Cityscape Abu Dhabi extended to Friday

In an unprecedented decision in the history of Cityscape exhibitions, the Government of Abu Dhabi has requested the extension of Cityscape Abu Dhabi, the premier real estate development and investment event, by one day.

Cityscape Abu Dhabi will remain open for an extra day, which will conclude Friday evening, May 16th.

The exhibition was opened yesterday at the Abu Dhabi National Exhibition Centre by HH Sheikh Mohammed bin Zayed Al Nayhan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces.

Mark Goodchild, project manager, Cityscape Abu Dhabi said, "We received a formal request from the Abu Dhabi government that they would like us to extend the event by one more day. This is unprecedented for Cityscape, but considering the massive interest on the first day, it is hardly surprising. We are delighted that the government should grant us such exceptional support and also that they recognise the importance of Cityscape for the development of Abu Dhabi and for many of the region's exciting projects." To underscore the importance of the event as a showcase for the capital's intricate planning, sustainable projects and investment transparency, Sheikh Mohammed agreed to be patron of Cityscape Abu Dhabi for a second successive year.

In terms of 'home-grown' support, the Abu Dhabi government and locally-based real estate heavyweights have shown full support for the industry showcase. Major local developers such as Mubadala, Sorouh Real Estate, ALDAR Properties and Al Qudra Real Estate all have a significant presence.

Organisers IIR Middle East said that the show was sold out some months ago, with over 300 confirmed exhibitors covering more than 30,000 square metres of exhibition space.

Platinum sponsors of Cityscape Abu Dhabi include Mubadala, Aldar, Sorouh, Al Qudra, The Land Holding Company and Escan. Gold sponsors include Dubai World Central, Tameer and Saudi Oger, with Future Brand and East and West Properties taking silver status. The Department of Municipal Affairs of Abu Dhabi is associate sponsor; Urban Planning Council of Abu Dhabi is strategic planning partner, while HSBC is investment sponsor.
/WAM/

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Abu Dhabi to relax foreign ownership laws

Abu Dhabi plans relax ownership laws to allow foreign investors to take larger stakes in industrial projects as the government looks to spur the emirate's economic boom.
Jaber Al Khaili, CEO of the Higher Corporation for Specialised Economic Zones (Zones-Corp), said on Sunday new legislation will be issued in the next few days that will increase foreign ownership in certain sectors "considerably", quoted UAE daily Emirates Business 24/7.

“The current 49% will be considerably increased in sectors that are most in need of foreign investments. Our aim behind this is to give a strong push to the industry in Abu Dhabi,” he told the newspaper at the Abu Dhabi Economic Forum, without giving details of sectors would be affected
However, Al Khaili ruled out 100% foreign ownership, stating it was "impossible" at the moment.

"...there are good percentages that will considerably attract foreign investments. We will attempt to provide all factors of success for foreign investment," he said.

"There are important industrial sectors that need to significantly raise the percentage of possession.”

The legislation is part of the government's efforts to encourage investment in the emirate as it looks to spend $200 billion transforming the capital into an ultra-modern city over the next 12 years, under its Abu Dhabi Plan 2030 development strategy.

The government on Sunday outlined a new five-year strategy, part of the Abu Dhabi Plan, that will see $28 billion invested in education, transportation and oil and gas.

“In the next few years, billions of dollars are projected to be pumped in to the economy and currently over $10 billion is being injected into infrastructure projects, including the expansion of Abu Dhabi International Airport, the UAE University and Khalifa Port and Industrial Zone,” Nasser bin Ahmad Al Suwaidi, chairman of the Abu Dhabi Department of Planning and Economy, told the forum.

Al Suwaidi said that around $18 billion would also be invested in enhancing refining capacity, besides expansion in oil producing and distribution projects.

Speaking at the forum, Abu Dhabi Chamber of Commerce and Industry President Salah Al Shamesi said foreign investment in the emirate was a major force driving economic growth.

Al Shamesi said Abu Dhabi's economy is expected to grow between 8.2 and 13% over the next few years.

He attributed the rise to the emirate's gross domestic product (GDP), which is expected to hit almost 600 billion dirhams ($163.4 billion), he said. Source

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ADEWA posts AED 45 billion in investment revenues

The Abu Dhabi Electricity and Water Authority (ADEWA) posted investment revenues of over AED45 billion.

Commenting after receiving the pioneer performance award, Abdullah Saif Al Nuaimi, director of privatisation at ADEWA said that :"The efforts of Sheikh Dhiyab bin Zayed Al Nahyan, chairman of ADEWA, has great impact on achievements of the ADEWA over the last few years, which were culminated by the pioneer performance award. The award followed a number of other awards received by the ADEWA on management level and execution of its distinguished privatisation programme".

Al Nuaimi thanked Sheikh Dhiyab on behalf of the employees at the ADEWA on receiving the award, which he described as 'natural due to the continuous efforts to promote work at the ADEWA'.

The award was issued to the ADEWA during the Abu Dhabi Economic Forum organised by the Economy and Business Group in recognition of its management and successful implementation of privatisation process.

The ADEWA is the first public institution to implement successfully the strategy of Abu Dhabi government to privatise public sectors - a move that puts the ADEWA under scrutiny of the international corporations, which are racing to strike partnership with. It has already attracted major US, European and Asian Companies. (WAM)

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Abu Dhabi's economy set to grow 8.2 per cent in 2008

Abu Dhabi economy is projected to grow 8.2 per cent this year and 13 per cent over the coming years, according to chairman of Abu Dhabi Chamber of Commerce and Industry (ADCCI).

''The growth will be fuelled by the substantial rise in the gross domestic product of over AED 400 billion in 2007. The GDP of the emirates is set to surge to AED 584 billion by 2010, said Selah Al Shamsi in an address before the Abu Dhabi economic forum which kickstarted Sunday.

''Great achievements made in the last two years in regards to government restructuring and greater engagement of the private sector in the emirate's comprehensive development will open up a new chapter of public-private sector partnership in order to mobilise energies and resources towards overall development,''he added.

According to him, the sound economic policy adopted by the government of Abu Dhabi has created a competitive investment environment locally and internationally, a privilege which further establishes Abu Dhabi position at the global economy.

The high profile event is attracting large participation by corporate leaders, bankers, economists and businessmen from Abu Dhabi, the Gulf and globally.

The Forum's proceedings will for two days focus on Abu Dhabi main economic trends and the potential impact of the government new policy agenda on investment flows, government spending and business opportunities in the Emirate's various economic sectors.

Speakers will in particular tackle the multi-billion spending programme on infrastructure designed to underpin the Emirate emerging and fast expanding economy and the government plans for developing the industry, particularly energy and capital intensive industries.

The forum will also discuss among other topics the outlook for real estate and tourism sectors in the potential impact of accelerated development and mega projects on Abu Dhabi's plan to become a major destination for tourism, businesses and leading world class industries. (WAM)

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Abu Dhabi's economy set to grow 8.2 per cent in 2008

Abu Dhabi economy is projected to grow 8.2 per cent this year and 13 per cent over the coming years, according to chairman of Abu Dhabi Chamber of Commerce and Industry (ADCCI).

''The growth will be fuelled by the substantial rise in the gross domestic product of over AED 400 billion in 2007. The GDP of the emirates is set to surge to AED 584 billion by 2010, said Selah Al Shamsi in an address before the Abu Dhabi economic forum which kickstarted Sunday.

''Great achievements made in the last two years in regards to government restructuring and greater engagement of the private sector in the emirate's comprehensive development will open up a new chapter of public-private sector partnership in order to mobilise energies and resources towards overall development,''he added.

According to him, the sound economic policy adopted by the government of Abu Dhabi has created a competitive investment environment locally and internationally, a privilege which further establishes Abu Dhabi position at the global economy.

The high profile event is attracting large participation by corporate leaders, bankers, economists and businessmen from Abu Dhabi, the Gulf and globally.

The Forum's proceedings will for two days focus on Abu Dhabi main economic trends and the potential impact of the government new policy agenda on investment flows, government spending and business opportunities in the Emirate's various economic sectors.

Speakers will in particular tackle the multi-billion spending programme on infrastructure designed to underpin the Emirate emerging and fast expanding economy and the government plans for developing the industry, particularly energy and capital intensive industries.

The forum will also discuss among other topics the outlook for real estate and tourism sectors in the potential impact of accelerated development and mega projects on Abu Dhabi's plan to become a major destination for tourism, businesses and leading world class industries. (WAM)

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"Arts of Islam" & "Luxury Car" exhibitions currently at the Emirates Palace Hotel

Shaikh Zayed bin Hamdan bin Zayed Al Nahyan, yesterday inaugurated at the Emirates Palace in Abu Dhabi, the First International Middle East Auto Motors Show, where 30 most luxurious and expensive cars in the world will be showcased.

The price of the cars put on display ranged from Dh500,000 to Dh10 million, Abdullah Al Mannai, Executive Director of Emirates Auctions Company said. Only 3000 rich people in the UAE and the Arab Gulf Cooperation Council Countries have been invited to this exhibition.

The hotel is currently hosting also the one of the world's largest and most impressing Islamic Art exhibitions. With over 500 pieces of Islamic artwork, dating back to over 1,000 years, the 'Arts of Islam: Treasures of the Khalili Collection's exhibition is one the largest and rarest exhibitions in the world.

Some of the unique collection of the worlds finest Islamic art are being shown to the public for the first time.

The Arts of Islam exhibition, which was inspired by the saying :''Truly God is Beautiful and loves all beauty runs at Gallery One in the Emirates Palace until April 22nd, 2008. Professor Nasser Khalili, Iranian scholar, collector and Benefactor, said the exhibition is showcasing over 500 works constituting an important art asset of the Khalili Family Trust of 20,000 pieces portraying the wonderful achievements of the Islamic art and its far-reaching evolutional impact on different countries of the world.

A breathtaking collection of Islamic exquisite treasures, antiques and paintings, covering the period from the 7th to 20th century, are decorating the Emirates Palace gallery. One of the most rarest, finest work on display is a bound holy Quran written in Kofi calligraphy dated back to the six Hijri century.

The work reflects the great attention and care lent to the holy book in terms of script and colour which sometimes laced with gold and silver fonts.
A matchless, and most oldest panoramic water-paining drawing for the holy city of Makkah painted on 1843 is also on display. The works on display have been specifically chosen to illustrate the development of Islam’s rich artistic heritage over a period of some 1400 years and originated from the Far East, China, India, Iran, the Middle East and North Africa and Spain.

The covered subjects include religion, science, poetry, literature, calligraphy, painting and architecture, in addition to the decorative arts. Visitors can enjoy during the tour of the exhibition watching the finest in textiles, pottery and ceramic, carpets, books and manuscripts, jewels, coins, paintings, wood engraving works, metalware, glassware, calligraphy, portraits and belongings of sultans.

The event epitomises the determination of the Government of Abu Dhabi to transform the city into a world melting pot for human culture, knowledge, interaction and communication by hosting premier global cultural and artistic events.

Guided Tours of the exhibition for children, students and the general public: groups from school, universities & clubs are particularly welcome.

(by Gergana Mineva, Editor)

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Abu Dhabi Vanity Plates sell for Millions

CNN's Wilf Dinnick reports on the high price for vanity license plates in Abu Dhabi.

On February 16, officials from the Guinness Book of World Records will be in Abu Dhabi to witness the auction of exclusive number plates including the most elusive and sought after of all: an Abu Dhabi number 1.

"Number 1 may break our own world record as the most expensive number plate", said Lieutenant Colonel Abdul Rahman M. Ali Al Kamali, director of administration of privatisation and financial investments at the Ministry of Interior.

"We think it may fetch more than number 5 which sold for Dhs25.2 million," he added in an interview with UAE daily Gulf News.

Number plates in the UAE bestow upon their owners their present rank in society - Ruler: number 1; immediate family: single digits; senior government officials: two digits; private company CEOs: three digits; journalists: 5 98724.

Small wonder then that they attract such extraordinary value. The status of being labelled one of the top 200 individuals in the UAE is worth a great deal in UAE society and business.

But can it really be worth Dhs25 million or more? Surely a small proportion of this price can be put down as a business expense. The rest is pure vanity.

A clue to value can be found in other countries. In the UK, the record for the most expensive number plate ever sold was broken this week when an anonymous buyer paid £375,000 (Dhs2.73 million) for the plate ‘F1' (Bernie Ecclestone, perhaps?).

It seems that the British refuse to pay more for a number plate than they could spend on even the most expensive, customised Bentley or Rolls Royce on which to attach it.

There is clearly no such ceiling among the super rich of the UAE.

Maybe it is the fact that UAE number plates use only numbers - creating the rank in society league table effect - while UK plates have to use letters and numbers.

Or maybe it is because cars in the UAE spend so much time in traffic jams, the value of their exterior fixtures is higher because people spend more time looking enviously at them.

Whatever the reason, the regular number plate sales make fascinating viewing. And we look forward to bringing you live coverage of the Abu Dhabi sale on February 16.

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83 exhibitors from 11 countries to participate in largest-ever edition of IREIS

Eighty-three exhibitors from eleven countries will participate in the fourth edition of Abu Dhabi's premier annual property show, IREIS (Abu Dhabi Real Estate and Investments Show).
IREIS will be held 30th January to 2nd February, 2008 at the Abu Dhabi National Exhibition Centre under the patronage of Dr. Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council.

"We are pleased to present the largest-ever edition of IREIS. Exhibit space at this year's edition has reached 10,000 square meters, an increase of 45 percent over the previous edition. The number of exhibitors has also increased from 52 at last year's event to 83 this time," said Antoine Georges, Director, Dome Exhibitions, while addressing a pre-show press conference for IREIS in Abu Dhabi today.

Georges also said that besides strong participation from the UAE, the show had also received support from international exhibitors from ten countries including Qatar, India, Kuwait, Spain, Germany, Cyprus, Malaysia, the US, the UK and Austria.

Georges noted that the show's success is built on the IREIS' positioning as a strong platform for investors, real estate players and the end-customer to meet, interact and conclude business.

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748 pedestrian violations registered in one day in Abu Dhabi

The Department of Traffic of Abu Dhabi Police registered Monday 748 traffic violations against pedestrians over crossing the roads from zones not allocated to them in the capital.

The move is in line with the campaign titled: "Pedestrian safety is a general responsibility" and being organised by the department.

Lieutenant Colonel Mohammed Dahi, head of the capital patrols and the campaign said that the traffic squads and patrols launched the campaign from 06am and continued for a whole day yesterday at different districts in Abu Dhabi city. (WAM)

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Abu Dhabi announces $ 15 billion investments in alterative energy projects

The Government of Abu Dhabi has announced that it would invest a total of $ 15 billion in alternative energy projects.
Addressing the inaugural session of the World Future Energy Summit which opened here Monday, the Crown Prince of Abu Dhabi , General Sheikh Mohammed bin Zayed Al Nahyan, said the emirate was strongly committed to striking a balance between meeting the world?s energy demand while at the same time persevering the environment for future generations.

"Through our Masdar Initiative, Abu Dhabi will continue to play its part. To underscore our commitment to this mission, I?m pleased to announce that Abu Dhabi will invest a total of 15 billion dollars in alterative energy projects. This will be part of phase one", said Sheikh Mohammed.

He added:" We hope that our Masdar projects will inspire others to seek alternative sources of energy" Addressing leaders of the world energy community, Sheikh Mohammed said the world's largest government ambitious initiative on sustainable development will cover wide-ranging energy programmes on sustainable development and management of solar, hydrogen and wind powers, carbon emission reduction, education, industry and research and development.

Sheikh Mohammed also announced the launch of the Zayed Prize for Future Energy.

"The $ 2.2 million Zayed Prize is designed to celebrate achievements in the area of future energy'', said Shekh Mohammed.The Award for Future Energy will recognise individuals and companies for developing creative future, sustainable energy solutions.

Sheikh Mohammed told an audience of more than 300 delegates that Abu Dhabi would set up a Masdar City, which will be the first carbon-free city in the world.

The World Future Energy Summit (WFES) is the world's largest and the first of its kind conference and exhibition to address the importance of global energy conservation and environment.

The summit would highlight the need for developing alternatives for cleaner and safer sources of energy, renewable and future energy solutions, innovations, policy and vision.

Sheikh Mohammed said the Abu Dhabi Future Energy Company (Masdar),the multi-faceted, multi-billion dollar initiative to develop and commercialise renewable and alternative energy, and clean technology, will oversea these investments through partnerships and joint ventures in Abu Dhabi, and Middle East and North Africa (MENA). (WAM)

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Abu Dhabi bracing to become major MICE player

The emirate of Abu Dhabi has taken a leading international position in the tourism sector, specifically in the organisation and hosting of Meetings, Incentives, Conferences and Exhibitions (MICE), chairman of Abu Dhabi National Exhibitions Company (ADNEC) said on Monday.

''Thanks to efforts made by President His Highness Sheikh Khalifa Bin Zayed Al Nahyan and Crown Prince of Abu Dhabi Sheikh Mohammed Bin Zayed Al Nahyan", said Sheikh Sultan Bin Tahnoon Al Nahyan, who is also Chairman Abu Dhabi Tourism Authority (ADTA), in a statement marking the inauguration of the first World Future Energy Summit (WFES) in Abu Dhabi today.

The three-day summit is being held under the patronage of Sheikh Mohammed at the Abu Dhabi National Exhibition Centre.

Sheikh Sultan highlighted the importance of the summit which tackles vital issues such as alternative energy and conservation of the environment.

Sheikh Sultan said that he expected Abu Dhabi to dominate international headlines during the summit given the high number of nations which have sent delegations to Abu Dhabi.

The delegations include presidents, prime ministers, ministers and chairmen of various public and private sector organisations concerned with future energy sources.

"The importance of this summit is enhanced by the fact that there will be a concurrent exhibition staging the state-of-the-art systems supporting the environment conservation", he added.

He indicated that the emirate of Abu Dhabi has become a destination for various exhibitions and events including many conferences which are being held at the same time as the summit, such as a flight safety conference, Islamic art conference and exhibition, the 11th Gulf industrialists conference, a conference on the Arabic language and the Fourth Labour Ministers Conference.

Sheikh Sultan referred to the fact that it is common for Abu Dhabi to stage simultaneous conferences and exhibitions as this is made possible because of the ultra-modern infrastructure of the emirate. (WAM)

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Shelter for victims of human trafficking

The UAE Red Crescent Authority (UAE RCA) in collaboration with the UAE National Committee to Combat Human Trafficking (NCCHT) announced the opening of a new centre in Abu Dhabi for sheltering women and children who are victims of human trafficking and other forms of abuse or exploitation.


The centre will serve as a safe haven for the victims, where they will be provided medical care, counselling and social support.

Dr Anwar Mohammed Gargash, Minister of State for FNC Affairs and head of the NCCHT stated that this initiative comes in line with the UAE strategy to combat human trafficking.

He said the decision to establish this shelter reiterates the UAE’S strong commitment to combat the transnational crime of human trafficking, and focuses on the four major pillars of the UAE National Committee’s strategy to tackle this issue which includes strengthening legislation, enforcing laws and training law enforcement officials, providing support and protection to the victims and promoting bilateral and international cooperation in tackling this issue. (WAM)

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Abu Dhabi tightens cap on rental increases to five percent

Rental increases in ABu Dhabi will be restricted to 5% for the remainder of the calendar year, according to the Abu Dhabi Executive Council which has released the rental cap rate for 2008.

This decision, which came into effect from January 13, 2008 has been taken under Law Number (20) issued in November 2006 regarding rents and rental relations between the hirers and tenants in the Emirate.

The adjustment , the Council said, seeks to bring greater stability to the real estate market in a way that limits the inflationary effect of rent rises and their impact on the competitiveness of the Emirate, economic growth and social stability.

The need for such a measure stems from the strong economic growth Abu Dhabi has experienced in recent years, along with rapid, successive jumps in the demand for residential and commercial real-estate.

Consumer price data for the Emirate has suggested that apartment rent rises have been the main engine driving the unprecedented levels of inflation that Abu Dhabi has recently experienced. Analysis of the data by the Government suggests that more than 50 per cent of the increases in the consumer price index over the last reporting period were due to the raising of rents.

However, the Government believes that rental caps should be viewed as a temporary measure. In response to the increasing growth in the demand for real-estate in the Emirate, the Government of Abu Dhabi is now overseeing the implementation of significant urban development projects, within the framework of a comprehensive urban plan.

As a result, large numbers of residential and commercial properties will become available in the short and medium term. It is envisaged that once complete, this development will rebalance the real estate market in the Emirate, more effectively matching supply and demand, and enable the market to function without the need for further Government intervention. (WAM)

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ADCCI members up 12.5 % in 07

By the end of 2007, members of Abu Dhabi Chamber of Commerce and Industry (ADCCI) rose 12.5 per cent to 63,000 from 56,000 in the previous year.

Mohammed Al Nuaimi, assistant ADCCI director general for information technology and membership relations, said Abu Dhabi had 42,741 members compared to 20,259 in Al Ain.

Sector-wise, he explained the trade sector came first with 42,048 licenses, followed by the professional sector at 18,222, vocational at 2,090, industrial at 426 and creativity at 214.

General contracting led the list of most dynamic activities with 5,308.

Import,general maintenance, oilfields services, vegetables and fruits, general transport, textiles, real estate management and perfumes 4327, 4,210, 3,760, 1,407, 1,397, 1,228, 1,091 and 1,020 respectively.

''New members rose to 10,427 in 2007 from 8,672 in 2006.

Of them, 6,884 were registered in Abu Dhabi and the rest were in Al Ain,'' he said. (WAM)

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First Arab Intellectual Property Forum organized by UAE Ministry of Economy

The First Arab Intellectual Property Forum will be held from January 08 to 09, 2008 in Abu Dhabi, announced the UAE Ministry of Economy (MoE).
"This global event provides an important opportunity to debate and discuss IPR policies and sets a platform to highlight the success stories of companies who were able to build strong markets with their IP-centered businesses", said Sheikha Lubna Al Qasimi who is patronizing the upcoming event .

This Forum, she added, provides an opportunity for regional and international companies to proactively discuss IPR issues, with emphasis on IP law enforcement and efforts against product imitation.

"Aside from concession procedures, licensing and trademark management, participants will also talk about electronic rimes and the exploitation of Web site names." Set to bring together over 300 dignitaries, special interest groups, executives and international experts is being organized by the Ministry as a major initiative in its continuing efforts to combat intellectual property rights (IPR) violations that impede the country and the region's full economic potential.

The Forum which gets the full support of the World Intellectual Property Organization (WIPO) will provide in-depth discussions on various IPR issues, including cross-border cooperation, public awareness campaigns, electronic commerce and online crimes. It will also tackle challenges in IP management and identify successful strategies that optimize business potential.

"The Forum will include a series of workshops, each deeply exploring specific subject that are of great importance to intellectual property rights in the Arab world, especially as embodied in the World Intellectual Property - Property-Rights Literature." According to Mohammed bin Abdulaziz Alshihhi Undersecretary - Planning Sector, MoE, the contents of the forum will be as follows: the first workshop will tackle piracy and counterfeiting and the various initiatives being implemented to prevent it from proliferating across the region. It will also highlight the critical role of consumers in combating piracy, and the strong impact of an effective public awareness campaign in boosting law enforcement efforts. The second workshop will address issues concerning electronic commerce, electronic theft and various crimes committed on the web. The third workshop will focus on licensing and management of trademarks and will examine various business models and opportunities.

The Forum, he added, will be a suitable platform to facilitate a healthy debate on critical issues and promote sustained interaction to help us identify and develop new business opportunities and enforcement initiatives.

Participants, he said, will also examine current conditions and possible improvements in the implementation of IPR laws and policies throughout the Arab World. A topic of interest is the monitoring and prevention of counterfeit products through harbors, airports, and other border crossing points. We expect a good dialogue among executive authorities present regarding the border practices of their own region.

The UAE, added Sheikha Lubna, is fully aware that it must strengthen its alliances with the rest of the international community to achieve even greater success in the fight against piracy and counterfeiting.

She expressed confidence that through this Forum, the UAE is heading in the right direction towards achieving this mission. (WAM)

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The European cruise liner Costa Europa docks at Port Zayed

In a move that will help boost Abu Dhabi's stature in world tourism, Costa Europa, a major European cruise liner, berthed at Port Zayed today.
On board the 642-cabin ship are more than 1,650 tourists in addition to some 700 crew members.

Mohammed Abdul Aziz, chief executive officer of Abu Dhabi Ports, said the port authorities had made the necessary arrangements to enable the tourists take a city tour, including the Corniche and Heritage Village.
More than 18,000 tourists visited Abu Dhabi last year, said Abdul Aziz, adding that the UAE capital, which is increasingly becoming a popular destination for global tourism, is set to receive more than 40 cruise ships from December 2007 to March 2008.
Costa Europa, according to the liner's website, reflects the style and atmosphere of continental Europe, blending rich colours and Old World artistry in a refined style, accentuated by the mystery of Greek myths and legends.
The ship will sail for Bahrain Saturday night. (WAM)

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ADEPD may cut fees to boost its online services

Government is considering a proposal to slash fees charged for various online services being provided by the Abu Dhabi Economic and Planning Department (ADEPD) by 10-15 per cent, in order to encourage businesses to benefit from the e-government initiative.

Abu Dhabi Economic and Planning Department has already taken over the responsibilities of issuing registration of name for new company, renewal and issuance of new business licences and two dozen other related services from Abu Dhabi Municipality.
The Department has already launched a world class facility to provide online services, to reduce the time consumed in providing these services to the businesses and corporate sector, manually.
Hamad Salem Al Nuaimi, Assistant Undersecretary (Commercial Affairs) at Abu Dhabi Department of Planning and Economy said that the Department has proposed the government to reduce the fees, so that more businesses use the facility, which will reduce the rush at the offices of the Department and save time. The use of Online services will also help cut down the cost of doing business and will benefit the corporate sector in a big way." The idea is to make Abu Dhabi a business- friendly destination, and ultimately attract new investments into the emirate,"
he said, yesterday, at an event organised to confer Middle East's first trade licence renewed by benefitting from using the online services, along with the first online issued name of a new company.
The assistant undersecretary said that the issuance of licences has been made much easier in Abu Dhabi, where a licence can be issued in 24-hours, in certain cases, if necessary documents are at hand and updated." All you as a customer have to do is to log-on to the www.adeconomy.ae, portal to register for the services, anytime and during office hours the department would respond to the request made and then the process would begin, in a faster and efficient manner," said Hamad Salem Al Nuaimi.
The assistant undersecretary said that the department would soon be providing an online service which will track down the location of an application, or a document submitted by a client for completing a procedure with regard to issuance of licence or any other service.
"The department is expecting to handle more business online, as the services are not only efficient but time saving also,"said Al Nuaimi.
He said that the Department will organise a workshop for PROs in January, to create more awareness about various online services being provided, to the clients to help straighten their day-to-day workload with regard to company matters. Source

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Mohammed bin Zayed launches Prestige Jet

Prestige Jet, a private jet aviation company operating out of Abu Dhabi International Airport , was launched on Tuesday evening at a special ceremony attended by General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces .

The launch ceremony at Al Bateen Airport here was also attended by Dr. Ali Al Kaabi, Minister of Labour, Sultan bin Saeed Al Mansouri, Minister of Governmental Sector development and Chairman of the general Civil aviation authority, Lieutenant General Hamad Mohammed Thani Al Rumaithi, UAE Armed Forces Chief of Staff, Ghaith bin Hamel Al Ghaith, Chairman of Prestige Jet, senior aviation executives and VIPS.

Al Ghaith praised Sheikh Mohammed and Abu Dhabi Government for supporting national companies. "Obtaining the air operator certificate is a testimony to our commitment to superb security and safety standards," he said.

Al Ghaith said the Company's five-year plan was based on a commitment to providing unrivaled service and an ambitious fleet development programme. "We aspire to expand our fleet to nine aircraft by 2009," he said.

Prestige Jet has recently signed an agreement with Flight Ambulance International (FAI), a world leader in medical evacuation and repatriation services. Under the terms of the agreement, Prestige Jet became the exclusive representative for FAI in Abu Dhabi and Al Ain and will offer a worldwide air ambulance service for patients, to transport them between the two cities and any destination in the world.

Sheikh Mohammed then inspected the company's fleet and was briefed by CEO Faris Deeb, on the technical and operational specifications of the fleet. (WAM)

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ADAC awards in-flight catering contract to LSG Sky Chefs

Abu Dhabi Airports Company (ADAC) today announced that it has selected the world's leading in-flight caterer, LSG Sky Chefs, to provide management of flight catering facilities at Abu Dhabi and Al Ain International Airports for a three-year term.
With a host of awards to show for it, LSG Sky Chefs has one of the longest and most reputable histories in the airline catering business and in 2006 produced over 387 million meals across 47 countries for 270 airlines around the globe, including Qantas, Virgin Atlantic and Lufthansa.

LSG Sky Chefs currently holds 30 percent of the world market in airline catering and saw US$3.45 billion in turnover for 2006. "We are absolutely delighted to announce that the successful bidder is LSG Sky Chefs - a company whose reputation for quality, innovation and first-class food is certain to ensure that airline customers from and through Abu Dhabi will enjoy mouth-watering menus of truly world-class in-flight cuisine," Khalifa Al Mazrouei, Chairman of ADAC, said.

"This appointment confirms ADAC's commitment to partnering with best-in-class international partners so as to significantly enhance our customers experience and establish ADIA as a new benchmark in international airport catering - worldwide," added Al Mazrouei.

Walter Gehl, LSG Chief Executive Officer said his outfit is "dedicated to making Abu Dhabi Airport Catering a first class airline catering facility in the Middle East", adding: "We are very excited about having a long lasting partnership with ADAC, Abu Dhabi and the region." Special note and thanks was given by ADAC's Chairman to Abu Dhabi National Hotels (ADNH) and the latterly formed joint-venture ADNH-Compass for their stewardship of the in-flight catering operations since Abu Dhabi Airport opened back in 1982. Responsible for doubling the meal capacity from 15,000 to over 28,000 per day in the last few years, ADNH Compass have served the company well through its initial opening and growth period and have laid the foundations for the new caterers to build on even further as the airport enters its latest development and expansion stage. A first of many new initiatives that ADAC is planning to introduce in the future, the deal precedes the developments on the new Terminal 3 (T3) - due to open mid-2008 - which will increase the airport's passenger capacity by an additional 5 million people.

T3 will add an additional 2,500 sqm of world class Duty Free retail space and a wide range of internationally known F&B outlets.

The Free Trade Zone development at the vicinity of the airport will see the first tenants move in, in 2008. The Free Zone will include a business park, warehousing and initially two international hotels with retail malls.

These developments are all part of the Master Plan development for ADIA that will see the new Midfield Complex open in 2010 which will boost the airport's overall capacity to 20 million passengers per annum.

The goal, says ADAC, is to develop Abu Dhabi International Airport and for it be recognized as a leading international airport, gateway to the capital of the UAE, and home to the national carrier - Etihad - which continues to set new standards of excellence for our customers. "In line with the Emirate of Abu Dhabi's Government vision and under ADAC's management, this appointment demonstrates that we are all dedicated to investing in innovation and quality in order to enhance and support Abu Dhabi as a preferred destination and sound business partner," concluded Al Mazrouei. (WAM)

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ADSM to see more IPOs in next two years

Abu Dhabi Securities Market (ADSM) is expecting a pick up in the growth of initial public offerings in the course of next two years, as several privatised companies are likely to float their shares to general public.

"I cannot offer a specific number on the matter, but there are high expectations which would fuel the share trading activity on the bourse, which has grown phenomenally in the span of just seven years," said Tom Healy, Director-General of Abu Dhabi Securities Market (ADSM), while speaking at the International Business Forum, which was attended by delegates from Muslim nations.
He shared statistics on his bourse revealing that nine per cent of the shares in the companies listed on Abu Dhabi Securities Market (ADSM) are held by foreigners. "The foreign investors also buy 22 per cent of the shares, and sell about 16 per cent of the total shares changed hands on a given day, that reflects the vibrancy of the bourse," he said.
He said that two-thirds of the UAE nationals have invested in ADSM quoted shares. The director-general said that Abu Dhabi Securities Market is equipped with modern technology and have huge institutional capacity which has made it a unique market including it in the list of emerging markets.
Since western fund managers have substantial allocations for the emerging markets equities, ADSM stands to gain from it, which in coming months would be more evident, Tom Healy viewed.
"We expect huge institutional interest in our listed scrips, which are not only attractive, diversified but have substantial liquidity," he said. He said diversification of the economy away from traditional oil dictated economy has been an added feature to Abu Dhabi based companies..
The ADSM official said that within the next couple of years, ADSM will undergo a phase of rapid expansion, as number of privatised companies are expected to launch their initial public offerings (IPOs) which would not only increase number of listed companies in the exchange but will offer much more diversification." Our market is increasingly becoming broad-based," Healy added.
He said: "In recent months, ADSM launched a comprehensive campaign on international front, to market the potentials of the scrips listed on ADSM, as through road shows, in London, New York and Paris — now there is greater awareness on ADSM and its strengths."
ADSM director-general also briefed the conference participants on the strict regulatory supervision of member companies, share traders and measures taken to protect the interests of the investors. Source

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