- UAE is No. 3 Arab economy Country No.2 in per capita income, fourth in forex reserves
- Masreqbank unveils new loan package
- UAE shares may rally by year-end
- Auto premium rates in UAE rise 10-15%
- Stress on prevention in anti-crime plan
- Visitors warned against carrying controlled drugs
- New traffic cameras to be operational from August 28
- Pharmacists may work at other outlets of sponsor
- 'ZayedUniversity now a reputed institution'
UAE is No. 3 Arab economy Country No.2 in per capita income, fourth in forex reserves
The UAE is the third biggest Arab economy after Saudi Arabia and Egypt with a GDP estimated at US$60.7 billion in 2000, according to compiled international statistics. Based on reports of the World Bank and International Monetary Fund (IMF) and the official reports of Arab countries, Saudi Arabia last year had a GDP of US$173 billion, while Egypt had a GDP of US$87 billion. In terms of per capita income, the UAE ranked second among Arab countries with US$19,500 (Dh71,760) after Qatar at US$28,300. The UAE is the No. 1 Arab country in terms of imports with US$31.9 billion as it is a hub for re-export in the Middle East while Saudi Arabia ranked second with imports valued at US$27.7 billion. The UAE ranked second in exports, including oil and gas, worth US$43.2 billion, while Saudi Arabia ranked first with US$87.9 billion. The compiled data showed the UAE ranked third in terms of its trade surplus at US$11.3 billion preceded by Saudi and Kuwait. The UAE had a current account surplus of US$9.1 billion last year while Saudi Arabia had US$15.5 billion and Kuwait US$14.8 billion. In terms of foreign currency reserves, the UAE ranked fourth with US$13.9 billion preceded by Saudi with US$17, Algeria US$15.3 billion and Egypt with US$13 billion. The inflation rate in the Emirates was 2 per cent while Saudi Arabia had 1.2 per cent and Lebanon 1 per cent. Bahrain reported a one per cent negative inflation rate becoming the best Arab country in this regard.
International credit rating agency Moody's gave the UAE the best rating of A2 in terms of efficiency in sovereign loans, while Saudi Arabia was given Baa3, Kuwait Baa1 and Egypt Ba1. In terms of gross domestic product, the figures showed Algeria as the fourth biggest Arab economy with a GDP of US$47 billion, while Kuwait was ranked fifth with US$37.7 billion followed by Morocco with US$35.2 billion. Bahrain's GDP totalled US$6.8 billion, while Jordan's was US$8.3 billion, Lebanon's was US$16.6 billion, Libya's was US$28 billion, Oman's was 15.8 billion, Qatar's was US$16.4 billion, Sudan's was US$10 billion, Tunisia's was US$19.6 billion and Yemen's was US$6.7 billion. In terms of per capita income, Kuwait ranked third after Qatar and the UAE with US$17,100, while Bahrain ranked fourth with US$9,800, followed by Saudi with US$7,600 and Oman with US$6,300. Libya's per capita income stood at US$5,000 followed by Lebanon with US$4,400, Tunisia with US$2,040, Jordan with US$1,660, Syria with US$1,520, Yemen with US$398 and Sudan US$345. In terms of imports, Egypt ranked third after the UAE and Saudi with US$17.8 billion followed by Morocco with US$10.3 billion, Algeria with US$9 billion, Tunisia with US$6.8 billion, Kuwait with US$6.8 billion, Lebanon with US$6.6 billion. Libya's imports amounted to US$4.3 billion, Jordan with US$4.5 billion, Oman with US$4.3 billion, Bahrain with US$4.3 billion, Syria with US$3.5 billion, Qatar with US$3 billion, Yemen with US$2.2 billion and Sudan with US$1.3 billion. In terms of exports, Kuwait ranked third after the UAE and Saudi with US$19.5 billion, followed by Algeria with US$12.3 billion, Qatar with US$9.3 billion, Libya with US$7.2 billion, Oman with US$7.2 billion, Morocco with US$6.6 billion. Egypt's exports amounted to US$6.3 billion, Bahrain with US$5.6 billion, Tunisia with US$5.3 billion, Syria with US$3.6 billion, Sudan with US$1.8 billion, Jordan with US$1.5 billion, Yemen with US$1.5 billion and Lebanon with US$714 million. (The Gulf News)
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Masreqbank unveils new loan package
Mashreqbank has launched Mashreq-Personal, a new personal loan package for expatriates, which the bank claims would be the most powerful loan package available in the UAE. It offers the highest loan amounts based on the borrower's salary at the best interest rates. "Expatriates living in UAE come from different countries, with a common objective of fulfilling their dreams and Mashreq-Personal makes it possible to do so with the added benefit of loans up to Dh250,000 at the best interest rates in the market," said Steven Pinto, head of the bank's retail banking group. The loan can be repaid over a period of four years. Additionally, customers may choose to defer the first payment for up to three months at a low interest rate of 7.99 per cent per annum. This offer is available to customers for a limited period only. Moreover, under this offer, customers can also obtain either a free Classic credit card without any annual fee or a discount of 50 per cent on the annual fee of a Gold credit card for the first year. (The Gulf News)
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UAE shares may rally by year-end
While stock market activity on the UAE bourses remained inert for the most part of June, the fundamentals are right to expect a pick up before the year-end, according to a local securities firm. In contrast to the downbeat sentiments in the UAE, activity in Kuwait, Qatar and Bahrain picked up substantially during June. "These rallies were instigated by a set of similar reasons, mostly involved with discounted valuations, high growth in the underlying economies and listed companies, as well as improving liquidity among investors," says the monthly newsletter brought out by Dubex Securities Inter-national. "The same set of potential market stimulants exist in the UAE, yet the market has yet to react positively to them. That presents a reasonable case for a belated rally in the offing for the market before year end." Towards end June, the UAE bourses did show a semblance of an upswing, mostly from an increase in the number of bulk deals at both the Dubai and Abu Dhabi stock exchanges. "The dearth in market activity comes as no surprise as it's customary for volumes to fall in summer months," Dubex reported. Among the scrips in the spotlight in the UAE was ETISALAT, which fluctuated on speculation about the introduction of competition in the UAE telecom sector, and EMAAR, which suffered from heavy supply and fickle demand, the report added. Average daily traded value on DFM "plunged" to just above Dh2 million this month, while the ADSM exceeded that in Dubai for the first time since the markets' inception, at an average value of Dh2.3 million.
The Saudi market continued with its bullish trends reaching an all-time high of about 2,440. The recently announced economic reforms, such as a reduction on customs duties on imports to 5 per cent and multi-billion gas development project signed with eight major oil companies have helped. Among the gainers on the stock market front were Saudi Hollandi Bank and Riyad Bank. But Sabic remained flat. The Kuwaiti market maintained its upswing, breaking the 1,600-point barrier and reaching a new high of 1,693 for the year. Trading was helped by fresh liquidity and restored confidence in government moves to implement economic reforms. Oman emerged from negative territory through a small gain of 0.08 per cent in June. This is the first time the index had recorded a gain since the start of the year. "However, the performance of the index was not that pleasant during the second week of June since it reached a new five-year low of around 159 during that period. The decline was caused by quick profit seeking and poor investor confidence." In Bahrain, activity was flat through June. At the start, there was decline for Investcorp and Ahli United Bank. The market recovered from the losses starting from the second week due to positive expectations of better mid-year financial results from banks. (The Gulf News)
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Auto premium rates in UAE rise 10-15%
Motor premium rates in the UAE have taken a 10-15 per cent increase since late May, and industry sources suggest there could be more of the same to come. "Even a 15 per cent increase does not go far enough. Whatever the effect of the hike, it will not have immediate corrective action for the market. "For that to happen, it will take at least a further 12-18 months," said a senior-underwriting manager with an insurer. The rate hikes are seen as a direct consequence of the industry trying to correct a situation in which intense competition had eroded premium rates below sustainable levels. "While motor premium had touched rock bottom last year, it will not stop with the latest increase. It will have to go up further. "Most companies had lost money on their motor portfolio last year. Even then, there are still a few firms quoting very low rates. This will not go on forever. "To compound the issue, insurers were also hit by ever increasing claims payouts, including those for bodily injuries and related liabilities, leading to sizeable losses for the overall sector. "Companies now putting in restrictions are the very same ones that did not apply proper underwriting criteria earlier, and got themselves into the current mess. "As for the insured, its unfortunate that everyone has to suffer from the higher premium being charged. There should be a policy in which the careful driver should not have to absorb the hikes." According to conservative estimates, motor premium makes up about 40 per cent of the overall premium, about Dh3 billion, generated by the UAE insurance market.
According to senior manager at a leading local insurer, "The new rates are still way below the appropriate rates recommended by the Ministry of Economy. Losses sustained on motor claims is the main reason why four or five leading insurance companies here are facing financial difficulties now." It was in the mid-1990s that the ministry had got the insurance companies to put together a minimum rate card for motor underwriting. This was in reaction to the high premium claimed for the line at that time. Since then, however, there was an alarming drop in rates as companies sought to undercut one another to lure business. "Against the average rate of 5 per cent of the mid-1990s, the rate now would be around 4 per cent. "This being the case, just raising the premium will not be of much help - a concerted move should ensure that motor agencies should also pitch in with a revision of their own charges so that all sorts of burdens need not be passed on to the customer." (The Gulf News)
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Stress on prevention in anti-crime plan
A national anti-crime panel will soon be set up under a new concept of developing a crime-free society, according to the Interior Minister, Lt-General Dr Mohammed Saeed Al Badi. The minister said the main objective of the committee would be to activate and enhance the role of all segments of society in fighting crimes, in co-operation with the authorities. The panel will comprise representatives from various ministries and government departments, Lt-Gen Badi said in an interview published in Al Shurta magazine of the Ministry of Interior. On the incidence of crime in the UAE, he said that according to Interpol statistics, the country was one of the safest places with the lowest crime rate in the world. He attributed the achievement to farsighted policies of the President, His Highness Sheikh Zayed bin Sultan Al Nahyan, and their Highnesses Members of the Supreme Council and Rulers of the emirates. "The credit should also go to the efficiency of security agencies and their commitment to accomplish their job," he added. Lt-Gen Badi said the ministry was studying the concept of community policing which had proved successful in several countries and pointed out that a relationship of confidence and friendliness between the public and police was already there in the UAE. He that people's compliance with laws and their cooperation with security agencies by reporting crimes was the result of a successful security policy that was based on promoting relations with members of the public to maintain security and stability.
On certain 'hi-tech' crimes taking place in the UAE, the minister said that because of large-scale socio-economic development taking place in the country and the technological revolution particularly in the field of information technology, new types of crime had emerged such as the so-called cyber crimes, forgery, intellectual copyright crimes and money-related crimes. He said the ministry kept improving its security policies and plans, in addition to modernising its security agencies and institutions by constantly training its cadre and introducing them to advanced technologies. Detailing responsibilities of the national anti-crime panel, Brigadier Ali Rashid Al Nuaimi, Director of Public Relations and Moral Guidance at the ministry and chairman of an ad hoc committee of the planned body, said it would be charged with implementing a national plan to prevent crime. The draft of the plan, which focuses on security information to combat crime, was prepared by the ministry and distributed to various departments for garnering their views. The feedback from ministries, departments and media organisations is being reviewed by the ad hoc committee and is expected to generate a public debate on crime-related issues. The idea of setting up a permanent body for crime prevention had come in response to a call made during a recent seminar organised at the ministry. He said the seminar recommended involving government and non-government organisations in efforts to prevent crime. It also suggested using youths, community clubs and other agencies in implementing a national anti-crime strategy.
The Ministry of Justice, Islamic Affairs and Awqaf will help promote Islamic values and teachings while the Ministry of Information and Culture will launch a public awareness campaign on dangers and repercussions of crime. Other ministries and organisations, including the Ministry of Labour and Social Affairs, will also have specific areas of work. The proposed body would seek a new approach based on social and religious principles and values. It would particularly focus on educating youngsters on how to distinguish right from wrong. As a preliminary step, the ad hoc committee had prepared statistics, social indicators and security data to devise plans which would help determine action priorities. (The Khaleej Times)
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Visitors warned against carrying controlled drugs
People coming to the UAE are permitted to bring in only small quantities of regular medicines for personal use. And visitors bringing in controlled medicines that may contain narcotic chemicals as active ingredients do so at their own risk, according to Dr Essa Al Mansouri, Director of the Drug Control Department at the UAE Ministry of Health. "We allow people to bring in limited quantities of over-the-counter medicines which are not controlled, but only in small quantities and for personal use. Of course, if a person coming into the UAE is carrying with him a banned or controlled medicine, he bears the responsibility for that. The law was clear on the issue of penalising someone found taking controlled medicines, which contained narcotic substances without a medical prescription from an authorised doctor or medical establishment in the UAE, even if it was for medical treatment.
A fine of Dh10,000 is usually imposed on charges of taking controlled medicines without a valid prescription, but only if a defendant can produce evidence that he was taking the medicine for medical treatment. Judge Al Shinawi stressed however, that anyone convicted of such an offence might challenge the conviction at the Dubai Court of Appeals. "A convicted person can undergo medical examination in the UAE by doctors or medical establishments authorised by the Ministry of Health, to prove he has a medical condition that necessitates taking a controlled drug. He can then present his medical report to the authorities and have the prescription he brought from abroad authenticated. He can then present that prescription to the appeal court and win the case," Judge Al Shinawi said. According to Article 41 of Law No. 14 for 1995, anyone taking substances or plant extracts of a narcotic nature that are not mentioned in the relevant appendices, whose effects are sedative or hallucinogenic and cause damage to the brain, and as long as such a substance was taken with that intention, then the accused would be liable to criminal prosecution. Article 41 provides a legal framework for convicting glue-sniffers, paint-sniffers, Qat chewers and use of any other form of substance designed to produce similar effects; the penalty for which can be a prison term of between one to three years. (The Khaleej Times)
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New traffic cameras to be operational from August 28
Dubai Police announced yesterday that newly installed cameras at 13 major intersections in the city meant to check and curb traffic violations will be operational from August 28. The cameras were installed after police decided to take concrete action to curb violations like signal jumping and speeding and over a period of several months tested three different types of equipment. Two cameras had been installed at Al Mina, Al Bustan, Dnata and Nad Al Hamar intersections, and one camera each Jumairah (Al Athar), Al Manara, Al Ghusais, Dubai Abattoir and Al Rashidiyah junctions. Nine hundred violations, mainly of jumping the red signal, had been registered by the Traffic Security Division in 2000 and 263 cars had been seized.
From the beginning of 2001 to the end of July, there were 420 such violations which resulted in seizure of 243 cars. The period of confiscation of a vehicle depends on the seriousness of violation. Each camera takes two shots; one when the car passes the so-called loop sensor and another two seconds later. The loop sensors are electric cables underneath the road surface, which detect the passing of car wheels. A signal is then sent to the camera equipment to take the shots. The duration of amber signal has been extended to four seconds and instructions in this regard have been carried out in co-ordination with civic authorities. According to the police official, the offence of jumping the red signal is punishable with a fine of Dh500. However, erring motorists are penalised under a 'demerit point' system - five black points for the first offence and the motorist's licence is seized for six weeks; the licence is seized for between six weeks and two months for the second offence; seizure of licence for two to four months for the third offence. A motorist whose licence is seized is not allowed to take a new test for a period of six months after the violation. (The Khaleej Times)
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Pharmacists may work at other outlets of sponsor
Pharmacists and assistant pharmacists licensed to work at a particular pharmacy in the UAE may now work at other pharmacies or a medicine warehouse if the establishments are owned by their sponsor, according to Dr Essa Al Mansouri, Director of the Drug Control Department at the UAE Ministry of Health. "According to a decree issued by the Ministry of Labour and Social Affairs, an employee may work at more than one shop or establishment owned by his sponsor. We issued the decision to ensure that our regulations regarding pharmacists are in line with the labour ministry's regulations," Dr Al Mansouri said. He said that UAE nationals, who are allowed to open a pharmacy, may own only two pharmacies and two medical warehouses. A sponsor may hire several pharmacists and assistant pharmacists to work at any of his establishments. The new decision allows sponsors the flexibility to transfer employees from one pharmacy or warehouse to another, thereby maximising the efficiency of available staff. (The Khaleej Times)
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'Zayed University now a reputed institution'
The Zayed University is assuming a place among world's universities of high academic standards, thereby turning a vision into reality, Minister for Higher Education and Scientific Research Sheikh Nahyan bin Mubarak Al Nahyan said in Abu Dhabi yesterday. Delivering the keynote address at the annual convocation that also marks the beginning of the fourth academic year of the university, he said that a focussed agenda, dedicated teamwork, emphasis on the use of technology and the programme for fluency in Arabic and English, has played a vital role in meeting the goals. "In evolving a dynamic and progressive model, it should be borne in mind that students are helped to develop life-long learning skills, as education is an ongoing process throughout life. "The skills developed should be linked to community service and serve long-term strategies in a rapidly changing world," he observed. Other salient features to motivate the students relate to active interaction in the global educational arena and forging partnerships with civic, government, public and private bodies, he said. "Next year, when the first batch of graduates passes out, we are hopeful of seeing the signs of the university's impact on society, when they assume positions of responsibility in the government and private sectors of the country," he said.
The three-day event is being held under the theme 'Inspiring learners...Inspiring leaders.' "Zayed University was established in 1998 with campuses in Abu Dhabi and Dubai," Provost of the university B. Dell Felder stated. "Its programme was shaped on a model committed to learning-based education, that shifted the paradigm from teaching to learning," he said. (The Khaleej Times)
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PLEASE NOTE: The items covered in this bulletin do not necessarily reflect the official view of the UAE Government. Rather, they form a UAE-related digest of reports from the local press and publication
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