 |
GMT
Time: 15:31 UAE Time: 19:31
Choose your language:
 |
| News & Information on the United Arab Emirates (UAE). Supported by The National Media Council. |
| E-BOOKS NEWS GOVERNMENT TRAVEL BUSINESS CULTURE EDUCATION RECREATION EVENTS CALENDAR SHOPPING BOOKSHOP HOME |
|
* Saudi Second Deputy Prime Minister, Minister of Defence and Aviation and Inspector General Prince Sultan bin Abdul Aziz al Saud left yesterday after a six-day visit to the country, during which he was received by President HH Sheikh Zayed bin Sultan al Nahyan and Their Highnesses the Supreme Council members and Rulers of the Emirates. Prince Sultan was seen off by Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces HH Sheikh Khalifa bin Zayed al Nahyan and Crown Prince of Dubai and UAE Defence Minister General Sheikh Mohammed bin Rashid al Maktoum. Prior to his departure, Prince Sultan described his visit as "fruitful", attributing its success to the sincere intentions of President Sheikh Zayed, Supreme Council members and Rulers of the Emirates, and the Custodian of the Two Holy Shrines King Fahd bin Abdul Aziz al Saud. He praised the cordial ties between the UAE and Saudi Arabia, saying both countries had no common enemy but Israel. Asked about the recent Arab Gulf Co-operation Council, AGCC-Iranian rapprochement on the issue of the UAE's islands occupied by Iran, he said "Iran is a Muslim country and a neighbour of the UAE and other AGCC countries. There is no hostile policy against Iran by the UAE." "Iran should seek to solve the dispute either through direct negotiations (with the UAE) or by referring the issue to an international arbitration," he added. Prince Sultan said that Saudi Arabia had always sought to maintain moderation in both oil prices and production, referring to a recent deal between Saudi Arabia, Mexico and Venezuela. He expressed the hope that other oil producing countries would take measures to maintain stability in the oil market. Responding to another question on efforts to settle the Bahraini-Qatari territorial dispute, he said he was confident that the two sides would be capable of solving the issue by themselves. He was also seen off by Deputy Prime Minister Sheikh Sultan bin Zayed al Nahyan, Speaker of the Federal National Council, FNC, Mohammed bin Khalifa al Habtour, Chief of Staff of the UAE Armed Forces Lt. General Sheikh Mohammed bin Zayed al Nahyan, the Ruler's Representative in the Western Region of Abu Dhabi and Chairman of the Abu Dhabi Municipality and Town Planning Department Sheikh Mohammed bin Butti al Hamed, Sheikh Hazza bin Zayed al Nahyan and Head of the Honorary Mission accompanying Prince Sultan Also seeing off the Prince were Chairman of the Abu Dhabi Seaports Authority Sheikh Saeed bin Zayed al Nahyan, Under Secretary of the Interior Ministry Brigadier Sheikh Saif bin Zayed al Nahyan, Under Secretary of the Ministry of Finance and Industry and Chairman of the Board of Trustees of the Zayed Foundation for Charitable and Humanitarian Works, ZFHCW, Sheikh Ahmed bin Zayed al Nahyan, Minister of Information and Culture Sheikh Abdullah bin Zayed al Nahyan and Chief of the Abu Dhabi Crown Prince's Court Sheikh Sultan bin Khalifa al Nahyan. He was seen off, too, by Sheikhs, Ministers, senior military and civilian officials, UAE Ambassador in Riyadh Isa Khalfan al Huraimal and Saudi Ambassador Saleh bin Mohammed al Ghufaili. (The Emirates News Agency, WAM) * The rise in the country's population, which is projected by the Ministry of Planning to grow by around 5.7 % per annum, implies a growth in demand in the food grain sector in the UAE by at least the same amount, the Emirates Industrial Bank, EBI, has predicted in a recent research survey. It said that while in the medium- to long-term, a shift of preference to wheat is possible due to dieticians and doctors recommending more wheat intake due to health reasons, as standards of living improve, premium qualities will increase their share at the expense of ordinary qualities. The Journal of the EBI, in a publication released recently by its Economic Research Section, pointed out that the food grain sector in the UAE usually had a strong backward linkage to the domestic agricultural sector. "In the UAE however, the agriculture sector is not only very small but mostly comprises fruits, vegetables, poultry and dairy farming. Cereals are notable absent because of their relatively lower yield and unsuitability to intensive cultivation. Consequently, the country relies almost entirely on imports for its food grain," the report noted. Given the multi-ethnic character of UAE's population, both rice and wheat are in demand, the report points out. "Rice is the preferred cereal of UAE nationals, southern Indians and Iranians while various breads made from wheat forms the staple diet for Pakistanis and Northern Indians," it says, adding that wheat imports are higher than rice since wheat on milling has a flour extraction rate only 75.0%. The outlook in supply is that wheat milling capacity of the domestic industry is likely to be expanded in response to export orders >from Iraq and the former Commonwealth of Independent States, CIS. "However exporters could face competition from within countries as wheat milling is a low technology, low value added activity which may quickly emerge in these countries," the report noted. Wheat flour is chiefly imported by the UAE from the US, Australia, and Canada while rice come from India, Pakistan and Thailand. Besides wheat and rice, the only significant grains being imported is small but significant quantities of around 125.0 tonnes per year of barley worth Dh 90.0 million. Besides this, there is a demand for animal feed, (bran, sharps and residues), which are supplied locally as by-products of the wheat milling industry but are not adequate to meet demand which is filled up by imports worth Dh 50.0 million. UAE import figures of food grains reflect some major increases which somewhat mask the real trend points out the report. Imports were high during 1991-1992 because of the Gulf crisis and again in 1996 because of the Oil-for-Food agreement between Iraq and the UN, which led food grain being routed from Dubai to Iraq. These imports have been so large that in-transit stock is more than the annual UAE requirement. Domestic demand for wheat grain is estimated to be close to 300,000.0 tonnes per annum. While rice is mostly imported as a final product there is a substantial wheat milling industry in the country with wheat being imported by flour mills and supplied to bakeries for production of bread, cake, pastries etc., and household purchase by final consumers confined to a small segment of ethnic consumers from North India and Pakistan. The report noted that while demand for food grains is 'price inelastic', consumers do respond to price by switching between different qualities with different prices, particularly for rice. "However the main increase in demand and consumption of food grains in the UAE has been from the growth in population which has been steadily on the rise. Wheat flour consumption in the UAE is estimated at around 80.0 kilograms per person and rice consumption at 10.0 kilograms," it said. Food grain prices have remained remarkably stable for a number of years and have not kept pace with the general inflationary trends in the country which is attributed to abundant supplies worldwide. Global rice prices have declined in the past decade as productivity has improved for all varieties. The UAE has wheat milling plants in Abu Dhabi, Dubai and Sharjah and two rice processing units in Jebel Ali. Total wheat processing and storage capacity is more than 250.0 tonnes a day and 4,000.0 tonnes respectively while total rice processing capacity is about 112.0 tonnes a day with a storage capacity of less than 1000.0 tonnes. (The 'Emirates News') * Dubai which has been drafting strategies to diversify resources of income, has succeeded in effecting a sharp reduction in oil income dependency. The oil income now accounts for only 18.0% of Dubai's revenue and this will continue to decline annually, according to a recent report published in 'Al Manafith' Magazine, the in-house journal of Dubai Customs Department. The magazine quoted General Sheikh Mohammed bin Rashid al Maktoum, Dubai Crown Prince, UAE Minister of Defence, and Chairman of Dubai Ports and Customs, as saying that the figures are a testimony to a vision that is based upon an open economic policy. For instance, the magazine states that there are 3,000 trade licences issues in Dubai alone, while the Jebel Ali Free Zone, JAFZ, has grown by 800.0% with the participation of over 1200 companies in 11 years. Projects under study within Dubaiâs strategic financial plan include the merger of banks within the emirate of among different emirates, the launching of a satellite and the establishment of a stock market. While mergers are viewed as normal in today's international markets, it is the basic law of free market economy that may cause the merging of banks and other investment companies. "This is entirely left to the management of our banks and companies," said Sheikh Mohammed in a remark to emphasise Dubai's policy on maintaining a free market economy. The projects under study for the financial sector include regulating and supervising performance of public joint stock companies, establishing a joint stock company with Dh 2.0 billion capital to develop Ras al Khor and formation of an Islamic public joint stock company. The projects under study for the industrial sector include construction of an oil refinery in Jebel Ali and importing natural gas from Qatar. This represents Dubai's strategic step to move away from single product dependency to being a manufacturing economy, 'Al Manfith' reported. (The Gulf Today) * Dubai Municipality has begun testing of precious metals such as gold, silver and platinum and is expected to start experimental hallmarking of these metals by September. That of gemstones is likely to begin by early next year. The Municipality is also expected to issue a local law on precious metals fraud that conforms with the Ministry of Economy and Commerce Federal Law No. 9 of 1993 on control of trading in, and hallmarking of, precious metals and gemstones, Khalid Meer Abdullah Khoory, Director of the Dubai Central Laboratory, told the 'Gulf News'. Testing and hallmarking are not likely to be restricted to the Municipality alone because of the volumes involved but is likely to be farmed out to approved private-sector laboratories. Dubai is the world's largest physical redistributor of gold. The hallmarking move aims to protect the Dubai gold market, consumers and traders from fake precious items and boost Dubai's reputation as an international gold centre. It is supported by the Dubai Gold Tradersâ Association and the World Gold Council, Khoory added. A local order on fees to be paid for testing and hallmarking at the Dubai Municipality is under study and is expected to have minimal charges so as not to burden consumers, traders and factories, he stressed. Fees will possibly be based on weight or item. Testing, hallmarking and issue of certificates with details on purity, carat and so forth, will be handed out to clients within one day. Testing and hallmarking, however, will not be restricted to the Dubai Municipality, which will continue to encourage the establishment of private laboratories provided that new ones obtain its approval and that both, old and new alike, are recognised by the Municipality, said Khoory. Dubai Municipality will shortly give its reply to the SGS company, which recently applied for setting up a private laboratory, he added. Khoory said future inspections on retailers and wholesalers will be carried out to ensure that all precious metals and gemstones are stamped with the actual caratage and quantities used are the same. Counterfeiters will be treated with severity. Penalties will vary from warnings to closure of shops and factories and confiscation of goods, he emphasised. Khoory said Dubai will, in future, compel all shops and factories to have their precious metals and stones tested and hallmarked. Certificates could be obtained from Dubai or abroad. Items imported from countries without laboratories will be tested and hallmarked in the Municipal or private laboratories and list of approved laboratories will be distributed to traders. Khoory went on to stress that gold samples collected earlier from experimental testing proved that the market is clear of fake products. The Dubai Municipality Laboratory will soon become a member of associations grouping internationally-recognised laboratories and its certificates will be authenticated. Six employees were recently appointed, said Khoory, to the Precious Metals and Gemstones Divisions and more staff specialised in hallmarking will be employed. The Consumer Products Department, which supervised the two sections, also has an Electrical Equipment Division tasked with checking the compatibility of market electrical appliances with international safety standards. (The 'Gulf News')
Home -
Contact -
Advertise on UAEinteract -
Send this Page -
Link to us |
||||||||||
Home
