibition Centre on 29-31 May 2008. As a way of saying thank you, parents will receive a free entry ticket per family.

Now in its second year in Abu Dhabi, the MBC show offers plenty of free advice as well as the latest in childcare products, goods and services for everyone from parents-to-be through to parents with children up to the age of eight.
“As well as parental and medical advice, there is plenty for children at the show including appearances from their favourite TV characters, entertainment, play areas, goodie bags and bundles of fun,” adds Norris.

“Other highlights this year include a Fashion Show by Babyshop, with clothes modeled by children from the Gulf Autism Centre. To celebrate our first birthday, children born between 29-31 May 2007 will also be invited to join us on stage for cake, games and gifts.”

The special draw at the show will offer a star prize of 2 return tickets to New Zealand courtesy of Air New Zealand, as well as many other fabulous prizes.

The Mother, Baby and Child Show Abu Dhabi is expected to attract 150 exhibitors this year. An impressive 15,000 visitors visited the show in 2007 and TME, the show organisers, are expecting a great turnout again this year. Sponsors of the event include: Fuji Film, Fine, Milupa, Air New Zealand, National Bank of Abu Dhabi.

Regulatory law on housing loans

2008-05-28T07:19:00.001+04:00

President HH Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as the Ruler of Abu Dhabi, has issued a law restructuring the statutes regulating the housing loans for citizens in the emirate.

The Law No. 9 (Year 2008) is meant to support the welfare of the citizenry and raises the maximum loan limit from the current AED 1.2mn to AED 2mn repayable within 30 years in equal instalments.

The new law also gives the debtors repayment exemptions which range from 15 to 25pc of the total loan provided they fulfil conditions specified by the articles of law.

Article 21 of the new law also exempts a citizen from repayment of the total amount if he becomes bankrupt or unable to earn.
/WAM/

Mohammed Bin Rashid Establishment sets up childcare centre for women employees

2008-05-28T06:57:00.002+04:00

The Mohammed Bin Rashid Establishment for Young Business Leaders today today became the first Dubai Government entity to offer creche facilities at its premises, enabling women employees to achieve ideal balance between their family and work commitments.

Designed to host children between six months and 2 years of age, the childcare centre is part of an initiative to provide women employees with an environment that allows them to satisfactorily carry out their professional responsibilities.

Akil Kazim, Director of Operations, Mohammed Bin Rashid Est. For Young Business Leaders, said: "The Establishment is very keen to provide its staff with optimum working conditions. The cr?che will help assure women employees of the well-being of their children during working hours, motivating them to focus better on their key deliverables." The Establishment has joined hands with Dubai-based Good Baby, to provide educational and entertaining toys and games at the centre.

Hussain Muthana, Managing Director, Good Baby, said: "We are glad to be part of this initiative that illustrates the Establishment's commitment to Corporate Social Responsibility (CSR). Our products are designed to foster effective learning in a fun-filled ambience. We are confident the childcare centre will add tremendous value to the Establishment's women employees."
/WAM/

First quarter exports of Dubai Chamber members climb to a record high

2008-05-28T06:50:00.001+04:00

Exports of 6,592 members of Dubai Chamber of Commerce and Industry (DCCI) in the first quarter of 2008 reached a record high of AED 49 billion, posting a year-on-year growth of 36 % from the AED 36 billion for the same quarter of 2007. Compared to the AED 47 billion exports in the last quarter of 2006, the figure represented a 6 % increase, according to the Economic Bulletin of the chamber.

''The GCC countries remained to be the largest recipient of Dubai exports, with 45 % of total exports valued at AED 22.2 bn destined to the region, and an additional AED 3.5 bn or 7 %, within the UAE, the Bulletin said.

Saudi Arabia and Qatar, it noted, were the largest markets in the GCC, with total exports to these two countries posting respective quarter growth of 11 and 5 % to reach respective total values of AED 9.5 bn and AED 7.8 bn. In terms of growth, however, exports to Oman expanded most significantly by 36% to reach a quarter total of AED 1.9 bn.

On the other hand, total export to Kuwait during the quarter, valued at AED 2.2 bn, was just about the same level as in the previous quarter. Bahrain, though remaining to be the smallest GCC market for Dubai�s exports, nevertheless appeared to be an expanding market with exports growing by a little less than 5 % to reach AED 0.8 billion.

According to the fugures, about 33 % of Dubai�s exports were destined to India and to neighboring countries, with total value of AED 17.2 bn, posting a quarter growth of 3.2 %. Fastest growing markets were Jordan and India, registering respective growths of 18 % and 15 %. In terms of value, however, exports to Jordan, valued at AED 0.9 bn, was very much lower than the AED 2.4 bn exports to India.

On the other hand, significant contraction of export markets were noted for Libya and Yemen, with exports to these destinations declining by 28 % and 15 %, respectively. Exports to other destinations declined from AED 6.9 bn to AED 6.4 bn, for a quarter decline of 7 %.

By number of export shipments made during the quarter, 109 exporters remained to dominate exporting activities of Dubai Chamber members, making 200 or more export shipments each, with accumulated value of AED 20.8 bn, or 42 % of the total export value for the quarter.

The export performance monitoring system of the Dubai Chamber has been tracking a strong and continuing export performance of its member, beginning in the 2nd quarter of 2006, especially of those catering to large number of markets. However, the number of markets of a great majority of the exporters remained restricted to only about 3, limiting their exporting activities to less than 20 during the quarter. Thus, the need for support system to strengthen exporters� capabilities to access new markets remains a necessity.

/WAM/

du Centre a new innovative one-stop-shop

2008-05-28T06:38:00.000+04:00

Further adding to the convenience and flexibility of enterprise customers, du, the integrated telecom service provider in the UAE announced today at MECOM 2008, a new business solution channel for enterprise customers called ‘du Centre’. The first two centres will open at Abu Dhabi and Dubai during the second half of 2008.

The innovative one-stop-shop offers current and new business customers face-to-face consultation by highly-skilled sales professional on how to improve their current telecommunications services and address business issues. The bank theme set-up ensures privacy and confidentiality of business customer’s information through one-on-one rooms in addition to a dedicated area to serve walk-in consumer customers.

Commenting on how the du Centre will further strengthen the partnership du has with its customers, Farid Faraidooni, Executive Vice President, Commercial, du said: “du Centre is an entirely new concept devised for our valued business customers. It will be the ideal platform for the company’s enterprise customers to see the latest telecom technology in action and get briefed on relevant upcoming developments.

“Our staff at du Center will be trained to listen and offer on-the-spot expert advice to our customers on the best mix of communications products and solutions to help them deliver business excellence and innovation.” he added

du Center is a down to the business expansion plan to address customer’s business issues as a compliment the telco’s current retail network of 17 du shops across the UAE in addition to over 1400 distribution points. Business customers will be offered a host of communication services to cater their needs, such as mobile products, fixed services such as TV, landline, Call Select services and broadband coupled with account management, new product updates and after-sales support.

Consumer services will include post and prepaid mobile products, SIM card replacement, sales of handsets, accessories, recharge cards in addition to service activation facility for added convenience.

About du

du, the integrated telecom service provider in the UAE, launched mobile telecommunication services on 11 February 2007 across the UAE in addition to internet and pay TV services in some of the free zones of Dubai. Call Select, the first of du's nationwide Fixed line services for voice telephony, was launched in July 2007.

Among du’s many firsts is its historic Number Booking Campaign for both individuals and business, Pay by the Second billing system, Mobile TV, Mobile Payments, first of its kind ‘WoW’ recharge card (which offers customers the choice between more credit and more time) and Self Care. du business offers include Closed Business User Group and preferred International Destinations.

du’s retail network, currently numbering 16 du shops located in strategic locations across all emirates, was launched on 25 February 2007, supporting the delivery of du services to customers.

du is 40 percent owned by the UAE Federal Government, 20 percent by Mubadala Development Company, 20 percent by TECOM Investments and 20 percent by public shareholders. It is listed on the Dubai Financial Market (DFM) and trades under the name du.

du was recognised as the ‘Best Brand’ for its innovative branding and outstanding success at the Telecom World Awards Middle East 2007. www.du.ae

du enriches Mobile TV with exciting new channels

2008-05-27T15:41:00.002+04:00

du, the integrated telecom operator in the UAE, unveiled today a newly enriched Mobile TV service to subscribers across the country. The revamped offer provides new exciting channels including customised international, Asian and Bollywood music TV channels and extends flexibility of choice with multiple subscription options.

Apart from the introduction of new channels, du’s enhanced Mobile TV service also introduces a new dimension to rich media entertainment on your mobile with the launch of “Pay per view” service on your mobile for the first time in the UAE. This revamped offer will allow subscribers to select and view from a selection of episodes and video clips. Additionally, du subscribers will have the exclusive privilege of watching popular Freej episodes from Season 1 and 2 directly on their mobile phones.

Osman Sultan, CEO, du, said: “The enhanced Mobile TV testifies to du’s commitment to combining communication services with flexibility and competitiveness. Our unique new Mobile TV service offers customers the freedom to access 21 TV channels, stream videos, music and the popular Freej episodes anytime on their 3G mobile phones.

“Customers now have more flexible tariff plan options, where they can either subscribe to all channels or just a single channel of choice. To top it up, we have also introduced new TV channels as part of the package, such as Al Arabiya, MBC, Dubai TV, Sama Dubai, Rotana, Kairali, Zee TV, ABS CBN Channel 3 amongst other customized channels to meet the demands of the Western, Asian and Arab subscribers.” Sultan added.

The customized channels range between various genres, from entertainment and news to business and drama. Customers can pay a fixed monthly fee of AED80 and have access to all 21 channels. With flexible tariff plan options, customers can choose to view one channel for a month or have access to all 21 channels for one day for AED10 only.

List of channels on Mobile TV: Al Arabiya, Dubai TV, Sama Dubai, MBC, du Asian Music, du Cartoons, du Music, Rotana Khaleejiah, Rotana Moussica, Mazzika, Spacetoon, Al Jazeera Arabic, Al Jazeera English, BBC World, Zee News, Zee TV, Kairali, ARY, Geo TV, ABS CBN Channel 3, Channel i.

RTA launches new phase of Salik by adding two toll gates at Al Safa and Al Maktoum Bridge

2008-05-27T15:01:00.001+04:00

The Roads and Transport Authority (RTA) has announced the launch of the new phase in the Salik system by installing two new gates - one on Al Safa Park Bridge on Sheikh Zayed Road and the other on Al Maktoum Bridge.

Both Salik toll gates will be activated from September 9, 2008. Passengers passing through Al Safa and the already operational Al Barsha gate will be charged a toll fee of AED4 only once if they pass the two gates in the same journey.

RTA said that there are five available alternative roads and a wide range of public transport services to support the new phase of Salik. The alternative roads include the Business Bay Crossing which includes 13 lanes and connects the airport tunnel with Sheikh Rashid and Al Khail roads.

Al Shandagha Tunnel and Floating Bridge are other alternatives that link the end of Al Ittihad Road near Deira City Center with Al Riyadh Road in Bur Dubai. Emirates Road is also an important alternative which has been expanded by the RTA from three lanes to six lanes in each direction, in addition to the Arabian Ranches intersection that will be finalized in August.

One of the external alternative roads is the Dubai Bypass with 6 lanes in each direction and connecting Dubai with Abu Dhabi and Sharjah without having to pass through Dubai downtown. The construction work for expanding the Sharjah entrance with Dubai at Al Sajaa intersection up to the Al Rawia intersection on Dubai-Al Ain road will be finalized before activating the new phase of Salik system.

Construction on the road projects in Deira which will lead to the alternative routes will also be finalized within already set time schedule. In June 2008 RTA will finish phase one of the Al Nahda intersection - Beirut street project.

The new project aims to develop a highway that connects the Al Quds intersection road with Beirut Street reaching up to the Al Nahda intersection with Beirut Street. The project is part of the development phase of the northern section of Dubai International Airport tunnel.

Traffic management on Al Nahda intersection with Beirut Road also includes diverting the intersection of Al Nahda Road with Beirut Road from controlled intersection using traffic lights to a layered intersection featuring separate levels.

This will be executed by building an upper bridge on Al Nahda road in addition to constructing a tunnel on Beirut Road to improve the traffic performance on these two roads, and to provide a smooth flow on Beirut Road to the airport tunnel in both directions.

RTA has already finished the two lanes bridge in both directions which supports the traffic coming from Abu Hail and Salah Al Deen roads in the Sharjah direction. This project comes within the expansion project of Al Ittihad Road which will be completed by the end of this year.

Public Transport

RTA has provided another alternative in addition to the alternative roads that includes the introduction of new modernized busses. In the next three months, 112 modern buses will be introduced along with five additional lines to support them. A special bus lane on Khalid Bin Waleed, Al Mankhoul, Al Khaleej and Al Mina roads will be activated during the coming three months.

A fast bus lane will be also activated on Al Ittihad, Emirates Road and Sheikh Zayed Road to provide fast trips between Sharjah and Dubai, and Jebel Ali and Tecom. RTA will launch "Awsilni" service for RTA's employees which features luxurious buses with internet services and registration attendance system.

The RTA has recently signed eight strategic agreements with renowned institutions in Dubai for mobility management. Accordingly, RTA will facilitate transport procedures for companies interested in allocating buses for transporting employees to and from homes to the workplace.

Results of first phase

H.E Mattar Al Tayer, Chairman of the Board and Executive Director of RTA, said that the new phase of Salik project comes after a comprehensive study of the first phase and especially after the new launch of Al Garhoud Bridge. The study focused on the traffic jam at some major roads in Dubai and the alternatives that can resolve this issue.

The study also highlighted the success of the first phase in reducing traffic at toll areas by 25 % and lowered the duration of the journey on Sheikh Zayed road by 50% and increased the average speed from 40 to 80 km/hour.

The study showed high traffic load on Al Maktoum Bridge which caused traffic congestions at some internal roads in Deira. It also pointed to congestions at Al Barsha and Al Sofouh due to the traffic load caused by motorists crowding to avoid passing the Al Barsha toll gate.

The study concluded on the high necessity to launch a new phase of Salik on the congested roads and the need to redistribute traffic on major roads and creek crossings especially after launching the new Garhoud Bridge.

H.E Mattar Al Tayer pointed that during the time that Maktoum Bridge witnesses congestions during peak hours, the parallel roads and bridges like Business Bay Crossing, Garhoud Bridge and Emirates Road are occupied only to 70 % of its capacity.

He mentioned that some motorists avoid crossing under Al Barsha gate by using internal roads that caused congestions at Al Barsha and Al Sofouh and caused disturbance to residents in the area. The only solution to resolve this issue is by installing new toll gate after Al Safa Bridge on Sheikh Zayed Road with toll charges to be deducted only once for each journey from Al Safa to Al Barsha gate and vise versa.

He said that the study emphasized the importance of installing new toll gates on Al Maktoum Bridge in order to reduce congestions on the bridge, and to decrease traffic gridlocks in Deira and to benefit from the new Garhoud bridge and Business Bay Crossing.

"A pioneering project, Salik has proven to be highly efficient since its inception as a unique solution to resolve traffic issues. It also supports RTA's strategy to provide easy and safe transportation," Mattar Al Tayer said.

He added: "Salik is a part of integrated solutions that aim to reduce traffic. These solutions comprise roads projects and infrastructure; metro systems; public transport and marine transport apart from several traffic policies that encourage the use of public transport to reduce traffic jam in Dubai. Salik is an effective tool to reduce the usage of private cars".

H.E Mattar stressed on the success of the Salik services in gaining the trust of motorists and praised their understanding of the positive side of the system in easing traffic congestions and improving traffic infrastructure.

Salik has introduced innovative web services that has gained high acceptance due to its flexibility in offering Salik users with an easy way to add credit to their accounts. By logging on to the Salik website www.salik.ae users can add credit to their Salik accounts by using credit cards or e-dirham or by deducting directly from their bank accounts.

Motorists can also recharge their accounts by visiting Emarat, Eppco and Enoc petrol stations or the branches of Dubai Islamic Bank and Emirates International Bank. Salik users can also check their accounts through the new IVR service offered by the call center by calling 800- Salik (800-72545) and following the voice instructions.

H.E Al Tayer has urged motorists to cancel their accounts after selling their cars or if the tag is damaged by following the correct procedures. He also stressed on the importance of inserting the right account number and pin code while recharging Salik accounts in order to avoid any inconvenience.
/Arabian Business/

New permanent premises for the UAE Journalists Association

2008-05-27T14:56:00.000+04:00

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai has ordered the construction of a permanent premises for the UAE Journalists Association.

The Allotment of a land the subsequent construction of UJA offices underscores Sheikh Mohammed's keenness to enable the UAE journalists undertake their mission without any hindrance. Earlier, Sheikh Mohammed had issued orders banning the arrest of journalists on cases related to their profession.
/WAM/

Du announces BlackBerry service

2008-05-27T14:27:00.000+04:00

Although Etisalat rules the UAE market, underdog du has just announced their new BlackBerry services. The launch lineup is pretty extensive, and includes the BlackBerry 8700, BlackBerry 8100, BlackBerry 8300 and BlackBerry 8800.

Forum to support young businesswomen in UAE

2008-05-26T22:04:00.000+04:00

The Dubai Women’s Association will launch the first forum for supporting small business projects for girls under the patronage of Shaikha Hind bint Maktoum bin Juma Al Maktoum, the wife of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

During the two-day conference to be held on June 1 and 2, six papers will be presented on issues pertaining to national identity, Khalifa Fund for supporting young women's business projects as well as other topics that encourage girls to establish small business projects to contribute to country's development.

Addressing a Press conference yesterday, Dr Shaikha Afra bint Hasher Al Maktoum, of DWA, said that the conference aims at encouraging young women to establish their own small business projects to help engage their spare time in useful things that will benefit them and their families.

The encouragement also will enhance their creative skills and ability for perfect planning as well to prepare them face the difficulties and challenges of life.

Umm Rashid, Member of Board council of DWA and head of Hour centre of DWA, said that the centre made great efforts to attract young national women and improve their skills to become leaders and owners of businesses in the future.
We believe that an Emirati girl has a strong will power and great interest in contributing to the country's development.
/Khallej Times/

Al-Salam Bank (Sudan) to list its shares in the Dubai Financial Market start June

2008-05-26T21:30:00.001+04:00

Al-Salam Bank- Sudan declared that it will list its shares in the Dubai Financial Market, and they will be put into circulation on Thursday, June 5th 2008, after the bank received the approval of the Emirates Securities and Commodities Authority for the inclusion of its shares in the Emirati financial markets.

Al Salam Bank�s shares will be listed in the said market during a great ceremony to be held in the Dubai Financial Market, in the presence of the members of the board of directors and the director general of Al-Salam Bank, Issa Kazem Chairman of the Dubai Financial Market, in addition to many members of the Executive Administration of Al-Salam Bank and the Dubai Financial Market.

Hussein Mohammed Al-Meeza, Vice Chairman declared: "The listing of the shares of Al-Salam Bank- Sudan, in the Dubai Financial Market, with the scope of the bank�s strategy aiming at enhancing its position and its strength among the Arab financials, and consolidating its regional and international presence, as the bank�s directors seek to facilitate the circulation process for the shareholders in the UAE and the other states of the region, but also to grant them the freedom of selection for circulation in many financial markets, according to their priorities and interests." Al Meeza added: "Al-Salam Bank- Sudan is one among the most important banks in Sudanese market, and it recently made huge steps, as its headquarter was moved to the capital Downtown (Khartoum). Accordingly, a comprehensive study was prepared in order to open many branches for the bank during the current year in many locations in Sudan. Furthermore, many automatic banking machines will be commissioned in key places in the Sudanese capital and other main cities." He explained: "Al-Salam Bank (Sudan) will keep on offering the best bank services which will keep pace with the economic developments in Sudan, so that it contributes to enhance the pillars of the Sudanese economic growth." Al-Salam Bank (Sudan) is considered among the most important banks, with respect to the capital in the Khartoum market of financial papers, and among the most eminent banks operating in the Sudanese market, throughout its innovative and excellent bank services. The bank constitution came as a fruit of an Emirati- Gulf- Sudanese cooperation; as its operations started up on May 25th 2006, with a capital of 100 million dollars.

The results of the bank for the year 2007 show record results, despite its recent presence in the Sudanese bank market, as the bank managed to achieve the aimed balance between the investment returns and the investment risks and it contributed to achieve high growth rates against the minimum possible of risks. Within the scope of the evaluation of the bank performance, it managed to achieve brilliant results in the central Sudanese bank, for the preventive control for the last quarter of the year 2007, according to CAEL indicators, since it obtained a strong classification, which is regarded as one of the greatest achievements of the bank.

The big bank investments during the year 2007 resulted in good returns, achieving a profit of 30 Million Dollars against 25 million during the year 2006, including the share of depositors from profits which reached 7.4 Million Dollars against 7 Million for the year 2006. In addition, it achieved a net profit for shareholders, which reached 12.3 dollars after the deduction of zakat and taxes. As for the property rights, they reached 149 Million Dollars with a growth rate of 8% for the year 2006.

The ordinary general assembly, held in Khartoum on 23/3/2008, declared the distribution of the monetary profits among shareholders, at a rate of 10%.

/WAM/

"Dar Takaful" shares available for acquisition

2008-05-26T21:26:00.000+04:00

Founders of "Dar Takaful", a public joint stock company, announced that shares of the company will be available for acquisition starting the 1st of July 2008. With a total of Dh100 Millions distributed over 100 Million shares, and a nominal value of one Emirati Dirham per share, the company will offer 55 Million shares for public acquisition, representing (55%) of the total capital for a nominal value of Dh1 per share. In addition to 3.5 fils per share as issuance expenses.

This announcement regarding "Takaful House", comes inline with the continuous success achieved by "Mawarid Finance", which attained a net profit of Dh95.1 Millions in a period less than 1 year from its launch. "Mawarid Finance" is considered one of the major investors of "Takaful House".

The chairman of the "Takaful House" founders committee, Mohammed Musabah Al Neaimi clarified that company shares are available for companies and individuals (Nationals '&' GCC Citizens), and the companies registered in the UAE owned by nationals.

Al Neaimi reviewed the conditions of shares acquisition, and clarified that the minimum limit for subscription was set at 25000 shares for each form, with multiples of 1000 shares. He also stated that the 1st of this coming July will witness the meeting of the first founding general assembly.

The Chairman of the founders committee further pointed out the key differences between Conventional insurance and Islamic insurance ( Takaful ), which comes in compliance with the teachings of Islamic Sharea, and has always been received well by clients seeking alternative for the conventional insurance. To do away with prohibited "Riba" associated with interest schemes. Takaful insurance is a kind of mutual collaboration and cooperation between clients, who are partners in liability.

In addition to the above, Takaful insurance is distinguished from other schemes, which consider insurance amount surplus as profit for the company in case of no accidents or damage. However, in Takaful, this surplus is distributed on clients insured at the company as determined by the "Fatwa and Sharea Monitor Authority".

Al Neaimi anticipated a rise in the shares of Takaful companies in the UAE insurance market, due to the success of the Islamic banking scheme, and the series of success achieved by Takaful scheme insurance companies. in addition to the client's awareness about the difference between commercial and Takaful insurance. Clients are keen to avoid suspicious dealings associated with "Riba", hence, they targeted the Takaful market, which scored an income of around $6 Billion in 2006.

He further pointed that the UAE provides a suitable environment to become an international capital for Islamic dealings and Takaful activities, as proved. Therefore, we can say that "Takaful House" came to exist in the right time and place. Al Neaimi also pointed that four Takaful companies are operating in the country currently, with total installments of Dh832 Millions collected by the four companies, what represents 11% of the total size of the market. Based on figures, this sector of the market is witnessing a great deal of growth, knowing that the concept of Takaful was introduced to markets recently.

The chairman of the "Takaful House" founders committee, Mohammed Musabah Al Neaimi, said that according to studies and reports, the country had 48 insurance companies by the end of 2006 (24 local and 24 foreign). National insurance companies set a new record of Dh4.6 billion until June 2007, according to the last half financial results of all national insurance companies Listed in the local. Results also indicate an increase in the total net profits of up to Dh1,114 billion compared with profits of up to Dh541 million during the same period of last year, thereby realizing the growth rate of 112%, which is a positive indicator that confirms companies have moved beyond the plight of fluctuations in the stock market and securities in 2006.

Al Neaimi reviewed the activities to be conducted by the company in the areas of Takaful insurance and reinsurance based on the Islamic concept of Takaful, including cars, property, against fire, ships and shipping, work risks, personal accidents, engineering, construction, various accidents, civil liability, health and family, consultancy regarding Takaful insurance and reinsurance.

He announced that after closing the shares acquisition, " Takaful House" would request to the securities and commodities authority, as well as the Dubai Financial Market to include its shares in the later. He assured that the offering the shares came in accordance with the terms and conditions applicable to the securities and commodities authority in the UAE, adding that shares has not been registered with any other regulatory body in another country.
/WAM/

Dubai’s non-oil foreign trade surges 46 per cent to $58 billion

2008-05-26T18:09:00.001+04:00

Dubai’s non-oil foreign trade volume, including free zones and customs warehouses, jumped 46 per cent in the first quarter of 2008, reaching $58.3 billion, against $39.9 billion registered during the same period in 2007.

During the period under review, Dubai’s exports recorded a phenomenal growth, soaring by 79 per cent, while re-exports went up by 73.5 per cent and imports grew by 49.7 per cent.

The latest statistics, compiled and released by Dubai World’s statistics department, show that Dubai's direct non-oil foreign trade, excluding free zones and customs warehouses, amounted to $39.2 billion during the first quarter of 2008, against $24.9 billion for the same period in 2007, showing an increase of $14.2 billion.

Sultan Ahmed Bin Sulayem, chairman of Dubai World, said: “The growth is fuelled by the government’s relentless efforts to upgrade the existing modern infrastructure of ports, airports and land transportation network.

India topped the list of Dubai’s direct import destination in the first quarter of 2008 with a share of 13.14 per cent of imports. India, China and Switzerland together accounted for 31.8 per cent of Dubai’s total imports, while imports from other countries accounted for 68.2 per cent.

As for Dubai’s exports, India again topped the list with 45.7 per cent, of the total exports, followed by Switzerland, with 13.5 percent of direct exports, and Jebel Ali Free Zone, with 3.68 per cent, while exports to other countries amounted to 37 per cent.

/CPI Financial/

Dewa sets Islamic bond price guidance

2008-05-26T18:07:00.000+04:00

Dubai Electricity and Water Authority (Dewa) has set initial price guidance for its Islamic bond at between 100 basis points to 125 basis points over six-month Emirates Interbank Offered Rate, two bankers said.

The state-owned utility is returning to the market after postponing the sale of dollar-denominated bonds in November.

The bankers, who attended a Dewa roadshow, declined to be identified. The utility's latest sale is priced in dirhams. The five-year sale of the floating rate Islamic bonds (sukuk), is managed by Barclays Capital, Citigroup, Dubai Islamic Bank and Emirates Bank International.
/Reuters/

Arab World’s first exhibition of Picasso masterpieces

2008-05-26T14:50:00.002+04:00

186 works to go on show - 40 piece Arab-influenced collection exclusive to UAE capital.

The Arab world's first exhibition of the works of Pablo Picasso, spanning all periods and styles in the career of the 20th.
The retrospective century's signature artist, is to open in Abu Dhabi, the capital of the United Arab Emirates, this week under the patronage of His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

Picasso Abu Dhabi:

Masterpieces from the Musée National Picasso, Paris, featuring 186 paintings, sculptures and drawings, will run in Gallery One of Emirates Palace from May 27 through September 4, 2008.

Abu Dhabi is the second city in a nine-nation tour of the exhibition, after the launch in Madrid's Reina Sofía museum, and it is the only Middle Eastern venue on the tour. The UAE capital will present an exclusive exhibition differentiated by the inclusion of 40 drawings, prints and illuminated manuscripts reminiscent of the Arab influences Picasso absorbed during his youth in Málaga, La Cocina and Barcelona.

The exhibition also represents the first time that the Musée National Picasso collection has been presented in the Middle East and published in an Arabic catalogue. The exhibition is being seen as a major stride forward in Abu Dhabi's mounting status as an international cultural hub.

"This exceptional exhibition helps consolidate Abu Dhabi's standing on the global cultural landscape and is another initiative in this emirate's campaign to expand cross-border cultural dialogue," said His Excellency Sheikh Sultan Bin Tahnoon Al Nahyan, Chairman of Tourism Development & Investment Company (TDIC), one of Abu Dhabi's leading developers and the name behind the emirate's now celebrated Cultural District of Saadiyat Island, which will be home to the world's largest concentration of premier cultural institutions. TDIC has brought the exhibition to the UAE capital in co-operation with Mubadala Development Company (Mubadala).

"The inclusion of works which have a specific Arab connotation will resonate well on a local and regional level and will fulfill an intrinsic role of reaching out to the wider community," added Sheikh Sultan, who also chairs the Abu Dhabi Tourism Authority (ADTA) and the Abu Dhabi Authority For Culture & Heritage (ADACH).

The exhibition is drawn exclusively from the singularly important holdings of the Musée National Picasso, Paris, which came directly from the artist's studios. This exhibition traces Picasso's career across a range of work beginning with his Blue Period Self-Portrait (1901) and concluding with Portrait of the Young Painter (1972), made only months before his death.

"This is a genuine retrospective seen through a museum collection. We have here a totally new situation, since we are able to follow Picasso's own trajectory, his search, the development of his awareness, and his discoveries, through his paintings, sculptures and drawings. It is an experience that offers something that is both fragile and remarkable," said Anne Baldassari, Director, Musée National Picasso, Paris and the exhibition's curator.

"They are works that he kept for himself, not simply because they were related to his family or emotional life, his development or his private life, but he kept them above all because they were the keys to his working progress. And they should always be understood in this way."

The exhibition explores distinct periods in Picasso's career. The first, from 1901-1909, is about the genesis of Cubism, from the Blue Period to the research around Les Demoiselles d'Avignon. The second period, from 1910-1924, covers the artist's early cubist and neo-classical works.

The third, 1924-1935, includes several surrealist sculptures and the main paintings of this influential period. The fourth, from 1935-1951, places some Picasso works in the context of his preoccupation with the Spanish Civil War, World War II and the Cold War, while the final period, 1947-1972, explores Picasso's predominantly joyful post-war work.

An expansive programme of educational and public engagement initiatives has been organized to coincide with the exhibition. Designed for all age groups, the programme includes interactive activities, art workshops, illustrated lectures, guided exhibition tours, debates on Picasso and his artistic legacy, and a week-long ‘Picasso Art Club' event.

The programme begins this week with a free-to-attend evening symposium devoted to Picasso's work. It will be held at the Emirates Palace and will be led by Anne Baldassari and involve art historians. Those wishing to attend can register by logging on to www.artsabudhabi.com or by calling the special hotline 600 522 299.

The exhibition itself includes an audiovisual room that uses film, photographic and audio collateral from the Musée National Picasso's incomparable Picasso Archives, while an audio guide gives visitors a rich and illuminating context for the artworks on view. The exhibition will also be supported by exhibition brochures in English and Arabic, as well as the publication of a special children's Picasso journal. All of the materials have been written and published by the staff of the Musée National Picasso.

"The educational and community involvement segment of this all-inclusive programme is at the very crux of Abu Dhabi's overarching cultural drive," explained Mubarak Al Muhairi, Managing Director, TDIC and Director General, ADTA.

"In taking responsibility for delivering a global cultural hub of the scale and scope of the Cultural District of Saadiyat Island, we have also accepted responsibility for incubating an appetite for the arts on a local, national and regional scale - education, and the provision of knowledge sharing facilities is paramount in living up to this."

Saadiyat Island's Cultural District will be home to the Sheikh Zayed National Museum, the Guggenheim Abu Dhabi Museum, the Louvre Abu Dhabi, a performing arts centre and maritime museum. Each has been designed by an eminent, award-winning architect including Lord Norman Foster, Frank Gehry, Jean Nouvel, Zaha Hadid and Tadao Ando respectively.

"Given that the opening of these museums is yet someway off - the first institutions to open around 2012 - it is incumbent on us to cultivate and enthuse a local and regional audience while ensuring an informed cadre of national expertise is ready and committed to seizing the career and personal development opportunities that will emerge." added Al Muhairi.

Abu Dhabi's cultural education programme is being forged in conjunction with some of the most reputable names in the arts world, such as the recent staging in the UAE capital of the highly successful Arts of Islam, Treasures from the Nasser D. Khalili Collection.

"Our world-class partnerships will deliver the breadth of experience required to ensure as wide an outreach as possible for audience generation and career development," said Zaki Nusseibeh, Deputy Chairman, ADACH.

"The education programme will continue and exploratory discussions with other world-class partners are being actively progressed. Extremely positive feedback from visitors to the Arts of Islam exhibition, which attracted over 61,000 visitors in three months, has underpinned our belief that the more you satisfy people's hunger for art, the more the appetite is honed," added Nusseibeh.

As Abu Dhabi's cultural education drive gains momentum, progress on the Saadiyat Island Cultural District - which is the nucleus of the emirate's ambition to become a global cultural hub with inclusive appeal - is also gathering pace, according to Lee Tabler, CEO, TDIC.

"We are currently working with Foster +Partners of the UK, under the direction of Lord Foster, to finalise, in conjunction with our stakeholders, the design for the Sheikh Zayed National Museum and are targeting a post-summer public announcement," explained Tabler.

The economic development and new national career stream scenarios being created through Abu Dhabi's cultural drive are being actively supported by Mubadala Development Company, which has wealth creation through economic diversification at its corporate core.

His Excellency Khaldoon Khalifa Al Mubarak, Chief Executive Officer of Mubadala said, "Mubadala is committed to the diversification of Abu Dhabi's economy and to creating a flourishing society. We believe that the encouragement of arts and culture is an important part of this process, which is why we are so proud to sponsor this first ever public exhibition in the Middle East of one of the 20th century's greatest and most inspirational artists."

Picasso Abu Dhabi:

Masterpieces from the Musée National Picasso, Paris will be open daily from 10am-10pm. Entry is free-of-charge with visitors asked to make a discretionary donation to the ‘Arts Abu Dhabi' cultural education programme. The exhibition will have a women's only day every Tuesday between 10am-4pm.

About Tourism Development & Investment Company (TDIC)

Tourism Development & Investment Company (TDIC) is Abu Dhabi's leading tourism asset developer and the name behind some of the world's most significant tourism projects. Its flagship development is Saadiyat Island, a 27 square kilometre natural island lying just 500 metres offshore Abu Dhabi city - the capital of the United Arab Emirates (UAE). The island is being transformed into a signature leisure, cultural and residential destination. TDIC is also behind the unique Desert Islands project, one of the world's largest sustainable island tourism destinations currently under development.

TDIC will develop the real estate assets that support the Abu Dhabi Tourism Authority's (ADTA) mission of assisting UAE economic diversification through tourism development. With its shareholding fully owned by ADTA, the company, operates along strictly commercial lines with its projects being self-sustaining and economically feasible.

TDIC's activities include creating development and tourism related concepts for specific sites and locations; disposing of, or repositioning, government-owned tourism related assets; entering into joint ventures with investment partners for assets such as hotels or residential products; as well as serving as master developer for large scale projects.

About Saadiyat Island

Saadiyat Island - which translates from Arabic as Island of Happiness - is the Arabian Gulf's largest single mixed-use development. The 27 square kilometre natural island lies only 500 metres offshore Abu Dhabi island - the capital city of the United Arab Emirates. Saadiyat Island is being developed into a signature leisure, cultural and residential destination.

Saadiyat Island represents one of the most important development opportunities in Abu Dhabi's history. The island, which has 30 kilometres of water frontage and boasts many natural eco-features, including mangrove forests, marks a new era in the rapid evolution of Abu Dhabi, the largest of the seven emirates which form the UAE Federation.

Saadiyat Island, which, in Wall Street Journal research was tipped as one of the world's top 10 emerging 'trendy' destinations and voted the 'World's Leading Tourism Development Project' in the 14th World Travel Awards, will be developed in three phases until 2018. The masterplan envisages seven distinct districts - Cultural District, Saadiyat Marina, Saadiyat Beach, South Beach, Island Lagoons, The Wetlands and Eco-Point.

There are plans for luxury hotels, over three million square metres of office space, marinas with combined berths for around 1,000 boats, two golf courses - one the UAE's first Gary Player signature course and the Arabian Gulf's first 'ocean' course - civic and leisure facilities, sea-view apartments and elite villas.

The island will also be home to the world's largest single concentration of premier cultural institutions, including the Sheikh Zayed National Museum, concept designed by Lord Norman Foster; the Guggenheim Abu Dhabi Museum of modern and contemporary arts designed by Frank Gehry; the Louvre Abu Dhabi universal museum designed by Jean Nouvel; a performing arts centre designed by Zaha Hadid and a maritime museum by Japan's Tadao Ando. Saadiyat Island is expected to be home to a community of more than 150,000 people - the same population size as Chang Mai in Thailand, Oxford in the UK or Hollywood in the USA.

Saadiyat Island will be linked to Abu Dhabi, via a Saadiyat Link road which will connect the Shahama district to Saadiyat Island, and connect to the 10-lane Saadiyat Bridge which is already under construction from Abu Dhabi's Mina Zayed area.

Saadiyat Island is being developed by the Tourism Development & Investment Company (TDIC), an independent public joint stock company of which Abu Dhabi Tourism Authority (ADTA) is the sole shareholder.

About Mubadala Development Company

Mubadala Development Company (Mubadala) is a leading business development and investment company based in Abu Dhabi. At the core of its strategy, Mubadala makes long-term, capital intensive investments to deliver strong financial returns and economic diversification. Its mandate is to transform the Emirate from a single-sector economy, driven predominantly by oil and gas, into a multi-sector global economy that comprises a range of thriving industries.

Mubadala is rigorously analytical in its selection of investments and partners, whether it is investing in established businesses such as Carlyle Group and Ferrari or creating new ones by partnering with leading international organizations like Cleveland Clinic. An investment vehicle of the Abu Dhabi Government, its focus is on developing the key industry sectors of healthcare, technology, aerospace, energy, real estate, and building links between them to ensure that the economy is fully integrated and sustainable.

Through these carefully selected investments and with the expertise and experience of best-in-class partners, Mubadala is setting the highest standards for business excellence in every sector. By establishing these benchmarks, Mubadala aims to cultivate new employment opportunities and improved standards of living; an attractive business environment for partners and investors; and continued prosperity for Abu Dhabi and its people.

Rental index

2008-05-26T14:45:00.001+04:00

A new house rent index that will suggest benchmark rents for all the communities in Dubai, to be published soon by Dubai's Real Estate Regulatory Authority (Rera), is expected to reverse the gains of a seven per cent rent cap and turn the tables against the tenants in favour of the landlords.

The index will have separate prices for studio, one-, two- and three-bedroom apartments and villas in each community that will help landlords and tenants to benchmark their rents against the published rents in case of a dispute. It will also help the Rent Committee to settle the disputes.

"We are looking at a lot of factors. The index is a guideline for new people who are coming to Dubai," Rera chief executive Marwan Bin Galita told the media on Sunday.

It is hoped the pricing index will act as a comprehensive guideline to all tenants and landlords in Dubai. "The index will be introduced when we're confident that it's going to help the market," Bin Galita said.

By 2009, all new properties and rental contracts for commercial and residential units will be incorporated into a full database of rental agreements in Dubai, he said.

The new rent pricing index, designed to ensure that new people moving to Dubai have a clear picture of how much property is in specific areas, will help the market, he said.

Rising rents, jumping between 50 to 100 per cent over the last few years, have prompted Dubai Government to introduce a 15 per cent rent cap in 2005 - which was lowered to seven per cent - to help the emirate's marginalised middle income group. The rent cap, which managed to stabilise the market to a certain degree, has come under fresh attack with landlords, who were trying innovative ways to bypass it, complaining that they are forced to rent out premises below the market price.

Elaine Jones, chief executive officer of Dubai-based property consultancy group Asteco, said, "It's a huge subject. There is so much disparity in the market now. Some tenants are paying more than double what other tenants are paying within the same building."

Growing fears

Analysts fear the new rent index will be used by the landlords as an excuse to bypass the rent cap. "This will provide another excuse to the landlords to bypass the rent cap," said a property analyst, requesting anonymity. "They have tried all tricks in the past. The rent index will provide the necessary tool for them to try and violate it."

Meanwhile, Bin Galita said there is enough housing supply in the Dubai market but the land is being held by greedy investors and real estate agents.

"There is enough supply in the Dubai market but because of greedy real estate agents or greedy investors, they are keeping the ground," he said.

"New projects are coming so people won't be able to leave their houses empty for a long time once the index is in place," he added.

By Suzanne Fenton

© Gulf News 2008. All rights reserved.

High-speed rail link between Dubai and Abu Dhabi

2008-05-26T14:32:00.001+04:00

Abu Dhabi is in talks with Dubai about connecting the two emirates via a high-speed rail link, the chairman of the UAE capital's Department of Transport (DoT) said on Sunday.

Speaking at the launch of the DoT's five-year plan for Abu Dhabi's transport network, Abdulla Rashid Al Otaiba said the department was "having conversations [with the Roads & Transport Authority (RTA)] about connecting Abu Dhabi and Dubai via the railway”, quoted UAE daily The National.

The DoT's five-year plan calls for the development of a high-speed rail network, a metro and light rail network.

It also calls for the construction of new roads, the introduction of water taxis, an upgrade of the emirate's fleet of buses, and the continuation of its open skies policy to increase air traffic.

The DoT said a key element of its plan was the privatisation of transport services through Public Private Partnerships (PPP).

The DoT gave no timeframe for when any of the projects would be ready, however, Abu Dhabi's Urban Planning Council said earlier this month that the emirate would have a light rail network "within seven years".

Dubai is in the process of constructing its own metro, with the first two lines, red and green, expected to come online in September 2009 and March 2010 respectively.

The red line will run from Al Maktoum International Airport in Jebel Ali, around the American University, through the city centre, and to the Airport Free Zone.

The green line will run from Festival City, through the city centre, on to service Dubai International Airport Terminals 1 and 3, and finishing in Rashidiya.

A blue line has also been earmarked to run along Emirates Road, although the exact route is currently unknown, and a fourth purple line will connect Dubai International Airport with Al Maktoum International Airport.

The RTA is planning up to eight metro lines that will link major destinations across the emirate.

RERA launches Dubai Real Times monthly magazine

2008-05-25T18:32:00.002+04:00

The Real Estate Regulatory Agency announced a major initiative to fill a crucial gap in the information chain in the Dubai property sector by launching its own official monthly magazine titled Dubai Real Times.

The magazine will serve as a medium for RERA to communicate with the stakeholders of Dubai property sector and give a forum to various segments of the property sector to express their views. Dubai Real Times is an extension of the Dubai Real Estate Community portal, which is part of the RERA website www.rpdubai.com.

The magazine’s launch was announced by Marwan bin Ghalita, the Chief Executive Officer of RERA, at a press conference at the Dubai Land Department, where he explained the idea behind the magazine.

'We want to encourage complete transparency in the property sector so that no one is in doubt about anything relating to property. We want people to stop wondering and start understanding things in the right perspective and Dubai Real Times’ mission is to facilitate this process,' said Bin Ghalita.

'Miscommunication and lack of transparency are a major concern among property investors and other segments of the industry and our endeavor is to clear these confusions and help introduce proper understanding through the magazine. Dubai Real Times seeks to inform and educate as well as open a dialogue with the industry so that issues are brought up and addressed in the most appropriate manner,' the RERA CEO said.

Dubai Real Times is the first regulatory magazine for the property sector and as such marks another first for the Dubai property industry, which has created benchmarks for not only the UAE, but the entire Middle East region. Some of the regulatory actions of RERA are an improvement on even the global best practices.

RERA has mandated Sterling Publications, publishers of some leading current affairs and business titles, to bring out the monthly magazine, which will be produced to the highest professional standards that have characterized the two editions of Dubai Freehold Property Guide, also published by Sterling.

The content of the magazine has been developed with great care so as to promote transparency in the market, Bin Ghalita pointed out. There will be market studies, trend analyses, commentaries and expert opinions, apart from regular updates on laws, rules and regulations issued from time to time.

As the official publication of RERA, Dubai Real Times adds an authentic tool to the real estate industry to reach out to its stakeholders, whether home owners, investors, buyers, sellers, brokers, consultants or service providers to the industry.
/AME Info/

du exceeds the 2million customer mark in 15 months

2008-05-25T18:19:00.001+04:00

du, the integrated telecommunication operator in the UAE announced today that it has exceeded the 2million customer mark. This milestone is achieved within 15 months from the launch of mobile services.

Osman Sultan, CEO du said: "This is an important milestone for us, these figures are evidence that du played fully its role in bringing real competition to the UAE telecommunication market”.

“I would like to thank each and every one of our 2 million customers for their valuable trust; and our main focus in the future is to continue providing more innovative services to them, this milestone would have not been possible without the dedication of the du family; starting with the Chairman and members of the board of directors, and of course the 1900 employees” Sultan added.

Farid Faraidooni, EVP Commercial, du said: "This achievement has spurred us on to greater heights. Our customers, both enterprise and consumer, can look forward to more innovative products and services from du, which will increase their convenience and comfort. We will also be expanding our retail network across the UAE to be more accessible to our customers."

In line with its policy to pioneer best practices and bring greater transparency into the market starting from the first quarter of 2008, du has begun to announce the number of active subscribers, as defined by the Telecommunications Regulatory Authority (TRA). Under the TRA’s definition, any mobile customer who has made a call, or sent an SMS or MMS, or received a call within the last 90 days is considered an “active subscriber”.

Osman Sultan clarified: "We are committed to reporting the number of active subscribers as we did in our Q1 2008 financial results release and we will continue to do on quarterly basis”.

About du

du, the integrated telecom service provider in the UAE, launched mobile telecommunication services on 11 February 2007 across the UAE in addition to internet and pay TV services in some of the free zones of Dubai. Call Select, the first of du's nationwide Fixed line services for voice telephony, was launched in July 2007.

Among du’s many firsts is its historic Number Booking Campaign for both individuals and business, Pay by the Second billing system, Mobile TV, Mobile Payments, first of its kind ‘WoW’ recharge card (which offers customers the choice between more credit and more time) and Self Care. du business offers include Closed Business User Group and preferred International Destinations.

du’s retail network, currently numbering 16 du shops located in strategic locations across all emirates, was launched on 25 February 2007, supporting the delivery of du services to customers.

du is 40 percent owned by the UAE Federal Government, 20 percent by Mubadala Development Company, 20 percent by TECOM Investments and 20 percent by public shareholders. It is listed on the Dubai Financial Market (DFM) and trades under the name du.

Five major trade shows opened in Dubai

2008-05-25T14:32:00.001+04:00

The consumer electronics sector has emerged as a key growth industry in the Middle East, driven mainly by rising regional disposable incomes, a large product, and technology hungry expatriate population, and a burgeoning tourism industry, according to Her Excellency Sheikha Lubna Al Qasimi, UAE Minister of Foreign Trade.

HE Sheikha Lubna was speaking at the International CES/hometech conference after inaugurating five major trade shows organized by Epoc Messe Frankfurt at the Dubai International Convention and Exhibition Centre (DICEC) Sunday.

As part of her keynote address, HE Sheikha Lubna said: 'The Gulf�s consumer electronics industry is predicted to achieve a 30% growth in 2008 to AED 18.35bn, representing a significant 17% share of the expected AED105.7bn global market.' Sheikha Lubna noted that the Middle East�s consumer electronics sector is expected to experience even more growth as consumers in general continue to rapidly adopt mobile and modern technologies for personal use and seek better designs and added product features.

''My own country, the UAE, currently leads the region�s broader consumer electronics and household appliance sector, which is expected to achieve double-digit annual growth towards 2010 mainly due to rising demand for new convergence products and networked household appliances,' she stated.

International CES/hometech features dedicated Home Networking and Automation Zones, in anticipation of the growth of households using data networking solutions throughout the world to almost 145 million by 2011.

Sheikha Lubna underlined automated home technology as one of the fastest-growing sectors of the consumer electronics industry that is strongly patronized particularly in Dubai, where many high-profile land developments are being fitted with ready-to-use built-in wireless communications systems.

A total of 950 exhibitors from 43 countries around the world are showcasing the latest in a range of products and services from to earth moving equipment to home audio systems, showcasing their wares in what promises to be the largest collection of trade exhibitions held anywhere in the Middle East.

Speaking on behalf of Epoc Messe Frankfurt GmbH, CEO Eckhard Pruy said: 'Spurred by rapid economic growth in the Middle East, several international and regional companies are exploring new business opportunities in the region and our series of focused annual exhibitions provide an ideal platform for international companies.' Four of the five shows cater to the needs of the construction industry that is booming across the region including Hardware and Tools Middle East exhibition that is now in its ninth year. Exhibitors at the show display the latest and a wide variety of mechanical, electrical and plumbing products from all over the world perfectly positioned to capture this market,' he added.

In concord with the burgeoning levels of building work is an increased demand for fixtures and fittings that are on display at the Light Middle East, the construction boom in the region has ensured that the lighting fixtures market will grow at a CAGR of almost 7% that is higher than the global average of 4%.

ISH Kitchen and Bath Middle East is the design-led kitchen and bathroom exhibition in the region, attracting major manufacturers and suppliers from around the world who are presenting new products and solutions.

The market for outdoor lifestyle goods is also growing and the boom in property, leisure and municipal developments, both require considerable amounts of interior and exterior landscaping.

Dubai authorities forecast that spend on landscaping projects this year would be worth AED165m ($45m). Construction of parks and new golf courses in the region for the next five years will fuel spending on gardens and landscaping, estimated at AED 60.5bn ($16.5bn).

This growth augurs well for the Garden and Landscaping Middle East that is the dedicated international trade event in the region for the landscaping and outdoor living industries. The show offers the perfect regional industry networking event to present the latest trends, products and services available to the sophisticated market of landscaping and outdoor architecture.
/WAM/

Dubai International Financial Centre attracts global investors

2008-05-25T13:32:00.002+04:00

A financial free zone on par with New York's Manhattan and Tokyo's Ginza district, the 110-acre Dubai International Financial Centre (DIFC) is home to some of the priciest real estate in Dubai. It is now the most exclusive district for business and trade in the emirate, attracting investors from Asia, Europe and the Americas. The DIFC is a geographic and legal jurisdiction linking the global exchanges including NASDAQ, LSE and HKEX. The DIFC is adjacent to Dubai World Trade Centre and is located at the start of Sheikh Zayed Road.

Its easy accessibility to Dubai Metro, Dubai International Airport and Jebel Ali Seaport and other prime residential and trading districts like Deira and Bur Dubai makes it an investment hub. The zone's potential is further enhanced by the presence of crucial financial think-tanks like Dubai International Financial Exchange (DIFX).

Prices of residential real estate are expected to go up by 25% at Dubai International Financial Centre in 2008/2009.

The free trade area offers investors 100% foreign ownership rights, zero tax rates and is home to prime financial bodies like Dubai International Financial Exchange or Dubai Stock Exchange. Consequently demand for office and residential space within the zone is soaring. The DIFC presently commands the highest prices for offices in Dubai, averaging US$12,668 per square metre. Prices here are 30-40% higher than the prevailing rates at other commercial zones like Business Bay, Sheikh Zayed Road, Tecom and Dubai Marina. The DIFC maintains the price lead in the residential market as well. The prices of studios at the free zone average US$ 641 square meter; for one bedroom apartments, the median rate is US$ 767 square meter. Given the current growth of Dubai economy and the vast potential of the area, Gowealthy forecasts a growth of 25% in real estate prices at Dubai International Financial Centre (DIFC) in 2008/2009.
/Gowealthy.com/

The Cultural Observer

2008-05-25T13:22:00.001+04:00

• Under the directive of H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, President of Dubai Event Management Corporation, today announced the Corporation has been mandated to revive the Al Bastakiya district, one of the most historic landmarks of Dubai.

• Under the sponsorship of HRH Princess Haya Bint Al Hussein, wife H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the London Orchestra in cooperation with Dubai Properties part of the Dubai Holdings Group launched a series of cultural projects in the Heritage Village, which includes a Theater as well as Music Institutions.

• Rouq Ousha announced their cultural activities which will be starting from 25/5/2008 and will continue to the 10/6/2008. For information contact the following number 042611200.

• The Arts & Talents Center part of the Dubai Ladies Club will be organizing a French Arts Exhibition at 7pm on Monday 26/5/2008 and will continue to the Tuesday 27/5/2008. For more information contact the following number 043499922.

• The opening of “Musaad Khudair Calligraphy Exhibition” will be held at 7:30pm on Sunday 25/5/2008 at Al Beyat Gallery – Wafi Center and will continue to 27/5/2008. For more information contact the following number 043279911.

• Green Art Gallery in cooperation with Satarkhan Gallery in Egypt are organized an art exhibition to showcase the works of the artist Katherine Bakhoun Tisne and will continue to the 26 May 2008. For more information contact the following number 043449888.

• The Emirate of Dubai will host the inaugural Emirates Airline International Festival of Literature (EAIFL), where some of the world’s literary talents will be participating. The event will take place from February 25 to March 01, 2009.

• The first Documentary Films Initiative in the UAE will be held from 4 – 7 July 2008, at the Dubai Community Theater and Art Center of the Emirates Mall.

Medical insurance premiums set to increase

2008-05-25T08:58:00.001+04:00

The rising cost of medical treatment will lead to an increase in medical insurance premiums in the UAE, a senior insurer said. "With premiums on medical insurance having dropped to a very low level in the past, the trend is all set to be reversed in the coming years in line with the increase in medical inflation," James Cooper, sales director, William Russell, a UK-based company with over 15 years of experience in looking after insurance needs of expatriates around the world, told The Business Weekly in an interview.

"I am not sure whether falling premiums will be sustainable in the long-term. In fact, we are seeing a huge increase in premium in the Far East, with China reporting a hefty increase between 10 to 22 per cent," he added.

With globalisation and an open economy it would be very difficult to imagine what the situation will be in the UAE two to three years down the line. "We anticipate that the premiums will increase in line with worldwide medical inflation.

Because the medical treatment costs are increasing in the UAE just as they are in China and the US. The premiums would have to reflect that increase as the insurance companies can't afford to swallow the hike," he said.

First venture

This is the first major venture of William Russell in the region and the company was attracted by the new legislation launched by Abu Dhabi to make healthcare mandatory with Dubai and other emirates following suit. "We had concentrated our efforts for many years in the Far East, Hong Kong and Malaysia, and felt that expanding our services here was a natural progression for us. We are looking to capitalise in the region through partnership and introducing our own range of products," he added.

Cooper was speaking to TBW on the sidelines of a function marking William Russell's entry into the region in partnership with Dubai Insurance Company. The partnership has launched a range of international health, income protection and life insurance plans designed specifically for expatriates and small to medium-sized expatriate employers.

The plans are underwritten by Dubai Insurance Company and administered by William Russell. The range includes GlobalHealth expatriate health insurance plans, GlobalLife, life insurance protection for individuals and GlobalIncome Protection, which provides a regular income if an expatriate is unable to work due to illness or injury.

"Choosing to live and work in the Gulf provides expatriates with a rewarding career and lifestyle opportunities, but they do need to make sure that they have the right insurance to financially protect income and the security of their families in the event of illness, injury or even death," Cooper said.

/The Business Weekly /