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Leaders discuss national issues and enquire about people's needs
posted on 22/02/2012
 His Highness Dr Sheikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, yesterday welcomed at the Ruler's Office HH General Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The leaders discussed several key issues concerning the nation. Later, His Highness Sheikh Saud Bin Rashid Al Mualla, Supreme Council member and Ruler of Umm Al Qaiwain, was welcomed by Sheikh Mohammad at his court in Al Dhaid, Sharjah. Sheikh Sultan Bin Mohammad Bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and Sheikh Rashid Bin Saud Al Mualla, Crown Prince of Umm Al Qaiwain, were present at the respective meetings. Later, Sheikh Mohammad received Emirati citizens and listened to their needs.
Sheikh Mohammad along with His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, later visited the Zayed Heritage Village in Ras Al Khaimah. - Emirates News Agency, WAM
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UAE Vice President stresses on communication with people
posted on 22/02/2012
 His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday received a number of female students of Information College of Zayed University (ZU), who called on him at the Dubai Government Media Office to acquaint themselves with the media work mechanism and message of the office.
Sheikh Mohammed exchanged views with the students on the importance of media and the role of social communication and networking in bringing the leadership and the public together.
The Vice-President stressed that his website and YouTube channel have boosted communication with the public to help him know about their dreams and opinions.
"The success of a leader does not come behind walls while sitting in his office or at court, but through communication with people, which has become more available now, thanks to the hi-tech communication,” Sheikh Mohammed said.
He underlined that the most important UAE achievement is the youth, who constitute majority of the Emirati community, adding, "We depend on you to be future leaders in all work sites. Hence, we provide you modern education and training to prepare you for future success.”
Sheikh Mohammed urged them, in the presence of Ahmed Abdullah Al Sheikh, Director-General of the Dubai Government Media Office, and Dr Suleiman Al Jassim, Vice-President of Zayed University, and a number of officials, to acquire more knowledge and training in media, adding that the Dubai Government Media Office is open for young scholars in the field to acquire the post graduation expertise.
The students toured the sections of the office, where they were briefed about the functions of each section and message. They also examined the broadcast vehicle equipped with satellite made by the local talents.
Meanwhile, Sheikh Mohammed launched, in the presence of Al Sheikh, Dr Al Jassim and the visiting students, his new YouTube Channel, whose telecast was launched recently.
The audience viewed clippings of films dated back to 30 years. The films showed Sheikh Mohammed jumping from a horse to another. In another, he was a chopper pilot with His Majesty King Hamad bin Eisa Al Khalifa of Bahrain, then Commander of Bahrain Defence Force, beside him.
On their part, the ZU students expressed their pleasure on visiting the Dubai Government Media Office and meeting Sheikh Mohammed. - Emirates News Agency, WAM
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Federal National Council holds sixth session
posted on 22/02/2012
 The Federal National Council (FNC) yesterday held its sixth session under the chairmanship of Mohammed Ahmed Al-Murr, Speaker of Federal National Council.
The session was attended by Mohammed bin Dhaen Al Hamili, Minister of Energy, Sultan bin Saeed Al Mansouri, Minister of Economy and Dr. Anwar Mohammed Gargash, Minister of Federal National Council Affairs.
The FNC was briefed about the three laws issued during the recess; the three federal laws are: the federal law number 11 of year 2011, on abrogation of the federal law number 13 of year 2009, on setting up the Federal Authority for Health, the federal law number 12 of year 2011, on linking the Federal General Budget with those of autonomous agencies for the fiscal year 2012, and the federal law number 13 of year 2011, on the report on additional appropriation for the general budget of the Union and the budgets of autonomous agencies attached to the fiscal year 2011.
The FNC agreed to the motion raised by MP Abdul Rahim Al Shaheen, enquiring on why the government issued these laws while the FNC was in the recess.
Dr Gargash replied that the violations were natural phenomena, citing some of the justifications that made the government to issue the laws, for instance, to avoid the delay or during the transitional period from Council to another. He added that the observations of MP Al Shaheen were important and would be replied in a methodical way, requesting the FNC to address the government about the remarks put forward by the MP.
The FNC agreed to issue a resolution on equal pricing of water and electricity regarding Emirati residences. It rejected a request put forward by MP Mohammed Butti Al Qubaisi, on cancellation of water and electricity tariffs similar to free of charge services offered by the government such as health and education sectors.
Earlier Mohammed bin Dhaen Al Hamili, Minister of Energy replied a question of MP Ahmed Mohammed Rahma Al Shamsi on differences of pricing of water and electricity in different emirates.
The FNC approved the draft federal law of 32 articles on regulation of competition as put forward by the government, following some amendments on the law during discussion of the articles with Sultan bin Saeed Al Mansouri, Minister of Economy.
The draft law aims at protecting and boosting the competition and combating monopolisation through a number of procedures such as ban of restriction agreements and manipulations. - Emirates News Agency, WAM
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Gargash urges GCC states to be a key player in renewable energy issues
posted on 22/02/2012
 Doha - UAE Minister of State for Foreign Affairs Dr. Anwar Mohammed Gargash called on GCC countries to be a key player in renewable energy issues.
"States producing the hydrocarbon energy should play a role in the development of renewable energy sources", Gargash said in a statement made to the Qatar News Agency (QNA) on the sidelines of 2012 Brookings Doha Energy Forum.
Dr. Gargash said that the development of renewable energy is an important issue for hydrocarbon-producing countries, including the UAE, stressing that contribution to develop this field will put them on the world map.
In this context, he said the UAE is working to develop renewable energy sources through Abu Dhabi based renewable energy company "Masdar" which aims to invest in the renewable energy and clean technology, pointing out that UAE's policy in the field of energy based on the diversity of energy sources to meet the growing needs that depend mainly on the state's estimates on the increased electricity demand during the coming period.
He also added that this diversity comes from multiple sources of energy as the UAE is relying on traditional energy sources to secure part of its energy needs, especially the oil.
Answering a question about constructing a pipeline to transport UAE's oil across Al Fujairah without passing through the Strait of Hormuz in the Gulf, Dr. Anwar Gargash said it is no secret that all energy-producing countries in the Arabian Gulf live in a very difficult area and we must assure the security of the waterways.
Gargash explained the strategic importance of building a pipeline from Ruwais to Fujairah to bypass Hormuz when exporting UAE's oil. The construction of the 360km-long pipeline will start this year, added Gargash. - Emirates News Agency, WAM
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Lord Mayor of the City of London visits HCT in Abu Dhabi to discuss world class education
posted on 22/02/2012
 The Lord Mayor of the City of London, Alderman David Wootton yesterday visited Abu Dhabi Men's College at the Higher Colleges of Technology (HCT) and commended its academic and professional programmes.
Alderman Wootton was accompanied by a business delegation that included senior representatives of the largest financial companies in the UK including investment banks, insurance and law companies. Alderman David Wootton and the visiting delegation were welcomed by Dr Tayeb Kamali Vice Chancellor of HCT and a group of the administration and education staff.
The visit was aimed at enhancing the regional partnership between the UK companies and the Higher Colleges of Technology in the economic, financial and professional services.
Alderman David Wootton was given a tour of the college facilities that included the modern high tech equipped halls and the 3D Education Unit through which Alderman David Wootton was briefed about the different programmes at the college including IT, Management, Chemical, Mechanical '&' Aerospace Engineering programs, Applied Communications and Computer Science.
The Lord Mayor also visited the e-library at the Educational Resource Centre and met a group of students. He was also briefed about the services provided by the College library and watched a short movie about the HCT and its development. On the tour of the engineering section of the college the Lord Mayor was presented with a token by the students.
Dr Tayeb Kamali, commended the close relationship that HCT had built, since its inception in 1988, with the most prestigious British universities and establishments. He also highlighted the importance of this visit and of the educational ties related to it.
The visit included breakout workshops where the students and the senior managers of UK companies discussed training and work opportunities in the UK in the Accountancy, Banking, Finance Management and Financial Regulations sectors.
At the end of the visit, Alderman David Wootton, Lord Mayor of the City of London said: "Talented young people are the lifeblood of any financial centre and from the City's perspective we believe that sharing skills and experiences to grow both financial sectors is central to our relationship with the UAE.
"The provision of world class education, training and qualifications has been a major factor in the UK's reputation for developing and attracting the talent needed by firms operating in the global financial services industry. "I am delighted to be here at the Higher College of Technology to explore how Abu Dhabi and the UK can further develop our already strong ties in this area". - Emirates News Agency, WAM
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RCA to send relief items to Syrian displaced people in Jordan
posted on 22/02/2012
 UAE Red Crescent Authority (RCA) will run a convoy of health, food, sheltering and heating supplies to the Syrian displaced people on the Jordanian -Syrian borders.
The convoy, which will set out from Jordan's capital Amman tomorrow, is part of the RCA's intensified efforts to ease humanitarian suffering of the Syrian displaced persons whose number was estimated by Jordanian authorities at 78,000 with the possibility of more to come within the few coming days.
Amidst the increasing influx, the RCA is working with its Jordanian partners to send in more assistance to meet the increasing requirements of the displaced persons who are facing severe cold weather.
A RCA team led by Hamad Saif Al Shamsi, Head of Al Ain Branch, met with the Jordanian Red Crescent officials to work out a mechanism for distributing relief materials through implementation of an agreed emergency action plan in areas which have not yet reached by relief agencies and seen arrival of new groups of displaced Syrians.
The RCA team met Dr. Mohammed Al Hadid, Chairman of Jordanian Red Crescent, in the attendance of Mohammed Babiker, Representative of Middle East and North Africa, International Federation of Red Cross and Red Crescent Societies (IFRC), to draw a distribution plan built on a field survey conducted by a RCA aid workers who visited areas where Syrian displaced people are gathering. Studies available with Jordanian relief agencies will also be used in that respect. - Emirates News Agency, WAM
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Google to target UAE’s digital finance market
posted on 22/02/2012
 Google MENA announced on Tuesday the findings of a UAE-focused deep dive report which shows that search engines are the most used and most preferred tool for finance research, with almost half of online research for products such as bank accounts and personal loans starting from search engines.
Additionally, close to 40 per cent of people report banking online on a monthly basis. Google commissioned the study into digital purchasing, researching and banking behaviours as part of its commitment to developing the digital ecosystem in the UAE.
"People across the world search on Google for information billions of times a day. The stats show that Middle East and North Africa region is a fast emerging market with the searches per day showing a growth rate of 25 per cent year on year, having the UAE among the fastest countries in search activity”. said Mohamad Mourad, Google Gulf regional manager. "The results of this study along with the trends of search activity in the UAE implies that companies in the finance and banking industry should enhance their presence on search engines to provide their customers base with the most relevant information about their products.”
The study showed that while consumers mostly prefer to purchase finance products offline, much of the research done happens online, with 52 per cent of the 1000 people surveyed saying they used a search engine to search for product information. While the UAE as a whole is digitally savvy in terms of research, conservative purchasing behaviour was observed, with respondents only buying, on average, 1.2 finance products in the previous 24 months, indicating the digital finance sector has ample room to grow in the coming years, and that companies would well to increase their online presence to attract customers.
In terms of online banking, the internet is becoming a popular channel for processing banking transactions, with four out of ten respondents engaging in at least one online banking transaction on a monthly basis.
Paying bills, transferring money, and keeping an eye on account balances and account transactions are the most popular online banking activities, and while the vast majority of users access their online banking system via stationary internet, nearly 30 per cent report using some kind of mobile device to engage in online banking activities, displaying strong growth potential for mobile banking and finance applications.
"The pace of innovation in search continues to accelerate and today, we're making serious strides towards a knowledge engine,” continues Mourad. "More engineers are working on search today than at any time in the past to achieve our goal to help people convert data and information into knowledge. We conducted the UAE-focused deep dive report to help companies get insight into the industry online trends and provide them an opportunity to make informed decisions about investing in the future.” – Khaleej Times
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Dubai Mercantile Exchange acquires bigger global role
posted on 22/02/2012
 CME Group, the biggest US derivatives exchange operator, doubled its stake in the Dubai Mercantile Exchange (DME) to 50 per cent yesterday as the Oman Investment Fund, the sultanate's sovereign wealth fund, raised its stake to 29 per cent.
CME's move is widely regarded as the derivative major's strategy to establish a new crude oil futures benchmark for the Middle East and Asia.
"By committing CME Group's resources and know-how to DME's increasingly well-received product set, participants in the Middle East and Asia will be able to access transparent pricing and risk management products as global energy markets focus ever further eastward," Bryan Durkin, CME Group Chief Operating Officer and Managing Director of Products and Services, said.
Shares diluted
As part of the restructuring, a subsidiary of Dubai Holding will retain 9 per cent, and 12 per cent will be held on a non-voting basis by strategic investors including Vitol, Shell, JP Morgan, Morgan Stanley, Goldman Sachs and Concord Energy.
The Oman Investment Fund has been a key partner of the DME and Oman crude is a key element in the DME sour futures contract.
"DME's development into a prominent venue for price discovery will prove to be of significant strategic and financial value for the oil markets," Hassan Al Nabhani, Chief Executive Officer of Oman Investment Fund, said in a statement.
The DME has been marketing the Oman contract as a benchmark for markets east of Suez, arguing that much of the world's crude comes from the region and should be priced in the Middle East. Its target is for the Oman contract to eventually challenge established global benchmarks such as Brent and WTI (West Texas Intermediate).
In Western markets, benchmark prices are principally based on trading on regulated exchanges such as WTI on the CME and Brent on the Intercontinental Exchange. However, east of Suez benchmark prices (Dubai, Minas) have historically been assessed by journalistic agencies, based on over-the-counter transactions. The launch of DME Oman in 2007 brought an exchange-traded benchmark to the region.
Dubai's declining production and lack of liquidity in partials (paper trade) make it difficult for agencies to provide accuracy in their price assessments. DME Oman prices simply reflect actual trading. DME Oman's daily settlement is just the weighted average of the price at which contracts linked to physical are bought and sold during a defined time period.
"We strongly believe the Omani crude contract is an outstanding proxy for the Middle Eastern crude. It makes a lot of sense. It has good correlations," Gary Morsches, managing director of energy for the CME Group, said.
DME Oman is already the sole benchmark for Dubai and Oman crude, the two primary markers for east of Suez markets. The adoption of DME Oman by other regional national oil companies will further enhance its legitimacy as a regional benchmark.
"We welcome the continued commitment of our partners. With liquidity in the flagship Oman crude oil futures contract steadily growing and physical delivery reaching new heights in 2011, this recapitalisation positions the DME to enter the next phase of development for existing and future customers seeking to manage price risk for crude oil markets east of Suez," Ahmad Sharaf, chairman of the DME, said. – Gulf News]
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Banks brace for major rule changes
posted on 22/02/2012
 Credit cards, mortgages and personal loans are all under discussion for further regulation, after an attempt last year to curb excessive lending fees was heavily resisted by the banking sector.
"The plan is to review the effect of this regulation annually … based on feedback from the sector and from customers," said one source at the Central Bank familiar with the discussions, the conclusions of which could be revealed as soon as this week.
Banks are bracing for a cap on credit card interest rates. Some bankers speculate the limit could be 1.5 per cent per month.
Retail bankers have grumbled that increased regulation will be among the factors impeding their revenue growth this year.
Last May, the Central Bank implemented a raft of new measures intended to put an end to a free-for-all in consumer banking that left many consumers heavily indebted.
Credit cards and loans for vehicle purchases were also regulated.
Banks, dismayed by the speed of the reforms, successfully lobbied to delay the implementation of the new rules by one month, and managed to bring about the establishment of a number of Central Bank committees to discuss implementation of new lending rules.
Many aspects of consumer finance had come under discussion at the Central Bank, said Mohammed Zaqout, the head of Al Hilal Bank's personal lending group.
"We know, for example, that mortgage regulations are coming out soon — they've told us that," he said. "Personal lending interest rates are also being looked at."
An easing of regulations on structured products had previously been discussed as targets for Central Bank regulation.
One possibility under discussion is that the proposed cap on interest rates will take the form of a subsidy on lending for UAE nationals, said one banker with knowledge of the talks, asking not to be named.
The cap on interest rates could be potentially tied to a Dh10 billion (US$2.72bn) fund aimed at paying off the debts of UAE nationals, established on National Day last year, the banker added.
Banks have expressed a desire to prevent that fund from acting as an escape clause for individuals, allowing them to rack up further debts, said Tom Smith, the head of retail banking at United Arab Bank.
"For a bank, obviously it's a double-edged sword," he said. "A loan gets cleared, but you don't have the ability to have that customer as a future loan customer. It also creates moral hazard."
The proposed cap on interest rates is being viewed with concern by some banks, Mr Smith added.
Because the country lacks a functional federal credit bureau, banks have no ability to assess customers who have spent to the limit on multiple credit cards and to price their products with that information in mind, he added.
Creation of the credit bureau "would be the single best thing that could happen in this market", he said.
Personal lending grew by 2.6 per cent to Dh253.7bn between January and November last year, according to the latest available data from the Central Bank. – The National
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DIFC closes 2011 with strong performance and stable signs of growth
posted on 22/02/2012
 The Dubai International Financial Centre (DIFC), the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas, said yesterday that the number of active registered companies went up by 7pc to 848 companies during last year.
The annual report released by DIFC also showed that several new companies were attracted from around the world with increasing interest from Asia and sustained interest from the Americas, Europe and Middle East.
Geographical diversification of total regulated firms illustrates the global integration of DIFC with almost equal distribution of Eastern and Western companies, the report showed.
Record growth in the breadth and depth of financial activity by the Centre's active regulated firms with major international clients using the DIFC platform to expand their regional footprint Abdulla Mohammed Al Awar, CEO of DIFC Authority, said, "DIFC's achievements of recent years underscore our emergence as a global hub of finance and business. Our world-class infrastructure and common-law jurisdiction provide a stable platform for global and regional firms to access the regions emerging markets and beyond.
"Although the past 2 years were exceptionally challenging from a global perspective, the community in DIFC was resilient and this was noticed in the net positive growth in the number of clients that tapped into the DIFC during this period.
"We have the potential to double in size in the next five years, contributing to economic growth within UAE and the region as a whole", he added. - Emirates News Agency, WAM
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Al Bateen Executive Airport's new DhabiJet tops big names in EBAN reader survey of best FBOs
posted on 22/02/2012
 Al Bateen Executive Airport, operated and managed by Abu Dhabi Airports Company (ADAC), has entered the ranks of best Fixed Based Operators (FBOs) in the prestigious European Business Air News FBO Survey 2012.
The magazine's aircraft owner readers, voting online and via a printed questionnaire, put Al Bateen's DhabiJet FBO at number four, making it the highest ranked FBO in the Middle East - one of just two FBOs in the Middle East to make the top twenty and ahead of many bigger long established international brands.
"Abu Dhabi Airports Company is proud that DhabiJet, within its first year of operation, has entered the premier league of FBO operators. This is a ringing endorsement for the commitment the FBO team has made to enhance its services and facilities for flight crew," said Khalifa Al Mazrouei, Chairman of ADAC.
Every EBAN reader of qualified aircraft operators has the opportunity to vote for their favorite FBOs from March 2011 to January 2012 and award them points for their facilities, services, staff and value for money. Each reader is provided with a personalised web page. Alternatively, they can cast votes via survey forms included in the magazine from September. The magazine asks for a score out of nine from each of four categories to determine the average.
Al Bateen's accomplishment follows a record year which saw an 11% increase in overall commercial aviation movements compared with 2010 and more than 50% increase in visiting business aviation traffic, registering 8,775 commercial aircraft movements during 2011. The airport attracted 124 new first time international business aviation customers too, bolstering its reputation as the preferred business aviation destination or stop over in the Middle East.
Al Bateen Executive's DhabiJet serves all the requirements of its dedicated business aviation clientele under the management and co-ordination of a single, highly trained DhabiJet customer service team. Its range of services include meet and greet, fuel, cabin cleaning, catering and limousine services. A modern two-storey crew lounge, inaugurated in November, is now fully operational. - Emirates News Agency, WAM
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Emirates opens new Customer sales office in Bahrain
posted on 22/02/2012
 Manama – Bahrain - Emirates Airline, the national carrier of the UAE, has officially inaugurated its new Customer Sales Office yesterday, located in Seef Mall, to further drive its growth in Bahrain.
Kamal Bin Ahmed, Minister of Transport, Abdul Aziz bin Hadef Alshamsi UAE Ambassador to Bahrain, Capt Abdulrahman Al Gaoud Undersecretary for Civil Aviation and Thierry Antinori, Executive Vice President Emirates' Passenger Sales Worldwide were joined yesterday by Ahmed Khoory, Emirates' Senior Vice President Commercial Operations Gulf, Middle East and Iran, Reema Al Marzooqi, Country Manager Bahrain and invited guests, at Emirates' Seef Mall Customer Sales Office in honour of the official inauguration.
"It is a great honour to be part of this inauguration and testament to Emirates' on-going success in the region. We have no doubt that the new office, located in such a strategic place, will enable Emirates' customers to travel from and to Bahrain with ease and efficiency and provide them with the highest standards of quality," said HE Kamal Bin Ahmed.
Emirates has invested significantly in equipping the new, conveniently located office, with the latest technologies, helping to streamline the customer's booking process and facilitate efficiencies. Located in the popular Seef Mall, Emirates' new Customer Sales Office covers 748 square metres and features 10 customer service counters dedicated to flight bookings, Emirates Holidays' reservations and general customer enquiries.
"The customer is the single most important aspect of our business and we are committed to getting it right," said Mr. Antinori. "This new sales office reflects our drive to provide our customers with unsurpassed levels of service, both in the air and on the ground. Our Bahrain based team have worked incredibly hard to ensure this office adds another valuable layer to our already strong service offering." "Emirates has been operational in Bahrain for 12 years and in this time we have carried well over a million passengers from Bahrain across our worldwide network. We have a long and mutually beneficial relationship with the local Bahraini Government and Civil Aviation Authority and thank them for their continued support." Equipped with the latest LCD screens and comfortable seating, the new interior will facilitate a relaxed, productive environment for all staff and Emirates customers. Extending Emirates' award-winning standards of service, customer sales representatives at the office speak a total of nine languages, reflecting the broad mix of customers who travel with the airline.
In addition to its new Customer Sales Office, Emirates has also recently expanded its Emirates SkyCargo office located in Cargo Complex. Bahrain is a key component of the Emirates SkyCargo network from an origin aspect, in addition to being a key gateway for goods transiting by road from Saudi Arabia. Over 600,000 kilogrammes of goods are moved through Bahrain each week.
"Expanding our Emirates SkyCargo premises at Bahrain International Airport underscores our commitment to the Bahrain market. We have invested significantly to ensure that this improved facility will provide a more streamlined experience for customers visiting our Emirates SkyCargo office," added Mr. Antinori.
"The good infrastructure and operational efficiency which we enjoy in Bahrain, supported by our very capable handling agent Bahrain Airport Services, helps to contribute a valuable link in the growing International Cargo distribution network that Emirates continues to expand." - Emirates News Agency, WAM
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Abu Dhabi rents set to drop on new supplies
posted on 22/02/2012
 With supply expected to outstrip demand over the next 12 months, rental rates in Abu Dhabi will drop further this year as the emirate gears up for a growth of five per cent in 2012, real-estate consultant CB Richard Ellis said on Tuesday.
"Sound macro-economic fundamentals, a solid fiscal stance and a stable political environment offer an encouraging outlook for Abu Dhabi. However, amidst a more positive outlook, downside risks still persist with the imminent delivery of a significant volume of new developments covering both the residential and commercial sectors,” the CBRE said in its Market View.
In Abu Dhabi's office sector, which has seen a steady decline in lease rates in 2011, further deflationary pressures should be anticipated over the next 12 months as significant new supply enters the market causing vacancy rate to rise, it said.
"Landlords are becoming increasingly flexible and realistic in their approach to leasing with rent free periods offered as standard market practice.
By year-end total office supply had reached 2.74 million square metres. Smaller office units remain in highest demand. Larger space requirements in excess of 1,000 square metres are less common. "As rental pressures have started to ease and as the local economy has improved, the market has witnessed some renewed interest from commercial occupiers seeking to either upscale or expand their operations,” it said.
The review said Abu Dhabi's residential sector continued to witness modest rental declines. "However, delivery delays during 2011 have arguably helped to alleviate the onset of more aggressive deflationary pressures, and with this in mind, the outlook for the year is for further downside,” it said.
"With a considerable development pipeline looming for handover during 2012, we anticipate that rents will continue to fall, although the rate of decline is likely to be more moderate than in previous years,” CBRE said.
The capital's hotel sector witnessed a year-to-year growth in occupancy rates driven by tourist arrivals estimated at over 2.1 million hotel guests, mostly from Asia and the GCC. ING Investment Management said troubled countries in the Middle East are pouring money into the UAE, helping to shore up real estate activity.
The UAE's real estate sector appears to have "selectively bottomed”, with key financials are poised for growth. Abu Dhabi's banks are well positioned to benefit, the fund manager said.
"In terms of UAE real estate, we believe the market bottomed in 2011 in some segments. While most of the price decline was witnessed in the first half of 2011 — falling by six per cent in the year-to-date — the money flow from politically troubled neighbours, into the more stable environment in the UAE, has actually helped stabilise some high-end residential segments of the markets,” said Fadi al Said, head of investments and senior fund manager at ING Investment Management.
Leading real estate specialists said on Monday that investment in the UAE property sector by GCC nationals was growing as more banks return to property financing.
The property specialist observed that there has seen an upward trend of local buyers looking to invest in a property market, which many analysts believe is currently at the bottom, on the backdrop of increased property financing activity.
Cluttons observed a return to property financing by the banks since the downturn of 2008 when 70 per cent of lenders withdrew from this type of finance. Now 95 per cent of those lenders have returned to the market, famously led by Tamweel who returned to mortgage finance in November 2010. – Khaleej Times
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Ministry of Economy to finalise removal of 300ml cans of Pepsi and Coca-Cola from UAE markets
posted on 22/02/2012
 The consumer protection department at the Ministry of Economy has stated that the process of removal of the 300ml cans of Coca-Cola and Pepsi from UAE markets will take one month, due to the violation of these companies to the resolution of the Supreme Committee for Consumer Protection and the consumer protection law.
The consumer protection department at the Ministry of Economy has stated that Coca-Cola and Pepsi have one month to remove all 300ml cans from UAE markets, due to the violation by these companies of the resolution of the Supreme Committee for Consumer Protection and the Consumer Protection Law.
Dr Hashim Al Nuaimi, the head of the consumer protection department, said the Ministry will remove 300ml cans of Coca-Cola and Pepsi because both companies were selling these products without putting the price nor the Arabic labelling of the ingredients of the products, in clear violation of Article (8) of the Consumer Protection Law.
Al Nuaimi said that the consumer protection team along with concerned teams from local departments started the removal process of the 300ml cans. He also clarified that this kind of cans are not allowed in all retail outlets, nor in restaurants and hotels.
He said that the ministry held meetings with representatives from Coca- Cola and there will be a meeting with Pepsi very soon to agree on the withdrawal process. "For the moment, and until we obtain a clearer picture from our meetings with both companies, there will be no penalties, and will be satisfied with the withdrawal of the products," Al Nuaimi added.
He also said that the Ministry will from now warn retail outlets who continue selling the 300ml cans, and emphasised that they would face serious penalties if they persist in selling the cans.
The Ministry of Economy has received during the past days several complaints about the price of the 300ml cans of Pepsi and Coca-Cola, which are being sold for 1.5 AED, which is the mandated price for 330ml Pepsi cans and 355ml Coca- Cola cans.
Al Nuaimi said the Ministry will remove 300ml cans of Coca-Cola and Pepsi because both companies were selling these products without putting the price and the Arabic libelling of the ingredients of the products, which is a clear violation for the article (8) of the consumer protection law.
He added that the consumer protection team along with concerned teams from local departments started the removal process of the 300 ml cans. He also clarified that this kind of cans are also not allowed in all retrial outlets and even in restaurants and hotels.
Al Nuaimi stated that the ministry held meetings with representatives from Coca- Cola and there will be a meeting with Pepsi very soon to agree on the withdrawal process. "There will be no penalties in the current time till we have clearer picture from both companies after meeting them, we will currently be stratified by the withdrawal if the products," he added.
He also said that the Ministry will now only warn retail outlets who were selling the reduced size cans which are 300ml without putting the price and will issue serious procedures and penalties if this action is being repeated.
The Ministry of Economy received during the past days several complaints about the price of the 300ml cans of Pepsi and Coca - Cola which were sold by 1.5 AED while this price is worth for the 330ml Pepsi cans and the 355 of Coca- Cola cans. - Emirates News Agency, WAM
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Dubai retains Guinness record for longest driverless Metro line
posted on 22/02/2012
 The Dubai Metro, comprising the Red and Green Lines, has entered the Guinness World Records as the longest driverless metro network in the world spanning 74.695km.
The achievement is a further addition to the achievement already made by the Dubai Metro Red Line in September 2011 in setting a Guinness World Record as the longest driverless Metro line in the world extending 52km.
Mattar Al Tayer, chairman of the Board and Executive Director of the Roads & Transport Authority (RTA), has recently received the Guinness Certificate from Talal Omar, regional director of Guinness World Records in the Middle East, in the presence of Adnan Al Hammadi, CEO of Rail Agency, and several directors of the RTA.
Al Tayer dedicated the Metro achievement to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, who is the driving force of the Dubai Metro project.
"The implementation of the Dubai Metro project is a true testament to the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum in uplifting the infrastructure of Dubai Emirate,” Al Tayer stressed.
"The total length of the Metro's Green and Red Lines combined, amount to 74.694km of which 52km are on the Red Line, and 22.694km are on the Green Line.”
"The Metro has a total of 47 stations of which 29 stations are on the Red Line and 18 stations are on the Green Line,” added Al Tayer. – The Gulf Today
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UAE coach Mahdi Ali calls for fan support for Australia match
posted on 22/02/2012
 Mahdi Ali, UAE'S Olympic football team coach, has urged his players to seize the opportunity to make history when they take on Australia in their vital Olympic qualifier tonight.
The UAE are currently joint top in Group B alongside Uzbekistan in Asian Football Confederation qualifying for the London Games and are in the enviable position of having their destiny in their own hands.
Victory tonight over Australia coupled with another three points away to the Uzbeks in their final group game on March 14 would see the UAE reach the Summer Games for the first time in their fledgling history.
It's not a fact lost on Ali, who admits qualification would be the realisation of a dream. "When we started with this group four years ago we had a vision and a mission and objectives, and one of these goals was to reach the Olympics in 2012,” said Ali.
"At the time, hope was a very, very small chance, but by this time it is getting bigger and bigger and today we see where the position of the team is and we have a great chance to make this happen for the first time in the history of the UAE.
"I think it's a big, big, big, thing for the fans, the officials, the players, the coaches and staff. We have to fight for this hope, because usually chances like this don't come around all the time. Sometimes you have only one chance to fight for it, to get where you want to reach.”
Officials have come under fire for the scheduling of the early kick-off (17:30) at the Mohammed bin Zayed Stadium in Abu Dhabi. But as the UAE prepare for their dates with destiny Ali has urged "whoever loves his country” to turn out in force for the match.
"The timing for the game is reasonable. Whoever loves his country will come, no matter the time,” he said. "We played against Iraq and the Iraqi fans were more than the UAE fans. Whoever likes his country will not need an invitation. I am sure the fans will support us in this game.”
Injured midfielder Omar Abdulrahman remains a doubt for tonight, and the coach said: "No decision has been made whether he will play or not.” – Sport 360°
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