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OLD SHARJAH CITY OPENS ITS DOORS TO HERITAGE SHOWS
The Old Sharjah City, a miniature of old Sharjah, was opened on Sunday at Khalid Lagoon in Buhaira Corniche as part of the Ahlan Ramadan '99 events. The aim of the Old City is to promote Sharjah's heritage, tourism sites, museums, markets, hotels, resorts, beaches and desert sites to tourism groups from all over the world. The design of the area showcases old and traditional houses, gates, and towers. It comprises 20 shops, some of which are from Al Arsa Souq. Restaurants and handicrafts shops will also be open in the area which has a corner for the programmes of the Emirates Heritage Club. The Old City will also feature heritage events under the supervision of the Heritage Directorate of Sharjah Department of Culture and Information. Daily competitions in Islamic, heritage and culture in co-ordination with the Islamic Forum will also be held. Cruises along the Khalid Lagoon will also be organised for visitors. (The 'Gulf Today')
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ABU DHABI CITY TERMINAL WINS GOLD AWARD IN ROME
Abu Dhabi International Airport's City Terminal has been awarded the Gold Award for best marketing communications in 'The Airports Awards' presented during the Routes '99 conference in Rome. The Routes event was launched five years ago by Airline Business Magazine and the UK consultancy Airport Strategy and Marketing in order to bring airports and airlines together under the same roof to discuss network development. Commenting on the award, Sheikh Hamdan bin Mubarak Al Nahyan, Chairman of the Department of Civil Aviation, said that the award is a significant achievement following such a short period of operation. A great deal of thought and hard work went into every aspect of the City Terminal resulting in the winning of the award. (The 'Gulf Today')
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DUBAI ORDER ON FOREIGN CONSULTANTS
Dubai Municipality has begun to implement an order exempting all branches of foreign engineering consultant offices from appointment of a local services agent. Order No. 4 of 1999, ratified by Deputy Ruler of Dubai and UAE Minister of Finance and Industry and Chairman of the Dubai Municipality Sheikh Hamdan bin Rashid Al Maktoum, amends Order No. 89 of 1994. The order came into force since November 28, 1999. However, if the offices prefer to appoint a local service agent, such agent should be a UAE national and should not be the owner or partner of any contracting companies or building material trading companies. (The 'Gulf Today')
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E-VISION READY TO LAUNCH CABLE SERVICES SOON
Emirates Cable TV and Multimedia LLV, E-Vision, a subsidiary of ETISALAT, will soon be launching cable services in the UAE. E-Vision is a new organisation which will provide consumers the ultimate choice in home entertainment. E-Vision's sophisticated hybrid fibre coaxial technology ensures crisp, clear images and superior audio output. Cable subscribers will have an opportunity to choose from a variety of packages that combine the programming of roughly 100 different channels and in time, subscribers will also have access to Pay-Per-View options enabling them to see current movies, sporting, cultural and entertainment activities. Interactive Multimedia services also include and Electronic Programming Guide, and interactive news and games services. Once the service is launched, showrooms and regional offices will be opened in Abu Dhabi and Dubai. A toll-free number will be etched on cable sockets to enable potential clients quick and easy access to information bout the services to be provided. (The 'Gulf Today')
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UAE RETAIL SECTOR WORTH DH119.3B
The UAE represented a retail market worth Dh119.3 billion in 1998, with private sector spending totaling Dh90.7 billion 76.03 per cent of the total. General consumption was estimated at Dh1.7 billion in 1972, jumping to Dh76.3 billion at the beginning of this decade and crossing Dh100 billion in 1995. It was placed at Dh115.2 billion in 1997. Total investment in the sector in terms of shopping malls and other outlets as at end-1998 was meanwhile placed at Dh672 billion. A study presented in the latest issue of Al Tijarah, the official Sharjah Chamber of Commerce and Industry magazine, said the total domestic consumer spending also included the re-export trade, annually growing an average 4.5 per cent and estimated at Dh24 billion in 1998. (The 'Gulf News')
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MINSTER CALLS FOR STRICT BANKRUPTCY, LIQUIDATION MEASURES
Legislation and strict measures relating to bankruptcy and liquidation are needed for the country, according to the UAE Minister of Planning, Sheikh Humaid bin Ahmed Al Mualla. The minister also called for the conversion of family businesses into joint stock companies. "Technical and economic studies must be prepared to convince family concerns to change into joint stock companies and list their shares. The laws and regulations governing joint stock companies and banks should be reviewed to meet the changes and challenges of the new era, the minister added. "With the official stock market set for opening, companies in the UAE should commit themselves to issuing regular financial reports to ensure transparency, and these should be as per the highest international accounting standards." The minister also underscored the need for a 'semi-government' specialised periodical on securities such as shares, bonds and commodities to advise investors. The official stock market should have a strategy that will enable it to face any crisis, locally or internationally or any sudden financial or economic international change. Other recommendations made by the minister include mergers between joint stock companies in the country and the setting up of an independent federal investment body which will co-ordinate and encourage investments and issue relevant legislation. Significantly, the ministerial decision NO. 23 of 1885 has been amended by the ministerial decision No. 120 of 1999 on the practice of profession of insurance consultants. The amendment relates to the definition of an insurance consultant in terms of qualifications and duties. (The 'Gulf News')
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STATISTICAL REPORT ON UAE JOINT STOCK Firms
Following is an extract of the key figures recently released from the third edition of the statistical report on UAE joint stock companies whose shares were traded during 1998.
Number and type of joint stock companies: The number of joint stock companies with public subscription reached 37 in 1998 for banking and insurance. These are operated through 421 branches 272 for banks and 69 for insurance companies. Workers and remunerations, cash, monetary and bonus: The number of people working in banking and insurance in 1998 reached 12,740. They received salaries and remuneration that reached Dh1.11 billion. The number of nationals working in the two fields reached 1,421 (11 per cent). Movement of fixed assets: fixed assets: Fixed assets reached Dh2.34 billion. The movement of traded assets: Assets reached Dh159.65 billion. Paid capital, shares and revenues: Paid up capital was Dh10.70 billion. Shares issued were 1,471,496,606. Net profits after deducting taxes and allocations at the end of 1998 reached Dh2.170 billion. The rights of shareholders reached Dh24, 352 billion. Profits distributed, dividends/bonus shares: Dividends and bonus shares distributed reached Dh1.799 billion. Domestic product at the end of 1998 reached Dh7.34 billion. Production requirements reached Dh452 million. Overall added value reached Dh6.21 billion. Capital formation reached Dh346 million. (The 'Gulf News')
The UAE has extended its full support to Medicins San Frontier, MSF for its worldwide humanitarian work and congratulated the organisation on receiving the Nobel Peace Prize. The support and praise came from Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research and UAE patron of MSF. Sheikh Nahyan said " We in the UAE do indeed support the work and principles of Doctors Without Borders, MSF, and are warmed by the reflected light from its achievements. The minister pointed out that the prize was a universal recognition of the efforts of all those individuals who have been associated with the organisation. The minister also said that the organisation has led an important movement to assist those in need of medical assistance wherever they may live and whatever may be their circumstances. (The 'Gulf News')
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ENVIRONMENT DRIVE FOR SCHOOL CHILDREN
A new environmental awareness campaign for UAE schoolchildren has been launched using that legendary symbol of Arabian uniqueness, the camel. Developed into a lovable and caring camel called Hamloul, Conservation Hamloul has been developed from his early origins in 1992 as Harry The Lazy Camel. This innovative initiative is the result of collaboration between Emirates Environmental Group (EEG), Harry's Endangered Friends Foundation (HEF) and Coca-Cola. It enjoys the patronage of Sheikha Latifa bint Mohammed bin Rashid Al Maktoum. Designed for use in schools throughout the UAE, the Conservation Hamloul environmental pack is available free at all EEG offices and the HEF Foundation in Al Ain. It incorporates a beautiful, easy-to-use workbook for children under 12 and a teacher's handbook in both Arabic and English. It is also designed and written in a way to appeal to students of all age groups. The pack focuses on five conservation areas for children with the aid of five Hamloul characters, including recycling, education, science, saving water and environmental help. The five Hamlouls explain different ways in which children can protect the environment. The six-month environmental awareness programme also offers a competition for schoolchildren below 12 years. The winner will get a once-in-a-lifetime trip on Emirates airline to the world famous Melbourne Zoo. (The 'Khaleej Times')