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THE ECONOMY - BUSINESS

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

Auto parts city phase-I to cost Dh400 million

Posted on 31/03/2002

The proposed Dubai Auto Parts City (APC) coming up in Al Aweer will be completed in three phases by spending Dh1 billion. The first phase, costing Dh400 million, will be completed by 2004. APC will function on the lines of Dubai Customs Automobile Zone (DUCAMZ) and Textile City. APC will operate as a customs-bonded zone under the guidance of Dubai Customs. The establishment of APC will help the growth of auto parts, tyres, batteries and accessories business of Dubai. The automobile spare ...  >>MORE

Re-export zone for auto parts trade to be set up in Al Aweer

Posted on 30/03/2002

A dedicated re-export zone for Dubai's automobile spare parts trade will be set up in Al Aweer. Land totalling 12 million square foot for the 'Dubai Auto Parts City' have already been allotted by the Dubai Government. The prime benefit from the creation of the zone is the removal of the 4 per cent import duties, which the auto trade had been bearing until now, according to a senior source associated with the project. Under the current regime, the importer could reclaim the 4 per cent deposit if ...  >>MORE

RAK seeks to attract fresh investment

Posted on 22/03/2002

The foundation stone to commemorate the start of the construction of the new World Trade and Business Innovation Centre, was yesterday laid by Sheikh Faisal bin Saqr Al Qasimi, chairman of the Ras Al Khaimah Free Trade Zone together with Dr. George Joseph, consul general of India. The new centre will be located next to the Business Park building in Al Nakheel Commercial District in Ras Al Khaimah. Sheikh Faisal emphasised the importance of attracting a new genre of investors to the free trade ...  >>MORE

UAE investors put Dh1.2 billion into Makkah project

Posted on 21/03/2002

About Dh1.2 billion ($327 million) worth of capital from UAE-based investors, has been invested into a Dh6 billion ($1.6 billion) housing and commercial project in Makkah, Saudi Arabia. The announcement was made on 19 March at the opening of the Investment and Property Show. ...  >>MORE

UAE invests Dh1.2b in Makkah project

Posted on 20/03/2002

About Dh1.2 billion worth of capital from UAE-based investors, has been pumped into a Dh6 billion housing and commercial project in Makkah, it was announced yesterday at the opening of the Investment and Property Show. UAE investors have contributed about 20 per cent of the capital to build the massive project - which is being built on the former site of a 200-year-old fort built by the Ottoman rulers of the western province of Hejaz. The management of the project aims to get about 40 per ...  >>MORE

Abu Dhabi Coop profit rises 5.7pc

Posted on 20/03/2002

Helped by higher sales and investment income, Abu Dhabi Cooperative Society (Abu Dhabi Coop) has earned a net profit of Dh64.2 million for 2001, a 5.7 per cent increase over the previous year. A 60 per cent cash dividend for shareholders (the same as last year) was ratified at the annual general meeting yesterday. No bonus shares were announced. The earnings per share (EPS) went up to Dh8.40 in 2001 from Dh8 in 2000. Total revenue of the public shareholding company during 2001 went up to ...  >>MORE

Emirates signs $90m Islamic finance deal

Posted on 14/03/2002

Emirates airline has signed a Dh330 million ($90 million) Islamic financing agreement for an airliner - the first financing of a full aircraft using an Islamic financing vehicle, over a ten-year term. This ten-year Islamic lease was arranged by HSBC's structured finance team in Hong Kong with HSBC Amanah Finance and Dubai Islamic Bank acting as Islamic structuring advisors. The Islamic funding is provided by Dubai Islamic Bank, National Bank of Dubai, HSBC Bank Middle East and ABC Islamic Bank ...  >>MORE

Dubai sets up International Financial Centre

Posted on 21/02/2002

Dubai on 16 February announced the setting up of the new Dubai International Financial Centre (DIFC), to gather together major financial businesses to make Dubai into a financial centre similar to London, New York and Tokyo. Sheikh Mohammed said that the establishment of DIFC ‘will contribute to the presence of our region on the map of international markets and businesses'. Sheikh Mohammed added ‘We have already opened the emirate onto the highway of world trade and we are working to ...  >>MORE

UAE 2001 GDP falls to Dh249b ($67.8b)

Posted on 21/02/2002

The UAE's gross domestic product, GDP, fell by four per cent in 2001 compared to 2000, according to a report on 16 February by Sheikh Humaid bin Ahmed Al Mualla, Minister of Planning. He said ‘the GDP reached Dh249 billion ($67.8 billion) in 2001, compared to Dh259 billion ($70.5 billion) in 2000 and oil prices fell by 16 per cent from an average of $27.6 per barrel in 2000 to $23 per barrel in 2001'. The minister said that ‘oil sector revenue was down 17 per cent in 2001 compared to ...  >>MORE

Al Waha profits rise 36pc to Dh31.5m

Posted on 11/02/2002

The Abu Dhabi-based Oasis International Leasing company (Al Waha) has posted a gross profit of dh31.5 million for the year 2001, an increase of 36 per cent over the previous year. The revenues of the company also scaled up 26 per cent ot reach Dh219 million, testifying to the increase in its leasing asset which grew 29 per cent to reach Dh1.73 billion. During the year, Oasis entered the shipping market with a 50 per cent investment in a new 170,000 tonne bulk carrier and also acquired a ...  >>MORE

Rich investors from UAE 'park $266b abroad'

Posted on 05/02/2002

A whopping US$266 billion is said to have been invested abroad by the high networth individuals (HNWI) from the UAE, according to a top stock broking and investment banking expert. Elaborating on investments patterns of HNWIs from the GCC in foreign countries, Angus Blair, managing director of Safron Advisors and co-founder of MENA Financial Inc, said out of the total wealth owned by the HNWIs globally, almost six per cent is in possession of the HNWIs from GCC - some US$1.4 trillion. ...  >>MORE

UAE-Oman joint venture gets Dh142.5m loan

Posted on 12/01/2002

Following a decision taken in June last year, the governments of UAE and Oman have injected much-needed liquidity by releasing an interest free soft loan of up to Dh142.5 million (7.5 million Omani riyals each) to Oman & Emirates Investment Holding Co (OEIHC), a senior company official confirmed. The publicly listed company engages in investment and related services in Oman and the UAE, and is owned 60 per cent by the governments of the UAE and Oman respectively (30 per cent each), and the ...  >>MORE

150 Ras Al Khaimah companies issuing fraudulent visas

Posted on 10/01/2002

Brigadier General Hader Khalfan Al Muhairi, Head of the Naturalisation and Immigration Department at the Ministry of Interior, said on 7 January that, '150 fraudulent companies in Ras Al Khaimah have used their commercial licences to only issue and trade in visas, and not to run any kind of business'. In measures to control this fraud nationals must now give detailed information about all the employees provided with visas by them or face penalties. ...  >>MORE

FNC to study feasibility of corporate tax

Posted on 09/01/2002

The Federal National Council (FNC) yesterday resolved to take a close look at taxing businesses in the UAE. After a lengthy discussion on the private sector's role in the national economy, it endorsed a proposal to devise a mechanism that looks at the feasibility of introducing a corporate tax system on businesses. The proposal to carry out a study to assess the introduction of a tax system was made with the unanimous approval of the house, after reviewing a house committee report on the ...  >>MORE

UAE takes advantage of Euro

Posted on 03/01/2002

UAE investors and businessmen are increasingly using the Euro in their transactions, and this is set to increase after the single currency launch on 1 January. Currency investors and businessmen are set to take advantage of the Euro's weakness against the dollar, since the UAE's currency, the dirham, is linked to the US dollar. The Euro has lost 25 per cent value against dollar since its inception in January 1999. The biggest advantage for the banks is that they no longer have to maintain ...  >>MORE

UAE auto market posts 34% higher sales in H1

Posted on 26/12/2001

The artic impact of the global economy hurtling down to close the year with a dismal performance may have bypassed the UAE automobile market if a 2001 six-month report on the sale of automobiles in the Emirates is any indication. Automakers, according to Ohio-based Auto Strategies International have sold 34 per cent more vehicles in the UAE in the first six months of the year than in the previous corresponding period in 2000. The statistics include both cars and commercial vehicles. Players ...  >>MORE

Emaar Properties to open bank in 2002

Posted on 29/11/2001

Emaar Properties confirmed on 26 November that it had obtained approval from the UAE Central Bank 'for the establishment of a new bank in Dubai which will start operations in early 2002'. Emaar's decision to expand the group's business into the UAE banking sector was taken after the successful establishment of Amlak, which undertakes real estate financing. ...  >>MORE

Union Paper Mills output set to surge

Posted on 25/11/2001

Production is set to almost quadruple at Dubai's Union Paper Mills in the next two to three years. Plans to buy a new machine for the mill, from Europe, will boost production of recycled paper from 100 tonnes a day to 375 tonnes within a few years time. When Union Paper Mills started operating in 1988, about 70 to 80 tonnes of recycled paper was produced a day, said Nasser Khoory, general manager, Union Paper Mills "Now we are more than 100 tonnes per day and we have plans to increase ...  >>MORE

Privatisation drive to stay, says Khalifa

Posted on 07/11/2001

Gulf states have not abandoned plans to privatise their public institutions in a bid to expand sources of income and guard their economies against volatile oil export earnings, His Highness Sheikh Khalifa bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said yesterday. Sheikh Khalifa said privatisation was needed to offset unstable oil revenues and finance development projects, mainly in the costly energy sector. "Calls for carrying out ...  >>MORE

ADCCI to launch family discount card

Posted on 04/11/2001

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) today announced its plan to launch the Dhabi Family Discount Card, the first of its kind in the UAE, from January 2002. The announcement was made by Mohammed Mohanna Al Qubaisi, the General Supervisor of the scheme and the ADCCI Assistant Director General for Finance and Administration, according to a statement issued by ADCCI. He said that the discount card will be valid all over the UAE in the first phase and the Chamber expects to go ...  >>MORE

18 projects to be offered to investors

Posted on 29/10/2001

Eighteen industrial projects will be offered to investors during the Dubai Department of Economic Development's (DED) Manufacturing Investment Opportunities seminar scheduled from November 5 to 7, according to Mohammed Alabbar, director general. These eighteen projects were among 50 project ideas included in a study conducted by the DED-East Asia team. They cover four major economic clusters and are based on sustainable competitive advantages in Dubai. Study recommendations will be forwarded to ...  >>MORE

Emirates grid work set to be completed by next year-end

Posted on 29/10/2001

Work on the Emirates Electric National Grid (EENG), which is to connect all power networks of the country, will be completed around next year-end. A consultant to oversee the project has been recently appointed. The project was being carried out according to directions of the UAE Cabinet to link the internal networks of the emirates to one national grid, said Ibrahim Demas, head of consumer services section at Sharjah Electricity and Water Authority (SEWA). "An agreement has been signed with ...  >>MORE

Sharjah to be flexible in dealing with business

Posted on 24/10/2001

The Economic Department of Sharjah will adopt a flexible approach in dealing with the problems faced by the emirate's businesses, Sheikh Tariq bin Faisal Al Qasimi, Chairman of Sharjah Economic Development and Head of Free Zones, said yesterday. However, he said the department was not planning any special deal for small or big enterprises to help them in the wake of the global economic system. Sheikh Tariq pointed out that the UAE economy is known to do better in times of crises. He said ...  >>MORE

Mohammed reassures businessmen

Posted on 21/10/2001

Dubai Crown Prince and UAE Minister of Defence General Sheikh Mohammed bin Rashid Al Maktoum yesterday assured businessmen that the UAE will maintain its economic, trade and civilised position, and international events will not affect the investment climate in the country. "Our country has always and will remain by the Grace of Almighty Allah an oasis of security and peace," Sheikh Mohammed told directors of local and international firms, specialised in organising various exhibitions. ...  >>MORE

Tejari online auctions hit Dh64m

Posted on 26/09/2001

Members of regional B2B marketplace Tejari.com awarded over Dh64 million in online auctions during the June-August quarter through 131 transactions. Dubai government departments initiated the majority of the auctions and tenders. "The surge in auctions over the summer months provides proof that not only does important business take place in the Middle East from June through August, but a growing segment of that business is being done through the Internet," Managing Director Sheikha Lubna Al ...  >>MORE

UAE seen safest place for business

Posted on 25/09/2001

The UAE is the safest haven for European businesses under any political or economic stress in the world, and has shown no negative trend even as the whole world is under pressure after the attacks on the US, a European diplomat observed. Consul-General of Germany in Dubai Conrad Cappell said the UAE is the safest place in the Middle East where business had experienced "no negative trend" despite war-like situation after the tragedy. A stable political environment is important for doing ...  >>MORE

34 UAE firms ranked in GCC top list

Posted on 09/09/2001

Thirty-four companies from the UAE have figured on the list of top-150 listed companies in the GCC, according to a study. The ranking is given in terms of market capitalisation and the period for computing the market value of the companies is from September to September. The list had 11 companies each from Bahrain and Qatar, and seven from Oman. UAE had 37 companies in the list published last year, which was computed between September 1999 and September 2000, said the study compiled by Dubex ...  >>MORE

Al Shaali Marine signs deals with overseas buyers

Posted on 04/09/2001

Boat maker Al Shaali Marine is on a roll having won major deals to supply military boats and luxury yachts to overseas buyers, including governments. Known for its specialisation in building 60-knot boats, Al Shaali Marine recently signed a Dhs12-million deal with Kazakhstan for supplying 20 military boats and another Dhs3-million deal for a luxury yacht. The Ajman-based company with an annual turnover of Dh40 million is surging ahead in the Gulf marine industry despite the entry of several ...  >>MORE

Sharjah sets rules for promotion campaign

Posted on 14/08/2001

Sharjah Municipality has issued an administrative decision regulating promotional campaigns in the emirate. The decision, issued by its director general, Engineer Ahmed Fikri states that there must be a minimum of Dh10,000 in prizes, in order for a campaign to be carried out. Establishments with several branches must provide this minimum amount in prize money at each branch. It also specifies a one-month period for promotions that allocate prizes worth between Dh10,000 and Dh20,000; two ...  >>MORE

Chamber memberships rise 13.5pc in first half

Posted on 31/07/2001

A total of 54,105 old and new commercial, industrial and professional companies were registered at the Dubai Chamber of Commerce and Industry (DCCI) in the first half of this year, according to a senior official. The figure includes 31,464 active companies. About 275 memberships were cancelled, said Abdul Aziz Al Mutawa'a, assistant director-general for membership affairs. The monthly registration of new and renewed memberships rose by 13.5 per cent from 2000, he added. Memberships include ...  >>MORE

UOG undergoes restructuring

Posted on 04/07/2001

The UAE Offsets Group has undergone some organisational restructuring to enhance its efficiency, productivity and effectiveness in implementing its offsets and non-offsets projects. The group has a four-member board of directors headed by Sheikh Mohammed bin Zayed Al Nahyan, and the other board members are Mohammed Al Bawardi, Ahmed Ali Al Sayegh and Mohammed Saif Al Mazrouei, who is also the chief executive officer responsible for day to day operations. In a report published in its ...  >>MORE

Stagnation in textile industry may continue

Posted on 01/07/2001

Stagnation in the UAE textile industry is likely to continue and the current negative growth in the industry may not be reversed, a study on the segment's growth prospects said this week. It said the UAE, demand took a major plunge in 1998 when imports declined by more than 7 per cent. In 1999, demand fell further by almost another 3 per cent. "the decline in fabric demand has been virtually in all categories, except home furnishing. The largest fabric category many-made fabrics, after touching ...  >>MORE

Oman-UAE venture may get extra funds

Posted on 25/06/2001

With the company capital significantly eroded, the governments of the UAE and Oman are expected to provide additional funds to Oman & Emirates Investment Holding Co., OEIHC, to enable it to continue as a going concern and meet its obligations as they fall due. The Abu Dhabi Investment Co, ADIA, holds RO9 million shares of RO1 each out of the RO30 million share capital. The Omani Ministry of Commerce & Industry, the Royal Guard of Oman Pension Trust and Oman Aviation Services Co and others ...  >>MORE

Work on DTC starts by end of summer

Posted on 23/06/2001

Construciton on Dubai Textiles City (DTC) will commence by the end of summer on an area covering five million cubic feet, according to a Dubai official. "Dubai Textiles City will give a big boost to business and tourism in the emirate. Offering a wide range of textiles at competitive prices, the DTC will increase the flow of holiday-makers into the emirate as one of the world's best leisure and shopping centres," said Sultan bin Sulayem, Chief Executive of Dubai Ports, Customs and Free Zone ...  >>MORE

DIB may part finance USUS$2b Iran-Kuwait water project

Posted on 23/06/2001

Dubai Islamic Bank (DIB) hopes to get the mandate to arrange the Islamic tranche in the US$2 billion Iran-Kuwait water pipeline project. If chosen, it will take on part of the Islamic financing itself, and syndicate the rest to similar institutions in the region, senior bank officials said yesterday. Meanwhile, the bank announced that it is close to signing financing deals of up to US$80 million with Iranian companies. These include US$20 million each for Iranian Railways, food company ...  >>MORE

Al Futtaim charts massive growth

Posted on 03/06/2001

From pearls, textiles, timber and foodstuffs – the growth of Dubai-based Al Futtaim Trading Group has been phenomenal over the past seen decades. Though the group's turnover has not been disclosed publicly, the fact that it runs close to 40 very successful businesses testifies to its diversity, profitability and large size. Another indicator of size is the upwards of (and still growing) staff o 8,000 from over 20 countries. Its retail presence in the UAE covers more than 70 showrooms all over ...  >>MORE

Dubai government agencies ordered to adopt online purchasing

Posted on 12/05/2001

In a major move towards e-government, the Dubai Ruler's Court yesterday directed that all of the emirate's 24 departments will, in three months, start using Tejari.com's online marketplace to order their requirements of goods and services. The move towards online procurement would result in greater efficiency and lower costs for the public departments. The Dubai Government's move to online procurement through Tejari will enable all public departments to link up with a wider base of suppliers ...  >>MORE

Dubai, Tejari sign B2B deal

Posted on 09/05/2001

The Dubai Ruler's Court has announced that all of Dubai's government offices have joined Tejari.com, the Middle East's premier business-to-business marketplace. Under the terms of the agreement, every public department in Dubai will utilise Tejari's online exchange to migrate from paper-based procurement systems to online procurement of goods and services. The Dubai Ruler's Court, which is the government body responsible for supervising all of Dubai's government departments, anticipates that ...  >>MORE

Tejari.com offers new feature

Posted on 29/04/2001

Tejari.com, the Middle East's premier business-to-business market- place, has announced the availability of a new feature Supply Chain Exchange, which enables Tejari's members to collaborate more efficiently and better manage supply and demand. The new functionality provides Tejari's members with an up to the minute view of inventory, as well as multi-enterprise order tracking, according to a press release published in the daily Khaleej Times. The Supply Chain Exchange was developed on an open ...  >>MORE

Sharjah to set up shopping body mall

Posted on 23/04/2001

The first Shopping Centres Association is being formed in Sharjah to improve the retail section in the emirate, said a tip government official. The body would be set up next month. "It comprised members of all the major shopping malls and at least two representatives from the Sharjah Government,” said Sheikh Tariq bin Faisal Al Qasimi, Chairman of the Sharjah Economic Department, Free Zone and the Commerce and Tourism Development Authority. The main objectives of the body would be to draw ...  >>MORE

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Quick List

UAE record labels to form grouping


Auto parts city phase-I to cost Dh400 million


Re-export zone for auto parts trade to be set up in Al Aweer


RAK seeks to attract fresh investment


UAE investors put Dh1.2 billion into Makkah project


UAE invests Dh1.2b in Makkah project


Abu Dhabi Coop profit rises 5.7pc


Emirates signs $90m Islamic finance deal


Dubai sets up International Financial Centre


UAE 2001 GDP falls to Dh249b ($67.8b)


Al Waha profits rise 36pc to Dh31.5m


Rich investors from UAE 'park $266b abroad'


UAE-Oman joint venture gets Dh142.5m loan


150 Ras Al Khaimah companies issuing fraudulent visas


FNC to study feasibility of corporate tax


UAE takes advantage of Euro


UAE auto market posts 34% higher sales in H1


Emaar Properties to open bank in 2002


Union Paper Mills output set to surge


Privatisation drive to stay, says Khalifa


ADCCI to launch family discount card


18 projects to be offered to investors


Emirates grid work set to be completed by next year-end


Sharjah to be flexible in dealing with business


Mohammed reassures businessmen


Tejari online auctions hit Dh64m


UAE seen safest place for business


34 UAE firms ranked in GCC top list


Al Shaali Marine signs deals with overseas buyers


Sharjah sets rules for promotion campaign


Chamber memberships rise 13.5pc in first half


UOG undergoes restructuring


Stagnation in textile industry may continue


Oman-UAE venture may get extra funds


Work on DTC starts by end of summer


DIB may part finance USUS$2b Iran-Kuwait water project


Al Futtaim charts massive growth


Dubai government agencies ordered to adopt online purchasing


Dubai, Tejari sign B2B deal


Tejari.com offers new feature


Sharjah to set up shopping body mall