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THE ECONOMY - BUSINESS

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

Al Shamsi: UAE ranks first among foreign investors in Pakistan

Posted on 05/12/2006

Islamabad - The United Arab Emirates currently ranks as the first foreign investor in Pakistan with a total investment of US$12 billion during the past 16 years and up to September 2006 and expected to reach US$50 billion under a new investment strategy in the future, the Ambassador of UAE in Pakistan Ali Mohammed Al Shamsi stated yesterday in Islamabad. In his address at a seminar on dispute Resolution in International Transactions: Impact of the New York Convention on investor confidence ...  >>MORE

King Abdulla II Opens 2nd Young Arab Leaders Forum in Jordan

Posted on 27/11/2006

Amman - His Majesty King Abdulla II of Jordan yesterday opened the 2nd Young Arab Leaders (YAL) forum, in the presence of Turkish Prime Minster, His Excellency Recep Tayyip Erdogan, and more than 400 YAL members from 15 Arab countries. The two-day forum, held at the Dead Sea in Jordan, is being led by Saeed Al Muntafiq, Chairman, YAL Board of Directors. In his opening speech, His Majesty King Abdulla II said he felt privileged to be a part of the Young Arab Leaders Board of Trustees. "YAL ...  >>MORE

Young Arab leaders urged to contribute to good governance

Posted on 27/11/2006

Amman - At the Young Arab Leaders Forum yesterday attended by H.M. King Abdullah II bin Al Hussein of the Hashemite Kingdom of Jordan, Dr. Habib Al Mulla called on Young Arab Leaders to take up the challenge of improving leadership, and to make an 'effective contribution to good governance in the Arab World'. Dr. Al Mulla used the creation of the Dubai International Financial Centre (DIFC) and the Dubai Financial Services Authority (DFSA) as the basis for his discussion, calling it an 'eye ...  >>MORE

Emirates - UK Business Investment Opportunities Exhibition opened in London

Posted on 25/11/2006

London - Sultan Saeed Al Mansouri, Minister of Government Sector Development on Wednesday opened the Emirates - UK Investment Opportunities Exhibition which is being attended by more than 100 Emarati public and private exhibitors. The opening ceremony was attended by Baroness Symon, member of the British parliament, Isa Saleh Al Gurg, UAE Ambassador to the UK and a number of UAE and British businessmen. Al Mansouri said in a speech that the exhibition reflects the strong ties between the ...  >>MORE

Dubai Duty Free revenues to cross Dh2.56b

Posted on 24/11/2006

Dubai Duty Free's annual revenue is poised to cross Dh2.56 billion ($700 million) by the end of this year, that represents 70 per cent of the UAE's and 50 per cent of the Middle East's duty free sale, a top official said yesterday. "We have already crossed Dh2.1 billion ($572 million) in sales. We are well positioned to achieve the Dh2.56 billion sale mark by the end of this year, which would represent about five per cent of global airport duty free sales," Colm McLaughlin, managing director ...  >>MORE

Dubai Outsource Zone is value for money

Posted on 23/11/2006

Dubai Outsource Zone (DOZ) is not expensive compared to similar facilities in India and the Philippines, a top official claimed. "We are growing higher on the value chain by attracting knowledge and talented people. We are not expensive, if you go to India, the Philippines and US, they are expensive," Esmail Al Naqi, director of Dubai Outsource Zone, told Gulf News. "We have tripled in size of buildings, and nine-fold by land, from last year, we started with 3 million square feet and now ...  >>MORE

Tecom Investment and Sama Dubai unveils global entity Smart City

Posted on 20/11/2006

Tecom Investment and Sama Dubai, both members of Dubai Holding, will launch Smart City - a new global entity that will roll out a number of techno parks in various parts of the world, a top official said. They will invest Dh2.56 billion in two smart cities in Kochi, India, and Malta in the coming months. "We will make a formal announcement on the launch of Smart City next month," Fareed Abdul Rahman, executive director of Tecom International, told Gulf News yesterday. "Sama Dubai will provide ...  >>MORE

Dubai World spends more than $20m to overhaul infrastructure

Posted on 20/11/2006

In Francis Veldeman's eyes, Dubai World just accomplished the impossible. Overhauling the company's legacy IT infrastructure, said Veldeman, Dubai World's chief information officer, was like "changing a car from the 1970s, while you are driving, into a Ferrari." To accomplish the feat, Dubai World has spent over $20 million on its strategic partners Oracle, HP, Cisco Systems, and Microsoft, all in the span of a year. Veldeman, speaking at a press conference announcing Oracle's completion of ...  >>MORE

New resolution to create internationalized legal industry in Abu Dhabi

Posted on 09/11/2006

As Chairman of The Executive Council of Abu Dhabi, General Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces yesterday in Abu Dhabi announced a new resolution organising the licensing of legal consultancy activities in the Emirate of Abu Dhabi. The resolution is designed to provide access to the Abu Dhabi market for high quality, established international legal consultancy firms. It is set to precipitate an expanded legal sector ...  >>MORE

Polish Business Council set up in Abu Dhabi

Posted on 06/11/2006

A Polish Business Council (PBC) was launched in Abu Dhabi yesterday to join the club of 22 business councils in Abu Dhabi. The launching ceremony was attended by Director General of Abu Dhabi Chamber of Commerce and Industry (ADCCI) Mohammed Omar Abdullah, Polish Ambassador Roman Chalaczkiewicz, Chairman of the PBC J. Drozed and a representative of the Polish Ministry of Economy. Abdullah said the emergence of the PBC would add a new positive dimension to the Emarati-Polish relations. 'The ...  >>MORE

HSH Prince Albert II of Monaco receives symbol of Dubai from Omar Hijazi, CEO of Tejari, at Monaco Media Forum

Posted on 23/10/2006

Omar Hijazi, CEO of Tejari, has presented a ceremonial sword to HSH Prince Albert II of Monaco, during the invitation-only Monaco Media Forum in Monte Carlo. Hijazi presented the traditional saif - an inscribed, gold-dipped Arabian sword - to the ruler of Monaco, to symbolize the links that Tejari is building between Dubai, the wider Middle East and the world's leading media organizations. The sword presented to Prince Albert from Tejari included an inscribed quote from UAE Vice ...  >>MORE

UAE high on ethics list

Posted on 10/10/2006

The UAE has been ranked higher than Hong Kong, France, China and Saudi Arabia for ethical overseas investment practices in a survey of leading export countries. The UAE finished in the top half of a table compiled by anti-corruption coalition Transparency International, ahead of many emerging export powers including India, China and Russia. The Transparency International's Bribe Payers Index (BPI) looks at the propensity of companies from 30 leading exporting countries to bribe abroad. The ...  >>MORE

eCommerce to accelerate trade between China and Middle East

Posted on 26/09/2006

Omar Hijazi, CEO of Tejari, recently discussed how online markets can build more profitable business relations between China and the Middle East, with an audience of government policy makers and business leaders in Beijing at the China Internet Conference 2006. Hijazi presented a keynote speech on the theme of "eCommerce: The economic gateway to the Middle East," at the event which attracted more than 1,500 companies from China and the international business community, organized by the Internet ...  >>MORE

Japan announces plan to set up business council in Dubai

Posted on 25/09/2006

Japan is to set up a business council in Dubai, its top diplomat in Dubai told officials of the Dubai Chamber of Commerce and Industry (DCCI). Obaid Humaid Al Tayer, DCCI chairman, yesterday received Hiroyaso Kobay-ashi, Consul General of Japan in Dubai. They discussed ways to enhance commercial relations since Japan ranks among the leading trading partners with the UAE and Dubai. The consul-general emphasised the importance of establishing a Japanese business council. He pointed out that 40 ...  >>MORE

Tejari to empower online procurement for 100 cities

Posted on 30/08/2006

In one of the key events of the fifth annual Glocalization conference held recently in Ankara, Turkey, Tejari has signed an agreement with Glocal Forum to create an online portal to provide procurement services to a network of more than 100 city governments and mayors across the five continents. The Glocal Forum is an international non-profit organization dedicated to improving inter-city relations by means of 'glocalization', a merger of global opportunities and local interests, aimed at ...  >>MORE

Advertising spend clocks US$500m in first half of year

Posted on 28/08/2006

The UAE has maintained its position as the Gulf's largest spender on advertising, with a total outlay of more than half a billion dollars in the first half of this year, compared with the same period of 2005, data released yesterday show. The UAE logged a 10.43 per cent increase in ad spend from US$460.41 million in the first six months of 2005 to US$508.42m in the same period this year, according to recent statistics compiled by Arab Studies and Research Corporation (PARC). Qatar, ...  >>MORE

Mohammed Bin Rashid Establishment launches online company Brown Bag

Posted on 02/07/2006

The Mohammed Bin Rashid Establishment for Young Business Leaders on Saturday launched a new online home delivery company called Brown Bag. For now, Brown Bag will deliver goods at people's doorsteps only in Dubai "in less than an hour, 24 hours a day". Ahmad Shabib, chief executive officer of Brown Bag, said the company plans to expand its operations "step by step to cover most of the UAE first, and then the region". "Before establishing Brown Bag, we faced the challenge of short-listing ...  >>MORE

Business Bay nearing Dh200b in investment

Posted on 24/06/2006

The total investment in Dubai's expansive Business Bay free zone district is closing in on the Dh200 billion mark. About 90 per cent of the business, commercial and residential areas available for outside investment has already been committed to developers with an overall completion date within the next five to seven years. The latest news on the 64 million square foot project, which will stretch from Sheikh Zayed Road along a new creek to Dubai's coast, was revealed by Hashim Al Dabal, ...  >>MORE

Tejari processes transactions worth US$3 billion in six years

Posted on 21/06/2006

Tejari, the Middle East's leading business-to-business online marketplace, marked its sixth anniversary today, representing an important milestone in the growth and development of e-commerce in the Middle East region. In the last six years, Tejari has provided a secure and affordable online business platform through which more than US$3 billion has been transacted between more than 5,000 trading partners from across the region, with the capacity for 70,000 more businesses through its ...  >>MORE

Tejari's trade volume exceeds Dh10.27b

Posted on 08/06/2006

Tejari, the Middle East's premier online business-to-business marketplace, said its trade volume exceeded Dh10.27 billion ($2.8 billion) in six years. Tejari launched mylinkDubai.com yesterday for all businesses and companies registered with the Dubai Department of Economic Development (DED). "DED's mission is to expand the scope of commerce in Dubai and mylinkDubai offers a compelling e-commerce proposition for organisations from every industry, regardless of size. We anticipate that ...  >>MORE

Foodco in deal with German company

Posted on 03/06/2006

The Abu Dhabi National Foodstuff Company (Foodco) has signed an exclusive regional distribution agreement with XOX-Geback GmbH, one of the top three German-based "snack and nibbles manufacturers" and distributors in Europe. As per the agreement, Foodco will supply XOX Group's Crisps, Flips, Onion Rings and Cheese Balls besides delicacies such as crispy-crunchy Knabber-Krusten, Pixies, Craxies and Mixies in XOX Box, ApfelChips, 'XOX Naturell' for the health-conscious and ...  >>MORE

UAE in top five label-conscious consumer

Posted on 31/05/2006

The UAE ranks among the top five countries worldwide for consumer purchasing power of luxury clothes and accessories, according to a recent global online survey by ACNielsen. Only Hungary, Hong Kong, Germany and Mexico scored higher than the UAE in the survey. As part of the survey, more than 23,500 internet users in 42 markets across the UAE, Europe, Asia Pacific, North and Latin America and South Africa were polled about their current purchasing patterns. A third of respondents in the UAE ...  >>MORE

Gulf Capital Pvt JSC incorporated in Abu Dhabi

Posted on 22/05/2006

Following the final approval of the UAE Ministry of Economy and Planning and the Executive Council of Abu Dhabi, Gulf Capital Private Joint Stock Company was incorporated in Abu Dhabi yesterday at its First General Assembly. The total equity capital raised was Dh1,225 million from 300 regional shareholders, with 60% subscribed by prominent UAE institutional and individual investors and the remaining 40% by other prestigious regional shareholders. Gulf Capital's private share offering was ...  >>MORE

Korea and UAE sign pact to boost small businesses

Posted on 15/05/2006

Government drive to boost the UAE's small and medium-sized enterprises (SMEs) reached the Dh150 million mark. The money from the Mohammad Bin Rashid Establishment for Young Business Leaders provides funding and business services for its members in an economy dominated by the big players. The news follows an announcement that the UAE and South Korea have teamed up in a deal to boost their SMEs. The Mohammad Bin Rashid Establishment and the Small Business Corporation (SBC) of South Korea ...  >>MORE

UAE-Algerian Business Forum opened

Posted on 03/05/2006

Algiers - Sheikh Lubna bint Khalid Al Qasimi, Minister of Economy and Abdul Hameed Tamar, Algerian Minister of Development and Investment Promotion yesterday inaugurated the UAE-Algerian Business Forum which is held on the sidelines of the 4th session of the two countries' joint committee meeting. In the inaugural speech, Sheikha Lubna said that UAE economy achieved a tremendous growth last year with Gross Domestic Product (GDP) reaching US$131.8 billion and per capita income over US$30,000. ...  >>MORE

Umm al-Qaiwain unveils investment opportunities

Posted on 17/04/2006

Sheikh Marwan Bin Rashid Al Mualla, Chairman of Umm al-Qaiwain Lands and Property Department, has unveiled a package of real-estate investment opportunities in the emirate that will start being implemented this year. This package includes a number of projects, such as Umm al-Qaiwain's Marina that was announced by Emaar at a cost of Dh12 billion, the Dh30 billion Madinat Al Salam, the Dh250-million Modern Emirates Industry and Khor Al Baidaa's beach that will be developed during the coming five ...  >>MORE

US Commission finishes study on DIC acquisition bid

Posted on 15/04/2006

A US Commission has finalised examination of Dubai International Capital's bid for acquiring a UK-based Doncasters Group, according to UAE Economy Minister. Sheikha Lubna Al Qasimi has revealed that the US Commission considering bids for acquisition of US firms had ended a 45-day scrutiny into the US$1.224 billion bid by Dubai International Capital LLC ('DIC'), the international investment arm of Dubai Holding, to acquire UK-based Doncasters Group Limited ('Doncasters'). "The US Commission ...  >>MORE

ADIH to invest US$86m in Amwaj Islands

Posted on 12/04/2006

Abu Dhabi Investment House PJSC is to invest US$86 million in the Amwaj Islands project off the coast of Bahrain, as part of its expanding infrastructure development portfolio. ADIH has acquired 600,000 square feet of land on the island from Bahrain-based Oasis Property Developers, master developers of the US$1.5 billion property comprising a string of artificial islands. The development has been branded as The Lagoon comprising eight low-rise buildings which will house restaurants, cafes and ...  >>MORE

DIC Doncasters’ deal to go through

Posted on 11/04/2006

The US administration will this week approve the US$1.2 billion sale of British engineering group Doncasters to Dubai International Capital after initial national security fears, according to a report in British newspaper The Business, yesterday. The Royal Bank of Scotland wants to sell it to DIC which is controlled by Dubai's new ruler Sheikh Mohammed Bin Rashid Al Maktoum. The US Committee on Foreign Investments (CFIUS) will conclude its investigation on Thursday, and is in favour of the ...  >>MORE

Korean developer in Dh1.28b Business Bay project

Posted on 10/04/2006

South Korea's Bando Housing Corp, which is investing Dh1.28 billion (US$350 million) in developing two towers in the Business Bay, said it is looking for three more plots for development. Spread over two million square feet of built-up area, the project is slated for completion in 2009. Construction will start before the end of the year with enabling works. It will have residential, commercial and retail components. The project consists of two 50-storey towers and Bando will apply advanced ...  >>MORE

"Privatisation of Public sector is key for economic growth in Abu Dhabi,” ADSM Chairman

Posted on 09/04/2006

Privatisation of government companies and corporatisation of family-owned national conglomerates are the keys to mobilizing the private sector contribution to the Abu Dhabi growth and success story, according to Hareb Al Darmaki, chairman of the Abu Dhabi Securities Market (ADSM). Al Darmaki, speaking in the opening session of the Privatisation of Infrastructure and Facilities Conference in Abu Dhabi yesterday said: "Using the abilities of the private sector is a very effective way to ...  >>MORE

Tejari records transactions worth Dh9b

Posted on 09/04/2006

Tejari, the Dubai-based online marketplace, has recorded Dh9.1 billion (US$2.5 billion) worth of transactions to date including Dh3.11 billion (US$850 million) last year, said a top official. "We expect this to grow by nearly 50 per cent to Dh5.5 billion this year," Omar Hijazi, chief executive of Tejari, told Gulf News yesterday. "Last year we recorded US$850 million worth of transactions. That was 25 per cent higher than the previous year's value." The company will soon announce a tie-up ...  >>MORE

UAE-backed consortium wins US$818m Doha project

Posted on 20/03/2006

Sky Oryx consortium, in which the UAE firm the Arabian Construction Company (ACC) is an equal partner, has won the bid to build the multi-million dollar terminal for the New Doha International Airport. The project is valued at more than QR3 billion (US$818million). Other partners in the consortium include the Turkish company TAV, a leader in the building and operating of airport terminals, and Taisei, the Japanese contracting company, according to the Dubai-based ‘Khaleej Times.' Sky Oryx ...  >>MORE

World Bank Group and Mohammed bin Rashid Est. forge partnership

Posted on 04/03/2006

International Finance Corporation (IFC), the private sector arm of the World Bank Group and the Mohammed Bin Rashid Establishment for Young Business Leaders has decided to form a partnership to promote entrepreneurship programmes in the UAE. This partnership aims to increase awareness and demand for Small and Medium Enterprises (SME) management training amongst entrepreneurs and SMEs in the UAE. Abdul Baset Al Janahi, CEO of Mohammed Bin Rashid Establishment said, "The signing of this ...  >>MORE

Dh1b 'CERT City' to be set up

Posted on 04/03/2006

Centre of Excellence, Research and Training (CERT), the commercial arm of the Higher Colleges of Technology (HCT), is set to establish a Dh1 billion mega venture. 'CERT City' will be a cluster of learning, innovation, thinking and business that will also have a real estate project including a hotel, a shopping mall and a convention centre for which an IPO of Dh550 million is expected to be floated soon. "We have received the necessary permission from the Ministry of Economy and Planning and ...  >>MORE

Foreign direct investment in UAE hits US$18 billion

Posted on 28/02/2006

The UAE received US$18 billion in foreign direct investment in 2005, double that of the previous year, encouraged by the liberal policies of its 23 free zones, the Minister of Economy told the Global Tea Forum. Sheikha Lubna Al Qasimi said on Monday that the UAE will remain attractive to international investors since it allows 100 per cent foreign ownership in the free trade areas. The government had also led by example by encouraging public and private partnerships which were instrumental ...  >>MORE

Abu Dhabi tops world's 10 emerging business cities

Posted on 26/02/2006

Abu Dhabi has topped the list of the world's 10 emerging business cities in a recent survey conducted by a leading travel magazine, highlighting the massive development and promotional efforts made by government and private sectors to position the emirate as a major tourist destination and business hub. In its January/February 2006 issue, Middle East Travel described the business and travel infrastructure in Abu Dhabi as among the best in the Middle East. It said the emirate receives more ...  >>MORE

Finance House to set up joint stock company

Posted on 26/02/2006

Abu Dhabi-based Finance House is setting up a new joint stock company with a paid-up capital of Dh300 million, while it has already applied for converting itself into a holding company to expand its scope by acquiring and managing financial, investment, brokerage and banking companies across the Middle East. "We will accomplish our expansionist desire to set up new financial companies and acquire management stakes under the banner of Finance House Holding, said Mohammad Al Qubaisi, ...  >>MORE

Dubai's Business Bay to lure over Dh65b

Posted on 25/02/2006

Business Bay, Dubai's new upscale commercial district, will attract more than Dh65 billion in direct investment in 230 commercial and residential towers, the daily Gulf News quoted a top official as saying. "Once completed, Business Bay, a city within a city, will create a new centre or downtown in Dubai attracting more than Dh65 billion in investment by developers," Hashim Al Dabbal, chief executive of Dubai Properties, told Gulf News on Tuesday. The project, currently in its initial ...  >>MORE

Mubadala launches Al Hikma Development Company

Posted on 21/02/2006

Mubadala Development, an Abu Dhabi Government-owned investment and development company, announced yesterday the launch of its subsidiary AI Hikma Development Company. The new company will develop a modern campus for the UAE University on a BOOT (Build Own Operate and Transfer) basis. The announcement was made in an event held at the Emirates Palace Hotel under the patronage and in presence of General Sheikh Mohammad bin Zayed AI Nahyan, Crown Prince of Abu Dhabi, Deputy supreme Commander of ...  >>MORE

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Quick List

RAK gets Dh20m glass bottle unit


Al Shamsi: UAE ranks first among foreign investors in Pakistan


King Abdulla II Opens 2nd Young Arab Leaders Forum in Jordan


Young Arab leaders urged to contribute to good governance


Emirates - UK Business Investment Opportunities Exhibition opened in London


Dubai Duty Free revenues to cross Dh2.56b


Dubai Outsource Zone is value for money


Tecom Investment and Sama Dubai unveils global entity Smart City


Dubai World spends more than $20m to overhaul infrastructure


New resolution to create internationalized legal industry in Abu Dhabi


Polish Business Council set up in Abu Dhabi


HSH Prince Albert II of Monaco receives symbol of Dubai from Omar Hijazi, CEO of Tejari, at Monaco Media Forum


UAE high on ethics list


eCommerce to accelerate trade between China and Middle East


Japan announces plan to set up business council in Dubai


Tejari to empower online procurement for 100 cities


Advertising spend clocks US$500m in first half of year


Mohammed Bin Rashid Establishment launches online company Brown Bag


Business Bay nearing Dh200b in investment


Tejari processes transactions worth US$3 billion in six years


Tejari's trade volume exceeds Dh10.27b


Foodco in deal with German company


UAE in top five label-conscious consumer


Gulf Capital Pvt JSC incorporated in Abu Dhabi


Korea and UAE sign pact to boost small businesses


UAE-Algerian Business Forum opened


Umm al-Qaiwain unveils investment opportunities


US Commission finishes study on DIC acquisition bid


ADIH to invest US$86m in Amwaj Islands


DIC Doncasters’ deal to go through


Korean developer in Dh1.28b Business Bay project


"Privatisation of Public sector is key for economic growth in Abu Dhabi,” ADSM Chairman


Tejari records transactions worth Dh9b


UAE-backed consortium wins US$818m Doha project


World Bank Group and Mohammed bin Rashid Est. forge partnership


Dh1b 'CERT City' to be set up


Foreign direct investment in UAE hits US$18 billion


Abu Dhabi tops world's 10 emerging business cities


Finance House to set up joint stock company


Dubai's Business Bay to lure over Dh65b


Mubadala launches Al Hikma Development Company