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THE ECONOMY - BUSINESS

Dubai Investments reports an impressive 450% increase in net income for first half of 2005

Posted on 30/07/2005

Dubai Investments Group has reported impressive results for the first half of 2005, with a 450 per cent increase in consolidated net income over the same period last year. Consolidated net income as of June 30, 2005 stood at Dh253 million compared to Dh46 million for the same period last year and Dh309 million for the full year 2004, reflecting continued and sustained growth of all companies within the Group. Consolidated Group total income for the first half of this year stood at Dh637 ...  >>MORE

Dubai tapping Italian investors

Posted on 20/07/2005

The Dubai Department of Tourism and Commerce Marketing (DTCM) is continuing its aggressive promotion and marketing in European markets and has made its presence felt in Italy through its first time participation in the prestigious 'Cuore Verde Endurance Cup' held in Perugia from July 14 to 16. Italy is one of the key markets for Dubai and the emirate has seen an increasing number of visitors in recent years. Dubai hotel establishment guests from Italy registered a 38.5 per cent increase in 2004 ...  >>MORE

Dubai begins to lure American funds for major projects

Posted on 20/07/2005

Dubai, which has made the best use of Gulf financing to develop its property and tourism sectors, has finally begun to attract American capital, showing its competitive edge, said investors. According to a "Gulf News" report, Capital Partners, a private American equity firm spearheading investment between the United States and Dubai, yesterday announced the development of RiverWalk, a Dh3.67 billion project to be built in the Dubai Internet City funded by American capital. Capital Partners ...  >>MORE

Dubai is a top destination for French businessmen

Posted on 11/07/2005

Dubai achieved the sixth position on a world ranking list as one of the most attractive destinations for the French businessmen and expatriates, according to the study undertaken by French Expatriates Authority (Maison des Français à l'Etranger - M.F.E.). The ranking has been done on the basis of number of enquiries received by M.F.E. for each country in 2004 as well as most important growth of expatriates population registered in Foreign Consulates in 2004 as well during 2000 - 2003. The ...  >>MORE

First phase of Dubai Outsource Zone to be ready by 2006

Posted on 11/07/2005

The first phase of Dubai Outsource Zone (DOZ), which is targeting some five per cent share of the global outsourcing industry, will be completed by the first quarter of next year. It will have 250,000 square feet of leasable area off the Emirates Road. The second phase of the project, which is seeking to have between 200 and 300 companies on five year's time from now, will add another 200,000 square feet and is scheduled for completion by early 2007. Some 50 to 60 offshore and onshore ...  >>MORE

Tejari provides SMS alerts to customers

Posted on 08/07/2005

Tejari is using SMS (short messaging service) or text messaging, messages to provide relevant alerts to customers free of charge, while keeping supply trading partners updated with information on the specific industries, auctions, and tenders in which they are interested. The service is customisable, allowing members to tailor the messages according to their business interests. "Since the trial of Tejari's SMS service in mid-2004, we have sent informative and useful messages to a growing ...  >>MORE

Business boom fuels Abu Dhabi chamber's growth

Posted on 03/07/2005

Memberships with the Abu Dhabi Chamber of Commerce and Industry grew 11 per cent in the first half of this year, taking the total to 49,253, the ADCCI said yesterday. "The number of new members by the end of the first half of this year stood at 4,688, which was about 11 per cent more than 4,182 by June end last year," said Mohammad Al Nuaimi, assistant director (general information technology and membership relations) of the chamber. Of the total members, 32,994 were registered in the ...  >>MORE

Mergers and acquisitions in UAE soar to US$5.2b

Posted on 20/06/2005

The value of mergers and acquisitions completed in the UAE surged to US$5.2 billion (Dh19.10 billion) in the first half of 2005 from US$31 million (Dh113.89 million) in the same period of the previous year, management consultancy KPMG said in a statement yesterday. M&A activity in the UAE showed a far greater increase in the value of deals than in the number of bids, the company said after analysing data from Dealogic, which provides global investment banking analysis and systems. "In ...  >>MORE

UAE to invest US$700m in China

Posted on 19/06/2005

UAE is planning to place some US$700 million investment in a Chinese port facility according to Hao Feng, chairman, Chinamex Middle East Investment and Trade Promotion Centre. In an interview with Khaleej Times Feng did not reveal more details about the deal, which is currently under serious consideration, marking a step-forward for the lagging Middle East investments in the sub-continental economic giant, according to the Dubai-based "Khaleej Times”. He pointed out that the reason behind ...  >>MORE

Dubai Investments to launch subsidiaries on bourse

Posted on 15/06/2005

Dubai Investments, the biggest holding company listed on the Dubai Financial Market, will spin off two of its subsidiaries in public share offerings within the next year, Khalid Kalban, CEO and managing director, said. Kalban declined to say which of Dubai Investments' 28 subsidiaries would be launched on the market. He told Gulf News they would be profit-making subsidiaries with a track record of about five years. He said the first IPO would be in December and the lead manager for the ...  >>MORE

Khalifa orders creation of agency to boost enterprise

Posted on 11/06/2005

President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, has issued Law No 14 establishing the Khalifa Fund for supporting and developing small and medium enterprises in the emirate. A non-profitable establishment shall be set up and named Bidaya, according to the law. The chairman of Abu Dhabi Department of Planning and Economy will also chair Bidaya's board, which will consist between 5 to 9 members. A director-general appointed by the Abu Dhabi ...  >>MORE

New company set up in Sharjah with Dh200m capital

Posted on 05/06/2005

The setting up of a private equity investment company, The Group, with a capital of Dh200 million, was announced yesterday by Sharjah-based businessman Sheikh Saqr Bin Ahmad Bin Sultan Al Qasimi, chairman of the company. The Group has already received initial approval from the Economic Department of Sharjah for establishing the company. A statement said while 70 per cent of the shares of the The Group will be offered to the UAE nationals through public subscription, the remaining 30 per cent ...  >>MORE

Dubai Holding launches Dh1-billion Jordan fund

Posted on 22/05/2005

Dubai International Capital (DIC), the investment arm of Dubai Holding, will launch a Dhs1-billion investment fund that will target opportunities in Jordan. The fund was unveiled during the World Economic Forum (WEF) meeting on the Dead Sea by Dubai Holding CEO and Dubai International Capital Chairman Mohammed Al Gergawi. The announcement was made allowing a meeting with King Abdullah II of Jordan. King Abdullah had earlier met Gergawi and senior officials from the DIC to hear about the ...  >>MORE

The National Investor profit up 721%

Posted on 22/05/2005

The National Investor, an Abu Dhabi-based investment advisory firm, yesterday announced a net profit of Dh80 million for the 12-month period ending March 31, 2005. It is also planning to increase its capital from Dh200 million to Dh500 million. The firm's net profit represents a 721 per cent rise in earnings over the same period last year. The firm also reported a 356 per cent rise in revenues to Dh113 million. "This Dh80 million net profit is the result of the substantial growth of our ...  >>MORE

Dubai Islamic institutions finance Malaysian airport

Posted on 16/05/2005

Emirates Islamic Bank and Amlak Finance, the Dubai-based Islamic mortgage finance company, have won the mandate to arrange a US$260 million (Dh954.2 million) Islamic facility for a Malaysian company. The facility, which has been underwritten by the two Islamic institutions, is to fund the building of an airport in Malaysia by Senai Airport Terminal Services. The bank sources said this would be the first such arrangement carried out for a Malaysian private sector company by a foreign ...  >>MORE

Dh400 million 'Business Village' launched

Posted on 11/05/2005

Under the patronage of General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai & UAE Minister of Defence, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Chairman of the Board of Mohammed bin Rashid Establishment for Young Business Leaders has announced the launch of the 'Business Village'. This Dh400 million initiative will support small and medium enterprises (SMEs) managed by UAE nationals. Sheikh Hamdan bin Mohammed said, "Launching this initiative reflects the vision of ...  >>MORE

New law may allow foreign partner more shares

Posted on 24/04/2005

Sheikha Lubna Al Qasimi, Minister of Economy and Planning yesterday hinted that new commercial companies law may grant foreign partner in a UAE-based firm the right to own more than 49 percent of shares. "The first Arabic draft of new law is almost ready. It will touch on the percentage of foreign ownership in vital business sectors," Sheikha Lubna said in her speech before the Mashreq forum, held yesterday. The existing commercial companies law limits foreign ownership in companies to a ...  >>MORE

Companies' law to allow expats full ownership

Posted on 13/04/2005

The new companies' law, expected to be issued shortly, would allow foreigners to have 100 per cent ownership of ventures, the Minister of Economy and Planning Sheikha Lubna Al Qasimi has said. Participating in a presentation on the partnership between the public and private sectors, which was held in Abu Dhabi yesterday, Sheikha Lubna said the new law would be issued after finalisation in collaboration with the Ministry of Economy and Planning, Abu Dhabi Department of Planning and Economy ...  >>MORE

Dh200 million deal signed with Dubai Business Bay

Posted on 30/03/2005

Sulaiman Al Fahim, a UAE businessman, recently signed Dh 200 million agreement with Dubai Business Bay free zone to acquire three blocks of 40,000 square feet each for construction and development activities. A massive Dh480-million mega investment project has been envisaged for constructing three office and residential towers in this area. These three towers will have a total built-up space of around 800,000 square feet. Each tower will have the most modern amenities and will be ...  >>MORE

UAE franchising sector to reach Dh30b mark

Posted on 13/03/2005

The UAE, especially Dubai is an ideal place for the franchise sector with an access to lucrative Middle East, sub-continent and African markets with their combined population of 1.4 billion people and a staggering combined GDP of US$1.9 trillion, according to a study. Franchising sector is full of growth potential in the UAE and AGCC countries due to ever increasing range of products and services catering to new audiences and it is the next big thing in the world of business. According ...  >>MORE

Sharjah sets up venture capital fund to support national businesses

Posted on 12/03/2005

The Sharjah Government has set up a Dh50 million venture capital fund to support businesses by UAE nationals. A decree was passed last month and the authorities are now working to set up a board of directors to manage the fund. "The Al Ruwad fund is dedicated to UAE national owned businesses that would like to set up an industrial investment in Sharjah," said Sheikh Tariq Bin Faisal Al Qasimi, chairman of the Sharjah Economic Department. For 2005, Sharjah is forecasting 10 per cent annual ...  >>MORE

Private sector should play greater role in infrastructure developmentc

Posted on 21/02/2005

The private sector must play a greater role in infrastructure development and in providing essential services, thereby becoming a driver of economic growth in the region, said Mohamed Ali Alabbar, Director General of the Department of Economic Development (DED), Government of Dubai and Chairman, EMAAR Properties. Speaking at the Jeddah Economic Forum 2005, Alabbar said that quality services were usually available from the private sector but only for a price. He emphasised that the ideal ...  >>MORE

UAE businessmen eye Libya opportunities

Posted on 06/02/2005

UAE businessmen are reaching out to Libya in a bid to tap upcoming opportunities. Libya has opened its doors after decades of isolation due to UN economic sanctions. The Dubai Chamber of Commerce and Industry has announced it will hold a UAE Trade Exhibition in Libya 2005 as part of its efforts to open new markets for UAE traders, manufacturers and service establishments. The DCCI expects around 100 UAE-based companies to participate in the exhibition being held in Tripoli from November 27 ...  >>MORE

Dubai Holding entity becomes third largest shareholder in DaimlerChrysler

Posted on 31/01/2005

Dubai Holding, through its entity Dubai International Capital, has acquired a stake in the world's second largest automaker - DaimlerChrysler - it was announced yesterday by Mohammed Al Gergawi, Chief Executive Officer of Dubai Holding. Al Gergawi stated that Dubai International Capital has acquired the stake valued at US US$1 billion, making it the third largest shareholder in the US-German automobile manufacturer. The acquisition was negotiated, structured and carried out by newly set up ...  >>MORE

Dubai issues 12,246 business licences last year

Posted on 24/01/2005

Dubai issued a total of 12,246 new business licences in 2004, according to the Department of Economic Development. Of the total, 9,526 were trading licences and 2,388 were professional licences. The remainder were split between commercial and industry licences. The department also renewed 48,288 licenses and amended 21,851 licences. In terms of the sectoral breakdown of the 48,288 licences, Nora Juma, an official who works with the registration agency, said 33,302 were trading licences, ...  >>MORE

New rule for foreign company branches

Posted on 09/01/2005

Branches and representative offices of all foreign companies must furnish the Ministry of Economy and Planning with a Dh50,000 bank guarantee. Under a ministry directive issued within the past week, the new rule will apply to new offices to be established by foreign companies, and renewals of existing offices. In a related decision some time ago, the Dubai-based representative offices were asked to shift their registration from the Dubai Department of Economic Development (DED) to the ...  >>MORE

Business internship for local women

Posted on 09/01/2005

Mohammed bin Rashid Establishment for Young Business Leaders (SME) announced yesterday the launch of a comprehensive internship programme for potential young UAE national women entrepreneurs. The programme provides hands-on training to undergraduates of the Higher Colleges of Technology (Dubai Women's College). The exposure will be to businesses that are entrepreneurial in nature. The programme aims at allowing students to experience real working conditions in a true entrepreneurial ...  >>MORE

Phase one of Dubai Business Bay records sales of Dh4 billion

Posted on 08/01/2005

The phase 1 of the Business Bay project has been sold out within a few hours of it's going on offer, according to the top official of the firm managing the project. "We are delighted with the response. When we put the first phase of the Business Bay on offer, we were overwhelmed by the demand. The entire phase one was sold out in a matter of hours. Total funds generated from the sales were worth a massive Dh 4 billion," said Hashim Al Dabal, Chief Executive Officer of Dubai Properties, which ...  >>MORE

Local electronics market set to see price stability

Posted on 03/01/2005

After experiencing a 20 per cent price slide in 2004, the local consumer electronics will witness a measure of stability, especially at the high-end segment. A weak dollar will ensure prices are maintained at current levels. Many of these products are shipped from Far East countries such as Japan and South Korea, whose currencies have been strengthening against the dollar. "This particular factor alone should ensure stability in such key product categories as plasma and LCD televisions," ...  >>MORE

Mohammed bin Rashid donates Dh1 million to the Young Arab Leaders initiative (YAL)

Posted on 27/12/2004

General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister, has donated Dh1 million to the Young Arab Leaders (YAL) initiative to help the community in its efforts to develop a youth leadership base in the Arab world. Sheikh Mohammed stressed the importance of supporting all initiatives aimed at developing young leadership base in the Arab region as it is a vital step in catalyzing the growth and development of the region so that it is better equipped to ...  >>MORE

Sheikh Mohammed launches Aswaq retail stores

Posted on 21/12/2004

Under the directives of General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, 'Aswaq' - the neighbourhood retail stores project has been launched. Aswaq will offer new investment opportunities for young UAE nationals. Aswaq is a new initiative for the young UAE nationals who will benefit from the growth of the retail sector in the country either through establishing their own projects through Aswaq or through owning stocks or shares in the new ...  >>MORE

Business Bay project to be multi-pronged

Posted on 20/12/2004

The new Business Bay development will cover more than 60 million square feet when completed, an official said. "Business Bay will be one of the biggest projects of its kind along the Dubai Creek, which is the symbol of the leading trade position of the UAE," said Hashim Al Dabal, CEO of Dubai Properties. Al Dabal revealed that preparations of the blueprint for the various sections of the project have started. He said the project will cover 64 million square feet. Tens of billions are ...  >>MORE

Sheikh Mohammed launches 'Business Bay'

Posted on 15/12/2004

General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, today announced the 'Business Bay', a new initiative that aims to make the UAE a leading international commercial and business centre. 'Business Bay' is a new commercial and business cluster that will be located along a new extension of the Dubai Creek. It will extend from Ras Al Khor to Sheikh Zayed Road. Covering an area of 64 million square feet, the new initiative will provide a conducive ...  >>MORE

Dubai Holding arm signs investment accord with China

Posted on 28/11/2004

Dubai International Capital, a subsidiary of Dubai Holding, has signed an investment cooperation agreement with the Chinese Government. The agreement with Sinosure, a Chinese state-owned credit insurance agency, covers a wide variety of activities that will assist Beijing in encouraging its top companies to expand and invest internationally, particularly in the Middle East. The agreement was signed by Liang Zhidong, executive vice president of Sinosure, and Mohammad Al Gergawi, chairman of ...  >>MORE

DI plans Dh400m expansion of investment park

Posted on 10/11/2004

Dubai Investments (DI) is planning to undertake Dh400 million expansion of the 6th and 7th phase of the Dubai Investment Park by the end of this year, said Khalid Kalban, chief executive officer of Dubai Investments. The expansion project will be financed through a US$100 million (Dh367 million) Islamic Sukuk issue, Kalban said. "The mandate to handle the proposed issue is given to Emirates Financial Services (EFS) and we are toying the idea of coming up with the issue by end 2004.” he ...  >>MORE

Dubai investment plan goes global

Posted on 07/11/2004

Dubai International Capital (DIC), the new investment arm of Dubai Holding, is in advanced negotiations with several regional and international firms, some which are very high profile companies, the group's CEO said. Sameer Al Ansari declined to name the companies targeted for investment by DIC, but said he expected "several high profile announcements" within the next few months. He explained that DIC will use its cash flow to acquire controlling stakes in private companies, many of them ...  >>MORE

Dubai International Capital launched

Posted on 30/10/2004

Dubai Holding, one of the largest Groups in the Middle East, has announced the launch of "Dubai International Capital" to promote the strategic growth of the Group. Mohamed Al Gergawi, Chairman of the Board, Dubai Holding said: "Dubai International Capital will focus on building a diversified international investment portfolio, which will yield above average returns. The company will furthermore create regional and international strategic alliances which will promote the aims of the ...  >>MORE

Dubai Holding keen for tie-ups with leading corporations

Posted on 24/10/2004

Mohammed Al-Gergawi, Chairman of Dubai Holding, held a meeting with Jeffrey R. Immelt, Chairman and Chief Executive Officer of GE, to discuss possible ways of collaboration between the two corporations. Al Gergawi briefed him about the developments and the important role that UAE is playing as a hub for business, industry and tourism. 'The Chairman and CEO of General Electric expressed his interest in maintaining the presence of GE products in the UAE market considering that UAE is one of ...  >>MORE

Mohammed calls for closer government – business ties

Posted on 20/10/2004

General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister, has urged business leaders to pump in more investment into industry, tourism, real estate, technology and education to boost the domestic economy and push the diversification drive forward. In an open dialogue with national businessmen, investors, traders, CEOs and top government officials yesterday, Sheikh Mohammed said national economic sectors have a vital role to play in the development of the ...  >>MORE

Tejari confirms interest in widening coverage to China

Posted on 04/10/2004

Tejari, the Dubai based online marketplace, has confirmed interest in widening its coverage into China as part of a comprehensive Asia strategy. A study is being put together, and any decision will be based on the feedback. Tejari is already in an advanced stage with its plans for India, identified as critical to the company's strategy to play a more pan Asian role. The timing of the move is impeccable as both India and China have emerged as prominent trading partners of the UAE. It also ...  >>MORE

New law will allow foreign investors to own up to 70 per cent of investments: official

Posted on 28/09/2004

Foreign investors will be allowed to own up to 70 per cent in investments in UAE companies if a new federal law currently being prepared is endorsed, an Abu Dhabi Chamber of Commerce official revealed in Abu Dhabi yesterday. "A new federal law that will allow foreigners to own up to 70 per cent is currently being discussed by the Government. If passed, then ownership of investments by foreigners will increase to 70 per cent. In free zones it will go up to even 100 per cent” said Hussein Al ...  >>MORE

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Quick List

Dubai Investments reports an impressive 450% increase in net income for first half of 2005


Dubai tapping Italian investors


Dubai begins to lure American funds for major projects


Dubai is a top destination for French businessmen


First phase of Dubai Outsource Zone to be ready by 2006


Tejari provides SMS alerts to customers


Business boom fuels Abu Dhabi chamber's growth


Mergers and acquisitions in UAE soar to US$5.2b


UAE to invest US$700m in China


Dubai Investments to launch subsidiaries on bourse


Khalifa orders creation of agency to boost enterprise


New company set up in Sharjah with Dh200m capital


Dubai Holding launches Dh1-billion Jordan fund


The National Investor profit up 721%


Dubai Islamic institutions finance Malaysian airport


Dh400 million 'Business Village' launched


New law may allow foreign partner more shares


Companies' law to allow expats full ownership


Dh200 million deal signed with Dubai Business Bay


UAE franchising sector to reach Dh30b mark


Sharjah sets up venture capital fund to support national businesses


Private sector should play greater role in infrastructure developmentc


UAE businessmen eye Libya opportunities


Dubai Holding entity becomes third largest shareholder in DaimlerChrysler


Dubai issues 12,246 business licences last year


New rule for foreign company branches


Business internship for local women


Phase one of Dubai Business Bay records sales of Dh4 billion


Local electronics market set to see price stability


Mohammed bin Rashid donates Dh1 million to the Young Arab Leaders initiative (YAL)


Sheikh Mohammed launches Aswaq retail stores


Business Bay project to be multi-pronged


Sheikh Mohammed launches 'Business Bay'


Dubai Holding arm signs investment accord with China


DI plans Dh400m expansion of investment park


Dubai investment plan goes global


Dubai International Capital launched


Dubai Holding keen for tie-ups with leading corporations


Mohammed calls for closer government – business ties


Tejari confirms interest in widening coverage to China


New law will allow foreign investors to own up to 70 per cent of investments: official