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THE ECONOMY - BUSINESS

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

Tejari marketplace made available on mobile phones

Posted on 26/09/2004

Tejari, the Middle East online marketplace, has launched Tejari Mobile, a wireless enabled service designed to give both Tejari members and the general public access to the online marketplace information through mobile phone devices. Tejari Mobile users can access a diversity of information, including daily auction activities and the latest news from Tejari to new tendering opportunities without connecting to the Internet through PCs. During the five-day GITEX event, Tejari will conduct ...  >>MORE

UAE offers lowest risk in the region

Posted on 22/09/2004

A leading global risk consultancy has advised business leaders around the world to invest in the UAE because it was politically stable and had done more than other regional states towards security. "The UAE has also done more to diversify its economic base and its political future looks more secure," said the report. The Kroll report gave a risk analysis of each Gulf state based on their exposure to security, political and business risks in the next five years. The aim was to give potential ...  >>MORE

Dubai to set up credit bureau

Posted on 04/09/2004

The Department of Economic Development (DED) will set up an independent credit bureau to improve transparency and offer better financial risk management within the thriving local economy. An agreement was signed yesterday between the DED and Dun & Bradstreet (D&B), a leading provider of business information services, to help set up the bureau, expected to be operational during the second quarter of next year. "Given the tremendous growth witnessed in the financial and retail sectors, the ...  >>MORE

UAE may revise company laws

Posted on 01/09/2004

The UAE Federal authorities are in the process to finally revise the laws ruling companies with limited liability, with an aim to protect all parties involved in business process in the marketplace, said an official source. "The new laws if forced will allow expatriates to run their businesses under the watch of the economic authorities and not under the mercy of the sponsor who simply wait for the 'lease money' by the end of the year," said the source. "The new laws will be a plus point for ...  >>MORE

Dubai commercial space market set to soften

Posted on 21/08/2004

Arguably the most expensive in the Middle East, rates for Dubai's commercial and office space may experience some softening in the next two years, according to the latest industry projections. The key rationale for such estimates is that once the new developments in the sprawling Dubai International Finance Centre and the private sector-promoted office towers - about 18 of them - in the Dubai Internet City come onto the market, rates for Dubai's present office space, especially in the secondary ...  >>MORE

Tejari offers users its online catalogue

Posted on 11/08/2004

Tejari is offering users of its advertising and procurement services the opportunity to post their catalogues on its Website, giving them access to a wide base of companies and other members of the online marketplace's database. The initiative is based on the premise that businesses know best how to present their products and services to potential customers: the self-servicing facility operates by allowing customers to design their own catalogues with their own resources, and then exploit ...  >>MORE

Dubai set for fourfold growth in retail space

Posted on 28/07/2004

Driven by Dubai's phenomenal mall boom that promises to catapult the emirate to the world's number two position in terms of space per capita, the retail industry in the UAE is geared for a major big leap with a 35 per cent surge in spending in the next two years. The new round of shopping mall boom, which Dubai has triggered by launching some of the most spectacular developments in the history of the global retail industry, will see the vibrant city setting yet another record - a four-fold ...  >>MORE

Mohammed Establishment funds 6 projects worth Dh4m

Posted on 26/07/2004

Mohammed bin Rashid Establishment for Young Business Leaders has funded six projects with a total value of over Dh4 million. The projects are from diverse sectors including IT, sports, retail and services. "Mohammed bin Rashid Establishment has entered a new phase of expansion that allows more projects to be launched by young UAE national entrepreneurs. This will reinforce the establishment's objective of encouraging young nationals to play an active role in the development of the country,” ...  >>MORE

UAE's outdoor ads rake in profits

Posted on 12/07/2004

With annual growth pegged at 20 per cent, outdoor advertising is doing much better than all other forms of advertising in the UAE, a senior industry source said. Last year, outdoor media represented just over 7 per cent of the advertising spending, valued at Dh1.7 billion. Dubai accounted for about 70 per cent of what was spent on outdoor media, and the tally was boosted by the various government sponsored shopping campaigns and the run up to the World Bank-IMF summit last September. "Our ...  >>MORE

DTCM releases fifth issue of Dubai Business Handbook

Posted on 19/05/2004

The Dubai Department of Tourism and Commerce Marketing (DTCM), has recently issued the new edition of the Dubai Business Handbook 2004-5. A total of 20,000 copies have been printed which will be readily available to people looking at setting up business in Dubai. Copies of the new edition will also be distributed to all the DTCM Overseas Representative offices. The Business Handbook brought out by DTCM is different from other such handbooks as it contains the latest updated information on ...  >>MORE

Local partnerships stay in new corporate law

Posted on 12/04/2004

Foreigners setting up projects in the UAE are still required to have a majority local partnership under a new draft federal corporate law issued recently. The law coincided with an intensified drive by the UAE to attract capital but it did not indicate any relaxation of the curbs on full foreign ownership of projects in most sectors. Under the law, endorsed by President His Highness Sheikh Zayed bin Sultan Al Nahyan and the federal cabinet, nationals must have at least 51 per cent shareholding ...  >>MORE

Abu Dhabi plans online investment drive

Posted on 05/04/2004

Abu Dhabi is set to launch online services for project licensing and attracting capital in a massive investment drive intended to diversify its oil reliant economy. The emirate's Department of Economy (DoE) is carrying out an ambitious electronic project that will ensure economic and investment data for local and foreign businessmen and process their applications through the Internet. The Dh2.9 million ($790,000) project involves the setting up of an advanced electronic network that will give ...  >>MORE

Dubai Autodrome and Business Park unveiled

Posted on 30/03/2004

Union Properties' prestigious development of the Dubai Autodrome and Business Park - which will bring flagship motor sports events to the emirate - was given a six star launch last night. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has been named chairman of the board, which will also include top-level executives such as Saeed Khalfan, Mohammed bin Sulayem, Simon Azzam and Khalfan Hareb. Dubai is said to be among the top ten importers of cars worldwide although motor sports facilities ...  >>MORE

Mohammed signs quality declaration

Posted on 24/03/2004

General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, UAE Minister of Defence and Chairman of Dubai Police and Public Security, signed the Burj Al Arab Quality Declaration yesterday. The declaration seeks to create awareness in the Arab world about a knowledge-based economy for sustained business performance. Professor Yoshio Kondo and Dr James Harrington, former chairmen of the IAQ, and Dr Tito Conti, IAQ's Vice President, also signed the declaration. Speaking about the ...  >>MORE

Tejari's online sales soar 1,000pc in 2003

Posted on 15/03/2004

Tejari, the Dubai headquartered online marketplace, enjoyed a good run last year with membership rising to 2,471, of whom nearly 1,000 were signed up during the year. For them, Tejari conducted 10,395 auctions - which was a 110 per cent increase over the 2002 numbers. The number of electronic purchase orders processed last year through Tejari reached a record with an almost 1,000 per cent increase over 2002. Last year, 20,117 purchase orders were recorded in contrast to 1,782 in 2002. ...  >>MORE

Dubai to establish region's first business ethics centre

Posted on 20/02/2004

Business practices was put under the microscope yesterday with the groundbreaking decision to launch a business ethics centre in Dubai. The Gulf Centre for Excellence in Ethics is the first of its kind in the Middle East and aims to improve business ethics and corporate governance in the emirate. It will be based in the Dubai Chamber of Commerce and Industry, which has been at the forefront of this new initiative. The move follows similar initiatives around the world to boost corporate ...  >>MORE

Syria comes under Tejari umbrella

Posted on 18/02/2004

Tejari, the Dubai-headquartered online marketplace operator, has brought Syria into its sphere of operations through an alliance with Emirates Computers. The Syrian operations should go live in the third quarter of this year, according to the schedule. "Tejari's expansion into Syria was a natural direction following our Jordan and Lebanon initiatives. The marketplace is set to promote Syria within the Levant and facilitate its trade throughout the region," said Sheikha Lubna Al Qasimi, ...  >>MORE

UAE has become a major business hub: Arab League

Posted on 13/02/2004

Arab League Cairo - The UAE has become a major business hub in the region, thanks to its liberal economic policies and sound infrastructure. The country's customs' facilities and system has made it a major re-export centre for a whole range of goods to the rest of the GCC states, according to a report released here today by the General Secretariat of Arab League. The report, prepared by delegations of the Arab league following visits to Arab countries, cited Al Ghuweifaat customs point as ...  >>MORE

UAE retailing undergoes transformation

Posted on 03/02/2004

The UAE's retail sector witnessed a great deal of change during the 1990s when hypermarkets, especially French hypermarket chain Carrefour (the former Continent), began giving the local supermarkets a run for their money, according to market sources. With bulk sales and reduced pricing, the hypermarkets began to attract the average family shopper in large numbers from the mid-1990s, forcing many retailers to close down their shutters. As prices of essentials began to come down and margins ...  >>MORE

Tejari expands into Kuwait

Posted on 19/01/2004

Tejari, the Dubai headquartered online marketplace operator, has made an entry into Kuwait as part of a phased regional expansion programme which has seen it move into Lebanon, Jordan and Iraq. The Kuwait operation is in partnership with the Al Ghabban Group, which specialises in construction and property management and with operations in Kuwait, Iraq, Saudi Arabia, Bahrain, Djibouti, and Qatar. Tejari - which has plans to develop a greater Gulf presence in the next 18 months - already has ...  >>MORE

Abu Dhabi hires HSBC as financial manager for privatisation

Posted on 18/01/2004

A senior Abu Dhabi government official revealed yesterday that Abu Dhabi would hire international consultants to conduct studies on privatisation of some government-owned companies and factories as part of its drive to boost local economy, encourage industrial development and cope with modern management and technology. 'We have hired the HSBC bank to act as the major financial consultant for the privatisation process and we are about to appoint other consultants and legal advisers to help put ...  >>MORE

Dubai's retail space to rise four-fold

Posted on 28/12/2003

Dubai is looking to take a big step up and become the world's No 2 shopping mall -with its retail area forecast to multiply four-fold by 2010. Significant capacity will be added to the existing level - which has made it the world's No 3 retailer in terms of space per capita - when the expanded BurJuman Centre becomes fully operational in the first quarter of next year. Swanky new developments from such blue chip enterprises as EMAAR, Nakheel and the Majid Al Futtaim group will follow in its ...  >>MORE

Tejari rates as best content provider in e-business

Posted on 15/12/2003

Tejari, the Middle East online marketplace, was named as "Best Content Provider in e-Business” for 2003 at the World Summit Award, WSA held in Geneva this month. Initially conceived at the United Nation's World Summit on the Information Society, WSIS, more than 135 countries participated in the effort to select the best global practices in content and creativity and Tejari has been chosen as the e-business winner – one of the top 40 finalists out of 800 entries in the e-content areas. ...  >>MORE

Higher body for investment proposed

Posted on 07/12/2003

The UAE is considering setting up a higher committee for investments to be charged with the task or specifying the percentage of foreign ownership in investment projects, a local Arabic daily has reported. "The committee will determine whether or not there is a need for foreign investors to wholly or partially own the capital of an investment project in the UAE, said the "Al Ittihad Arabic daily”. Under the current investment laws foreign investors are allowed to own up to 49 per cent of the ...  >>MORE

Dubai beats Miami, Bucharest and Sydney to host 2006 IAA Congress

Posted on 23/11/2003

Dubai will be the site of the 40th World Congress of the International Advertising Association (IAA) in March 2006. Dates have been tentatively set for March 16 to 18 with the Dubai International Convention Centre as the venue. Dubai's bid was chosen unanimously over competition from Miami, Bucharest and Sydney at the recently concluded Asian Advertising Congress in Jaipur, India. Each of the candidate cities had a chance to present its claims at the conference. The Dubai Government has ...  >>MORE

Tejari extends reach into Iraq with new franchise operation

Posted on 11/11/2003

As part of an ambitious regional expansion programme, Tejari has signed up the Saudi-based Al Gabbhan Group to be its franchisee for the Iraq marketplace. The promoters expect to deploy the full range of online services when the Internet becomes a reality in Iraq. Al Gabbhan is putting together a team in Iraq to manage the future operations. While no firm date has been set for the launch of the services, senior officials forecast sizeable future demand coming through from the various ...  >>MORE

UAE rated best Arab state for investment

Posted on 05/11/2003

The UAE was ahead of all Arab countries last year in low-risk investment destinations and ranked among the best 20 nations in the world in terms of capital inflow measured by a well-known US financial and economic rating firm. The UAE got 81.8 points at the end of last December in the composite indicator issued by PRS Group for 140 countries worldwide to judge their ability to attract capital. The index, dubbed the International Country Risk Guide, covered political, economic and financial ...  >>MORE

Dubai to release business film to woo global investors

Posted on 04/11/2003

Dubai's achievements and significant future commercial plans are now filmed and set to be released in a 13-minute video film by the Dubai Department of Tourism and Commerce Marketing (DTCM) to target and attract investors from all over to the globe to the emirate. The film, apart from being a visual treat, highlights the advantages and benefits of doing business in the emirate. DTCM Manager Media and Advertising, Ahmed Al Tunaiji said that the business film will complement and boost Dubai's ...  >>MORE

DED Investment guide released

Posted on 01/10/2003

The Dubai Department of Economic Development, DED, has launched "Manufacturing Investment Guide” – a comprehensive information book that provides extensive guidelines on investing in Dubai's manufacturing sector. The guide also offers comprehensive information about Dubai's economic development and its business environment in addition to detailed information on setting up new manufacturing units in the emirate. It profiles the manufacturing sector in Dubai and clarifies the benefits and ...  >>MORE

UAE mulling changing company ownership law

Posted on 21/09/2003

The UAE government is seriously weighing a proposal to scrap the company ownership laws, which allows an upper ceiling of only 49 per cent ownership of business for non-nationals and rest of 51 for national licence sponsor. Mohammed Ali Al Abbar, director-general of Dubai Department of Economic Development, speaking at the opening seminar on the sidelines of the board meetings of World Bank and IMF at the Dubai International Convention Centre on Saturday, said: "The move to amend the law, in ...  >>MORE

Traders may reap US$25b from Iraq reconstruction

Posted on 24/08/2003

Dubai-based traders can reap the benefits from the reconstruction of Iraq which is expected to generate US$25 billion worth of business, said Obaid Humaid Al Tayer, President of Dubai Chamber of Commerce and Industry (DCCI), while urging Korean traders to form a body. Al Tayer urged a visiting South Korean trade delegation to convince Korean businessmen to coordinate with the chamber to establish a Korean Business Council in Dubai. This comes within the framework of consolidating relations with ...  >>MORE

UAE investors bring back more funds from abroad

Posted on 18/08/2003

UAE investors have stepped up a two-year trend to bring back their overseas funds to benefit from the return of stability to the region and growing business opportunities at home, while averting further shocks in global financial markets. A surge in deposits with the country's 47 banks over the past two years indicated the pace of funds return is picking up and experts believe billions more will be back this year. Last year and in the first quarter of this year, such deposits swelled by more ...  >>MORE

Tejari expands to Lebanon

Posted on 13/08/2003

Dubai-headquartered Tejari continues its Middle East expansion with the extension of e-marketplace services to Lebanon, through a franchising agreement with Emirates Computers. This is also the first time Tejari is entering a franchising agreement. In its first overseas foray, the company had entered a joint venture with a local company in Jordan. "The expansion is part of a strategic roll out of services in some of the most important Middle East markets," said Nawfal Al Jourani, marketing ...  >>MORE

Tejari, GIBCA Group enter into partnership

Posted on 21/07/2003

Tejari (http://www.tejari.com), the Middle East's premier business-to-business marketplace, announced that it has signed Sharjah's GIBCA Group as a new member. GIBCA, one of the largest and most diverse groups in the Northern Emirates, will use Tejari's online community to sell a large selection of its products as well as procure goods and services for its wide-ranging business interests. In this capacity, GIBCA becomes one ...  >>MORE

UAE an ideal country to set up new business

Posted on 19/07/2003

The World Bank has identified the UAE as one of the least cumbersome countries in which to set up a new business. According to a recently released report, the World Bank has found that only 29 days is needed to set up a new business in UAE whereas the average period for the Mena region is 60 days. Even the other regions in the emerging markets require a much longer duration to set up new business. While four countries in Latin America – Argentina, Brazil, Chile and Mexico – need 59 days, five ...  >>MORE

Nurturing Tejari - a Mideast icon

Posted on 19/07/2003

It only celebrated its third birthday on June 20, but Tejari, the business-to-business marketplace, has grown into a giant. The day it was born, Tejari had three members - two buyers and one supplier. Dubai Ports Authority (DPA) placed an order to buy some spare parts and Dubai Transport procured 85 Toyota Camrys from Al Futtaim. There was scepticism in the market when the idea was conceived... the grand design would not blossom, for large companies were losing money and dotcoms falling like ...  >>MORE

Sharjah's used electronics market thriving

Posted on 19/07/2003

Those who cannot afford expensive electronics can try second hand items available at the used electronic market at lower prices here. Everything from used TVs, VCRs, refrigerators, air-conditioners, washing machines, computers, VCDs or DVD players, cassette players, video cameras, irons, sewing machines and photocopy machines are all available at throw-away prices at this market situated in the industrial area. A TV set can be bought for Dh100, a DVD or VCD player for just Dh50 to Dh75, ...  >>MORE

Ducamz continues on fast track

Posted on 15/07/2003

Dubai Cars Zone (Ducamz) continued to achieve high growth in the first quarter of this year. Data issued by the Dubai Customs at the Ports, Customs and Free Zone Corporation show that the total commercial exchange in cars increased by 68.1 per cent this year compared with the same period last year. Sultan Al Joker, acting director of Dubai Customs, said: "Ducamz continued its significant growth for the third consecutive year achieving positive results in cars trade, especially in the right-hand ...  >>MORE

UAE tops merger and acquisition activity in the Middle East

Posted on 13/07/2003

The UAE has emerged as the most active centre for merger and acquisition (M&A) activity in the Middle East with 50 such transactions being reported from the country alone between 1996 and 2001. According to a study commissioned by Abraaj Capital on the prospects for private equity in the region and the forces driving M&A activity, the Middle East saw a total of 266 M&A transactions in this period and of which 91 deals, information for which was available, aggregated $8.7 billion. Talking ...  >>MORE

US state honours Sheikha Lubna

Posted on 30/06/2003

Sheikha Lubna Al Qasimi, chief executive officer of the business-to-business marketplace Tejari, has played a major role in the Kentucky World Trade Centre's Annual World Trade Day. She delivered the keynote address at the meeting of government and business leaders held recently in Louisville, Kentucky, USA. Reacting to recent world events, Sheikha Al Qasimi delivered a personal message about the impact of such incidents on the Muslim world, and painted an overwhelmingly positive portrait of ...  >>MORE

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Quick List

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


Tejari marketplace made available on mobile phones


UAE offers lowest risk in the region


Dubai to set up credit bureau


UAE may revise company laws


Dubai commercial space market set to soften


Tejari offers users its online catalogue


Dubai set for fourfold growth in retail space


Mohammed Establishment funds 6 projects worth Dh4m


UAE's outdoor ads rake in profits


DTCM releases fifth issue of Dubai Business Handbook


Local partnerships stay in new corporate law


Abu Dhabi plans online investment drive


Dubai Autodrome and Business Park unveiled


Mohammed signs quality declaration


Tejari's online sales soar 1,000pc in 2003


Dubai to establish region's first business ethics centre


Syria comes under Tejari umbrella


UAE has become a major business hub: Arab League


UAE retailing undergoes transformation


Tejari expands into Kuwait


Abu Dhabi hires HSBC as financial manager for privatisation


Dubai's retail space to rise four-fold


Tejari rates as best content provider in e-business


Higher body for investment proposed


Dubai beats Miami, Bucharest and Sydney to host 2006 IAA Congress


Tejari extends reach into Iraq with new franchise operation


UAE rated best Arab state for investment


Dubai to release business film to woo global investors


DED Investment guide released


UAE mulling changing company ownership law


Traders may reap US$25b from Iraq reconstruction


UAE investors bring back more funds from abroad


Tejari expands to Lebanon


Tejari, GIBCA Group enter into partnership


UAE an ideal country to set up new business


Nurturing Tejari - a Mideast icon


Sharjah's used electronics market thriving


Ducamz continues on fast track


UAE tops merger and acquisition activity in the Middle East


US state honours Sheikha Lubna