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BCCI DEPOSITORS TO GET PAYMENT
The international liquidators of the Bank of Credit and Commerce International, BCCI, have approved a thrid payment of 14 per cent of the due amount to the bank's depositors. The payment is expected to be given to depositors in March, bringing the total payments to 60 per cent of the due amounts. A fourth payment is expected in April 2001, adding that the total payment given to depositors in the bank's UAE branches before the latest payment reached $600 million. The source said the amount does not include US$636 million direct payments by the Luxembourg-based international liquidators to UAE governmental parties. He said that the value of the retrieved government owned shares in the Union National Bank is estimated at 40 per cent of the bank's total subscribed shares of US$1.406 billion. The source said that the 14 per cent payment expected to be given in March is estimated at US$170 million. He added that the positive result of payment to depositors is the outcome of fruitful co-operation between the UAE Central Bank, which supervises the local liquidation, carried out by independent local liquidators, and the international liquidators. The source said that the outcome is viewed as a rare and unprecedented event that would not have taken place without unlimited support of the government of Abu Dhabi liquidators. He said UAE officials were keen on making the international liquidation of the bank successful in line with the directives of President His Highness Sheikh Zayed bin Sultan Al Nahyan and Crown Prince and Supreme Commander of the UAE Armed Forces Sheikh Khalifa bin Zayed Al Nahyan. (The Gulf Today)
The General Postal Authority has issued a set of two stamps in denominations 50fils and Dh3 to mark the first centenary of the establishing of Department of Ports and Customs in Dubai. The Department of Ports and Customs, considered as the oldest government department in Dubai, was established in 1900 and was the main source for regular income in the emirate. Trade became the backbone of Dubai's economy in its early days, following which customs developed into a well-organised body known as 'Al Fardha'. The word originally stood for all taxes levied on imported goods. (The Khaleej Times)
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DUBAI TRAFFIC LIGHTS TO RUN ON SOLAR POWER
Dubai Municipality has decided to provide solar power to the traffic signal lights to ensure the uninterrupted functioning of signals in case of power failure. The Dhs75,000 solar power device has already been installed at one of the major intersections on the Abu Baker Al Siddique Street, near Dubai Cinema on a trial basis. More devices would soon be installed at the major intersections of the city. (The Gulf Today)
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FINES FOR LITTERING IN DUBAI PARKS
Municipal inspectors, supervisors and horticulturists who regularly patrol public parks in Dubai have been authorised to impose fines on litterbugs and people who cause harm to greenery. The fine for littering ranges from Dh50 for minor offences to Dh500 for serious ones. The fine for damaging green surfaces and barbecuing areas other than those designated for it will be Dh500. Heads of Deira and Bur Dubai park units regularly visited parks under their jurisdiction to ensure that inspectors and supervisors were doing their job. They also support them in checking violations and in penalising the litterbugs. (The Khaleej Times)
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DRIVING LICENCE CURBS LIFTED
Dozens of unskilled workers queued to submit their applications for a driving licence after Dubai police, in a surprise move, lifted the ban on applications from 36 different categories. Under the ban anyone in the 36 specified categories, who earned less than Dh3,500, was barred from applying for a driving licence. Among those banned from applying for a licence earlier were porters, tailors, electricians, carpenters, butchers, car cleaners, office boys, farmers, cooks, waiters, messengers, storekeepers, typists, servants, hairdressers and pastry makers. The decision to rescind the ban was taken following a reorganisation of the driving test procedures which should result in more people being tested in less time. (The Gulf News)
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FUJAIRAH-BASED METRO TO RELAUNCH REFINERY OPERATIONS
The Fujairah-based Metro Oil Corporation, UAE's first privately owned refinery, which was shut down in February 1998 due to financial troubles, will soon be relaunching refining operations following a US$150 million debt settlement with its creditors. A new company, Fujairah Refinery Company Limited, FRCL, has been set up with the support of the Government of Fujairah to relaunch the refinery. The deal was signed by Sheikh Saleh bin Mohammed Al Sharqi, Chairman of the Department of Industry and Economy and Chairman of the National Bank of Fujairah, with representatives of banks and oil companies concerned. Sheikh Saleh said the settlement would be beneficial to the economy of the UAE and the welfare of its people. (The Khaleej Times)
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DCA ON TOTAL QUALITY IMPROVEMENT DRIVE
The Department of Civil Aviation, DCA, of the Government of Dubai, with three ISO 9000 certifications this year, has embarked on an ambitious quality improvement drive, aiming to achieve the world's top spot in overall services. A five-year strategy plan, as envisaged by Sheikh Ahmed bin Saeed Al-Maktoum, President of DCA and Chairman of Emirates, has been undertaken "in line with DCA's shared vision and strategy for building a high performance organisation, capable of meeting the current operational demands and future business challenges. The Quality Improvement Team, QIT, has all the senior officials of DNATA, airlines, police, customs, Dubai Transport Company as members and will concentrate on key performance factors like customer driven quality, leadership, continuous improvement and learning, valuing employees, fast response, long-range view of the future, management by facts, partnership development and public responsibility. DCA's three departments garnered ISO 9000 certifications last year and three more this year while Dubai airport was adjudged as the third best in the world for services by a British agency The Duty Free got ISO1000 certification. (The Gulf Today)
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UAE GDP TO GROW 7.1% IN 2000 TO DHS203.5B
The UAE's gross domestic product will increase to Dhs 203.5 billion in 2000, registering a growth of 7.1 per cent compared to last year, according to minister of planning Sheikh Humaid bin Ahmed Al Mualla. Non-oil sector GDP will increase by three per cent compared to 1999 due to the boom in the natural gas, petrochemical, aluminium and light industries. The minister anticipated a surplus in the trade balance by 39 per cent, and an increase in volume of exports to Dh133 billion. On the stock market, the minister noted stock trading will commence after the approval of council of ministers and its performance will have an impact on the activity of the local market as well as on the GCC level. The minister said the UAE has witnessed a remarkable improvement in 1999 compared to 1998. The economic sectors benefited from an increase in crude prices in 1999. "This is reflected generally in all the sectors and has led to a fall in the budget deficit and a boom in the local market and an increase in trade balance from Dh3.5 billion in 1998 to Dh13.4 billion in 1999," he said. Quoting statistics, he said GDP increased to Dh190.4 billion in 1999 compared to Dh173 billion in 1998, registering a growth of 10 per cent. (The Gulf Today)
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HEALTH IMPROVEMENT IN UAE FASTEST IN HISTORY, SAYS STUDY
Available data indicates that the improvement in health status of the UAE has been the fastest ever recorded in the history of mankind, said Hans Rosling, Chairman of the International Research and Training Committee in Sweden, in his lecture "Health Development in the UAE from Global Perspective," delivered in March last year and published recently by the Emirates Centre for Strategic Studies and Research, ECSSR. The high record is not only due to the country's phenomenal economic development but also to the prudent allocation of resources from the national level to the household level. The UAE provides a striking example of how rapidly the increase in the educational level of girls and women has led to an impressive fall in infant mortality. The comparison of the health development in the UAE with the rest of the world, in this paper, was mainly based on infant mortality rates and the under-five child mortality rate. The paper said the development of the UAE during the last 40 years has made the country comparable to Western Europe and the US in health and economy while it has preserved its cultural values. The improvements in child survival have been steady over the last three decades and have now brought the UAE into the group of high-income countries with very high child survival rates. (The Gulf Today)
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CROWN PRINCE OPENS SHARJAH ART EXHIBITION
Under the patronage of Member of the Supreme Council and Ruler of Sharjah Highness Dr Sheikh Sultan Bin Mohammed Al Qassimi, Crown Prince and Deputy Ruler of Sharjah Sheikh Sultan Bin Mohammed Bin Sultan Al Qassimi opened the 19th General Exhibition at the Sharjah Art Museum. Prince Michael of Kent, who was earlier received by the Crown Prince, attended the ceremony. A total of 155 photography, ceramic and oil works by 76 artists of the Emirates Fine Arts Society are on display at the exhibition, which is organised by the EFAS and DCI. (The Gulf Today)
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ABU DHABI CHANNEL REOPENS TODAY
The channel part of the Emirates Media Incorporated will hit the screens today. It is available on both terrestrial and satellite relays. The first day's schedule will include a two-hour segment of live children's programme. Other highlights for the opening day include an hour-long quiz show at 7 p.m. and more live entertainment at 8 p.m. Aside from being available throughout the Middle East via the Arabsat satellite, the channel is also available to a global audience via other satellite platforms. (The Gulf News)