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THE ECONOMY - BUSINESS

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

Abu Dhabi municipality sets up hotline for business investors

Posted on 28/06/2003

Investors seeking to enquire on business applications at Abu Dhabi Municipality can now avoid queues by just clicking on phone buttons that take them through a hotline service installed this week. The new service, the latest in a series of facilities introduced to ease pressure on its departments and ensure quick services to investors, includes 26 lines which guarantee rapid access to the municipality's data bank. Dialling 900-929-929 will take callers to a programmed answering machine ...  >>MORE

Investments Park in growth mode

Posted on 23/06/2003

Dubai Investments Park Development Company, which has leased 70 per cent of its second phase, has drawn up plans to launch the third phase by next year. Khalid bin Kalban, chief executive of Dubai Investments, the holding company, and managing director of the Park, said the company will invest around Dh250 million in the third phase. Around Dh3 billion has been spent so far on the second phase by Dubai Investments Park (DIP) and the 86 companies which have established their facilities in this ...  >>MORE

UAE investment in Oman put at Dh 373.7m

Posted on 14/06/2003

UAE investors and businessmen are paying more attention to investment opportunities in Oman, an Omani economic report said. The report, issued by the Omani Centre for Promotion of Investment and Exports, put the UAE investment in Oman at Dh 373.7 million divided into 305 projects concentrating on real estate, commercial centres, manufacturing, trade services, food processing, health services and financial sectors. The report pointed out that the UAE investment entered Oman in 1975 with 7 ...  >>MORE

Sharjah's retail environment in dramatic transformation

Posted on 11/05/2003

For long, Sharjah has played second fiddle to Dubai, at least as far as the retail environment is concerned. But in the last few years or so, the situation on the ground in Sharjah has changed dramatically. The development of spanking new malls has contributed to the emirate's retail space flourishing like never before. This goes hand in hand with Sharjah's increasing attraction as a residential destination, especially the new areas surrounding the new Sharjah Expo Centre (Al Nahda). ...  >>MORE

Crucial Arab changes needed to attract investment-Sheikh Mohammed

Posted on 04/05/2003

General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Defence Minister, yesterday affirmed that the Arab capacity to attract big investments depended on the need to make crucial changes and the founding of favourable environment. Opening the Dubai Investment Forum here, Sheikh Mohammed said Arab attraction for foreign investment was weak despite the huge potentials of the region. In an opening speech read out on his behalf by Sheikh Ahmed bin Saeed Al Maktoum, Deputy Chairman of ...  >>MORE

UAE, Saudi Arabia and Bahrain launch Arab investment initiative

Posted on 04/05/2003

The UAE, Saudi Arabia and Bahrain yesterday launched a new initiative on the creation of an Arab institution aimed at unifying Arab efforts to attract foreign investment in a more concerted and efficient manner. The initiative came in response to a call by General Sheikh Mohammed Bin Rashid Al Maktoum, Dubai Crown Prince and Defence Minister, who held talks with Saudi Prince Abdullah bin Faisal bin Turki, Chairman of the Saudi Investment Authority, and Jamal Ali Al Hazeem, Chief Executive ...  >>MORE

FNC recommends formation of federal body for small businesses

Posted on 30/04/2003

The Federal National Council (FNC) has recommended that a federal authority to support small and medium-scale enterprises be established. In its today's session, the FNC deferred debate upon a federal draft law on personnel service in the Armed Forces. The session was chaired by FNC Speaker Saeed M. Al Kindi and attended by Mohammed Nakhirah Al Dhahiri, Minister of Justice, Islamic Affairs and Awqaf and Dr. Mohammed Khalfan bin Kharbash, Minister of State for Finance and Industry as well as a ...  >>MORE

Abu Dhabi used car market bucks the slump

Posted on 29/04/2003

The vibrant and somewhat crowded used car market here is speeding along in top gear, led by steady demand for luxury cars coupled with aggressive promotional drives. Although the war in Iraq had an impact on sales of new luxury cars last month, the used car market in the capital has escaped any such negative effect, dealers said. Abu Dhabi's used car market has many players, mostly concentrated on the outer stretch of the Airport Road. At least over 50 used car dealers are located side by ...  >>MORE

Abu Dhabi Coop profit falls 2.4pc

Posted on 13/04/2003

Abu Dhabi Cooperative Society (Abu Dhabi Coop) has reported a net profit of Dh62.6 million for the full year 2002, down 2.4 per cent from the previous year. A 60 per cent cash dividend (same as the previous year) was ratified by shareholders at the public shareholding company's annual general meeting recently, a top company official confirmed. No bonus shares were announced. Despite higher revenues, net profit of Abu Dhabi Coop fell marginally mainly due to higher operating expenses. Earnings ...  >>MORE

UAE consumer electronics market on firmer ground

Posted on 07/04/2003

The local consumer electronics market looks to be on firmer ground, with high-margin products such as DVD players and home theatre systems growing at over 25 per cent in recent weeks. If so, branded DVD players could record unit sales of over 200,000 this year compared with an estimated 70,000 last year. During the crucial first quarter, growth rates were pegged at 60 per cent. There is also a wider market comprising cheaper brands from China, usually going for prices as low as Dh200 or so. ...  >>MORE

GIC back in the black

Posted on 16/03/2003

A key joint investment venture owned by the UAE and five other Gulf Arab states yesterday reported a six per cent growth in net income after a decline in the previous two years caused by lower income from overseas assets. The Gulf Investment Corporation (GIC), controlled equally by the six GCC governments, netted around US$90.3 million last year compared with nearly US$85.3 million in 2001 despite mounting tension in the region and recurrent turmoil in global financial markets. Its balance ...  >>MORE

DDIA, Mashreqbank sign entrepreneur finance deal

Posted on 08/03/2003

Dubai Development and Investment Authority (DDIA) and Mashreqbank have signed a facility arrangement under which Mashreqbank will grant financial facilities to entrepreneurs registered under the Mohammed bin Rashid Establishment for Young Business Leaders. Launched by General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, the establishment is an initiative of the Dubai Development and Investment Authority. It aims to support the business ...  >>MORE

Tejari handles deals worth US$500m - Sheikha Lubna Al Qasimi

Posted on 02/02/2003

By end 2002, Tejari recorded US$500 million in transactional value over its electronic marketplace. The number of on-line tenders conducted over it rose five-fold last year to 5,000, confirmed a top official. Tejari.com has already started shifting its Internet-based platform from the U.S. to Dubai Internet City. In fact, one arm of the infrastructure is already being tested here. In another major development for the operator, which went "live" in late 2000, a pilot project has just been ...  >>MORE

Estithmaar takes 9% in StreamServe

Posted on 29/01/2003

Estithmaar Ventures TMT Fund, a joint venture between the Government of Dubai and Deutsche Bank, has completed acquisition of nine per cent stake in StreamServe, a leading European software company. This represents Estithmaar's first investment, less than three months after the official launch of the fund, said a press release. The 100 million equity fund has a mandate to invest in technology, media and telecom (TMT) companies in the Middle East, Europe, US and the Indian Sub-continent. The ...  >>MORE

Young leaders scheme okays 365 projects

Posted on 26/01/2003

A total of 1,500 applications has been received since the setting up of Mohammed bin Rashid Establishment for Young Business Leaders last June. So far, 365 projects have been supported by the new entity. These are financed through a dedicated Dh700 million-fund set up in collaboration with Dubai Islamic Bank. Capital is provided on preferential terms for new entrepreneurs and existing small and medium entities. "Two hundred and eighty projects will benefit from the Government Procurement ...  >>MORE

Guide to setting up business launched

Posted on 19/01/2003

A guide to the legal and commercial aspects of setting up a business in Dubai has been published by Dubai Development and Investment Authority (DDIA). The book, Setting up in Dubai, covers the immigration and customs issues applicable to business people. "It is an exhaustive reference book for anyone wanting to set up a business in Dubai and covers aspects from general information about life in Dubai to immigration and customs procedures, information on institutions and bodies, to the legal ...  >>MORE

Dh200m fund for young entrepreneurs

Posted on 07/01/2003

Mohammed bin Rashid Establishment for Young Business Leaders is spending about Dh200 million this year, to support young entrepreneurs. The organisation, which was created about six months ago, has already financed 25 business projects at a cost of Dh25 million. "We will support as many entrepreneurs and business projects as possible, but this year, we are looking around 200 projects and we have a maximum allocation of Dh1 million per project," said Abdulbaset Al Janahi, director. "We might ...  >>MORE

Tomooh plan to be forwarded to Cabinet

Posted on 06/01/2003

A report on federalising Tomooh, Dubai's finance scheme for small UAE national businesses, will soon be given to the UAE cabinet, according to Tomooh officials. The views of a number of federal ministers were taken in order to examine how it can be developed and made federal, explained Sulaiman Al Mazroui, Emirates Bank's chief marketing manager and Tomooh supreme committee member. It will still be based in Dubai. The scheme plans to impose a quota for employment of UAE nationals in the ...  >>MORE

6,630 licences issued to GCC businessmen last year

Posted on 06/01/2003

Dr. Mohammed Khalfan bin Kharbash, Minister of State for Finance and Industry, said a total of 6,630 licenses were issued last year to nationals from GCC countries to perform economic activities in the UAE, compared to 2,744 licenses in 1995. The notable growth in the number of GCC nationals who prefer to perform economic activities have undoubtedly demonstrated UAE's encouragement to Gulf investors, confirmed Dr. Kharbash, as quoted by Arabic daily Al Bayan. The major increase also ...  >>MORE

Establishment for Young Business Leaders launched

Posted on 30/12/2002

Dubai Crown Prince and UAE Defence Minister Sheikh Mohammed bin Rashid Al Maktoum yesterday said that he is committed to providing all available resources to support the projects of young national entrepreneurs. Inaugurating the Business Centre offices of Mohammed bin Rashid Establishment for Young Business Leaders located in Emirates Towers, Sheikh Mohammed said: "This establishment represents and important support initiative for young national entrepreneurs and is based our firm belief in the ...  >>MORE

Al Tayer to present UAE's e-initiatives at Arab meet

Posted on 23/12/2002

UAE's e-commerce initiatives will be presented to the Arab Communications and IT ministerial council meeting, which opens in Syria today. 'ETISALAT's Comtrust and Tejari.com will be reviewed at the conference as two of the major e-initiatives carried by the UAE with regard to application of technology and IT in services sectors, Minister of Communications Ahmed Humaid Al Tayer said on his departure to Syria to attend the meeting. He hoped the UAE models would be publicised in other Arab ...  >>MORE

Comtrust gets ISO 9001:2000

Posted on 19/12/2002

Comtrust, the e-solutions business unit of ETISALAT, has received the ISO 9001:2000 from Det Norske Veritas. The Comtrust announcement is the first phase of ETISALAT's long-term corporate ISO certification programme, which will see its departments and business units certified. "The certification programme is divided into three phases and we will continue to spare no efforts in ensuring that customers really notice the benefits over time," said Abdullah Jadah, senior manager for corporate ...  >>MORE

New business group set up

Posted on 19/11/2002

Representatives of Dubai's leading exhibitions and conferences organisers, including senior officials from the Dubai World Trade Centre, formed a new group with the backing of Dubai Chamber of Commerce and Industry (DCCI). This followed a meeting on Sunday of 40 representatives of Dubai's leading exhibitions and conferences organisers, chaired by Dr Anwar Gargash, board member and head of DCCI's economic affairs and commercial activities committee. DCCI helped stage Dubai's first ever trade ...  >>MORE

Cabinet approves the creation of anti-commercial fraudulence Committee

Posted on 05/11/2002

The UAE Cabinet yesterday approved a tender for the implementation of the new identity and residency card project. Meeting under the chairmanship of Sheikh Sultan bin Zayed Al Nahyan, Deputy Prime Minister, in its weekly session, the Cabinet also approved the creation of a National Anti-commercial Fraudulence Committee comprising a number of relevant Ministers, Departments and Establishments. It also endorsed a memorandum on educational co-operation agreement with Bahrain and another on the ...  >>MORE

UAE businesswomen seek role in economic sector

Posted on 15/10/2002

The UAE Businesswomen Committee held its first meeting on Saturday evening at the UAE Women Club, to enhance the contribution of women in supporting the national economy. The meeting which was organised by the Abu Dhabi Chamber of Commerce and Industry (ADCCI), and cosponsored by the Abu Dhabi Islamic Bank, was also aimed at promoting the leading role of the national businesswomen in the emirate of Abu Dhabi. Dr Rawda Abdullah Al Mutawa, Chairman of the Executive Board of the Committee ...  >>MORE

ADCCI forms businesswomen's committee

Posted on 09/10/2002

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced on Tuesday the formation of the Abu Dhabi National Businesswomen Committee (ADNBWC). The aims of the committee will be providing opportunities for women to be well-trained and re-qualified to expand the range of their participation in the business and professional fields. It will co-operate with local, Arab and foreign institutions involved in various economic affairs, so as to take advantage of their programmes aimed at uplift ...  >>MORE

Investors are welcome says Mohammed

Posted on 30/09/2002

Dubai Crown Prince and Minister of Defence General Sheikh Mohammed bin Rashid Al Maktoum yesterday received Craig Barrett, Chief Executive Officer of Intel. Sheikh Mohammed and the Intel Chief conferred on the impact of technology on people around the world in addition to the assertive influences of globalisation. Sheikh Mohammed also welcomed international firms that are willing to invest in the Middle East, using the UAE as their gateway to the region. The emirate of Dubai, noted Sheikh ...  >>MORE

DCCI sets up seven business groups

Posted on 29/09/2002

The setting up of seven "business groups" from leading sectors of the emirate's economy was yesterday announced by the Dubai Chamber of Commerce and Industry. Existing bodies, previously set up by the chamber and representing, for example, electronics, textiles and readymade garments, gold, jewellery and watches; and shipping and clearing agents - will be integrated into the structure of the new "business groups", said Obaid Humaid Al Tayer, chamber president. Announcing a major ...  >>MORE

Arab capital eyes Dubai market

Posted on 12/09/2002

Arab capital migrating from the US and European portfolios, mutual funds and unit trusts are seeking suitable investment opportunities in the UAE, Dubai in particular, following last year's terrorist attacks in the USA, said Juma Fahad Al Juma, a prominent Saudi businessman. Al Juma, visiting Dubai to establish an office here, said it is not easy to find safer investment areas in the Arab world due to the absence of functional mutual funds and advanced unit trust that invest money in domestic ...  >>MORE

Zayed issues decree to set up Dh300m company

Posted on 09/09/2002

President His Highness Sheikh Zayed bin Sultan Al Nahyan, as Ruler of Abu Dhabi, has issued a decree establishing the National Investment Corp (NIC) with a capital of Dh300 million. The NIC will be established and headquartered in Abu Dhabi, under the patronage of Dr Sheikh Sultan bin Khalifa Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court and Honorary Chairman of Abu Dhabi Chambers of Commerce and Industry. The capital will be divided into 30 million shares with a value of Dh10, ...  >>MORE

Tejari sets up venture in Jordan

Posted on 20/08/2002

Tejari has set up its first overseas joint venture in Jordan, which will service the e-procurement needs of both private and government sectors in the country. The launch of Tejari Jordan, a venture with Jordan-based Salam International, "represents the first in series of partnerships between Jordan and the UAE, and this new initiative will help unite our efforts to participate more fully in the global economy," said Jordan's Minister of Information and Communications, Dr. Fawaz Zubi. A number ...  >>MORE

Oasis offers 49pc shares to foreigners

Posted on 08/07/2002

Encouraged by the foreign ownership trend in the market, the Abu Dhabi-based Oasis International Leasing will allow foreigners to buy up to 49 per cent of its shares. Necessary changes in the articles of association were passed unanimously by shareholders at a recent extraordinary general meeting. They allow individual shareholders to own more than 5 per cent of the company. Oasis aims to build its asset and risk profile from a current US$472 million to US$1.5 billion with targeted moves ...  >>MORE

Dubai hopes to attract US$2b in FDI

Posted on 13/06/2002

Dubai hopes to attract foreign direct investments (FDI) in the region of US$2 billion annually in the coming years due to the new initiatives being announced by General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence. Mohammed Al Gergawi, chairman of Dubai Development and Investment Authority (DDIA) was elaborating on the prospects that DDIA holds out for Dubai in the coming years. According to Al Gergawi, Dubai will see huge investments in all ...  >>MORE

Dubai sets up establishment for young entrepreneurs

Posted on 13/06/2002

The Dubai Development and Investment Authority, DDIA, has announced its first development plans in the UAE by launching the "Mohammed bin Rashid Establishment for Young Business Entrepreneurs” and the installation of DHs700 million fund to finance projects of the establishment in cooperation with the Dubai Islamic Bank, DIB. The new initiative, which is in line with the directives of General Sheikh Mohammed bin Rashid Al Maktoum, Dubai Deputy Ruler and UAE Minister of Defence, seeks to ...  >>MORE

UAE ranks 9th in Canada investment immigration

Posted on 22/04/2002

The UAE ranks ninth among countries from where Canada is attracting investors, according to Citizenship and Immigration Canada (CIC), the federal department dealing with immigration. The UAE also ranked ninth in overall immigration - investors, entrepreneurs and self-employed professionals - since the Immigrant Investor programme (IIP) was launched in Canada in 1986. According to CIC reports, the programme has yielded in more than US$5.7 billion worth of investments taking place in Canada, ...  >>MORE

Dubai Vehicle sales goes up

Posted on 22/04/2002

Automobile sales in Dubai recorded a tangible rise in the first quarter of the current year in comparison to 2001, according to Dubai Customs and Automobile Management Zone, DUCAMZ. DUCAMZ figures show that the number of automobile clearing certificates it has issued has risen by 31 per cent from the beginning of this year to the end of last March. Clearing certificates included the automobiles imported by the Emirate and re-exported to other countries. Hamad Fadil Al Mazroui, Dubai Customs ...  >>MORE

Dubai studies three more dedicated re-export zones

Posted on 13/04/2002

The Dubai government is actively considering three more dedicated re-export zones for the local trade on the lines of the Dubai Autoparts City and the Textile City, as senior government official said on Thursday. "Spare parts city is only one project, we are looking at three other types of business” said Sultan bin Sulayem, Chief Executive of the Dubai Ports, Customs and Free Zone Corporation. The customs-bonded Dubai Autoparts City, which will come at Awir is meant for traders who already have ...  >>MORE

Dubai to set up customer index soon

Posted on 08/04/2002

The Dubai Department of Economic Development (DED) plans to set up its own customer satisfaction index within one to two years. Yesterday, DED's Dubai Service Excellence Scheme for distinguished customers services organisers, held an educational seminar on the programme for around 250 outlets. Scheme participants are only required to get 50 out of 100 marks. Participation is for two categories - outlets with one to 10 employees, and outlets with more than 10. Marks for those with one to 10 ...  >>MORE

Sharjah sets up commercial control wing

Posted on 08/04/2002

A commercial control wing has been set up by Sharjah Economic Development Department to serve both as regulator and watchdog for commercial establishments operating in the emirate. It has also been authorised to protect trademarks and registered brands, in cooperation with the security and legislative authorities. "As laid down in Decision No 1 of 2002 governing the Economic Department issued recently by His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and ...  >>MORE

UAE record labels to form grouping

Posted on 08/04/2002

Leading record labels in the UAE will come together to form an industry grouping, which will work to ensure that minimum standards are maintained. A task force has been set up to draw up a plan to establish the grouping. This was decided at a meeting called by London-based International Federation for the Phonographic Industry (IFPI), which presented a proposal to major players yesterday in Dubai. Such a country-specific grouping has already been set up in Saudi Arabia and was given official ...  >>MORE

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Quick List

US state honours Sheikha Lubna


Abu Dhabi municipality sets up hotline for business investors


Investments Park in growth mode


UAE investment in Oman put at Dh 373.7m


Sharjah's retail environment in dramatic transformation


Crucial Arab changes needed to attract investment-Sheikh Mohammed


UAE, Saudi Arabia and Bahrain launch Arab investment initiative


FNC recommends formation of federal body for small businesses


Abu Dhabi used car market bucks the slump


Abu Dhabi Coop profit falls 2.4pc


UAE consumer electronics market on firmer ground


GIC back in the black


DDIA, Mashreqbank sign entrepreneur finance deal


Tejari handles deals worth US$500m - Sheikha Lubna Al Qasimi


Estithmaar takes 9% in StreamServe


Young leaders scheme okays 365 projects


Guide to setting up business launched


Dh200m fund for young entrepreneurs


Tomooh plan to be forwarded to Cabinet


6,630 licences issued to GCC businessmen last year


Establishment for Young Business Leaders launched


Al Tayer to present UAE's e-initiatives at Arab meet


Comtrust gets ISO 9001:2000


New business group set up


Cabinet approves the creation of anti-commercial fraudulence Committee


UAE businesswomen seek role in economic sector


ADCCI forms businesswomen's committee


Investors are welcome says Mohammed


DCCI sets up seven business groups


Arab capital eyes Dubai market


Zayed issues decree to set up Dh300m company


Tejari sets up venture in Jordan


Oasis offers 49pc shares to foreigners


Dubai hopes to attract US$2b in FDI


Dubai sets up establishment for young entrepreneurs


UAE ranks 9th in Canada investment immigration


Dubai Vehicle sales goes up


Dubai studies three more dedicated re-export zones


Dubai to set up customer index soon


Sharjah sets up commercial control wing


UAE record labels to form grouping