publié le 2 March 2014
Dubai: 4th Annual Investment Meeting (AIM) to highlight role of foreign direct investment in emerging markets
The Annual Investment Meeting (AIM), the region’s leading economic event focusing on foreign direct investment (FDI), organized by the UAE Ministry of Economy, will highlight the role of FDI in the Arab and regional economies with a special focus on emerging markets.
Expected to attract 10,000 investors during the three day-event, AIM will discuss various economic issues related to emerging markets, mainly in the areas of services, transport and infrastructure, among others.
H.E. Sultan Bin Saeed Al Mansoori, UAE Minister of Economy said: âThe 4th edition of AIM has succeeded in attracting representatives from 73 countries so far, which proves its position as the leading annual economic event in the region. Many counties from outside the region are also participating which reflects the rising importance of the event on the global front. The Middle East is among the top consuming regions globally, with a high spending power compared to western countries.â
âIt is clear that the local economy is witnessing a steady transformation from major dependence on the oil sector to a more diversified economy, which will secure sustainability in the long run. The results are already visible across various sectors, mainly, trade, tourism, entertainment, services, communication plus many other vital sectors. This is part of the UAE governmentâs vision in facilitating foreign investment by introducing laws and legislations that secure foreign investors rights and provide high ROI, considered among the highest in the world.â
The UAE has seen a series of new laws and legislations before and after the announcement of the successful Expo 2020 bid that covered various sectors, part of which are the licensing and classification of hotel establishments in Dubai and the set of regulations on mortgage lending issued by the Central Bank of UAE.
Mr. Dawood Al Shezawi, CEO, AIMâs Organizing Committee, said: âThese regulations have contributed, along with many others, in creating an ideal investment atmosphere that will attract foreign investors. This has also encouraged overseas companies to allocate more investment allocation to the UAE market.â
Al Shezawi added: âAIM will discuss these topics, along with others, through numerous various seminar sessions focused on raising awareness of foreign direct investment and its role in allowing a sustainable economic boom. The next edition of AIM presents a pool of interests for investors and we expect the turnout of visitors to be very high.â
The Annual Investment Meeting 2014 will attract the best international practices across various investment sectors. The event has also attracted strong governmental and private sector participation bringing decision makers and economic players under one roof.
publié le 11 May 2008
Morocco: Real-estate fair kicks off in Paris, honors Tangiers, Tetouan
The Fifth edition of the Moroccan real-estate fair (SMAP IMMO) kicked off Friday in the French capital with the aim of meeting the growing demand of Moroccan expatriates, but also of French and European buyers in terms of real estate.
The four-day event, which honors Tangiers and Tetouan, gathers real-estate institutions, operators and banks, and offers a myriad of products ranging from low-cost housing to high standing residences.
Launched in 2004 for Moroccan expatriates, SMAP IMMO attracts today an international clientele encouraged by the quality and the diversity of the real-estate market in Morocco, a welcoming weather, the quality of life and a particularly advantageous tax system that Morocco offers, especially for retirees.
The 2007 edition witnessed a record turnout of 41,000 visitors.
publié le 9 July 2010
Bahrain Reports Real GDP Growth of 70% in Last Decade
[# Bahrain enjoyed real GDP growth of 70 percent over the past decade according to a report out this week from the Kingdomâs Economic Development Board (EDB). This represents a sustainable growth rate in real GDP of more than six percent year-on-year.#]
[#The EDBâs first Annual Economic Review details Bahrainâs economic performance over the past decade and forecasts continued, sustainable growth over the coming ten years. In addition to the 70 percent GDP growth, exports increased 116 percent, Bahraini employment rose by 39 percent and Bahraini wages increased 54 percent. From 2005 to 2008, Bahrain also achieved the highest amount of foreign economic investment as a proportion of nominal GDP among the six nations of the Gulf Cooperation Council (GCC) at around 35 percent. Real GDP is forecast to continue to grow sustainably with a four percent expansion in 2010, rising to 7.2 percent in 2015.
Whilst Bahrainâs economic expansion was against the backdrop of global economic growth, Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of the EDB, believes the figures reflect the success of economic reforms. The measures â implemented under the guidance of His Royal Highness Prince Salman Bin Hamad Al Khalifa, the Crown Prince of Bahrain and Chairman of the EDB â have helped to build an open economy based on ethical values, he said.
âIn Bahrain, our economic growth has been consistently strong, with a real average growth rate of over six percent during the last decade. Prudent economic reform has played a key role in strengthening the long term prosperity of the Kingdom. Our plan has always been about building sustainable growth through a sound and flexible economic and fiscal policy and diversified economy, with an emphasis on transparent, sound regulation.
âIn todayâs world, our ongoing reform programme â driven by Vision 2030 â is helping us to deliver sustainable prosperity by making the private sector the engine of growth and creating the optimum business environment for international companies looking to access the trillion dollar market of the Gulf.â
The five years to the end of 2008 were of particularly strong growth for Bahrain. Output in the finance sector nearly doubled and at the end of the period accounted for over one quarter of output, compared to less than a fifth five years previously. Manufacturing output improved 80 percent, while the education services, tourism and logistics sectors also grew. Today, the Kingdom is recognised as the most diversified economy in the Gulf and is ranked in the top 20 globally in the World Bankâs Doing Business Report.
Although Bahrainâs growth slowed during 2008 and 2009 as a result of the global economic downturn, the Kingdom avoided the worst of the recession apparent in Europe and North America. Bahrainâs success in continuing to expand during the sharpest global downturn in well over half a century is further testament to the strength of the economy and the value of the extensive reforms undertaken in the preceding decade, Shaikh Mohammed added.
âWe have completed a successful ten years and a challenging new decade has begun. But in Bahrain we are well placed to return to increased rates of sustainable growth, with Vision 2030 the blueprint for the development of our countryâs economy, government and wider society over the coming decades.â
The EDB, which has the responsibility for creating the right climate to attract foreign investment, is leading the process of Bahrainâs Vision 2030 under the guidance of HRH the Crown Prince. Vision 2030âs ultimate aim is to raise national living standards by creating greater opportunities for Bahrainis.
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom’s shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain’s stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics, and education and training.
publié le 12 July 2013
Dubai Multi Commodities Centreâs continuous growth sets the stage for major expansion
The Dubai Multi Commodities Centre Authority (âDMCCâ), the Government Authority dedicated to establishing Dubai as the global gateway for commodity trade, today announced that it registered 1,270 new member companies in the first 6 months of 2013. A record-breaking 260 companies joined DMCCâs Free Zone in April alone, bringing the total number of companies operating at DMCC to over 6,890, a 30% increase compared to the same period in 2012.
DMCCâs Free Zone, the fastest growing and soon to be the largest in the UAE, is firmly set to meet its commitment made in early 2011 to be home to over 7,200 companies by the end of 2013.
In just 11 years, DMCCâs members and thriving trading community has contributed between US$ 9-12 billion towards Dubaiâs GDP and continues to demonstrate its strength with major organisations joining the Free Zone in H1 2013 such as General Mills, United Arab Bank, Medcare Hospital and the Moscow University for Industry and Finance, Landmark International Hotels and Noor Islamic Bank.
This continued growth, the increased demand for commercial space combined with DMCCâs significant GDP contribution, are some of many reasons why its Executive Chairman, Ahmed Bin Sulayem, recently announced that DMCC is to build the worldâs tallest commercial tower as part of its expansion plans of a 107,000 square metre business park. Currently in concept design phase, the DMCC business park and worldâs tallest commercial tower will offer premium commercial and retail space for lease and sale, to accommodate demand from large corporations and multi-nationals.
Commenting at a media briefing hosted at Almas Tower (DMCCâs headquarter and the Middle Eastâs tallest commercial tower) this morning, Ahmed Bin Sulayem, Executive Chairman, DMCC, said:
âThe first 6 months of 2013 further demonstrate DMCCâs strength and commitment to establishing Dubai as the global hub for commodities trade and enterprise. With an average of 200 new companies joining DMCC every single month, 95% of which are new to Dubai, DMCC will be largest Free Zone in the UAE before the year end.
Our new expansion plans, including the DMCC business park and the worldâs tallest commercial tower, are the next natural steps to ensure we continue to welcome companies to the free zone as demand grows â particularly from large regional corporations and multi-nationals â as we remain focussed on making a material contribution to Dubaiâs economy.â
Commodity trading in Dubai has continued to cement the Emirateâs position as the global trading hub. In the first half of the year, trade volumes of rough diamonds increased by 10% to 66 million carats, and the value increased by 5% to US$ 6.2 billion compared to the same period last year. A total of 32.4 million carats were imported in the first half of the year at a value of US$ 2.5 billion, a 9% and 7% increase over the same period in 2012. In addition, total exports in carats grew by 12% to 34 million carats and by 3% to US$ 3.7 billion, compared to the same period in 2012.
In March 2013, DMCC and the Dubai Diamond Exchange (âDDEâ) hosted the inaugural Dubai Diamond Conference, themed âDubai â The New Silk Routeâ, attended by over 500 guests representing key industry participants from diamond centres and diamond producers around the world including Africa, Antwerp, London, New York and India. During the event, Ahmed Bin Sulayem challenged longstanding traditions by declaring Peter Meeus, Chairman of the Board of Directors of the DDE, as the first nominee for President of the World Diamond Council (âWDCâ) from a non-Western member country.
The value of gold passing through Dubai in 2012 increased to US$ 70 billion from US$ 56 billion in 2011, making it the global bullion hub with over 25% of the worldâs physical gold passing through the Emirate.
DMCC have been at the forefront of issuing and implementing guidelines in conjunction with the OECD and other international bodies to promote responsible supply chain management for gold and other precious metals. Initiatives have included a 5-step DMCC Practical Guidance, the development of a Review protocol as well as the appointment of a panel of international auditors to review compliance.
DMCCâs Dubai Tea Trading Centre (âDTTCâ) provided warehouse facilities for of 5.76 million kg of tea during the first half of 2013 â an increase of 80% over H1 2012. As a result of DTTCâs efforts, the UAE is now the largest re-exporter of tea in the world, with a 60% market share.
In the first six months of 2013, DMCC continued to support a broad spectrum of commodity industries through major local and international events, sponsorships, partnerships and speaking opportunities such as hosting the second Dubai Precious Metals conference in April; opening the 3rd Annual Middle East Islamic Finance and Investment Conference in April; opening the inaugural Pepper Conclave Conference in June; acting as headline sponsor for the 2013 CICILS conference in Singapore; hosting the annual DMCC London Dinner with several UK parliamentarians; sponsoring sessions at the British IOD (Institute of Directors); speaking at The Assocham 6th International India Gold Summit in New Dehli and establishing the Dubai Food Trade Group. The Dubai Diamond Exchange (âDDEâ) hosted a record 10 diamond auctions to date, featuring rough diamonds from West Africa, Tanzania, Congo, Zimbabwe and Russia.The Dubai Pearl Exchange (âDPEâ) partnered with RAK pearls to host the first commercial tender of UAE pearls, and hosted private pearl exhibitions with Paspaley and Atlas South Sea Pearls.
The Dubai Gold and Commodity Exchange (âDGCXâ) continued to see exponential growth with H1 2013 volumes of 7.7 million contracts, an increase of 101% over the previous year and an underlying value of US$ 269 billion. Average daily volume (ADV) in the first half of the year stood at 61,731 contracts, a 107% increase year-on-year. The exchange was also named âBest Global Commodities Exchangeâ in 2013 by the Global Banking & Finance Review in June 2013.
Earlier this year DMCC Tradeflow, the online exchange for physical commodities in the UAE, enhanced its offering by launching Commodity Murabaha. Continuing its efforts to support Islamic finance in the commodities space, DMCC Tradeflow, completed its inaugural Commodity Murabaha transaction in April between Noor Islamic Bank and Commercial Bank of Dubai using assets from Ducab and ENOC. DMCC Tradeflow is committed to supporting the vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to create Dubai as the worldâs capital for Islamic economy.
Free Zone Infrastructure Update
DMCC continues to expand its mixed-use Free Zone and freehold community. The RTA recently confirmed that it has completed 75% of the final phase of the JLT road network and announced conclusion of the remaining works by the end of the year.
With 65 mixed-use commercial and residential towers and over 200 retail outlets in operation, there are currently over 65,000 people working and living within Jumeirah Lakes Towers. The transformation of one of its lakes into a 55,000 square metre community park is also due to be completed by the end of this year.
publié le 7 July 2013
Nakheel expands business portfolio with new Hospitality and Leisure division
Nakheel is expanding its business portfolio with the creation of a new division â Nakheel Hospitality and Leisure â to focus on the companyâs growing number of hotels, beach clubs and community recreation centres.
The new division, headed by newly-appointed Managing Director Thorsten Ries, will oversee the development and operations of Nakheelâs hotels and clubs â a key element of the companyâs business strategy.
Nakheel is building a 240-room hotel at Dragon Mart, as part of its major expansion of the China-themed mall, a five-star, 40-storey hotel that will form part of the Nakheel Mall and Hotel complex on Palm Jumeirah and an economy hotel at Ibn Battuta Mall. More hotels are in Nakheelâs project pipeline.
The developer also owns and operates a growing number of recreation and leisure clubs, including Jumeirah Islands Club, Jebel Ali Club and the Shoreline Beach Clubs on Palm Jumeirah.
German-born Thorsten comes from an extensive hoteliersâ background and has more 20 yearsâ experience in the industry. He has worked in Europe, Asia and the Middle East, starting his career with Kempinski before moving to Marriott, Four Seasons and Ritz Carlton, among others.
publié le 3 January 2012
$42 BILLION: Massive budget surplus for Kuwait
[#Kuwait’s budget surplus reached 11.6 billion dinars ($41.6 billion) in the first eight months of its 2011-12 fiscal year, double than a year ago on higher than expected oil revenue and lower spending, finance ministry data showed on Tuesday. #]
[#The surplus accounted for 33 percent of the Opec member’s 2010 gross domestic product, according to Reuters calculations. It stood at 5.9 billion dinars in the same period a year ago.
Revenue of the world’s sixth-largest oil exporter was 18.7 billion dinars in April-November, while spending came at 7.1 billion, a mere 36.6 percent of the full-year plan, the data posted on the finance ministry’s website www.mof.gov.kw showed.
Oil revenue reached 17.8 billion dinars in April-November, accounting for 95 percent of the total. The 2011-12 budget is based on an oil price of $60 per barrel.
Brent crude prices have been floating between $98 and $127 per barrel since the fiscal year started in April.
On Tuesday, Brent crude futures extended gains to more than $4, pushing above $111 per barrel on potential threats to supply and supportive data from China, with the dollar’s weakness and a strong open for equities on Wall Street also helping boost oil.
Since 2004, Kuwait’s budget spending has tripled to a record 19.4 billion dinars planned for the 2011-12 fiscal year, which started in April, with expenditure on wages rising almost as fast.
Revenue was set at 13.4 billion dinars in the 2011-12 budget, approved by parliament in June, bringing the projected deficit to 5.99 billion, or 16.8 percent of gross domestic product, according to Reuters calculations. However, the 2011-12 revenue estimate is very conservative given last year’s surge in the price of oil.
In August, Kuwait’s ruler said the misuse of budget surplus, including unproductive spending, has led to structural imbalances in the economy. The country of 3.6 million people has no plans to boost budget spending in the next fiscal year, nor does it expect budget cuts, its finance minister said in September.
A Reuters poll in December forecast Kuwait’s economy would grow 3.5 percent in 2012 and generate a fiscal surplus of 22.9 percent of GDP in 2011-12, the largest among Gulf Arab oil exporters.(Reuters)#]
publié le 20 May 2008
Abu Dhabi crowned the Best Arab City
Abu Dhabi has ousted Dubai to claim the top spot as the Best Arab City to live in, according to the second annual study of its kind published by Dubai-based Saneou Al Hadath magazine. The 2008 study showed a sharp rise in the rankings of many cities compared with last yearâs survey, illustrating the remarkable progress made in both the economic and service sectors in the Arab world.
There was, however, a marked deterioration in some cities, where the quality of life dropped dramatically. The report showed a widening gap between Arab cities in the Gulf and those elsewhere. Oil was cited as a major contributor to growth in most GCC cities, but a lack of discernible progress in some Saudi cities proved that petroleum was not the sole factor. Riyadhâs status remained unchanged while Jeddah dropped one place.
Abu Dhabi, Dubai, Doha, Manama and Kuwait City all moved up in the rankings, taking primary positions in most of the categories. The progress some of these cities have made now elevates them to a position comparable to that of some major cities in the developed world, said report author Yazan Neme.
The economic and cultural progress these cities are experiencing have caused a brain drain from other, less developed Arab cities. In seeking a better quality of life, professionals have increasingly been migrating to the GCC. This is having an impact on the progress of the poorer Arab cities, where human resources are the main, or the only, source of progress. Beirut, from where graduates are rushing to Dubai and other Gulf cities, is an example.
Among the 19 Arab cities covered in the study, Abu Dhabi was first, followed by Dubai. In the 2008 study, Abu Dhabi scored very well in the entertainment and culture category â although Dubai retained its top slot here â and also beat Dubai in the business, communication and transport categories.
At the other end of the scale, however, little has changed from last year. Khartoum was placed last, after Algiers. Rabat dropped one place to 17. The most remarkable change in this yearâs rankings was Tunis and Beirut. Tunis has moved up to sixth position from 11th last year. Beirut, however, dropped six points to 10th place from fourth last year.
Kuwait City topped the business category, followed by Manama, Riyadh, Jeddah, Abu Dhabi and Doha, while Dubai came seventh.
Although Doha and Dubai are the most economically active Arab cities, they did not top the business category because of their high cost of living and high inflation â 12 per cent in Qatar and the UAE in 2007. Kuwait City came in first due to a number of factors, including Kuwaitâs high GDP per capita, which reached $55300 in 2007, and relatively low inflation, at 3.9 per cent (according to the CIAâs World Factbook).The country had the second largest GDP per capita in the Arab world and the fifth largest worldwide.
The UAEâs GDP per capita put the country in sixth position worldwide, down from fourth last year. According to the study, Khartoum is the worst place to do business, coming 19th after Aleppo and Damascus. The two Syrian cities fared poorly in many of the surveyâs measurement sources including the World Bankâs Ease of Doing Business index, Transparency Internationalâs Corruption Perceptions Index and the Heritage Foundationâs Index of Economic Freedom.
Abu Dhabi also topped the health category, followed by Dubai and then Doha. Bahrain is the biggest spender on health care, at $871 per capita, while Sudan is the smallest, at $41 per capita. Beirut is the city with the highest percentage of doctors, with 325 per 1000 inhabitants, while Emiratis enjoy the longest life span and the lowest infant death rate.
Both Abu Dhabi and Dubai came first in the security and human rights category. This category factored in murder rates, drug abuse, security, risk of war and gender equality, among others. In its Press Freedom Index rankings, Reporters Without Borders put Kuwait at the top and Syria at the bottom.
Abu Dhabi is again the best Arab city in the communication and transport categories, followed by Manama, Kuwait City and Tunis. Dubai came fifth due to its heavy traffic, though the city has the best road infrastructure, according to the World Economic Forum. The worst roads are in Khartoum.
In entertainment and culture Dubai was again ranked number one. Abu Dhabi, however, made a giant leap to second place.
The UAE as a whole ranked 18th in the Travel and Tourism Competitiveness Report published by the World Economic Forum, beating Tunisia at 34th and Qatar at 36th place.
In education, Amman topped the category, beating Manama and Doha. The Qatari government spends the largest share of its budget on education (28 per cent). On amount spent per capita, Doha shared first place with Beirut and Tunis. Morocco had the highest rate of illiteracy (53.3 per cent). Beirut enjoyed the highest tertiary education rate, at 48 per cent; Khartoum once again scored the lowest.
publié le 26 September 2014
Al Jazeera and Qatar Charity host their first ever deaf conference
Al Jazeera, in partnership with Qatar Charity, hosted an inaugural forum on "The Reality and Challenges facing the Deaf Community in the Arab World: Gaza as a Model." The forum saw deaf participants from all over the Arab world and beyond come together to discuss the issues that most matter to them.
Al Jazeera premiered its special episode "Stronger than Words", telling the inspirational story of Gaza’s deaf community, impaired in their everyday lives and especially vulnerable in times of violence â a group that feels the attacks, rather than hears them.
"This is a really exciting day for Al Jazeera â to host a forum and provide a platform completely dedicated to the deaf community in the Arab world, a group often marginalized, is something we are really proud of," said Ahmad Alsaqatri, Deputy Managing Director of Al Jazeera News Channel.
In his speech, Qatar Charity CEO Yousef bin Ahmed Al Kuwari said that Qatar Charity’s interest in such events stems from its belief in the necessity of collaboration and integration among organizations concerned in humanitarian affairs related to the deaf community; a matter which is actively fostered and sponsored by the State of Qatar. Al Kuwari emphasized the significance of the partnership with Al Jazeera in raising the awareness on the difficulties and challenges that the deaf encounter in the Arab world.
Despite the focus on Gaza, the forum saw a lively discussion between the film’s director, diverse members of the deaf community in the Arab World, as well as representatives from the World Federation of the Deaf (WFD) and other local and regional NGOs .The forum also showcased interesting projects and future initiatives aimed at the deaf community in the Arab World, especially those in Gaza struggling to cope in the aftermath of the recent war.
The conference is only one part of Al Jazeera’s greater corporate social responsibility (CSR) in raising awareness on the situation of the deaf community in the Arab world. Al Jazeera has long stood by this cause by being the first Arab media outlet to offer bulletins in sign language and by publishing the Arab world’s first deaf dictionary.
Throughout the week, Al Jazeera Arabic and its online platform (aljazeera.net) will showcase extensive coverage and reports on deaf communities in different Arab countries, focusing on the obstacles and challenges they face in their everyday lives. Al Jazeera’ s renowned Media Training & Development Center will also be offering courses in sign language to both Al Jazeera staff and the greater public.
Qatar Charity is considered the largest and oldest humanitarian organization in Qatar with 18 offices around the world. It has partnerships with a wide range of local, regional and global organizations and dedicates its programs to those with special needs in its quest to have a positive impact in their lives.
Stronger than Words will be available on Al Jazeera English on Tuesday, 30th September 2014.
publié le 18 May 2010
Algeria: Alstom launches the first Citadis tramway tests in Algiers
[#Alstom launched the first Citadis tramway tests in Algiersâin the presence of Amar Tou, the Algerian Minister of Transport. The test track in Bordj El Kiffan (in the suburbs of the Algerian capital) is nearly 2 kilometres long#].
The goal of the on-track trials is to test the interface between the rolling stock, the catenary system and the track. Traction, braking and speed performance will also be verified. Testing will be conducted along the entire line as construction is completed and will involve each of the Citadis trainsets ordered by the Entreprise du MĂŠtro dâAlger (EMA).
The tramway in Algiers, the first city in Algeria to install a modern tram system, is a turnkey project awarded by EMA to âMĂŠditerrailâ*, a consortium headed up by Alstom in 2006. The contract includes the production of 41 Citadis tramways and the construction of a 23-kilometre line with 38 stations. The Algiers tramway will serve the area to the east of Algiers, from the Carrefour des FusillĂŠs (Hussein Dey) to the centre of Dergana, in the eastern suburbs. EMA awarded Alstom two other major contracts in 2008 for turnkey tram systems for the cities of Oran and Constantine. The three contracts were placed with Alstom under the development programme launched by the Algerian government in response to growing demand for public transport.
Its innovative, eco-friendly rail transport solutions have made Alstom Transport the leader in the North African market. To date, a total of 1,382 Citadis tramways have been ordered by 34 cities around the world, while a further 60 cities have new tramway projects in the pipeline.#]
*MĂŠditerrail: Alstom, ETRHB, Todini
About Alstom Transport
[#Alstom Transport develops and offers the most complete range of systems, equipment and services on the rail market, with sustainable transport always in mind. Alstom Transport can manage an entire transport system, from rolling stock to signalling and infrastructure, and offers turnkey solutions. In 2009-2010, Alstom Transport recorded sales of âŹ5.8 billion. Alstom Transport is present in over 60 countries and has 27,000 employees.#]
publié le 7 April 2013
Alstom will supply equipment for HFO-fired steam power plant, in Saudi Arabia
[#Alstom has been awarded a contract to supply equipment for the Yanbu 3 power and desalination plant located on the Red Sea coast in the western part of Saudi Arabia. This will be one of the countryâs first supercritical power plants to run on heavy fuel oil. This investment is part of Saudi Arabiaâs objective to expand its power generation base while minimising impact on the environment. The contract is worth around âŹ750 million(1).#]
[#Alstomâs part in the contract includes the basic engineering of the power block, advisory services during detailed engineering and procurement, supervision services during construction and commissioning and delivery of main equipment for 5 x 620 MW units including the steam turbines and generators, the HFO-fired(2) supercritical boilers, electrostatic precipitators and the flue gas desulphurization system. The plant is due to enter commercial operation in 2016.
Alstom will supply the equipment to Al-Toukhi Company for Industry, Trading & Contracting, which is leading the consortium in charge of the engineering, procurement and construction (EPC) of the plant for the Saline Water Conversion Corporation (SWCC), one of the leading power and water utilities in the region.
The project is of great significance for SWCC and for Saudi Arabia in general. The plant will produce 3100 MW power to meet the increasing electricity demands as it will supply sweet water and feed the grid in the western part of the country where the cities of Jeddah, Yanbu and the holy cities Mecca and Madinah are located. The balance power and extracted steam will be fed into the associated new Yanbu 550â000 m3/d desalination plant which will be a key supplier of water to the city of Madinah.
âThe Yanbu 3 project will add 2700 MW of cleaner high-efficiency power to the Saudi grid and steam to a new desalination plant thanks to our market-leading supercritical technology combined with Alstomâs ability to integrate equipment into complete and complex power projects,â said Andreas Lusch, Senior Vice President for Alstomâs steam business.
Alstom has equipped over 20% of Saudi Arabiaâs installed power generation base. Its steam turbine technology also features in Shoaiba â the regionâs biggest power plant and aptly called the âGiant of the Middle Eastâ. Its environmental control systems in operation at projects like Rabigh IPP, Shoaiba 3 and Yanbu 2 are enabling the country to reduce power plant emissions.
Alstom is the world leader in supercritical and ultrasupercritical steam power plant technology and has already supplied or has under construction over 36 GW capacity globally including projects in South Africa, Germany, Poland, Malaysia and China.
(1) This contract has been booked in fiscal year 2012/13.#]
publié le 10 May 2011
Alstomâs Citadis tramway begins commercial service in Algiers
[#On 8 May 2011, Algeriaâs Transport Minister Amar Tou, and the President of the Algiers Metro Authority
(EMA), Aomar Hadbi, ushered in the start of commercial tramway service in Algiers, the first Algerian city to
possess a modern tram network. Also on hand for the event were Samir Karoum, President of Alstom Algeria,
and Jean-Pierre Gollot, Alstom Transport Deputy General Manager in Algeria, along with Ali Hadad, PrĂŠsident
Directeur GĂŠnĂŠral representing ETRHB on behalf of the Mediterrail consortium1 charged with constructing
and equipping the first tramway line.#]
[#Exploited by the Urban and Suburban Bus Transportation for Algiers (ETUSA), Alstomâs Citadis tramway runs
on the lineâs initial segment, which Mediterrail delivered to the EMA in December 2010. This stretch of the
line, 7.2 km in length, links Bab Ezzouar to Bordj El Kiffan districts in the eastern suburbs of Algiers and
serves 13 stations, from âBananiers â H Moukhtar Zerhouni - LycĂŠeâ to âBordj El kiffan - Colline Mohousâ.
With the completion of two additional sections currently under construction (Hussein Deyâ Bab Ezzouar and
Bordj El KiffanâDergana), the line will extend 23 kilometres and includes 38 stations along with eight transfer
Alstom, the project leader for the Mediterrail consortium, is providing a comprehensive service that includes a
portion of the civil engineering, all the infrastructure (platform, rails, electrification, signalling, ticketing), the
workshop-depot at Bordj El Kiffan and the central command post. Alstom is also supplying the fleet of 41
Citadis trainsets, already delivered in full. In addition, Alstom will be responsible for maintaining the tramway
system equipment and the Citadis tramsets for 10 years.
The Algiers tramway trainsets, were specially designed to meet the EMAâs operating needs and feature both
the proven equipment standard on all Citadis trams, representing years of accumulated Citadis expertise, and
a number of customized elements, including the design of the driverâs cabin, the livery, and the interior
Algeriaâs first tramway is notable for its accessibility, large capacity, and comfort. The integral low floor and
eight lateral doors ensure easy, level access from the platforms, especially for those with reduced mobility.
Each tramset is 40 metres in length and can accommodate from 300 to 400 passengers during peak travel
times. The air conditioning and large tinted glass windows, plus the seating and wide aisles, passenger
information displays in French and Arabic, and quiet engine operation are all designed to ensure pleasant
This transport infrastructure project is part of the development programme initiated by the Algerian
government in response to a growing demand for public transport. As a structural feature of the capitalâs
policy of expanding eastwards, this project is symbolic for the country, and the reintroduction of trams 50
years after they were phased out will contribute significantly to the development and modernization of
Alstom Transport â 48 avenue Albert Dhalenne â 93482 Saint Ouen Cedex
Algeriaâs main conurbations. Thanks to its expertise and know-how, Alstom has also been selected by EMA to
construct tramways in Oran and Constantine.
To date, more than 1,500 Citadis trams have been ordered by 36 cities worldwide, and some 60 additional
cities plan to launch tramway projects in the next few years, including more than a dozen cities in Algeria2.
Tramways are undeniably successful: they help to develop sustainable mobility, provide a means of
restructuring and modernizing the urban area and enhance the architectural heritage of cities, whilst boosting
urban and suburban services.
Alstom Algeria is helping to develop Algerian infrastructures through its three divisions (Transport, Power and
Grid) within the framework of a long-term partnership based on technology and sustainable development.
The Transport division has continually increased its number of permanent employees in the country (to over
600 today) and has established cooperative relationships with its Algerian partners. Like the contract for the
electrification of the Algiers suburban lines for ANESFIF-SNTF3 in 2009, those currently in progress for the
tramways in Algiers, Oran and Constantine on behalf of EMA illustrate Alstomâs commitment to delivering
innovative, eco-friendly solutions to improve mobility within Algeria. Through its contracts and local
investment strategy, Alstom is helping to develop Algeriaâs infrastructure and railway equipment thanks to
long-standing relationships that boost bilateral cooperation in transport whilst supporting growth and
employment in the manufacturing sector. To that end, Alstom, EMA and Ferrovial joined forces in November
2010 to create CITAL, a joint venture for tramset assembly and maintenance. Registered with the National
Trade Registry Centre in March 2011, CITAL is set to construct a facility in Annaba, with assembly operations
expected to begin in 2013.
Alstom Transport develops and offers the most complete range of systems, equipment and services in the rail
market with sustainable transport always in mind. Alstom Transport is capable of managing complete
transport systems, from rolling stock to signalling, maintenance and infrastructure, as well as offering turnkey
solutions. During the 2010-2011 fiscal year, Alstom Transport reported sales of 5.6 billion euros. Alstom
Transport is present in over 60 countries and has 26,000 employees.#]
1 The Mediterrail consortium consists of Alstom AlgĂŠrie Spa, Alstom Transport SA, ETRHB and Todini.
2 Source: EMA
ANESRIF: ANESRIF (Agence Nationale dâEtudes et de Suivi de la RĂŠalisation des Investissements Ferroviaires) / SNTF: SociĂŠtĂŠ Nationale du Transport Ferroviaire.
publié le 29 January 2014
American Express World Luxury Expo Returns to Riyadh
World Luxury Expo is returning to the luxurious Ritz-Carlton Hotel, Riyadh from 28-30 January 2014. The highly anticipated three day event is titled sponsored by American Express and held in association with The Saudi Investment Bank.
HRH Princess Nouf Bint Faisal Bin Turki Al Saud, as Chairperson of Nayyara Exhibitions, will again host the American Express World Luxury Expo in association with The Saudi Investment Bank. The exhibition will showcase selected luxury brands and services, from a broad selection of luxury categories, appealing to a highly discerning and select group of VIP guests.
Nizar Abou Hassan, Director Premium Products Management, American Express Saudi Arabia Limited, said âOur promise to deliver service excellence and world class experiences are showcased in our renewed commitment to supporting the World Luxury Expo in 2014. The dedicated Cardmemberâs access lane along with the American Express Salon Priveâ offering new and exclusive experiences to our Cardmembers and guests. We look forward to welcoming our local and international luxury brand partners who will be exhibiting a selection of their most prestigious and exclusive products in one spectacular venue.â
Comments Jihad Slim, Chief Executive Officer at Nayyara Exhibitions, âNayyara is proud to partner with World Luxury Group to bring The American Express World Luxury Expo to Riyadh for the second year. This is an event which will continue to grow every year for many years to come, with plans for Riyadh to become one of the worldâs most important luxury exhibition centres.â
Adel Al Mahboob, General Manager at The Ritz-Carlton, Riyadh, says âWe look forward to again hosting the event, which we believe is becoming an annual signature event for Riyadh. The Ritz-Carlton, Riyadh enjoys a pre-eminent address in the capital; originally envisioned as a royal guest palace for visiting dignitaries and heads of state. The hotelsâ stately architecture mirrors the extraordinary lifestyle that this event represents.â
World Luxury Expo features carefully selected exhibitors from luxury categories including fine art, high-end jewellery, fashion, hand-crafted time pieces, designer furniture and exquisite table settings, fine dining, luxury executive cars and sports cars, private aviation and luxury travel. All participating exhibitors are recognised within their respective fields, showcasing superior quality and craftsmanship.
Comments Samer R. Al-Rayan, Group Head of Sales, Marketing and Public Relations, at The Saudi Investment Bank, âThe Saudi Investment Bank is again proud to be associated with AMEX World Luxury Expo. Our sponsorship yet again demonstrates our commitment to delivering world class banking services and products designed to cater to the affluent lifestyle of the our valued platinum and premium clientele and invited guests who attend the event.â
Toni E. Yazbeck, Marketing Director at Mohamed Yousuf Naghi Motors (MYNM), the exclusive and official importer of BMW, MINI & Rolls-Royce Motor Cars in Saudi Arabia, comments âWe are pleased to be a part of World Luxury Expo, an event which enhances our association with luxury and reinforces our status as the worldâs leading choice for MYNM BMW Group at a palatial and iconic venue in Saudi Arabia. It is befitting that MYNM BMW Group, which represents the luxury automotive, is taking part.â
Comments Adele Liu of Adele Consulting, the exclusive Representative of Citrus Art and Adele Luxury Art Craft, âWe will be presenting ancient relics and artifacts at World Luxury Expo, sourced from the Far East, created using the CloisonnĂŠ technique. CloisonnĂŠ is an ancient technique for decorating metalwork objects, used in recent centuries using vitreous enamel, and in older periods with inlays of cut gemstones, glass, and other materials. The resulting objects are considered highly desirable and sought after. Adele will also present a customized selection for Middle East clients of delicate Chinese silk, fine teas and a tailor-made collection of collectorsâ pieces that are inspired by the ancient silk-road, carrying stunning treasures from the Far East, seen yet again passing through the Middle Eastern world.â
A selection of other luxury goods and services which invited guests can look forward to viewing at World Luxury Expo include Ajmal Perfumes, Nayyara Weddings, Hamilton Grand luxury golf residences at the internationally famous St. Andrews golf course, Evian will be showcasing the limited edition designer bottle collection by Elie Saab, Golden Caviar, antiques and collectors pieces by Asag Art, UBS, luxury accessories by BB Luxury, Porto Design, Kingdom Key Real Estate, organic premium skincare range by Alternatifs, a collection of supercars, and much moreâŚ
Those looking to attend AMEX World Luxury Expo in association with SAIB can request an invitation and pre-register online at http://world-luxury-group.com/preregister/riy2014
Following the exposĂŠ in Riyadh, World Luxury Expo will continue to Jeddah in March and then Bahrain, Kuwait, Abu Dhabi and Doha in 2014, creating an on-going annual signature series of events in the GCC region.
publié le 2 February 2013
Arab Business Club’s Delegation Visit to Thumbay Group
[# Keen on providing its members with the greatest opportunities and opening the doors for promising and lucrative business opportunities, Arab Business Club , the region’s premier community for investors, business leaders and decision makers, organized on January the 29th its first delegation visit for the year 2013. The delegation, comprised of chosen members, visited Gulf Medical University ’s Campus and attended a reception, presentation, site tour and lunch all prepared by Thumbay Group of Companies with the attendance of its founder and president, Mr. Thumbay Moideen.#]
The visit started at 11 AM with a cocktail reception that saw the club members and Thumbay’s executives networking and exchanging opinions and ideas.
The receptions was followed by a seminar in one of the university’s amphitheaters, The seminar opened by a speech by Mr. Hamdan Mohamed Al Morshedi, president and chairman of the board, Arab Business Club , who said: "Delegation visits are one of Arab Business Club ’s traditional activities that have proved to be exceptionally useful in bringing our members together and introducing them to market-leading players and decision makers. This is only the first visit of several delegation visits planned for our members throughout 2013."
"Today we are visiting THUMBAY GROUP OF COMPANIES, a business conglomerate headquartered in Ajman, United Arab Emirates. The group has progressed vigorously over the years and is managed by highly experienced professionals headed by the group’s President Mr. Thumbay Moideen, A man of vision and dynamism, with a determination to succeed. I want to thank you all for coming and thank our gracious host and I promise you an exciting year full of business-generating events and activities with Arab Business Club ’s ambitious plan for the year 2013," he concluded.
The floor was given then to Mr. Thumbay Moideen, founder and president, Thumbay Group of Companies, who thanked the delegation for their visit saying: "It’s an honor to welcome you into our campus and we I want to thank my friend Hamdan and Arab Business Club for organizing this visit."
" We are always looking forward towards expanding our business and the reason we are having this meeting with Arab Business Club members is to explore the prospects of cooperation and the expansion opportunities that we might find both locally and regionally. Thank you again for your visit and I hope that you enjoy your visit to this university which is we’re extremely proud of." He concluded.
Mr, Thumbay’s speech was followed by a detailed presentation about Thumbay Group and Gulf Medical University in particular, given by Mr. Vinod Abraham, Director of external and international affairs, Thumbay Group, followed by exchanging of gifts of appreciation between Mr. Hamdan Mohamed Al Morshedi and Mr. Thumbay Moideen . An exciting site-tour followed, through which the delegation got
to see first-hand the advanced level of education and training the students are getting in Gulf Medical University .
The site tour was followed by a delicious lunch full of tasty dishes prepared by Mr. Thumbay’s own "The Terrace" restaurant.
About Arab Business Club :
Arab Business Club is a platform that brings together elite businessmen, investors and decision makers from the region and from all over the world, a platform where we bring together investment opportunities and the investors capable of grabbing and seizing them, a platform where the boundaries of culture and language vanish paving the way for prosperous and fruitful businesses and partnerships between prominent Arab businessmen and their colleagues from around the globe.
4 years after establishment -the club was established in 8 August 2008- as a global network with offices in New York and Dubai and carefully selected members, the club now can count more than 8500 members from 27 members, with ambassadors in Bahrain, Oman, KSA, Egypt, Germany, Sweden, UK, Spain, Qatar, Kuwait, Russia, Italy and Tatarstan. The unique services and upscale bespoke activities, the club organizes, will allow you to build important and fruitful business relations, built on credibility, transparency and mutual benefits, will allow you to share your ideas and projects with people who can help see them achieved and will allow you to find the perfect opportunity to invest your money and resources and achieve the success you aspire to.
About Thumbay Group of Companies
A business conglomerate headquartered in Ajman, United Arab Emirates. The group has progressed vigorously over the years and is managed by highly experienced professionals headed by the group’s President Mr. Thumbay Moideen, A man of vision and dynamism, with a determination to succeed.
In the year 1998, Mr. Moideen established the THUMBAY Group, U.A.E. Under his dynamic leadership it went on to achieve tremendous growth, and in the process, provided means of livelihood to hundreds of families over the last decade.
The Thumbay Group has since ventured into Health Education, Healthcare, Medical Research, Diagnostics, Retail Pharmacy, Health Communications, Information Technology, Retail Opticals, Wellness, Hospitality and Real Estate. The group operates today in 11 sectors, employing more than 2200 employees from 175 nationalities.
Photos: Please visit www.arabbusinessclub.org for more photos of this event.
Please confirm your attendancet o firstname.lastname@example.org or call +971 4 358 3000 or +971 55 968 7167.
To know more about membership, arrange a visit to your company/factory, and our advertising please contact:
Tel: +9143583000 Mobile Kathy : +971559687167 , Anna, +971559687143 or email email@example.com#]
publié le 7 May 2008
Artists from UAE, Morocco display their artwork in Rabat
A number of Emirati and Moroccan artists are to participate Tuesday in an arts exhibition in the Moroccan capital, which aims at boosting cultural cooperation between Abu Dhabi and Morocco.The exhibition will continue until the 4th of May.
The new exhibition is organized by Abu Dhabi Authority for Culture and Heritage (ADACH) organizes, in collaboration with the UAEâs Ministry of Culture Youth and Community Development and Moroccoâs Ministry of Culture.
ADACH is boosting its cultural cooperation with Morocco following the huge success of the âNeo-Impressionismâ exhibition, organized by ADACH, where ten artists from both UAE and Morocco took part last January.
Abdullah Al Amiri, Director of Art and Culture at ADACH said that âthese important initiatives are aimed at bringing together Arab artists and intellectuals, and increasing ties of brotherhood and exchange of knowledge and skills.â
The exhibition âwill allow participants to benefit from the experience of others, and discuss artistic styles and schools of art involved in the event,â he added.
’Neo-Impressionism’ presented a variety of artwork rich in colourful symbols, fine lines, and other artistic characteristics that are expressive of human and natural aspects.
The ten participants at ’Neo-Impressionism’ were: Ibtisam Abu Anam, Ahmed Zubeita, Hasan Al Alawi, Abdul Latheef Zein and Mohamed Bustan from Morocco; Mohamed Ali Yousef, Muna Al Khaja, Abdul Qader Al Rayes Obaid Suroor and Abdul Rahim Salem from UAE.
publié le 13 April 2014
Bahrain Economic Development Board participates in ABTEC 2014
The Economic Development Board (EDB) participated in the Arabian Banking Technology Exhibition and Conference (ABTEC) 2014 which is being held at the Bahrain International Centre for Exhibitions and Conference between April 8th and 9th.
The event is considered one of the regionally pioneering platforms that links the finance and technology sectors in the Middle East and North Africa (MENA) region, representing the largest gathering for experts in the field of financial technology. It is the result of an important initiative launched by the National Innovation Society, and is supported by the Central Bank of Bahrain (CBB) and the EDB.
EDB Chief Economist, Dr Jarmo Kotilaine, delivered presentation entitled âCurrent trends in the regional financial services sectorâ, where he discussed the economic, regulatory, and market developments shaping the banking sector in the Middle East.
The seminar highlighted the importance of structural economic drivers in ensuring positive growth and fueling the demand for financial services. Key factors in this regard include demographic dynamics, economic diversification, and the establishment of large scale infrastructure projects, as well as the governmentâs role in this sector. Among other things, Dr Kotilaine shed light on the decreasing contribution of the non-hydrocarbons sector in the countryâs GDP, which accounts for less than 20% while virtually all other sectors have expanded.
Also explored were the effects of regulation and policies in the financial sector, with the stricter regulations that were recently introduced in the sector in response to the global crisis being highlighted. New regulatory reforms, , most notably the Basel III standards, play an important role in forcing banks to adjust their operations. This has fueled the demand for alternative fnding solutions. Also the rise of Sharia compliant transactions highlights the ongoing process of diversification and innovation in the sector.
Dr Kotilaine also described the banksâ role in the region as having gradually become less central, while the role of capital markets have grown rapidly, especially with respect to fixed income markets. This is in line with the development of the financial servicesâ products through the launch of long term savings, SME lending, and mortgages, as well as the changing role of foreign providers as European banks retreat from syndicated loans field.
This yearâs ABTEC 2014 is being held under the theme âTurning digital disruption into transformational opportunitiesâ, with various initiatives being discussed on the ways for financial institutions to reinvent their business models to present more digital value
The EDB has a long-standing history of supporting events that discusses the financial services sector such as the World Islamic Banking Conference (WIBC), with the latest being held in December last year.
publié le 30 August 2011
Bahrain economy records 19.8pc growth
[#Bahrain’s economy has bounced back registering a significant growth of 19.8 per cent during the second quarter of this year due to the government reform efforts, said senior officials, citing data.#]
[#The growth rate at constant price registered an increase of 0.8 per cent during the second quarter, compared to the same period last year and about 1 per cent compared to 2009, according to preliminary figures released by Central Informatics Organisation (CIO).
’Bold decisions taken by Gulf governments during the recent incidents, particularly Saudi Arabia and the UAE, have helped boost business sentiment in the country and improved the investment climate for the private sector,’ CIO president Dr Mohammed Al Amer stated.
’This positive impact will encourage foreign and institutional investors to return to Bahrain,’ he added
The country’s economy grew 19.8 per cent at current prices during the second quarter compared to the same period last year, due to an increase in international oil prices, the CIO data showed.
The oil sector contributed 1.9 per cent to the growth, while non-oil sector 0.6 per cent. Retail banks registered a growth rate of 3.7 per cent at constant prices, the data said.
Services sector also showed stable growth with goods producing industries surging 2.9 per cent, transportation and communications 8.6 per cent, government services 4.9 per cent, social and personal services 12.9 per cent, electricity and water 17.3 per cent, wholesale and retail trade one per cent and agriculture and fishing 8.3 per cent, while building, construction and real estate activities, business services and hotels and restaurants dropped by 1.8 per cent, 3.8 per cent and 17.4 per cent respectively.#]
publié le 7 April 2011
Bahrain GDP grows 4.5pc to $23bn in 2010
[#Bahrain’s economy accelerated in the final quarter of last year from the previous three months and grew 4.5 percent in 2010 as a whole, beating forecasts, data showed on Thursday.#]
The kingdom’s economy grew 1.1 percent in the fourth quarter of 2010, accelerating from a revised 0.9 percent increase in the third quarter.
Full-year growth beat a Reuters poll forecast for a 4.0 percent expansion and outperformed 3.1 percent growth in 2009.
The kingdom was rocked recently by its worst public unrest since the 1990s as anti-government protesters took to the streets, but its economy continues to recover from the global economic downturn, helped by robust oil prices.
The construction and real estate sectors though have yet to return to pre-crisis levels. The financial sector, which accounts for nearly 21 percent of the economy, is only slowly picking up from the financial crisis and a regional property crash.
Gross domestic product compared with a year earlier rose 4.2 percent in the fourth quarter, slowing from a 4.4 percent increase in the third quarter.
The hydrocarbon sector grew 0.2 percent in real terms in 2010, while the financial sector added 5.2 percent. The statistics office did not release data by expenditure.
Bahrain’s nominal GDP reached 8.627 billion dinars ($22.9 billion) in 2010, the data also showed.
Analysts polled by Reuters in March cut their real GDP growth forecast for Bahrain to 3.4 percent for 2011, from 4.2 percent expected in December following the unrest. The government still sees a 4.5 percent expansion.#]
publié le 10 July 2013
Bahrain Private Sector Recovery Set To Continue
The robust growth witnessed in the Bahraini private sector in 2012 is set to continue this year, according to the latest Bahrain Economic Quarterly, issued today by the Bahrain Economic Development Board (EDB).
Bahrain saw overall GDP growth of 3.4% in 2012, but the pace of the expansion in the non-oil sector reached 6.7%. According to EDB estimates, overall growth in 2013 is expected to exceed 5% on the back of a rebound in oil production and ongoing expansion in the non-oil sector.
All sectors of the Bahraini non-oil economy recorded growth in 2012. Among the largest sectors, manufacturing grew by more than 9% whilst financial services expanded by 3.5%. Strong performances were also seen in social and personal services, one of the most dynamic sectors of the economy in recent years, which grew more than 10%. Hotels and restaurants saw 26% growth as the sector rebounded from the 2011 slow-down. In general, the report found that âeconomic activity has now largely normalized across the non-oil economy.â
The Quarterly argues that this return to growth in the private sector has been underpinned by favourable credit conditions and a strong export performance. The increase in bank lending in Bahrain in 2012 peaked at 18% in April, before levelling out at approximately 6%, a growth level that has continued into the first quarter of 2013. This increased lending has also been aided by strong liquidity among Bahrainâs retail banks, which remain in robust health.
The report also noted that the dynamics for private sector recruitment âare looking increasingly promisingâ after more than 2,000 private sector jobs were created for Bahraini nationals in the last three months of 2012, in comparison to a slight contraction in the same period in 2011.
Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of Bahrain EDB said: âThe ongoing growth in Bahrain is encouraging and we are seeing signs that it has continued into 2013, underpinned by solid economic fundamentals. This sustainable growth is essential in maintaining the process of rebalancing and diversifying the Bahraini economy and in creating employment and opportunities for Bahrainis.
âAs the Bahraini economy expands and the broader economic conditions continue to improve across the region, this will open more opportunities for international businesses that are looking to take advantage of the opportunities within the $1.4 trillion Gulf market.â
The full report can be downloaded from www.bahrainedb.com.
publié le 6 January 2010
Burj Khalifa: a new start for Dubai
[#The official opening is now more about Dubai trying to regain its previous optimism and ambition. Emaar Properties will be hoping the celebrations offer a chance to forget the past 12 months and start afresh#]
The Gulf does not have a long tradition of constructing tall buildings. With convention dictating that buildings should not be higher than the local mosque, many Arab states have stuck to low-rise architecture.
The recent economic boom turned that tradition on its head, with skyscrapers being built all around the Gulf. The most impressive, the 818-metre-high Burj Dubai renamed Burj Khalifa.
[#The project was launched in 2003, the same year the 1-kilometre-tall, 120-storey Nakheel Tower in Dubai was announced. Kuwaitâs proposed 1,001-metre Mubarak al-Kabir tower was unveiled in 2006. In Qatar, the 570-metre Doha Convention Centre Tower was announced the same year. Jeddahâs mile-high Kingdom Tower was launched two years later.
The downturn has led to the Nakheel Tower being cancelled and the Doha and Kuwait projects being put on hold, while the Kingdom Tower project has been scaled back. So it is all the more surprising that it is Dubai â the Gulf economy hit hardest by the downturn â that has managed to complete a record-breaking tower.
The lack of progress on the rival projects puts the achievement into perspective. Having modified the design after construction had already started, to make the tower more than 100 metres taller, engineers had to overcome unprecedented technical and logistical challenges, from pumping concrete higher than ever before to ensuring that up to 12,000 workers could be on site on time every day.
When it was conceived, the Burj Dubai was to have been a celebration of the emirateâs transformation into a world-class financial and commercial hub. But its official opening on 4 January is now more about Dubai trying to regain its previous optimism and ambition.
Having been hit hard by the global financial crisis in 2009, the towerâs developer, the local Emaar Properties, will be hoping the celebrations offer a chance to forget the past 12 months and start afresh.
publié le 12 July 2013
Deloitte: Qatar to invest over US 200 billion in construction projects by 2022
A recent Deloitte report entitled âInsight into the Qatar construction market and opportunities for real estate developersâ examines the construction market in Qatar and assesses opportunities for real estate developers in the country. Having been selected to host the FIFA World Cup in 2022 brought forth the opportunity for Qatar to position itself as a regional sporting hub. Qatar National Vision 2013 and programs such as Q2022 are focusing on leaving a legacy for Qatar in terms of football, infrastructure and economic development.
The Deloitte report looks into the governmentâs strategy of promoting sustainable tourism with the purpose of attracting more tourists and visitors. Projects such as the Qatar-Bahrain causeway is an example of this strategy, as it will help drive regional tourist arrivals in Qatar.
In terms of infrastructure, the Deloitte report examines Qatarâs plans to invest over US 140 billion in transport infrastructure in anticipation of the FIFA World Cup 2022. Plans to construct new roads and a metro system have been put forth in order to support the anticipated influx of football visitors in addition to the airport expansion which is already underway.
Deloitte experts expect this influx to also bring with it an increased demand for accommodation, with numerous worldwide chain hotels actively considering investments in the country. In fact, Qatar Tourism Authority plans to invest about US 20 billion on tourism infrastructure as the number of tourist arrivals grows at a rate of 15.9 percent compounded annually, to reach 3.7 million by 2022. This growth also creates opportunities for the development of commercial units, such as various shopping malls around Qatar.
Environmental sustainability has become a key item in the governmentâs agenda. One of the key goals for the Q2022 program is to improve environmental sustainability, not only limited to the event but also for the entire country. The Deloitte report suggests that the program may deliver a new environmental sustainability standard and improve nationwide awareness.
It is evident that immense opportunities exist for developers in the region and beyond, due in part to the infrastructure requirements of the FIFA World Cup 2022, and also as part of realizing Qatarâs national vision. Jesdev Saggar, Managing Director, Infrastructure & Capital Projects at Deloitte Corporate Finance Limited commented âWith the world focused on Qatarâs every move, it is imperative that the local industry prepares itself for the plethora of international organizations that are ready to descend on Doha. Preparing for the competition is as important to everyone on the built environment, as it will be when the games start.â
These findings are in line with the âGCC Powers of Construction: Meeting the challenges of delivering mega projectsâ report issued by Deloitte during May 2013. The fourth publication in its series and the only one of its kind amongst the Financial Services industry in the Middle East In a region, the GCC Powers of Construction report highlights that the ingredients for capital projects could not be better in the GCC region as the I&CP (Infrastructure & Capital Projects) market is growing rapidly with governments announcing projects across the Middle East region, utilizing trillions of petro-dollars over the coming years.
According to this Deloitte report, clientsâ increasing need for transparency, predictability and sustainability of what they spend provides contractors with an opportunity to reflect on how they can meet this by better operational performance, improved procurement, schedule management and cost reporting.
The Deloitte GCC Powers of Construction Report is produced based on data gathered from surveys and data, supported by interviews with some of the most prominent industry leaders from the region. In addition to articles and interviews examining key industry trends, the Deloitte GCC Powers of Construction report includes a country by country analysis of statistics, key projects, and a SWOT analysis.
The report highlights the case of Qatar, whereby Qatar was the third most active GCC construction market in 2012, with USD 10.4bn worth of contracts awarded. Transport infrastructure dominated Qatarâs construction sector, with four of the five biggest contracts awarded for major transport projects. Hosting the FIFA 2022 World Cup should yield considerable contracts across the construction and infrastructure sectors.
âWith significant investment in major infrastructure programs increasing over the coming years across the GCC, contractors, consultants and clients alike need to rethink the way they engage each other if they are to truly realize the benefits each can bring to the process,â concluded Cynthia Corby, audit partner and leader of the Construction industry for the Middle East.
As to Qatar, Deloitte suggests that successful bidders will have to take into consideration a number of factors such as alignment with Qatarâs 2022 program strategic objectives, adherence to sustainability and health and safety standards, innovation, quality and with an overall focus on the legacy theme, which is embedded in the strategy for delivering the Qatar 2022 World Cup.
publié le 21 September 2013
DMCC becomes UAE’s largest Free Zone
The Dubai Multi Commodities Centre (’ DMCC ’) Free Zone is now the UAE’s largest Free Zone with over 7,330 active registrations. With an average of 200 companies choosing to join DMCC each month and a 94% retention rate, DMCC also remains the UAE’s fastest growing free zone.
Ahmed Bin Sulayem, Executive Chairman, DMCC , said:
"We are now the UAE’s largest and fastest growing free zone with over 7,330 active member companies - we remain committed to further growth in order to cement Dubai as the global hub for commodities trade and enterprise.
We are well on our way to achieving our target of 10,000 companies by 2015, at which point we anticipate to be almost at capacity. Our expansion plans, including the DMCC business park and the world’s tallest commercial tower, will cater to large corporations looking to access new markets and will be the next phase in DMCC ’s and Dubai’s growth."
As the demand for commercial space within the DMCC Free Zone continues to grow, with over 74% of the development already occupied, DMCC recently announced plans to build the world’s tallest commercial tower in order to cater to this continued demand. The construction of the tower and 107,000 square metre business park will add an additional 50% of commercial space or 743,224 square metres to the existing 2.9 million square metres of built up area.
"We continue to innovate and complement key trading hubs across the globe to further support Dubai’s ambitious economic development programme. Currently, we are concentrating on serving markets along the new Silk Route and have become a strong facilitator of trade for producing countries in African and consuming nations in Asia, Asean, Europe, South America and the US", Bin Sulayem added.
Since its establishment in 2002, DMCC has welcomed a range of companies from all sectors across the globe, including: Clarkson, Louis Dreyfus, Debeers Diamdel, Conoco Phillips, Rio Tinto Alcan, LVMH, Harley Davidson and Nutricia Danone.
In terms of member demographics, a third of DMCC member companies are from South Asia, a third from the Middle East (including the UAE), and a third from Western Europe and North America respectively.
Gautam Sashittal, Chief Operating Officer, DMCC , added:
"This year, over 95% of the companies that have chosen to operate from the DMCC Free Zone are new to Dubai, which further demonstrates DMCC ’s and Dubai’s continuous appeal as a business destination where SMEs and multi-nationals alike can utilise our full-service toolkit, trade with confidence and grow their business. Due to its unique offering, strategic location, modern infrastructure and customer focus, the DMCC Free Zone enjoys a 94% retention rate."
With 65 mixed-use commercial and residential towers and over 220 retail outlets in operation, there are currently over 75,000 people working and living within Jumeirah Lakes Towers. The transformation of one of its lakes into a 55,000 square metre community park and the road networks within the development are due to be completed by the end of this year.
About The Dubai Multi Commodities Centre
The Dubai Multi Commodities Centre ( DMCC ) is a strategic initiative of the Government of Dubai, was established in 2002, with a mandate to provide the physical, market and financial infrastructure required to set up a commodities market place in Dubai. The Centre attracts key players throughout the entire value chain of a wide range of commodities sectors, together with relevant support industries such as finance, logistics and insurance. DMCC has established a robust infrastructure, including free zone status, trade networking platforms, secure vaults and purpose-built storage facilities. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including 50-year guaranteed 0% corporate and personal income tax, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment. DMCC has also implemented a dedicated compliance policy in the organisation, which is in line with the compliance related laws and regulations of the UAE Federal Government and the competent international bodies. DMCC owns three fully operational towers which host the majority of the physical, market and financial infrastructure including the Jewellery & Gemplex facility, the specialised diamond and pearl exchanges and gold vault.
publié le 8 July 2014
DMCC reaches new heights with record numbers across its trade, free zone and financial services businesses
Innovation, new product lines and record numbers in commodity businesses
â˘ 30 per cent growth with 1,027 new companies in the first half of 2014, bringing total to almost 8,900
â˘ DMMC Tradeflow completes 900 transaction worth a total of over $200 million
â˘ ’Burj 2020 District’ with the world’s tallest commercial tower, ’Burj 2020’ underway
Dubai - DMCC , the largest free zone in the UAE and one of the world’s leading commodity hubs, today announced that it registered 1,027 member companies in the first six months of 2014, bringing the total number of companies operating at the DMCC Free Zone to over 8,865, a 30% increase compared to the same period in 2013.
Ahmed Bin Sulayem, Executive Chairman, DMCC , commented:
" DMCC continues to attract members at an unprecedented rate and we are proud of the ever increasing contribution to Dubai’s overall economy. By driving foreign direct investment we will ensure Dubai remains the regional and international trade and tourism hub.
"The strength of the leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai is inspiring and we will continue to do everything we can to support His Highness in fulfilling his vision for Dubai supporting, in particular, the three pillars of ’Smart Government’, the development of SMEs and helping Dubai to become the global centre for the Islamic Economy."
Gautam Sashittal, Chief Executive Officer, DMCC , said:
"At DMCC we are passionate about creating a sustainable and optimal international environment for trade and enterprise. Everything we do has a longer term strategic view in order for DMCC to stay relevant now and in the future whether it is enhancing the customer experience, innovation, diversification of our business portfolio or strengthening trading ties internationally. We embrace change and thrive on strong international competition as this is what makes the organisation dynamic, driven and nimble in an exceedingly fast moving market".
Free Zone Update
DMCC recently announced a major expansion with the building of the ’Burj 2020 District’ with the world’s tallest commercial tower, ’Burj 2020’ as its centrepiece. The ’Burj 2020 District’ is well underway with four global design firms currently participating in a Masterplan design competition with ground-breaking planned in 2015.
In addition, the DMCC is also bringing to market a 14-floor ’glass box’ style building, ’One JLT’, which is being constructed in the heart of the free zone and is due for completion in 2015. Both projects will cater to the increased demand of large multi-business and multi-national companies seeking to domicile their operations in an efficient, single-owner, commercial space.
In June, DMCC was also named by the Financial Times’ global fDi Magazine as ’Best Free Zone of the Year for SMEs - Middle East & Africa’ and ’Best Free Zone of the Year for SMEs - UAE’ in their Middle East Free Zones of the Year rankings and awards for 2014 / 2015. While today 70% of DMCC ’s free zone members are SMEs, the Free Zone is also home to multi-nationals such as American Express, Diamdel (DeBeers), Glencore Xstrata, Harley Davidson, Louis Dreyfus, LVMH, Nutricia Danone and Rio Tinto Alcan.
The Free Zone also launched its ’ DMCC Member Portal’ in May, making all free zone services available online. This initiative is also part of DMCC ’s strategy to further support His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai’s Smart Government initiative. The ’ DMCC Member Portal’ powered by Salesforce, is completely transforming the customer service experience when setting up a new business or renewing licences, as it enables members to request multiple services online from any device at any time.
Commodities and Financial Services Update
Continued strong commodity trading in Dubai has further cemented the Emirate’s position as a major global trading hub.
The value of gold passing through Dubai in 2013 increased to US$ 75 billion from US$ 70 billion in 2012, making it the global bullion hub with 40% of the world’s physical gold now passing through the Emirate.
In the first five months of the year, trade volumes of rough diamonds increased by 13% to 63 million carats. The Dubai Diamond Exchange (DDE), a DMCC platform, hosted the first tender of Zimbabwe rough diamonds held in Dubai in March, demonstrating a trend of commodities reaching buyers directly from mines via tender and auction processes. The Dubai Diamond Exchange (DDE) hosted a further 11 diamond tenders featuring polished and rough diamonds to date (30 June). Rough diamond tenders included goods from most major producing countries: Zimbabwe, Angola, South Africa, Guyana, Russia and DRC.
In the DMCC Tea Centre, a record quantity of throughput, facilitation and value-addition services in H1 2014 (20m kgs) compared to H1 2013 (7.5m kgs), was perfectly paired with new innovative solutions and product lines. New trade finance mechanisms now allow growers from around the world to take advantage of the option of collateralisation of their stocks for working capital, while market offering in terms variety of tea products has increased following DMCC Tea Centre’s recent strategic joint venture with the leading German tea company HĂ¤lssen & Lyon to offer a wider range of specialty and flavour teas as well as fruit and herbal infusions.
DMCC ’s commodity trade facilitation activities were also supported by numerous signature events.
In March 2014, DMCC and the GJEPC hosted the Global Gem and Jewellery Fair (GGJF), a B2B platform, for the first time in Dubai. The fair attracted a record 131 exhibitors from India and Dubai and was visited by more than 1,600 industry participants from across the globe.
April saw DMCC ’s 5th Global Dubai Tea Forum 2014 (GDTF), with over 400 delegates from 31 different tea producing and consuming countries putting the focus firmly on the challenges and opportunities that comes with tea’s ranking as the world’s most popular drink after water.
DMCC also hosted the third global Dubai Precious Metals Conference (DPMC) in April with a record attendance of over 500 international delegates. Key topics on the agenda ranged from ’Engaging with Africa’ to ’Jewellery consumption moving East; to ’Leveraging Dubai’s position as the global hub for commodities trade’. The DPMC is now firmly established as the annual global conference for the precious metals industry.
DMCC continues to innovate and progress in responsible supply chain management for gold and other precious metals in order to promote an inclusive and compliant marketplace. In addition to the 5-step DMCC Practical Guidance and the Dubai Good Delivery (DGD) standard, DMCC introduced two new accreditation programmes in January 2014 known as the Market Deliverable Brand (MDB) and the Responsible Market Participant (RMP).
The Dubai Gold and Commodities Exchange (DGCX) continued its innovation, further consolidating its profile as one of the most important exchanges in a region extending from Africa to Asia. In February 2014, DGCX collaborated with the Dalian Commodity Exchange (DCE) to launch their respective polypropylene futures contracts concurrently. The DGCX traded 5.75 million contracts, valued at US$ 172 billion. The exchange also received the MENA Forex Awards: Best Derivatives Exchange 2014 in June 2014.
Continuing its efforts to support Islamic finance in the commodities space, DMCC Tradeflow, the online exchange for physical commodities in the UAE, handled over 900 Commodity Murabaha transactions within the first 6 months of 2014, with a total value of over US$ 200 million. In January 2014, UAE’s Minister of Economy, His Excellency Sultan Bin Saeed Al Mansoori, presented Ahmed Bin Sulayem, Executive Chairman of DMCC , with the Outstanding Contribution to Islamic Finance Award at the annual Mena Fund Manager Fund Service ceremony. Bin Sulayem in turn dedicated the award to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai.
Trade Missions and International Relations
As part of DMCC ’s ongoing drive to look for ways to facilitate and cater to the needs of traders and investors in an ever-changing economy, a series of international meetings and events took place during the first half of 2014.
Ahmed Bin Sulayem, Executive Chairman, DMCC , took part in trade delegation visits to Canada’s Toronto and Vancouver, the latter more specifically for the Globe 2014 International Forum on Business and the Environment at the Vancouver Convention Centre in March. A visit to Italy also resulted in DMCC being invited to take part in the Vicenzaoro Dubai April 2015 as a strategic partner, the event will be hosted at the World Trade Centre. Bin Sulayem also travelled to Ecuador, Colombia and Mexico to further strengthen trading relations between Dubai and Latin America. In June, DMCC also hosted its 4th annual London dinner, which brought together over 100 guests and dignitaries.
DMCC Free Zone Infrastructure and Community Update
The Jumeirah Lakes Towers road networks were completed ahead of schedule in January.
DMCC also opened the 55,000 sq/m JLT Community Park in January making it the largest park of its kind in New Dubai and greatly enhancing the work and live element in the community. DMCC will continue to explore the addition of new amenities across the 200-hectar development in line with community demand.
Leading by example Concordia, a DMCC joint venture and master community agent of Jumeirah Lakes Towers, is implementing a centralised security management system for the entire DMCC Free Zone. Concordia also recorded strong growth with a 32% revenue increase compared with the same period last year and delivered a 100% contract retention rate.
The exponential growth seen during H1 2014 across the DMCC business is underpinned by its ’One Brand Strategy’ which launched in February 2014 with the tagline ’ DMCC - Made for Trade. This has helped create greater clarity for its customers and members. DMCC has since transitioned away from its previous JLT sub-brands with all platforms now represented under one ’ DMCC ’ brand umbrella including entities such as the DMCC Free Zone and the DMCC Tea Centre.
About DMCC - MADE FOR TRADE
Businesses around the globe look for a place where they can expand, access new markets and conduct their day-to-day operations in a secure, transparent and modern environment. DMCC provides this infrastructure with its existing 66 mixed-use commercial and residential towers and over 220 retail outlets in operation. With an average of 200 companies choosing to join DMCC each month and a 94% retention rate, DMCC remains the UAE’s largest and fastest growing free zone with over 8,800 member companies. www.dmcc.ae
publié le 26 April 2014
Doha Metro: First TBM âLebrethaâ Arrives on Time
Qatar Railways Company (Qatar Rail), the company overseeing the construction of the integrated railway network, has taken delivery of the first of 21 tunnel boring machines (TBMs).
TBM S-865, also known as âLebrethaâ was manufactured by Germanyâs Herrenknecht, and is the first of four TBMs which will be launched for the Doha Metro as part of the Red Line North Underground project â the design and build (D&B) joint venture that is being led by Italyâs Salini Impregilo, with South Koreaâs S. K. Engineering & Construction Co. Ltd, and Galfar Al Misnad Engineering & Contracting W.L.L. (ISG JV).
For the Red Line North Underground project, a total of four TBMs (named Lebretha, Al Khor, Al Mayeda and Al Bidda) are proposed to bore the required rail tunnels.
TBM Lebretha will be assembled and launched from the Al Wahda site towards West Bay Central. At West Bay Central it will be disassembled and re-assembled at Al Wahda and then travel towards Doha Golf Course. It will bore the West Tunnel of the Drive while TBM Al Khor will bore the East Tunnel when it arrives.
TBM Lebretha will travel a distance of approx. 7.954 km and will take approx. 22 months to complete â between Q3 2014 to Q2 2016). The average speed will be between 14m/day to 21 m/day, depending on ground conditions. And its daily excavation quantity will be approx. 680mÂł, with a predicted total excavation quantity of 5,408,720mÂł.
Each of the TBMs for the Doha Metro measure 7.05m in diameter and 120m in length, therefore to ensure transportation was successfully managed, TBM Lebretha was dismantled into 22 sections which were easier to transport including the cutter head.
It commenced its journey, by sea, to Qatar and finally arrived over the weekend at the Doha Port. Some residents may have seen the sections of TBM Lebretha travelling along Al Corniche earlier this week making their way from the Doha Port to the first launch site of Al Wahda, next to the Qatar Exhibition Centre.
Qatar Rail extends its appreciation and special thanks to Qatar Rail team working on the Red Line North project, and also to the Doha Port team that unloaded the sections; the Customs Department for their quick response in clearing all necessary formalities; and to the Civil Defense which safely escorted the sections to the Al Wahda construction site.
All these organizations worked in collaboration to ensure the success of the project, which is in line with all the major pillars of the Qatar National Vision 2030.
It will take a few months to re-assemble TBM Lebretha into a complete machine and Qatar Rail will provide regular updates in the newspapers and on our corporate website â www.qr.com.qa â on the progress and everytime we receive delivery of a new TBM.
The scope of work for the ISG JV on the Red Line North project comprises the design and construction of approx. 13.4km twin-bored tunnel, including seven underground stations, between the proposed Msheireb Underground Station and Doha Golf Course via Doha West Bay. The tunnels will be built at an average depth of approx. 20 meters below ground.
The arrival of a further 20 TBMs will be seen over the coming months, to be utilised not only by the Red Line North Project but also by 3 more projects:
â˘ Red Line South â led by QDVC and comprising G. S. Engineering and Construction and Al Darwish Engineering â will receive 5 TBMs.
â˘ Green Line â led by PORR and comprising Saudi Bin Laden Group and Hamad bin Khaled Contracting â will receive 6 TBMs.
â˘ Gold Line â recently awarded to a D&B JV led by Aktor SA and comprising Larsen and Toubro (L&T), Yapi Merkezi Insaat ve Sanayi Anonim Sirketi (Yapi Merkezi), Sezai Turkes Feyzi Akkaya Marine Construction (STFA) and Al Jaber Engineering â will receive 6 TBMs.
All of the Joint Ventures delivering the D&B contracts for Qatar Rail include Qatari companies and have all been selected upon completion of a successful competitive bidding.
publié le 21 February 2008
Dubai Mega Projects Conference coming up
As Dubai continues to set the pace for construction in the Gulf region, MEED - the business information specialist and conference organiser - has announced details of its fourth Dubai Mega Projects Conference. The event will take place on 3 and 4 March 2008 at the Al-Murooj Rotana Hotel in Dubai. The conference will provide insights into upcoming mega projects and look in detail at progress of existing projects such as Dubailand, Bawadi and Waterfront.
With Dubaiâs population set to more than double to 3.5 million and tourist numbers to rise to 15 million by 2010, growth in the construction industry will continue. The aim of the city’s mega projects is to provide a mix of residential, commercial, leisure and tourism facilities to satisfy this growing population and large tourist influx.
A strong rental market in Dubai currently offers yields of up to 10% per annum driven by high demand for property especially among the expatriate community who makes up 80% of the population. This, combined with low purchase and sales costs, increasing availability of mortgages and high quality build make the property market very desirable, especially when surrounded by commercial and leisure facilities that are available in many mega project plans.
Edmund O’Sullivan, Chairman, MEED Events said: âDubai can claim to be the current worldwide leader in mega projects. The range, scope and scale of what has been launched and what is planned is truly inspiring. MEEDâs Dubai Mega Projects Conference brings together all of these visionary ideas into one place. We will be looking at new projects as well as examining progress on more established developments.â
Matt Joyce, Managing Director-Waterfront, Nakheel who is speaking at the conference added: âNakheel is one of the worldâs largest and most innovative real estate developers. We are a major player in the transformation of Dubai and the creator of some of the worldâs most iconic developments. We are changing the map of Dubai, playing a key role in shaping the cityâs future with a portfolio of landmark developments that will add more than 1,000 kilometres of new waterfront and create homes for 3,000,000 people.
âWaterfront is perhaps the largest and most ambitious urban development project in the world to date: a real âmegaprojectâ. Located on the Western shores of Dubai, Waterfront will transform empty desert and sea into an international community for an estimated population of 1.5 million people that is twice the size of Hong Kong Island. The conference will give attendees the chance to gain a valuable insight into what it takes to build such a city; an exemplar sustainable city that is founded on the principles of resource efficiency, social equity, and economic prosperity.â
Other confirmed expert speakers include: Nicholas MacLean, Managing Director, CB Richard Ellis; Michael Proffitt, Chief Executive Officer, Dubai Logistics City; Saeed Ahmad Saeed, Chief Executive Officer, Limitless; and Khalifa Al Zaffin, Director of Projects, DP World.
With an array of industry leaders and government officials already confirmed to attend, the event promises unrivalled opportunities for developing new business partnerships and new investments.
More information about the Dubai Mega Projects Conference 2008, including latest news, pre-conference workshop and full conference details, can be found atwww.meed.com
publié le 3 December 2009
Dubai World crisis to slow UAE recovery: IMF
[#The International Monetary Fund expects to cut its 2010 growth forecast for the UAE as economic activity slows due to the debt woes of state-owned Dubai World, a top IMF official has said.#]
[#Masood Ahmed, director for the IMF’s Middle East and Central Asia Department, told reporters the IMF was looking at revising down its forecast for the UAE’s non-oil gross domestic product to "significantly lower" than the 3 per cent it had projected in October. That would still be higher than the close to zero forecast the IMF has forecast for the UAE in 2009.
Despite the turmoil surrounding the Dubai crisis, Ahmed said he did not anticipate the UAE would need any financial support from the IMF and could easily deal with the fallout with its own resources.
He said the crisis at Dubai World, one of the emirates’s flagship holding firms, could lead to higher credit borrowing costs and may also impact other countries as the conglomerate postpones projects and disposes of assets.
Households could also be hit by lower remittances as workers, many of them from neighboring countries, are put out of jobs or unable to find work.
"Our anticipation is that there will be a significant reduction in that growth rate, down from 3 pe rcent, probably somewhere between 1 per cent and 3 per cent," said Ahmed following a preliminary assessment of the Dubai situation.
A Reuters poll on Monday showed that Gulf Arab states will enjoy solid growth rates next year, with UAE GDP growth up 2.9 per cent in 2010.
Dubai, one of the seven emirates that make up the UAE, has been rocked by the crisis at Dubai World, which announced late on Monday it will meet with creditors to delay payment on $26 billion in debt.
Ahmed said the announcement of the amount of debt it is seeking to restructure "helped to put boundaries around the amount and the scope of the debt restructuring."
He said the IMF was also encouraged by Dubai World’s announcement it will strive for equitable treatment of creditors in the debt talks but emphasized they should go further to ensure a smooth transition.
"We do believe that continuous engagement and communication with creditors and investors will be critical to ensure an orderly and timely solution," he added.
Ahmed said direct financial impact on international banks that lent money to Dubai World is expected to be "contained and manageable".
"We don’t see that will be an issue," he said, also noting support by the UAE central bank for domestic banks.
He said the Dubai crisis could lead to financiers and investors paying closer attention to guarantees of commercial corporations owned by governments, and may also trigger a broader reassessment of commercial risk and property.#]
publié le 22 April 2016
During visit of French President to Jordan, Egis signs strategic agreement in water supply sector
Nicolas Jachiet, Chairman and CEO of Egis, has signed an agreement with the Jordanian government for the improvement of drinking water supply in the governorates of the North of Jordan. This project in which Egis will provide technical assistance to the Yarmouk Water Company (YWC) will address problems relating to drinking water shortages in Jordan and connected with the huge influx of Syrian refugees into the country since 2011.
The Yarmouk Water Company manages 80 million m3 of water per year. Between now and 2030, a further 30 million m3 will be necessary to meet drinking water requirements in the governorates of the North of Jordan (Irbid, Mafraq, Jerash and Ajloun).
Since the beginning of the armed conflict in Syria in 2011, the arrival of refugees has compounded the problems facing the supply of drinking water, which was already under considerable strain due to growing demand for water, limited resources and a high ratio of water loss on the main network, otherwise known as non-revenue water (NRW).
This led the Yarmouk Water Company to take the decision to launch a long-term programme to improve water distribution capabilities in each of the governorates in question.
Over a period of 14 months, teams from Egis Eau in association with VINCI Construction Grands Projets will contribute their extensive technical skills to assist the contracting authority in the delivery of this vast project.
This will involve performing work on existing networks (diagnosis, prioritisation, replacement and renovation) but also introducing operational and asset management tools, collecting data (taking measurements on the network) and analysing findings through the use of indicators.
A project with many issues at stake
The project implemented under the auspices of the FASEP, an aid fund backed by the French Ministry of Finance, will run pilot schemes on two zones: a rural zone and an urban zone. In each of these zones, the project breaks down into three phases:
1) Network operation and reduction of non-revenue water
Âˇ Improve the network’s operating capacity
Âˇ Improve the quality of water supply and the revenue of YWC in some water service areas (by reducing NRW).
2) Asset management
Âˇ Improve the ability of YWC to manage its distribution and production facilities
Âˇ Optimise maintenance and renovation plans in certain water service areas
3) Performance management
Âˇ Improve energy efficiency and reduce YWC’s pumping costs in certain water service areas
Âˇ Develop and test innovative, measurable and performance-based approaches and methods to effectively reduce non-revenue water.
âŹ937 million managed turnover in 2015
Egis is an international group offering engineering, project structuring and operations services. In engineering and consulting, its sectors of activity include transport, urban development, building, industry, water, environment and energy. In roads and airports its offer is enlarged to encompass project structuring, equity investment, turnkey systems delivery, operation and maintenance services and mobility services. Employing 13,000 people, including 8,300 in engineering, the group generated a managed turnover of âŹ937 million in 2015.
Egis is 75%-owned by the French "Caisse des DĂŠpĂ´ts" and 25%-owned by Iosis Partenaires (a "partner" executive and employee shareholding).
publié le 14 March 2015
Egis, in association with Systra, to carry out design studies for future metro in Medina, Saudi Arabia
The Medina Metro Development Authority (MMDA) has just awarded Egis, in association with Systra, a contract to carry out the design studies of the future metro network in Medina. The contract relates to three lines (green, blue, red) stretching a total of 95 km, including 25 km underground and 48 km overhead.
The project is part of an ambitious plan initiated over the past few years by Saudi Arabia to develop and modernise its transport infrastructure. As the second holiest city in the country, Medina has to deal with an influx of several million pilgrims each year.
The metro is due to enter into service in 2020, with the project divided up into two distinct phases.
The consortium’s assignments
The consortium will be tasked with carrying out the feasibility studies and the preliminary design for the metro, including the preparation of invitation to tender documentation for "Design and Build" contracts. Over a 12-month period, the project team based in Medina will draw on all of Egis’ expertise required for this huge project: civil engineering, architecture, environment, rolling stock, signalling, telecoms, operating strategy, etc.
This new contract comes as a complementary addition to the metro services provided currently by Egis in the Middle East in the fields of project management and works supervision contracts. Indeed, since 2013, Egis has been in charge of the project management and construction supervision of three lines of the future Riyadh metro, in partnership with Systra and the American firm Parsons. Egis is also active in Qatar on the project management of the Doha metro (civil engineering of its yellow line, civil engineering and equipment of Musheireb and Education City stations), and more recently on the project management of the overhead and ground-level sections of the Doha metro.
âŹ881 million turnover in 2013
Egis is an international group offering engineering, project structuring and operations services. In engineering and consulting, its sectors of activity include transport, urban development, building, industry, water, environment and energy. In roads and airports its offer is enlarged to encompass project structuring, equity investment, turnkey systems delivery, and operation and maintenance services. Employing 12,000 people, including 7,500 in engineering, the group generated a turnover of âŹ881 million in 2013.
Egis is 75% owned by the French "Caisse des DĂŠpĂ´ts" and 25% owned by Iosis Partenaires, (a "partner" executive and employee shareholding)
publié le 30 August 2011
Eni signs Memorandum with the Libyan NTC
[#Under the terms of the Memorandum, Eni and NTC are committed to creating the conditions for a rapid and complete recovery of Eni’s activities in Libya and to doing all that is necessary to restart operations on the Greenstream pipeline, bringing gas from the Libyan coast to Italy#]
[# Eni and the Libyan National Transitional Council (NTC), which is recognized by Italy and the international community as a legitimate representative of the Libyan people, today signed a Memorandum that strengthens cooperation in Libya between the parties.
Under the terms of the Memorandum, Eni and NTC are committed to creating the conditions for a rapid and complete recovery of Eni’s activities in Libya and to doing all that is necessary to restart operations on the Greenstream pipeline, bringing gas from the Libyan coast to Italy.
Furthermore, with reference to the joint declaration signed on May 31, 2011 by the Italian government and NTC, Eni has engaged in providing a first supply of refined petroleum products to NTC to contribute to the basic and most urgent needs of the Libyan population. Eni will also provide technical assistance to assess the state of facilities and energy infrastructure in Libya and to define the type and extent of operations required to safely restart activities.
Eni has been active in Libya since 1959 and is the largest foreign player in terms of hydrocarbon production. The Memorandum signed today represents, in this delicate time for Libya, confirmation of the robust relationship between Eni ans NTC, who are evaluating various possible forms of cooperation in order to ensure the timely resumption of operations in the oil & gas sector and to enhance the country’s natural resources to benefit the Libyan people and in respect of the existing contract. Eni also provides NTC with humanitarian aids by supplying medical equipments.#]
publié le 21 February 2008
Eqarat.com sells highest office space in the world for AED 44 million
Eqarat.com, the Dubai-based total solutions provider to the real estate sector, has announced that it recently sold the highest office floor in the world for a total value of AED 44 million, encompassing a total of 11,000 square feet of sophisticated and functional work space on the 94th floor of Burj Dubai, presently the tallest skyscraper being built.
The impressive property was purchased by a European investor through the assistance of Eqarat.com, which has resulted in the successful acquisition of the most coveted commercial real estate property within the globally renowned landmark.
"Purchasing property in Dubai has become a simplified process; however intense competition not only among property developers, but even with high profile investors who are always on the lookout for the most profitable developments in this rapidly developing emirate, has presented customers with difficulties in acquiring their ideal properties. It brings us pride to have successfully facilitated the sale of the most sought-after commercial space in Dubai at present, as a result of our market strategy, which we have gained through extensive knowledge of the local market. This success further reiterates the trust that investors have for us, which serves as our foremost motivation to further improve our services and satisfy the demands of highly discerning customers," said Ali Al Rahma, CEO, Eqarat.com.
publié le 19 January 2014
Freehold Title deeds for all investors in Abu Dhabi Investment Zones
The Abu Dhabi City Municipality today announces that it has registered Musataha contracts (land development contracts) for residential units of Aldar Properties P.J.S.C. located within Investment Zones. These units will be registered under the Freehold Law of the Emirate of Abu Dhabi, and accordingly property ownership deeds will be issued to investors owning these units.
This law applies to all owners in Aldar Investment Zone properties and owners will be able to apply for freehold title deeds through Abu Dhabi City Municipality. This is an important step in the strategic plans aimed at enhancing the property market for investors in Abu Dhabi as well as supporting the economic vision of Abu Dhabi 2030.
Owaida Al Qubaisi, Acting Executive Director of Municipal Services Sector, Abu Dhabi City Municipality, said: âThese services reflect the rising demand for owning high quality residential units in Abu Dhabi. Musataha contracts allow for the acceptance of applications from property developers within Abu Dhabi Investment Zones, besides issuing all documents necessary for obtaining free hold deeds.â
Al Qubaisi added, âThe cooperation between Abu Dhabi City Municipality and Aldar Properties aims to streamline the registration, attestation and delivery of title deeds of residential units within the Investment Zones of Aldar Properties, and step up joint cooperation in the interest of all residents, thus better organizing the real estate market in Abu Dhabi Emirate. The Municipality stands ready to lend support and assistance to Aldar Properties, as well as other property developers, towards facilitating the processing of title deeds of residential units in a civilized manner that fulfills the objectives of the comprehensive urbanization drive in Abu Dhabi and the applicable governing rules.â
Commenting on the agreement H.E. Abubaker Seddiq Al Khoori, Chairman of Aldar Properties PJSC, said, "This marks the launch of a very important phase in the development of the real estate market in Abu Dhabi, a phase which presents us with new opportunities for growth and development offered by Abu Dhabiâs economy. We believe in Aldar Properties that attracting long-term foreign investors will bring great benefits to Abu Dhabi in particular and to the UAE in general so that we can continue our path of construction and development.â
He added, " On behalf of Aldar, I would like to extend our sincere gratitude to Abu Dhabi City Municipality and to all the parties concerned who contributed to this great achievement which serves to enhance the sustainable growth we are currently witnessing in the real estate sector in the country."
Meanwhile, Aldar Propertiesâ Deputy CEO, Mohammed Khalifa Al Mubarak commented, "This step will carry a direct and positive impact on all investors and stakeholders within the real estate sector. It is an important move to further develop the real estate market in Abu Dhabi, and comes in response to the growing demand we are witnessing today for high-quality residential units offered by Aldar Properties."
In the same context, Hussain Al Junaibi, Director of Real Estate, Abu Dhabi City Municipality, said that the Municipality had previously cooperated with a host of property developers including Tamouh, the main developer of Al Reem Island, in registering title deeds of residential and commercial units of Marina Square Project at Al Reem Island, besides cooperating and supporting property developers generally.
"The Municipality is keen to maintain and boost cooperative relationships with leading national entities and firms operating in the property development sector, in line with its objectives of delivering quality and effective services," said Al Junaibi in a final remark.
publié le 22 February 2009
Global crisis ’will be good for UAE property sector’
[#The global financial crisis will ultimately be good news for the UAE’s real estate market, a prominent Dubai businessman said on Thursday.
Abdullah Al Harbi, CEO of Eye of Dubai, a company that promotes the emirate to investors across a range of industries, said the six-year boom had created a "number of small and, in some cases, unscrupulous real estate developers springing up everywhere".
He claimed people who were hairdressers or valets one week had set up as real estate developers the next without the necessary capital to support their ventures.
Story continues below â
"The fact that many of the people starting up these companies were either inexperienced in the market...or just plain unscrupulous and looking to make a quick buck, meant that not all projects that had been launched had necessarily been properly planned, which is just a recipe for disaster, and sooner or later something was going to give," he said.
"I believe that although the global financial crisis may have set off the correction that is now taking place in the market,it was unavoidable and it would have happened eventually.
"Looking at it like that, it is better that it is happening sooner, so that Dubai, in particular, can now develop a more realistic and mature property market that will stand firm and continue to grow for many years."
Al Harbi’s comments came following the International Property Show 2009 (IPS 2009), which took place in Dubai earlier this week.
"Property shows such as IPS 2009 are really important to show investors and others that the real estate market in Dubai, and the region in general, is still strong, and that there are many projects that are still going ahead that are good investment prospects," he added.#]
publié le 17 January 2016
Holiday Inn Dubai â Al Barsha Launches an Exclusive Club Floor & Club Lounge
Holiday Inn Dubai â Al Barshalaunches an exclusive Club Floor & Club Lounge on 1st of January, 2016. Where classic elegance is articulated in eloquent style, comfort and luxury has to be lifted to its zenith.
A Full floor of 53 rooms from its portfolio of 309 elegant and contemporary rooms have been refurbished and upgraded to stylish and chic Club rooms. Bundled with exclusive benefits such as full day Club lounge access with culinary delicaÂŹcies and beverages, happy hours, personalized treatment, and many more, the proposition of upgrading your stay a well as express check-in and check-out service at a dedicated desk is a very attractive proposition. Further, a blend of exceptional facilities, gorgeous amenities and highest quality of service makes Holiday Inn Dubai â Al Barsha the leading destination for international travelers. It is indeed a perfect destination for couples and business travelers to unwind and relax with an upbeat choice of in-house restaurants and bars, with close proximity to major Dubai local attractions.
The exclusive Club Floor & Lounge Special Privileges are:
UPGRADED ROOMS WITH:
â˘ 42â In TV
â˘ iPod Docking station
â˘ Turn - Down service with special treats
â˘ Daily Newspaper
â˘ Nespresso Coffee
â˘ Welcome Fruit platter
â˘ Fresh Orange juice making facilities
â˘ Special Amenities
USE OF CLUB LOUNGE:
â˘ Express Check-in & check-out
â˘ Conti Breakfast: 0630 - 1030 hrs
â˘ Afternoon Tea: 1500 - 1700 hrs
â˘ Happy Hours: 1800 - 2000 hrs (For guests 21 years +)
â˘ Complimentary Laundry
â˘ Departure Drop to the airport
About Holiday Inn Dubai â Al Barsha
Set in the heart of New Dubai, Holiday Inn Dubai â Al Barsha is a perfect blend of contemporary design and classic elegance. The hotel has 309 rooms including 54 suites. Each room is equipped with the latest facilities, tastefully decorated to meet every guestâs needs and comfort. Business houses have access to a wide variety of conference venues equipped with state-of-the-art technology. Completing the
Holiday Inn experience are the award winning restaurants âThe Royal Budhaâ (Thai), âGharanaâ (Indian) and âXennya Terraceâ (Rooftop Terrace) as well as bars, banquet facilities and impeccable service.
For more information please visit: www.holidayinn.com or www.hialbarshadubai.com
Find us on Twitter https://twitter.com/HolidayInnDubai or Facebook https://www.facebook.com/hidubai
From creative Thai cuisine at The Royal Budha, to traditional Indian experience coupled with enchanting live entertainment at Gharana, to an array of generous buffets at The Gem Garden, the hotel offers a variety of f&b options.
The Gem Garden | All Day Dining
All-day dining with a difference. The Gem Gardenâs minimalist Zen styling is the ideal place any time of day or night. The food, on the
other hand, is anything but minimalist, with a combination of generous buffets and classic a la carte dishes.
The Royal Budha | Fine Dining -Thai - Whatâs On Award Winner
Award winning creative cuisine delivered in a stylish setting under the watchful eye of a towering Buddha makes this a royal treat. Situated
on the ground floor, this contemporary Thai restaurant is the perfect blend of tradition and innovation.
Gharana | Casual Dining - Indian
An experience of the Indian subcontinent through the kaleidoscope of elements of familiar monuments and the culinary tastes of that
region leads this restaurant to be labeled exotic with live entertainment.
The Q | Sports Bar
Suspended UV lit snooker cues add a dramatic feature in the ceiling to a fresh and modern monochromatic back drop. White floors and
walls, super comfy large black sofas and upholstered bar stools make this an ideal spot to watch your latest sporting events on massive
cinema screens around the circular bar.
Lounge@Barsha | Coffee Shop
Meet and Greet Lounge: PASTRIES & SPECIALITY TEAS
This elegant lobby lounge is ideal for business and social get-togethers. A selection of pastries, sandwiches and hot or cold refreshments
are served throughout the day.(Free wi-fi)
The Q Underground | Retro Venue
A chic underground spot where the most exotic elixirs are in free flow. A swell party venue to boot, football, cricket and Mardi Gras, get
shaken but not stirred. A favorite haunt for comedy, quiz, karaoke and salsa to make a buzzing carnival.
Xennya Terrace | Hubbly Bubbly Bar
Xennya on a higher level. This rooftop terrace overlooks Dubaiâs mesmerizing skyline.
Make friends over amazing settings, fine wine and our generously stocked bar.
Dolphin Bar | Roof Top Bar
The perfect venue to soak up the atmosphere of Dubai. Enjoy a refreshing daytime swim followed by an even more refreshing cocktail, or
sip at sundown with a relaxing drink over the panoramic view of the Burj Al Arab.
About Holiday InnÂŽ: Started over 60 years ago and with close to 1,200 hotels worldwide today, the Holiday InnÂŽ brand is the most
widely recognized lodging brand in the world. During that time, it was the first hotel brand to launch a computerized reservation system
in 1965, one of the first international hotel brands to establish a presence in China in 1984 and the first to take an online booking in 1995.
The âKids Eat & Stay Freeâ programme is available at every Holiday InnÂŽ property, and KidSuitesÂŽ rooms at every Holiday Inn ResortÂŽ hotel,
demonstrates the long-standing commitment of the Holiday InnÂŽ brand to serving family travelers, along with a comfortable atmosphere
where everyone can sit back and relax.
For four consecutive years, the Holiday InnÂŽ brand has been ranked âHighest in Guest Satisfaction Among Mid-scale Full Service Hotel
Chainsâ, according to the J.D. Power and Associates North America Hotel Guest Satisfaction Index Study.
For more information about Holiday InnÂŽ and Holiday Inn ResortÂŽ or to make a reservation, visit www.holidayinn.com. Find us on Twitter
http://www.twitter.com/holidayinn or Facebookwww.facebook.com/holidayinnhotels.
About IHGÂŽ (InterContinental Hotels Group): IHGÂŽ (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global
organisation with a broad portfolio of hotel brands, including InterContinentalÂŽ Hotels & Resorts, KimptonÂŽ Hotels & Restaurants, HUALUXEÂŽ
Hotels and Resorts, Crowne PlazaÂŽ Hotels & Resorts, Hotel IndigoÂŽ, EVENâ˘ Hotels, Holiday InnÂŽ Hotels & Resorts, Holiday Inn ExpressÂŽ,
Staybridge SuitesÂŽ and Candlewood SuitesÂŽ.
IHG franchises, leases, manages or owns more than 4,900 hotels and 727,000 guest rooms in nearly 100 countries, with more than
1,300 hotels in its development pipeline. IHG also manages IHGÂŽ Rewards Club, the worldâs first and largest hotel loyalty programme with
more than 90 million members worldwide.
InterContinental Hotels Group PLC is the Groupâs holding company and is incorporated in Great Britain and registered in England and
Wales. More than 350,000 people work across IHGâs hotels and corporate offices globally.
Visit www.ihg.com for hotel information and reservations and www.ihgrewardsclub.com for more on IHG Rewards Club. For our latest news,
visit: www.ihg.com/media and follow us on social media at:www.twitter.com/ihg, www.facebook.com/ihg and www.youtube.com/ihgplc
publié le 20 August 2010
Holiday Inn Dubai Launches Pakistan Flood Relief Appeal
[#In response to the international appeal for donations to help victims of the unprecedented floods in Pakistan, the Holiday Inn Dubai â Al Barsha has launched a scheme to collect and arrange distribution of necessary food, medicines, clothing and blankets to those left with nothing after fleeing their homes and livelihoods.#]
âHoliday Inn Dubai â Al Barsha Loves Youâ Campaign Continues â But this Year in a Different Way.
The Hotel Launches Pakistan Flood Relief Appeal
Donations of food, medicines, clothing and blankets are invited
for urgent distribution to those displaced by floods
as part of a âHoliday Inn Loves Youâ campaign
According to Resident Director, Roxana Jaffer, business contacts have already responded to the appeal, and she is urging the public to come to the hotel with their donations as quickly as possible: âThis scale of this humanitarian crisis is overwhelming, but everyone can do their bit by providing something to help, whether it is warm clothing, non-perishable foodstuffs or simple medicines.
âMore than 14 million people have been displaced and monsoon rains and flash floods are continuing to make mere survival a battle - we urge the people of Dubai to do all they can to assist our appeal.â
Staff at the Holiday Inn Dubai - Al Barsha will be manning collection and sorting areas in their free time, while an appeal to guests to donate a dollar at check-out as well as every Iftar has already started to see dividends.
Donations (see list attached) can be made throughout the day at the hotel reception or left with the night concierge at other times, with sorting and packaging carried out at the Gharana restaurant from 20.00 hours onwards.
Mrs Jaffer stressed the hotel was already working closely with local community organisations in Pakistan to ensure all funds and items of clothing, blankets, medicine and dry foods reach the hands of the displaced.
Last year the Holiday Inn Dubai â Al Barsha had organised a similar campaign for Al Noor Center for Children with Special Needs in Dubai.
For more information, please contact 04 323 4333: www.holidayinn.com or www.hialbarshadubai.com
Based on the UN recommendations the following items are required urgently:
Food: (non perishable items only):
Rice, lentils, red kidney beans, pulses and other grains, packaged dates, nuts/dry-fruits in packets, cooking oil, spices/salt;
Tea/sugar/dried milk/high energy biscuits
Water purifying tablets, antiseptic creams, anti malarial tablets;
Treatments for typhoid, cholera, infection;
Painkillers, including Paracetamol, Bruffen, Voltaren, buscopan, Panadol, Adol, Disprin, Septran, Ponstan;
Anti diarrhea, anti emetics (vomiting);
Dettol, antibacterial soap, iodine for water sterilization;
Antibiotics - Amoxillin, Augmentine, Actified;
Glucose, multivitamins, oral rehydration solutions;
Boxes of bandages.
Clothes of any size, for men, women and kids plus shawls, jackets, blankets.
For media contact:
MPJ (Marketing Pro-Junction)
Mob: +971 50 6975146
publié le 30 August 2011
Interview of Abdallah Schleifer: issues of conflict Libyan
[#[#Professor Abdallah Schleifer is a veteran journalist who has covered the Middle East for American and Arab media for more than thirty years. He is currently Professor Emeritus at the American University in Cairo.He gives for France-moyenorient, The French Middle East and North Business Resource, his analysis of the Libyan conflict.#]
What political future for Libya after 40 years of reign of Khadafi?
Despite dire warnings in the press, namely the same stuff that would make it difficult if not impossible for the rebels to defeat the regime (tribalism,regional divide of East vs West., likely breakdown of the NTC and militia alliances, particularly liberals vs Islamists) I believe the chances of a successful transformation of a liberated Libya into a reasonably functioning stable democracy are very good. Unlike Afghanistan and Iraq where US armies of liberation quickly turned into armies of occupation there are no American . NATO or Qatari boots on the ground — or what there might be—special forces training the rebel army and perhaps serving as field spotters identifying targets on the ground for NATO warplanes, do not in anyway constitute an army of liberation/occupation,
In Iraq there were no Iraqi armed force4s participating in their own liberation, except for a quickly thrown together "militia" for Ahmed Chalabi of little more than a 1,000 armed me who were driven into Baghdad where they engaged not in fighting but pro stealing cars as well as providing Chalabi with personal security, The NTA has within it’s leading council Libyans who never left Libya for exile and have local following as as well as political experience as defectors from the Qaddhafi regime. And the NTA has the benefit of support from American and British foreign policy establishment that has certainly learned from the Iraqi debacle.
What is the role of Islamist political scene in the new Libya?
That is not terribly clear, and quite possibly exagerated. The fact that the rebel fighters shout "Allahu Akbar!" does not signify Islamist identity. Egyptian troops commanded by the late President Anwar Sadat raised that slogan when they stormed the Bar Lev in 1973 and even the soldiers of the ultra secular Turkish Army spontaneity chanted "Allahu Akbar" when they went ashore on Cyprus to forestall an attempt by Greek officers who had staged a coup d’etat in Athens and intended to unify Cyprus by force.
There are obviously Islamist fighters among the rebel forces — and a few of them have been quoted in the press as saying that in light of America’s support for the Uprising they are no longer anti-American.Nor does the membership of the NTC relfect any strong Islamist presence.
How the vast oil resources will help to rebuild the country?
Rebuilding should be quite easy. First there is an extraordinary amount of Libyan money abroad — many billions of dollars, frozen during the hostilities so Qaddafi could not use those funds, and they will now be made available to the new government. Secondly as soon as security is restored the oil technicians will return and Libyan oil should be quickly flowing.
Why the West have been surprised by the Arab revolt?
The West tends to look at the Arab world either with lens focused entirely on the Arab-Israeli conflict and that particular horizon was not turbulent or particularly clouded on the eve of the Arab Revolt. Or they look at the Arab world in the context of the security of the oil producing regimes whose cradle to grave public welfare for their own citizenry suggested quite correctly a passive domestic political environment.
As an expert of the Arab world, are you witnessing an irreversible political and economic renewal of the Arab world?
Aside from Libya I am not yet certain how irreversible the changes promised by "the Arab Spring" Uprisings will be. I do not think non violent resistance will bring down the Assad regime — it didn’t bring down Mubarak or Ben Ali — what it did was pusuade the respective Egyptian and Tunisian armies to stage soft coup d’etats. But the Syrian Army high command as well as the elite forces doing the serious repression are dominated if not entriely composed of Alawite Syrians who will certainly fear a bloodbath of reprisals by the Sunni majority which has suffered much under the Alawite minority dictatorship. So unless there are signifciant defections by the Sunni rank and file in the conscript army and Sunni officers to be found to lead them the prospects do not look terribly promising, A similar situation exists in Yemen.#]
S. Abdallah Schleifer
Emeritus Professor & Senior Fellow
Kamal Adham Center for Journalism Training & Research
School of Global Affairs & Public Policy
The American University in Cairo
publié le 19 October 2010
JCDecaux wins 10-year exclusive advertising contract for all 26 airports in Saudi Arabia
[# JCDecaux the No.1 outdoor advertising company in Europe and in the Asia-Pacific region, and No.2 worldwide, announced that its subsidiary JCDecaux ATA has entered into a 10-year contract for the exclusive advertising concession covering all 26airports in Saudi Arabia.#]
JCDecaux ATA is a 60/40 joint venture between JCDecaux and its Saudi Arabian partner ATA. JCDecaux is the leading outdoor advertising player in the MENA region thanks to a unique premium outdoor advertising platform that includes prime locations targeting high-profile audiences in these fast growing markets.
The contract covers 4 international airports in Saudi Arabia; King Abdulaziz International Airport in Jeddah, King Khaled International Airport in Riyadh, King Fahd Airport in Dammam and Prince Mohammad Bin Abdulaziz Airport in Madinah, and 22 domestic airports across the country.
With an estimated quarter of the world’s total petroleum reserves fueling its hundred-billion-dollar infrastructure and investment projects, Saudi Arabia is the most thriving economy in the region.
General Authority of Civil Aviation (GACA) has been implementing aggressive expansion plans for its international airports and also upgrading its domestic airports. The two main airlines in the country - Saudi Arabian Airlines and Nas Airâ are also increasing their number of international and domestic routes and expanding their fleets to support the new airport infrastructure.
The 26 airports have shown continuous and robust growth, jointly handling45.3 million passengers in 2009, with39.4 million travelling through the 4 international airports. At the same time passenger traffic in the Middle East achieved the highest growth in the global market and a 7.1% increase in 2009.
In 2009, JCDecaux the worldâsNÂ°1 in airport advertising, reached 33% of air travellers around the world through its airports platforms. This represents a total of 1,430 million passengers out of the 4,378 million people who travel by air worldwide.
His Excellency Abdullah Rehaimi, President of General Authority of Civil Aviation in Saudi Arabia, said: âManaging the aviation network in the regionâs centre of growth and development, GACA is dedicated to raising our facilities and services to international standards to meet rapidly growing demand. This partnership with JCDecaux ATA will help us achieve this goal, providing a one-stop shop across the Kingdom, handled by the worldâs leading outdoor advertising company. We believe this will be a long-term and mutually beneficial association with JCDecaux ATA.â
Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said: âWe are delighted to be awarded this contract by GACA and to become the NÂ°1 in airport advertising in Saudi Arabia, the 56th country where the Group is present. This is a strategic move that will strengthen JCDecauxâs position as the leading player in the MENA1 region, introducing a unique premium outdoor advertising platform. Our prime location networks will target high-profile audiences in the fast growing markets of Saudi Arabia, the UAE, Qatar and Algeria. Through our airport advertising concessions in these regions, we will reach 100 million passengers a year. This contract underlines the professionalism, expertise and continuous innovation shown by JCDecauxâs regional teams and the success of the wider Group at managing large international airport platforms. It reinforces JCDecaux as the NÂ°1 worldwide in airport advertising.â#]
publié le 12 July 2010
King’s visit to France postponed
[# Custodian of the Two Holy Mosques King Abdullah has postponed a visit to France that would have seen him open an exhibition of Saudi Arabiaâs archaeological treasures at the Louvre Museum and possibly attend the July 14 Bastille Day festivities.
[#A spokesman at the Kingdom’s Embassy in Paris confirmed Friday that the visit had been postponed and a new date had not yet been set.
King Abdullah had been scheduled to meet President Nicolas Sarkozy as the two countries look to develop their relationship ahead of France taking over the G20 chairmanship next year. Saudi Arabia is the only Arab member in the bloc of leading economic powers.
Riyadh said on July 5 it was also preparing to sign an agreement on cooperation in civilian nuclear energy during the visit.
Both countries have been in talks for more than one year but have yet to disclose details about the cooperation.
publié le 24 April 2016
Lockton Opens New Morocco Office in Casablanca Financial City
Lockton, the largest privately-held, independent insurance broker in the world, today announced the opening of its new Morocco office, based in Casablanca Finance City, an economic hub for the region. Locktonâs Middle East operations serve clients in the marine, aviation, energy, power, hospitality, construction, and other industries with risk management, insurance, and employee benefits consulting services.
Locktonâs Morocco operations officially opened at a launch party in Casablanca attended by senior market executives, clients and members of Locktonâs executive management including Lockton Middle East and North Africa Chairman Wael Khatib, Lockton, Inc. President and CEO John Lumelleau, and Chief Operating Officer Glenn Spencer.
âClients across the region value the unique expertise and experience that we offer,â said John Lumelleau, Lockton, Inc. President and CEO. âThis expansion in Casablanca is an exciting opportunity for the entire Lockton organization.â
Salah El Kadiri will lead the Lockton operation in Morocco and West Africa, supporting regional and multinational clients with operations in the region. He has been an executive director in Locktonâs Middle East and North Africa operations in Dubai for the past seven years.
Wael Khatib, Senior Partner & Chairman of Lockton (MENA) said, âThe new Casablanca operation is part of Locktonâs continued efforts to enhance our regional capabilities for clients. We are committed to personalized engagement and the drive to see our clients succeed.â
Khatib added, âSalah El Kadiri started his career in Casablanca and is a well-known and respected professional in Morocco and the international market. I look forward to continue working with him and his team who I am confident will create a positive impact on the clients we serve.â
SaĂŻd Ibrahimi, CEO of Casablanca Finance City (CFC) Authority, said, âWe are proud to welcome in CFC the worldâs largest privately owned, independent insurance brokerage firm. Lockton is the first international Lloydâs broker to join our business ecosystem, reinforcing CFCâs positioning as a Pan-African reinsurance hub.â
Salah El Kadiri commented, âIt is a privilege to be part of the Lockton team and witness the rapid growth the business has achieved in the region. I look forward to serving our Lockton Casablanca clients and building on the remarkable track record for clients in the region.â
Lockton will continue its expansion plans in countries across the MENA region. Lockton currently has operations in Dubai, Abu Dhabi, and Jordan.
More than 5,600 professionals at Lockton provide 48,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve
their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 10th largest overall. For seven consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance."
publié le 22 December 2015
LuLu Group to invest US$ 300 million in Egypt; opens first hypermarket in Cairo
LuLu Group has set its foot in Egypt by opening its first hypermarket in Cairo, capital of Egypt. The 119th hypermarket was inaugurated by Khalid Hanafy, Egyptian Minister for Trade, in the presence of Galal El Saeed, Governor of Cairo, Mohamed Abdul Sayed, Advisor to the Prime Minister, Khalifa Thunaiji, Deputy UAE Ambassador to Egypt, and other high ranking government and civil officials. Yusuff Ali M.A., Chairman of LuLu Group, Saifee T. Rupawala, CEO, Ashraf Ali M.A., Executive Director, Mohamed Althaf, Director of LuLu Egypt, and other top company officials were also present on the occasion.
The new store is located in Twin Plaza, opposite Police Academy, on the Zakir Hussein road extension in the 1st settlement of New Cairo. Spread over an area of 170,000 square feet, the new store is specially designed to offer the residents with a world class shopping experience like never before with fair prices and friendly service. The hypermarket will provide the widest range of quality and value-for-money products all under one roof.
Commenting on LuLu Group’s Egypt plans, Yusuff Ali said, "We consider Egypt as a very important market for us and our experience of more than four decades of success and accomplishment in the retail industry is sure to help us become the most popular retailer in the region. Egyptians are already well aware of LuLu and we hope to bring world class shopping closer to them in various important locations of this great country. As per the plan, we intend to invest EGP 3 billion (US$ 300 Million) in setting up 10 new hypermarkets in the next 2 years across Egyptâ.
"The hypermarket will also offer a window of opportunity to local community. We will encourage the Egyptian agricultural sector by procuring & promoting local agricultural produce and also export them to our stores across the GCC and Far East. Currently we are exporting EGP 50 million and this will go up to EGP 150 million next yearâ, Yusuff Ali added. Main exporting products include fruits & vegetables, meat, fish, cheese and pickles. LuLu also plans to set up its own food processing plants to further boost the exports.
"We believe that having a strong national workforce is vital to our long-term success as it helps in creating sustainable community living. Currently, there are more than 800 Egyptians employed at our new hypermarket in Cairo and we intent to employ 10,000 more Egyptians in the next 2 years. We already have more than 3,000 working in our operations in GCC countries and will continuously train them in our various operations", said Yusuff Ali.
The new hypermarket provides the widest range of quality and value-for-money products all under one roof. It has separate sections for fresh fruits and vegetables, meat and poultry, dairy products, ready-to-eat products and a live bakery. The outlet also offers a huge area dedicated to electronics, IT products, home appliances, sports, furnishing and furniture, kitchenware, toys, stationery, and health & beauty products. The new hypermarket also offers a wide choice of world-class fashion brands and products for men, women and children. A special area is also dedicated for promoting local products and handicrafts of Egypt.
The systematically arranged sections promise customers an easy and hassle-free shopping experience. Extra-wide aisles, extensively laid out counters and ample parking space are some of the distinguishing features of the new store.
publié le 30 July 2015
Middle-East: Egis and Projacs seal a strategic partnership to develop new opportunities
Egis acquires 51% of Projacs, the leading project and construction management firm in the Middle East. This transaction represents a new stepping stone for the development of both Egis and Projacs.
A reputed project management consultancy firm in its market Founded in 1984, Projacs offers a wide and integrated range of project management services mainly relating to building projects.
The firm is firmly established in the Gulf Cooperation Council (GCC) countries (Saudi Arabia, Bahrain, Oman, Qatar, United Arab Emirates and Kuwait) and also operates in neighbouring countries. With a workforce of 700 people and a turnover of USD 70 million in 2014, the company is a leading figure in the region, ranking among the global top 15 in the ENR (Engineering News Record) list of project management consultancies (excluding American firms). The firm also has its own training institute which accounts for 11% of its annual business.
A strategic partnership
With over USD 2500 billion worth of projects under planning, bidding or execution across the MENA region, both Egis and Projacs see significant opportunities for partnership and have over the past few months began sharing resources and capabilities as well as developing joint approaches for business development. âWe are proud of Egisâ ongoing successes in the Middle East and are confident about our outlook in this promising region. To cement our commitment and build a sustainable business cluster, we thought critical to partner up with an established player in the Middle East. The integration of Projacs within Egis will allow the group to round out its project management expertise in the Middle East region and reinforce its position on
projects in the fields of buildings and urban developmentâ commented Nicolas Jachiet, Chairman and CEO of Egis.
âWith 20 offices across the MENA region, Projacs has an unparalleled coverage of the region and an unmatched track record in project and construction management services, particularly in relation to buildings in the Middle East. We continue to have our share of project/construction management and construction supervision for impressive government programs such as for the National Guard in Saudi Arabia, the Ministry of Education and the Public Authority for Applied Education in Kuwait or the Qatar Olympic Committee as well as for private sector clients such as on the development of nine Accor hotels in Saudi Arabia, the new National Bank of Kuwait head office landmark or the City Stars new development in Sharm Alsheikh. On the other hand, Egis holds significant capabilities in design and engineering in sectors which Projacs does not currently cover such as infrastructure, transport, water, energy and large-scale urban development. These are sectors which we believe will feature significant growth and opportunities in the region. We expect this strategic
partnership to be highly beneficial to both firms as we each leverage on the complementary strengths and capabilities of the otherâ commented Dr. Nabil Al-Qaddumi, founder and Chairman of Projacs.
The Middle East: a key region for Egis
Egis has been present in the Middle East for several years and holds the view that the region is a highpotential global market in a large number of fields such as infrastructure, buildings, water, energy and urban development. Egis generated 7% of its 2014 turnover in the Middle East. Among the most notable regional projects awarded to Egis since 2012 feature:
Project management and construction supervision of three lines of the future Riyadh metro in Saudi
Project management for the Doha metro in Qatar;
Design studies and construction supervision of 130 km of expressways in Doha;
The design of the urban development of the new cities of Taif and Badr in Saudi Arabia;
Technical management of a data center in Riyadh;
Project management of the King Faysal Hospital in Jeddah, Saudi Arabia.
More recently, the group also won contracts for:
The renovation of aviation infrastructure at Riyadh airport;
Assistance to the Saudi civil aviation authority for the commissioning of new infrastructure at the
King Abulaziz airport in Jeddah;
Design studies for the future Medina metro in Saudi Arabia;
Project management of all of the Elevated sections of the Doha metro;
The design review and works supervision of the new project to extend the Doha West wastewater
treatment and recycling plant;
Design studies and works supervision of the Um Al Houl Economic Zone (QEZ-3) in Doha;
Engineering, procurement and construction management (EPCM) contract for rehabilitation of Al
Karaana lagoon in Qatar;
Construction supervision of the main sewer in the sanitation system in the city of Doha as part of the
There are currently 500 Egis employees working in the region on the various projects.
- âŹ854 million managed turnover in 2014
- 12-* ,000 employees
Egis is an international group offering engineering, project structuring and
operations services. In engineering and consulting, its sectors of activity
include transport, urban development, building, industry, water, environment
and energy. In roads and airports its offer is enlarged to encompass project
structuring, equity investment, turnkey systems delivery, operation and
mobility services. Employing 12,000 people, including 7,800 in engineering,
the group generated a managed turnover of âŹ854 million in 2014.
Egis is 75% owned by the French âCaisse des DĂŠpĂ´tsâ and 25% owned by Iosis
Partenaires, (a âpartnerâ executive and employee shareholding)
publié le 1 July 2010
MoneyGram International Announces Network Expansion in Morocco
[#MoneyGram International (NYSE: MGI), a leading global money transfer company announces it has signed three new agents in Morocco that will offer money transfer services under the MoneyGram name. These agents are Credit Immobilier et Hotelier (CIH), MEA Finance / Canal M and WafaCash.#]
[#Credit Immobilier et Hotelier, a mortgage lender, will broaden it services to offer money transfer in 150 locations and will introduce MoneyGram to a new set of customers. MEA Finance / Canal M, an experienced money transfer service provider with branches in immigrant neighborhoods, brings 100 locations to the network and WafaCash, a local bank, will strengthen MoneyGramâs network by adding 400 new agent locations across the country. With these new additions, MoneyGram has 2,022 agent locations in Morocco.
âMorocco is an important and growing remittance market for MoneyGram. We are very pleased to enter into new partnerships that not only allow us to meet customer needs by the kinds of services we provide as well as the proximity to where customers work and live, but will strengthen our brand via their established businesses,â stated Nigel Lee, MoneyGram executive vice president of Europe, Middle East, Africa and Asia Pacific regions.
According to the World Bank, an estimated $6 billion was sent to Morocco in 2009, landing it in the top 20 remittance markets. Countries that send the most money to Morocco include Spain, Italy, France, the United States and Canada.
MoneyGram also signed five-year renewal agreements with Casablanca-based EuroSol and Quick Money/Efloussy, two money transfer providers that have been agents since 2003. MoneyGram, which has had a presence in Morocco since 1998, has a total of eight agents in Morocco. Other agents are Credit du Maroc, Damane Cash and Cash One.
About MoneyGram International
MoneyGram International offers more choices to people separated from family and friends by distance or those with limited bank relationships to meet their financial needs. A leading global payment services company, MoneyGram International helps consumers to pay bills quickly and safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 200,000 agent locations in more than 190 countries and territories. MoneyGram’s convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com or find us on Facebook.#]
publié le 11 May 2008
Morocco: AM group activities increase 15% in 2007
The Moroccan national flag carrier group Royal Air Maroc (RAM and subsidiary Atlas Blue) witnessed a 15% rise in its activities in the period 2006-2007, with passengers’ traffic reaching some 6,334,385.
According to a communiquĂŠ issued by RAM, the company has continued its growth and sustained its economic stability and competitiveness in the market, in a context marked by the increase of competition and high fuel prices.
RAM’s international traffic progressed 17% in 2007, while that of Atlas Blue jumped 55%, the same sources added.
According to this document, the company achieved a net income of USD 14.9Mn, while its turnover totaled some USD 1.5Bn, with an increase of 9.6% compared to 2006.
Atlas Blue turnover doubled to reach USD 254Mn in 2007.
These results were made possible due to "the mobilization of RAM’s employees, and their commitment and daily efforts," the communiquĂŠ went on to say.
RAM said the six first months of 2008, which are characterized by the tough world juncture, made the oil bill soar by 60% for the company.
publié le 31 May 2013
Peter Fort Appointed Chief Executive Officer of Ras Al Khaimah Free Trade Zone
HH Sheikh Ahmad Saqr Mohammed Al Qasemi, Chairman of the Ras Al Khaimah Free Trade Zone Authority (RAK FTZ) â one of the fastest-growing and most cost-effective free trade zones in the UAE - today announced the appointment of Peter Fort as the new Chief Executive Officer, effective April 28, 2013.
In addition to his mandate as CEO, Mr. Fort acts as the Senior Economic Advisor to the Government of the Emirate of Ras Al Khaimah (RAK). In his new dual role he will spearhead the continued growth of RAK FTZ and channel investments into the emirate, reinforcing RAKâs growing reputation in the region.
Announcing Mr. Fortâs appointment, Sheikh Ahmad said: âPeter has played a leading role in the regional investment banking sector and has an intimate knowledge and understanding of our industry and the competitive landscape in which we operate. I welcome him onboard as we move into a new and exciting growth phase for the free zone.â
âWith his extensive knowledge and experience, I am confident that he will play a pivotal role in driving RAK FTZ initiatives and help achieve our objectives; in close co-ordination with our strong board and management team,â he added.
Mr. Fort joins the free zone from a 10-year tenure with Morgan Stanley, where he was Head of Mergers, Acquisitions (M&A) and Restructuring for the Middle East and North Africa (MENA). He has played an instrumental role in building Morgan Stanleyâs presence in the Middle East since 2006 and has led over 50 international, regional and domestic M&A and restructuring transactions across a variety of sectors.
Commenting on his appointment, he said: âI am honoured to have the confidence and support of the RAK FTZ board, and look forward to working our talented employees to further develop the reputation, products and service offerings of the free zone. Our strategy is to leverage our dynamic and diversified business model as we seek new growth opportunities. We will continue to focus on innovation and execution of our portfolio of products and services as well as technology enhancements designed to benefit our clients and the emirate.â
Mr. Fort graduated with honours from Harvard University with a BA in international political economics, subsequently earning his Masters in Business Administration, with a focus on Finance, from the University of Chicagoâs Graduate School of Business, where he graduated first in his class.
publié le 1 July 2015
Prince Alwaleed Pledges His Wealth to Philanthropy $32B, A Groundbreaking Gift Dedicated to Philanthropy
Early in my life I had a dream that I have always hoped to realize. I have thought about it most of my days and have shared it with some of my closest friends and family for more than a quarter of a century. I wished to wake up one day to see a world of tolerance, acceptance, equality and opportunity â for all.
In order to make this dream come true, I wished to contribute to the elimination of poverty and famine, and to support development, health and education in the most deprived communities. I wished to encourage social entrepreneurship to achieve long-term, sustainable change both locally and globally. I wished to alleviate the suffering from the pain of economic scarcity.
âBased on my dedication and passion for philanthropic work for the past 35 years, I now pledge to donate my entire wealth to the Alwaleed Philanthropies, which work in the main fields of intercultural understanding and supporting needy communities, through health promotion, eradication of diseases, provision of electric power to remote villages and hamlets and building orphanages and schools, and much more. As well as providing disaster relief and empowering women, youth and poverty alleviation. This donation will be allocated according to a well-devised plan throughout the coming years. It will be based on a strategy that is supervised and managed by a board of trustees headed by me to ensure that it will be used after my death for humanitarian projects and initiatives.â
Since most of my wealth was achieved from this blessed country, I have made giving back to Saudi Arabia my number one priority, after which our philanthropic efforts will extend to countries around the world in accordance with the regulations governing charitable activities.
You may rightly wonder, why am I doing this? My response is that everyone goes through certain life-changing situations that have a great effect on his or her crucial future decisions. I have had the opportunity to witness, first hand, the challenging conditions of many communities across the globe, first hand, and have stood among those who were suffering and in great need. I have also learned of overwhelming obstacles through meetings with the leaders of countries and communities around the world.
In addition, my foundations have been collaborating with other philanthropic organizations, NGOs, governments and non-profits for decades. Our work is far- reaching, providing humanitarian assistance to ease poverty and famine, supporting development, health and education, and encouraging long-term, sustainable change for the better.
Given the worldâs current economic and social conditions, and the devastating effects of war and natural disasters around the world, more collaborative efforts are required from all capable individuals to unify their stand in the effort to alleviate poverty in the most deprived communities and to advance and build their societies.
I am making this announcement today as an illustration of God Almightyâs blessings, following His words in the Holy Quraâan: âBut tell of the favors of your Lord,â (AlDhoha). As I see it, the time has come for me to share all that I have to support communities through my foundation, Alwaleed Philanthropies, which aims to initiate and support projects worldwide regardless of religion, race or gender. For 35 years, Alwaleed Philanthropies have developed and sustained projects in more than 92 countries. We collaborate with a wide range of philanthropic, governmental and educational organizations to combat poverty, empower women and youth, to develop communities, provide disaster relief and to nurture cultural understanding through education. Together, we can build bridges for a more compassionate, tolerant and accepting world. Ours is a belief in humanity without boundaries and a commitment towards all.
HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of the Board of Trustees of the Alwaleed Philanthropies, today announced his intention to donate all of his wealth to philanthropy over the coming years to help build a âbetter world of tolerance, acceptance, equality and opportunity for all.â This $32 billion philanthropic pledge will help build bridges to foster cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world. âIt is a commitment without boundaries. A commitment to all humankind,â says Prince Alwaleed.
In his announcement, Prince Alwaleed stated:
âBased on my dedication and passion for philanthropic work for the past 35 years, I now pledge to donate my entire wealth to the Alwaleed Philanthropies, which work in the main fields of intercultural understanding, supporting needy communities, through health promotion, eradication of diseases, provision of electric power to remote villages and hamlets, building orphanages and schools, and much more, as well as providing disaster relief and empowering women, youth and poverty alleviation. This donation will be allocated according to a well-devised plan throughout the coming years. It will be based on a strategy that is supervised and managed by a board of trustees headed by me to ensure that it will be used after my death for humanitarian projects and initiatives.â
Prince Alwaleed has supported philanthropy for more than 35 years, donating $3.5 billion thus far through the Alwaleed Philanthropies. One of the leading philanthropic foundations in the Arab world, the Alwaleed Philanthropies serves millions of people across the globe. Prince Alwaleed has formed a board of trustees to oversee this gift, which will focus on finding impactful solutions to some of the most pressing humanitarian issues of our time, without regard to gender, race or religious affiliation.
âPhilanthropy is a personal responsibility, which I embarked upon more than three decades ago and is an intrinsic part of my Islamic faith. With this pledge, I am honoring my life-long commitment to what matters most â helping to build a more peaceful, equitable and sustainable world for generations to come,â says Prince Alwaleed.
Through this historic gift, the Alwaleed Philanthropies, which have supported thousands of projects in more than 92 countries worldwide, will continue to partner with a range of philanthropic, government and educational organizations to support impactful programs. The Alwaleed Philanthropies believe that the answers to many of todayâs most pressing global issues lie in the hands of youth. They are the leaders of tomorrow.
The Alwaleed Philanthropies have partnered with a wide range of global institutions including The Bill & Melinda Gates Foundation, The Carter Center, and the Weill Cornell Medical College to strengthen health care and control epidemics. On this occasion, Mr. Bill Gates, Co-chair of the Bill & Melinda Gates Foundation commented: âPrince Alwaleedâs generous commitment promises to significantly extend the great work that his foundation is already doing. His gift is an inspiration to all of us working in philanthropy around the world.â
In Saudi Arabia, they have worked on promoting more sustainable communities, through the Housing Initiative, which allows hundreds of thousands of eligible Saudi citizens to receive housing units, or through the Lighting Up Villages in Saudi Arabia Initiative.
Alwaleed Philanthropies also works in the area of women and youth empowerment, by supporting women in the local government field, for example, by providing courses for women to run for Municipal Council elections. Moreover, through the Turquoise Mountain organization, Alwaleed Philanthropies had helped Afghani women by advocating literacy.
As disaster relief providers, Alwaleed Philanthropies has extended a helping hand by its partners in many countries that have suffered from earthquakes and floods, like in Egypt, Jeddah, Nepal and Turkey. In addition to supporting those who had been affected by the Tsunami.
Building bridges between cultures and civilizations, is one of the Alwaleed Philanthropies main areas of focus, its work supports six existing centers in the most prominent international universities (Georgetown, Harvard, Edinburgh, Cambridge and the American University of Beirut and the American University in Cairo) in addition to the Islamic Hall at the Louvre in Paris.
Prince Alwaleedâs passion for humanitarian work, sustainability and change plays a vital role in the creation, mission and vision of the Alwaleed Philanthropies. The wide spectrum of global philanthropic projects undertaken by the Alwaleed Philanthropies are distinguished by their dedication to âbuilding bridges for a better worldâ â without boundariesâ and, regardless of gender, race, or religion.
For more information, please visit: http://www.alwaleedphilanthropies.org
publié le 7 April 2013
Qatar ’set to overtake UAE in projects market’
[#Over the coming five years Qatar could overtake the UAE as the GCCâs second largest projects market with more than $90 billion worth of projects likely to be tendered during the period, a report said.#]
Contract awards are likely to peak at $24 billion in 2014, potentially seeing it overtake the UAE market in terms of project activity, according to the Meed Insight report.
The rapid acceleration in project tendering comes as Qatar seeks to build the necessary infrastructure in time for the 2022 Fifa World Cup.
With a strict timeline for the implementation of many projects, the government has little time to spare for proceeding with its investment plans, the report said.
âDespite hopes that 2012 would be the year that marked a ramp up in activity, delays in tendering and awards mean that 2013 is set to be the pivotal year,â says Ed James, head of Meed Insight.
âThis will start with the award of the Doha Metro main packages which are expected to exceed $5 billion and will follow with a raft of contracts on the expressways, local roads and drainage, and sewerage programmes.â
Details of the stateâs extensive projects programme are outlined in the Qatar Projects Market 2013 report by Meed Insight.
âAccording to the government, Qatar plans to spend between $100 billion and $150 billion over the next 10 years on new stadiums, hotels, transport and sewage infrastructure to meet the needs of the global event,â added James. This will turn Qatar into one of the worldâs major project hubs almost overnight and represents a fantastic growth opportunity for regional and international contractors alike.â#]
publié le 2 November 2013
Qatar International Boat Show 2013 to attract regionâs biggest marine suppliers
The first edition of the Qatar International Boat Show (QIBS) 2013 will take place from the 12-16 November at the Lusail Marina located within Lusail City. The marina is operated by Dubai-based marina developer and manager Mourjan Marinas. QIBS 2013 promises to provide an industry networking platform, generating solid opportunities for the promotion of new boats and services and creating a luxury market for affluent Middle Eastern and Asian buyers. QIBS will host events both on land and in the water, with around 100 international and local exhibitors attending, 150 boats on display, 5 global and regional launches and an estimated 15,000 visitors.
The opening hours will be from 3.00pm to 9.30pm for both trade professionals and the general public. It will host a variety of motorboats, cruisers, yachts, fishing boats, speedboats, recreational family boats up to 30m in size, and leisure marine products. In addition, dedicated areas will be available, offering information and advice regarding boat servicing, insurance, accessories, water sports, navigation equipment, engines, fixtures and fittings as well as fishing products.
Lusail Marina is a flagship yachting destination and the premier marina facility in the Middle East located along the coast just north of Doha in the prestigious Lusail City development. It features 93 modern floating berths that can host yachts of 10-40 metres in length. Facilities and services include three lounge areas with contemporary shade structures, underwater lighting, black and grey water âpump-outâ at the berths, 24-hour security, a five-star concierge service, marina cart service to and from your yacht, deck wash for all yachts and a refreshment kiosk.
Faysal Mikati, Vice President of Snow Comms â the eventâs organiser, presented an overview of the boat show in light of the current situation of the maritime industry in the region, and the potential benefits that the QIBS can bring to Qatar.
âWe have already signed with some of the biggest marine and leisure supply companies and distributors who seek to capitalise on Qatarâs booming economy and the upcoming marine industry,â he said. âThe plan is to put Qatar on the map in terms of the international boat show circuit by becoming one of the main destinations for regional yacht and boat companies, as well as international companies involved in leisure and water sports, seeking investment opportunities in the GCC markets, estimated at around QR 750m.
âRecent studies on salaries of senior management executives, who are key customers for yachts and luxury boats, have revealed that disposable income of managers in the GCC is the highest in the world with all Gulf countries dominating the top six rankings,â he added.
Abdulaziz Al Zeyara, Strategic Planning Senior Manager, Lusail Real Estate Development Company said ’’Lusail Marina aims to become the number one destination for the yachting circuit in Qatar and Lusail City is pleased to be hosting the first edition of the Qatar International Boat Show as we are confident it will be a huge success.ââ
Wayne Shepherd, General Manager, Mourjan Marinas said: ’’We are very pleased that Lusail Marina is the official host venue for this important event and to continue our support towards the local boating industry. The Qatar Boat Show is a great step for the marina and boating community here in Qatar, as the industry continues to grow and as Doha continues on its path to becoming a premier yachting destination in the Gulf. ââ
Visitors to the event will not only get to see the latest maritime products and boats but will also be able to enjoy amazing opening and closing ceremonies, the breath-taking ambience of the Lusail Marina and numerous entertainment shows from Europe.
Organised by international agency Snow Comms, and licenced by the Qatar Tourism Authority, the first Qatar International Boat Show 2013 will showcase a promising display of yachts, boats and marine accessories. The event is set to become an ideal marketing and networking platform for leading industry players in the boating and maritime sector in Qatar.
In conclusion, Faysal Mikati said: âWe are grateful to our current sponsors, Lusail City, Mourjan Marinas, Qatar Airways as the official carrier, âWorld of Yachts and Boatsâ as the official magazine and âSur La Terreâ as the lifestyle partner, and we are also finalising further sponsorships with other prestigious companies in Qatar.â
publié le 27 March 2015
Qatar: Egis awarded EPCM contract for rehabilitation of Al Karaana lagoon
Located in the Al Rayyan region, west of Doha, the Al Karaana lagoon covers more than 4 sq.km and is raising serious environmental problems. Almost 60,000 cubic metres of untreated wastewater per day is discharged onto this site by tanker, most notably causing the contamination of the water table by infiltration, producing foul odours and creating safety risks connected with the transport of sewage.
The Public Works Authority of Qatar, Ashgal, has just awarded Egis an engineering, procurement and construction management (EPCM) contract to rehabilitate this lagoon. Ashgal wishes for the eradication of the lagoon and the site’s comprehensive overhaul, in continuance of the measures taken to date to mitigate its environmental impact.
Teams from Egis will be tasked with identifying and qualifying the lagoon’s waters and sludge in order to appreciate the contamination of the water table and evacuate this waste to the appropriate treatment processes.
They will carry out the design of the wastewater treatment and the soil and water table decontamination, write the tender documentation, perform the design review of the plans and documents submitted by the selected contractor, and finally supervise the works.
Egis will consequently be mobilising all of its engineering capabilities for a period of 23 months to reduce to a minimum the environmental impact of this site, then redevelop it and convert it for new uses, in accordance with its sustainable development commitments.
This new contract gained follows another one awarded several weeks ago, also in the water sector: the extension of the Doha West waste water treatment and recycling plant.
The contract further bolsters Egis’ position in Qatar, where the Group generated almost 33 million euros of turnover in 2014 from its contributions to a large number of infrastructure projects.
âŹ881 million turnover in 2013
Egis is an international group offering engineering, project structuring and operations services. In engineering and consulting, its sectors of activity include transport, urban development, building, industry, water, environment and energy. In roads and airports its offer is enlarged to encompass project structuring, equity investment, turnkey systems delivery, and operation and maintenance services. Employing 12,000 people, including 7,500 in engineering, the group generated a turnover of âŹ881 million in 2013.
Egis is 75% owned by the French "Caisse des DĂŠpĂ´ts" and 25% owned by Iosis Partenaires, (a "partner" executive and employee shareholding)
publié le 20 November 2011
RAK FTZ continues impressive growth; 413 companies register in Q3
[#Further reinforcing its impressive success in 2011, Ras Al Khaimah Free Trade Zone (RAK FTZ) â one of the fastest-growing and most cost-effective free trade zones in the UAE â today announced that 413 new companies registered in the third quarter of 2011. This represents a significant increase of 38.6% over the same period last year, when 298 new companies registered.#]
[#The tremendous growth achieved by the free zone is reflected in year-to-date figures with a a total of 1,509 companies registered in the period January-September 2011, compared to 1,173 companies registered in the same period last year - a 28.65% year-on-year increase.
According to recently released statistics, licence renewals also showed impressive growth â with 828 licences renewed between July and September 2011, compared to 753 renewals in the same period last year. The exceptional growth in new registrations and renewals amidst the challenging economic climate re-emphasises the world-class standards, facilities and services on offer at RAK FTZ.
The vast majority of the new companies originate from UAE and India, with other new partners hailing from Afghanistan, France, the Netherlands and Pakistan. Together with new registrations, the total number of registered companies operational at RAK FTZ by the end of Q3 2011 has reached in excess of 5,000.
Commenting on performance, Oussama El Omari, RAK FTZ CEO, said: âThe tremendous increase in new registrations and licence renewals in the third quarter of 2011 reflects investor confidence in our business model. We have always believed in offering a transparent and open door investor-friendly environment at RAK FTZ and this has helped us build our reputation as one of the most attractive investment zones in the region.â
âThe fact that this achievement came amidst a volatile business atmosphere, and covered the traditionally slow summer months, is even more commendable. We are looking ahead confidently to achieve record growth in our registrations by the end of this year. More importantly, we are thrilled and privileged to be playing a pivotal role in contributing to the economic growth of the emirate, and the UAE as a whole,â he added.
Since the start of 2011, RAK FTZ has focused on powering up its key value-added services for customers through a series of new online and offline marketing initiatives. As part of this, the free zone is planning to officially launch its âHome of Businessâ campaign this month, which will supported by a strong publicity drive across the print and radio media. To further reinforce its popularity, RAK FTZ was a strong participant at the recent GITEX 2011 event.
The free zone also plans to host a number of business delegations in the coming months, as well as actively participating in key exhibitions in France, in November. RAK FTZ also attracted a significant amount of global interest following recognition from fDi Magazine and Financial Times Business where it was ranked the fourth best overall Middle East Free Zone of the Future by in the publicationâs 2011-2012 listing.
With optimistic plans to assist and encourage entrepreneurs, especially SMEs, the multi-award winning RAK FTZ continues to live up to its reputation of âbest emerging free trade zone’ in the region.#]
publié le 18 April 2011
RAK FTZ posts 17% increase in new company registrations in Q1 2011
Licence renewal up by 36% compared to the first quarter of 2010
[#RAK FTZ one of the fastest-growing and most cost-effective free trade zones in the UAE - has announced today that 522 new companies have registered with the free zone in the first quarter of 2011, a 17% increase in registrations over Q1, 2010.#]
- Oussama El Omari RAK FTZ CEO
RAK FTZ also announced that a total of 970 licences were renewed during Q1 of 2011, compared to 710 licences renewed in the corresponding period in 2010, representing an increase of 36.6%. The phenomenal growth in new registrations and licence renewals achieved in the extremely challenging economic environment in the region reflects the world-class standards, facilities and services on offer at RAK FTZ.
Among the 522 companies that registered in the January-March 2011 period, the majority (top 10) are from India, followed by United Kingdom, Egypt, Pakistan, Turkey, France, Germany, USA, Jordan and the Russian Federation. With the new entrants, the total number of registered companies operational at RAK FTZ by the end of Q1, 2011 was well over 5,000.
Commenting on the growth, Oussama El Omari, RAK FTZ CEO, said: "The tremendous increase in new registrations and licence renewals in the first quarter of 2011 reinforces our reputation as one of the most attractive investment zones in the Middle East. Our open door economic development policy has gone a long way towards gaining investor confidence from across the globe, as is evident from both the new registrations and the renewals. More importantly, the environment to grow and flourish has become a hallmark of RAK FTZRAK FTZLoading... that is greatly admired by our investors."
"With a positive start to the year, RAK FTZ is looking forward to more successful business liaisons, new company registrations and further increases in revenue - a positive outlook that will do Ras Al Khaimah, as well as the whole UAE, a world of good. That this achievement came amidst a volatile business atmosphere is even more commendable. Our existing and potential clients expect certain standards, and we are committed to meeting those needs and expectations. With some leading companies making their way to RAK FTZRAK FTZLoading..., we are, ultimately, contributing to the economic growth of Ras Al Khaimah and the UAE as a whole," added El Omari.
Since the start of 2011, RAK FTZ has focused on powering up its key value-added services for customers through online and offline marketing initiatives. Some of the marketing activities undertaken in Q1 include RAK FTZ’s participation in the Partner Middle East Roadshow organised by UK Trade & Investment in the UK. The RAK FTZ also organised a seminar in close cooperation with the Middle East Association in London.
Apart from this, RAK FTZ took an active part in the 3rd Mondissimo International Mobility Conference in Paris in March 2011, where El Omari made a presentation on "Growth opportunities in the Gulf Region. This was a great opportunity for RAK FTZ to showcase the key facilities and services on offer at the zone and tap the potential of the French market.
Further emphasising the growing significance of the Indian market and investments from the country, RAK FTZ also organised and executed four road shows in India in Ludhiana, Mumbai, Bangalore and Ahmedabad, apart from one inward business delegation from India to Ras Al Khaimah. Moreover, representatives from RAK FTZ also participated in the World SME Conference in India and the Polish-Arab Investment Forum in Poland, where they made presentations. Similarly, RAK FTZ actively participated in a number of networking events in the US and Turkey.
RAK FTZ impressive growth comes amidst large-scale infrastructure development currently under way in the Northern Emirates, with encouraging support from the UAE Federal government. Logistics and infrastructure are inextricably linked, and future industry sector growth is supported by the ongoing development of vital projects across the country.
This includes a USD 43.3 million plan to construct a 36-kilometre main pipeline to provide Ras Al Khaimah with water, as well as a solar island project.
Additionally, Ras Al Khaimah has announced an ambitious development programme, valued at USD 822 million, to upgrade its road infrastructure, besides upgrading its sewage networks, by 2015, to accommodate a projected population increase to 600,000 residents. All these infrastructure investments will benefit businesses and communities and create opportunities for investors planning to make Ras Al Khaimah their base.
About the Ras Al Khaimah Free Trade Zone
RAK FTZ is one of the fastest-growing and most cost-effective free trade zones in the United Arab Emirates (UAE). With a reputation for affordability, flexibility and broad geographical reach, RAK FTZ is rapidly emerging as the preferred business hub in the region, from which investors can easily access and branch into the emerging markets.
2010 marks RAK FTZ’s 10th year in operation, and in the past decade, it has gone from strength to strength, garnering accolades and awards along the way. Since its establishment in 2000, with only a handful of staff and a few offices, the free zone has grown by leaps and bounds and is now home to some 5,000+ active companies from 106 countries around the globe, employs more than 350 fulltime staff, operates business and promotion centres in four locations in the UAE and has an expanding international presence, with liaison offices in Germany, Turkey, India and the USA.
To learn more about the RAK Free Trade Zone, visit: www.rakftz.com
For further information, please contact:
Public Relations and Media Officer
Ras Al Khaimah Free Trade ZoneRas Al Khaimah Free Trade Zone
Ras Al Khaimah Free Trade Zone
RAK FTZ, RAK Free Trade Zone Authority (RAK FTZA)
publié le 9 October 2012
RAK FTZ records increase in new company registrations
[#Ras Al Khaimah Free Trade Zone (RAK FTZ) â one of the fastest-growing and most cost-effective free trade zones in the UAE â today announced a 4% year-on-year increase in new company registrations in the first half of 2012, according to the audited reports by PricewaterhouseCoopers (PwC).
- Revenue from new registrations up by 10% in H1 2012
- Company registration up by 4%, compared to last year
A total of 1,145 new companies registered with RAK FTZ in H1 2012, a significant increase from the 1,101 companies registered in the first half of 2011. Revenues from the registrations touched AED 123.55 million, a 10.21% increase compared to the AED 112.1 million generated during H1 2011, revealed PwC in the report.
This growth has far outstripped the budgeted revenue and registration targets for the free zone this year.
In addition, RAK FTZâs growing reputation also received a major fillip as it was recently named as one of the Top 50 Free Zones in the fDi Global Free Zones of the Future 2012-2013 rankings, which recognised the free zoneâs various attributes, including its cost-effectiveness and economic potential, on offer.
The top new companies at RAK FTZ that registered during H1 2012 came from India, the UK, Jordan and Pakistan, among others. A vast majority (62%) of the newly registered companies represent the commercial sector, followed by consulting (28%) and general trading (9%), as shown in the PwC report.
In her comments, Maryam Al Murshedi Al Shehhi, Deputy Director General of RAK FTZ, said: âThe RAK Free Trade Zoneâs philosophy centres on attracting and maximising the growth of value-added, know-how based, and technologically advanced businesses in Ras Al Khaimah.
This has seen us attracting some top companies to the region over the last 12 years. The tremendous and continuous growth in our new client portfolio reflects the investorsâ confidence in our transparent and business-friendly environment.â
âRAK FTZ is a major contributor to the GDP growth of the emirate, and in turn the UAE. The reason we have seen amazing growth is that we not only offer unmatched benefits for our clients, but also extend a strategic hub-and-spoke destination for businesses, especially for those who wish to expand in the Middle East and Northern Africa. The fDi ranking allotted to us also sends out a clear message to the global business community that RAK FTZ is indeed âThe Home of Businessâ in the Middle East,â said Al Shehhi.
She further added: âWe are quite confident that RAK FTZ will achieve unprecedented growth levels by the end of 2012.â
To reinforce its growth strategy, RAK FTZ powered up its key value-added services for customers through online and offline marketing initiatives. This included a number of marketing outreach activities in the UAE and the GCC, as also reaching out to prospective investors in India, France, Turkey, Jordan, Nigeria, Russia, Pakistan, China, and other countries. In addition, RAK FTZ participated in several trade visits and conferences in India and China, organised by the UAE Ministry of Foreign Trade.
Emphasising its role as a good corporate citizen, RAK FTZ also undertook a number of Corporate Social Responsibility initiatives within the emirate and beyond in the first half of 2012. These included support to RAK Half Marathon, RAK Terry Fox Walk, RAK Traditional Rowing Regatta, Beat the Heat campaign and Iftar gatherings at labour camps.
RAK FTZ also played pivotal roles in some community initiatives in H1 2012, including the inauguration of a spa, support to the Ramadan volleyball tournament, a can collection drive, sponsorship of the Holy Quran competition and a football fiesta, among others. It also sponsored the 37th Arab Deaf Week activities, organised âhealthy food dayâ for the RAK FTZ staff and sponsored a charity Iftar, apart from extending donations to a number of charity establishments.#]
About Ras Al Khaimah Free Trade Zone Authority:
Ras Al Khaimah Free Trade Zone (RAK FTZ) is one of the fastest-growing and most cost-effective free trade zones in the United Arab Emirates (UAE). With a reputation for affordability, flexibility and broad geographical reach, RAK FTZ is rapidly emerging as the preferred business hub in the region, from which investors can easily access and branch into the emerging markets.
2010 marked RAK FTZâs 10th year in operation, and in the past decade, it has gone from strength to strength, garnering accolades and awards along the way. Since its establishment in 2000, with only a handful of staff and a few offices, the free zone has grown by leaps and bounds and is now home to some 6,000+ active companies from 106 countries around the globe, employs more than 350 full-time staff, operates business and promotion centres in four locations in the UAE and has an expanding international presence, with liaison offices in Germany, Turkey, India and the USA. To learn more about RAK FTZ, please visit:www.rakftz.com
publié le 15 December 2012
RAK FTZ sheds light on key priorities in the changed business landscape
[#Ras Al Khaimah Free Trade Zone (RAK FTZ) â one of the fastest-growing and most cost-effective free trade zones in the UAE â organised a special business event for its clients on 22 November 2012.
[#The event, held at InterContinental Dubai Festival City in Dubai, showcased a series of presentations from prominent speakers, which shed light on key priorities in the changed business landscape across the region. The event was attended by more than 400 clients of the free trade zone, from different industries such as trading, consulting, and industrial.
Maryam Al Murshedi Al Shehhi, Deputy Director General of RAK FTZ, welcomed the attendees and opened the session. In her welcome note, Al Shehhi highlighted the development and growth of RAK FTZ.
âWe have 1,935 new companies in the RAK FTZ family this year, and by the end of 2012, we expect this number to increase significantly. We would like to credit this performance to a host of factors â from our transparent, investor-friendly policies to our strategic location,â she said.
Thanking the clients, Al Shehhi, added, âWe would like to thank our clients for their confidence in our unique business model. This initiative to host a business lunch for our clients is aimed at boosting our interaction and commitment to our clientsâ growth journey.â
The panel of prominent speakers at the event included Marcus Wallman, Partner - Commercial Advisory at Al Tamimi & Co., and Ammar Haykar, Litigation Partner at Al Tamimi & Co., who addressed the audience on âContracting under the UAE lawâ. This address was followed by Liz Martins, Senior Economist - Global Banking and Markets at HSBC Bank Middle East Limited, whose topic was about âThe Middle East and North Africa in a troubled global economyâ.
The event also encompassed a speech by motivational speaker Carol Talbot, Owner of Matrix Training Solutions, which focused on âLeading from the Inside Outâ.
The networking lunch after the event was attended by HH Sheikh Faisal Bin Saqr Al Qasimi, Chairman of RAK FTZ who mingled and chatted with the attendees.
Kholoud El Fouly, Director of Client Relations of RAK FTZ, said: âBy gathering our clients and bringing together a panel of experts to talk about the matters that add value to their businesses, we hope that it will produce a host of valuable ideas, support their particular needs and gain insights that can add value to their businesses.
The successful event is one of the many activities planned by RAK FTZ for its clients. El Fouly also revealed that RAK FTZ clients could expect more events in 2013.
publié le 16 January 2014
RAK FTZ wins prestigious EPDA award for best environmental practices
In recognition of its innovative environmental protection initiatives, the Ras Al Khaimah Free Trade Zone ( RAK FTZ ) has received the prestigious Environment Protection and Development Authority (EPDA) award for the Best Environmental Practices in Ras Al Khaimah.
EPDA aims to protect the environment and the sustainability of its resources. It provides environmental awareness services and promotes the concept of environmental citizenship through the application of environmental laws and regulations. It also conducts studies and research that contribute to the protection of natural resources.
The competition took place under three categories: federal government entities, local government entities and hotels. The RAK FTZ won under the local government category, based on a list of standards that includes organising corporate environmental events, promoting green areas, reducing the usage of paper, reducing electricity and water consumption, efficient waste management and Environment, Health and Safety (EHS) initiatives across the organisation.
"Environmental protection is a top priority at RAK FTZ , and it gives us immense pleasure to receive the EPDA award," said Peter Fort, Chief Executive Officer of the RAK FTZ . "We are continuously looking at ways to curb the environmental impact of our processes. This recognition of our dedication towards environmental protection encourages us to continue on our commitment."
Eyad Ismail, Head of Engineering Department, RAK FTZ , added, "We introduced many new environment protection schemes last year, including setting up a safe and comfortable work environment, paperless office initiative, save electricity competition, save energy awareness campaign, fire and safety awareness campaign, fire drills, fixing water-saving faucets in taps, planting trees, sending paper for recycling and others. The RAK FTZ is committed to the cause of a sustainable tomorrow, and we shall continue our efforts proactively."
The award was handed over during a ceremony at the Ras Al Khaimah Chamber of Commerce on 31 December 2013. With the RAK FTZ ’s regular social and environmental initiatives, including its EHS projects, Clean-Up UAE campaign, Healthy Employee Lifestyle Programme (HELP), numerous blood donation campaigns, support to cancer research in the UAE and several sports and educational programmes within the country, the organisation is known for its Corporate Social Responsibility (CSR).
About Ras Al Khaimah Free Trade Zone Authority:
The Ras Al Khaimah Free Trade Zone ( RAK FTZ ) is one of the fastest-growing and most cost-effective free trade zones in the United Arab Emirates (UAE). With a reputation for affordability, flexibility and broad geographical reach, the RAK FTZ is rapidly emerging as the preferred business hub in the region. Investors can easily access its business-friendly services, and branch into emerging markets.
Since the establishment of the RAK FTZ in May 2000, the free zone has gone from strength to strength, garnering accolades and awards along the way. With only a handful of staff and a few offices in 2000, the free zone has grown by leaps and bounds and is now home to 7,000 active companies from 106 countries around the world. It employs more than 350 full-time staff, operates business and promotion centres in four locations in the UAE, and has an expanding international presence, with liaison offices in Germany, Turkey and India. To learn more about the RAK FTZ , please visit www.rakftz.com.
publié le 7 July 2015
Ras Al Khaimah Free Trade Zone Opens 100 New Warehouses
Ras Al Khaimah Free Trade Zone (RAK FTZ) has opened 100 new warehouses in its Technology Park, for clients involved in trading as well as light and medium industrial manufacturing. The development highlights the free zone’s ongoing commitment to provide a full range of world-class facilities to meet investors’ needs.
RAK FTZ embarked on the AED 47 million project to answer the rising demand for facilities where activities such as shipping, storage and product redistribution can be managed.
"The opening of the 100 new warehouses shows our initiative to offer modern infrastructure that is not only of the highest quality, but is also tailored to the specific requirements of individual business owners," said Ramy Jallad, Acting CEO, RAK FTZ. "We are continuously striving to provide a wide range of ready-made, cost-effective facilities that are designed to help companies reach their full potential."
Supervised and managed by RAK FTZ engineers, the newly constructed warehouses were made from advanced, high-performance materials. They have reinforced concrete flooring designed mainly to accommodate the heavier machinery that is often used in industrial manufacturing. They also have more electrical power capacity than their predecessors.
"We equipped the warehouses with valuable features to accommodate a broad range of industrial facility requirements," said Eyad Ismail, RAK FTZ’s Engineering Manager. "Apart from having higher ceilings and bigger doors to enable loading and unloading of big trucks, the new warehouses come with removable precast hollow core walls. This means that when companies grow, they have the option to expand their floor space to as much as 8,600 square metres."
Additionally, the new warehouses each have their own water supply tank and fire-safety mechanisms such as sprinklers, suppression systems and fire detectors. Each warehouse also comes with its own kitchen, bathroom and office. Further, the warehouse project includes new infrastructure such as roads, water and electrical connections, a central firefighting network, drainage, and other features.
With flexible warehousing opportunities at RAK FTZ, companies that conduct trading and manufacturing operations at the free zone can effectively meet the needs of their customers.
About Ras Al Khaimah Free Trade Zone:
Ras Al Khaimah Free Trade Zone (RAK FTZ) provides award-winning services and world-class facilities, enabling clients to quickly and efficiently set up and grow profitable companies in the United Arab Emirates. Home to more than 8,000 active companies from over 100 countries and over 50 industry sectors, RAK FTZ offers completely tax-free status to its clients, allows for 100 per cent foreign ownership and unrestricted repatriation of profits, in addition to a host of other business-friendly incentives.
Less than an hour’s drive from Dubai, RAK FTZ offers significant geographical advantages for clients to easily access markets in the Middle East, Africa, Europe and South Asia. It caters to the unique requirements of small, medium and large businesses with four free zone parks including business centre facilities, offices, warehouses and land for development, as well as facilities for educational institutions. Since its inception 15 years ago, RAK FTZ has diversified from its traditional focus on industrial manufacturing to also support trading, sales and marketing activities, a wide range of service sectors, as well as logistics and distribution platforms.
To learn more about RAK FTZ, please visit www.rakftz.com
publié le 7 January 2010
Saudi economy to grow by 4.5% in 2010, says Goldman Sachs
[#The Saudi economy will expand 4.5% this year as increased public expenditure paves the way for sustained economic recovery, The National reported, citing a Goldman Sachs forecast.#]
[#Strong balance sheets in the banking and household sectors should also help to ensure that the kingdom outperforms most other GCC members, Goldman said in a research note.
âSaudi authorities currently have considerable fiscal resources at hand, which would enable them to support the economy and ensure that recovery is sustained through 2010,â said Ahmet Akarli, an economist at Goldman Sachs
The US bank expects a budget surplus for the current year of about SAR230 billion, with revenue at SAR860 billion and outlays at SAR630 billion.
Public expenditure could approach 35% of GDP this year, a smaller share than last year, but higher than the shares for the two years prior to that, Goldman said.
âClearly, Saudi Arabia, alongside the GCCâs other hydrocarbon-heavy economy Qatar, is ideally positioned to benefit from the ongoing cyclical recovery in the global economy and outperform its peers in the Gulf region,â said Akarli.
The IMF has forecast growth of 4% in Saudi Arabia for this year.#]
publié le 27 July 2011
Sheikh Saud visits RAK FTZ Technology Park
[# His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, paid an official visit to the RAK Free Trade Zone Technology Park today.#]
[#H.H Sheikh Saud was welcomed by RAK FTZ senior executives including Oussama El Omari, RAK FTZ CEO, and Maryam Al Murshedi, Deputy Director General; along with other RAK FTZ representatives.
Ahead of a site tour of the technology park, El Omari conducted a briefing for Sheikh Saud to introduce some of RAK Free Zoneâs Technology Park companies. As part of its ongoing long-term commitment to develop a permanent infrastructure for the Technology Park, RAK FTZ is ramping up its already extensive business support offering to provide the optimum conditions a wide range of activities and investment opportunities required to achieve future success.
The large number of operating companies already registered with RAK FTZ, and located in the Technology Park, encompass diverse sectors from automobile manufacturing and the plastics industry, to electricity cabling, building materials and perfume companies, to name but a few.
âThe Technology Park is breaking new ground not only with the construction of new facilities, but through a range of value-added services that are driving both interest as well as opportunity for expansion. The presence of a number of special car manufacturing companies is just one example of the growth areas that have developed substantially over the last few years. These companies are specialized in providing custom-made and they are one of the best vehicles in the world.â remarked El Omari.
Upon conclusion of his visit, His Highness expressed great satisfaction with the progress and performance of RAK FTZ companies and with all the facilities provided by RAK FTZ.#]
publié le 30 May 2012
Shurooq to host first Sharjah-French Round-Table
[#Sharjah Investment and Development Authority, (Shurooq) in collaboration with the French Business Council of Dubai and Northern Emirates (FBC) will be hosting the first Sharjah-French Round-Table this Wednesday 30th May, to highlight and explore the economic, investment, tourism and cultural opportunities that exist between Sharjah and France.#]
[#Taking place at the Sharjah Chamber of Commerce and Industry,the Round-Table will be gathering representatives from more than twenty major French companies as well as a further twenty representatives from the Sharjah government and various leading Sharjah based businesses, with the aim of bringing The Authority and business community closer to the French Business community and creating synergies and opportunities of mutual benefit for both communities.
During this first installment of the Round-Table, Sharjah stakeholders and prominent members of the French Business Community will be discussing a number of topics in line with the Emirates development strategy including logistics, alternative energy sources and environmental issues, travel and tourism, as well as the healthcare sector.
H.E. Marwan bin Jassim Al Sarkal, CEO of Sharajah Investement and Development Authority (Shurooq), remarked, âWe are very pleased to be able to implement yet another initiative in line with our vision of enhancing Sharjahâs position as a leading tourism and investment destination. This Round-Table provides an invaluable chance for us to link prospective investors with worthy investment opportunities in Sharjah.â
FBC has been actively working on strengthening its relationships with the various northern Emirates and the Sharjah-French Round-Table follows the Fujairah-French Conference, which was held in September 2011. The Sharjah-French Round-Table will focus on creating even closer ties between Sharjah and the FBC, especially within the framework of the emirateâs progressive economic plan and vision. It is the aim of both parties to work closely on common synergies to develop specific sectors as economic pools and to benefit from mutual expertise.
Claude Valle, President of French Business Council commented, âThe discussion creates a highly relevant and effective environment in which to exchange ideas and open up avenues of discussion between industry stakeholders and experts. It is also an excellent vehicle through which to encourage a mutually beneficial interchange of information to foster the development of best practices in and amongst the applicable industries.â
Established in 2009, Shurooq aims to achieve social, cultural, environmental and economic development on the basis of Sharjah’s distinct Arab and Islamic identity, and to encourage investment by adopting the best international standards in providing quality services that help attract investors from the region and the world.
The Authority’s main mission is to provide the necessary facilities and incentives, to overcome obstacles facing investment activities in the Emirate, to evaluate development-related infrastructure projects, and to lay down the necessary plans and groundwork to complete such projects.#]
publié le 19 October 2015
TECOM GROUPâS DUBIOTECH AND ENPARK JOIN TO FORM DUBAI SCIENCE PARK
As part of TECOM Groupâs commitment to driving innovation in Science, the company has announced that âDubai Biotechnology & Research Parkâ (DuBiotech) and the âEnergy and Environment Park (EnPark)â will operate under a joint umbrella to be known as âDubai Science Parkâ (DSP). This development is a reflection of TECOM Groupâs overall strategy to operate and develop innovative communities, aimed at enabling business success.
The newly formed Life Science, New Energy and Environment business community, Dubai Science Park (DSP) is the realisation of a continued commitment to respond to the evolving needs of the industry, allowing for increased collaboration and innovation.
Dubai Science Park will continue to support both SMEs and global firms looking for a regional base for their Middle East operations, by facilitating a bespoke yet vibrant community. It will create a holistic environment for organisations across the life sciences and energy industries, by continuing to offer flexible, bespoke products and services for every facet of the science sector.
The new identity, Dubai Science Park, is a step towards the ambition to deliver Dubaiâs innovation strategy and diversify the economy through the development of the life science, energy and environment sectors.
DuBiotech was established in 2005 to support the Government of Dubaiâs vision to transform the Emirate into a knowledge-based economy and develop the regionâs life science sector, and its talent pool. Since its launch, DuBiotech has grown into a thriving community of over 230 business partners including global industry players Pfizer, Amgen, Bristol-Myers Squibb, Maquet, Firmenich and IFF. Its sister park, EnPark, which was founded in 2007, has been widely recognised for its work in the field of sustainability and the development of environmental products and initiatives winning a number of high profile awards such as the âUAE Green Brandâ in 2012. As a founding member of the Dubai Green Energy Partnership, EnPark has remained at the forefront of development in green energy, conservation and R&D.
The new brand has brought two promising markets together, life sciences and new energy & environment. Over the past 50 years, science innovation has contributed to the world through breakthroughs such as vaccines, telemedicine, and robotic surgery. For emerging markets looking to capture a segment of the life sciences market, medical technology and health informatics look to provide a promising avenue. In addition to this, the region is increasingly focused on alternative energy solutions. According to the Middle East Solar Industry Association (MESIA), in 2014, a record number of solar projects were awarded in the Middle East, a four-fold increase over the previous seven years combined. DSP will provide the perfect platform to foster greater collaboration, as well as helping build longer, richer relationships within the Science sectors.
Marwan Abdulaziz, Executive Director, Dubai Science Park said:
MarwanâDuBiotech and EnPark have been successful business communities for many years. However, as they have evolved, we have seen the opportunity to further drive growth and development and as such, we have combined the entities to achieve greater innovations and serve the wider business community.
âThe new brand, Dubai Science Park, in partnership with more than 280 business partners, is focused on achieving our vision of becoming the most innovative and vibrant science community in the Middle East - a place where employees and their families can work, live and flourish.â
To coincide with the launch of the new community, DSP commissioned a White Paper in collaboration with The Economist entitled âInnovation in Life Sciences: An emerging markets perspectiveâ. The report provides insight into the importance of nurturing innovation in the field of science, examining common barriers to innovation, the role of government support in nurturing the industry and a look ahead at which facets of the science industry have the most growth potential. The research is focused on successful international strategies for innovation in the life science industry and concludes with recommendations that emerging markets, such as the UAE, can undertake to facilitate their own development.
The report will be launched at an event hosted by Dubai Science Park on 26th October at the Armani Ballroom, Dubai.
About Dubai Science Park
Dubai Science Park (DSP) is the regionâs first free zone community that serves the entire value chain of the science sector, dedicated to supporting scientific Entrepreneurs, SMEs and multinational enterprises. Formerly known as DuBiotech and EnPark, it is home to over 280 science companies across the life sciences as well as Energy and Environment sectors.
Designed specifically for the needs of businesses and professionals who work in life sciences, DSP fosters an environment that supports scientific research, creativity and innovation. By providing ample office and laboratory space, a robust infrastructure and a vibrant community for residents, DSP ensures a supportive eco-system for businesses to flourish and bring about sustainable change and improvement to the world around us.
Dubai Science Park aims to play a significant role in Dubaiâs Vision 2021 by facilitating a more sustainable and self-sufficient future that maximises the sustainable use of indigenous resources and talent. DSP will achieve this by supporting innovation in the sciences by fostering growth and change in the areas of human science, plant science, material science, environmental science and energy science.
publié le 9 January 2015
UAE Ministry of Economy steps up preparations for 5 th Annual Investment Meeting 2015, which has attracted representatives from 140 countries
The UAE Ministry of Economy has stepped up the preparations for the 5th Annual
Investment Meeting (AIM), to be held from 30 March - April 1, 2015 at the Dubai International Convention and Exhibition Centre.
- UAEâs GDP crossed AED 1.54 trillion in 2014
- H.E. Al Mansoori: âUAE Foreign Direct Investment inflow continues, with potential to attract more in coming yearsâ
The AIM, which will be held under the theme âSustainable Development Through FDI-Induced Innovation and Technology Transferâ, has attracted representatives from more than 140 countries, with âInnovationâ as main discussion topic.
H.E Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, has lauded the forumâs theme, as it comes at a time when the UAE is focusing on âInnovationâ, reflected in recent announcement of the UAE Cabinet under the directive of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE that 2015 would be the year of innovation.
The UAE Federal Government will launch a seven-year, integrated national strategy for innovation, comprising 30 phases, to push the UAE to innovation forefront globally.
Organisers of AIM have urged countries seeking to attract foreign investment to create the appropriate environment to facilitate investments, and surmount logistical and legal obstacles, as well as encourage innovation among all segments of
H.E Sultan Bin Saeed Al Mansoori said that the cumulative FDI in the UAE stood at AED 223 billion from 2006 to 2013, bringing its total cumulative balance to AED 387 billion from various countries around the world.
H.E. said that the UAE has streamlined FDI, especially in logistics, and quoted a 2014 report by United Nations Conference on Trade and Development (UNCTAD) saying that the UAE was able to attract around USD 10.5 billion of FDI during 2013, compared to USD 9.6 billion in 2012, a growth of 9.2%. H.E Al Mansoori projected an increase in UAEâs GDP to more than AED 1.54 trillion in 2014, compared to AED 1.47 trillion in 2013, an approximate growth of 4.8%.
AIM is expected to attract more than 500 companies from 140 counties, displaying projects, products and services for many economic sectors such as agriculture, agro-industry, trade, construction, education, research, energy, finance, banking, aviation, commodities and management of free zones, insurance, government, healthcare, investment in information technology infrastructure, communications, legal affairs, logistics, pharmaceutical industry, marine and submarines industries, mining, tourism, hospitality, transportation and waste management.
Workshops and several business deals will be held on the sidelines of the forum. It will also see the launch the second FDI Report 2015.
Mr. Dawood Al Shezawi, CEO, AIMâs Organizing Committee says: âEmerging markets’ share of FDIs amounted to 54% in 2013, which underpins the importance of AIM 2015.â A day before AIM 2015, a planning conference will be held to throw light on achieving integrated growth, taking into account the income and living standards, through creating new investment relations with the global economy, which in turn
attracts new technologies.
AIM organizers say the forum has become a global hub for the convergence of expertise and open channels of communication, as well as an ideal platform for innovation, providing tips for developing economies to learn from successful models.
H.E Al Mansoori said: "Preparations for AIM 2015 are in full swing, at a time when the latest International Monetary Fund (IMF) forecast show a 3.3 per cent growth in international economy in 2014 and 3.8% in 2015.â
publié le 20 October 2015
UAE to see 62% rise in number of millionaires by 2020 â Credit Suisse
The number of millionaires in the United Arab Emirates is set to grow by 62 per cent over the next five years, the latest annual wealth report from Credit Suisse has found.
According to the report, the number of millionaires within the UAE is set to increase from 59,000 in 2015 to 96,000 in 2020.
The other Gulf country that is set to see a huge growth in its wealthy population is Saudi Arabia, where the number of millionaires is expected to rise from 50,000 in 2015 to 86,000 in 2020 â a 72 per cent growth.
Overall, the Middle East and North Africa countries have an estimated 330, 000 millionaires (as of 2015), up by more than 240 per cent since 2000. The number of millionaires is projected to rise by another 52 per cent to 500,000 by 2020, the report added.
In terms of the highest average wealth per capita, Qatar topped the Gulf Cooperation Council region with wealth of $157,000 per adult in mid-2015, up 0.8 per cent from the same period last year.
The GCC state also ranked 21st globally in terms of average wealth, up from 29th place in 2000, the report stated.
The UAE came second among the GCC countries with average wealth per adult of $144,400. However the amount marked a 0.3 decline compared to last year. Kuwaitâs wealth per adult also fell 7.6 per cent from last year to reach $113,400, the report found.
Meanwhile average wealth per adult in the MENA region declined by 6.9 per cent to $15,800 in mid-2015, from $16,900 in mid-2014. However, this decline is largely due to exchange rate weakness, the report said.
The oil producing countries in the Middle East â specifically the GCC countries â have also been hit hard by the drop in oil prices over the past year. Oil prices are down around 50 per cent compared to the highs of about $114 per barrel in June 2014, which has hit state revenues.
In terms of total wealth, Saudi Arabia ranked first among GCC economies, with an estimated total wealth of $0.7 trillion, followed by the UAE with an estimated wealth of $0.6 trillion.
Overall household wealth in the MENA region totalled $4.4 trillion in mid-2015, down 2.2 per cent since mid-2014. In constant currency terms, however, net wealth increased by 1.7 per cent, the report added.
Globally as well, the report found that wealth fell by $13 trillion from mid-2014 to mid-2015 mainly due to the dollar appreciation. If measured at constant exchange rates, global wealth would have risen by $13 trillion since last year.
Chief investment officer for the UK & EEMEA, Private Banking and Wealth Management at Credit Suisse Michael OâSullivan said: âWe are clearly in a growth industry, with wealth set to continue its upward trajectory. By our estimates, wealth could grow at an annual rate of 6.6 per cent, reaching $345 trillion in 2020.
âFurthermore, the number of dollar millionaires could exceed 49.3 million adults in 2020, a rise of more than 46.2 per cent, with China likely to see the largest percentage increase and Africa as the next performing region.â
publié le 19 December 2015
World Bank Group Scales Up Support for Egypt
The World Bank Groupâs Board of Executive Directors today endorsed a new Country Partnership Framework (CPF) to support Egypt during a critical period of economic and social transformation. The Board also approved a US$1 billion in a development policy finance operation for Egypt to help the country carry out key economic reforms.
The World Bank Groupâs support is tailored to help Egypt address its economic and social challenges. It builds upon the Government of Egyptâs medium-term strategy and national priorities for promoting macroeconomic stability and private sector-led job creation, strengthening service delivery, and fostering social justice and inclusion. Priorities include measures to support fiscal consolidation, reorient public spending towards growth and social services, promote energy security, develop a targeted social safety net, strengthen institutional arrangements to improve service delivery in rural sanitation, and modernize public administration.
The CPF will also help implement the World Bank Groupâs strategy for the Middle East and North Africa Region, which is focused on supporting peace and stability, prerequisites for fighting poverty and boosting shared prosperity. âWorld Bank Group support to Egypt will focus on the countryâs urgent need to create more jobs, especially for the youth, improve quality and inclusiveness in service delivery, and promote more effective protection of the poor and the vulnerable,â said Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti.
The CPF for Egypt, prepared jointly by the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA), covers the period 2015 through 2019. It is informed by consultations with a broad range of stakeholders in Egypt. During this 5-year period, IBRD plans on financing around US$6 billion while IFC plans on financing of about US$2 billion for total World Bank Group financing of US$8 billion.
âJump starting the economy canât happen without enabling the private sector to play a catalytic role in diversifying the economy, increasing competitiveness, and creating jobs,â said Mouayed Makhlouf, IFC Regional Director for the Middle East and North Africa. .âIFC will continue to support the private sector and reforms that create a level playing field and a business-friendly environment to support Egyptâs growth.â
The CPF reflects a clear departure from past World Bank support for Egypt. This is not only by its proposed scale, which is considerably larger than in the past, but also by its focus on supporting the countryâs efforts to renew its social contract with its citizens. The three closely interconnected key pillars of the CPF are improving governance, supporting private sector job creation, and improving social inclusion.
New US$1 billion Development Finance Support for Egypt
The World Bank Groupâs Board of Executive Directors today also approved a US$1 billion operation—the First Fiscal Consolidation, Sustainable Energy, and Competitiveness Programmatic Development Policy Financing (DPF). This is the first in a programmatic series of three annual development finance loans to Egypt.
âWe are pleased to support the Governmentâs reform program of promoting fiscal consolidation, ensuring sustainable energy supply, and creating a supportive business environment for entrepreneurs,â said Asad Alam, World Bank Country Director for Egypt, Yemen and Djibouti. âThis program is a central element of our CPF to promote policy and institutional reforms for inclusive growth,â he added.
The DPF supports fiscal consolidation through higher revenue collection, greater moderation of the wage bill growth, and stronger debt management; ensuring sustainable energy supply through reducing energy subsidies and liberalizing the energy market to allow for greater private sector engagement; and enhancing the business environment through a package of reforms designed to cut red tape, reduce barriers to entry, and promote better competition policies. The proposed DPF is part of a programmatic series, with the second and third DPFs subject to satisfactory implementation of the multi-year reform program, particularly with respect to an adequate macroeconomic framework. The operation has been prepared in close coordination with the African Development Bank which is providing parallel financing.