Online payment service for Dubai World customers

Dubai Trade, the innovative online service provider and business facilitator, today announced the launch of its Centralized E-Payment Gateway (CePG) that enables online payment transactions with Dubai World companies.

The launch of the service was announced at a press conference on 18 May, which was addressed by Mohammed Al Muallem, Senior Vice President and Managing Director of DP World’s UAE Region, who is a member of the Dubai Trade board, Ibrahim Al Janahi, Senior Vice President, Commercial Sales, JAFZA, and Mahmood Al Bastaki, Director of Dubai Trade.

Mohammed Al Muallem said the new service will boost our commitment towards achieving higher customer satisfaction. “Dubai Trade’s e-payment gateway is a brilliant concept bringing customers and companies closer. I am confident that the e-payment gateway service will be beneficial for both sides as it will make transactions easy and qualitatively more efficient,” he added.

On the occasion, Ibrahim Al Janahi said: “The CePG service is a commendable step to make transaction processing more convenient and faster for JAFZA clients, as they can now use the JAFZA 'eDeposit' service on Dubai Trade Portal to increase their Portal Deposit and Bank Guarantee balance to avail 100-plus online e-services offered by JAFZA. It is a timely action when the customer base of Dubai World Group companies is growing at a phenomenal pace. Dubai Trade has done an excellent job in making use of the latest technology to meet the rapidly changing needs of the Dubai World customers.”

Mahmood Al Bastaki highlighted Dubai Trade’s continuing efforts to keep pace with technological developments in order to support Dubai’s rapidly growing business sector. “We are keen to establish a comprehensive customer-friendly electronic platform that offers direct and easy transaction facilities. Dubai Trade’s primary aim is to ensure smooth trade flow covering the entire supply chain system without any time-consuming interruptions. We see this as a vital element in strengthening Dubai’s aim to be the most efficient trading hub in the world,” he noted.

Dubai Trade, which offers end-to-end online services related to Dubai World flagship companies, such as DP World, Economic Zones World, Dubai Multi Commodities Centre, in addition to Dubai Customs, aims to make the centralised electronic payment gateway the key facilitator of electronic transaction services. It enables customers to deal with the companies through their bank accounts by making real-time transfer of funds.

Dubai Trade had recently signed agreements with Emirates Bank and Commercial Bank of Dubai (CBD) to introduce online debit services. Customers can make online transactions with Dubai World companies by using their internet banking credentials or credit cards.

Dubai Trade’s Centralized E-Payment Gateway gateway is also the platform for Dubai World customers to make online payments via e-Dirham introduced by the Ministry of Finance.

The Ports e-payment and JAFZA e-payment services, the first full-fledged implementation of the centralised electronic payment gateway service introduced by Dubai Trade will considerably ease transactions with Jebel Ali Port and Jebel Ali Free Zone. By avoiding the need to be physically present at the counters, these services save time and effort considerably both for the customer and the companies.

Dubai Trade has developed its innovative concepts to the level of becoming a key player in Dubai’s trading sector. Constant upgrading keeps its services at pace with the changes in technology. By covering the entire supply chain, Dubai Trade brings together over 50,000 companies that interact with Dubai’s ports, customs and the free zone for the purpose of trade, into a single community.

/Business Intelligence Middle East/

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Dubai World says subprime crisis slowed investment

Dubai World, the investment firm of the Dubai government, said on Tuesday it is holding on to U.S. real estate assets amid a property downturn, and that the subprime crisis has slowed its investment decisions this year.

"I'm more cautious because I don't think there's total transparency on how bad the situation is. At the moment we don't know, and it means a lot for our investment planning," its chief investment officer Yu Lai Boon told Reuters in an interview.

He said the concern is that the contagion, which has caused Western banks to write down billions of dollars and caused liquidity to dry up, could spread to Japan and China.

Dubai World, which invests via subsidiaries Nakheel and Istithmar, has a multi-billion dollar global portfolio that ranges from British port operator P&O to New York retailer Barneys, and over $20 billion in real estate assets globally outside Dubai.

Yu said Dubai World is arranging for a $5 billion syndicated term loan to refinance a 364-day bridge loan signed last year to use as general working capital, confirming a Reuters report this month. /Reuters/

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The first Asia Gulf Horizons Fund Technology Centre

Dubai Techno Park announced today that it has agreed to base the first Asia Gulf Horizons Fund Technology Centre in the Dubai Techno Park and for Dubai Techno Park to sponsor the launch of the KTIC Jasper Asia Gulf Horizons Fund in Dubai.
Dubai Techno Park is managed by Dubai Government's DP World.

The basing of the USD300m Fund in the Dubai Techno Park will result in approximately 10-15 Asian and European technology companies establishing research, development and commercial operations in Dubai over the next two years.

These companies will be focused in the life sciences, information and telecommunications technology, environmental technology, energy, water and infrastructure, and industrial sectors and are considered essential to Dubai's long-term technology development plan.

This will also be the largest private equity initiative to be launched in the GCC overall with the aim of driving technology development and commercialization.

Jasper Capital Limited, a financial and fund services company with operations in Dubai, Abu Dhabi and throughout the Gulf region, is the architect behind the design and establishment of the Fund.

The Fund will be managed by Korea Technology Investment Corporation, a veteran private equity management company with 22 years of experience based in Seoul, Korea, including over 100 initial public offerings of Asian technology companies.

'Dubai Techno Park believes the KTIC Jasper Asia Gulf Horizons Fund represents the most innovative private equity approach to regional technology expansion ever seen in the Gulf,' said Hamad Al Hashemi, Dubai Techno Park's Managing Director. 'The combination of Jasper Capital's longstanding presence in the Gulf coupled with KTIC's history of successfully growing hundreds of venture and late-stage technology companies will be vital for the Techno Park in achieving our objectives'.

'The ultimate goal of the Fund is to produce high investment returns for investors through savvy acquisitions and profitable growth in the Asian, European and Gulf markets,' said Jonathan Holley, Chief Executive of Jasper Asset Management Limited. 'Dubai Techno Park knows that the long-term success of its mission is best served by private investment supporting the development of ambitious, profitable technology companies and we are honored they have sponsored our Fund, which will help to set the stage for creating that result for Dubai'. (WAM)

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Dubai World saves AED 452 million with the Suggestion and Reward Scheme

Dubai World's Group Suggestion and Reward Scheme (SRS), has helped the company save AED 47 million in 2007 and a staggering AED 452 million since its inception in 2000.

The SRS was instituted with the mission of enhancing employee motivation by recognizing and rewarding useful suggestions which, when implemented would lead to the tangible improvements in the workplace and generate outstanding financial benefits.

The SRS works closely with American non-profit organization, Employee Involvement Association (EIA), whose international membership and outreach has facilitated opportunities for administrators from all nations to benefit from the experience and techniques being harvested world-wide.

The success of SRS, which is supervised and run by the Business Excellence Center (BEC), a Corporate department of Dubai World, was highlighted during a 2 day-long workshop conducted by recognized corporate leader and motivational speaker Abdulqader Obaid Ali, who is the Director of Group Internal Audit and Business Excellence of Dubai World and also the company's Chairman of the Group Suggestion Reward Scheme.

The SRS workshop was initiated to motivate and encourage area representatives and SRS team members to enhance operational practices and increase efficiency. The workshop also provided a suitable platform for participating employees to brainstorm and discuss various aspects of the scheme.

Abdulqader Obaid Ali explained how employee feedback and constructive criticism would make the scheme even more successful. He urged greater participation from all business units and welcomed ideas to improve the efficacy of SRS operational structures.

Abdulqader Obaid Ali added: "The Group Suggestion and Reward Scheme has grown considerably over the years. Today, the scheme has become truly participatory and we welcome suggestions from all employees within our group. A company can only be as good as its people. People are the most vital assets of a company. Management should cultivate a corporate culture in the organization that gives employees an opportunity to express themselves creatively in order to help the organisation improve from within." "The SRS helps us achieve this and I hope that through this workshop we can work together to determine ways and means to improve quality standards within the scheme that result in greater efficiency and more employee participation," he added.

SRS was initially implemented within the Ports, Customs and Freezone Corporation, (PCFC) before being extended to other business units when Dubai World was formed.

SRS, instituted in 2003, when implemented would lead to the improvement of Performance, Customer Service, Quality, Environmental Friendliness and Employee Welfare, besides resulting in savings or increased revenues. (WAM)

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Nakheel joins Istithmar to expand hotels group

Dubai World has brought its hotel business under one banner as part of a restructure merging the real estate business of Istithmar with Nakheel.
Istithmar Hotels will now be known as Nakheel hotels, an integrated hotel investment company which remains a wholly owned subsidiary of Dubai World.

The hotels group has accumulated a global hotel property portfolio since its launch in April 2006, with value of investments to date reaching in excess of $3 billion.

The group will continue to be led by chief executive Joe Sita, who said in a statement “Nakheel is renowned around the world for its iconic projects such as The Palm Jumeirah and The World, and is playing a major role in driving Dubai’s tourism growth, increasing the number of hotels in the emirate by more than 50% through its developments. It therefore makes sense for Istithmar Hotels to join the Nakheel organization, providing the hotels group with additional resources, capabilities, and the backing of one of the world’s foremost real estate developers.”
Nakheel Hotels will continue to pursue its strategy of acquiring luxury hotels in key gateway cities and resorts across North America, Europe and Asia, along with investingin budget hotels in key growth markets.

Projects currently include The Trump International Hotel & Tower, under development on The Palm Jumeirah, while the group has already acquired several luxury hotels in the US, including Mandarin Oriental, W Union Square and Hotel Washington, as well as significant equity investments in Kerzner and International Hotel Investments plc, and development projects for W hotels in Thailand.

QE2 Enterprises, which acquired the luxury liner QE2, will also become part of the expanded Nakheel Hotels. The QE2 is to form the centerpiece of a luxury hotel, residential, retail and entertainment destination to be developed on The Palm Jumeirah. Source

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Dubai World completes raising US$ 5b loan facility

Dubai World Corporation announced that it had completed yesterday its debut syndicated fundraising of US$ 5.0 billion in loans through a syndicate of three major European banks to fund part of its global acquisitions and investments, as well as for general corporate purposes.
Due to overwhelming demand from the market, Dubai World Corporation is pleased to announce that it has elected to increase the total facility size to US$ 5 billion from an initial launch amount of US$ 2.7 Billion.
The loan was sold to over 50 banks from 27 countries globally, with approximately 40 percent of demand coming from European banks, 30 percent from Asian banks and 21 percent from Gulf region financial institutions.

Credit Suisse International, Deutsche Bank AG, London Branch, and The Royal Bank of Scotland plc were the Initial Mandated Lead Arrangers and Bookrunners of the Facility.
Ms. Maryam Sharaf, Group Chief Financial Officer, Dubai World, said: "We are happy to see banks from around the world participating in our facility. This is reflective of our global investment strategy." According to Rashid Sheikh, Group Treasurer, Dubai World Corporation: "We are delighted with the response and level of commitments received from the global banking community to our debut offering. This clearly demonstrates Dubai World's ability to raise capital even in difficult market conditions." Syndication of the Facility was launched on September 4 to a selected group of financial institutions. Management Presentations for the benefit of potential lenders, presenting an overview of Dubai World and its core operating subsidiaries and detailing the transaction, took place in London, Dubai, and Hong Kong. Source

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Dubai in new mega Las Vegas resort venture with MGM and Kerzner

Istithmar Hotels, a unit of Istithmar, the Dubai owned investment firm, has entered into an agreement with MGM Mirage and Kerzner International Holdings to develop a multi-billion dollar integrated resort property on the Las Vegas Strip.
Istithmar will take up a 25% stake in the Mega project, MGM will own 50% and Kerzner 25%.
This will mark Dubai's latest foray into Las Vegas. Last month, Dubai World said it planned to invest up to US$5.2 billion in MGM Mirage by buying a 9.5% stake and half of the company's CityCenter development in Las Vegas.
Under this latest agreement with MGM Mirage and Kerzner International, Dubai World unit Istithmar will provide cash equity for the new project, MGM Mirage said on Tuesday. Kerzner will also provide cash equity and MGM Mirage will provide the land for the resort.
When plans for the project were originally announced in June, MGM and Kerzner were to be 50/50 partners.
"The Las Vegas market is one which we firmly believe will continue to expand," Sultan Ahmed Bin Sulayem, Dubai World's Chairman, said in a release.
The new resort will be designed for approximately 40 of the 78 acres of land owned by MGM Mirage, located on the corner of Las Vegas Boulevard and Sahara Avenue. Kerzner will lead the planning and conceptualisation of this project. Construction will start in the first half of 2009 with a targeted 2012 opening, according to information from Kerzner.
The land is valued at US$20 million per acre, putting MGM's contribution at US$800 million.
The joint venture, CityCenter Holdings, will be owned equally by MGM Mirage and Infinity World Development, a wholly-owned subsidiary of Dubai World. CityCenter will be a mixed-use luxury residential, resort and retail complex. It is currently being developed by MGM Mirage on the Las Vegas Strip.
In addition to investing in the joint venture, Dubai World through Infinity World Investments, will purchase up to 28.4 million shares of MGM Mirage representing approximately a 9.5% equity stake for a combined investment of approximately US$2.4 billion.
MGM Mirage owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Nevada, New Jersey and Illinois. In addition, the company has major new developments under construction in Nevada, Michigan and Macau.
Kerzner International Holdings, through its subsidiaries, is an international developer and operator of destination resorts, casinos and luxury hotels.
Istithmar Hotels is a 100% subsidiary of Istithmar, Dubai World's investment company. Istithmar's real estate division brings together Istithmar's interests in commercial property, hotels and resorts, the leisure sector and in retail. Dubai World is wholly owned by the Government of Dubai.
Dubai World launched a road show on Tuesday in Dubai for a one-year US$2.7 billion loan. The facility will be used for general corporate activities, Sharaf said, declining to be more specific.
Syndication closes on 1 October, with the roadshow now heading to Hong Kong.
Dubai World's loan is priced at 85 basis points over the London interbank offered rate for the first six months, and 110 basis points for the rest of the term. Source

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Dubai World, QTEL seek credit ratings

State-run Dubai World and Qatar Telecommunications (Qtel) plan to seek credit ratings, the companies said, in a move that could help lower their borrowing costs as they expand.
Dubai World, the holding company for firms including ports operator DP World, property developer Nakheel and investment agency Istithmar, is "in the rating process", Maryam Sharaf, group chief financial officer of Dubai World, told Reuters on Tuesday on the sidelines of a meeting with bankers in Dubai.
Qtel plans to have a credit rating by the end of next year, the company said in a prospectus for a $2.5 billion, 5-year loan that it is seeking to raise.
Reuters obtained the prospectus in a Qtel meeting with prospective investors in Dubai on Tuesday. Source

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Istithmar launches facilities management firm

Dubai-based investment holding company Istithmar today launched a facilities management company to oversee the group's various business interests. The firm, called Imdaad, will be responsible for the management of Istithmar's commercial, residential and industrial facilities, focusing on the provision of consultancy and operational several. Istithmar, part of the Dubai World group, said it would service a number of Dubai World's business units, including DP World, Jafza, Nakheel, Limitless, Dubai Waterfront, and Istithmar itself.

The move follows Istithmar's negotiations with global services firm Serco International for the purchase its 49% stake in Serco Gulf earlier this month, bringing to a close their existing facilities management joint venture partnership. Serco Gulf's services included facilities and maintenance solutions, HVAC (heating, ventilation and air conditioning) and plumbing services, cost and management reporting and 24-hour helpdesk services. Its clients included Nakheel and Dubai Municipality. Istithmar said long-term Imdaad would target commercial opportunities outside the Dubai World group in the public and private sectors.

Imdaad plans to establish operational offices and workshops throughout the Emirates, with its head office in Jebel Ali, Dubai. Source

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Dubai World interested in investment opportunities in Russia

Dubai World is "exploring fresh investment opportunities in Russia to enhance its presence in the country," the company said in a Press statement yesterday.
The vice-chairman of Dubai World and group CEO, Ports and Free Zone World, Jamal Majid bin Thaniah, made the remarks during a meeting with the minister of transport of the Russian Federation, Igor Levitin. They discussed existing and emerging business opportunities in Russia, particularly in the ports, shipping and logistics sectors.
The minister gave a presentation on the Russian Federation's plans for the integrated development of the Russian transport sector, including some specific, ambitious projects. He expressed interest in developing a major inland port and special economic zone on the outskirts of Moscow, possibly as a joint venture with Dubai World.
The Dubai World delegation in turn gave a detailed presentation of the group's investment activities, with specific focus on achievements and plans in integrated developments in the shipping and logistics segments of the industry across the world.
Dubai World is one of the world's largest holding companies and includes such entities as: DP World, Nakheel, Dubai Customs, Jafza, Istithmar, Dubai Maritime City, Jadaf Dubai, Dubai Multi Commodities Centre, Civil Engineering Department, and the Information Technology Center.

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Driving Forsa

"I want to provide women with opportunities to invest in this economic boom," smiles Forsa CEO Shamsa Noor Ali Rashid, as she reclines behind a neatly organised desk in her spacious light-flooded office, overlooking a typically-bustling Sheikh Zayed Road.After over 25 years of working abroad in the US and UK, gaining considerable experience at Procter & Gamble as well as establishing and then selling her own IT company, Rashid is convinced the time has come to "give back" to her country, especially to women. Obtaining an MBA degree from the University of Chicago and being one of the first Emirati women to study abroad, Rashid is a firm believer in making your own way through life, however, she also affirms that women in the region do not always have access to opportunities. Now, with Forsa, a fund created by and dedicated to women, she is certainly proud to say they do. "The Forsa idea started with Dubai World. We started thinking how we could form a company that allows women who have a lot of money sitting on the side to have the opportunity to invest in some of the more lucrative projects in the region," explains Rashid.
Continue to the full story from Source.

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Dubai to invest in trade zones worldwide

Government-owned holding company Dubai World says it plans to invest over $7.5 billion in setting up industrial parks in different parts of the world, including India.
The company launched 'Economic Zones World', an enterprise aimed at consolidating its position in the development and management of economic zones and business hubs across the world.
According to Sultan Ahmed Bin Sulayem, chairman, Dubai World, "Economic Zones World (EZW) has been created as a single commercial entity to look after Dubai World's worldwide operations of free zones, special economic zones and activity-specific business and industrial zones."
The company already has projects under discussion in India, Pakistan, Oman, South Korea and Morocco," said Salma Hareb, CEO, Economic Zones World.

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Investment firm for women launched by Dubai World

Forsa, an investment fund for women investors and entrepreneurs, was launched by Dubai World on Monday. Forsa is a company created by women for women, with a vision based on the three central tenets of attracting female investors, partnering with female entrepreneurs and developing woman business leaders.
Forsa will focus on women with investment capacity to build a AED 1 billion fund guided by an investment management team to deliver superior results. The company has already obtained a commitment of AED 100 million towards its goal. Forsa will also create a series of funds focused on a variety of sectors including real estate, retail, education, health and technology, and is expected to generate exclusive investment opportunities through its size and partnerships with other Dubai World companies.
Find more details from the Source , Source.

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