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THE ECONOMY - BUSINESS

UAE to participate in Palestine Investment Conference: Abdullah

Posted on 16/04/2008

Public and Private sectors in the UAE will participate in the Palestine Investment Conference (PIC-Palestine) which will be held in Bethlehem from May 21-23, UAE Foreign Minister HH Sheikh Abdullah bin Zayed Al Nahyan announced Tuesday. Sheikh Abdullah urged during a consultative meeting on the event Palestinian businessmen in the UAE to take part in the conference which aims to highlight investment opportunities in the Palestinian economy. It is a platform to share innovative business ...  >>MORE

UAE companies enter Forbes’ list

Posted on 06/04/2008

Some 11 UAE companies have made it to the list of world's biggest companies compiled by Forbes magazine. Emaar Properties leads the UAE's companies, ranking 726 on the list, followed closely by Emirates Bank Group at 855. Other companies are National Bank of Abu Dhabi (910), Abu Dhabi Commercial Bank (1,025), Dubai Islamic Bank (1,055), Mashreq (1,069), First Gulf Bank (1,197), DP World (1,225), Dubai Financial Market (1,387), Union National Bank (1,607) and Aldar Properties (1,730). HSBC ...  >>MORE

UAE issues business directory for Chinese investors

Posted on 02/04/2008

The Ministry of Foreign Trade has issued a comprehensive foreign investor directory in Chinese language to mark the current four-day visit to China by Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum. The Ministry will distribute the directory to Chinese investors, businessmen and CEOs during the UAE-China trade forum which will get underway in Shanghai on Wednesday. A ministry press release said the first of its kind initiative is ...  >>MORE

Princess Victoria launches Swedish Business Council in Abu Dhabi

Posted on 29/03/2008

Crown Princess of Sweden and Duchess of Vastergotland, Victoria Ingrid Alice Desiree, on Thursday launched the Swedish Business Council in a ceremony held at the Swedish Ambassador's Residence in Abu Dhabi. The heiress apparent to the Swedish throne expressed gladness at visiting the UAE. She further lauded the comprehensive development being experienced by the UAE in all fields. Swedish Ambassador to the UAE Bruno Beijer stressed that he was keen on boosting relations between Sweden and ...  >>MORE

UAE rated best tax-free system in the world

Posted on 26/03/2008

The UAE has been rated as the best tax-free system in the world and the least corrupt society in the whole Arab region. In its Economic Freedom Index for 2008, the United States Heritage Foundation gave the UAE 99.9 points in its Fiscal Freedom category within its overall index. It also rated the Emirates as the least corrupt society in the Arab world, granting it 62 points in its Freedom from Corruption category. Although the UAE got a medium rating in the overall index, ranked 63rd among the ...  >>MORE

Companies Law in six months

Posted on 13/03/2008

The UAE will introduce a new law allowing 100 per cent foreign ownership of companies in some sectors outside free trade zones in six months, Minister of Economy Sultan Bin Saeed Al Mansouri said. "We are expecting to finish the law within six months," Al Mansouri told reporters. Foreigners will be able to take full ownership of onshore companies in sectors in which the country needs foreign investment. "We will allow 100 per cent foreign ownership wherever it helps the economy," Al Mansouri ...  >>MORE

Al Bashir attends signing of agreement setting up the UAE-Sudanese Business Council

Posted on 11/03/2008

Sudanese President Omer Hassan Al-Bashir, who is currently on state visit to the UAE, attended yesterday at Emirates Palace signing ceremony of an agreement setting up the UAE- Sudanese Business Council. Salah Ameer Al Shamsi, chairman of the UAE Federation of Chambers of Commerce and Industry, signed on behalf of the UAE, while Saud Mamoun Berair, chairman of the Sudanese Business Union, signed on the Sudanese side. Also present at the event were the UAE and Sudanese businesspersons, as well ...  >>MORE

Vice President sponsors launching of Dubai Government Investments Establishment

Posted on 02/03/2008

Vice President, Prime Minister of UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum sponsored Saturday at Emirates Towers the launching of the Dubai Government Investment Foundation. Former Singaporean Prime Minister Lee Kuan Yew and seven semi government companies in Dubai were honoured on contribution in realisation of the added value to the investments in Dubai. Sheikh Mohammed addressed the event through a message delivered by Mohammed Ibrahim Al Shibani, director of Sheikh ...  >>MORE

Dubai's status as global business hub reaffirmed

Posted on 18/02/2008

The Dubai International Financial Centre (DIFC) in a joint venture with the London Court of International Arbitration (LCIA) on Sunday launched the DIFC-LCIA Arbitration Centre. Sheikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, inaugurated the new arbitration centre. "The establishment of the DIFC-LCIA Arbitration Centre is part of a strategy to position Dubai as an international arbitration jurisdiction. This is a landmark step for Dubai, reaffirming its status as one ...  >>MORE

Al Qudra Holding achieves Dh703 million net profit

Posted on 17/02/2008

Al QUdra Holding, the UAE's leading investment company, announced a net operating profit of Dh703 million for the financial year ending 2007; an equivalent to 117% of the capital of Dh600 million. The financial assessment conducted reflected remarkable financial achievements including an increase of total assets from Dh2,063 million end of 2006 to Dh3,360 million end of 2007 marking an increase of 63%. While shareholder equity increased from Dh1,441 million to hit Dh2,299 million or a 60% ...  >>MORE

Al-Gergawi honoured by Tunisia Economic Forum

Posted on 11/11/2007

Tunis - UAE Minister of State for Cabinet Affairs and Chairman of Dubai Holding Mohammed Al-Gergawi was honoured on Friday by Tunisia Economic Forum for his contribution to trade and investment ties between UAE and Tunisia. Held under the patronage of Tunisian President Zein El-Abidine Ben Ali from November 9-10, the event was attended by Tunisia's Prime Minister Mohamed Al-Ghannoushi and more than 700 senior representatives from Tunisia and the wider Arab World. Presented by Tunisia's Prime ...  >>MORE

RAKIA eyes US$15 billion investments

Posted on 21/10/2007

Ras Al Khaimah Investment Authority (RAKIA) is expecting to channelize inward investments worth US$15 billion across various sectors in the next five years. This was announced at an investment conference organised by RAKIA for a Belgian business delegation headed by former prime minister Jean-Luc Dehaene at Hotel Al Hamra Fort yesterday. Reflecting the fast- paced economic transformation of the emirate, RAKIA has already attracted over 800 companies, including a host of Fortune 500 ...  >>MORE

ADCCI sponsors Women Global Economic Forum 2007

Posted on 01/10/2007

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) said Sunday it will sponsor the upcoming Women Global Economic Forum which is being organized by the UAE's Business Women's Council from 18 to 20 November under the patronage of Sheikha Fatima bint Mubarak, Honorary President of Business Women's Council. ADCCI's sponsorship of the upcoming gathering is part of its efforts to boost UAE women's role in global economy and is aimed at highlighting Abu Dhabi's position as a global hub", said ...  >>MORE

Vivendi aims for 35% Oger stake

Posted on 16/09/2007

French media group Vivendi is aiming for a 35 per cent stake in its negotiations announced Friday with Dubai-based Oger Telecom, owned by Saudi Oger - a company controlled by Lebanon's Hariri family, sources said yesterday. A source familiar with the situation told Gulf News that most of the terms of the deal have been agreed upon, with Vivendi insisting on a 35 per cent stake, and the deal could be announced as early as today if the size of the stake is mutually agreed. Meanwhile, ...  >>MORE

Emirates Computers to expand IT services to Saudi Arabia

Posted on 16/09/2007

Emirates Computers has announced that it is extending its IT and related services to Saudi Arabia. Emirates Computers is partnering with Alesayi Communications to launch e-Enterprises (e2), which will have offices in Riyadh, Jeddah and Al Khobar, essentially covering the Central, Western and Eastern provinces of the Kingdom. "Over the last few years, Saudi Arabia has made remarkable progress in different ICT fields including connectivity and access, sector reforms, national IT initiatives ...  >>MORE

Two UAE women among most powerful

Posted on 02/09/2007

The UAE is home to two of the world's most powerful women – UAE's Minister of Economy Sheikha Lubna Al Qasimi and Vidya Chhabria, Chairman of the $2 billion (Dh7.34bn) Jumbo Group. They have made it to the Forbes roll of honour of ‘The World's 100 Most Powerful Women'. Joining them from the Arab region are Queen Rania, wife of the King of Jordan, and Sheikha Mozah bint Nasser Al Missned, wife of the Emir of Qatar. The annual ranking said Sheikha Lubna (ranked 99) has cracked down on stock ...  >>MORE

UNIDO deal with Sheikh Khalifa Fund

Posted on 02/07/2007

The Sheikh Khalifa Fund for Medium and Small -scale Enterprises signed an agreement yesterday with the United Nations Industrial Development Organisation, UNIDO, for training of its employees and affiliate members of the Fund in the field of small and medium scale industrial projects. The agreement was signed by the Chairman of the Fund's Board of Directors, Hussain Jassem Al Nowais, and by Dr. Hashim Suleiman, Regional Director of UNIDO's Investment and Technology Promotion Office. Al Nowais ...  >>MORE

Paris to host UAE-France partnership forum

Posted on 02/07/2007

The Partnership Forum between the United Arab Emirates and France will be held in November in the French capital Paris. It will be organised by the Abu Dhabi Department of Planning & Economy (DPE), Abu Dhabi Chamber of Commerce & Industry and Dubai Consultations Company. Hamad Al Nuaimi, Undersecretary of the DPE, said in a press conference that the forum will seek to promote strategic partnerships between the companies in the two countries. Khalfan Al Ka'abi, member of the ADCCI's Board of ...  >>MORE

UAE Ambassador honours American Business Group delegation

Posted on 27/06/2007

Washington - UAE Ambassador to the United States Saqr Ghobash yesterday hosted a business breakfast in honour of a visiting delegation from the American Business Group of Abu Dhabi, currently on a visit to Washington. Ghobash welcomed the delegation members and stressed the importance of such visits in further strengthening ties between the two countries. He also praised the ABG members for their efforts to develop and promote cooperation between the UAE and the USA Kim Childs, President of ...  >>MORE

Abu Dhabi Chamber invites American companies

Posted on 27/06/2007

Salah Salim Al Shamsi, Chairman of Abu Dhabi Chamber of Commerce and Industry called upon the American companies to increase their investments in Abu Dhabi through establishing investment partnership with companies working in the UAE. During his meeting with David Hamoud, Chairman of American Arab Chamber of Commerce, Salah Al Shamsi stressed the importance of widening investment scope and giving the chance to the American companies to enter the fields of engineering consultancy , real state, ...  >>MORE

UAE to maintain global competitive position in trade, investment: Economy Minister

Posted on 24/06/2007

Washington DC - The UAE -strategically sitting between the East and West - will continue to maintain a global competitive position in trade and investment, stressed UAE Minister of Economy Sheikha Lubna Bint Khalid Al Qasimi. "The UAE Government is focused on creating an environment that is investor friendly, limited in its bureaucracy, and fast in the processing of licenses and other requirements", she added. "We believe that by entering the UAE market, you have significant access to the ...  >>MORE

US firms use Dubai to tap Mideast market

Posted on 23/06/2007

US companies are growing more aggressive in targeting Middle East markets, using Dubai as a platform to expand across the region. From energy to entertainment, several big American firms have announced plans this year to launch their operations in the UAE. "Business is booming in the Arab world, and US companies want to be part of the action," said David Hamod, president of the National US-Arab Chamber of Commerce (NUSACC). While US foreign policy may be unpopular in the region, its products ...  >>MORE

US-Arab Chamber releases special report on UAE

Posted on 21/06/2007

Washington - In recognition of the UAE's role as the number one export destination in the Middle East for the United States, the National U.S.-Arab Chamber of Commerce (NUSACC) released on Tuesday a first-of-its-kind Special Report on opportunities in the United Arab Emirates. The 40-page analysis in U.S.-Arab Tradeline ( http://www.nusacc.org/tluae/index.html )focuses on trade and investment opportunities in ...  >>MORE

Dubai ranks 37th in top 50 global business hubs

Posted on 19/06/2007

Dubai - the only city from the Middle East - is ranked 37th among the top 50 worldwide centres of commerce, according to a survey. "Dubai is an interesting case that points to the making of a whole new region, one not centred in the operational map of the top 100 global service firms. "Only in the last few years has Dubai become an important financial and business centre at the heart of a new emergent region that stretches from the Middle East to the Indian Ocean," credit card company, ...  >>MORE

DED issues 1,359 licences in May 2007

Posted on 14/06/2007

The Dubai Department of Economic Development (DED) issued 1,359 licences in May 2007. The majority of these were issued in the commercial sector (1086), followed by the professional sector (248), industrial (13) and tourism (12), according to the comprehensive report prepared by the Economic Affairs Division at the DED. 'General trade' led the list of the top 10 licensed activities with 154 licences issued, followed by 'watches and accessories' with 136, 'ready made garments' with 125, ...  >>MORE

Korean businesses, investors invited to tap UAE investment potentials: Sheikha Lubna

Posted on 08/06/2007

Seoul -The call of H.H. Sheikh Mohammed Bin Rashid Al Maktoum Vice- president, Prime Minister of UAE, Ruler of Dubai to emerge a bilateral integrated economic partnership between the UAE and South Korea was clear, and we are going forward with our South Korean counterparts through this prospective, said UAE Minister of Economy Sheikha Lubna Al Qasimi. Calling on all Korean businessmen and investors to benefit from these chances using the treaties that the UAE is being part of, the UAE ...  >>MORE

Sharjah invites South Korean investment

Posted on 08/06/2007

Sheikh Sultan bin Ahmed Al Qasimi, Chairman of the Sharjah Commerce and Tourism Development Authority, yesterday invited South Korean businesses to invest in Sharjah and detailed some of the emirate's attractions. Speaking at a gathering of business people in Seoul, Sheikh Sultan stressed Sharjah is well known in the region for its ideal investment environment. During the past few years, the emirate has attracted many industrial and commercial companies, especially to its thriving free ...  >>MORE

U.S. Chamber Launches U.S. -UAE Business Council to Strengthen Business Ties

Posted on 18/05/2007

Washington, DC - The U.S. Chamber of Commerce yesterday launched the U.S.-UAE Business Council, a collaboration of leading companies in the United States and United Arab Emirates that are committed to expanding commercial relations between the two countries. "The Council will be a dynamic and powerful voice in support of the longstanding commercial relationships between our two countries," said Lt. General Dan Christman,U.S. Chamber senior vice president of the Chamber's International ...  >>MORE

Small firms will not come under competition rules

Posted on 22/03/2007

Small and medium-sized enterprises (SMEs) will be excluded from the scope of the draft competition laws when they are announced and implemented, UAE Economy Minister Sheikha Lubna bint Khaled Al Qasimi said yesterday. In her inauguration speech at a meeting of the MenaOECD enterprise financing network, Sheikha Lubna said the exclusion is an example of international best practice in helping SMEs to develop. The laws, which are likely to be introduced this year, are expected to target ...  >>MORE

Dh300 million fund set up by Abu Dhabi to support SMEs

Posted on 12/03/2007

A Dh300 million fund has been set up by Abu Dhabi to develop Small and Medium enterprises (SMEs) by UAE nationals in the emirate. "The Khalifa Fund to Support & Develop Small and Medium Enterprises (Bedaya) will encourage UAE nationals to venture into SMEs by obtaining zero interest loans upto Dh1 million," said Hossain Jasim Al Nowais, Chairman of Bedaya, while briefing the newsmen in the capital yesterday. Hossain Jasim Al Nowais said: "The fund will not only lend money but provide equity ...  >>MORE

Tejari becomes first online marketplace in the world to be awarded ISO certificate

Posted on 06/03/2007

Tejari, the region's leading online marketplace, has become the world's first e-marketplace to qualify for the ISO 9001:2000 quality certificate, it was announced yesterday. Tejari has been awarded ISO 9001:2000 certification after proving its commitment to quality and best practice in its operations. The company was audited by Lloyds Register Quality Assurance Ltd (LRQA), to assess Tejari's adherence to a systematic world-standard approach to managing its business. Tejari now operates ...  >>MORE

Emirates 'has UAE's strongest brand value'

Posted on 20/02/2007

UAE national carrier Emirates has swooped ahead of telecoms firm etisalat and real estate developer Emaar Properties to top a list of 25 UAE companies for brand value and strength. The company's Dh22.7 billion brand value compares to an overall sales revenue of Dh23.1 billion, while it received a AA+ strength rating, just shy of the maximum AAA. Officials at UK-based Brand Finance, which produced the figures, said the robust rating puts the airline into a healthy position should it attempt ...  >>MORE

Tejari hits US$4 billion in total trading volume

Posted on 13/02/2007

Tejari, the region's leading online marketplace, today announced record results for 2006, with revenues up 30%, and net profits more than doubling from last year, up 110%. More than US$1.3 billion worth of business was transacted through Tejari during 2006, marking a 33% rise in trading volumes from 2005. The results reflected increased trading activity by both suppliers and purchasers and an expanding base of trading partners for Tejari Marketplace, along with improved consulting revenue. ...  >>MORE

Mubadala awards molecular imaging centre contract to Siemens

Posted on 07/02/2007

In presence of Angela Merkel, the German Chancellor, Mubadala Development Company, and investment and development vehicle wholly owned by the Government of the Emirates of Abu Dhabi, has signed a contract with Siemens Medical Solutions to build and operate a specialist Molecular Imaging Centre (MIC) in Abu Dhabi to include the Siemens PET CT (Positron Emission Tomography - Computed Tomography) diagnostic system and the Cyclotron radioisotope delivery system. The contract was signed by Waleed ...  >>MORE

Business Bay to offer 4 million sq. ft. office space by 2010

Posted on 25/01/2007

Dubai Properties announced yesterday that its master development Business Bay will help meet Dubai's growing demand for commercial space by offering more than 4.2 million sq. ft by 2010. Between 2007 and 2010, Dubai Properties expects to deliver seven commercial projects including the Vision Tower, Aspect Tower, Porsche Design Towers, Signature Towers and several other mixed use buildings within commercial developments that will be announced in the coming few months. According to recent ...  >>MORE

Dubai launches Enjaz to ease business procedures

Posted on 23/01/2007

The Department of Economic Development (DED) has launched the Enjaz service to ease business registration procedures, an e-mailed statement said. Investors can now finalise applications for processing new trade licences, making amendments to existing licences and cancelling existing licences from their work place. "A business-friendly initiative, Enjaz service allows individual corporations and companies to finalise procedures for issuance or cancellation or renewal of trade licenses without ...  >>MORE

Dubai issued 13,000 licences last year

Posted on 22/01/2007

Dubai Economic Development Department said it issued 13,170 licences last year, 11 per cent higher than the previous year. The licences were issued in five different categories – commercial, professional, industrial, tourism and Intlaq – for UAE nationals to set up small, home-based individual businesses. The majority of the licences were issued in the commercial sector (9,803) followed by the professional sector (2,287), tourism (452), Intlaq (390) and industrial (238). Licenced ...  >>MORE

Ferrari F1 team to drive Mubadala brand

Posted on 13/01/2007

Mubadala Development Company, an investment company owned by the Government of the Emirate of Abu Dhabi, today announced that it has entered into a sponsorship agreement with Ferrari. Under the agreement, The Mubadala logo will feature on the Ferrari cars that will compete in the Formula 1 World Championship, as well as on the caps of its drivers Felipe Massa and Kimi Raikkonen. The sponsorship agreement will be for three years covering the 2007, 2008 and 2009 Formula 1 seasons. "We are ...  >>MORE

Mubadala Development Awards Oger Abu Dhabi to build the UAE University's new campus

Posted on 27/12/2006

Mubadala Development Company yesterday announced the selection of Oger Abu Dhabi LLC for the Dh1.5 billion construction package of UAE University's new campus development in the city of Al Ain. Al Hikma Development Company, a subsidiary of Mubadala Development, is mandated to develop and deliver the new campus on a BOOT (Build Own Operate and Transfer) basis. Oger Abu Dhabi LLC was selected following a detailed evaluation process carried out by Al Hikma Development Company. Its proposal for ...  >>MORE

Nakheel lists world's largest sukuk on DIFX

Posted on 15/12/2006

Nakheel yesterday listed the world's largest sukuk (Islamic-compliant bond) on the Dubai International Financial Exchange (DIFX). The listing confirms the DIFX's stature as the largest exchange in the world for sukuks by listed value. The listing brings the value of sukuks on the DIFX to $7.63 billion, nearly twice as much the total on any other exchange. This also raises the value of sukuks on the DIFX to 44 per cent of the total listed on all exchanges globally. The DIFX is also home to ...  >>MORE

RAK gets Dh20m glass bottle unit

Posted on 15/12/2006

Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, laid the foundation stone for RAK Gani Glass plant, a pharmaceutical container glass plant to be set up with an investment of $20 million (Dh71 million) at the RAK Industrial Zone at Al Jazeera Al Hamra yesterday. The new plant, which will have the capacity to produce 600 million bottles per year, is being set up by Gani Glass Ltd, Pakistan's largest glass manufacturer, in collaboration with Ras Al Khaimah ...  >>MORE

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Quick List

UAE to participate in Palestine Investment Conference: Abdullah


UAE companies enter Forbes’ list


UAE issues business directory for Chinese investors


Princess Victoria launches Swedish Business Council in Abu Dhabi


UAE rated best tax-free system in the world


Companies Law in six months


Al Bashir attends signing of agreement setting up the UAE-Sudanese Business Council


Vice President sponsors launching of Dubai Government Investments Establishment


Dubai's status as global business hub reaffirmed


Al Qudra Holding achieves Dh703 million net profit


Al-Gergawi honoured by Tunisia Economic Forum


RAKIA eyes US$15 billion investments


ADCCI sponsors Women Global Economic Forum 2007


Vivendi aims for 35% Oger stake


Emirates Computers to expand IT services to Saudi Arabia


Two UAE women among most powerful


UNIDO deal with Sheikh Khalifa Fund


Paris to host UAE-France partnership forum


UAE Ambassador honours American Business Group delegation


Abu Dhabi Chamber invites American companies


UAE to maintain global competitive position in trade, investment: Economy Minister


US firms use Dubai to tap Mideast market


US-Arab Chamber releases special report on UAE


Dubai ranks 37th in top 50 global business hubs


DED issues 1,359 licences in May 2007


Korean businesses, investors invited to tap UAE investment potentials: Sheikha Lubna


Sharjah invites South Korean investment


U.S. Chamber Launches U.S. -UAE Business Council to Strengthen Business Ties


Small firms will not come under competition rules


Dh300 million fund set up by Abu Dhabi to support SMEs


Tejari becomes first online marketplace in the world to be awarded ISO certificate


Emirates 'has UAE's strongest brand value'


Tejari hits US$4 billion in total trading volume


Mubadala awards molecular imaging centre contract to Siemens


Business Bay to offer 4 million sq. ft. office space by 2010


Dubai launches Enjaz to ease business procedures


Dubai issued 13,000 licences last year


Ferrari F1 team to drive Mubadala brand


Mubadala Development Awards Oger Abu Dhabi to build the UAE University's new campus


Nakheel lists world's largest sukuk on DIFX


RAK gets Dh20m glass bottle unit