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GOVERNMENT AGENCIES 'MUST CATER TO AVERAGE RESIDENT'
Simplifying procedures and providing special services for the public is the aim of all public departments. This has been achieved to a great extent, said Dubai's top police officer. Speaking at the leadership training session organised by the Dubai Government Excellence Programme, Maj. Gen. Dhahi Khalfan Tamim, Chief of Police, said that every public department should provide special service to the public and try to eliminate red tape. The Police have been able to minimise procedures and provide facilities to all UAE residents. "The Traffic Department, for instance, makes it possible for residents of other emirates to pay their fines at banks close to where they live without having to come all the way to Dubai," he said. "We are also trying out new ATM machines, which will enable people to pay their fines at any shopping mall. Now this facility is also available at the Union Cooperative store in the Al Safa area," he added. The ATMs began operating on a cash-only basis, but will soon be able to accept credit cards. "Next month an e-mail service will be provided by the Traffic Department. Anyone who has e-mail may regularly receive all the information about traffic fines in the convenience of one's home or office," Tamim said. The police are not limited to simply ensuring public security. "We have various programmes for residents, including the Talent Programme, which sponsors skillful young people and helps them excel in their hobbies and studies." (The 'Gulf News' )
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UAE STOCKS GIVE UP YEAR'S GAINS
The steady decline of UAE stock prices has wiped out all gains made since the beginning of this year, and then some. Now the market is 1.9 per cent below its January level. This is ironic considering corporate results for 1998 have been good. The weekly stock market newsletter "Stockline" published by Emirates Bank Group said, "Selling pressure and small volumes are the main reasons for declining prices." The price-earnings ratios (P/Es) have fallen to attractive levels, especially for blue chip stocks (below 20); and dividend yield (because of generous pay-outs in recent weeks) is also at a healthy level, it said. With rising oil prices and the revival of regional markets, there appear to be signs of a pick-up in some low-priced stocks. Trading volume is likely to rise as investors are averaging down their costs or are discovering value at these prices, "Stockline" added. (The 'Gulf News' )
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SHARJAH TO HAVE BOURSE TRADING FLOOR
Sharjah city is likely to have its own trading floor once the official UAE stock exchange is established, a top Chamber of Commerce and Industry official said yesterday. "There will be one main stock market, but it can have branches in other emirates linked electronically through a computer network," Chamber Chairman Ahmed Mohammed Al Midfa said. Meanwhile, knowledgeable sources said the draft of the Stock Exchange Law was unlikely to be ratified for at least a year due to the weak regional economy. They added that with oil prices still low and stock market morale poor as a result of the slump in market capitalisation last summer, it made little sense to set up the official stock exchange and risk failure. On the proposed trading floor, Midfa said, "Sharjah is also likely to have its own branch here so that investors here may take advantage of these facilities more readily." He said a trading floor in the emirate would act as an incentive for investors, and the online network would enable brokers to provide real-time information to their clients. (The 'Gulf News' )
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NEW REGULATIONS UNVEILED FOR SAADIYAT
Having invited new foreign banks to set up operations in the Saadiyat Free Zone, the Abu Dhabi Free Zone Authority (ADFZA) yesterday announced four regulations governing companies, banks, financial institutions and the market. They are the Abu Dhabi Free Zone Companies Regulations, Abu Dhabi Free Zone Banking Regulations, Abu Dhabi Free Zone Code of Conduct for Financial Institutions and Abu Dhabi Free Zone Code of Market Conduct. Sheikh Hazaa bin Zayed Al Nahyan, authority chairman, has approved the regulations which provide the legal bedrock of the Saadiyat market, ADFZA General Manager Mohammed Ali Al Hosani said yesterday. "These laws represent another milestone in the nationally important process of making the Saadiyat market the financial capital of the region," he said. Banks will require a licence to operate in the free zone. The general standards and requirements for financial institutions reflects the standards adopted in international markets such as North America and Europe, while the code of market conduct sets out the general standards and controls which the authority requires participants in its market to adopt in their transactions. "All these regulations are put in place in order to support the development of the financial and trading market in Saadiyat dealing with both financial products and commodities," he explained. (The 'Gulf News' )
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ABU DHABI AVIATION PROFITS CLIMB
The national shareholding company Abu Dhabi Aviation Ltd announced a net profit of Dh45.1 million for1998 yesterday, an increase of Dh13.6 million over the previous year. Sheikh Hamdan bin Mubarak Al Nahyan, company chairman, said of the Dh24.4 million earnings available for distribution, Dh14.4 million will go towards proposed ordinary cash dividends and Dh10 million towards proposed bonus shares. Sheikh Hamdan was speaking at the company's annual general assembly yesterday. Earnings per share were Dh37.88 compared to Dh26.54 in 1997. The company's issued and fully paid-up share capital stands at Dh120 million. Its authorised capital consists of 2 million shares of Dh100 each. From two helicopters in 1976 when the company was formed, Abu Dhabi Aviation now has 42, mostly Bell helicopters. The company's specialist skills include such diverse activities as the provision of offshore rescue services and the aerial applications of agricultural sprays and fertilisers. Total assets stand at Dh143.41 million. (The 'Gulf News' )
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OFFSETS VENTURE TO MANUFACTURE FIREFIGHTING GEAR
The UAE Offsets Group (UOG) yesterday announced the creation in Abu Dhabi of a new venture called UTS-Burnstop LLC, with a capital of Dh5 million between the local group United Technical Services (51 per cent), Burnstop Ltd from Finland (40 per cent) and Dassault Investments, a sister company of Dassault Aviation (9 per cent). UTS-Burnstop LLC will manufacture firefighting and prevention equipment. This venture will have its offices in Abu Dhabi and its manufacturing facility in the industrial zone of Mussafah. The products will include impregnation liquids for use with most materials that will absorb liquid, extinguishing additives for mixing with fresh or salt water extinguishing all classes of fires, Minex disposable fire extinguishers and unique water mist systems. This venture will release the UAE fire-related industries from their current dependence on imported alternatives, since the establishment of the manufacturing facilities will be the first of its kind within the UAE. The production unit will also be dedicated to export to Middle East, Europe and Asia. (The 'Gulf News' )
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ANCIENT SULPHUR MINES DISCOVERED
An archaeological survey carried out with the support of the Abu Dhabi Company for Onshore Oil Operations (Adco) has identified the first ever evidence of ancient mining for sulphur to be found in the UAE. The survey was conducted recently by a team from the Abu Dhabi Islands Archaeological Survey (Adias) in Adco's concessional area. The evidence of sulphur mining was found on the slopes of Jebel Dhanna in western Abu Dhabi, where Adco has its oil export terminal. Around 100 circular shafts dug into the slopes of Jebel Dhanna to a depth of roughly five metres, together with a number of deep trenches, some up to 50 metres long, were found by the team. Also discovered were underground galleries dug by miners seeking deposits of pure sulphur crystals. According to Adias, the date of the mines had not been identified so far. However, some of the mines appear to have been in use until relatively recent times. Pottery found in some other mines, however, suggests that they may have been in use several hundred years ago, perhaps in the period from the 16th century to the early 18th century. Historical records from the early 19th century do not mention sulphur mining in Jebel Dhanna, suggesting that major mining operations had ceased by that time. According to Dr Geoffrey King of London University's School of Oriental and African Studies, there is a possibility that the mines were used to supply sulphur for making gunpowder. "Certainly the number of mine shafts and trenches suggests that the sulphur mining must have been on an industrial scale for export as well as for local use," said Dr King, who led the Adias survey team. Gunpowder was probably introduced in the Arabian Gulf by the Ottoman emperors, and might have become widespread after the arrival of the Portuguese in the early 16th century. Evidence of copper mining in the mountains of the Emirates dates back several thousand years, but the discovery of the Jebel Dhanna sulphur mines adds a previously-unknown element to the knowledge of ancient exploitation of the country's natural resources. Further study of the mines is currently being planned by Adco and Adias. Export of Abu Dhabi's onshore oil production first began from Jebel Dhanna 35 years ago, and the latest evidence suggests that this was preceded by the mining and export of sulphur from the same spot several hundred years earlier. (The 'Khaleej Times')
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THURAYA SIGNS MARKETING PACT WITH LIBYA
Following the suspension of UN sanctions on Libya, the UAE's Thuraya signed a service provider pact yesterday with Libya's General Post and Telecommunications Co. The current reach of telecommunications services in Libya is limited to only 10 per cent of the population. "This is just the beginning. We are looking into more areas of cooperation," Thuraya Chairman Mohammed Hassan Omran said after signing the agreement. In 1997 Libya acquired a 5 per cent stake worth $25 million in Thuraya. The agreement provides GPTC all rights to market Thuraya's services and products in Libya. The terms include distribution of user terminals and SIM cards as well as billing and customer care management. Libyan spokesman Faraj Mohammed Al Ammari said with the UN sanctions lifted, the country offers immense commercial opportunities. "We had problems getting revenues as well as technology back into the country. But now things will change and we are reinforcing our alliance with Thuraya to meet the telecom requirements of our customers." (The 'Gulf News' )
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AL AIN CARRIES UAE SOCCER HOPES
The Al Ain soccer team headed to Iran Saturday night to take part in the 18th Asian Club League Winners Championship finals to be hosted by Isteglal of Iran between April 28-30. Jubilo from Japan, Dalyan of China along with Al Ain are the other three teams to participate in this fray. Al Ain were the champions of the quarterfinals stage (West Zone) which they hosted in February with Isteglal taking second position. Dalyan of China emerged winners of the previous round for the Eastern Zone followed by Jubilo of Japan as runners-up. The Al Ain mission to Tehran, headed by Khalifa Nasr Al Suwaidi - chairman of the club's board of directors, includes 24 players led by the three pros Abedi Pele the Ghana international, Rasheed Al Dawoody from Morocco and Sido Trawry of Brokina Faso. The rest of the group comprises Romanian coach Balaci Ilie, assistant coaches Ion Ion and Ahmed Abdulla, Samir Shakir, who coaches the goalkeepers, Jose Amaro the fitness coach, team manager Rabee Ibrahim, along with Edmund Joika and Jerzy Pol - therapists, and masseur, Adimar Da Silva. Prior to their departure to Iran, Al Ain had conducted a five-day warm-up camp in Muscat during which they played one friendly match against Oman's Olympic team, which ended in a goalless draw. Al Ain will meet Japanese club champions Jubilo at Ezady stadium in the opening match on Wednesday, which kicks off at 3pm (2.30 UAE time), while hosts Isteglal take on Dalyan of China in the second match. The winners will battle it out on Friday, April 30 to decide the Asian Club League Champions, while the losers will meet in the play-off match. (The 'Gulf News' )
