BusIneSS WHIZZards' Dubai

The Address Has Changed...

2010-02-13T18:13:00.003+04:00

Thank You all for being a part of BizzWhizz Dubai, I am sure this support will continue on our new address www.bizzwhizzdubai.com . Looking forward to seeing all of you there...Lets get the party rolling...!!

Blue Banana Comes to an end...

2009-07-04T12:22:00.003+04:00

Blue Banana comes to an end

An interesting and unique concept that has been in the market for over four years now has finally come towards its end forcing the founder, Simon Ford, to leave the country as the company was on its verge towards bankruptcy.

Simon Ford has written a letter to the public apologizing for the actions that he undertook and promising to pay back every debt that is owed to them.

Personal Letter from Simon Ford,

bluebanana.com

Dear all bluebanana.com customers, suppliers, and people whose lives have been effected,

I wanted to write a letter to the Dubai public to apologise for the set of circumstances that have lead to the closure of bluebanana.com and my departure from Dubai. I am not trying to justify that what has happened is morally correct, it most certainly is not, but there is a very stark reality in doing business in UAE which unfortunately results in the most horrible decisions having to be made.

We have continued to work with financial institutions and suppliers over the course of the last few days to see if the business can continue in some capacity, but this has now become impossible, resulting in the immediate closure of the business.This letter is a formal and personal commitment to repay every last Dirham to everyone who is owed money from bluebanana.com.

This includes every customer whose experience hasn’t been honoured, our suppliers who have been so supportive over the last few years and have now been let down in an unprecedented way, every bank who has believed in us and lent us money, and of course every employee of bluebanana.com, all of which have worked so incredibly hard over the course of their time with the business and have been put through absolute hell during the last few weeks and

certainly the last few days.

On a personal level, I have been through the most soul destroying and emotionally horrific 4 days of my life, and am likely to continue to do so for some time as my integrity is repeatedly called into question and rumours of me stealing people’s money, amongst other accusations, grow out of control in Dubai.

The reality is I have left with nothing but the simple fact that my business’s failure has effected many people’s lives in an unimaginable way and left many people burdened financially with unpaid dues. For this I am eternally sorry and am committed to taking personal responsibility to paying back everything that is owed, no matter how long this may take.

The unfortunate reality is that the businesses debt accumulation has grown exponentially since the last quarter of 2008, with further liabilities being accumulated with the desperate objective of keeping the business alive and avoiding what so many other businesses have done, simply stopped paying their staff.

Tragically, the debt of the business reached a level on Thursday 18th June that personal threats were being made against me and my family which left me no choice but to leave 4 years of passion behind and take my family out of the country before start of business Sunday 21st June. I have since been informed that certain individuals arrived at my place of residence in Dubai at the start of Sunday, confirming that the follow through on many of the threats was very real.I am not running away from debt, I am purely protecting those dearest to me and getting out of a country which, due to the lack of structured bankruptcy laws and a banking system which has zero flexibility on loan repayments, drives people to make horrible decisions.

During the course of this week, a large number of bank loan payments would have cleared from the bluebanana.com account which would have resulted in no cash left for my team to make their own financial commitments.

Removing this cash has allowed payments to be made to creditors, plus money which is currently being transferred to employees accounts in Dubai. I apologise if this is viewed as the wrong thing to do, but I feel that my priority had to be to ensure that staff had something, if not all of their salary, together with short term loan payments to allow the restructure of personal liabilities over a longer period of time.

For those people who feel the need to create elaborate stories regarding my departure, this I suppose is inevitable, but I ask to you to consider the truth and watch as I fulfil my commitment to repay everything owed.I have set up an email account for people to contact me with regards to specific outstanding payments, but will proactively contact all outstanding on our records over the course of the next 48 hours.I am sorry DubaiYours

Sincerely,

Simon

Bluebanana.com

http://www.arabianbusiness.com/559936-simon-fords-emotional-letter-in-full

The company was involved in providing unique gift experiences to people which included skydiving, jet fighter flights, scuba diving and many others.

According to Simon Ford, he had to take the step of fleeing from the country because unfortunately the country does not have proper bankruptcy laws to protect the entrepreneurs and thus many who are unsuccessful in business would need to take such drastic decisions.

For a more detailed article on this topic visit the link
http://www.arabianbusiness.com/559928-bluebanana-boss-tells-of-horrific-ordeal-as-firm-goes-bust

Setting up a Freelance Activity in Knowledge Village (KV)

2009-06-25T11:09:00.004+04:00

Setting up a Freelance Activity in Knowledge Village (KV)

Knowledge Village is a free zone that recognizes the possibility of freelance professional to set up their activities. Since it is a knowledge based environment there are only a certain range of activities which could be set up in the free zone. They are as follows: -

Activities

Trainer : - Individuals providing training to professionals in the areas of IT, Media, Business and Management, Logistics, Languages, etc.

Tutor/Coach: -Individuals coaching students on any curriculum specific to secondary and tertiary education

eLearning Advisor: -Individuals offering eLearning support services

Researcher: -Individuals conducting research on various fields

Education Support Services: -individuals providing various services for the education system such as entrance exam coaching, curriculum design, application assistance, etc

Human Resources Advisor: -Individuals who provide Human Resources services

As a freelancer, a person can obtain a license within KV. The license will make the person as the sole practitioner and will be allowed to conduct business on their birth name instead of a name of a company.

Costs: Freelance Permit Dhs 7,500/- annually

Open Offices : All open offices are furnished with one executive desk and chair, and a storagepedestal and cabinet with key. Each open office has a partition running from floor to shoulder height between desks to offer privacy, within a shared environment.
Rental rates: Dhs 15,000/- per desk, charged annually Dhs 5,000/- joining fee, one time payment

In addition to the rent payment, we require a security deposit of Dhs 5,000/- to be paid in advance for each office, the deposit is refundable providing that the terms of the lease agreement have been honoured.

Document required of Application for Freelance Permit:

· Application form (KV- BC Application form - attached)
· Business Plan
· Passport copy with residence visas page (if applicable)
· CV (with personal details: Tel, email, permanent residential address…)
· Copy of your educational certificates / degrees
· Application fee as per form attached

Freelancers / Business Owners :

Annual Visa Sponsorship Charges: - AED 1350/ person

The above written information has been taken from the Knowledge Village website, for more information and contact details.

Visit: - http://www.kv.ae/en/cms/bCenter.asp?menu=side&menuid=134

Post your comments for any opinions or suggestion for people.......

DAMAS Plans IPO

2008-07-02T23:13:00.000+04:00

Damas International Limited, the international integrated jewellery and watch retailer, has annouced that the company has raised $270.6 million in its initial public offering (IPO). The IPO price was fixed at $1.00 per share. The price was derived via a book building exercise.

The company received strong interest from a broad base of high-quality institutional investors from both the GCC and Europe which the company believes will form a strong share register when trading of its shares starts on the Dubai International Financial Exchange (DIFX), it said.

The Damas group operates in 18 countries, with 438 stores around the world as at December 31, 2007, and has an extensive retail network with stores primarily located in the Middle East, South Asia, Europe and North Africa.

Damas is the leading jewellery retailer by number of stores in both the UAE and GCC region as a whole, with 212 stores and 338 stores respectively, said a statement.

The market capitalisation of the company is expected to be $968.6 million, based on the offer price and the number of shares in issue after the IPO, it said.

Damas intends to use the net proceeds from the IPO primarily to expand its store network. The proceeds will also be used to fund selective acquisitions, investments and alliances that complement the Damas brand and for further vertical integration through investment in manufacturing operations, to allow the Company to capture an increasing share of margins in the manufacturing process. In addition, the proceeds will also be used to restructure a portion of the Company’s existing debt as well as for other corporate purposes.

Credit Suisse Securities (Europe) and HSBC Bank are acting as joint global coordinators and joint bookrunners on the transaction. - TradeArabia News Service

UAE Shares Rise on Q2 Earnings

2008-07-02T22:59:00.000+04:00

UAE shares advanced for a second day yesterday as companies began to report good second-quarter earnings. The Dubai Financial Market (DFM) General Index and the Abu Dhabi Securities Exchange (ADX) General Index both gained 1.8 per cent to close at 5,540.17 and 5,043.36 respectively.

The Dubai International Financial Exchange, meanwhile, plans to start using Nasdaq OMX Group's trading platform from July 4. DIFX, one of the UAE's three exchanges, will trade equity derivatives later this year, pending regulatory approval.

Gulf General Investment Co, which has 30 subsidiaries and affiliates, grew 4.9 per cent to Dh8.07 as it announced a surge in profit. The company's net income jumped 94 per cent to Dh505 million during the first six months from a year ago while revenue grew 54 per cent to Dh4.3 billion for the same period.

The country's second-largest mortgage lender, Amlak Finance, increased 4.2 per cent to Dh4.69 after Shuaa Capital raised its recommendation on the shares. It was raised to "neutral" from "sell" at Shuaa with a price estimate of Dh4.86.

Ajman Bank topped DFM with a jump of 15 per cent to Dh2.76 followed by Deyaar Development, which added 7.8 per cent to Dh2.22, and Dubai Islamic Insurance with a gain of 7.4 per cent to Dh3.75.

National Bank of Fujairah was among the big gainers on ADX with an increase of 9.9 per cent to Dh7.25. Shares in Sorouh Real Estate Co recovered from losses in the past two weeks, advancing 3.1 per cent to Dh9.65 while Aldar Properties added 1.2 per cent to Dh12.80.

"Investors are expecting good earnings especially in the banking and real-estate industries," said Sherif Abdel Khalek, regional sales executive at Beltone Securities Brokerage, in a Bloomberg report. "Our region's growth is much better than the rest of the world."

The report said Qatar's Doha Securities Market Index advanced yesterday along with the UAE bourses. It added that companies in the UAE, whose economy will grow 7.2 per cent, are expected to report an average 14 per cent growth in second-quarter earnings.

New Islamic bank plans $9bn Bahrain Listing

2008-06-03T23:42:00.000+04:00

A group of Gulf banks and investors plan to raise $9 billion by selling shares in a planned Islamic investment bank. The bank will tap the rising liquidity in Muslim nations, a senior banker said.

The bank, tentatively named Ummar Bank, will have a paid-up capital of $11 billion, of which $2 billion will be raised in private equity placement, Sheikh Saleh Kamel told Reuters in an interview. Billionaire Kamel, the largest shareholder in Albaraka Banking Group, chairs the General Council of Islamic Banks and Financial Institutions, which is leading the project.

He declined to say when the IPO, the largest in the region, would take place, only that the stocks would first be floated on the Bahrain stock exchange. Albaraka's chief executive officer Adnan Yousif said in February that the bank plans to start operations in 2009.

"We will raise $2 billion in private equity … and the remainder of the normal shares will be raised in public offerings," Kamel said on the sidelines of an annual Islamic Development Bank governors' meeting in Jeddah.

"We started collecting funds for the private equity in May and we hope to complete this in June. We have raised (about) $500 million," Kamel said.

Among firms that have so far contributed are Albaraka and Kuwait Real Estate Bank. "Dubai Islamic Bank and Kuwait Finance House are studying the project … IDB (Islamic Development Bank) have studied the idea and we are awaiting its board to make a decision," Kamel said.

The bank will aim mainly at creating a market for Islamic financial paper and develop new instruments, Kamel said.

"This will be a unique and global player. It will help Islamic banks raise liquidity by providing easy to trade and wholly sharia-compliant instruments."

A feasibility study for the bank was conducted by Ernst and Young, which said in February that the value of assets under management in Islamic institutions has been growing at over 20 percent a year and reached $900 billion in 2007 and is set to hit $2 trillion by 2010.

"The investment funds that (Ummar Bank) will launch will be worth ten times the capital … we will issue asset-backed sukuk (Islamic bonds) worth up to $100 billion," Kamel said.

"This is not a lot when you know that Islamic banks have more than $200 billion invested in global commodities markets which is not benefiting anyone," Kamel added. -Reuters

International CES/hometech opens Doors

2008-05-28T17:28:00.000+04:00

International CES/hometech, the UAE’s leading consumer electronics show, opened its doors today (25/5/08), with this year’s exhibition expected to be the biggest and most exciting yet.

The show features hundreds of exhibitors in the fields of Consumer Electronics, Home Automation, Networking, In-Car Entertainment, Home Appliances and Gaming.

International CES/hometech is the region’s most popular platform to showcase the hottest new products and trends, as well as the latest technology and innovation in intelligent home systems and timesaving state-of-the-art domestic devices.

“Last year’s event was a tremendous success. This year the International CES/hometech show floor has expanded by 50 percent to accommodate the exhibiting companies and increase in visitors,” said Karen Chupka, senior vice president, events and conferences, Consumer Electronics Association (CEA), sponsor of CES/hometech.

“The Middle East and North Africa has a consumer electronics business worth $7 billion a year, with double digit annual sales growth predicted through 2010, so this year’s show promises to be the most exciting yet.”

International CES/hometech features many of the world’s top brands and equipment, from the latest laptops and sound systems to 3D TVs and personal flight simulators, as well as the unique Last Gadget Standing contest.

An annual favourite at the International CES in Las Vegas, Nevada, the world’s largest consumer electronics tradeshow, Last Gadget Standing is making its debut in Dubai. Hosted by technology expert, author and columnist Robin Raskin, the contest will see 10 of the world’s top gadgets compete on stage to be the last gadget standing.

A conference runs alongside the show, featuring talks from Noel Lee, Head Monster of Monster Cable, and senior executives from world-leading electronics companies such as Microsoft, Sony and Intel.

The keynote address will be delivered by Her Excellency Sheikha Lubna Al Qasimi, UAE Minister for Foreign Trade, in which she will discuss the importance of innovative technology to successful business leaders.

The show is brought to Dubai in partnership with the Consumer Electronics Association, which organises the world’s largest consumer electronics show, the International CES, every January in Las Vegas.

International CES/hometech runs until May 27 at Dubai International Exhibition & Convention Centre, and is open from 10am to 7pm.

The International CES/hometech is the Middle East’s dedicated exhibition for Consumer Electronics, Home Automation, Networking, In-Car Entertainment, Home Appliances and Gaming.

About CEA:

The Consumer Electronics Association (CEA) is the preeminent trade association promoting growth in the $161bn consumer electronics industry. More than 2,200 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion and the fostering of business and strategic relationships. CEA also sponsors and manages the International CES – Where Entertainment, Technology and Business Converge. All profits from CES are reinvested into CEA’s industry services. Find CEA online at www.CE.org.

For media information contact:

Sharon Pereira on sharon@matrixdubai.com or Shady Naseraldeen on Shady@matrixdubai.com.

Matrix PR, Dubai
T: +9714 3430888

GCC in need to create 300,000 more Jobs

2008-05-21T16:48:00.000+04:00

The GCC region needs to create over 300,000 jobs and the private sector's role is crucial in creating a huge number of jobs, a senior official at the Economic Development Board, Bahrain, said.

The role of the private sector as a major driving force for social development and in providing the key impetus for economic growth in the region was highlighted at a World Economic Forum panel discussion between leading Arab experts at Sharm el Sheikh, Egypt.

Shaikh Mohammed bin Essa Al Khalifa, EDB chief executive, took part in the discussion as a member of the Bahrain delegation, emphasising the need for massive investment in educating the youth to provide them with necessary skills for the workplace, to ultimately be well prepared for the challenges of the future. He said that by looking at the examples of smaller countries such as Singapore, Switzerland and Ireland, one can see that investments made in young people have created massive wealth, skilled workers and increased productivity.

He said: "Singapore, for example, has limited natural resources but has still succeeded in overcoming these limitations to develop a highly skilled workforce across various professional classes." Shaikh Mohammed further pointed out that the region's workforce still depended on the public sector for employment even though, according to a McKinsey report, over the past 10 years, the private sector managed to create about 55,000 medium- and high-skilled jobs in the GCC.

The report further underlines that to absorb the number of GCC nationals with a secondary-school degree or higher, the annual figure must rise five-fold, to almost 300,000. To provide a living wage, these jobs must pay at least twice what the private sector jobs offer at present.

Following the panel discussion, Shaikh Mohammed implored, "We can no longer sit back. Now is the time to think of our future generations, and the starting point has to begin with educational reforms.

"We need investments in vocational and technical training if we as a region are to avoid a skills crunch in the years to come. And let us not forget the private sector. They have a pivotal role to play in the design and implementation of future educational and skills training."

This future, he added, is one where the Gulf states are no longer exporters but importers of labour and that the region's economic stability is guaranteed by a highly skilled and flexible workforce. The EDB is a strategic partner at WEF. In a delegation led by Shaikh Ahmed bin Mohammed Al Khalifa, Minister of Finance, leading executives and government officials of Bahrain addressed a high-power gathering in several panel discussions to focus on its agenda for a number of key social and economic issues.( via Bahrain Tribune )

Abu Dhabi Plans to Involves Private Sector in Tourism Policy Making

2008-05-21T16:04:00.000+04:00

Abu Dhabi Council for Economic Development (ADCED) would review laws concerning the economy for government consideration to make Abu Dhabi a preferred destination for foreign investors.

In its five-year strategy plan for 2008-2012, which is part of the 2030 economic vision for the Emirate of Abu Dhabi, the newly setup Abu Dhabi Council for Economic Development(ADCED), which will maintain an interface with private sector, said it would consult private sector representatives on issues of economic policy.

"We will also develop a process to integrate feedback from public-private communication forums into policy recommendations," said Waleed Al Mokarrab Al Muhairi, director general of ADCED.

He said that the council was established to facilitate economic diversification and growth through greater understanding, cooperation and engagement between the public and private sectors of Abu Dhabi.

In order to achieve this, Al Muhairi said that the ADCED aims to be involved in the coordination on a forum for the private and public sectors that will lead to an objective, creative and open environment for discussing and debating economic issues; enhancing public-private sector partnership; having in place the ideal resources and processes to provide insights and actions on economic issues and creating an enabling environment for attracting foreign direct investment.

Waleed Al Mokarrab Al Muhairi said that the council's vision concentrates on private and public partnership to accelerate Abu Dhabi's position as a sustainable and diversified international economic hub. "The Council's mission is to develop policy recommendations and kick-start initiatives that promote sustainable and diversified economic growth by improving Abu Dhabi's infrastructure and business environment, as well as enhancing human capital development," Al Mokarrab concluded.

On the strategic focus, Mohamed Al Hameli deputy director general of ADCED said, "The Abu Dhabi Council for Economic Development (ADCED) will continue to foster and support economic development within the emirate through the initiation of targeted initiatives in privatisation, economic restructuring, and policy development." (via Khaleej Times) End Post

UAE - High Rents Hurdle for Women Entrepreneurs

2008-05-16T21:54:00.000+04:00

A survey of 110 businesswomen in the UAE, of both Emiratis and other nationalities, has revealed that exorbitant rents in the emirates was one of the major challenges in running their businesses. The findings of the report, "Women Business Owners in the United Arab Emirates", which is a part of a regional project focusing on other countries like Bahrain, Jordan, Lebanon and Tunisia, were disclosed at an event yesterday at Dubai Women's College (DWC).

The survey, which was conducted between September and October 2006, also noted that the business women surveyed, aged 25 to 44 years, in the UAE were well-educated and optimistic about their future.

Dr Monica Gallant, Business Department Chair at DWC and UAE research partner, said, "They run small, technology-enhanced, mostly service type businesses that tend to have international connections and are generally self-funded."

At least 73 per cent of them were well-educated and held post-graduate degrees. Of the surveyed women, 47 per cent were Emiratis and rest Europeans, Lebanese, South Africans and Americans.

Dr Gallant said the challenges faced by these women entrepreneurs included, "high costs of rent, finding and keeping good employees, balancing work and family, access to start-up capital, access to technology and being taken seriously as they were women."

Raja Easa Al Gurg, President of Dubai Business Women Council (DBWC), a subsidiary of the Dubai Chamber of Commerce and Industry (DCCI), explained that 44 per cent of the women-owned businesses in the UAE are small and only 2 per cent are medium-sized.

The survey results identified that one of the main challenges facing women-owned businesses is access to capital. Two new initiatives have been launched in the UAE to address the needs and to encourage businesswomen to invest in funds that are run by recognised banks and highly recommended investors. For example, Forsa is a fund that caters to wealthy women who aim to invest amounts over Dh1 million. Enmaa is a fund for investors from the business community who wish to invest amounts starting from $1,000.

About 45 per cent of the women felt that one of the three most important areas for the government to address was to create special loan funds or loan guarantee schemes to help business women with financing. As much as 32 per cent favoured the development of a special government advisory board for women's business development issues.

Thirty-seven per cent reported that one of the three most important issues was the reduction in the amount of money it took to register a business and 35 per cent highly desired a change in employment laws to increase business flexibility for hiring and replacing workers.

Gurg emphasised the importance of providing independent studies and precise statistics dealing with different issues and fields concerning the UAE and its women, in particular, and regional and global societies, in general, because of the benefits for decision makers since it helps them set future strategies and plans based on right scientific rules and parameters.(via Khaleej Times)

Qatar's Inflation rate set to rise Further

2008-05-16T21:46:00.000+04:00

Qatar's inflation rate, high as it is, is set to rise further this year, an economic expert has said.

Marios Maratheftis (pictured), Regional Head of Research, (Middle East, North Africa and Pakistan ? Global Markets) of Standard Chartered, told The Peninsula yesterday the inflationary trend is set to continue and can only be reined in through a tightening of Qatar's monetary policy.

However, even if the monetary policy is tightened, it will take time for its effects to set in. "It will take some time to work. It will take a year or so for inflation to go down," said Maratheftis.

Generally though, Maratheftis and Standard Chartered is bullish on Qatar as an investment destination. "There is a long-term vision with an established track record. Diversification is also taking place," he said. (The Peninsula) End Post

Qatar and the rest of the GCC, he said, have been hurt by rises in the prices of steel and other construction materials. There have been delays in deliveries to the GCC as countries like India, China and Brazil are in the middle of construction booms of their own. It has led to a veritable queue for construction essentials.

The end result is projects have been delayed. "There are $2 trillion of projects in the region, a figure that will soon rise to $2.5 trillion. Only 25 percent of projects have been started. Capacity constraints are a challenge,"
he said.

"There are delays in deliveries (of raw materials) to the Gulf. The phenomenon is worsened as the currencies are tied to the US dollar," he said.

Maratheftis feels there is a need to break the Qatari riyal-dollar peg. "A move away would be preferable. But there is also a sense of loyalty (to the greenback)," he said.

The dollar has served the country well in the past and perhaps Qatar's sticking to the currency peg could be a way of showing it has been with the dollar in good times and will stick with it through the bad. Said Maratheftis: "The pegs have been in place a long time and have served the countries well in the past."

Some encouraging signs are being shown in tackling inflation, which is the highest in the region.

"The Qatar Central Bank (QCB) move to impose restrictions is a measure to be welcomed. But there is a need for monetary policy tightening. But we remain confident on Qatar and we do not think it (economic boom) is a one-off," he said.

UAE - Labour disputes on the rise in Dubai

2008-05-16T21:38:00.000+04:00

Over the past few years there has been a dramatic increase in the number of labour disputes in the emirate of Dubai, according to Judge Abdul Qader Moosa Mohammed, Chief of Preliminary Labour Court at the First Instance Court, Dubai Courts.

He attributes the trend to UAE's and specially Dubai's fast-paced growth as a business hub with regional and international business houses launching their operations in every conceivable business activity. Another factor, according to him, is that a greater number of expatriate workers have chosen to take up assignments in the emirate. Lot of residents and entreprenrus in Sharjah, Ajman and Abu Dhabi ofetn setup business or get work in Dubai. The ease of setting up business in Dubai is another reason

The Labour Court was established on November 9, 2006. Besides Judge Mohammed, there are 10 judges - two Emiratis and eight Egyptians ? in the Labour Court. Explaining the procedures of seeking redressal to labour grievances and dispensation of justice, Judge Mohammed said the legal process begins from the Ministry of Labour (MoL).

"Any worker who is facing problems with his employer, including the payment of dues, should follow the proper legal channels. He submits a complaint to the Disputes Section at the MoL. The officials in the section try to resolve the matter within two weeks during which they call both the parties. If the dispute remains unresolved, the ministry refers the matter to the Labour Court along with its remarks," he said.

Judge Mohammed underscored the fact that unlike the Labour Court's verdict, the Ministry of Labour's decision is not binding on the litigants.

As to the costs involved in the filing of a case at the Labour Court, the judge pointed out, "By virtue of Article 5 of the Labour Law, the labourer and his heirs are exempted from the judicial fees at all the stages of the lawsuit process, and the pronouncement and execution of the verdicts."

"If the court dismisses the case, it may order the labourer to pay the costs of the lawsuit partially or fully as it may deem proper in particular cases," he added.

The grounds for dismissal of case could be many, he said. "For instance, the court can dismiss a case if the labourer has filed a suit against his employer, who is not his sponsor. Or in cases where the labourer has deliberately sued the employer with the intention of extending his stay in the country, because MoL does not cancel the labour card of the worker if there is a legal case pending. The case can also be dismissed if there is insufficient evidence or absence of witnesses to support the allegations of the complainant," Judge Mohammed pointed out.

The Labour Court takes one week from the date of filing of the case to notify the party against which the case has been filed. "If the second party is in Dubai, the notification should happen within one week; and if the second party lives in another emirate, the notification should happen within 10 days. The second party should be notified three days before the hearing date. On the hearing day the second party comes and is expected to have his defence plea prepared in Arabic, a copy of which is handed over to the first party," Judge Mohammed said.

According to Judge Mohammed, in lawsuits related to financial claims up to Dh20,000, the verdict given by the First Instance Labour Court is final and uncontestable.

If the claims exceed Dh20,000, the case can go to the Appeals Court and if the claims are above Dh200,000, the case shall be decided by the Court of Cassation.

In labour cases where the claims are up to Dh100,000 or less, a single-judge bench examines the litigation, but if the claims are above Dh100,000, the case shall be heard by a three-judge bench, he added.

Talking about the grounds for dismissal of employees, Judge Mohammed said that under Article 120 of the Labour Law, the employer may sack the employee without prior notice if he has justification, including arriving late to work, consuming liquor or drugs before or while at work, or if the employee has not completed the probationary period.

Also, committing a disgraceful act or breaching decency rules at the workplace may give the employer a justification to arbitrarily sack the employee. If the labourer assaults the employer, the employer's assistant or a colleague he may be sacked, the judge pointed out.

Judge Mohammed maintained that as of 2007, all the labour cases referred to the court had been settled.

"When a labour case remains pending it is usually for factors beyond our control. Sometimes, it has something to do with the finalisation of technical reports," he clarified.

"Last month, we introduced a new system where the judge tries to settle the litigation amicably between the parties without resorting to the court procedures," he pointed out. (via Khaleej Times)

Gulf Depeg may not Yield Quick Fix

2008-05-13T21:51:00.000+04:00

A decision by Gulf states to drop their currency pegs to the dollar is unlikely to provide a “quick fix” to slowing inflation as a similar move by Kuwait has only had a small impact in fighting price increases, an IMF official said.
Kuwait has allowed the dinar to appreciate 7.6% against the dollar since it dropped its dollar peg in favour of a basket of currencies, including the euro, the yen and the pound.
Inflation has since accelerated to 9.5% from 5.3% last May.
“A basket for Kuwait has probably worked, but at the margin,” Mohsin Khan, International Monetary Fund regional director for the Middle East and Central Asia, said in an interview in Dubai yesterday. “There is a view that Kuwait’s inflation could have been much higher had they not dropped the peg.”
Gulf states, including Saudi Arabia and the United Arab Emirates, have been under pressure to follow Kuwait and drop their pegs after inflation hit record levels. They have all kept their links, citing the need to keep currencies fixed until they form a monetary union in 2010, and the limited inflationary impact of the weak dollar.
“It’s very tempting to say” that revaluation would provide a “quick fix” for inflation, said Khan, who was in the region to mark the IMF’s release of a report on regional growth. Gulf currencies’ dollar pegs are “a part of it, but a small part,” he said.
Inflation in the UAE accelerated to 10.9% in 2007 from 9.3% in 2006, according to National Bank of Abu Dhabi, the country’s second-largest commercial bank by market value.
Consumer prices in Qatar rose an annual 13.7% in the fourth quarter, the highest rate of inflation in the region.
“The driving force behind inflation in these countries is supply side factors like rents, housing, supply shortages, absorptive capacity constraints, to some extent imported inflation and most recently food prices,” said Khan.
The UAE and Qatar, the two Gulf Arab states most likely to revalue their currencies according to trading in forward contracts, ruled out any change to their currency regimes in April causing investor speculation to fall.
Meanwhile, the IMF’s report on regional growth said the economies of the Middle East and Central Asia may grow by 6% this year, slightly slower than 2007.
“The key macroeconomic policy challenge in the short run for most countries in the region is to contain rising inflation,” Khan said.
Almost all of the 30 countries studied, which include oil-exporters Saudi Arabia, Algeria and Kuwait, have largely been unaffected by the recent financial turmoil in the US.
Khan said inflation is a concern in the oil-exporting countries that have greatly benefitted from record oil prices that have helped spur rapid economic growth.
“In oil-exporting countries with currencies pegged to the US dollar, it will be a challenge to control inflation as long as there is monetary easing in the US and a weakening US dollar, especially if the price of imported goods, in particular food, continues to rise,” Khan said. Khan said economic reform remains a top priority across the region regardless of the current benign economic conditions.
“For most countries, competition and efficiency would be enhanced by restructuring and privatizing inefficient state banks, by developing local debt markets, and by encouraging the establishment of foreign banks,” Khan said. – (via Gulf Times Qatar)

Waste Management in Dubai becoming a Challenege

2008-05-13T20:38:00.000+04:00

With Dubai witnessing a never-ending boom in the construction industry, the construction and demolition waste generated also has touched a record high.

According to the annual report of the Waste Management Department in Dubai Municipality, the construction and demolition waste generated in Dubai registered a record 163 per cent growth last year as compared to the previous year.

In 2007, a total of 27.7 million tonnes of construction waste was removed from various construction sites of the city. The figure rested at only 10.5 million tonnes in 2006. Construction and demolition waste makes up 75 per cent of the total solid waste generated in Dubai every year.

Meanwhile, the volume of domestic solid waste generated in Dubai rose by 13.7 per cent in 2007 as compared to 2006 with a total of 3.34 million tonnes.

According to the report, the agricultural waste generated in Dubai during the last year was 142,816 tonnes registering a 14 per cent growth over the previous year. The total volume of liquid waste was 76,456 tonnes.

The report further said that the municipality treated over 31 million tonnes of general solid waste, 83 million gallons of liquid waste and 347 tonnes of hazardous waste last year.

The civic body has entered into several joint ventures with groups like Tatweer, Zenath Group and Al Serkal Group to recycle domestic waste, medical waste and waste edible oil. These joint ventures are currently run on BOOT (build, own, operate and transfer) basis.

Zenath Group, the recycling and waste management arm of ETA Star Group is currently building UAE's largest and first vertical medical incinerator plant for safe treatment of medical waste. The incinerator, which will be located in Jebel Ali close to the existing incinerator of the municipality, will have a treatment capacity of 20 tonnes per day and will be fully operational by the end of this year.

This project assumes much significance as Dubai Municipality handled 1188 tonnes of medical waste in 2006 compared to 579 tonnes in 2002. By 2017, this quantity is estimated to reach 4030 tonnes, especially with the full-scale functioning of facilities like the Dubai Health Care City which will have nine hospitals.

At present, all medical wastes generated in Dubai are treated and disposed of at the Jebel Ali Medical Waste Treatment Facility (via Khaleej Times)

Al Futtaim Capital Closes $500 Million Real Estate Fund

2008-05-13T20:23:00.000+04:00

Al Futtaim Capital yesterday announced it had completed fundraising for its Dh1.84 billion ($500 million) Al Futtaim MENA Real Estate Development Fund and the related Al Futtaim MENA Real Estate Shariah Development Fund (Funds).

This is the largest investment vehicle of its kind in the region, according to a Press statement.

The funds will focus on large-scale urban mixed-use developments in the MENA region. The funds will be managed by Al Futtaim Investment Management Limited (AFIM), a DIFC incorporated company wholly owned by Al Futtaim Capital. (via menafn.com) End Post

Saudi Arabian Mining Company Plans IPO

2008-05-13T20:15:00.000+04:00

Saudi Arabian Mining Company (Maaden) plans to sell 50% or 462.5 million of its shares for SR9.25bn ($2.46bn) at an initial public offering in July, reported Arab News. The shares will be sold at the rate of SR20 per share, including SR10 premium, during the July 5-14 IPO. via ameinfo.com End Post

New Hotel Institute in Dubai

2008-05-13T00:57:00.000+04:00

A new hotel school, Dubai Hotel and Tourism Management Institute, a joint venture between an internationally-acclaimed Australian higher education provider and a prominent Dubai-based company, will open in the emirate next year.

The opening of the institute is almost perfectly timed, following debate at the recent World Travel & Tourism Council Summit concerning shortages of trained and qualified hotel sector workers, said a company official.

UAE-headquartered Al Hai, part of the Al Hai Group of Companies has joined hands with the Blue Mountains Hotel School, an Australian-based international hotel school, to bring the institute in the Middle East.

“We are very excited about this joint venture which will result in the formation of an international hotel and tourism management institute in Dubai. It will facilitate the growing needs of the industry both in terms of training existing human resources in the hotel sector and by providing quality undergraduate and postgraduate education for future hoteliers.” said Fritz Gubler, director, Blue Mountains Hotel School.

According to Gubler, the first student intake is scheduled for early 2009 and the institute will be a member of the Orion Hotel Schools global alliance.

“Being recognized as an Orion Hotel School will add value to the institute. We take great pride in watching our students grow and develop, going on to graduate and become the future leaders of the global hospitality and tourism industry.” said Gubler.

Al Hai group chairman Jamal Al Hai said, 'The company already operates within the tourism, hotel management, aviation and aviation related sectors and the opportunity to move into education was a natural progression for us.”

He said the students for the undergraduate programmes would be recruited both locally in the Gulf and from the international pool of emerging talent.

'We are confident that both existing and new employees of the region’s hotels will benefit from the training offered.” he added.

The Blue Mountains Hotel School has two campuses in Australia: the Blue Mountains Hotel School in Leura, New South Wales (90 minutes drive from Sydney) which has been operating for 16 years; and the Australian International Hotel School in Canberra, Australian Capital Territory, which has been operating for more than a decade.

The group also operates educational facilities in China with two campuses in Suzhou and Tianjin.

Operation of the new hotel school will follow the Australian model from the Blue Mountains Hotel School, recognised globally for its highly sought-after first class graduates.

The undergraduate programmes will involve rigorous academic studies, applied practical on-campus training and an internship component.

The new hotel school will embrace the three pillars approach to education - a balanced integration of theoretical knowledge, practical skills and personal development.

The core programme will be a three-year bachelor degree whereby students will gain exposure to all areas of hotel and resort management as well as tourism, leisure and event management.

Currently in the final design stages the new state of the art facility will incorporate the latest in educational aids particularly with regard to practical training aspects.-TradeArabia News Service

$1.7trillion to be Invested in Emerging Markets Real Estate

2008-05-13T00:47:00.000+04:00

The most popular targets for real estate investments now are countries in the new economic region stretching from China across India and the Middle East to Africa (CHIMEA), said a report.

The top 50 emerging markets represented in A T Kearney’s recent Real Estate Opportunity Index spent a combined total of $1.7 trillion on construction in 2007, with a five-year CAGR (compound annual growth rate) of up to 6 per cent.

The US credit crunch and financial meltdown are pushing a growing number of real estate investors to look outside the United States and Europe for opportunities, it said. Robert Zielger, vice president, A T Kearney added that international property developers are finding these large and rapidly growing markets too attractive to ignore.

“Developers grow within their local geography until they run out of opportunity or need to diversify their risk profile. For a sustainable business strategy, companies have to expand internationally during the good times to be prepared for the bad.”

Focusing on a short list of emerging markets globally, the index weighs real estate development potential based on construction spending and growth as well as a combination of country risk and ease of doing business.

The global real estate industry as a whole is not in the same desperate situation as the US, and is keeping the industry afloat. China and India are growing at such a rapid rate, that they dominated the index by a vast margin with Thailand in third place.

China’s economic boom has created a heated real estate market, driven not only by office, residential and retail demand but also by the 2008 Olympics and the 2010 World Expo. The opportunity is substantial indeed: China’s estimated construction spending for 2007 alone totals more than $500 billion.

Saudi Arabia dominated the Middle East sitting in 6th place on the whole list, with the UAE coming second in the region.
Large-scale activity in the Kingdom is driven by increasing funds for mega-scale developments, stemming from its petroleum-based economy. In addition, public funds are financing schools, hospitals and low cost housing among other infrastructure and social sector projects. A recent increase in private sector investment has spurred the development of premium office, residential and retail space.

The UAE, one of the most affluent economies in the region and home of its real estate boom, is experiencing both, the advantages and disadvantages of being in the forefront. Dubai, where the real estate boom originated, is a market waiting for the impact of oversupply, but construction delays may create a soft landing. Abu Dhabi has also been a real estate star, and now needs to modernize its superstructures and office space.

The Index also notes that investors from CHIMEA have $4.1 trillion to invest, and real estate development remains an attractive destination for capital. Yet strong markets can turn sour quickly.

“Investing in global markets isn't without risk. Investors often have a tough time getting data to assess individual properties and many investors face a myriad of murky tax laws, government regulations and political instability in some regions,” added Maktoum Al Maktoum, associate director, A T Kearney Dubai.

Property developers have long known the need to diversify geographically through a carefully balanced portfolio, while managing the risk of entering unknown markets. The report will assist in getting a better picture, globally, it said. - TradeArabia News Service

State Bank of Pakistan Bans Export of Pound, Euro and Dirham

2008-05-10T00:03:00.000+04:00

State Bank of Pakistan (SBP) has halted indefinitely all exchange companies from exporting British Pound, Euro and Dirham, meanwhile, the dollar in open market still got costlier.

Central Bank spokesman, Syed Wasim Ahmad told Geo News that the cash export of currencies by the exchange companies has been stopped forthwith. Exchange companies used to carry out in cash different currencies with the permission of the Central Bank and as against that dollars were imported. Forex market sources told that the government had taken this step in 2001 also for salvaging the sinking rupee, which had triggered black marketing of dollar.

Dollar in the inter-bank market was sold during Friday trading at Rs69.70, while in the open market it remained at Rs69.20. Forex Association president, Malik Bostan urged the Central Bank to take action against banks instead of exchange companies, as they were indulging in rupee value speculation trading.(via The News) End Post

Abu Dhabi Securities Market Rebrands

2008-05-09T23:42:00.001+04:00

The UAE capital’s bourse “Abu Dhabi Securities Market” has been renamed as Abu Dhabi Securities Exchange (ADX). The ADX in a press release said that the renaming, and accompanying rebranding, reflected international practice and the increasing diversity and sophistication of the types of securities to be traded on the exchange.

“The Abu Dhabi Securities Exchange is taking steps to provide our clients with more varied and more sophisticated investment products,” said Tom Healy, Chief Executive of the ADX.

A new corporate logo, featuring the abbreviation “ADX” in blue and grey color, is accompanying the name change.

“The exchange, and the former name, are eight years old. This rebranding is an effective way to refresh the brand in line with our ongoing evolution. The new logo and brand also provide a clear visual representation of our strategy to benchmark ourselves against the world-class standards of other leading exchanges,” Healy added.

The ADX is looking to add exchange-traded funds and foreign listings to its current offering of share trading in publicly-listed companies.

The announcement comes just a few weeks after the ADX concluded a successful roadshow to raise awareness on the rebranding across Asia through visits to the regional financial centers of Singapore and Tokyo, Healy added.-TradeArabia News Service

VAT in Dubai - Coming Soon

2008-05-09T23:33:00.000+04:00

Dubai Customs is well advanced with its studies into the introduction of value-added tax (VAT) in the UAE. Dubai Customs Executive Director Mr. Abdul Rahman Al Saleh told a seminar at the Arabian Travel Market in Dubai that his Department has been commissioned to study the VAT project and has been working over the past two years to develop a VAT system that could be applied across the emirates and expects to have the infrastructure in place by the final quarter of 2008 for implementation.

A team of specialised UAE nationals have been driving the project in consultation with international experts.
However, he stressed that the decision about when exactly VAT should be introduced in the UAE was one to be made by higher authorities.

The UAE has to phase out customs duties as part of the Free Trade Agreements it was signing with a number of its major trading partners and VAT is being considered to replace this lost revenue source for further investments in health, education and public infrastructural needs, which will benefit UAE nationals, expatriates and tourists.

The International Monetary Fund (IMF) is backing the UAE on this initiative, he said in a statement.

VAT is considered one of the healthiest forms of taxation and has been adopted by most leading economies of the world. It is now in use in more than 140 nations, after being first introduced in France 52 years ago.

The seminar was told that VAT is expected to be a single rate between three and five per cent, with a high threshold set for registration to exempt small businesses.

Tourists would also be able to claim back the VAT they pay on purchases over a certain amount under the current proposals, according to statement. – TradeArabia News Service

GCC Banks Slash Interest Rates

2008-05-03T00:05:00.000+04:00

Several Gulf States cut interest rates on Thursday in line with a reduction in the US as they sought to ward off currency speculation while tackling inflation at near-record peaks.

Dollar pegs in all Gulf states bar Kuwait compel their respective central banks to track the Federal Reserve to maintain the relative value of their currencies, even though inflation is spiralling and their economies are booming.

The UAE, the second-largest Arab economy, reduced its overnight repurchase rate by 25 basis points to 2 percent, keeping the rate the same as the Federal Reserve's Fed Funds rate.

Qatar continued with a trend of only cutting its deposit rate, also to 2 percent, while leaving its benchmark lending rate unchanged at 5.5 percent to prevent lower borrowing costs from stoking inflation -- already at a near-record 13.7 percent.

'Even though speculation on Gulf currency revaluations has come off since the beginning of April, Gulf countries don't want it to come back again,' said Monica Malik, the regional economist at Cairo-based investment bank EFG-Hermes.

Bahrain acted similarly, lowering its one-week deposit rate by 25 basis points and leaving its lending rates on hold. The one-week deposit rate was lowered to 2 percent from 2.25 percent and its overnight deposit rate to 1.5 percent from 1.75 percent.

Investors had piled into Gulf currencies beginning late last year on speculation some states in the world's biggest oil-exporting region would sever their links to a US currency tumbling to record troughs against the euro.

That speculation has died down since Gulf central bankers decided at a meeting in Doha to get a monetary union project back on track to avert unilateral currency revaluations.

Kuwait, which severed its link to the ailing greenback last May to fight inflation, had not made any announcement about rates by 0650 GMT.

Saudi Arabia is due to have an interest rate policy meeting later on Thursday. Oman sets interest rates at a weekly auction on Mondays.

Gulf central banks, meanwhile, could get some relief later this year after the Fed hinted its seventh move since September could be the last in a series meant to buffer the economy from a credit crunch and housing downturn. The Fed has slashed rates seven times by a total of 3.25 percent since September 18.

'The Fed looks likely to be coming to the end of its easing cycle and that will be very welcome for Gulf policymakers whose main concern remains inflation,' Malik said.

Inflation is accelerating across the Gulf, almost doubling in the six months to March to 9.6 percent in Saudi Arabia, the highest since at least the oil boom of the 1970s.

UAE inflation hit a 19-year peak of 9.3 percent in 2006 and probably accelerated to 10.9 percent last year, according to an estimate by the National Bank of Abu Dhabi.

But the pass-through effect of central bank rate cuts is minimal. The UAE repo, introduced in November, is the Gulf state's benchmark and sets the rate at which banks borrow funds from the central bank.

With interbank rates lower than the repo rate -- the three-month Emirates Interbank Offered Rate (EIBOR) was 1.92 percent at 0650 GMT -- most banks have no reason to borrow from the central bank. - Reuters (via TradeArabia)

Young Entrepreneur Competition 2008 at UAE Career Fair

2008-04-30T21:51:00.000+04:00

Young students displayed their creativity and skills in real-life business scenarios at the Young Entrepreneur Competition 2008 yesterday, a three-day event being held on the sidelines of the UAE Career Fair that kicked off at the Dubai World Trade Centre yesterday.

The competition, which was inaugurated by Shaikh Majid bin Mohammed bin Rashid Al Maktoum, saw participants from some 21 Dubai-based schools displaying various items at their stands at the venue. The items ranged from clothes, books, shoes and decoration items to recycled objects. Creativity and business ideas were the key to succeed at the event.

UAE nationals Hareb and Suhail, students of Grade XI at Al Ittihad Private School, looked very confident while selling gadgets related to the local hit cartoon series Freej.

Similarly, Othman, Forkan and Othman, all Pakistanis and students of Grade IX at the new Arab Unity School, were selling decoration items that Othman's relatives had brought in from Japan.

Hamad and his four classmates of the School of Research Science were selling sun glasses and shoes.

Serina and Jessica from the Westminster School hoped to shed light on the importance of recycling by offering recycled objects for sale.

The competition is being held under the patronage of Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council, and Chairman of Mohammed bin Rashid Establishment for Young Business Leaders.

Akil Kazim, Director of Operations at the Mohammed Bin Rashid Establishment for Young Business Leaders, said the competition, which is being held for the fourth consecutive year, aims at boosting the spirit of entrepreneurship among students. "Instead of searching for job opportunities, the students learn how to be self-employed," Kazim explained.

The three students who make the biggest profits will emerge winners of the competition. They will be honoured by Shaikh Majid in May. (Via Khaleej Times)

World Islamic Economic Forum Applauded by Kuwaiti Economists

2008-04-30T21:26:00.000+04:00

Two Kuwaiti economists noted Wednesday the importance of the Fourth World Islamic Economic Forum (WIEF) and the high-level participation.

Director of Kuwait Chamber for Commerce and Industry Ahmad Al-Haroun told KUNA that Kuwait had the capabilities to organize such an event, adding that there were many projects that the country hoped to implement using oil revenues.

He added that economic laws that were recently passed would offer greater opportunities for foreign investors, hoping that foreign taxation would be reduced from the current 15 percent in order to attract more foreign capital.
On his part, Secretary General of Kuwait Banks Union Yousef Al-Jassem told KUNA that the hosting of this forum by Kuwait was a step toward achieving His Highness the Amir's vision for transforming the country into a regional financial and commercial center.

He added that Kuwait hoped to bring Islamic economic institutions closer together and to push for cooperation by raising investment and commercial trade. end post

Pak-Qatar General Takaful and DIPB Tie UP

2008-04-30T21:16:00.000+04:00

Pak-Qatar General Takaful Limited (PQGTL) and Pak-Qatar Family Takaful Ltd (PQFTL) have signed an agreement with Dubai Islamic Bank Pakistan (DIBP) to offer a wide range of insurance cover for their clients.

As part of the agreement Pak-Qatar General Takaful would provide Takaful coverage to the assets of the Car Ijarah and Housing Finance lines at DIBP while Family Takaful would provide Life and Health Takaful cover to DIB's employees. The agreements were signed by the representatives of Pak-Qatar General and Family Takaful and Dubai Islamic Bank Pakistan. PQGTL would provide comprehensive Takaful for DIBP's Car Ijarah assets. This cover would include cover for riots, acts of terrorism and natural disasters. Cover for DIBP's home finance assets will include natural disasters, fire and allied perils. PQFTL would provide DIBP's employees with Life, Health and staff loan coverage.

Pak-Qatar General Takaful CEO M Vaqaruddin said that in order to provide the best possible service to the participants, the Pak-Qatar Takaful group has implemented a state of the art IT system from Malaysia. He said that the agreement with a World Class bank like DIBP is a sign of our better services that are backed by experienced management and a powerful system. Pak-Qatar Family Takaful CEO Pervaiz Ahmed said that Pak-Qatar Family Takaful is committed to working with professional organizations so that they can meet the financial protection needs of their valuable employees. (The Peninsula) End Post

IDB Saudi Arabia: Scholarships to help create Future Leaders

2008-04-30T21:03:00.001+04:00

Delegates attending a workshop organized by the Islamic Development Bank (IDB) in Jeddah yesterday commended the IDB scholarship program and said it would help create future Muslim leaders and play a big role in the development of Muslim communities.

IDB currently provides scholarships to more than 9,000 medical and engineering students in 58 non-member countries. "The workshop was a good opportunity for us to meet with our counterparts in different countries who assist us in implementing the program," said Dr. Malek Shah Yusoff, head of the scholarship program.

Seventy-three NGO delegates in 56 countries in four continents took part in the three-day workshop, which was opened by Dr. Syed Jaafar Aznan, vice president of the bank. "Since the inception of the program in 1983, nearly 6,000 beneficiaries have graduated," Yusoff told Arab News.

"We provide scholarship to undergraduate students to pursue their studies in medicine and engineering because we believe that Muslims should excel in science and technology to achieve greater progress," Yusuff said. Countries like Saudi Arabia, Malaysia, Pakistan, Indonesia, Turkey, Jordan, Morocco, Tunisia and Yemen provides seats to IDB scholarship winners free of charge.

Dr. Yusoff highlighted the program's impact on Muslim communities in non-Muslim countries as IDB scholars assist their communities in various activities such as free healthcare, educational awareness campaigns, conducting tuition classes for the poor and providing counseling and guidance to other students.

Dr. Mohammad Salem, head of special assistance office at IDB, was the chief guest at the concluding session yesterday. He said the workshop was instrumental in gathering a lot of ideas to plan for future community development programs. He disclosed plans to establish a center of excellence in India, which will provide coaching to students to pass competitive exams. Salem distributed certificates to the participants.

Mamoon Al-Azami, community development specialist and one of the main organizers, said this year's excellent performance awards for IDB scholarship students and graduates would be distributed during a ceremony in Jeddah in October.

Amanullah Khan, secretary general of the New Delhi-based Muslim Education Trust, said Indian students were receiving about one third of IDB scholarships.

Professor Mohammad Abdul Mannan of the University of Papua New Guinea said he was rejoiced to learn that many Muslim organizations around the world are working for the educational development of the community.

"This scholarship program will have tremendous impact in boosting intellectual capacity of Muslims across the world. It will also help produce new Muslim leaders. Our community will not face any leadership crisis in the future."

There are 2,200 Muslims in Papua New Guinea, which has a population of six million.

Nuraya Luckian of the Philippines was the only woman participant. She said she had learned a lot from the interactive workshop. "We had applied for 478 scholarships but received only 26 and IDB has promised us to increase the number to 40," she told Arab News.

Mohammed Abu Bakar of Jamiyah Singapore said the workshop had given him an opportunity to interact with NGOs from 56 countries. He praised IDB's contribution to the development of Muslim communities. Arzika Rimau of Islamic Education Trust in Nigeria said the workshop was very useful as it helped NGOs learn new things and correct their mistakes. Over 250 Nigerian students are receiving IDB scholarships.

Mohammed Amra of South Africa commended the IDB team for organizing an educative and excellent workshop, which, according to him, was long overdue, as the previous one was held 17 years ago. The delegates called for holding such workshops every year in different countries. (via Khaleej Times) Such Steps would encourage the talented students of today to become researchers and entrepreneurs of tomorrow.

Mobility Tech UAE to help Expand SMEs

2008-04-30T20:37:00.000+04:00

Mobility technologies will help small and medium businesses expand and fight rising operational costs, according to an Etisalat official. “Small and medium businesses are facing a major challenge – how to grow to continue to meet the industry demand, whilst protecting themselves from over exposure to debt and inflationary costs. Mobility solutions, such as mobile email, managed services and mobile payments are perfect options for companies looking to expand their customer base for the foreseeable future,” said Etisalat’s vice-president for Small and Medium Businesses Khalifa al Shamsi.

He was addressing an audience of entrepreneurs at the GCC Small and Medium Businesses Conference For an SMB the major costs are its office location, its ICT infrastructure, and its personnel costs. Mobility solutions such as Etisalat’s BlackBerry service, its Internet Mobile Broadband (3.5G router, USB Mobile modem and 3.5G Data card), and M-Payment solutions, as well as its portfolio of managed services, and in particular data hosting, make a major impact on the expenses of any company.

“M-Payment solutions are the latest method for SMBs to reach a global audience. Around the world, consumers are becoming increasingly accustomed to using electronic channels for their purchases, and mobile will become an increasingly important medium due to the proliferation of phones, PDAs and other access technologies,” said Al Shamsi.

Mobile devices are currently reported to be outselling PCs four to one , and with two thirds of the world’s population lives within range of a cell phone tower - in the UAE, 100pc of the population is covered by a 2G network, whilst more than 98pc also have access to 3.5G mobile data – the opportunities for mobile commerce are predicted to be massive.

“We have seen reports that since the beginning of 2007 and in less than a year, more than 500,000 domain addresses with the new ‘.mobi’ extension have been sold – this shows that companies are confident about mobile commerce and are developing their strategies with a mobile element. The technology for secure transactions via mobile is here, and the services are now beginning to be introduced to the market,” Khalifa said.

Khalifa continued to discuss how the cost of personnel and the challenge of retention is one of the major dilemmas within the Middle East, and for SMBs this is doubly critical as they lack many of the retention abilities of larger companies.

“Outsourcing is one of the most essential decisions for an SMB to take. The IT department is an expensive drain on resources, and does not necessarily assure of the maximum levels of security. Outsourcing hosting of servers and the negotiation of an Service Level Agreement (SLA) with a qualified service provider can significantly increase the company’s productivity and reduce down time.”

“It is not unusual for executives to check their email on the move, meet a colleague at a coffee shop, then have a teleconference via a mobile phone and finally, sign an electronic contract before retiring for the evening,” Al Shamsi concluded. “Business is about relationships and these relationships are enhanced and made more efficient through the use of mobile technologies.”

Earlier this week, Etisalat has launched a new 3.5G router which provides wireless internet to around 32 persons at the same time using only one SIM card, which means that those companies can access high speed Internet easily. This device is totally portable, bringing a ‘virtual company’ to any location within the UAE. – TradeArabia News Service

Imaar International Bank- New Islamic Bank based in Bahrain

2008-04-30T20:30:00.000+04:00

A new Islamic bank, Imaar International Bank, plans to start operations in the fourth quarter once it raises funds for its $11 billion paid-up capital, a Saudi newspaper reported.

The Bahrain-based venture is led by Sheikh Saleh Kamel, a Saudi businessman who has made a fortune from interests in Islamic banking through the Albaraka Banking Group as well as media assets.

Imaar Bank expects to complete raising funds from private, government-owned and public investors by the end of July, Al-Eqtisadiah newspaper quoted Kamel as saying. The capital could be raised to $110 billion, he added.

Kamel said in remarks published in July that Imaar Bank had raised $700 million in capital. -Reuters end post

Middle East Printing Market to Reach $7.6bn

2008-04-28T23:58:00.000+04:00

The Middle East printing market, which was estimated at $5.3 billion in 2007, is likely to see an average 7.7 per cent annual growth rate till 2012. The market will swell to $7.6 billion, according to Pira International, the leading information provider for the printing, paper, packaging and publishing industries.

Massive growth in the global and Middle Eastern printing and packaging industries has led organisers of the 2009 Gulf Pack and Gulf Print exhibitions, the region’s leading tradeshows for the print, publishing and packaging sectors, to tip the upcoming events as being the largest in their history.

According to Fairs & Exhibitions (F&E) - one of the region’s exhibition and conference organisers and the company behind the biennial Gulf Print & Gulf Pack shows, which will run from the 6-9th April 2009 at the Airport Expo Dubai, growth in advertising, publishing and consumer spending across the Middle East’s food and beverage markets, is driving the industry forward at a staggering rate.

“Market statistics are phenomenal and the potential for growth is equally as impressive,” said Sue Rothwell of F&E.

“The packaging and printing industries transcend many others and consumer spending, whether it is through advertising or drink consumption, is on the rise and is having a direct knock on effect for the industry. As such, this growth is attracting the attention of many of the world’s top manufacturers and suppliers of packaging and printing technology and machinery.

“Our 2007 outing was the biggest to date and confirmed the exhibitions’ standings as the fastest growing events of their kind in the world. With the coming years’ predicted industry growth rates, we expect the 2009 shows to surpass these records and become the largest yet.”

The regional printing market’s end-users, which primarily include publishing, commercial printing and package printing, are key factors in industry development. Packing printing accounted for the lion’s share of business in 2007 with a 41.8pc market catchment, followed by the print advertising, commercial printing and newspapers sectors accounting for a combined share of 33pc percent, the organisers said.

And the region’s packaging industry is expected to follow suit with suggested growth figures predicted by Dubai-based management consultants, IMES, forecasting that the UAE alone is expecting 15-20 percent annual increases in packaging categories such as dairy, soft drinks and flexible packaging, they added.

“The Middle East is one of the fastest growing markets in the world for packaging and printing and is at the apex between the Western and Eastern markets. Gulf Pack & Gulf Print leverages this unique positioning by attracting manufacturers and distributors within the packaging and printing domain from across the Middle East, Asia, Europe and the US,” said Rothwell.

“These events provide a highly cost-effective and dynamic sales and marketing platform to promote the latest industry trends to the largest trade audience anywhere in the Middle East.”

The company also announced plans to hold a four-day thought-leadership conference along with the exhibitions to further boost content delivery and knowledge flow.

To be chaired by well-known ‘industry heavyweights’, the sessions will cover the latest trends facing the industry including the growth of the newspaper industry in the Middle East, new trends in technology, security and counterfeiting in printing and packaging and education and training, the organisers said.

“Gulf Pack & Gulf Print are being positioned as significant knowledge platforms for the regional industry with a dedicated programme of seminars and conferences running in parallel to the exhibitions. These educational sessions will debate industry related topics and help the market keep abreast of the latest trends and products,” said Gulf Pack & Gulf Print Conference Director Rhona Greenhill.

New for 2009, will also be the introduction of a one day conference dedicated to the labels market – which is expanding globally between 6-7pc annually.

Developed in conjunction with the highly successful Labelexpo event and Labels and Labelling magazine, this conference will focus on the impact that new technologies, such as RFID and Track and Trace, will have on the region.

“With markets such as retail, pharmaceutical, fast moving consumer goods (FMCG), airline cargo and travel due to increase dramatically across the Middle East, the opportunities for suppliers of traditional label production are massive. As such, the need to understand the implications and advantages of such technologies will become paramount,” added Greenhill.

“Emerging markets such as the Middle East with high GDP growth offer suppliers and manufacturers a superb opportunity for expansion beyond the mature European, American and Japanese markets where growth is slowing. As such, a dedicated forum to examine the possibilities for the regional industry is a must for those wanting to stay ahead of the curve.”

The 2007 showing for Gulf Pack & Gulf Print played host to more than 12,000 visitors from 60 countries – across the entire Middle East region. Over 400 exhibitors from over 30 countries took part in Gulf Print & Gulf Pack in 2007, concluding more than $150 million worth of business. – TradeArabia News Service

Warehousing Rents in Sharjah Surge by 50%

2008-04-28T23:49:00.001+04:00

Rents of warehousing facilities in Sharjah have reportedly increased by 50 per cent during the current year. Sources in the real estate sector said the rent hike was caused by the increase in demand for warehouses after Sharjah Municipality put a number of conditions to ensure safety in warehouses and stopped issuing licences to industrial houses inside the city.

Abdulla Hassan, owner of Al Ridwan Company, said warehouse owners in Sharjah's industrial area are complaining about the across-the-board increase in rents. The rent of one-square-foot area in Sharjah Industrial Area No.10 and No.15 starts from Dh35, while in No.18 it has reached Dh45. During the last six months there has been a 30 per cent increase in rents of warehouses located in industrial area No.18.

He said that rents of warehouses that are closer to Dubai have shot up dramatically even though some of them have to depend on generators in the absence of power supply.

Hassan claimed that since the beginning of the current year, rents of warehousing facilities in Sharjah had increased by 50 per cent, as a result of which small businesses are faced with the problem of covering their operating expenses.

Mohammed Radwan from Al Mazrouei Establishment said that the rents are being determined according to the location of the warehouse and the height of the ceiling.

The utilising of warehousing facilities for commercial purposes, too, has been instrumental in pushing up the prices.

It is not just the warehouses whose rents are on the upswing. The commercial properties in Al Wahda Street, Abu Shaghara, Al Nahda and the Old Expo Centre area have witnessed around 15 per cent increase in rents. Some sources in the real estate sector feel that the high demand for warehouses in Sharjah from Dubai business houses has also contributed to the rent hike. (via Khaleej Times)

A trend that is hitting the SMEs in Dubai, Sharjah and whole of UAE. New areas for relocation of SMEs have either not been alloted or are not yet equipped with proper infrastructure facilities.

Vodafone-Qatar prepares for IPO

2008-04-27T23:32:00.000+04:00

Vodafone-Qatar, the second mobile licence issued in the country, has appointed HSBC Middle East and Qatar National Bank to advise on its IPO. As per the terms of the contract issued last December the group has to sell 40% of its shares by June 30. End Post

$12b ME Pharmaceutical Market

2008-04-27T23:23:00.000+04:00

The Middle East's approach towards becoming self-sufficient in pharmaceutical production will be under the spotlight this week at the region's most comprehensive pharmaceutical and biotechnology exhibition which opens today in Dubai .

The combined pharmaceutical markets of the Arabian Gulf, North Africa, Levant and Iran is estimated to be valued at over $12 billion and growing at an annual rate of 10 per cent, say the organisers of the Pharmaceutical and Biotechnology Middle East (PABME) exhibition and conference until April 29, 2008 at the Dubai International Exhibition Centre

"With huge investment from both the private and public sector, the Middle East wants to be not only self sufficient in pharmaceutical production but to also have a larger share of export, research and contract manufacturing," said Simon Page, Group Director of Life Sciences for organisers IIR Middle East.

"These initiatives are being fuelled by the development of free zones offering 100 per cent ownership and a host of other benefits. Already in the Middle East there are estimated to be over 450 pharmaceutical manufacturers ? a figure that is growing dramatically year on year."

The world market for biotechnological drugs is thriving. Current global market value stands at $460 billion, growing at a rate of 18 per cent per year. It is estimated that by 2009, the industry will surge to $625 billion.

"In the Middle East, the total value of the market is currently estimated to be in excess of $10 billion and is registering growth rates of 15-18 per cent," said Page. "There is set to be a huge boom in the biotechnology industry in the region, once again through private and public investment."

For example, a major biotechnology initiative for the region is Dubiotech, a 30 million square feet research park and the region's first dedicated life sciences hub. Dubiotech is a leading sponsor of PABME 2008 which is supported by the Ministry of Health of the United Arab Emirates. Top decision makers from over 80 countries have registered to visit the show with joint ventures, technology transfers and representation contracts expected to result.

More than 100 companies from over 25 countries in the Middle East, Asia, Europe, the Americas, Africa and Australasia will be exhibiting at PABME. Among them are the Malaysian Biotechnology Corporation, at the forefront of the industry; CinnaGen, regional pioneers in molecular biology and biotech; Fabtech Technologies, a world leader in clean room systems; Sartorious Stedim, one of the world's biggest biotech companies; NNE Pharmaplan, a major global player; Clinart International, pioneering drug development and research for clinical trials in the Middle East; NIGEB, a leading biotech research institute in Iran; BD an industry world leader; LifeLine Hospital/Emcure Pharmaceuticals, one of the top Indian pharmaceutical corporates; and Gemu, a world leader in diaphragm valves.

Alongside the exhibition are five major high level conferences aimed at professional delegates. They include Current Affairs in Pharmaceuticals and Biotechnology (April 27-29) which will be examining ethical, religious and cultural issues as well as in-vitro fertilisation and trends in oncology pharmacy. There will also be a Regulatory Workshop on Developing Practical Skills (April 27); Facilities Design, Upgrade and Expansion (April 28 - 29); Pharma and Biotech Opportunities in Emerging Markets (April 27 - 28); and the Clinical Trial Congress (April, 27 - 28). via Khaleej Times

Dubai Group invests in India Wind Energy Firm

2008-04-27T23:03:00.000+04:00

Dubai Group, a leading diversified financial services company of Dubai Holding, has acquired a 40 per cent stake in India’s Chiranjjeevi Wind Energy Limited (CWEL), a wind turbine manufacturer in India.

The investment, which was made by Dubai Ventures, the equity investment company of Dubai Investment Group, a subsidiary of Dubai Group.

Dubai Investment Group, which aims to build a diversified portfolio of assets in renewable energy, has made focused investments, through its subsidiary Dubai Ventures, over the past two years in the renewable energy sector across Asia, with exposure in direct renewable energy sources and upstream producers of raw material used in renewable energy.

Abdulhakeem Kamkar, chief executive officer of Dubai Investment Group, said: “We are pleased to partner with India’s CWEL as part of our continuous commitment to finding solutions towards a better future. The world we live in is greatly impacted by global warming and we believe endorsing a project on renewable energy alternatives is the step in the right direction for mitigating environmental degradation.”

“While CWEL will have a strong base in India, we intend to explore, along with CWEL, other regions specially Middle East and Africa, where there is potential to set up wind farms.”

CWEL has recently signed a memorandum of understanding with two German companies - Frisia GmbH for acquiring the entire design, technology, intellectual property of 850 KW wind turbines, and EUROS for transfer of technology to manufacture rotor blades. CWEL has already installed over 150 wind-turbine machines in India.

R V S Marimuthu, chairman and managing director of Chiranjjeevi Wind Energy, said: “We are overwhelmed by the interest of Dubai Investment Group, which acknowledges our company’s unique strengths. This has enabled us to create a platform for organic growth initiatives and compete globally.”

CWEL recently received a $25 million order from India Globalization Capital for setting up a 24 MW wind farm in Karnataka. The company will operate and maintain the wind energy farm, which is expected to be operational within a year.

CWEL has also been mandated to set up wind farms for generating up to 260 MW by Karnataka Thermal Power Corporation Ltd (KTPCL), a Government of Karnataka undertaking.

Dubai Investment Group’s investments in renewable energy include:

• China: Biomass power plants, waste-to-energy plants, soya bean oil producer, as well as fertilizer and methane gas producers.

• China and the Philippines: Hydroelectric power plants.

• Malaysia and Indonesia: Stakes in crude palm oil and kernel oil plantations

• Malaysia: The group recently invested in bio-diesel and glycerine producers in Malaysia

• Indonesia: It has invested in ethanol (sugar cane) producers.

• India: Wind farm development - TradeArabia News Service

Qatari Women Urged to be Entrepreneurial

2008-04-26T00:03:00.000+04:00

Aisha Al Fardan, the Vice-Chairman of Qatari Business Women Forum (QBWF), wants to see more women entering the business and professional fields in Qatar.

"Women are very strong and patient, perhaps more than men. This is why women are daughters, mothers, and housewives and many businesswomen are juggling all these roles ? we can do the same," she said.

"This is why I motivate and strongly encourage women to have a business or professional career. It will help her develop, it will motivate her family, and finally yet importantly, it will help the society as a whole"

Al Fardan spoke to The Peninsula on the sidelines of the Qatar Business Woman Award 2008 press conference here on Wednesday.

Al Fardan believes in the axiom, if you put your mind into something you will achieve it. "Balancing family life with business and work can be challenging. It was difficult for me to attend the university while pregnant and having children, but now I have cleared those obstacles."

In the beginning, Al Fardan was a banker, but later on, with much encouragement and motivation from her family, she joined the family business. "I started off as a banker, and currently I don't have my own business. I actually joined the family business after numerous requests from family to join. They needed my help with the various companies we have, so I was able to contribute greatly to the family business," Al Fardan said.

Her participation in the business field has contributed greatly to Qatar's growing economy. "Our business shows many positive things to Qatar's economy. The real-estate business is going well, car business is on the growth, and the Pearl Island project is flourishing. All these are signals of Qatar's ever-growing future," she said.

The fact of being a woman makes participating in the business or professional fields very challenging. "The biggest challenge for me is to spread the idea that we are equal to men, I don't mean to be exactly like them, especially in terms of being the head, we never asked for this place because we would much rather work together as a team," she said.

"Maybe some men think we are trying to take their places in society, but no, we want to work together with them side by side for the sake of our country."

Bahrain Crackdown on Ghost Firms

2008-04-25T23:59:00.000+04:00

Nearly half of more than 6,000 companies investigated by labour officials have turned out to be ghost firms, it was revealed last night.

Forty-three per cent of 6,175 firms checked by the end of last month were bogus, said LMRA deputy chief executive for legal affairs Yunis Al Hermi.

He said 10,104 illegal expatriates were registered with these ghost companies and were actually working for themselves or for other parties.

They will face immediate deportation if seized as they are flouting the law, said Al Hermi.

He said irregularities were found at 2,770 companies.

Some have already been referred to the General Prosecution and the remainder will follow, he said.-via TradeArabia News Service End Post

Abraaj to Acquire Stake in Al Borg

2008-04-25T23:57:00.000+04:00

Shareholders in Egyptian medical services company Al Borg Laboratory have offered to sell shares amounting to 75 per cent of the total to Abraaj Capital of the UAE, reports said.

Three weeks ago, Abraaj offered 225 Egyptian pounds ($41.82) a share for up to 100 per cent of Al Borg's 4.5 million shares, with a minimum of 51pc.

Abraaj official said the deal, for 3.437m shares worth 773.325m pounds, was expected to go through next week.

Al Borg shares last traded on Wednesday on the Egyptian stock exchange at 204.07 pounds. Al Borg has 58 branches in Egypt, 11 branches in Saudi Arabia and two in the UAE.

Along with several Gulf investment companies, Abraaj has made several large investments in Egypt in recent years. But in two of its biggest deals, it quickly sold its Egyptian assets off to other companies.

Al Borg chief executive and chairman Ahmed El Saifi set up the shareholding company in 1991.

Dimension Data Acquires Major Stake in Dubai Based DPS

2008-04-24T18:20:00.000+04:00

Dimension Data, a global provider of services and solutions for the information and communications technology (ICT) industry, is looking to buy more companies across the Gulf region following its acquisition of 51 per cent of UAE-based Data Processing Systems (DPS).

The immediate intention is to acquire a company in Saudi Arabia that can railroad its operations in the biggest Arab economy and also in Qatar, which is growing rapidly, according to Saki Missaikos, Dimension Data’s executive director for sales, Middle East and Africa.

“We have been looking to acquire companies in the Gulf region as part of our three- to five-year geographic expansion,” he said. “We intend to buy one in Saudi Arabia and we’re also talking with a company in Qatar, where we can possibly close the deal before December.”

The UAE operations of Dimension Data, headquartered in the South African capital of Johannesburg, are now under Dimension Data UAE after the DPS acquisition, whose sum remained undisclosed. DPS is an IT systems integrator and has a 25-year experience in the UAE market.

Missaikos said his company has 54 ongoing projects across the Gulf, with values ranging from Dh100,000 to Dh30 million each and delivery within the first four months of the year. The contracts mainly involve ICT services for telecommunications and real estate companies.

“The telcos and real estate sector are our biggest clients, and we see further growth in our business with these industries over the next few years,” he added.

But he specially mentioned Saudi Arabia’s Al Inma Bank as a major client. He said that Dimension Data is setting up the networking, telephony and IT security requirements of the bank, which launched a Dh10.3-billion ($2.8 billion) initial public offering early this month and has its first 25 branches in Riyadh.

He said the bank has an “aggressive plan” for expansion, and that Dimension Data’s contract with it may be extended for 18 months. The project’s first-phase will be delivered in September.

Allan Cawood, CEO of Dimension Data for the Middle East and Africa, said that with DPS and other service partners in the Gulf, the company aims to achieve a significant growth from its last year’s total turnover of Dh13.6 billion ($3.7 billion).

Dimension Data provides ICT services and solutions for network integration, security for IT infrastructure, data storage, converged communications and customer interactive solutions. It service partners in the region include Microsoft and Cisco, among others.

Siddeek Rahim, managing director of Dimension Data UAE, said the company is seeing tremendous opportunities across the construction, hotel and financial services industries due to the trend of adopting ICT solutions in environment-friendly buildings and other structures. (via Khaleej Times)

Abu Dhabi to Build Airport Freezone

2008-04-24T18:07:00.000+04:00

Abu Dhabi Airports Company plans to develop a free zone near Abu Dhabi International Airport, reported Gulf News. The Abu Dhabi Airport Free Zone will span four million square metres and offer light industrial units, commercial offices and land for lease. The project is part of the Dhs25bn ($6.8bn) redevelopment plan for the airport. (via ameinfo.com) End Post

Saudi eLearning Sector Reaches $125m

2008-04-24T17:56:00.000+04:00

The Saudi Arabian eLearning industry is projected to reach $125 million in 2008 and is set to grow at a compound annual rate of 33 per cent over the next five years, according to a recent study conducted by Madar Research.

The growth is being driven by the Saudi Ministry of Education’s initiatives for the integration of Information and Communication Technology (ICT) and the education sectors, including pilot eClassrooms in five secondary schools in Riyadh.

In line with its aims to increase awareness on the benefits of eLearning technologies, Edutech Middle East, a leading provider of technology-enabled learning solutions, has partnered with Saudi-based Effat College to organise the sixth annual Learning Technology Symposium at the Jeddah Hilton Hotel on April 26 and 27, 2008.

Queen of the Hashemite Kingdom of Jordan Queen Rania Al Abdullah will be delivering the keynote address at the event’s opening gala and dinner, which will also be attended by Princess Lolowah Al Faisal, vice-chairman of the Board of Trustees and General Supervisor, Effat College; and Prince Khalid Al Faisal, governor of Makkah Region and member of the Effat College Board of Trustees.

The strong support of key government officials for the adoption of eLearning programmes is evident in the considerable increase in KSA’s budget appropriation for education and manpower development, which has grown from SR96.7 billion ($25.7 billion) in 2007 to SR105 billion in 2008.

“Saudi Arabia fully appreciates the excellent advantages of embracing technology-powered methods, especially in educating its youth,” said CEO, Edutech, ASF Karim.

“The fervent keenness of its leaders to establish Saudi Arabia as a digital nation reflects upon their massive movements to adopt eLearning technologies across all educational institutions in the country. Through this symposium, we have joined hands with Effat College to exemplify how more advanced technologies can work for the development of the Saudi education system.”

As a leading figure in the regional eLearning industry, Edutech will share knowledge and best practice at the event’s conference sessions and workshops on topics ranging from virtual research, moderation skills for virtual classrooms, online testing assessments and blended learning methodologies to increase language proficiency.

Instructors, technical support specialists, researchers, administrators, government officials and policy makers in the K-12, postsecondary and corporate training sectors are expected to benefit from the wide array of new technologies and knowledge to be disseminated within the two-day event.

Among the high profile speakers at the plenary sessions include vice-president, Blackboard, David Sample who will discuss ‘Institutional Effectiveness and Student Engagement; and Majid Al-Ghaslan, King Abdullah University of Science and Technology (KSA), who will present a lecture entitled ‘Disruptive Technology in Higher Education - Future of Learning in a Networked World’.

Representatives from Edutech, including Knowledge Officer Shameema Parveen will be participating as a panellist in a discussion on ‘PeopleWare Upgrade’, along with Information Solutions BU Head Raghavendra, who will be conducting an ‘Edunet’ workshop during the event.

Along with Edutech’s products, which will be showcased at the event, the company’s team of consultants will provide insight on how technology is taking training to the next level and meeting learning and training requirements for academic institutions.

Edutech Middle East enables academic institutions to meet their learning and knowledge needs by combining years of experience with technology and content to deliver rapidly deployable knowledge solutions that facilitate faster learning cycles, increase access to information while reducing cost, efforts and investments.

It helps organisations build, manage and measure learning outcomes by providing solutions based on the comprehensive Knowledge Solutions framework that blends content and infrastructure into a single and seamless solution. – TradeArabia News Service

Young Arab Business Leaders Honoured

2008-04-23T23:38:00.000+04:00

The Mohammad Bin Rashid Establishment for Young Business Leaders on Tuesday honoured 21 young entrepreneurs, including eight in special categories, at a gala ceremony at the Dubai World Trade Centre.

A large number of dignitaries, top government officials and prominent businesspersons attended the ceremony.

In the special awards category, the awards of the best local entity and the best private company in support of the Government Procurement Programme went to Emirates Group and the Global Village respectively.

Roads and Transport Authority (RTA), Awqaf and Minors Affairs Foundation and Dubai Media Incorporated (DMI) were also honoured for their outstanding support to the small and medium enterprises (SME) sector in the UAE.

Nada Al Ali from Bahrain won the Best Arab Start-up Business award in female category for her 'National Occupational Safety Consultancy' while the award for the Best Arab Start-up Business-Male category was bagged by Zahran Bin Salim Al Aufi & Partners from Oman for their project 'Falcon Oilfield Services'. Esmail Al Abbasi, chairman of Al Abbasi Group, received the Best Businessman Supporting Entrepreneurship award for his dedicated support to young businessmen in the UAE.

The Best Businessman and Businesswoman winners for 2007 were chosen amongst the main categories. The 'Best Businessman of the Year' was won by Hamad Al Rohomi for launching the pioneering marine life preservation project 'Atlantis' supported by Nakheel. Al Rohomi also received the Best Business in Service Sector award for his project 'Emirates Aqua Live'.

The Best Businesswoman of the Year award went to Reem Beljafla for her remarkable production and distribution of souvenirs reflecting the UAE's heritage in prominent locations, including Dubai International Airport.

Reem Beljafla's project 'Reem International' also shared the Best Business in Design award with Lina Al Aidroos's project 'Decorati Interior Design'. The special Entrepreneur of the Year Award was given to Emirati cartoonist Haidar Mohammad, creator of popular Emirati TV cartoon show Shabiat Al Cartoon.

Abdul Baset Al Janahi, CEO of Mohammad Bin Rashid Establishment for Young Business Leaders, hailed the support offered by the Dubai government to the SME sector. He said the Dubai government has led by example in creating the right environment for small companies conducive to the growth of their businesses locally and expansion regionally.

Al Janahi said: "Today's winners in various categories stand testimony to their own creative entrepreneurial capabilities that were nurtured by the unstinted support from the country's leadership. The growing awareness about the small and medium sector's role as a key driver of the local economy will encourage more youngsters to start their own business operations."

The Mohammad Bin Rashid Awards for Young Business Leaders is an annual event honouring excellence among local and Arab entrepreneurs.

Achievement: Award winners

Best Business in Retail: Mohammad Bin Ghailatha's Suntron Electronics and Badriya Al Ali's Gelatoo for Abaya's
Best Business in Tourism: Fathiya Ahmed's Heritage for Henna
Best Business in IT & Telecommunication: Nasser Al Ali's Inter-Future Technologies Trading
Best Business in Marketing: One Connection Media by Ali Al Kaid and Seif Al Tuniji
Best Business in Manufacturing: Hussain Al Abdool's Seatrail
Best Business in Consultancy & Professional Services: Khalid Al Jowder's Al Jowder Flowers and Landscaping
Best Business in Real Estate & Facility Management: Muaath and Eyad Al Kendi's Tool Time
Best Business in Food & Beverage: Jassem Al Za'abi & Partners' Fouala

(via Gulf News)

456 SMEs get BD2m Grants for Development in Bahrain

2008-04-23T23:33:00.000+04:00

The Labour Fund's Enterprise Development Support Programme, aimed at elevating the Kingdom's Small and Medium Enterprises (SMEs) in the areas of technology, training, human resources, productivity and management, delivered grants to the tune of BD2 million to as many as 456 SMEs until the first week of this month.

The SMEs belonged to the services, industry and construction sectors and benefited from the business information, business development and technical assistance modules of the programme, according to Talal Abu Ghazaleh and Company International, the Enterprise Development Support Programme Agency to whom the project has been outsourced by Labour Fund.

The company said latest statistics showed that the programme was 'exceeding its target' in attracting beneficiary SMEs. About 1,200 SMEs are expected to reap the benefits of the project over a four-year period.
The Enterprise Development Support Programme is a co-finance programme wherein the Labour Fund part finances the SMEs' requirements.

The programme gives small and medium businesses unprecedented access to new business methodologies, modernisation and ways to improve specific areas of the business to increase productivity through training, equipment upgrades, consultancy studies and implementation. The company was appointed Enterprise Development Support Agency to the LF and it handles the day-to-day operations of the programme, starting from receiving the applications to processing payment and follow up.

"Our mission is to offer Bahrain Labour Fund a complete range of high-quality professional services and to provide as a strategic partner for the Labour Fund the highest international quality standards so we may contribute to the economic, social and cultural development for the Bahrainis in the context of the Enterprise Development Support Programme," the company said.
Labour Fund officials say that productivity improvement of SMEs is a key indicator of the project's success.(via Bahrain Tribune)

UAE: Dh500m VC Fund Being planned for Entrepreneurs

2008-04-22T23:58:00.000+04:00

Shaikh Khalifa Fund for SME Development is in the initial stages of setting up a venture capital fund of a size ranging between Dh300-500 million, to provide equity to entrepreneurs.

"It is still in early stages of being set up but would change the course of SMEs in the emirate, said Hussain Jasim Al Nowais, chairman General Holding Corporation and chairman of Khalifa Fund for SME Development, while speaking to reporters, after opening a two-day conference on Private Equity: Catalyst to Economic Growth.

Al Nowais said that according to the concept, banks, insurance companies, and other institutions would take stake in the proposed venture capital fund, to provide an equity component to boost the SMEs.

The Khalifa Fund for the SME Development, launched two years ago, is a Dh100 million fund, which provides financing at cheap interest rates. Up to Dh1 million it charges zero per cent interest while for loans up to Dh5 million it charges one per cent, as an incentive for the development of the SME sector and to boost industrial activity.

On his concerns regarding the economy, Al Nowais, who is also a member of Abu Dhabi Economic Council said that "Sometimes, I wonder if we are going bit fast in developing mega projects, as the prices of steel, cement and other raw material have gone up, because fast paced development brings inflation."

To a question, on what Abu Dhabi has learnt from Dubai's success story, Hussian Al Nowais said that the focus has been on physical infrastructure, to accommodate tomorrows expansion needs. Other things taken care of are the efficient public transport system, and measures against traffic jams and pollution.

Abu Dhabi has already overhauled its rules and regulations in line with its ambitions of becoming an investor- friendly destination.

When asked on the business environment, Al Nowais said that a number of regulations have been introduced to ease out the obstacles in the way of setting up new businesses. "All permissions and licences from government departments to start new businesses are granted in a day. Two years ago, it used to take up to a couple of weeks," he said.

Regarding the new company's law, he disclosed that it will be introduced by the year end. It will bring further improvements in the business environment as matters relating to ownership of foreign companies would be decided.

Giving his personal view, he said that if a foreign company adds value to the UAE economy, bring technology, or transfer technology, there should be no issues with its ownership. (via Khaleej Times)

SME Conference in Dubai

2008-04-22T23:41:00.000+04:00

Datamatix, a Middle East-based knowledge service provider, will organise the 'GCC small and medium business (SMBs) conference' in Dubai on April 29.

The two-day conference being held under the theme “SMBs as the Region’s Engine for Growth,” aims to explore the various opportunities and innovative developments in the SMB sector across GCC, said Ali Al Kamalil, managing director of the Datamatix group.

He said the key points to be covered at the conference include: The role of SMBs in the rapidly globalizing economy; Foreign investments and financing SMBs growth; and Banking and financial service innovations for SMBs.

The key speakers lined up for the event include: Rob van der Horst, president of International Council for Small Business (ICSB); Abdurrahman Bin Rashed Al- Rashed, chairman, Council of Saudi Chambers; Ahmed Al Dayela, director - Centre for SME Development, Chamber of Commerce and Industry, Riyadh; and Dr Hashim Hussein, head of Unido-ITPO, Bahrain

(via TradeArabia.com )

Dubai gets new Jewellery Academy

2008-04-21T22:27:00.000+04:00

Dubai is opening a new academy aimed at training men and women who want to establish their own business or work in the local jewellery industry. The Damas Jewellery Academy will be housed at The National Institute for Vocational Education in Academic City. It is the first joint venture in the region between Damas Jewellery and NIVE, an initiative of the Knowledge and Human Development Authority. (via Ameinfo.com) End Post

Qatar, Jordan & Oman to Invest in Pakistan

2008-04-21T22:19:00.000+04:00

The Gulf states have assured the newly-established democratic government of massive economic assistance and investment in Pakistan. The offer was made by the ambassadors of the three Gulf States to Pakistan, Qatar, Jordan and Oman, in separate meetings with the Federal Minister for Finance Ishaq Dar in Islamabad yesterday.

An official announcement issued after the meeting said that ambassador of Qatar Hamad Ali Al Hanzab told the minister that Qatar would be investing $5 billion in Pakistan in various sectors.

He said that Qatar had launched Islamic Taqaful Insurance Company in Pakistan and hoped that more investment would be made in the financial sector to tap Pakistan's investment potential for the mutual benefit of the two countries.

The two sides also agreed to convene the meeting of Joint Ministerial Commission at the mutually convenient dates.

Ambassador of Jordan Dr Saleh Ahmed Aljawarneh has proposed convening of the meeting of the Joint Economic Ministerial Commission and the meeting of Joint Business Council to increase economic cooperation between the two countries.

Italian Company MEKAR Showcases Latest District Cooling Technology at BATIMAT

2008-04-21T21:37:00.000+04:00

Mekar, the premier Italian airside equipment manufacturer, is participating in BATIMAT’s inaugural exhibition in Abu Dhabi from 20 – 23 April 2008 at Abu Dhabi national Exhibition Center to unveil its latest technology in district cooling equipment for the benefit of trade visitors.

Mekar is showcasing its portfolio of products including Air Handling Units (AHUs) and Fan Coil Units (FCUs), which have been installed in iconic projects such as Burj Al Arab, Burj Dubai and over 200 other prestigious and high end projects across the UAE.

Visiting executives and owners of Mekar, Mr.Giuseppe Boaro and Mr. Francesco Boaro, who are in Abu Dhabi attending BATIMAT, are witnessing a huge interest in MEKAR’s product range. Mr. Boaro stated, “The UAE is currently exploding commercially as its vibrant construction sector rides high on new mega projects breaking ground almost every day. In turn, all related industries, including district cooling have received a major boost. This event offers an opportunity to showcase our new technology breakthrough which consists of special high Delta T Fan Coil Units suited for district cooling projects.”

The growing demand for Mekar led to the formation of Mekar Air Handling Units LLC a Joint Venture between Mekar, Italy and the Dubai based Koohiji Group in 2007. The newly opened UAE based facility provides warehousing, assembly and distribution of Mekar range of products across the region.

Cited Arun Tuli, Managing Director of Mekar Air Handling Units LLC, “For over two decades, MEKAR has been on the cutting edge of technology and innovation and its equipment has stood the test of time in the region given its climatic conditions. MEKAR can customize AHUs and FCUs to suit different project specifications.”

Tuli explained that district cooling and chilled water applications in the regional air-conditioning market have become one of the most important components within projects as air quality and temperature control within buildings determines the overall comfort factor. Mekar products have not only passed stringent performance testing at independent laboratories in Europe but have also demonstrated eminent quality results at these tests.

Commenting on Mekar's participation in BATIMAT, Tuli said, “Mekar has enhanced its sales efforts in the Abu Dhabi region by servicing directly from its Middle East office and this pivotal global event serves as an ideal awareness building and business generating platform for the booming construction segment in this part of the world.”

Mekar’s stand B6 is located within the Italian Pavilion of BATIMAT Abu Dhabi.

Ends.

Issued by Matrix Public Relations, Dubai on behalf of Mekar Air Handling Units LLC. For further editorial information, please contact Reshma Tahiliani on email Reshma.t@matrixdubai.com or Sharon Pereira on email Sharon@matrixdubai.com and for Arabic speakers you may contact shady@matrixdubai.com

For product information, please mail your enquiries to info@mekar.ae

World Trade Growth to Slow This Year

2008-04-17T22:48:00.000+04:00

World trade growth will slow to 4.5 percent this year from 5.5 percent last year and 8.5 percent in 2006, the World Trade Organisation (WTO) said on Thursday.

But financial market turbulence and economic slowdown in some developed countries has not so far disrupted trade, the WTO said in its first forecast for this year.

WTO economists said the forecast was based on expectations of growth in world output of 2.6 percent this year, comprising economic growth in major developed markets of 1.1 percent and growth in developing countries of above 5 percent.

But the trade projections were unusually difficult to gauge this year because of financial market turbulence which has reduced economic growth prospects in the developed markets. "These are uncertain and troubling times for the global economy," WTO director-general Pascal Lamy said in a statement.

"To date, the financial market turmoil, significant price surges and the slowdown of developed economies have not led to a disruption of trade."

But Lamy said protectionist pressures were building and it was necessary to strengthen the global trading system with transparent, predictable and fair rules. A conclusion of the Doha liberalisation round was the best way to do this, he said.

The forecast growth in trade for 2008 of 4.5 percent is the lowest since 2002, and before that levels around or below 4 percent were last seen in the recession of the early 1980s.

The forecast is subject to downside risks, such as the impact on output and monetary policy of resource-driven inflation and financial turmoil, and they may be revised down later this year, chief economist Patrick Low said.

"Up to now the impact of the crisis in financial markets on trade flows has been quite limited," he told a news conference. For instance US merchandise imports in the first two months of this year were 2 percent higher in real terms than a year earlier, while US exports rose 11 percent in that period.

The 2007 figure of 5.5 percent trade growth is slightly lower than its 6 percent forecast made a year ago, the WTO said, noting that the global economy and world trade started to slow in 2007 as demand decelerated in developed regions.

Developing countries took a record 34 percent share of world merchandise trade (exports plus imports) in 2007. This year developing countries and the Commonwealth of Independent States (CIS) comprising Russia and most former Soviet republics are expected to contribute more than one half of global import growth, it said.

Strong commodity prices and reduced reliance on developed markets should help developing and CIS countries maintain high investment and consumption even if commodity prices soften in the second half of 2008, it said.

But the picture among developing countries is diverse, with a doubling in prices of major cereals between mid-2007 and March 2008 threatening developing net food importers with a big rise in their import bill this year, a rise in poverty and political consequences posing grave challenges, the WTO said.

"Whilst we are all concerned about what's happening to commodity prices we should never lose sight of the reality that some countries gain while others lose," Low said.

The decline of the US dollar against the euro and other European currencies inflated the dollar value of trade in 2007. World merchandise exports rose 15 percent to $13.6 trillion and services exports outstripped that, rising 18 percent to $3.3 trillion. In real terms merchandise exports rose 5.5 percent.

Germany remained the world's biggest exporter of merchandise goods in 2007 due to a 20 percent rise in exports, the WTO said, noting that the real appreciation of the euro had differing consequences for export performance in eurozone economies.

China remained the world's second biggest trader, and its trade volumes outstripped the combined trade of Japan and South Korea. China, India and Vietnam each recorded nominal export and import growth of more than 20 percent in 2007.

With US domestic demand possibly shrinking in the first half of this year, US imports are likely to fall further quarter-on-quarter in the first half, the WTO said. But US exports are expected to grow, sustained by a strong real effective depreciation and excess US capacity, it said. - Reuters

Competition Commission of Pakistan Ensures Fair Pplay in Banking Sector

2008-04-17T22:42:00.000+04:00

Seven major banks and the Pakistan Banking Association (PBA) have been fined a total of Rs205 million by the Competition Commission of Pakistan (CCP) for operating ‘like a cartel’ to fleece depositors.

Dawn learnt on Monday that the CCP considered imposing the penalty of 15 per cent of the annual turnover of the banks but then took ‘a lenient view’.

It imposed a fine of Rs30 million on the PBA and Rs25 million on each of the guilty seven banks, including the National Bank, Habib Bank, United Bank, Muslim Commercial Bank and Allied Bank. The names of two other banks could not be obtained.

A few months ago, the banks had advertised a joint ‘Enhanced Saving Account Scheme’ under which an account holder with Rs20,000 was offered four per cent interest. But whenever the balance went down to Rs5,000, the depositor stood to lose Rs50 per month. The commission decided to take up the matter and issued notices to the banks and their association. It has prepared a short public order against the banks which would be announced on Tuesday.

An inquiry committee headed by CCP Senior Member, Cartel and Merger, Abdul Ghaffar has completed investigation against 42 banks allegedly involved in offering less profit to depositors and charging undue fees.

Earlier, the banks were found guilty of promoting cartelisation.

Sources said senior executives of the 42 banks in Karachi and Islamabad were given two opportunities to explain their position but they failed to satisfy the committee.

When the State Bank was informed about the alleged role of the banks, it was annoyed with the commission’s observations and reportedly asked the CCP to stop the inquiry, the sources said.

According to a report of the International Monetary Fund, banks in Pakistan and Colombia were on top in the world in terms of earning huge profits.

Under the competition law, executives of the banks can also be penalised.

In other countries, forming a cartel is a criminal offence, while it is considered a civil offence in Pakistan.

It is also said that there is a lacuna in the competition law which needs to be removed so that anybody found guilty of promoting cartelisation could be removed from the directorship of a company.

Young Arab Leaders Partners with British Council

2008-04-07T11:31:00.000+04:00

The project follows the signing of a Memorandum of Understanding (MoU) between YAL and the British Council which aims at building the capacity of young people from partner youth organisations around the Arab world to be able to handle the challenges facing the region in the future. A major youth meeting will launch the project on the 21st of April in Dubai that will bring together 120 youth from 13 Arab countries, the United Kingdom, and other countries from around the globe.

Commenting on the partnership, H.E. Dr. Omar Bin Sulaiman, Chairman of the Board of Directors, YAL said:
'YAL is committed to working towards building a prosperous environment by creating opportunities for Arab leaders in education, leadership development and entrepreneurship. Through our cooperation with the British Council, and with the support of the YAL Board of Trustees; HH Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, His Majesty King Abdullah II of Hashemite Kingdom of Jordan and HH Sheikh Salman Bin Hamad Bin Isa Al Khalifa , Crown Prince of Bahrain, Commander-In-Chief of the Bahrain Defence Force, I am certain that the Learning from the Future project will prove to be an invaluable development tool for the region's future leaders.'

The British Council Middle East Regional Director, Mr. Rob Lynes said: 'The British Council is very proud to be partnering with YAL on this important initiative. Our long and strong presence in the region has provided us with great regional experience and an understanding of the skills and qualities demanded by the region's business environment. This Memorandum of Understanding represents another major step towards the improved training and education of the future generation of Arab leaders.'

As part of the programme, the youth will be given the opportunity to be exposed to global and regional issues that might rise in the near future such as climate change, the bipolar world, the energy crisis, and the relations between the Arab world and West. This will equip the youth with the ability to identify and prepare for the challenges they will face as a result, will address these concerns through joint regional work, and will be able to put them directly to the World Leaders meeting at the World Economic Forum in May in Sharm El-Sheikh.

His Excellency John Hawkins, HM Consul General, British Consulate Dubai, added: 'This is an exciting initiative led by two organisations committed to developing young leaders and giving opportunity to young people across the region. I am delighted that the inaugural event will be held in Dubai with the project then being taken forward across the Middle East, Near East and North Africa.'

The newly appointed CEO of Young Arab Leaders Mr. Assem O. Kabesh said: 'Although there are many organizations around the world providing learning and educational opportunities, the British Council is unique as it shares YAL's focus on connecting young people across all cultures. By combining the expertise of both organisations I truly expect the Learning from the Future project to become one of the most well known and established human development initiatives in the region.'

The two organisations will also facilitate the youths' exposure to a number of influential speakers from the YAL network, to learn from their personal experiences on how they managed to achieve their goals in life.

Youth from Tunisia, Libya, Egypt, Lebanon, Palestine, Jordan, Yemen, Saudi Arabia, Oman, Qatar, Iraq, Kuwait, the United Arab Emirates, and the United Kingdom, will take part in the project, together with a group of global participants.(via ameinfo.com)

Al Islami Foods, Alf Yad launch VC Fund for Franchise-entrepreneurs.

2008-03-28T18:07:00.000+04:00

Al Islami Foods and Alf Yad, a Dubai based venture capital fund for young Arab entrepreneurs announced their strategic collaboration at a press conference held yesterday. Alf Yad will raise and deploy Dh100 million to promising Arab entrepreneurs across the region. Al Islami Foods and Alf Yad will establish a strong business-base for young Arab entrepreneurs, offering franchise opportunities that encourage them to get into the halal food industry and initiating food-business ventures.

Initially, Alf Yad will support Al Islami with the introduction of a business franchise for fast foods the Al Islami Cart - a business franchise for fast foods primarily distributed in major Co-Op supermarkets, high traffic mall outlets as well as the Global Village and university campuses.

Saleh Abdullah Lootah, Chief Executive Officer of Al Islami Foods, commented: "Young entrepreneurs are the foundations of a sound economy; Al Islami's commitment to reinforce a healthy and safe marketplace is the cornerstone of the company's strategy and is in line with our vision, which seeks to build a strong and sustainable nation."

Commenting on the new venture, Shehab Gargash, the Chief Executive Officer of Daman Investments, the manager of the fund, said: "We are extremely pleased to collaborate with Al Islami Foods in this first entrepreneurial venture which fits all the Alf Yad criteria as a venture capital fund targeting young entrepreneurs. The Al Islami Cart project is a perfect first step for young business people seeking to start a self owned franchise." Addressing the Press conference, Saleh Lootah emphasised the importance of involving young business talent in their efforts to promote the greater interests of society and consumers.

"In our drive to encourage the use of innovative business concepts, such as the Al Islami Cart, we are determined to inspire self-reliance in the young people of our community. We are pleased that Al Islami Foods and Alf Yad have taken the lead in spreading awareness among todayentrepreneurs about the chance to support a programme that is good for society as a whole and also offers lucrative returns on their investments." Lootah said. According to year 2005 figures of Cairo-based Arab Labour Organisation, the total number of the unemployed in the Arab world is 16 million.

It is estimated to be increased to 25 million by 2010 and 80 million in 2020, with 60 per cent of the unemployed aging from 15 to 24. The GCC population will shoot up to 40 million by 2010, the highest ratio in the world. The labour force will reach to 21 million. Every one per cent of the unemployed will cause aggregate loss of 2.5 per cent in the GDP, which equals $115 billion. Keeping in mind this trend, Al Islami and Alf Yad will later announce a consolidated plan to reach the untapped human capital and the unemployed through franchising opportunities such as Al Islami Cart. (via Khaleej Times)

Dubai Poised to Sustain 11pc GDP Growth

2008-03-28T17:46:00.000+04:00

Dubai's real gross domestic product (GDP), which surged to a record Dh198 billion in 2007, is predicted to sustain an average growth rate of 11 per cent for the next eight years. The main driver of this remarkable growth - outpacing the average growth rate forecast for the GCC - will be the non-oil sector, growing at a spectacular pace.

According to Hisham Abdullah Al Shirawi, Second Vice-Chairman, Dubai Chamber of Commerce and Industry, the key sectors fuelling the growth include tourism, retail, infrastructure, knowledge industry, transportation, logistics, manufacturing, professional and government services. He said Dubai's GDP growth was higher than other Gulf countries and major global economies even in 2005. After growing at an average of around 8.5 per cent in 2003, 5.9 per cent in 2004, 6.8 per cent in 2005, and 6 per cent in 2006, GCC's GDP growth averaged at 5.0 per cent in 2007. In 2020, the nominal GDP of GCC is projected to soar three-fold from $773 billion to roughly $2.3 trillion in 2020 at an average oil price of $70 per barrel, according to McKinsey & Company Middle East.

In contrast, the overall real GDP of the UAE is poised to record a slower growth rate of 6.4 per cent in 2008 and 6.1 per cent in 2009 compared to an eight per cent surge in 2007, economists said. However, nominal GDP -measured on the basis of current prices - will record almost the same growth trend as in 2007 at 15.7 per cent. Economists forecast that UAE's nominal GDP will hit Dh805 billion and Dh960 billion in 2008- respectively up 6.4 per cent and 6.1 per cent in real terms and 15.7 per cent and 19.1 per cent in nominal terms.

Al Shirawi said Dubai's non-oil foreign trade that surged 33 per cent to $185 billion in 2007 from $139 billion in 2006, also was poised for a sustained growth. In a presentation about Dubai's remarkable growth at a two-day business convention yesterday, he highlighted Dubai's ambitious economic targets under the strategic plan 2015.

He said the hospitality industry is expecting a real boom with its target of 100,000 rooms for 15 million visitors by the year 2015. Currently, there are 324 hotels, 33,731 rooms with occupancy rate of more than 85pc throughout the year as a total of seven million people used Dubai hotels in 2007 compared to 1.9m in 1996. Geared up for the air traffic boom is Dubai International Airport, which handled an average of 725 flights per day compared to 650 flights in 2006, reflecting a 10 per cent growth during 2007. Connected to 205 destinations through a network of 120

international airlines, the airport serviced 34 million passengers in 2007 thus recording a 19 per cent rise and is expecting 40 million passengers this year.

In 2007, Dubai's non-oil exports surged a record 43 per cent in 2007 to Dh167.9 billion from Dh117.4 billion on the back of a remarkable increase in trade with Iran, Saudi Arabia and Qatar.

The jump in total exports, including re-exports, underscored the buoyant economic growth of the emirate. Dubai's exports have been growing by an average of more than 28 per cent annually during the past five years. In 2006, Dubai's non-oil foreign trade grew 9.15 per cent to Dh523.5 billion compared with Dh479.6 billion in 2005 - the highest non-oil trade in the Arabian Gulf. Dubai's non-oil foreign trade represents about 80 per cent of the UAE's total trade. Dubai's imports have also increased by 15.5 per cent, from Dh190.4 billion in 2005 to Dh219.8 billion in 2006. (via Khaleej Times)

Firms listed in Bahrain post $1billion Profit

2008-03-16T22:46:00.001+04:00

Local public shareholding companies listed on Bahrain Stock Exchange have achieved a net profit of BD1 billion ($2.65 billion) last year, it has been revealed.

They posted net profits of BD1,004.5 million compared with BD774.3 million the previous year, recording a growth of 29.7 per cent. And the value of cash dividends was BD404.5 million compared with BD350.8 million in 2006.

Data released by the exchange indicated that all sectors achieved positive growth in net profits with the exception of the industrial sector. The investment sector achieved the highest profit of BD540.3 million, capturing 53.8pc of the total. It was followed by the commercial banks sector with BD259.4 million, representing 25.8pc of the total.

Next came the services sector with BD162 million, making up 16.1pc of the total profit. They were followed by insurance capturing 2.4pc, hotels and tourism 1.7pc and the industrial sector 0.18pc.

From a different perspective, the hotels and tourism sector was ranked first with a growth of 64pc, the highest among all sectors. It was followed by the services sector with a growth rate of 31.6pc, commercial banks 30.1pc, investment 29.6pc, and finally the insurance sector with an increase of 5.36pc.

The industrial sector's net profit, however, declined by 0.2pc. - TradeArabia News Service

Firms listed in Bahrain post $1billion Profit

2008-03-16T22:46:00.000+04:00

Omniyat CEO Named Young Global Leader

2008-03-15T11:14:00.000+04:00

The President and CEO of Omniyat Holdings and Omniyat Properties Mehdi Amjad has been named by the World Economic Forum (WEF) as ‘Young Global Leader 2008’.

Omniyat Holdings and Omniyat Properties are two of the most prominent companies on the vibrant real estate market of the UAE.

A selection committee comprising the world’s top media leaders and chaired by Queen Rania of Jordan, selected 30-year-old Amjad, who presides over businesses generating $1.5 billion of sales and more than 500 staff throughout the GCC region, for his outstanding technical and managerial achievements in accelerating Omniyat’s rise as a major private developer with a unique focus on smart and intelligent buildings.

“The World Economic Forum recognises and acknowledges the top young leaders from around the world for their professional accomplishments, commitment to society, and potential contribution to shaping the future,” said WEF founder and executive chairman Klaus Schwab.

“We need young global leaders to be a voice for the future in the global thought process and catalysts for initiatives in the global public interest.”

From its inception, Omniyat’s focus has been on developing iconic projects and creating futuristic, innovative and high-tech buildings, transforming people’s expectations of future homes and offices.

Omniyat translates from Arabic as ‘wishes’ and its vision reflects Amjad’s innovation in shaping the company into one of the region’s most respected and successful privately owned premium developers with an international reputation for world-class delivery.

“While I intend to steer Omniyat towards persistently pushing beyond conventional boundaries, this global honour, though personal in nature, belongs to the company as a whole and its dedicated staff,” said Amjad, who was last year named one of the GCC’s top 100 CEOs by CEO Middle East magazine.

Amjad joins a powerful Young Global Leaders community of 245 executives, public figures and intellectuals who are all aged 40 or younger. He has also been invited to join The Forum of Young Global Leaders, a global network of peers formed to significantly impact world affairs and shape the global agenda.

As part of their engagement, Young Global Leaders give their time to task forces to initiate, develop and drive innovative solutions on important, globally oriented issues, including health, education, the environment, global governance and security, and development and poverty. – TradeArabia News Service

Venture Capital Bank Bahrain Enters Shipping Business

2008-03-07T01:02:00.000+04:00

Bahrain-based Venture Capital Bank (VC-B) signed a joint venture agreement with Lemissoler Shipping Group in Cyprus for establishing a $160 million company in shipping sector.

Under the agreement, a shipping company, Lemissoler Maritime Company, will be established in Bahrain with the objective of acquiring, owning and operating a fleet of commercial vessels. The total value of the deal is $166 million and will present a unique investment opportunity in the shipping industry.

Lemissoler Maritime Company has started its operations by initially acquiring five specialised vessels that transport paper products, from the paper mills in Canada to the United State of America and South America, together with their long-term charter agreement.

The company has also identified among others eight container ships; that will be acquired in two phases during 2008 as an "expansion fleet". These vessels will be on long-term charter contracts with companies that are in the league of ten largest container companies worldwide. All of the initial fleet vessels are registered with the Lloyd's Register. via Bahrain Tribune

end post

Al Tomooh Signs MOU to Futher Support Local Entrepreneurs

2008-03-07T00:50:00.000+04:00

Emirates NBD's Al Tomooh Scheme and Mohammed Bin Rashid Establishment for Young Business Leaders have signed a Memorandum of Understanding (MoU) to support entrepreneurship throughout the UAE.

Al Tomooh, an Emirates NBD Initiative which provides financial support to arising projects and UAE Nationals willing to establish private commercial projects, will work with the Establishment to offer financing options for both start ups and existing projects and support the development of the country's small and medium enterprises.

"Emirates NBD is the first bank in the region to establish a dedicated Community Services Department and Al Tomooh Scheme one of the most successful projects we have launched. We are pleased to be able to extend our SME expertise to the Mohammed bin Rashid Establishment's members. This move will contribute to further economic growth in the country as more entrepreneurs will be able to succeed in their business endeavours," said HE Ahmed Humaid Al Tayer, Chairman of the Supreme Committee of Al Tomooh.

Abdul Baset Al Janahi, CEO, Mohammed bin Rashid Establishment for Young Business Leaders, said: "We are delighted a leading financial institution such as Emirates NBD has come forward to acknowledge the responsibility of the banking sector towards encouraging start-up businesses. The bank is leading by example in providing this incentive, and encouraging more UAE national entrepreneurs to look at new avenues for launching their own businesses. The wide range of financing options and related products offered by the bank will help them hone the competitiveness of their businesses and sustain operational viability. Taking cue from Emirates NBD, we are confident more financial institutions will volunteer their strengths to foster the growth of SMEs in the UAE."

"Under the terms of the MoU the Establishment's members will benefit from a number of financial and non financial products provided by Al Tomooh to support the development of SMEs. Among the services provided by Al Tomooh are financing start-up projects up to 90 per cent, financing existing projects up to Dh2,000,000 and granting tenor of 8 years with the first three years exempt from interest and one year grace period" said Sulaiman Al Mazroui, the Executive Member of the Supreme Committee of Al Tomooh.

"The Mohammed bin Rashid Establishment for Young Business Leaders is keen to offer its wide range of enabling services to partners. These include business consultancy, low cost office space, technical and logistical support and world class infrastructure. We are also looking forward to effectively contributing to the success of the Al Tomooh programme's members," Al Janahi added.

The MoU also encompasses the Establishment's Government Procurement Programme which aims to create a market of young local entrepreneurs to act as suppliers while localising government department purchasing and allowing SMEs to compete with more established companies.

Other benefits include the Establishment acting as Guarantor for low cost bank loans ranging from Dh100,000 to Dh3,000,000 and access to entrepreneurs Business Village a commercial business park located in the centre of Dubai providing the ideal incubator for fledgling businesses.

Intellectual Property Frauds across Arabia Worth $50 Billion

2008-02-29T17:43:00.001+04:00

Intellectual property (IP) fraud across the Arab world is estimated to run at $50 billion annually, a report said. IP theft, the illegal pirating of business software, DVDs, music CDs and computer games is posing an increasing threat for legitimate business in Arab countries, the Noozz.com report said.

However, it said steps are now being taken by organisations such as the Arab League to start to combat what has become a serious problem.

Arab League Assistant Secretary-General for Economic Affairs Dr Muhammad bin Ibrahim Al-Tuwaijri earlier this month described the problem as an “epidemic”.

In many countries across the region, well over half the software in use is believed to be counterfeit, the Noozz report said.

According to the organisation representing the world’s commercial software industry, the Business Software Alliance (BSA), software piracy rates in 2006 reached 84 per cent in Algeria, 79 per cent in Tunisia, 73 per cent in Lebanon, 66 per cent in Morocco, 63 per cent in Egypt and 61 per cent in Jordan.

In the Gulf Cooperation Council (GCC) countries, the rates stood at 64 per cent for Kuwait, 62 per cent for Oman, 60 per cent for Bahrain, 58 per cent for Qatar, and 52 per cent for Saudi Arabia.

Only the United Arab Emirates (UAE), at 35 per cent, came in at the average global piracy rate for business software, and is the only Arab country in a world list of top 20 countries with the lowest piracy rates for 2006.

But even in the UAE, the value of counterfeited products across-the-board – from cosmetics, pharmaceuticals and tobacco to automobile spare parts – in 2006 was, according to a recently released KPMG study, estimated to run almost to $700 million, and to have cost the country around $1.7 billion in lost non-oil GDP, $110 million in lost tax revenue, and some 31,000 lost job opportunities, it said.

In a world in which legitimate businesses are estimated to be losing up to $700 billion annually to IP piracy and counterfeiting, IP rights and protection literally represent foreign concepts in the Arab world, and the problem of piracy and counterfeiting is a pressing one among Arab countries, the Noozz report said.

In an effort to inform and educate Arab businesses, consumers and right holders about IP rights and protection and the damage that piracy and counterfeiting can cause, the Arab League – the Egypt-based umbrella policy-making body serving the interests of Arab countries – is, in association with the Saudi Arabian-based consumer and brand protection organisation Hemaya Universal, sponsoring Arab World Protect 2008: The first Arab Consumer and Brand Protection Forum, in Jeddah in October.

The forum aims to make progress in the following areas of IP in the Arab world:

• Understanding the extent of the problem in the Arab world

• Raising awareness of the economic ramifications, social costs, and health and safety risks to consumers

• Developing suitable strategies to combat the problem

• Enhancing cooperation and coordination across the region and between the various agencies trying to combat the problem

• Promoting better legislation and enforcement across the Arab world and inside specific markets

• Identifying resources available to combat the problem in each country and empowering and building their respective capacities in cooperation with international, regional and national agencies

• Organising capacity building and institutional strengthening programs in cooperation with leading brand owners, international agencies, national governments and the private sector – TradeArabia News Service

Knowledge Economic City Saudi Arabia Partners to Train Entrepreneurs

2008-02-29T17:35:00.000+04:00

Knowledge Economic City Al Madinah (KEC) and Microsoft have formed a strategic partnership to train and nurture entrepreneurs. The main highlights of the partnership include establishing a Microsoft academy to train Saudis on the basic utilisation of technology. Complementing the academy will be a Microsoft library with IT books, trial software and other learning material.

The agreement will also drive the formation of incubators to provide young entrepreneurs with an encouraging environment to establish healthy and promising businesses and thrive within a knowledge economy.

“KEC Al Madinah is the new base for knowledge-based industries and spreading knowledge,” KEC chief executive officer Tahir Bawazir told reporters at the press conference on the occasion of the signing of the agreement.

The accord was signed by Bawazir on behalf of KEC and Dr Khaled Al Dhaher, general manager for Microsoft in Saudi Arabia.

“The important thing about today’s announcement is really the beginning of a very strategic collaboration to bring the value of leading edge technology to the region”, said KEC chief technology officer Mohammed Shah.

Dr Al Dhaher said: “At Microsoft, we have always believed that one of the most important aspects of technology is its potential to help create social and economic opportunities. This strategic partnership with KEC will help propel local scientific and technological innovation as new ideas create new businesses and new jobs, improve productivity, and enhance human welfare. Building local capacity for innovation and entrepreneurship is essential for people of Saudi Arabia to participate in the success of a knowledge economy.”

“With the help of Microsoft, one of the world’s leading software solutions providers, KEC will become a new hub where future innovators will be able to develop their ideas, grow, and become tomorrow’s scientists and technology leaders of the Islamic world,” said Bawazir.

The Microsoft Academy will provide access to Microsoft’s experts and a network of partners they will be able to bring to operate the academy.

“As for the incubators, young Saudis who have an entrepreneurial spirit, who are excited by research and development and who have a passion for using technology as a business base, now have the sky as the limit. Even those who are already in business would be able to participate in incubator and research and development because every business wants to continuously innovate to stay competitive,” Bawazir said.–via TradeArabia News Service

Noor Islamic Bank and Sheikh Mohammad Bin Rashid Est. for Young Business Leaders sign MoU

2008-02-20T23:12:00.000+04:00

Noor Islamic Bank PJSC ('Noor'), today announced it has entered into an agreement with Sheikh Mohammed Bin Rashid Establishment for Young Business Leaders (SME) to build on mutual expertise and foster the growth of small and medium sized enterprises in the region.

The Memorandum of Understanding (MoU), articulating cooperation between the two entities, was signed by Hussain Al Qemzi, Group CEO of Noor Islamic Bank, and Abdul Baset Al Janahi, CEO of SME.

Under the agreement, Noor Islamic Bank will be granted preferred financial services provider status by SME to provide its members with specific Islamic finance solutions, including access to Shari'ah-compliant working capital and cash flow management, business analysis on specific industry segments, strategic and operational support, as well as reviewing and validating assumptions for business plans.

In exchange, SME will facilitate Noor Islamic Bank to identify vendors and organise training workshops and seminars. It will also help Noor review and validate assumptions for business plans to drive the growth of small and medium sized enterprises in the region. Both organisations will provide multi dimensional levels of consultancy and advisory services bureau function to the targeted SME audience.

Hussain Al Qemzi said: 'This partnership will encourage young business leaders aspiring to enter the highly competitive private sector. The preferential Islamic financial services offered by Noor Islamic Bank to SME member companies will help minimise the overheads and operational costs of members' start up companies, and eventually empower national entrepreneurs.'

Abdul Baset Al Janahi said: 'SME was established to promote and encourage the national entrepreneurial spirit by serving as a catalyst to economic growth. The agreement with Noor Islamic underlines our efforts to achieve this goal by empowering small and start up companies through collaboration with leading national organizations.'

Noor Islamic Bank has a dedicated SME banking unit that has forged several alliances with key governmental and private sector organisations to create products and services focused on the specific needs of small and medium businesses.

CO2 Capture System - Future Energy Business Opportunities.

2008-02-20T22:59:00.000+04:00

An Australian-based company has acquired the Asia-Pacific rights to the world's most advanced carbon capture and storage system. EESTech Inc., which is based in Brisbane, Australia and is publicly traded on the US Bulletin Board, has secured the rights to HTC Purenergy's world leading CO2 capture management technologies for the Australasian region.

The system, called the Purenergy CO2 Capture System (CCS), is the worlds first pre engineered, modular CO2 capture system, which can be retrofitted onto existing power plants or any large industrial greenhouse gas emitter.

EESTech has a complementary technology in its Hybrid Coal Gas Turbine (HCGT) system that can produce electricity using waste coal dust, and fugitive vented methane.

The company has secured electricity supply agreements in China with contract revenue potential of over $100 million for each installed system.

The HCGT and the Purenergy CCS can be integrated to become the world's first stand-alone hybrid CO2 capture system that is non-disruptive to industrial emitters plant. The integrated package will allow coal facilities to utilize products such as low grade waste coal and fugitive methane from coal mines to efficiently generate the necessary steam and electricity and electricity for the C02 capture process.

EESTech's preliminary analysis indicates that the successful integration of the HCGT process with HTCs CCS system could reduce the cost of C02 capture by up to 40 percent.

In China, EESTech with their Hybrid Coal and Gas Turbine
(HCGT) systems has signed model power purchase and fuel supply agreements. These agreements have a contract revenue potential of over $100 million for each installed system.

Graeme Lynch Chief Operating Officer of EESTech Inc., believes that the carbon capture technology will position EESTech Inc as a leader in the industry.

"This acquisition will position EESTech Inc. as a leader in this fast-growing marketplace and as a provider of clean coal and carbon capture technologies that are economically and environmentally sustainable," Mr Lynch said.

The Purenergy CCS will capture carbon dioxide from the flue gas exhaust of power plants and large industrial emitters, the captured carbon dioxide will then be used for carbon dioxide enhanced oil recovery or be stored underground, he said.

This system will be pre-engineered, pre built and modularly constructed and because of its modular design, will be able to be manufactured, shipped and erected at the emitter sites around the world at a much lower cost than other systems that have to be custom built on site.

Solutions like the Purenergy CCS, when installed in scale on one 750 megawatt power plant, will capture the carbon dioxide equivalent of two million cars and trucks, Mr Lynch added.

UAE Advertising Industry Expands

2008-02-20T22:51:00.000+04:00

The fast-expanding advertising industry, led by the UAE's economic boom, has experienced an average of 22 per cent growth for the past decade, officials say, reported Gulf News. Outdoor advertising grew at the fastest pace, while print advertising came second and advertisements on television came third, according to Abdul Rehman Falaknaz, president of Falak Holding and international expo consultants. The region's largest signage and outdoor publicity exhibition, Sign and Graphics 2008, brought together companies from North America, Europe, MENA region and South East Asia, and 63 UAE-based companies. (ameinfo.com) end post

ME's "Energy Bank" Planned

2008-02-20T22:46:00.000+04:00

Gulf Finance House has announced that it is setting up the first Shariah compliant bank focused on the investment, financing and service needs of the energy sector. The bank, with a planned paid-up capital of $750m, has received 'in principal' approval from the Central Bank of Bahrain. (ameinfo.com) end post

UAE - Qatar Causeway

2008-02-15T15:52:00.000+04:00

UAE-Qatar causeway will be the begining of new economic era. It will give boost to businesses of both the counteries. Qatari economy will get a definite boost coupled with a tough competition from UAE more specialized companies having access to their markets. A local media website had the following to say about the causeways costs and plans:

"A proposed causeway linking Abu Dhabi with Doha in Qatar may cost about $13bn, reported Meed, citing a consultant that could be involved in the project. Mohammad Ali, regional adviser with Denmark's Cowi, said the the latest design would link the two cities via a 65 kilometre bridge across the Gulf. Cowi is likely to be involved in the project as a consultant. It is already involved in a project to build a causeway between Qatar and Bahrain." (ameinfo.com)

Data Boom Forecast in Middle East

2008-02-08T20:34:00.000+04:00

The Middle East is on the verge of a data boom and most regional organisations are not prepared to face it, according to a study by IDC, an independent analyst group. Software investment in the Middle East remains strong, IDC has said, but only leads to the generation of more data which, in turn, must be backed-up and retrieved for immediate reference in the region’s fast moving organisations.

Oil and gas conglomerates, retail, banks, governments, and telcos are all investing significantly in software applications to manage their growing customer base.

“Application data growth, hardware proliferation, dispersed management tools, and organisational change and development have combined to fuel the need for regional organisations to better control data and storage infrastructure,” said Vinay Nair, Senior Analyst, Software Research, IDC Middle East and Africa.

“Losing control of data has a two-fold impact on Middle East organisations: risk and cost. IDC recommends that organisations plan intelligently for future storage needs by putting in place a clear strategy,” added Nair.

CommVault provides innovative data protection capabilities for backup and recovery of data using disk-to-disk and disk-to-disk-to-tape.

CommVault Galaxy Backup & Recovery, for enterprise protection and CommVault Galaxy Express Backup & Recovery, for small- and medium-business (SMB) protection, are perfectly suited to meets the storage demands of Middle East companies, the company said.

Fiona Moon, CommVault marketing director, said: “Data growth in the Middle East is progressing faster than most emerging markets, and we believe that this trend will continue. IDC’s view that the region is on the verge of a data boom fully supports our existing position that regional organizations should be moving now to establish a clearly defined storage investment policy the places crucial importance on leading-edge back-up and recovery technologies.” – TradeArabia News Service

Yemen Embraces Micro-Finance Banking

2008-02-08T19:40:00.000+04:00

The cabinet approved on Tuesday law of smaller funding bank presented by Central Bank of Yemen and directed referring it to Ministry of Legal Affairs for completing measures needed for its approval, reported Saba. The law aims at providing legal cover for establishing smaller funding banks in Yemen for they will be in charge of providing banking services to families, small handicraftsmen, small and smaller projects in urban and rural sectors. (via ameinfo.com)

Such a move would prove very useful for supporting and sprouting SMEs and small entrepreneurs. This is not a noel idea but has been seen working wonders in Bangladesh and other counteries. Microfinance is the way forward for under-developed and developing counteries to achieve economic growth and sustainability.
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American Co's IPO Big News for DIFX

2008-02-08T19:25:00.000+04:00

'This is one of a chain of IPOs from the US that we have lined up for the DIFX,' said group chief executive officer of co-lead managers Daman, Shehab Gargash. 'All the companies have been specially selected by us for the quality of their management and business models. We want to be ahead of the business cycle in promoting promising companies and not late like in the dot-com days.'

Nanodynamics will become the first of these companies when its shares are listed on the DIFX next week. The IPO has been via a placing with half the shares going to US institutions led by Fidelity, and the balance to regional institutions and high net worth investors.

The 9,100,000 shares have been priced at $11 and Daman forecasts a $30 target price in 12-18 months, and expects a lively aftermarket when retail investors can buy the stock for the first time next week.

Interestingly Nanodynamics, a New York based firm dedicated diversified technology and manufacturing using nanotechnology, has chosen the DIFX for its IPO over a listing on the giant Nasdaq stock market. Why has it done this?

'The main clients for this technology are not in the US, and we value the technology of the DIFX platform,' explained co-lead manager Global Crown Capital CEO Rani Jarkas speaking on behalf of Nanodynamics. 'We are convinced this will be an important and beneficial listing for the DIFX which represents a good play on Asia and the Middle East'.

In other words, Nanodynamics is likely to secure a better shareholder base and higher market capitalization through a listing in Dubai. And in a sense this is nothing different from Citi going to Abu Dhabi recently to seek new capital. Going where the money is makes good sense, especially in unstable global capital markets.

A buy?
Will Nanodynamics stock prove a good buy for local punters? Daman has a strong reputation to protect in Dubai and is unlikely to be promoting a dog. Indeed, Nanodynamics is an acknowledged leader in its field of alternative technology with half of its 150 staff being scientists or holding PhDs.

But this is a loss-making company with no profit track record. Revenues are forecast to rise from $40m this year to $80m in 2009 and $180m in 2010 with a $1.38 per share profit. But profits are not anticipated before 2009.

After the IPO the market capitalisation of Nanodynamics, with around a third of its shares in free float, will be $475m. Some might argue that this is quite a market capitalisation for a company at such an early stage of its life, with 'negative profits' as the stock broker jargon puts it.

However, if such firms get a good reception on the DIFX then it looks like there are going to be a stream of listings crossing the Atlantic and heading to Dubai. (via ameinfo.com)

India Demands Minimun Wages for GCC Workforce

2008-02-08T19:04:00.000+04:00

India is demanding a minimum wage of BD100 ($265) a month for all unskilled workers in Bahrain, and plans to stop workers from leaving for the Gulf country unless they have contracts attested by the Indian Embassy, reported Gulf Daily News. The minimum wage legislation will come into effect on March 1, and will apply to workers already in Bahrain when their current contracts expire. The Indian government is fixing minimum wages for each Gulf country according to the local cost of living. (via ameinfo.com)

A very commendable step that will eventually lead towards stabalizing the force of flow across borders. It will be more interesting to see when developing counteries start implimenting reasonable minimun salary standards back home, such a step would catapult their internal growth.

UAE Inflation Forecast to Fall

2007-12-24T21:15:00.000+04:00

Inflation in the UAE will fall from a 19-year high to an average 5 percent in the next five years as housing supply constraints ease, the Dubai Chamber of Commerce and Industry said.

Inflation would slow to 3.4 percent in 2012 as "government fiscal expenditure restraint and the easing of housing shortage" take pressure off price rises, the chamber said in a report, citing International Monetary Fund forecasts.

Prices in the second-largest Arab economy rose 9.3 percent in 2006, the fastest pace since at least 1988.

UAE inflation will accelerate to 10.1 percent this year before easing to 8.9 percent in 2008, a Reuters poll of 12 economists showed this month.

"The danger of such high inflation is the risk of undermining the competitiveness of the economy and therefore jeopardising the long-term growth prospects of the economy," the chamber said.

Reducing inflation and addressing exchange rate policy are among the main issues facing policymakers in the country, it said without elaborating.

Like most Gulf Arab oil producers, the UAE pegs its dirham currency to the dollar, forcing it to follow US monetary policy at a time when the Federal Reserve is cutting rates to contain the fallout of a mortgage crisis. - Reuters

SteelFab Expo Sharjah to Bring 25 Counteries

2007-12-24T21:09:00.000+04:00

SteelFab and SteelTech exhibitions will feature Middle East's largest and most comprehensive display of machinery, equipment, accessories, and technology for the steel working and production industries. The exhibitions are to be held at Expo Centre Sharjah from January 21 to 23, 2008.

Organised by Expo Centre Sharjah with the support of UCIMU-SISTEMI PER PRODURRE - the Association of Italian Manufacturers of Machine Tools, Robots, Automation Systems and ancillary products, and the Sharjah Chamber of Commerce and Industry, the coming edition of SteelFab will feature over 400 brands and companies from more than 25 countries.

It will occupy an exhibition area of 14,000 sq. m. and host exhibitors from Austria, Belgium, Canada, China, Czech Republic, Finland, France, Germany, Greece, Hong Kong, India, Ireland, Italy, Japan, Netherlands, Poland, Russia, Slovakia, Spain, Switzerland, Taiwan (ROC), Turkey, UAE, UK and the US among others.

On display at the exhibition will be machinery, equipment, products, services, and consumables related to surface preparation, blasting, galvanising, finishing and painting, steel machinery including metal forming, machine tools, and workshop machinery, grinding, cutting, power tools, tools, tooling for machinery, pipe construction equipment, tools, and orbital welding, software, services, training, testing, measurement, and NDT, welding and cutting including welding machines, and specialty welding, cutting systems including CNC – plasma, oxy fuel, laser, and water jet, and material handling including overhead cranes, hoists and trolleys.

“A large number of infrastructure and industrial development projects are currently underway in the Middle East region,” said advisor to the chairman, Expo Centre Sharjah, Fasahat Ali Khan.

Of the total number of brands that will be represented at SteelFab 2008, approximately 100 brands will be focused on steel machinery, 75 brands will be dedicated solely to welding and cutting, and over 50 brands will be dealing in surface preparation and finishing.

The rest will be showcasing pipe construction and CNC cutting systems. Almost all the major manufacturers of structural steel fabrication machines will have an imposing presence at the event.

A major attraction of the SteelTech exhibition will be the Gulf Iron and Steel Conference that will be held alongside.

The Conference, which will focus on the regional iron and steel sector, will be addressed by key players in the industry from across the globe. Among the participants at the event will be top decision makers from the regional iron and steel sector as well as technology providers, equipment manufacturers, and raw material suppliers to the industry. – TradeArabia News Service

Ernst & Young Middle East Entrepreneur of the Year Awards 2007

2007-12-21T19:48:00.000+04:00

Lloyds TSB International Private Banking will be sponsoring the Ernst & Young Middle East Entrepreneur of the Year Awards, 2007.

The awards, which were established over 20 years ago and take place in over 40 countries, are running in the Middle East for the first time this year. The ceremony will take place in Dubai between February 21 and 23, 2008, and will honour the growing number of highly successful entrepreneurs across the region.

The bank’s sponsorship will cover the entire awards programme, which will recognise entrepreneurs for their achievements in several categories, including entrepreneurial spirit, strategic direction, national or global impact, innovation; personal integrity and influence.

Cary Adams, managing director, Lloyds TSB International Private Banking, said: “We’re extremely proud to be sponsoring the first Ernst & Young Middle East Entrepreneur of the Year Award. The fast pace of growth in the region is testament to the hard work and ambition of so many individuals - not least the many thousands of entrepreneurs who are building their own successful businesses.

“The Middle East is one of the key regions for Lloyds TSB across the globe and as its growth story continues, we will be doing everything we can to encourage more of the innovation, commitment and contribution that these awards reflect so strongly,” he added.

Lloyds TSB has been providing banking services across the Middle East for the last 30 years having established its branch in Dubai in 1977 and was one of the first banks to receive a license from the UAE Central Bank. –TradeArabia News Service

ARY start Jewellery Academy in Dubai

2007-12-21T19:23:00.000+04:00

A dedicated gems and jewellery academy, set up by jewellery major ARY, will open next month in Dubai. The ARY Academy of Gems & Jewellery, which will be located at Jewel Plaza Building in the heart of Gold Souq, will provide world class education and training in all aspects of gold and precious metal trade, a statement said.

The institute will offer various certificate and diploma courses in the design, manufacture, assaying and management of gems and jewellery. It is recognized by the Knowledge Village in Dubai.

An initiative by the UAE-based ARY Group, a leader in the region’s jewellery trade with a tradition of over 50 years, the academy aims to mould true professionals to facilitate the growth and transformation of the gold and jewellery trade in the region.

“The region has been witnessing tremendous growth in per capita consumption of gold and jewellery, increase in the number jewellery retail outlets, and employment opportunities in this sector. It is imperative that such a growing industry gets the support of qualified and trained personnel in all aspects of the trade,” said Sarwat Abdul Razzak, CEO of ARY Academy of Gems & Jewellery.

“Today, the jewellery industry requires not mere traders but knowledgeable workers and entrepreneurs.

“As a business leader, we want the society to benefit from our heritage and we believe grooming a generation capable of maintaining quality and excellence in the industry is the best we could do. The ARY group has always drawn its strength from the reputation of the UAE, especially Dubai, as a major hub of gold trade. Hence we consider Dubai as the ideal choice for this Academy,” added Ms Razzak .

The Academy will open its doors on January 5, 2008 and admissions have already started.

The programmes offered at the Academy will cover various aspects of Gemology; Jewellery Designing; Gems & Jewellery Management; and Business Administration. The faculty comprises professional designers, technicians, craftsmen and educationists drawn from various parts of the world including Belgium, China, Thailand, Pakistan and India, said Naheed Anees, president of the Academy.

“Through this venture we wish to provide a quality education programme that delivers the best mix of both business and academic knowledge, specifically targeted for the trade. The course content will be updated regularly so that our students remain abreast of industry developments,” added Ms Anees.

To assist those students who are eager to launch their career in the gems and jewellery industry, the academy will have a placement cell that along with conducting campus recruitments and interviews will also maintain regular interaction with the trade and global business hubs. – TradeArabia News Service

Qatar Petroleum, BP and Texas A&M University to Develop LNG Safety Research Programme

2007-12-15T23:17:00.000+04:00

The landmark agreement was signed by H.E. Dr. Mohammed Bin Saleh Al-Sada, Minister of State for Energy & Industry Affairs.

The programme, which will extend and complement the existing BP-sponsored programme run at the Texas A&M University in College Station, Texas, will help advance the science and technical understanding of key safety issues impacting the worldwide LNG industry. The research will be carried out at the Texas A&M University branch campus within the Qatar Foundation university campus in Doha and will encompass practical testing at Qatar Petroleum's Ras Laffan Emergency and Safety College which is currently being constructed at Ras Laffan Industrial City.

H.E. Dr. Mohammed Bin Saleh Al-Sada said, 'We, at Qatar Petroleum, believe that this MoU represents a significant step in our quest to develop the Qatari human resources, and we are sure that such partnership with leading institutions will contribute to the advancement of science, and enhance technical skills of safety in the LNG industry. We are proud to be a part of this program which will certainly be a remarkable achievement for Qatar Petroleum and the Oil & Gas industry in Qatar.'

Signing the agreement on behalf of BP in Doha today, Steve Peacock, President of BP's Middle East and South Asia Exploration and Production Unit, said,

'BP is delighted to support what is Qatar's first postgraduate university research programme to be sponsored by an international oil company. The programme will create a unique and enduring training and development opportunity for graduates from the Qatar Foundation and enable them to benefit from the outstanding post-graduate teaching and research training provided by Texas A&M University. As Qatar continues to develop its leading role in the LNG world, such activities will facilitate the transfer of relevant technologies and build human capacity in LNG safety for the benefit not only of Qatar but also the LNG industry worldwide.'

Sheikh Khalid Bin Khalifa Al Thani, Acting Director Ras Laffan, who was also present at the signing ceremony, added: 'This MOU illustrates again the leadership and commitment of QP in the education of the people in Qatar and those in the MENA region.

The facilities and research programs, expected to be launched in 2008, will be of great benefit to Qatar Petroleum and the Petro-chemical Industry in the State of Qatar as it will enable Fire and Emergency Response Services and Fire Engineers to learn more about the behaviour of LNG fires and it will also offer students in Fire Engineering the opportunity to do PhD research.
The soon to be erected, Ras Laffan Emergency & Safety College with its LNG Fire Training props, offers the ideal facility to conduct such research.'

Dr. Mark Weichold, dean and CEO of Texas A&M at Qatar, said the research partnership represented a special opportunity for Texas A&M to conduct important research in a region where LNG is a vital natural resource.

'Texas A&M at Qatar strives to produce research that helps the State of Qatar meet its most pressing needs,' Weichold said. 'Safety is essential to ensuring LNG producers maintain steady output, and our faculty researchers are ready and able to help BP and Qatar Petroleum innovate ways to make their processes safer.'

Dr. Jim Holste, associate dean for research and graduate studies at Texas A&M at Qatar, welcomed the invitation to partner with industry leaders on safety research.

'We are delighted to be a part of this research partnership related to LNG safety,' Holste said. 'The combination of industrial experience provided by BP, the safety expertise of the Mary Kay O'Connor Process Safety Center in College Station and the Texas A&M University at Qatar faculty, and the exciting new facilities of the Emergency and Safety Training College being developed by Qatar Petroleum at Ras Laffan cannot be found elsewhere in the world. The research partnership being established today represents a significant contribution by the State of Qatar to future progress in the LNG industry.' via ameinfo.com

KSE 100-share Heading Towards Recordbreaking 15,000 Points Level

2007-12-07T22:09:00.000+04:00

The KSE 100-share index yesterday maintained its upward drive for the third session in a row as investors were not inclined to miss the rising market and capital gains.

It finished with an extended gain of 187.83 points or 1.32 per cent at 14,324.95 as compared to 14,137.83 a day earlier.Its junior partner,30-shares index on the other hand rose by 271.67 points at 17,220.75.

Over the last three sessions, it has risen by 3.25 per cent, adding Rs118.00 billion to the market capital to 4.420 trillion, a hefty increase in three session viewed by any standard, anlysts said.

Massive rise of Rs19.00 in MCB followed by GDR-linked buying and other leading base shares, notably National Bank, OGDC, PTCL and Bank of Punjab were the chief contributors to the current index rise.

MCB alone has the largest weightage 11 per cent in it and adds significantly to its rise in a single session,more than a half than the combined.

"A section of foreign investors is in the market and making selective covering purchases on the banking, oil and some other counters at the current lower levels," analysts said "but failed to pinpoint any specific reason behind the revival of foreign demand." via Khaleej Times

Mohammed Bin Rashid Al Maktoum (MRM) Business Awards become Iconic

2007-12-07T22:05:00.000+04:00

The Mohammed Bin Rashid Al Maktoum (MRM) Business Award, a Dubai Chamber of Commerce and Industry initiative, is growing from strength to strength.

The extension of the applications submission date from November 15 to December 15 is helping more local economic corporations, trade centres, free zone companies and business groups to file in their entries in time for the award on the relevant forms in accordance with the Award's criteria and assessment mechanism set up by the Steering Committee of the Dubai Chamber Award Unit.

Hamad Mubarak Buamim, Director General of Dubai Chamber and Chairman of MRM Steering Committee said: "The MRM Business Award 2007 is expected to be a bigger success as it's attracting a larger number of companies operating in Dubai and other emirates. Last year, the number of companies applying for the Awards increased by 49 per cent compared to its launch year in 2005," he said adding, "The inclusion of new categories of the MRM Finance Award and the MRM Real Estate Development Award goes in line with Dubai Chamber's vision and policy that complements the Dubai Strategic Plan 2015. via Khaleej Times

Midamar to Guide GCC Producers on $16b US Halal Market

2007-12-07T21:58:00.000+04:00

Halal food producers in the Gulf region are being offered guidance to break into the $16 billion Halal food and Muslim marketing opportunities in the US which is growing at a rate of 25 to 30 per cent a year.

Midamar, North America's largest supplier of Halal meats, will unveil a new consultation service for Middle East companies aiming to capitalise on a growing market in the US at Halal World Expo in Abu Dhabi next month.

Taking place at the Abu Dhabi National Exhibition Centre from December 9-11, this important new industry event is being launched at a time when the global Halal food market was worth an estimated $2.1 trillion a year.

Midamar, which has more than 30 years' international trading experience, will offer market research and local 'know how' to help Middle East producers make inroads and strategic investments into the US Halal industry.

The company has picked Halal World Expo as the launch platform for its new consultation service which officially becomes available in January 2008.

"There are many opportunities for Halal businesses in the UAE and other parts of the Middle East to take advantage of the growing Muslim community in North America," said Jalel Aossey, Director of Midamar Corporation. via Khaleej Times

UAE FDI to US Reaches to $4.5 Billion

2007-12-07T21:54:00.000+04:00

The United States received more foreign direct investment from the UAE — which almost doubled to $4.5 billion at the end of year 2006 over $2.5 billion during the previous year — as world's largest economy still see strong interest from Arab investors, said David Bohigian, assistant secretary, US Department of Commerce.

The US Commerce Department official was in Abu Dhabi, yesterday, to meet public and private sector officials for discussing bilateral relations in the field of investment and commerce.

He told reporters that the US will start negotiations with the UAE on the Trade and Investment Framework Agreement (TIFA) early next year, on which both the nations are currently focusing their attention.

He hoped the TIFA would be a stepping stone to potential free trade agreement with the UAE.

Bohigian said that President George Bush announced that the Free Trade Agreement with Middle East will be concluded by 2013. "We have already concluded FTAs with Bahrain and Oman, while constructive dialogue has started with the UAE," he said.

Asked about the contentious issues hampering the FTA negotiations, the US official said that his nation has gold standard comprehensive free trade agreement with various partners throughout the world which deal with issues relating to investments and all sectors of economy along with energy.

Bohigian said in order to boost investments from Middle East, US Congress has recently passed a bill on FDI that will provide greater transparency to the screening process. Already 95 per cent of the FDI deals does not go through national security screening, he added.

Regarding the Middle East FDI position in the United States, he said it has enlarged to $17 billion at the end of 2006 comparing with $9 billion during the previous year, showing a massive expansion.

Speaking about US investments in the Middle East, he said that during 2006, investments made by the US firms grew to $27 billion from $21 billion. via Khaleej Times

Mohammam Bin Rashid Foundations announces 100 Scholarships

2007-12-07T19:29:00.000+04:00

The Mohammad Bin Rashid Al Maktoum Foundation has announced that it will provide 100 scholarships to students who wish to pursue masters degrees, reported Gulf News. Candidates who are selected to receive the scholarships will be able to pursue a masters degree in Business Administration, Public Administration, and Public Policy at a number of leading universities. Nationals of the 22 member countries of the Arab League are eligible to apply.

A step like this would ensure that the region steps onto the path of research and academic excellence. Higher qualifications are the cornerstones of sustainable development of any country and economy.

UAE Manufactured Car Makes its Debut

2007-12-01T12:03:00.000+04:00

For the first time a 150-horsepower, double cabin pick-up, produced in the UAE, has been launched in the market by Gulf Automobile Industry Corp priced between Dh36, 000 and Dh60, 000, reported Gulf News. The automobile has about 40 per cent local component, sourced from GCC and Arab countries and is being manufactured in a factory in Abu Dhabi. (ameinfo.com)

Interactive Marketing tool by Brand PLay

2007-11-24T17:09:00.000+04:00

Dubai-based BrandPlay iDMN has announced the launch of an interactive digital marketing network utilizing floor and wall spaces inside shopping malls and theatres, as interactive game-based advertising platforms for leading brands. Consumers interact with the brand and each other, in order to build a strong brand loyalty in high footfall locations and lift sales in-store. BrandPlay implemented a Nokia campaign at select high footfall indoor locations in the UAE and Saudi Arabia. (ameinfo.com)

Smart idea to get customers involved in the whole branding process. Such a thing would not only provide valuable customer feedback but also would foster customer loyalty and brand credibility.

Abraaj Capital Plans $1 Billion IPO

2007-10-19T16:55:00.000+04:00

Dubai-based private equity firm Abraaj Capital plans to raise about $1 billion through an initial public offering next year. The IPO will finance the acquisition of a Middle East finance company, it said.

Abraaj, which manages about $4 billion of assets, plans to sell new shares equivalent to between 20 percent and 30 percent of its combined capital in the third quarter and list the stock on the Dubai International Financial Exchange (DIFX), chief executive Officer Arif Naqvi told Reuters.

'We are going to a buy a financial services asset in the Middle East,' Naqvi said, declining to be more specific. The purchase will cost 'significantly' more than $1 billion, he said.

Abraaj said on Tuesday it attracted $1.2 billion for an infrastructure fund it manages that has invested in assets including a stake in Sharjah-based Air Arabia and in taking over an Egyptian fertiliser company. It plans to close the fund at $2 billion by year-end.

Abraaj is close to hiring a financial advisor to help arrange the IPO, Naqvi said, declining to be more specific.

Dubai set up the DIFX in 2005 to operate according to international regulatory standards, and encourage local companies to sell shares to the public and for foreign companies to tap the region's oil-driven wealth.

The Nasdaq Stock Market Co will take a 33 percent stake in the DIFX under an agreement with DIFX parent company Borse Dubai involving their takeover of Nordic and Baltic share markets owner and technology company OMX AB.

Gulf interest in selling shares in IPOs has grown since the United Arab Emirates, of which Dubai is the second-largest member, in August allowed families to retain as much as 70 percent of the firms they put up for sale.

The earlier limit of 45 percent had discouraged UAE families, some of which have built up multi-billion dollar businesses on the back of oil-driven wealth, from selling shares.

Depa United Group, a Dubai-based interiors contracting company, aims to raise at least $400 million in the first half and list the stock on the DIFX, with Global Depositary Receipts on the London Stock Exchange to 'provide additional liquidity,' Noor Sweid, a Depa United official, told Reuters on Tuesday.

Gulf Arab IPOs fell 4 percent in the first nine months to $5.9 billion after three consecutive years of growth, as investor demand declined, especially in Qatar, Kuwait and Bahrain, said a report by Abu Dhabi-based private equity firm Gulf Capital.

On average, investors offered 6.1 times -- or $1.3 billion per sale -- more than companies were seeking to raise during the nine months to Sept. 30, compared with almost 47 times more in the year-earlier period, Gulf Capital said. - Reuters

Pak-Oman Launches Brokerage Company

2007-10-08T22:59:00.000+04:00

The Pak Oman Investment Company, a joint venture between Oman and Pakistan, has launched the Pak Oman Brokerage Service, which is presently in the process of expansion and development. The firm is the third venture established by Pak Oman following the launch of the Pak Oman Microfinance Bank and the Pak Oman Asset Management Company last year via ameinfo.com

UAE to Keep Telecom Sector Closed

2007-10-02T22:07:00.000+04:00

The UAE government has announced that it will not open up the country's telecommunications sector to foreign companies in the near future, reported Gulf News. The UAE's Minister of Government Sector Development Sultan Bin Saeed Al Mansouri said the current number of companies is adequate, and tariffs will become competitive because etisalat no longer has a monopoly on phone and internet services.

via ameinfo.com End Post

UAE MoL to Issue Temporary Work Permits

2007-10-01T17:55:00.000+04:00

All companies in the country can now seek temporary work permits to facilitate the process of recruiting foreign manpower, said Assistant Under-secretary in the Ministry of Labour Obaid Rashid Al Zahmi.

He said the Work Permit Department in the MoL will today begin issuing temporary work permits to companies in different fields to give them an opportunity to place the new workers in a probation period. In the past, such permits were issued only to oil and energy companies.

The three-month temporary permit will cost Dh500. For a three-month extension of the permit, companies would have to pay Dh500 along with a Dh3,000 bank guarantee.

"Temporary permit is not expensive. It is beneficial to all, as the firms can check the qualifications and the performance of the workers they have recruited, and the workers' rights would be protected," added Al Zahmi. via Khaleej Times
End Post

UAE plans Country Wide Rail Line

2007-10-01T17:42:00.000+04:00

"A 350-km national railway network is being planned by the UAE to ease traffic congestion, a report said.

The track will link Abu Dhabi to the east coast and will eventually be connected with the proposed GCC-wide railway network, the Gulf News report quoted Sultan Bin Saeed Al Mansouri, Minister of Government Sector Development as saying.

The project is being studied now and when it is finalised it will be presented to the government, Al Mansouri said in the report. more.. "

A project like this is a need of the hour more than an a wish or a dream. It will ensure the sustainablity of SME's and provide a faster and reliable means of transport between the emirates.

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Saudi Arabia Improves Ranking on Wolrd Bank Survey

2007-09-29T21:54:00.000+04:00

Saudi Arabia has advanced 15 places in the World Bank's Doing Business 2008 survey, reported Gulf News. The kingdom has now reached number 23 in the table and has been flagged up as one of the world's fastest reformers with regards to developing an attractive climate for new businesses. One of the improvements has seen companies be able to start up their businesses in 15 days, as opposed to 39 previously.

via ameinfo.com end post

Dubai Financial Market Draws more Investment

2007-09-29T21:49:00.000+04:00

Foreign investors are stepping up their activities on the Dubai stock market. The value of shares and bonds bought by foreign investors or non-UAE nationals, during last week (September 23 to 27) has reached Dh1.570 billion (0.427 billion).

It comprises 35.2 per cent of the total value of stocks traded at the Dubai Financial Market during the period.

The value of stocks sold by foreign investors during the same period reached Dh1.183 billion comprising 26.5 per cent of the total value of stocks traded during the period. Net foreign investment on the market reached Dh 387.1 million during the same period, as aggregate buy.

The value of stocks bought by institutional investors during last week reached Dh1.268 billion comprising 28.4 per cent of the total value of stocks traded during the period.

The value of stocks sold by institutional investors during the period reached Dh 903.4 million which constitutes 20.2 per cent of the total value of stocks traded during the period.

Net institutional investment on the market reached Dh364.5 million during the period as aggregate buy. – TradeArabia News Service

Iran, Pakistan to sign Multi-billion Dollar Gas Deal

2007-09-29T21:40:00.000+04:00

Iran will sign a multi-billion dollar gas pipeline deal with Pakistan in the absence of India by the end of October, a top Iranian official said. 'The peace pipeline contract ... will be ready to sign by the end of October,' Hojatollah Ghanimi-Fard, Iran's representative to the talks, told the oil ministry's news service Shana.

Indian officials have been absent from the talks over the so-called 'peace pipeline' between Iranian and Pakistani officials to finalise the long-delayed deal, which would see Iranian gas sent to Pakistan and to India via Pakistan.

'It was agreed that the price be calculated according to the current gas market standards,' Ghanimi-Fard was quoted as saying by the Irna news agency.

'Pakistan asked for 60 million cubic metres per day, 30 million of which was approved,' he said.

'All issues of disagreement were studied again and all points have been finalized,' he said, adding the final meeting will be held in Pakistan in mid-October to 'study the text of the contract to see if it does not contradict agreements.'

Ghanimi-Fard said India was welcome to join the contract 'whenever this country's problems are resolved and it will be a tripartite deal”.

An Iranain official said earlier this week that India was not taking part in the discussions because it had yet to finalise a deal with Pakistan over the cost of transit across its neighbour's territory.

Discussions on the $7.4-billion project started in 1994, but have been held up by technical and commercial issues.

There have also been strong objections to the pipeline from the US -- a key friend of Pakistan and an ever closer ally of India -- which is at loggerheads with Iran over its contested nuclear programme.

The 2,600-km pipeline from Iran's giant South Pars gas field would initially carry around 60 million standard cubic metres gas per day.

Iran has the world's second largest gas reserves after Russia but until now has remained a relatively minor player in the global export market. via Trade Arabia

Masdar awarded 'Sustainable City of the Year' by Euromoney

2007-09-29T00:28:00.000+04:00

Masdar, the landmark initiative by the Abu Dhabi government to promote advanced energy and sustainability worldwide, has been named 'Sustainable City of the Year' at the Euromoney and Ernst & Young Global Renewable Energy Awards 2007.

The award, the latest plaudit for the Abu Dhabi Future Energy Company, was presented at the 9th Annual Global Renewable Energy and Finance Forum (REFF) in London on Monday (September 24, 2007) by veteran BBC journalist John Humphrys. The REFF is Europe's largest and most established event for the renewable energy finance community.

Masdar CEO Dr. Sultan Ahmed Al Jaber said the award shows the centrality of the Masdar Initiative in the global renewable energy sphere.

'This is a valuable recognition of Masdar's commitment to and vision of a clean energy future for the world, and provides a significant impetus for us to move forward,' he said. 'We are honoured by this gesture of trust and confidence from our peers in the industry.'

The REFF conferences unite public and private investors, project developers and senior executives from across the renewable energy, technology and corporate funding sectors worldwide. Conference delegates and members of the public can vote in the Global Renewable Energy Awards, which recognise the projects, companies and individuals who have made significant contributions to the renewable energy sector.

The 2007 awards were presented in 12 categories, including IPO of the Year, Emerging Technology Promoter of the Year, Climate Change Investment Programme of the Year and Sustainable Region/City of the Year.

In June, Masdar received the first World Clean Energy Award from the Transatlantic21 Association in Basel, Switzerland.

Masdar is a comprehensive Abu Dhabi government program addressing the issues of sustainable energy sources and environmental practices. The program is focused on developing and commercializing advanced and innovative technologies in renewable, alternative and sustainable energies. via ameinfo.com

New Laws by Monopoly Control Authority Pakistan

2007-09-28T12:47:00.000+04:00

The Monopoly Control Authority (MCA) is introducing a new law to restrain companies/manufacturers from sharply lowering prices of consumer goods, in a bid to create monopoly, by preventing entry of new competitors or forcing existing companies out of the market.

Terming the new law as historic, MCA Chairman Khalid Mirza told Business Recorder on Thursday the Authority has taken a bold step to notify a "general order" preventing companies from committing 'predatory pricing', in the long-term interest of consumers.

The MCA has notified regulations to deal with the 'predatory pricing', a method where a manufacturer, producer or proprietor sharply drops a price of goods to non-competitive level to drive out competitors and subsequently raise the price sharply.

This act of the companies would be considered as "unreasonable monopoly power", which would be subjected to penalty under the provisions of Monopolies and Restrictive Trade Practices (Control and Prevention) Ordinance, 1970.

The MCA chief said the enforcement of the new law would fill a major gap in regulating framework for competitors. Most astonishing aspect of the 'predatory pricing' is that the established company, who deliberately bring its prices to extreme low level for causing damage to new competitors, would later raise prices, exceptionally.

In short term, the consumer thinks that the price of a product is very low, but once the competitor is out of the market, the company would recover all their losses by raising prices, he said, adding this sharp increase in prices at a later stage would cause real damage to the consumers in long-term and needs to be checked under MRTPO.

In some cases, the Authority has observed that the companies/manufacturers have been allegedly involved in substantially decreasing prices of finished products to prevent entry of new competitors or forcing the existing competitions out of the market. The company intending to make such practice would be considered as involved in "unreasonable monopoly power".

Khalid Mirza said the Authority has adopted a definite measure for the first time to effectively regulate and retain the manipulative practice of predatory pricing. The aim of predatory pricing is to drive out competitors from or prevent new entrants in the market, he added.

Meanwhile, sources said that certain companies in leading sectors of Pakistan have committed "predatory pricing" to kick out their competitors from the market. In the past, a top Tetra Pack Company had attempted to create monopoly by lowering prices of milk and mineral water products to force a new competitor out of the market. The prices of milk were again substantially raised once the new competitor left the business.

Quoting another example, sources said that a manufacturer of polyester also tried to create monopoly when a new competitor entered into the business. Similarly, cement units had decreased prices of cement in the past when a new competitor entered into the market.

Following is the text of the SRO(I)/2007 issued on Thursday: Suggestions or objections from any person or undertaking affected by the following General Order are invited by October 24, 2007, for the consideration of the Authority under section 7 of the Monopolies and Restrictive Trade Practices (Control and Prevention) Ordinance, 1970.

Pursuant to section 7 of the Monopolies and Restrictive Trade Practices (Control and Prevention) Ordinance, 1970 and the enabling powers conferred on the MCA in that behalf, the Authority has prescribed that the following is deemed to constitute a practice prohibited under the Ordinance:

Any price or fee charged by an undertaking that is below the average long-run incremental cost (average variable costs plus any product specific fixed costs) incurred in the production of goods or in the provisions of services, (or such cost reasonably determined as imputable to the undertaking) which has or is likely to have the effect of driving competitors out of a market or preventing the entry of new competitors in the market, shall be deemed to be the exercise of unreasonable monopoly power. Copyright Business Recorder, 2007

Dollar Vs. Euro- New Low

2007-09-27T23:41:00.000+04:00

The dollar fell to a record low against the euro for a sixth straight session on Thursday. US economic data this week have provided no respite for the beleaguered dollar and have affirmed the view the Fed will cut its benchmark rate again after last week's half percentage point cut to 4.75 percent.

Overall, the reports provided evidence of further US housing market decline, deteriorating consumer confidence and a sharper-than-expected fall in durable goods orders. Chances of an October rate cut are down to about 84 percent from as high as 92 percent, according to Reuters data.

But traders will look to data due later in the day on new home sales in August and weekly jobless claims to see whether it makes a stronger case for the Fed to cut again, which would further hurt the dollar's yield appeal.

"It's more of the same. There is still the broad dollar bear trend so the dollar is performing poorly, particularly against the high-yielders like the Australian dollar, Turkish lira, and Hungarian forint," said Chris Turner, head of FX strategy at ING.

The euro rose to a new peak of $1.4166 versus the dollar, according to Reuters data. BY 0749 GMT, the euro traded at $1.4140, up 0.1 percent on the day. It has risen nearly 4 percent against the dollar so far this month.

The dollar index was at 78.450 after sliding to a 15-year low of 78.210 earlier this week, near an all-time low of 78.190.

The US currency edged up 0.1 percent against the broadly weaker yen at 115.59 yen.

US economic data stays a focal point for the foreign exchange market after the Fed cited the need to forestall damage to the broader economy from credit troubles when it cut interest rates last week.

Markets are awaiting the release of August new US home sales, which are estimated to have fallen to an annualised rate of 830,000 from 870,000 in July.

Analysts said an unexpectedly strong report could prompt a technical rebound in the dollar which some investors felt had been oversold.

Traders still expect the euro to continue its climb, although some worried that the euro zone economy may be hit by the US subprime mortgage mess and global credit crunch.

"The Fed's rate cuts and a weaker dollar may act to prevent the (US) economy suffering too much, which ironically given the extent of bad news already priced into the dollar, may eventually help the currency to recover. But we are probably some way off a turnaround in the dollar yet," said Calyon in a research note.

The yen, meanwhile, was under pressure against the euro as Tokyo shares rallied, drawing some investors back to carry trades in which the low-yielding currency is used to fund high-yielding currencies and assets.

The euro rose to a new 7-week high of 163.76 yen, with the euro paying little attention to a slightly softer than expected German jobs report for September and an in-line reading for August euro zone M3 money supply growth.

High-yielding currencies such as the Australian and New Zeal and dollar have also done well, rising 0.4 percent and 0. 7 percent versus the greenback. - Reuters

GCC Losing Out Talent

2007-09-27T23:25:00.000+04:00

The Middle East is losing out in the war for talent, according to a global survey by search firm Heidrick & Struggles and the Economist Intelligence Unit. Saudi Arabia and Egypt rank in the bottom five of the Global Talent Index, a new 30-country survey, and their ranking is forecast to remain static over the next five years. The report said a strategic approach is required to ensure the region develops, attracts and retains the best people (ameinfo.com)

It would be interesting to see if a study on how fast the region is losing existing or aspiring entrepreneurs. It is not only the new entrepreneurs who would walk out but also existing businesses would suffer.

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Omantel to Acquire WorldCall Pakistan

2007-09-27T23:19:00.000+04:00

Omantel has announced that its company board has approved acquiring a majority share in Worldcall Limited, a Pakistan-based telecom company. No terms were released. Finalization of the deal is subject to the approval of Worldcall shareholders and the Pakistani regulatory authorities.

"A break through for a Pakistani Company, speaks of how the booming IT and Telecom Sector in the sixth biggest market of the world is being eyed by foreign stake holders."

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Nasdaq, Dubai raise OMX bid, control 47.6 pc shares

2007-09-26T21:57:00.000+04:00

Nasdaq and Borse Dubai on Wednesday raised their bid for OMX to $4.9 billion and said they had control of 47.6 percent of shares in the Nordic exchange operator. The bid was raised to 265 Swedish crowns per OMX share from 230 crowns, the firms said in a statement.

The two firms also said they had lowered the acceptance level to complete the offer to above 50 percent from the previous level of above 90 percent.

Earlier, a report said they had won agreement from Investor AB, OMX's biggest shareholder, and other investors to sell their shares at 265 Swedish crowns ($40.57) each.

The other sharesholders are Nordea Bank, OMX chief executive officer Magnus Bocker and founder Olof Stenhammar.

Meanwhile, Borse Dubai chief executive said they hoped to get a controlling stake in OMX soon.

Per Larsson said it was difficult to say when they would cross the 50 percent barrier.

"We are talking to other shareholders as well. How soon we will get over 50 percent is difficult to say, but hopefully fairly soon," Larsson said in a telephone interview.- Reuters

Microsoft eyes Facebook Stake

2007-09-25T20:35:00.000+04:00

Microsoft is reported to be in talks to buy a stake in Facebook that could value the social networking website at as much as $10 billion (£5 billion). The talks could lead to a showdown with Microsoft's rival, Google, which is also keen to invest in Facebook, the Wall Street Journal says.

The newspaper says Microsoft wants to buy up to 5 per cent of Facebook, for a price between $300 million and $500 million. Microsoft and Google both declined to comment on the report.

Facebook already has a relationship with Microsoft, which is the exclusive provider of banner advertising and sponsored links on the site.

'We think it's likely that Microsoft would be considering an investment in Facebook given their existing relationship and the strong growth potential of that market,' said Andy Miedler from the US brokerage Edward Jones.

One of Facebook's directors, Peter Thiel, recently said that the site would consider a buyout offer in excess of $10 billion.

More than 40 million people use Facebook to set up personal web pages and communicate with each other.

The company expects to make a profit of $30 million this year so on conventional valuations a $10 billion price tag would look expensive.

Khudee - Business Plan Competiton Pakistan

2007-09-23T17:25:00.000+04:00

Business Plan Competition "Ideas for Tomorrow" being organized by TIE Lahore and Lahore University of Management Sciences. It is a very commendable efforts for Pakistani Entrepreneurs and those who seek to do business in Pakistan.

Awards and Prizes

1st Prize RS 500,000

2nd Prize RS 300,000

3rd Prize RS 200,000

Eligibility Criteria

Team size: min 3 and max 5 members.
At least one member must be Pakistani.
Team must be multi-disciplinary.
Participant's minimum age: 21 years.

For more details please log on to their website http://www.businessplan.pk/. Bizzwhizzdubai is encouraging team formations and support, those interested please contact us or leave comments on our website.

Pakistan briefs Wolrd Bank on establishing Foreign Investment Counsel

2007-09-21T17:15:00.000+04:00

Secretary, Board of Investment (BoI) Mushtaq Malik, here on Thursday apprised a delegation of the World Bank regarding the proposal for the establishing "Foreign Investment Counsel" (FIC).

"This will eventually bring together selected global Chief Executive Officers (CEOs) to give advise on policy issues to the Government of Pakistan", he told a six-member World Bank's delegation which called on the Secretary Bol on Thursday.

The delegation comprised Said al-Habsy Operations Adviser Pakistan, Satu Kristiina J Kahkonen, Lead Economist, Paul Wade, Senior Economist, Zahid Hasnain Senior Economist, Shaheen Mali, Research Analyst and Sayem Ali Analyst.

The World Bank delegation shared their common views about the impressive economic turnaround in Pakistan, which has also been depicted in many of the World Bank reports. The group asked about the future strategy of the government to carry on the momentum of foreign investment inflows and inquired about the Government's policies to promote FDI in the Power Sector and export oriented businesses.

The Secretary said that during this current fiscal year 2006-07, gross domestic product (GDP) growth rose at a better pace and stood 7 percent, regarding the GDP agriculture growth 5 percent, industries by 8.4 percent, others 8 percent growth recorded. He also briefed the delegates that BoI was actively playing its due part and representing investors' interests.

BoI proactively passes a policy concern and holds stakeholders meetings regularly. He further explained that BoI is involved in processing and providing work visas, permissions for opening of branch offices/liaison offices, airport entry passes, provincial security clearance to expatriates and dealing with grievances of investors. BoI also has two International Directorates, which work very closely with Pakistan's missions abroad and foreign missions in Pakistan for facilitating Investment projects, delegations' visits and approaching their markets, he added.

He said BoI has also appointed honorary investment counsellors in key countries, preferably of non-Pakistani origin, to interact with business communities and lure them to invest in Pakistan. BoI has also taken an initiative to sign MoUs with foreign investment promotion agencies. He told the delegation that BoI signed a MoU with Competitiveness Support Fund (CSF) for improving the investment climate and enhancing competitiveness of economy and with Infrastructure Project Development Facility (IPDF) for similar purpose. via Business Recorder.

Saudi Arabia Multiple Entry Visas for Businessmen

2007-09-21T16:58:00.000+04:00

Saudi Arabia's government has authorized its embassies abroad and other immigration authorities to issue multiple-entry visas valid for 12 months to foreign businessmen, reported Arab News. The multiple-entry visa means that business travelers to the Kingdom will no longer need to go through the process of getting a letter, authorized by the local chamber of commerce, each time they need to come to Saudi Arabia.

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Sharjah unveils New Rent Law

2007-09-21T16:48:00.000+04:00

"The UAE's Sharjah emirate has enacted a new rent law that prohibits landlords from increasing the rent until three years after signing the lease, and every two years thereafter, reported Gulf News. Under the new rule, increases can be no higher than rents of properties of similar value, and Sharjah's dispute committee is authorised to determine the rent increase if there is disagreement between landlord and tenant. " via ameinfo.com

It is a commendable step but depends how it is understood and implimented. The biggest ambiguity is that of the rent being no higher than rents of similar properties, specially for businesses with some lands being owned by a company, some being rented rented by old tenets and others being given to new ones, fair price determination is difficult. More over landlords would get old tenets evacuated to rent to new ones on higher rate.

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Nasdaq DIFX - the new MENA Brand

2007-09-20T19:01:00.000+04:00

Nasdaq will take a 33 percent stake in the Dubai International Financial Exchange, invest a further $50 million and allow Dubai to use its name in the Middle East, North Africa and South Asia, Borse Dubai said.

Under its share-swap deal with Nasdaq over Sweden-based bourse operator OMX, state-owned Borse Dubai will also have a separate joint venture agreement with Nasdaq in China, Borse Dubai chairman Essa Kazim told Reuters from Stockholm.

"The great thing for us is that we will now be able to use the Nasdaq brand in the Mena region and the sub-continent," Kazim said.

The Dubai International Financial Exchange will be re-named Nasdaq DIFX, Kazim said. - Reuters

Borse Dubai and Nasdaq - European Exchanges Trade Off

2007-09-20T18:50:00.000+04:00

Borse Dubai and the Nasdaq Stock Market on Thursday announced an agreement that will allow Nasdaq to secure the pan-Nordic stock-exchange operator OMX in return for giving up most of its stake in the London Stock Exchange as well as a fifth of itself.

The plan would put an end to months of fighting between Dubai and the Nasdaq over the fate of the OMX -- and would give Middle East ownership to one of America's two main stock exchanges for the first time. But a rival Qatar fund stepped in on Thursday and threatened to derail the whole pact.

The deal calls for Dubai to buy a nearly 20% stake in the Nasdaq Stock Market NDAQ at an implied price of $41.04 a share, or a 14% premium to Wednesday's close. Dubai will get only 5% voting rights, however, with the rest held by an independent trustee.

Dubai also will purchase 28% of the London Stock Exchange at a price of 14.14 pounds a share from the Nasdaq, which will retain a 3.5% stake it secured in an unsuccessful takeover attempt.

Dubai then will transfer all the shares it acquires in the OMX with its 230 Swedish-kronor-a-share bid to the Nasdaq.

Nasdaq also will take a "strategic shareholding" in DIFX, Borse Dubai's market, which will take on the Nasdaq name. The companies didn't say what investment the Nasdaq will make in the DIFX.

Bob Greifeld, Nasdaq's president and chief executive, said on a conference call that the deal will allow it to share technology with the OMX and bring further liquidity into the Swedish and Nordic stock markets.

"We want to take advantage of opportunities in the post-MiFID world," he added, a reference to a piece of European legislation that will force best-execution practices on brokers, which many expect will increase competition for European stock trading.

OMX shares initially traded sharply lower on the news, as the Dubai-Nasdaq fight came to an end.

But the shares rebounded, rising 2.3% at 246 kronor after the Qatar Investment Authority said it was "evaluating" the situation and told shareholders of the Stockholm, Copenhagen and Helsinki exchange not to take action.

The Qatar announcement came as executives from Nasdaq and Dubai were on a conference call -- eliciting a "no comment" from Greifeld.

Dubai gets Nasdaq boost ... and LSE investment

Essa Kazim, Borse Dubai's chairman, said the deal will help it develop a "world-class" Dubai market, noting $2.3 trillion in excess liquidity in the region that he said needed to be put to work.

"The growth potential is huge," Kazim added, saying that the region may emerge as the world's fifth-largest economic bloc. "You are all aware of oil prices at very high levels."

Nasdaq's Greifeld agreed. "Nasdaq combined with the DIFX will bring additional liquidity and help the economic lives of many," he said.

As for the LSE, the Dubai executives called it a "purely financial investment." There have been no talks between LSE CEO Clara Furse and Borse Dubai.

LSE shares rallied 9.7% to 16.01 pounds a share as investors speculated the U.K. exchange could once again be in play.

"The market certainly thinks so," said Michael Long, an analyst at Keefe Bruyette & Woods. "Dubai has already denied it, so a further denial won't make any difference."

He doesn't expect Dubai to launch a bid for the LSE anytime soon as it will have to concentrate on pushing through the OMX-Nasdaq deal.

But Long added he wouldn't expect the exchange to "sit on its hands" should Qatar -- which previously had been considered a front-runner to buy the LSE stake that Nasdaq put for sale -- mount a bid.

Needs U.S. stamp of approval

In addition to OMX shareholder approval, the exchanges will seek clearance from the U.S. government for the deal.

Nasdaq's two largest shareholders already have approved the deal, Greifeld said.

Nasdaq plans to rename itself Nasdaq OMX Group, with four OMX directors and two Dubai directors sitting on what would be a 16-member board. Stockholm will be the center of the European market activities.

J.P. Morgan, SEB Enskilda and UBS advised Nasdaq, and HSBC and ABG Sundal Collier advised Borse Dubai.