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| A comprehensive guide
to current and future events and exhibitions in the UAE |
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Valuable concise reference source on the UAE,
covering political system, economy, business, history and heritage,
education, women, healthcare, tourism and environment. |
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Natural history of the UAE,
covering all animals and plants recorded in the Emirates. |
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Report by National US Arab Chamber of Commerce on the UAE. Vol XV, No 3, June 2007. Includes analysis of UAE economy. |
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King of Jordan praises ties with UAE
posted on 03/07/2008
 Amman - His Majesty King Abdullah II of Jordan has expressed appreciation to the GCC countries, including the UAE, for their continuous support to his country's economy.
King Abdullah said in an interview with Jordan News Agency (Petra) that although like all nations around the world, Jordan had suffered from the problem of high prices, "we are in fact in a better position than most countries, even those with more natural resources." "Like my father before me, I have always invested a lot of time and energy to have warm and brotherly relations with all Arab countries and especially Gulf countries. And thank God there is an amazing amount of goodwill towards Jordan from our brothers in the Gulf, and for that I am very proud and grateful. Unlike a few years ago, when oil prices were very low, today our brothers from the Gulf have tremendous means and a sincere will to help us."
He praised UAE's continuous support to Jordan and referred to the investment made by a UAE company in the Aqaba Special Economic Zone Authority (ASEZA). "ASEZA never got an attractive price for the current port that would enable it to build a new one. After some sites were proposed as investment opportunities for our brothers in the Arab Gulf, agreement was reached to invest in this port to cover the amount needed to pay the debt. The idea was to convince them not to look at this in purely commercial and investment terms, but as a way to help Jordan in these very difficult times; to consider it as part investment and part aid.
"As always, our brothers from the UAE came through for us, and for that, we are extremely grateful," he said. Emirates News Agency, WAM
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UAE signs air services MoU with Jordan
posted on 03/07/2008
The United Arab Emirates, represented by the General Civil Aviation Authority (GCAA) has initialled "open Sky" Air Services Memorandum of Understanding (MoU) with Jordan The MoU was signed by Saif Mohammed Al Suwaidi, the Director General of UAE General Civil Aviation Authority (GCAA) and Captain Sulaiman Obaidat, Head Commissioner of the Jordanian Aviation regulation Authority. Both parties agreed to designate all UAE airlines (Emirates, Etihad, Air Arabia, RAK Airways) as designated Airline of UAE, and Royal Jordanian as the designated airline of Jordan.
The MoU includes unlimited capacities, numbers of frequencies and routes, as well as any types of aircraft whether owned or leased that are operated by designated airlines of both countries for passenger and cargo services. Also both delegations agreed to allow unrestricted non-scheduled operations for private charters between the two countries. Emirates News Agency, WAM
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UAE prepared to defend itself against security threats
posted on 03/07/2008
 The country will continue working to protect its natural resources, including oil, from security threats which have become a heavy burden on the global economy, said Lieutenant-General Hamad Mohammed Al Rumaithi, Chief of Staff of the UAE Armed Forces.
In a keynote speech at the first Gulf Naval Commanders Conference held in the capital yesterday, Al Rumaithi said although the country is an advocate for peace, this does not mean that it will not be prepared to defend itself against external security threats.
Focused on the importance of creating a secure GCC network for ensuring maritime security, and combating threats in the waters surrounding GCC countries, the conference featured navy commanders from the UAE, Kuwait, the US, the UK and France.
Answering a question about geopolitical tension with neighbouring countries, Rear Admiral Ahmed Mohammed Al Teneji, Commander of the UAE Navy, said Iran is an ally and does not pose a maritime threat.
"Iran is a neighbouring country; we are joined by many interests. Ensuring the security of the Gulf is a collective project that includes Iran, and the country does not perceive any current threat from Iran. But we are also prepared to defend ourselves," he said.
As the commander of the US Naval Forces Central Command, Vice-Admiral Kevin Cosgriff, Commander, US 5th Fleet, said by helping secure the waters of the region, his job is to help provide security and enable economic prosperity. "The world's oceans have always served as a vital link among people and provided a way to transport goods. Today is no different. Approximately 90 per cent of the world's commerce travels are undertaken by the sea routes, and thus clearly the importance of keeping oceans safe and open for peaceful purposes by all is important, if not vital, to the global system," he said
Major-General Al Mullah, Commander of the Kuwaiti Navy, said the region needs to develop naval training, missions, capabilities such as deterrence by naval presence, maritime security, and humanitarian assistance and disaster response to combat the current challenges.
"The threat of the Arabian Gulf security as we witnessed in the last five years is mainly that of Islamic extremist organisations such as Al Qaeda which have carried out different attacks against naval and commercial ships as well as suicide attacks against maritime targets and infrastructure such as the attack against the US ships and the French tanker Limburg in the Gulf of Eden.
"Other threats to the Arabian Gulf include piracy, illegal trafficking of people, drugs, weapons, and other dangerous illegal materials such as weapons of mass destruction," he added.
The event was organised by the Institute for Near East and Gulf Military Analysis (INEGMA) and the Emirates Centre for Strategic Studies and Research (ECSSR). Khaleej Times
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Contract for Khalifa medical complex in Morocco signed
posted on 03/07/2008
 A contract for building the Sheikh Khalifa bin Zayed specialised medical complex in Casablanca, Morocco, was signed Wednesday between Abu Dhabi Municipality and French Jacob France Engineering Consultancy Group. The US$ 100 million health facility will be built by a donation offered by UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan.
Director General of Abu Dhabi Municipality Juma Al Junaibi said the French consultant will undertake the works of architecture, design and supervision of the 65,000 square metre health facility where the built up area will be around 40,000 square metres. 'The centre will be completed in 30 months,' he said, adding that the project will also include commercial buildings whose revenues will be used to run the medical city to ensure high performance, operation and maintenance. Construction work is expected to commence by year end. In addition to the specialised wards, the city will house a nursing school, a central laboratory, a radiology centre and a VIPs ward. Emirates News Agency, WAM
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Saudi official praises UAE pavilion at Expo Zaragoza
posted on 03/07/2008
 Zaragoza - The UAE pavilion at the international Expo Zaragoza in Spain has exhibited the impressive progress and prosperity in the UAE, according to a senior Saudi official. 'The progress we saw yesterday at the UAE pavilion is a source of proud for all of us. The leadership and government of the UAE are working tirelessly to achieve development and progress and improve quality of life of UAE citizens,' said Dr. Abdul Rahman Al Sheikh, Undersecretary of Saudi Ministry of Municipal Affairs.
The International Expo "Water and Sustainable Development' was opened June 14th and will last until September 14th, 2008.
'The UAE is always taking the lead in its participation at Gulf, Arab and international gatherings. This open approach has won it wide international acclaim and respect, 'the Saudi official added. He said that he had noted the increasing number of visitors flocking to the UAE pavilion to acquaint themselves with the breathtaking progress made by the UAE in the economic, tourist, social, cultural, health and educational fields. Emirates News Agency, WAM
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ADNOC announces retrospective crude prices for June 2008
posted on 03/07/2008
 The Abu Dhabi National Oil Company (ADNOC) yesterday announced the retrospective prices for June 2008 for Abu Dhabi's four main grades of crude oil. The price for the onshore Murban crude was set at US$134.00 per barrel, while prices for the three offshore crudes were set at US$133.90 for Lower Zakum, US$133.00 for Umm Shaif and US$128.20 for Upper Zakum. Emirates News Agency, WAM
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UAE has lowest subsidies on fuel among oil producers
posted on 03/07/2008
 The UAE has the lowest subsidies on fuel prices among oil producers and experts believe this has contributed to accelerating inflation in the country. Details published in London this week based on 2006 figures showed the UAE did not have any subsidy on diesel prices, while it provided a subsidy of US$10 per barrel of gasoline. Subsequently, Abu Dhabi in the UAE has subsidised diesel.
The figures by the Centre for Global Energy Studies (CGES), which is owned by former Saudi Oil Minister Ahmed Zaki Al Yamani, showed that the UAE had the lowest fuel subsidies at the end of 2006 among 13 oil producers within the Organisation of Petroleum Exporting Countries and other key producers. Conflict-battered Iraq provides the highest diesel subsidy of US$65 per barrel, followed by Iran, which provides US$60 per barrel and Saudi Arabia, with US$57.
Iraq also provides the highest petrol subsidy of US$64 per barrel, followed by Venezuela with US$54 and Iran with US$51.
China came next to the UAE in low subsidies, which stood at US$13 per barrel of diesel and no subsidy for petrol. Experts said the absence of subsidies on diesel and low subsidy on petrol have allied with a spate of price increases over the past year to stoke inflation in Dubai along with higher rents and food prices. Emirates Business 24|7
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Abu Dhabi Economic Development Council calls for measures to streamline investments
posted on 03/07/2008
 The Abu Dhabi Economic Development Council has called for new but stringent measures to streamline local investments in a manner that would curb the operations and existence of bogus investment companies.
In a report released in Abu Dhabi yesterday, the council stressed the need for concerned authorities to create robust investment machinery so as to stop investors falling prey to investment rackets.
The report was prompted by a recent case unveiled by the Abu Dhabi police in which an "owner" of a non-existent investment company duped more than 2000 investors into putting their money to the supposedly lucrative investment wallet. The unlicensed "financial investment" saw the swindler collecting money from UAE nationals and expatriates, but was surprisingly paying profits of up to 70 per cent on regular basis to gain confidence of his victims and lure more investors. "With the volume of personal cash expanding, more and more people are angling for financial investment opportunities.
This desire is unfortunately exploited by unscrupulous individuals who masquerade as owners of investment wallets. Some people, unfortunately, are gullible enough to trust these schemes, especially in the absence of robust financial investment initiatives", said the report.
The report called for small financial investment initiatives as the only viable way for encouraging individuals to put their money in safer and profitable projects. Emirates News Agency, WAM
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UAE set to become dominant banking force
posted on 03/07/2008
 A rapid growth in credits and other financial operations have coupled with an ongoing capital increase drive to turn the UAE into the largest banking sector in the Arab world, overtaking Saudi Arabia in almost all banking components. At the end of March, the United Arab Emirates emerged with the dominant Arab banking sector in terms of assets and most of their components, including loans and advances, deposits, capital and financial reserves.
Official figures showed the combined assets of the UAE's 52 commercial banks peaked at nearly Dh1.34 trillion, more than triple their level in 2004, when they stood at around Dh442 billion.
Bank assets in Saudi Arabia, which had long dominated the Arab banking system, stood at around SAR1.17trn (Dh1.15trn) at the end of March. They grew to SAR1.2trn at the end of May but remained below the UAE bank assets, said central banks of both countries.
The UAE overtook Saudi Arabia as the Arab world's largest banking system at the end of 2006, when its assets stood at Dh865.9bn. The assets of the Saudi banks were around SAR861bn.
The gap began to widen in 2007 as a result of a sharp growth in the UAE bank credits, deposits, capital and other financial operations. At the end of 2007, bank assets in the UAE stood at Dh1.23trn, while they were estimated at SR1.07trn in Saudi Arabia.
A breakdown showed there was a rapid growth in most UAE bank activities due to the surge in the economy and projects, with loans and advances leaping to Dh792.7bn at the end of March from around Dh720bn at the end of 2007 and Dh515.3bn at the end of 2006. They were estimated at Dh426bn at the end of 2005 and Dh312bn at the end of 2004. Deposits jumped to Dh773.5 billion by the end of March from Dh720bn at the end of 2007 and around Dh558.2bn at the end of 2006.
A drive to expand their capital base in line with Central Bank instructions boosted the UAE banks' shareholders equity to a record Dh141.1bn at the end of March from Dh116.3bn at the end of 2007.
The Central Bank gave no figures for the first half of the year but bankers said the capital had risen by around five per cent as more banks have boosted reserves.
In comparison, Saudi Arabia's bank loans and advances to the private sector grew to SAR673bn at the end of May from SAR577bn at the end of 2007 and around SAR476bn at the end of 2006, according to the Saudi Arabian Monetary Agency (Sama). Deposits surged to a record SAR769.9bn at the end of May from SAR717.5bn at the end of 2007 but they remained far than those held by UAE banks.
Sama's figures showed Saudi Arabia's combined bank capital and reserves were also below than those in the UAE, standing at SAR127.2bn at the end of May. In terms of net profits, they were higher in Saudi Arabia as they stood at around SAR30.2bn in 2007 compared with Dh24.5bn in the UAE. "This is normal considering the fact that the Saudi market is much bigger than the UAE market
you have to take into account the population and the gross domestic product of that country," a UAE banker said.
Official figures showed Egypt was ranked third in terms of Arab bank assets, which stood at around Dh702bn at the end of May. It was followed by Kuwait, with bank assets of nearly Dh485 billion. At the end of 2006, the combined Arab banking sector's assets totalled around US$1.268 trillion. Emirates Business 24|7
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Telecom market to rise 63pc
posted on 03/07/2008
 The UAE telecoms market is projected to grow 63 per cent to Dh35.27 billion in four years on the back of increased mobile phone penetration rate hitting a regional high of 188 per cent. The record high penetration, shared by etisalat and du, also implies that there are nearly two SIM cards per person in the UAE.
UAE's population growth, projected at a five- year compounded annual growth rate (CAGR) of 4.8 per cent, will be the key driver for the sector, resulting in a combined CAGR of 8.6 per cent. In tandem, revenues from internet subscriptions are also poised to double in four years, a forecast by a market analyst said.
This year, telecoms market is on course to record a compounded annual growth rate of 8.5 per cent to reach Dh27.27 billion from Dh21.68 billion in 2007. By 2009, it is expected to reach Dh29.72 billion, Al Mal Capital said in its latest forecast.
The report forecast the UAE mobile market to grow from 7.7 million subscribers in 2007 to 9.2 million in 2008 and to 11.9 million by 2012. 'Given the already very high penetration rates in the UAE, we expect penetration rates to grow modestly from 166 per cent in 2007 to 188 per cent by 2012. Penetration jumped over 38 per cent in 2007, from 127 per cent in 2006, to 166 per cent in 2007. At face value, these rates imply that there are nearly two SIM cards per person in the UAE.' However, fixed-line penetration remains at a steady 30.0 per cent.
Revenue is projected to grow by 134 per cent in 2008 to Dh 3.61 billion as the number of active subscribers continues to grow. 'As du continues to capture market share from etisalat, we see further increases in revenue by 53.1 per cent to Dh5.52 billion in 2009 and to Dh8.86 billion by 2012.'
The forecast projected EBITDA (earnings before interest, taxes, depreciation and amortisation) margins of 10 per cent in 2008, generating EBITDA of Dh360.6 million growing to 24.8 per cent in 2009 with EBITDA of Dh1.37 billion and to 49 per cent by 2012, equating to Dh4.34 billion.
UAE's internet penetration is also projected to continue the rapid growth (16.1 per cent CAGR since 2005). Current UAE internet penetration figures assume 2.4 users per subscription, according to the Telecom Regulatory Authority. 'Over the next few years, we project growth in both users and subscriptions, coupled with a fall in the number of users per subscription. We project the number of subscribers to increase from 0.90 million in 2007 to 1.15 million in 2008, 1.44 million in 2009 to 2.66 million in 2012. Revenues from internet subscriptions should grow from Dh1.46 billion in 2007 to Dh1.82 billion in 2008, Dh2.19 billion in 2009 and to Dh2.95 billion by 2012.'
In the UAE, the transition to newer internet access technologies has been slower than expected, the report said. Although broadband internet was introduced in 2001, high tariffs and low PC penetration rates have inhibited uptake.
'While etisalat commands 80 per cent of the UAE mobile market and is aggressively expanding international operations (15 overseas countries, 36 million proportionate subscribers), du is still at an early stage of growth as it builds out its UAE network and operations. du commenced operations in December 2005, launched mobile services in February 2007 and is currently targeting a 30 per cent market share by 2010. Once du completes its mobile network roll-out, we expect genuine increased competition within the UAE between the two players, although it will be based less on direct price competition and more on special offers and promotions. While etisalat should inevitably see its domestic market share decrease, the company's growth and profitability should be driven by its rapidly expanding overseas operations,' it said. Khaleej Times
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