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UAE CONCLUDES THREE DEALS WORTH DH 175M
The UAE yesterday said that three contracts, valued at Dh175 million, were concluded with defence equipment suppliers. The emirates also concluded an agreement with French companies for co-operation in training the UAE Armed Forces. The official spokesman for IDEX 99 said, the Dh90 million contract to supply wireless communications equipment for the UAE Armed Forces was awarded to Thomson-CSF of France. The Dh 50 million order to supply equipment and vehicles of different types for the Armed Forces was given to Al Masood Company, a UAE firm. The state-owned South African company Denel has won the Dh 35 million contract to supply 76mm ammunition, beating companies from Italy and South Africa. The UAE also signed an agreement for co-operation in technical, training and exchange of information with two French companies, namely Thomson-CSF and Dassault Aviation. Under the terms of agreement, the French companies will co-operate in training the UAE Armed Forces and Universities. The bids were evaluated thoroughly and contracts were finalised on the basis of quality and cost, the spokesman added. The contracts for the UAE Navy's ambitious Liwa project are still under discussion and will take time to be finalised. (The 'Gulf News')
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TATRA LIKELY TO SECURE UAE ORDER
Tatra, a Czech vehicles maker, is likely to secure a repeat order from the UAE to supply specialised trucks and tank transporters, officials announced yesterday during IDEX 99. The company is also eyeing other Gulf markets, using the UAE as a reference, said Jan Vala, Director of Projects. "Tatra is an advanced stage of discussions with the UAE Armed Forces to supply various trucks, " he added. In 1997 and 1998, Tatra supplied the UAE Army with 1,127 specialised vehicles, LIWA, with high performance, valued at $180 million. According to sources, the UAE is considering purchase of 200 tank transporters and, initially, at least 120 of these vehicles are likely to be bought. Jan Vala said Tatra's trucks, especially the tank transporter, the mobility tactical truck, the recovery vehicle and the Tatra-72 light army truck, are suitable for regional environment. (The 'Gulf News')
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AL HAMED IN FRENCH OFFSET VENTURE
An offset project has been jointly set up by UAE-based Al Hamed enterprises and two French companies, Dassault Investissment and TCI. A statement by the UAE Offsets Group said that the project with a total investment value of Dh 50 million will be developed in two phases. It added that, in the first phase, Dh25 million will be used to set-up hi-tech green houses, imported from the Netherlands, on 50,000 square metres of land. The production is controlled by a centrally computerised controlling system which regulates temperature, humidity, irrigation and fertilisation. The UAE Offsets Group's statement said that the project is part of the UAE's strategy to create a high, value-added agriculture, which maximises profits while reducing water consumption, subsidisation and foreign work force. (The Emirates News Agency, WAM)
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EBI REPORTS 7 PER CENT INCREASE IN NET PROFIT
Emirates Bank International, EBI, has reported record net profit of Dh473 million for 1998, a 7 per cent gain over 1997's Dh442 million. Earnings per share was Dh2.01 against Dh 1.88 in 1997. The bank's annual general meeting yesterday also recommended a 20 percent cash dividend per share, and a bonus issue of one share for every four held. Proposed dividends will total Dh.117.55 million. EBI transferred Dh310 million to general reserves to firm up the equity base. Share capital as of end 1998 is Dh587.78 million compared to Dh470.22 million the year before. Retained earnings during 1998 are Dh93.51 million. The latest results confirm advances made by EBI in upgrading corporate banking operations at its branches during 1998, and further consolidation of retail banking services. "Over the years we have strengthened our capabilities to ensure we can supply customers with a complete range of financial services. Through the bank, its subsidiaries and associated companies, we now provide commercial, retail and investment banking, insurance, card services, and property development and management," said Ahmed Humaid Al Tayer, UAE Minister of Communications and EBI Chairman. Total assets were up 14.8 per cent to Dh19.7 billion. The balance sheet was helped by gains made on net interest income at Dh686.38 million from Dh563.60 million in 1997 ö and from other income, fees and commissions ö which was Dh220.80 million compared to Dh183.28 million in 1997. Profit made available for appropriation was Dh562.07 million including Dh89.18 million in retained earnings brought forward from 1997. After appropriations and distribution of the recommended dividend, total shareholders' funds will come to Dh2.82 billion from Dh2.45 billion in 1997. Total liabilities by end-1998 were Dh16.89 billion, including customer deposits of Dh14.13 billion. EBI overseas operations turned in decent performances ö the London branch concentrated on expanding customer base and creating 'visibility' in the market there. Hong Kong operations ö where EBI focused on building a portfolio through lending to local companies and to banks in China ö were not immune to the Asian economic turmoil. Branches in Pakistan operated well under difficult conditions. This is considerable achievement considering we have experienced a reduction in our risk asset base and exercised a conservative philosophy during these uncertain times. ( The 'Gulf News')
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BOOK ON ABU DHABI ARCHAEOLOGY UNVEILED TODAY
Details of recent archaeological finds on the coast of the islands of Abu Dhabi were unveiled today with the announcement of a new book. Entitled "Filling in the Blanks: Recent Archaeological Discoveries in Abu Dhabi, " the book examines the work of the Abu Dhabi Islands Archeological Survey, ADIAS, and is written by its Co-ordinator, locally based historian Peter Hellyer. The book has been produced with the support of the Abu Dhabi National Oil Company, ADNOC. Written in style designed to appeal to the general reader, the book first provides a review of earlier work on Abu Dhabi's coast and islands, and then outlines the results of ADIAS surveys and excavations since it was established in 1991. Commencing with the Later Stone Age, around 6,000 - 7,000 years ago, the book reports on number of important discoveries, including the earliest settlement ever found in the Emirates, on the western island of Dalma. It also announces other discoveries from the same period on the island of Merawah and at a site adjacent to Abu Dhabi International Airport. Among other discoveries reported in the book are a pre-Islamic monastery on the island of Sir Bani Yas, sites from the early First Millennium AD and from the Islamic period on a number of other islands, including Balghelam and the Yasat islands, and a previously unrecorded fortress in the desert near Medinat Zayed. In a Forward to the book, the Patron of ADIAS, Chief of Staff Lt. General Sheikh Mohammed bin Zayed Al Nahyan comments on the study of the heritage of the UAE people by recalling that President His Highness Sheikh Zayed bin Sultan Al Nahyan has often stated that a country that know not its past has neither present or future. "Our heritage represents who we are, and from where we came, " Sheikh Mohammed wrote. "It is of crucial importance, for ourselves, and for our children, that this is studied, protected and understood. " The Abu Dhabi Island Archaeological Survey was established in 1991 on the instructions of President Sheikh Zayed, and is charged with surveying for, recording and, where appropriate, excavating sites on the coast and islands of the Emirates of Abu Dhabi. (The Emirates News Agency, WAM)
The region should clearly understand what lies ahead in the coming decade and accordingly equip itself with the tools needed to pave the way for future prosperity, said General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, UAE Minister of Defence and Honorary Chairman of Emirates International Forum, in a message on today's start of the forum. Emirates International Forum is being held under the theme "New Millennium Growth ö Insights & Foresights. Rafik Al Hariri, former Lebanese Prime Minister, will be the keynote speaker this year while the welcome message will be given by forum Deputy Honorary Chairman Ahmed Humaid Al Tayer, UAE Minister of Communications. "It is imperative that the region is properly equipped to successfully overcome obstacles and move to a more prosperous environment. Rapidly developing technology, free global markets and demanding consumer trends have heightened the competitive environment and businesses need to sharpen their competitive edge to survive the future, " Sheikh Mohammed said. "Now with the 21st century only months away, the region can seize the opportunity to adapt to the changing and complex requirements of the millennium. To do this, its governmental and business leaders need to be well informed of economic developments at all levels ö locally , regionally and globally." Sheikh Mohammed said global economy is currently treading an uneven path and the international community lately undertook far reaching reassessments of methods of crisis prevention and resolution. The region must be part of its process and needs to visualise the challenges that unfold for its public and private sectors.(The 'Gulf News')
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SHARJAH NATURAL GAS PROJECT OPENS
The first phase of a Dh 300 million project to supply natural gas to homes and other buildings in Sharjah was officially inaugurated yesterday. Sheikh Sultan bin Mohammed Al Qassimi, Deputy Ruler of Sharjah and Chairman of the Board of Directors of the Sharjah Electricity and Water Authority, SEWA, switched on the First Natural Gas Distribution Station heralding the start of natural gas supplies to homes in the emirate. Ali Abdullah Al Noman, Director General of SEWA, said the new project would contribute to the development of the welfare of Sharjah residents and enhance productivity at various commercial and industrial establishments in the emirates He said that the project would be constructed into two phases; Phase I which costs Dh 200 million and a Dh 100 million Phase II. "Natural gas has been supplied to the first building in Abu Shaghara in Sharjah today marking the beginning of Phase I which will be completed in May next year, said Al Noman. He said a 172-km network of pipes, three pumping stations and the internal connections for a total of 25,000 domestic, commercial and industrial consumers would be completed in the first phase. Phase II will supply the remainder of the City of Sharjah. He did not specify when Phase II would be completed. (The 'Gulf News')
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20M LIGHTS GO AGLOW ON DUBAI STREETS
At the push of a button 20 million lights on the streets of Dubai went aglow last night, starting the countdown for the Dubai Shopping Festival '99 which is set to begin on Thursday. General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, yesterday switched on the lights along Al Riqqa road, which simultaneously illuminated other streets of Dubai with a kaleidoscope of colour. A two-minute fireworks display after the lighting ceremony highlighted the event. Mohammed Al Gergawi, CEO of the festival, said they were 100 per cent ready for the festival. He added that the activities this year would be better than the previous shopping festivals, with traffic as the only problem, though an indicator of the festival's success. "If we didn't have traffic problems during the festival, we would be worried," he said. The Dubai Shopping Festival will go on until April 14. For this festival, the number of lights have been doubled from last year and new designs have been created.
