Abu Dhabi based company PAL Technology unveils latest generation humanoid Robot Reem B
posted on 13/06/2008
HH General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces attended yesterday launch of Reem B, a prototype for the development of one of the most sophisticated humanoid service robots in the world.
The launch event which was organised by Pal Technology on Reem Island in Abu Dhabi, was also attended by HH General Sheikh Saif bin Zayed Al Nahyan, Minister of Interior.
Reem B is the next generation prototype of a humanoid robot designed and built by Pal Technology, a UAE based multi disciplined business established in 2000. The 60kg robot's customized hardware and software development makes it a truly autonomous, self-contained service robot, able to communicate with humans and perform a number of unique and sophisticated tasks.
Reem B is the evolution of the first humanoid robot Reem A created by Pal Technology Robotics, Reem B has the unique ability to map and self localize itself, both elements that distinctly set it apart from Reem A. Although both robots can perform face recognition, object recognition, voice recognition and walking, Reem B, can also converse with humans, walk dynamically, recognize and grasp objects, accept voice commands, and even remind appointments.
Davide Faconti from Pal Technology said: "Our dedicated team of engineers has worked hard for four long years to get to where we are today. This is an extremely proud moment for all of those who have worked tirelessly in helping to develop Reem B. The event will showcase a number of Reem B's advanced skills, including the ability to proficiently navigate a room and steer around obstacles." "Reem B is equipped with an infrared laser on its feet, allowing it to find its way and generate autonomously a map of its environment onto a computer screen which guests are able to witness in real time." added Faconti.
Reem B is also able to carry up to 25% of its weight, making it the world's strongest humanoid robot. In addition, the 1.47 meter tall robot has a fingered hand with 12 motors, and is able to manoeuvre up and down stairs, with added sensors to ensure that it avoids any obstacles. Reem B also boasts the longest battery autonomy of any robot - an impressive 120 minutes.
Basar Shueb, General Manager of Pal Technology said: "Pal Technology's ultimate goal is to create a truly useful humanoid service robot that will be able to help humans in the future with sophisticated tasks. Reem B is clearly aligned with this vision, not only representing the next generation of humanoid robotics, but a robot designed to assist people and not replace them." – Emirates News Agency, WAM
Saturday, June 28, 2008
Monday, May 5, 2008
Saudi Women: Untapped Economic Powerhouse
Saudi Women: Untapped Economic Powerhouse
Fatin Bundagji, fatin@bundagji.com
The economic status of women around the world needs immediate attention of the authorities concerned with national development. It is said that even though women make up half of the world’s population they are burdened to perform nearly two-thirds of its work hours; receive only one-tenth of its income; and own only one hundredth of its property.
Any wonder then, why the United Nations initiated the global campaign for “women’s empowerment” by centerstaging this burning issue in its Millennium Development Goals?
In the Middle East and North African region, it is estimated that by the year 2025 over 100 million jobs will need to be created to accommodate the influx of Arab youth entering the work force. It is also estimated that in spite of the heavy investment most Arab nations have made in women’s education, working women in the region make up only 32 percent of the region’s total work force — and within these unemployment statistics, highly educated women are known to be the most unemployed.
As for the unemployment situation of women in Saudi Arabia, one can only speculate with the absence of reliable data. But thanks to events such as the Saudi National Dialogues, and with the conclusion of the most recent 7th one, the general public knows that unemployment in general, and women’s unemployment in particular, is a clear and present danger waiting to explode if there are no immediate interventions from the authorities.
Old news, repackaged once again. So what then can we, as a nation, do about it, aside from talking?
There is no better time than now for us to capitalize on the resourcefulness and contributions of women as major market-creators — but we can only do that if we work hard at dismantling the cultural stereotypes attached to women’s employment that have been haunting us for the last 20 years. Dare we dream of the day when equal employment opportunities are readily available in Saudi Arabia to both men and women? Dare we dream of the day when our youth no longer need to migrate to neighboring countries in search of better employment opportunities and better living conditions? Dare we dream of a day where my country, the Kingdom of Saudi Arabia, becomes the “employer” of choice for our local youth as well as for job seekers around the world? I dare say that we can.
Savvy investors will be quick to notice that the first two paragraphs of my article describe a situation that seems catastrophic at first glance but beneath the surface lies a ripe investment opportunity waiting to be plucked. I think we all agree that it is high time that the private sector began to make its mark on our national economy by becoming more proactive in deciding who they can or cannot employ. After all, any — or all — current employment opportunities are made by them and as key stakeholders they have the legitimate right to make sure that their business objectives are met by those they believe are qualified and able to do so.
Women have tremendous economic and social power.
Recent surveys in a variety of countries show that women make up 80 percent of their families’ purchasing decisions. By employing women, companies will have the advantage of acquiring first-hand insight into the decision-making process of their key client, “the woman consumer”. Through the insight and perspectives brought on by women employees, managers, and CEOs, companies will be able to tap into new markets, develop new products and become better local and global competitors.
Even though I am advocating the integration of women into the work force, the core purpose of my argument is not only to do so for the sake of gender equality per se, but more for the sake of providing practical solutions for the benefit of all parties concerned: My country, our youth and our private sector enterprises. Toward this end, I will conclude with the following three points. First, integrating women into the national labor force is by default the reason behind the 50-year-old decision taken by our leadership to educate women; it is also by default the object of the 5-year National Development Plans initiated in the 1970s and still in progress today.
Secondly, based on that decision, it is payback time. The heavy investment of free education for Saudi women for over half a century needs to bear its fruits now — or else we will continue to add more women onto the backlog of unemployment that we are suffering from now.
And finally, and more importantly, the “second income” generated by respectable employment is to most Saudi women the critical dividing line between a lifestyle of poverty and the hope for a middle class one — and this fact alone is reason enough to convince all parties concerned that the ultimate benefits and prosperity brought on by the employment of women will fall on none other than on our nation itself.
Fatin Bundagji, fatin@bundagji.com
The economic status of women around the world needs immediate attention of the authorities concerned with national development. It is said that even though women make up half of the world’s population they are burdened to perform nearly two-thirds of its work hours; receive only one-tenth of its income; and own only one hundredth of its property.
Any wonder then, why the United Nations initiated the global campaign for “women’s empowerment” by centerstaging this burning issue in its Millennium Development Goals?
In the Middle East and North African region, it is estimated that by the year 2025 over 100 million jobs will need to be created to accommodate the influx of Arab youth entering the work force. It is also estimated that in spite of the heavy investment most Arab nations have made in women’s education, working women in the region make up only 32 percent of the region’s total work force — and within these unemployment statistics, highly educated women are known to be the most unemployed.
As for the unemployment situation of women in Saudi Arabia, one can only speculate with the absence of reliable data. But thanks to events such as the Saudi National Dialogues, and with the conclusion of the most recent 7th one, the general public knows that unemployment in general, and women’s unemployment in particular, is a clear and present danger waiting to explode if there are no immediate interventions from the authorities.
Old news, repackaged once again. So what then can we, as a nation, do about it, aside from talking?
There is no better time than now for us to capitalize on the resourcefulness and contributions of women as major market-creators — but we can only do that if we work hard at dismantling the cultural stereotypes attached to women’s employment that have been haunting us for the last 20 years. Dare we dream of the day when equal employment opportunities are readily available in Saudi Arabia to both men and women? Dare we dream of the day when our youth no longer need to migrate to neighboring countries in search of better employment opportunities and better living conditions? Dare we dream of a day where my country, the Kingdom of Saudi Arabia, becomes the “employer” of choice for our local youth as well as for job seekers around the world? I dare say that we can.
Savvy investors will be quick to notice that the first two paragraphs of my article describe a situation that seems catastrophic at first glance but beneath the surface lies a ripe investment opportunity waiting to be plucked. I think we all agree that it is high time that the private sector began to make its mark on our national economy by becoming more proactive in deciding who they can or cannot employ. After all, any — or all — current employment opportunities are made by them and as key stakeholders they have the legitimate right to make sure that their business objectives are met by those they believe are qualified and able to do so.
Women have tremendous economic and social power.
Recent surveys in a variety of countries show that women make up 80 percent of their families’ purchasing decisions. By employing women, companies will have the advantage of acquiring first-hand insight into the decision-making process of their key client, “the woman consumer”. Through the insight and perspectives brought on by women employees, managers, and CEOs, companies will be able to tap into new markets, develop new products and become better local and global competitors.
Even though I am advocating the integration of women into the work force, the core purpose of my argument is not only to do so for the sake of gender equality per se, but more for the sake of providing practical solutions for the benefit of all parties concerned: My country, our youth and our private sector enterprises. Toward this end, I will conclude with the following three points. First, integrating women into the national labor force is by default the reason behind the 50-year-old decision taken by our leadership to educate women; it is also by default the object of the 5-year National Development Plans initiated in the 1970s and still in progress today.
Secondly, based on that decision, it is payback time. The heavy investment of free education for Saudi women for over half a century needs to bear its fruits now — or else we will continue to add more women onto the backlog of unemployment that we are suffering from now.
And finally, and more importantly, the “second income” generated by respectable employment is to most Saudi women the critical dividing line between a lifestyle of poverty and the hope for a middle class one — and this fact alone is reason enough to convince all parties concerned that the ultimate benefits and prosperity brought on by the employment of women will fall on none other than on our nation itself.
Saturday, April 19, 2008
New capital city planned for UAE
New capital city planned for UAE
by Amy Glass on Thursday, 17 April 2008
zoomCAPITAL PLAN: The UAE will have a new capital city by 2028. (Getty Images)The UAE will have a new capital city by 2028 under development plans being unrolled through Abu Dhabi’s urban strategy framework.
The city, to be developed in Khalifa City near Abu Dhabi, will be a contemporary Arab city reflecting a sustainable economy rather than uncontrolled growth, UAE daily Khaleej Times reported on Thursday.
Design work has started on the new capital, which will span an area of 4,900 hectares and be located about 15km from Abu Dhabi city, the newspaper said.
Falah Al Ahbabi, director of Abu Dhabi’s Urban Planning Council, told the newspaper the new city would be able to accommodate three million people in less than 25 years.
The headquarters of all federal authorities, ministries and local government offices will be relocated to the new city to decrease pressure on Abu Dhabi city.
The city will also host residential units and office space, in a bid to meet the growing demand for Abu Dhabi commercial and residential property space.
Abu Dhabi launched its development plan last year, Plan Abu Dhabi 2030. The urban development strategy provides a framework for the UAE capital to guide planning decisions.
Under the plan, the city's population is projected to grow from 930,000 to over three million people by 2030.
by Amy Glass on Thursday, 17 April 2008
zoomCAPITAL PLAN: The UAE will have a new capital city by 2028. (Getty Images)The UAE will have a new capital city by 2028 under development plans being unrolled through Abu Dhabi’s urban strategy framework.
The city, to be developed in Khalifa City near Abu Dhabi, will be a contemporary Arab city reflecting a sustainable economy rather than uncontrolled growth, UAE daily Khaleej Times reported on Thursday.
Design work has started on the new capital, which will span an area of 4,900 hectares and be located about 15km from Abu Dhabi city, the newspaper said.
Falah Al Ahbabi, director of Abu Dhabi’s Urban Planning Council, told the newspaper the new city would be able to accommodate three million people in less than 25 years.
The headquarters of all federal authorities, ministries and local government offices will be relocated to the new city to decrease pressure on Abu Dhabi city.
The city will also host residential units and office space, in a bid to meet the growing demand for Abu Dhabi commercial and residential property space.
Abu Dhabi launched its development plan last year, Plan Abu Dhabi 2030. The urban development strategy provides a framework for the UAE capital to guide planning decisions.
Under the plan, the city's population is projected to grow from 930,000 to over three million people by 2030.
Saturday, March 29, 2008
Dubai carves new cultural landscape
Dubai carves new cultural landscape
by Lynne Roberts on Thursday, 27 March 2008
CULTURAL BRIDGE: The Sheikh Rashid bin Saeed Crossing will provide entry and exit points for the Creek Island on which an opera building will be constructed.A massive cultural project is to transform the banks of Dubai Creek into a ‘living museum,’ with an opera house, galleries, theatres and arts workshops covering over 20 kilometres, it was announced on Wednesday.
‘Khor Dubai,’ a national project to be built by the public and private sectors, will include more than 10 thematic museums, starting with the Messenger Mohammed Museum, and nine public libraries dedicated to poetry, music and literature.
Commencing at Shindagha, Dubai’s oldest neighbourhood at the mouth of Dubai Creek, it will stretch to the commercial district Business Bay, creating “the most comprehensive cultural destination in the world,” according to DIFC governor Omar Bin Sulaiman.
“Khor Dubai will be a unique area that will combine the past and the present to lay down the foundations for the future, merging the cultures of the world with icons of literature, art and creativity,” chairman of the recently established Dubai Culture & Arts Authority Sheikh Majid bin Mohammed bin Rashid Al Maktroum said at the launch.
by Lynne Roberts on Thursday, 27 March 2008
CULTURAL BRIDGE: The Sheikh Rashid bin Saeed Crossing will provide entry and exit points for the Creek Island on which an opera building will be constructed.A massive cultural project is to transform the banks of Dubai Creek into a ‘living museum,’ with an opera house, galleries, theatres and arts workshops covering over 20 kilometres, it was announced on Wednesday.
‘Khor Dubai,’ a national project to be built by the public and private sectors, will include more than 10 thematic museums, starting with the Messenger Mohammed Museum, and nine public libraries dedicated to poetry, music and literature.
Commencing at Shindagha, Dubai’s oldest neighbourhood at the mouth of Dubai Creek, it will stretch to the commercial district Business Bay, creating “the most comprehensive cultural destination in the world,” according to DIFC governor Omar Bin Sulaiman.
“Khor Dubai will be a unique area that will combine the past and the present to lay down the foundations for the future, merging the cultures of the world with icons of literature, art and creativity,” chairman of the recently established Dubai Culture & Arts Authority Sheikh Majid bin Mohammed bin Rashid Al Maktroum said at the launch.
Tuesday, March 25, 2008
GCC states to invest $120b in power and water sectors
Khaleej Times - 23/03/2008 [-] Text [+]
(MENAFN - Khaleej Times) The Gulf region is seeing an annual average increase in demand for power of around 8 per cent, according to industry experts.
With renewable water availability expected to fall and population rising rapidly, the region's authorities have to continuously increase supplies, said Neil Walker, an energy expert.
"With all the GCC countries requiring significant growth in the power and water sectors, an estimated $120 billion investment is anticipated in the industry over the next 10 years," he said.
The first phase of the GCC interconnection grid is due to come on-line in 2008, providing inter-connected states with the chance to improve the economic and operational efficiency of their local power systems, while strengthening supply reliability and security.
An estimated 8 per cent of all Arab investment will be going into the power sector over the next few years, providing excellent business opportunities across the Gulf region.
With over 120 exhibitors and over 3000 visitors expected from over 50 countries, Power-Gen Middle East will be the most important annual meeting place for international power and water executives from the MENA region.
Khaleej Times - 23/03/2008 [-] Text [+]
(MENAFN - Khaleej Times) The Gulf region is seeing an annual average increase in demand for power of around 8 per cent, according to industry experts.
With renewable water availability expected to fall and population rising rapidly, the region's authorities have to continuously increase supplies, said Neil Walker, an energy expert.
"With all the GCC countries requiring significant growth in the power and water sectors, an estimated $120 billion investment is anticipated in the industry over the next 10 years," he said.
The first phase of the GCC interconnection grid is due to come on-line in 2008, providing inter-connected states with the chance to improve the economic and operational efficiency of their local power systems, while strengthening supply reliability and security.
An estimated 8 per cent of all Arab investment will be going into the power sector over the next few years, providing excellent business opportunities across the Gulf region.
With over 120 exhibitors and over 3000 visitors expected from over 50 countries, Power-Gen Middle East will be the most important annual meeting place for international power and water executives from the MENA region.
Monday, March 24, 2008
HSBC Bank predicts a business boom for 2008
HSBC Bank predicts a business boom for 2008
By Mohamed Al Kady on Sunday, March 23 , 2008
The increase in wealth generated by oil and gas revenues in the GCC, especially in the UAE, is creating high growth rates in business opportunities and accordingly creating more potential for commercial banking in the region. Keith Bradley, regional head of commercial and transaction banking at HSBC Bank Middle East, told Emirates Business he expects between 15,000 and 18,000 new businesses to enter the UAE market this year due to the attractive business environment.
What is your outlook for the business environment in the GCC?
The oil and gas wealth, which the region is generating, is being largely reinvested in the GCC, which is fantastic for commercial banking because the wealth is flowing from government institutions and infrastructure programmes into the private sector, offering increasing opportunities for enterpreurers. For example, we have seen an increase in projects launched by nationals and young enterpreurers during the past four years. Young nationals and entrepreneurs are entering the market. We also see foreign investors and multinational businesses coming to the UAE.
What is the relative size of the small and medium enterprises (SMEs) sector in the UAE and the Middle East?
We carried out a study in early 2007 and we estimated there are around 120,000 businesses in the UAE. We estimated that this number has probably increased in 2007 by 15,000 to 18,000. We also expect the number of businesses in the UAE will grow at the same rate in 2008.
HSBC Commercial Banking also conducted surveys of the small business sector in key countries and territories around the globe. In Asia-Pacific, we found businesses are generally optimistic about local economic growth in the first half of 2008. In a similar survey of other markets around the world, UAE respondents indicated a very high level of confidence and 82 per cent, out of 339 respondents, said they expect local economic growth to accelerate in the first half.
Only nine per cent said they expect growth to slow. That confidence is translating into their business strategy as 78 per cent of SMEs in the UAE said they plan to grow their businesses in the first half and 76 per cent said they plan to recruit more staff. And they are also bullish on international trade as 84 per cent said they expect international trade to increase in the first half of 2008.
The confidence in this sector is exciting for HSBC because growth in trade and the diversification of the economy will lead to sustainable growth in the region.
What are the main drivers of growth for UAE businesses?
The business confidence in the UAE market is very high and it is growing. The government created an environment that allows a lot of freedom in terms of business. There are less restrictions and low taxes. Also, energy prices are lower than global rates. We see expansions in the Jebel Ali Free Trade Zone that other countries are copying now.
We also see the establishment of the Dubai International Financial Centre (DIFC), which is turning Dubai into the financial centre of the region. We have seen a lot of global financial institutions, asset management companies and large investment banks coming to the region after the creation of the DIFC. It is now becoming clearer that Dubai will be a major financial hub.
Other factors include the increasing domestic consumption as a percentage of the UAE’s gross domestic product. Look at the increasing number of shopping malls in the country and their high performance. And not only the increasing shopping malls, we have talked with owners of shops inside malls and they said that sales are increasing per square foot.
Despite these developments, the World Bank ranked the UAE 68th for “doing business”. What are your thoughts on that?
The report was surprising because businesses are happy with the environment in the country and global businesses are investing heavily in the UAE. Regarding small businesses, we have seen a significant portion of new businesses are start up entities. However, financial laws can always be improved in any country. One thing I am confident about in the UAE is that the government has taken this report and is reviewing it critically and it will take proper measures.
The government is very conscious about what it needs to do to continue economic progress. It has a fantastic record in taking steps to create infrastructure and a sound business environment. We support a large number of small businesses here and we have a big team to look after small business in the country.
We face some problems but the vast majority of small businesses in the country are doing very well. We are supporting about 15,000 businesses in the UAE and another 15,000 all over the Middle East. The number of small businesses that are being supported by HSBC increased by 40 per cent last year and we expect the same growth in 2008.
What is the impact of changes in global trade corridors from the West to the East?
These changes created new challenges for commercial banking. Historically, banks were not supportive of customers when they changed their operations from one country to another. An estimated 10 per cent to 11 per cent of GCC outward investment is going into Asia and this is expected to grow. HSBC has created centres to finance trade between China, India, Europe and Latin America.
Recognising there are important changes in international trade, we have put in place some new systems and a range of policies so that we can make sure we are much better placed to support customers who want to work in new countries. We have a very strong presence in Asia, the Middle East and Europe, and we are ideally located to support companies who are investing overseas in these areas.
Most regional banks are introducing Basel II regulations. What is the impact of these regulations on commercial banking?
The key challenge for bankers is to raise awareness among customers and businesses about the requirements of Basel II and its new regulations. There are significant changes that will have a very important impact on businesses including the way we look at our clients and how much we need to charge them according to risk prices for different customers.
There is a lot of complexity regarding financial adequacy rules and clients need to understand how these new regulations are going to work. In commercial banking under Basel I, all business had the same risk pricing rate and we provided the same rates for all business. But under Basel II, this changed and the risk pricing of capital required will change according to, among many other factors, the strength of the balance sheets of borrowers.
We will see reprising of risks among different segments of companies during the next two years. For large companies, there will be no changes because we will not need to provide more capital for the same services we offer them, but for companies with a weak balance sheet, banks will need to provide more capital for Central Banks and this will reflect in the risk pricing for them during the coming years.
What has been the impact of the sub-prime crisis on HSBC?
Despite the fact that we have substantial writing downs from our consumer lending business in the United States, we saw profits go up by 10 per cent in 2007 and this was a result of the growth we achieved in the Middle East and Asia. This is the benefit of being a global bank. In the Middle East, we are growing fast as HSBC has made a commitment to invest more in emerging markets and the Middle East is part of this expansion.
Keith Bradley
HSBC
Keith Bradley is the regional head of commercial and transaction banking for HSBC Bank Middle East. He joined the HSBC Group in January 1989 as an international manager. He took over his current position in July 2006. Prior to that his last assignment was senior executive for global commercial banking in Hong Kong. Bradley has worked in a variety of strategy, sales, product development and credit roles in Hong Kong, Vancouver, London and Jakarta. Educated in the United Kingdom, Bradley has a Master’s degree in business administration from Brunel University in the UK.
Last Update at 9:35 am on March 23, 2008
By Mohamed Al Kady on Sunday, March 23 , 2008
The increase in wealth generated by oil and gas revenues in the GCC, especially in the UAE, is creating high growth rates in business opportunities and accordingly creating more potential for commercial banking in the region. Keith Bradley, regional head of commercial and transaction banking at HSBC Bank Middle East, told Emirates Business he expects between 15,000 and 18,000 new businesses to enter the UAE market this year due to the attractive business environment.
What is your outlook for the business environment in the GCC?
The oil and gas wealth, which the region is generating, is being largely reinvested in the GCC, which is fantastic for commercial banking because the wealth is flowing from government institutions and infrastructure programmes into the private sector, offering increasing opportunities for enterpreurers. For example, we have seen an increase in projects launched by nationals and young enterpreurers during the past four years. Young nationals and entrepreneurs are entering the market. We also see foreign investors and multinational businesses coming to the UAE.
What is the relative size of the small and medium enterprises (SMEs) sector in the UAE and the Middle East?
We carried out a study in early 2007 and we estimated there are around 120,000 businesses in the UAE. We estimated that this number has probably increased in 2007 by 15,000 to 18,000. We also expect the number of businesses in the UAE will grow at the same rate in 2008.
HSBC Commercial Banking also conducted surveys of the small business sector in key countries and territories around the globe. In Asia-Pacific, we found businesses are generally optimistic about local economic growth in the first half of 2008. In a similar survey of other markets around the world, UAE respondents indicated a very high level of confidence and 82 per cent, out of 339 respondents, said they expect local economic growth to accelerate in the first half.
Only nine per cent said they expect growth to slow. That confidence is translating into their business strategy as 78 per cent of SMEs in the UAE said they plan to grow their businesses in the first half and 76 per cent said they plan to recruit more staff. And they are also bullish on international trade as 84 per cent said they expect international trade to increase in the first half of 2008.
The confidence in this sector is exciting for HSBC because growth in trade and the diversification of the economy will lead to sustainable growth in the region.
What are the main drivers of growth for UAE businesses?
The business confidence in the UAE market is very high and it is growing. The government created an environment that allows a lot of freedom in terms of business. There are less restrictions and low taxes. Also, energy prices are lower than global rates. We see expansions in the Jebel Ali Free Trade Zone that other countries are copying now.
We also see the establishment of the Dubai International Financial Centre (DIFC), which is turning Dubai into the financial centre of the region. We have seen a lot of global financial institutions, asset management companies and large investment banks coming to the region after the creation of the DIFC. It is now becoming clearer that Dubai will be a major financial hub.
Other factors include the increasing domestic consumption as a percentage of the UAE’s gross domestic product. Look at the increasing number of shopping malls in the country and their high performance. And not only the increasing shopping malls, we have talked with owners of shops inside malls and they said that sales are increasing per square foot.
Despite these developments, the World Bank ranked the UAE 68th for “doing business”. What are your thoughts on that?
The report was surprising because businesses are happy with the environment in the country and global businesses are investing heavily in the UAE. Regarding small businesses, we have seen a significant portion of new businesses are start up entities. However, financial laws can always be improved in any country. One thing I am confident about in the UAE is that the government has taken this report and is reviewing it critically and it will take proper measures.
The government is very conscious about what it needs to do to continue economic progress. It has a fantastic record in taking steps to create infrastructure and a sound business environment. We support a large number of small businesses here and we have a big team to look after small business in the country.
We face some problems but the vast majority of small businesses in the country are doing very well. We are supporting about 15,000 businesses in the UAE and another 15,000 all over the Middle East. The number of small businesses that are being supported by HSBC increased by 40 per cent last year and we expect the same growth in 2008.
What is the impact of changes in global trade corridors from the West to the East?
These changes created new challenges for commercial banking. Historically, banks were not supportive of customers when they changed their operations from one country to another. An estimated 10 per cent to 11 per cent of GCC outward investment is going into Asia and this is expected to grow. HSBC has created centres to finance trade between China, India, Europe and Latin America.
Recognising there are important changes in international trade, we have put in place some new systems and a range of policies so that we can make sure we are much better placed to support customers who want to work in new countries. We have a very strong presence in Asia, the Middle East and Europe, and we are ideally located to support companies who are investing overseas in these areas.
Most regional banks are introducing Basel II regulations. What is the impact of these regulations on commercial banking?
The key challenge for bankers is to raise awareness among customers and businesses about the requirements of Basel II and its new regulations. There are significant changes that will have a very important impact on businesses including the way we look at our clients and how much we need to charge them according to risk prices for different customers.
There is a lot of complexity regarding financial adequacy rules and clients need to understand how these new regulations are going to work. In commercial banking under Basel I, all business had the same risk pricing rate and we provided the same rates for all business. But under Basel II, this changed and the risk pricing of capital required will change according to, among many other factors, the strength of the balance sheets of borrowers.
We will see reprising of risks among different segments of companies during the next two years. For large companies, there will be no changes because we will not need to provide more capital for the same services we offer them, but for companies with a weak balance sheet, banks will need to provide more capital for Central Banks and this will reflect in the risk pricing for them during the coming years.
What has been the impact of the sub-prime crisis on HSBC?
Despite the fact that we have substantial writing downs from our consumer lending business in the United States, we saw profits go up by 10 per cent in 2007 and this was a result of the growth we achieved in the Middle East and Asia. This is the benefit of being a global bank. In the Middle East, we are growing fast as HSBC has made a commitment to invest more in emerging markets and the Middle East is part of this expansion.
Keith Bradley
HSBC
Keith Bradley is the regional head of commercial and transaction banking for HSBC Bank Middle East. He joined the HSBC Group in January 1989 as an international manager. He took over his current position in July 2006. Prior to that his last assignment was senior executive for global commercial banking in Hong Kong. Bradley has worked in a variety of strategy, sales, product development and credit roles in Hong Kong, Vancouver, London and Jakarta. Educated in the United Kingdom, Bradley has a Master’s degree in business administration from Brunel University in the UK.
Last Update at 9:35 am on March 23, 2008
UAE to spend $4.4b on infrastructure
UAE to spend $4.4b on infrastructure
Last Updated : Sunday 23 Mar, 2008 -
print this article email this article next story post your commentsUAE president Sheikh Khalifa bin Zayed al-Nahayan has allocated $4.4 billion for infrastructure projects in parts of the country, WAM said yesterday. The funds will go towards setting up new towns and intercity highways as well as stormwater and sewage systems in the northern emirates, WAM said without identifying which emirates will benefit from the projects.
Abu Dhabi and Dubai are both spending billions of dollars on their infrastructure. But northern emirates, including Ajman, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Qaiwain, are growing at a much slower pace.
In a recent opinion survey conducted by DSL Exhibitions to gauge consumer concerns and satisfaction levels in the wake of the UAE property boom, researchers found several startling results that clearly demonstrated residents’ rising confidence in infrastructure development.
“We believe that the UAE is at an important turning point in its journey of development,” said Tessa Morris, marketing director of DSL Exhibitions - organisers of The Local Property Show. Most respondents felt that infrastructure development across the UAE had improved the property landscape
in terms of accessibility and facilities.
However, huge concerns remained over traffic congestions and inter-emirate travel, as 86 per cent felt traffic had either worsened or remained the same, while a whopping 63 per cent felt that travel across the various parts of the UAE had worsened. These were areas respondents felt policy makers should focus on urgently.
Last Updated : Sunday 23 Mar, 2008 -
print this article email this article next story post your commentsUAE president Sheikh Khalifa bin Zayed al-Nahayan has allocated $4.4 billion for infrastructure projects in parts of the country, WAM said yesterday. The funds will go towards setting up new towns and intercity highways as well as stormwater and sewage systems in the northern emirates, WAM said without identifying which emirates will benefit from the projects.
Abu Dhabi and Dubai are both spending billions of dollars on their infrastructure. But northern emirates, including Ajman, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Qaiwain, are growing at a much slower pace.
In a recent opinion survey conducted by DSL Exhibitions to gauge consumer concerns and satisfaction levels in the wake of the UAE property boom, researchers found several startling results that clearly demonstrated residents’ rising confidence in infrastructure development.
“We believe that the UAE is at an important turning point in its journey of development,” said Tessa Morris, marketing director of DSL Exhibitions - organisers of The Local Property Show. Most respondents felt that infrastructure development across the UAE had improved the property landscape
in terms of accessibility and facilities.
However, huge concerns remained over traffic congestions and inter-emirate travel, as 86 per cent felt traffic had either worsened or remained the same, while a whopping 63 per cent felt that travel across the various parts of the UAE had worsened. These were areas respondents felt policy makers should focus on urgently.
First Catholic church for Saudi Arabia
First Catholic church for Saudi Arabia
Catholic News, Vatican
Vatican, Mar 22: Negotiations are underway to build the first Catholic church in Saudi Arabia with King Abdullah lending his support for its construction.
Vatican Radio reports the Vatican and the Saudi government are currently in talks to allow the church despite the kingdoms ban on allowing the construction of any non-Muslim place of worship.
No religion other than Islam is allowed to schedule public services, and even the possession of bibles, rosaries, and crucifixes is forbidden.
Saudi Arabia is the only country on the Arabian Peninsula without a Catholic church despite the 800,000 Catholics - virtually all of who are foreign workers.
While Saudi Arabia does not have formal diplomatic relations with the Holy See, King Abdullah became the first reigning Saudi monarch ever to visit the Vatican last November.
Commenting after his meeting with the Pope Vatican officials confirmed the Pontiff pressed for permission to open a Catholic church in the kingdom.
Holy See spokesman Fr Federico Lombardi said that opening a Catholic parish in the Islamic land would be "a historic achievement" for religious freedom and a major step forward for inter-religious dialogue.
The apostolic nuncio to Kuwait, Qatar, Yemen, the United Arab Emirates, and Bahrain, Archbishop Paul-Mounged El-Hachem, is reportedly the lead Vatican negotiator in talks with Saudi officials.
Catholic News, Vatican
Vatican, Mar 22: Negotiations are underway to build the first Catholic church in Saudi Arabia with King Abdullah lending his support for its construction.
Vatican Radio reports the Vatican and the Saudi government are currently in talks to allow the church despite the kingdoms ban on allowing the construction of any non-Muslim place of worship.
No religion other than Islam is allowed to schedule public services, and even the possession of bibles, rosaries, and crucifixes is forbidden.
Saudi Arabia is the only country on the Arabian Peninsula without a Catholic church despite the 800,000 Catholics - virtually all of who are foreign workers.
While Saudi Arabia does not have formal diplomatic relations with the Holy See, King Abdullah became the first reigning Saudi monarch ever to visit the Vatican last November.
Commenting after his meeting with the Pope Vatican officials confirmed the Pontiff pressed for permission to open a Catholic church in the kingdom.
Holy See spokesman Fr Federico Lombardi said that opening a Catholic parish in the Islamic land would be "a historic achievement" for religious freedom and a major step forward for inter-religious dialogue.
The apostolic nuncio to Kuwait, Qatar, Yemen, the United Arab Emirates, and Bahrain, Archbishop Paul-Mounged El-Hachem, is reportedly the lead Vatican negotiator in talks with Saudi officials.
Tuesday, March 18, 2008
Saudi Women Initiate Change From Within
Saudi Women Initiate Change From Within
Javid Hassan & Hadeel Al-Khudair, Arab News
RIYADH, 14 March 2008 — Despite cultural taboos, a new generation of Saudi girls is fighting back to assert their role in Saudi society. Many young ladies in the Kingdom today occupy jobs in different sectors from health care and banking to media and business.
The mindset of Saudi women is slowly but surely undergoing a change. Whereas once a fresh graduate would say, “I want to study dentistry, but I am afraid I won’t get married,” now a 14-year-old boldly asserts, “As long as I am sustaining my hijab, I will study medicine and become a physician.”
The seeds of change are being planted in young minds at a time when the Kingdom is experiencing its second economic boom. Former Prime Minister of Norway Gro Harlem Brundtland, who visited Jeddah recently, observed, “There is no one outside that can force change on Saudi Arabia. The change should come from Saudis themselves.”
Brundtland added she believes that religion is not a hindrance and does not deprive women from access to opportunities. She felt that the problem lies with tradition and culture.
Change, however, is happening and young women are forcing the pace of this change, as Arab News found out.
“My work has become a chance for me to progress and make changes I never thought existed. The banking sector is like a window to the world,” said Reem, a bank investment service representative. “My self-reliance has boosted greatly and I learned that it’s a blessing to learn investment rather than spend away monthly earnings.”
Women are no longer willing to cave in to the restrictions imposed by culture. They are conscious of the need to separate culture from religion by working in various fields while maintaining their Islamic identity.
“Almost 10 years ago, most people here in the Kingdom were against the notion of women becoming physicians,” said Danah Al-Joma’ah, a medical student. “But now, people’s viewpoints have remarkably improved. This is enough proof that Saudi society has become more aware of the significance of having the female facet in different fields... A woman should have an active role in society and her prosperity affects neither her Islamic values nor her role as a wife and mother,” she added.
Interestingly, even a section of men are veering round to the idea of women working. However, the No. 1 factor that deters them from working in hospitals, banks, etc. are the long working hours and prolonged absence from home. It is encouraging to note that the government has embarked on a new initiative enabling Saudi women to work in different sectors. The Shoura Council is currently engaged in setting rules and regulations regarding women’s careers, which will ensure not only their rights but their safety as well.
In this context, it should be emphasized that the 10x10 strategy formulated by the Saudi Arabian General Investment Authority (SAGIA), which seeks to push Saudi Arabia among the 10 most competitive nations by 2010, should also envisage expanding the frontiers of their work domain. Currently, an estimated 16 percent of Saudi women — who comprise nearly 50 percent of the population — are employed. With a large segment of the Saudi population disabled by the weight of cultural traditions, one wonders whether SAGIA could home in on its 10x10 target.
The problem is further compounded by the fact that many Saudi women pursue higher studies, especially in humanities, in trying to get around the restrictions that they face. As Al-Hanouf, an administrative worker at a Riyadh University observes: “With so many students applying for a medical doctor (MD) course, you would assume they were going for a bachelor’s degree course.”
It turns out that this is just an exercise in intellectual embellishment as it lends prestige and weight to their personality. “Because our youth have not been well groomed for the job market, they take the easy way out and continue their studies until they are faced with nothing but the walls of their homes,” a King Saud University student told Arab News on condition of anonymity.
However, their hopes are blighted when they find roadblocks in their hunt for jobs. And when they do receive job offers, they find themselves ill prepared for interviews. Their CVs are often also not in order. No wonder, according to a recent study, an estimated 66.3 percent of educated Saudi women are unemployed. Usually, those who seek higher studies are either interested in raising their level of income through a well-paying job or merely seek to enhance their knowledge in a specific field.
“I just want to apply for a scholarship, acquire my MD and PhD and I don’t care then if I do nothing but sit at home,” May, a sociology student, told Arab News. “Even though most students think that they might secure better jobs with an MD, in essence they go for it as a matter of prestige,” she adds.
Javid Hassan & Hadeel Al-Khudair, Arab News
RIYADH, 14 March 2008 — Despite cultural taboos, a new generation of Saudi girls is fighting back to assert their role in Saudi society. Many young ladies in the Kingdom today occupy jobs in different sectors from health care and banking to media and business.
The mindset of Saudi women is slowly but surely undergoing a change. Whereas once a fresh graduate would say, “I want to study dentistry, but I am afraid I won’t get married,” now a 14-year-old boldly asserts, “As long as I am sustaining my hijab, I will study medicine and become a physician.”
The seeds of change are being planted in young minds at a time when the Kingdom is experiencing its second economic boom. Former Prime Minister of Norway Gro Harlem Brundtland, who visited Jeddah recently, observed, “There is no one outside that can force change on Saudi Arabia. The change should come from Saudis themselves.”
Brundtland added she believes that religion is not a hindrance and does not deprive women from access to opportunities. She felt that the problem lies with tradition and culture.
Change, however, is happening and young women are forcing the pace of this change, as Arab News found out.
“My work has become a chance for me to progress and make changes I never thought existed. The banking sector is like a window to the world,” said Reem, a bank investment service representative. “My self-reliance has boosted greatly and I learned that it’s a blessing to learn investment rather than spend away monthly earnings.”
Women are no longer willing to cave in to the restrictions imposed by culture. They are conscious of the need to separate culture from religion by working in various fields while maintaining their Islamic identity.
“Almost 10 years ago, most people here in the Kingdom were against the notion of women becoming physicians,” said Danah Al-Joma’ah, a medical student. “But now, people’s viewpoints have remarkably improved. This is enough proof that Saudi society has become more aware of the significance of having the female facet in different fields... A woman should have an active role in society and her prosperity affects neither her Islamic values nor her role as a wife and mother,” she added.
Interestingly, even a section of men are veering round to the idea of women working. However, the No. 1 factor that deters them from working in hospitals, banks, etc. are the long working hours and prolonged absence from home. It is encouraging to note that the government has embarked on a new initiative enabling Saudi women to work in different sectors. The Shoura Council is currently engaged in setting rules and regulations regarding women’s careers, which will ensure not only their rights but their safety as well.
In this context, it should be emphasized that the 10x10 strategy formulated by the Saudi Arabian General Investment Authority (SAGIA), which seeks to push Saudi Arabia among the 10 most competitive nations by 2010, should also envisage expanding the frontiers of their work domain. Currently, an estimated 16 percent of Saudi women — who comprise nearly 50 percent of the population — are employed. With a large segment of the Saudi population disabled by the weight of cultural traditions, one wonders whether SAGIA could home in on its 10x10 target.
The problem is further compounded by the fact that many Saudi women pursue higher studies, especially in humanities, in trying to get around the restrictions that they face. As Al-Hanouf, an administrative worker at a Riyadh University observes: “With so many students applying for a medical doctor (MD) course, you would assume they were going for a bachelor’s degree course.”
It turns out that this is just an exercise in intellectual embellishment as it lends prestige and weight to their personality. “Because our youth have not been well groomed for the job market, they take the easy way out and continue their studies until they are faced with nothing but the walls of their homes,” a King Saud University student told Arab News on condition of anonymity.
However, their hopes are blighted when they find roadblocks in their hunt for jobs. And when they do receive job offers, they find themselves ill prepared for interviews. Their CVs are often also not in order. No wonder, according to a recent study, an estimated 66.3 percent of educated Saudi women are unemployed. Usually, those who seek higher studies are either interested in raising their level of income through a well-paying job or merely seek to enhance their knowledge in a specific field.
“I just want to apply for a scholarship, acquire my MD and PhD and I don’t care then if I do nothing but sit at home,” May, a sociology student, told Arab News. “Even though most students think that they might secure better jobs with an MD, in essence they go for it as a matter of prestige,” she adds.
$90bn tourism projects 'coming up in GCC'
$90bn tourism projects 'coming up in GCC'
Dubai: Sun, 16 Mar 2008
With around $90 billion in tourism-related developments currently being built, the Gulf is set to enjoy growth rates hoteliers in other parts of the world will only be able to dream about, says an expert.
'We know the Middle East is a fast developing market but survey after survey is revealing the region continuing to grow on a grand scale, unmatched elsewhere and bucking negative economic trends in other parts of the world,' said Maggie Moore, exhibition director of 'The Hotel Show 2008.'
A premier supplies exhibition to the region’s hospitality sector, The Hotel Show, will be held in Dubai from June 8 to 10.
'Throughout the GCC countries of Bahrain, Oman, Kuwait, Qatar, the UAE and Saudi Arabia the massive development potential of the travel and tourism industry continues to be recognized with record levels of investment in supporting infrastructure,' said Moore.
The database of ProLeads, which monitors construction across the Arabian Gulf, identifies 185 individual projects worth $90 billion in hotels, resorts, sports facilities, malls, marinas, theme parks and related leisure and tourism facilities currently under construction or fully committed, she added.
Moore cited a recent hotel benchmark survey by consultants Deloitte showing the Middle East hotel industry as one of the fastest-growing regions in the world with revenues per available room (REvPar) growing 17 per cent in 2007, exceeding both Asia Pacific and Europe, with a promising outlook for the years to come.
The Hotel Show and its associated Seven Star Conference provide a future perspective on key trends and drivers shaping the travel and tourism sector in a region where the industry's share of investment in relation to gross domestic product has risen from 8.5 per cent in 2000 to a forecast 11 per cent in 2008.
The UN World Tourism Organisation (UNWTO) also sees an optimistic outlook for tourism in the Middle East.
'UNWTO identifies the Middle East as the tourism success story of the decade with the region emerging as a strong destination and visitor numbers climbing much faster than the world total,' said Moore.
'Regional confidence remains high for 2008, despite economic problems elsewhere.'
In addition, the World Travel and Tourism Council forecasts that the Middle East to be the only region to remain on course for 5 per cent growth in travel and tourism this year. This is in spite of the concerns about the impact of deteriorating economic conditions in North America, Africa and Europe.
The Hotel Show will showcase the latest products, services and technologies for the hospitality industry.
Organised by dmg world media Dubai, the Hotel Show is one of the most important dates in the international industry calendar and visitors include regional owner-operators, decision makers from international five-star hotel chains, architects and interior designers.
In excess of 16,500 square metres of exhibition space has been reserved for 2008, to accommodate surging demand from both international and regional exhibitors and is already heading towards a sell-out.-TradeArabia News Service
Dubai: Sun, 16 Mar 2008
With around $90 billion in tourism-related developments currently being built, the Gulf is set to enjoy growth rates hoteliers in other parts of the world will only be able to dream about, says an expert.
'We know the Middle East is a fast developing market but survey after survey is revealing the region continuing to grow on a grand scale, unmatched elsewhere and bucking negative economic trends in other parts of the world,' said Maggie Moore, exhibition director of 'The Hotel Show 2008.'
A premier supplies exhibition to the region’s hospitality sector, The Hotel Show, will be held in Dubai from June 8 to 10.
'Throughout the GCC countries of Bahrain, Oman, Kuwait, Qatar, the UAE and Saudi Arabia the massive development potential of the travel and tourism industry continues to be recognized with record levels of investment in supporting infrastructure,' said Moore.
The database of ProLeads, which monitors construction across the Arabian Gulf, identifies 185 individual projects worth $90 billion in hotels, resorts, sports facilities, malls, marinas, theme parks and related leisure and tourism facilities currently under construction or fully committed, she added.
Moore cited a recent hotel benchmark survey by consultants Deloitte showing the Middle East hotel industry as one of the fastest-growing regions in the world with revenues per available room (REvPar) growing 17 per cent in 2007, exceeding both Asia Pacific and Europe, with a promising outlook for the years to come.
The Hotel Show and its associated Seven Star Conference provide a future perspective on key trends and drivers shaping the travel and tourism sector in a region where the industry's share of investment in relation to gross domestic product has risen from 8.5 per cent in 2000 to a forecast 11 per cent in 2008.
The UN World Tourism Organisation (UNWTO) also sees an optimistic outlook for tourism in the Middle East.
'UNWTO identifies the Middle East as the tourism success story of the decade with the region emerging as a strong destination and visitor numbers climbing much faster than the world total,' said Moore.
'Regional confidence remains high for 2008, despite economic problems elsewhere.'
In addition, the World Travel and Tourism Council forecasts that the Middle East to be the only region to remain on course for 5 per cent growth in travel and tourism this year. This is in spite of the concerns about the impact of deteriorating economic conditions in North America, Africa and Europe.
The Hotel Show will showcase the latest products, services and technologies for the hospitality industry.
Organised by dmg world media Dubai, the Hotel Show is one of the most important dates in the international industry calendar and visitors include regional owner-operators, decision makers from international five-star hotel chains, architects and interior designers.
In excess of 16,500 square metres of exhibition space has been reserved for 2008, to accommodate surging demand from both international and regional exhibitors and is already heading towards a sell-out.-TradeArabia News Service
UAE to end illiteracy in seven years
March 16th, 2008 - 1:43 pm ICT by admin - Email This Post
Abu Dhabi, March 16 (IANS) The United Arab Emirates (UAE) has pledged to eradicate illiteracy within seven years to become the first Arab country to attain 100 percent literacy, WAM news agency reported.
The country hopes to bid farewell to illiteracy by 2015 or even before, Arabic newspaper Al Ittihad quoted officials of the education ministry as saying.
A recent survey showed that the illiteracy rate in the UAE has declined from 22 percent in 2000 to 9 percent in 2005.
Abu Dhabi, March 16 (IANS) The United Arab Emirates (UAE) has pledged to eradicate illiteracy within seven years to become the first Arab country to attain 100 percent literacy, WAM news agency reported.
The country hopes to bid farewell to illiteracy by 2015 or even before, Arabic newspaper Al Ittihad quoted officials of the education ministry as saying.
A recent survey showed that the illiteracy rate in the UAE has declined from 22 percent in 2000 to 9 percent in 2005.
Tuesday, March 11, 2008
Abu Dhabi as Future Tourist Hub
Arab-German Gathering Hails Abu Dhabi as Future Tourist Hub
Emirates Palace in Abu Dhabi.
BERLIN (WAM)—A number of Arab Tourism Ministers, German tourist experts and officials of the World Tourism Organization, agreed that the tourism and property development projects in Abu Dhabi emirate, particularly Al Saadiyah Island development, will constitute a turning point in concept of tourism in the Middle East.
They added that "the UAE is not only emerging as a regional tourism hub, but steadily growing as one of major tourist hubs worldwide."
The remarks were made during the Arab-German Tourism Gathering on March 7, organized by the Arab-German Chamber of Commerce and Industry in Berlin, at the sideline of the International Travel Bourse, which was attended by Syrian Tourism Minister Dr Saddallh Agha and the Arab-German Chamber of Commerce Chairman Thomas Bach.
"Gathering of world museums, such as Louvre and others in Abu Dhabi will change many concepts of tourism," Agha remarked.
On his part, Bach said that he was closely following up amazing progress being witnessed by the UAE in general and Abu Dhabi in particular, adding that "the UAE is exerting significant efforts to develop tourism and seizes every opportunity to promote itself in EU market."
Abu Dhabi Top 10 Globa Destination
Abu Dhabi has been selected as one of the top ten destinations in the world by expedia.co.uk, UK's largest online travel agent. Abu Dhabi ranks among New Zealand, Argentina, China, Cape Verde, Alaska, Reykjavik, Berlin, Boston and Liverpool as one of the Top Ten places to visit in 2008.
Explaining the choice of Abu Dhabi as a leading global destination, expedia.com wrote: "Few places can have undergone such fundamental change over the past 50 years as the emirate of Abu Dhabi.
Today visitors can enjoy the beach, desert safarl's, variety enough to quench even the strongest thirst for retail therapy."
His Excellency Sheikh Sultan Bin Tahnoun Al Nahyan, Chairman, Abu Dhabi Tourism Authority (ADTA), the apex body that manages Abu Dhabil's tourism sector, said: "The choice of Abu Dhabi in expedia.co.uk's Top 10 places to visit in 2008 is a reiteration of the growing stature earned by the emirate in the global tourism industry.
Aerial view of Abu Dhabi.
It also highlights the concerted efforts made by ADTA and stakeholders to showcase Abu Dhabi to global travelers and further develop the tourism luxurious offerings in the emirate through a carefully structured strategy, stressing on the influential role of the continuous programs managed and supervised by ADTA like road shows and Abu Dhabi Tourism Champion which had been launched in 2005 and covered major tour operators in basic cities in Europe."
Talking of the emirate's unique luxury attractions, Mr. Mubarak Hamad Al Muhairi, Director General of ADTA, stated: "Abu Dhabi has an eclectic spread of choices that meets the demands of global travelers. Apart from famed sea, sun, sand and luxurious choices, which visitors to the UAE are assured of, Abu Dhabi also offers a unique cultural and heritage environment that fascinates visitors.
Global travelers prefer to choose their holiday destination based on expedia.co.uk's recommendations. The selection of Abu Dhabi as a Top 10 place to visit is expected to fuel greater tourist interest from the West to the emirate.
Dozens of Westerners, including black-clad women, have been flocking to Sheikh Zayed Mosque in Abu Dhabi, an architectural masterpiece graced with a Persian carpet said to be the biggest in the world.
"It is the third biggest mosque in the world after the Haramain," boasted the project's deputy head, Khawla al-Suleimani, after Islam's two holiest sites in Saudi Arabia — Mecca's Grand Mosque and the Prophet's Mosque in Medina.
Dozens of Westerners, including black-clad women, have been flocking to Sheikh Zayed Mosque in Abu Dhabi.
But unlike these two mosques, the one named after the United Arab Emirates' late founding father, Sheikh Zayed bin Sultan al-Nahayan, is not off-limits to non-Muslims.
In fact, the opposite is true, with some provisos.
Women must cover themselves from head to toe in abayas, or long black robes, handed them at the entrance.
"And non-Muslims must not touch the Koran," the Muslim holy book, copies of which are stacked in every prayer room, cautions one of the guides.
Armed with cameras to capture the splendor of the place, visitors have been coming from within the UAE "but also from abroad," said Suleimani.
"Hundreds have been coming every week since the opening (of the mosque) on the first day of Eid al-Adha," the Muslim feast of sacrifice which fell in December, she added.
The project was launched in 1998 by Sheikh Zayed, who besides being the UAE's first president was also ruler of the oil-rich emirate of Abu Dhabi, one of seven making up the Gulf federation. Work will be fully completed in November 2009.
Sheikh Zayed, who died in November 2004, is buried in a courtyard adjacent to the mosque.
"The mosque is dedicated to the father of the nation, whose vision was founded on dialogue between religions, civilizations and cultures," say brochures handed out to visitors by the Abu Dhabi Tourism Authority.
The authority began to organize guided tours of the place last month.
"Apart from the thousands of (Muslim) faithful who come to pray, the mosque is visited by non-Muslims: Germans, French, Britons, Italians, Russians, Americans, Argentineans and Indians," it said in a guide.
Unlike the leisure-oriented UAE emirate of Dubai, Abu Dhabi is seeking to become a cultural hub and sees the mosque as one more attraction for tourists looking for more than sandy beaches and huge shopping malls.
"As Sheikh Zayed wished, the mosque was built on a 9.5-metre (31-feet) high hill so it is visible from far, it covers an area of 22,000 square meters (237,000 square feet), and it can accommodate more than 40,000 faithful," said engineer Mohammad Ali al-Ameri.
Ameri said construction was nearly over, with only fences, gardens and car parks still to be completed.
""Thousands of workers," nearly all from the Asian subcontinent, were involved in building the mosque, he said. The sculptors were Moroccan.
Thousands of rare and semi-precious stones, some encrusted in marble, were used to decorate the structure.
The centerpiece is a 6,000 square meter (64,583 square feet) hand-made Persian carpet, said to be the biggest in the world.
"More than 1,200 women from the Khorasan region in eastern Iran spent two years weaving the carpet, which weighs 45 tones and cost more than 8.5 million dollars," Ameri said.
The carpet covers the floor of the main prayer hall, which can accommodate up to 9,000 faithful.
Two rooms next to the main prayer hall, with a 1,500-capacity each, have been reserved for women, who can follow sermons delivered by prayer leaders on giant television screens. Islam requires men and women to pray separately.
The main dome is also "the biggest" mosque dome in the world, according to Ameri, who said it is 75 meters (246 feet) high with a 32.2-metre (105.6 feet) diameter.
Another breathtaking piece is a huge crystal chandelier in the main prayer hall, one of seven German-made chandeliers costing more than eight million dollars. It is 10-metre (32.8 feet) tall, 10-metre wide and weighs nine tones.
Ameri would not give the total cost of the mosque, but Suleimani estimated it at more than two billion dirhams (545 million dollars).
Emirates Palace in Abu Dhabi.
BERLIN (WAM)—A number of Arab Tourism Ministers, German tourist experts and officials of the World Tourism Organization, agreed that the tourism and property development projects in Abu Dhabi emirate, particularly Al Saadiyah Island development, will constitute a turning point in concept of tourism in the Middle East.
They added that "the UAE is not only emerging as a regional tourism hub, but steadily growing as one of major tourist hubs worldwide."
The remarks were made during the Arab-German Tourism Gathering on March 7, organized by the Arab-German Chamber of Commerce and Industry in Berlin, at the sideline of the International Travel Bourse, which was attended by Syrian Tourism Minister Dr Saddallh Agha and the Arab-German Chamber of Commerce Chairman Thomas Bach.
"Gathering of world museums, such as Louvre and others in Abu Dhabi will change many concepts of tourism," Agha remarked.
On his part, Bach said that he was closely following up amazing progress being witnessed by the UAE in general and Abu Dhabi in particular, adding that "the UAE is exerting significant efforts to develop tourism and seizes every opportunity to promote itself in EU market."
Abu Dhabi Top 10 Globa Destination
Abu Dhabi has been selected as one of the top ten destinations in the world by expedia.co.uk, UK's largest online travel agent. Abu Dhabi ranks among New Zealand, Argentina, China, Cape Verde, Alaska, Reykjavik, Berlin, Boston and Liverpool as one of the Top Ten places to visit in 2008.
Explaining the choice of Abu Dhabi as a leading global destination, expedia.com wrote: "Few places can have undergone such fundamental change over the past 50 years as the emirate of Abu Dhabi.
Today visitors can enjoy the beach, desert safarl's, variety enough to quench even the strongest thirst for retail therapy."
His Excellency Sheikh Sultan Bin Tahnoun Al Nahyan, Chairman, Abu Dhabi Tourism Authority (ADTA), the apex body that manages Abu Dhabil's tourism sector, said: "The choice of Abu Dhabi in expedia.co.uk's Top 10 places to visit in 2008 is a reiteration of the growing stature earned by the emirate in the global tourism industry.
Aerial view of Abu Dhabi.
It also highlights the concerted efforts made by ADTA and stakeholders to showcase Abu Dhabi to global travelers and further develop the tourism luxurious offerings in the emirate through a carefully structured strategy, stressing on the influential role of the continuous programs managed and supervised by ADTA like road shows and Abu Dhabi Tourism Champion which had been launched in 2005 and covered major tour operators in basic cities in Europe."
Talking of the emirate's unique luxury attractions, Mr. Mubarak Hamad Al Muhairi, Director General of ADTA, stated: "Abu Dhabi has an eclectic spread of choices that meets the demands of global travelers. Apart from famed sea, sun, sand and luxurious choices, which visitors to the UAE are assured of, Abu Dhabi also offers a unique cultural and heritage environment that fascinates visitors.
Global travelers prefer to choose their holiday destination based on expedia.co.uk's recommendations. The selection of Abu Dhabi as a Top 10 place to visit is expected to fuel greater tourist interest from the West to the emirate.
Dozens of Westerners, including black-clad women, have been flocking to Sheikh Zayed Mosque in Abu Dhabi, an architectural masterpiece graced with a Persian carpet said to be the biggest in the world.
"It is the third biggest mosque in the world after the Haramain," boasted the project's deputy head, Khawla al-Suleimani, after Islam's two holiest sites in Saudi Arabia — Mecca's Grand Mosque and the Prophet's Mosque in Medina.
Dozens of Westerners, including black-clad women, have been flocking to Sheikh Zayed Mosque in Abu Dhabi.
But unlike these two mosques, the one named after the United Arab Emirates' late founding father, Sheikh Zayed bin Sultan al-Nahayan, is not off-limits to non-Muslims.
In fact, the opposite is true, with some provisos.
Women must cover themselves from head to toe in abayas, or long black robes, handed them at the entrance.
"And non-Muslims must not touch the Koran," the Muslim holy book, copies of which are stacked in every prayer room, cautions one of the guides.
Armed with cameras to capture the splendor of the place, visitors have been coming from within the UAE "but also from abroad," said Suleimani.
"Hundreds have been coming every week since the opening (of the mosque) on the first day of Eid al-Adha," the Muslim feast of sacrifice which fell in December, she added.
The project was launched in 1998 by Sheikh Zayed, who besides being the UAE's first president was also ruler of the oil-rich emirate of Abu Dhabi, one of seven making up the Gulf federation. Work will be fully completed in November 2009.
Sheikh Zayed, who died in November 2004, is buried in a courtyard adjacent to the mosque.
"The mosque is dedicated to the father of the nation, whose vision was founded on dialogue between religions, civilizations and cultures," say brochures handed out to visitors by the Abu Dhabi Tourism Authority.
The authority began to organize guided tours of the place last month.
"Apart from the thousands of (Muslim) faithful who come to pray, the mosque is visited by non-Muslims: Germans, French, Britons, Italians, Russians, Americans, Argentineans and Indians," it said in a guide.
Unlike the leisure-oriented UAE emirate of Dubai, Abu Dhabi is seeking to become a cultural hub and sees the mosque as one more attraction for tourists looking for more than sandy beaches and huge shopping malls.
"As Sheikh Zayed wished, the mosque was built on a 9.5-metre (31-feet) high hill so it is visible from far, it covers an area of 22,000 square meters (237,000 square feet), and it can accommodate more than 40,000 faithful," said engineer Mohammad Ali al-Ameri.
Ameri said construction was nearly over, with only fences, gardens and car parks still to be completed.
""Thousands of workers," nearly all from the Asian subcontinent, were involved in building the mosque, he said. The sculptors were Moroccan.
Thousands of rare and semi-precious stones, some encrusted in marble, were used to decorate the structure.
The centerpiece is a 6,000 square meter (64,583 square feet) hand-made Persian carpet, said to be the biggest in the world.
"More than 1,200 women from the Khorasan region in eastern Iran spent two years weaving the carpet, which weighs 45 tones and cost more than 8.5 million dollars," Ameri said.
The carpet covers the floor of the main prayer hall, which can accommodate up to 9,000 faithful.
Two rooms next to the main prayer hall, with a 1,500-capacity each, have been reserved for women, who can follow sermons delivered by prayer leaders on giant television screens. Islam requires men and women to pray separately.
The main dome is also "the biggest" mosque dome in the world, according to Ameri, who said it is 75 meters (246 feet) high with a 32.2-metre (105.6 feet) diameter.
Another breathtaking piece is a huge crystal chandelier in the main prayer hall, one of seven German-made chandeliers costing more than eight million dollars. It is 10-metre (32.8 feet) tall, 10-metre wide and weighs nine tones.
Ameri would not give the total cost of the mosque, but Suleimani estimated it at more than two billion dirhams (545 million dollars).
Jordan’s ICT Minister to address Cisco Expo Levant 2008
Posted on Sunday, 9 March 2008
Industry Sector IT
Country Jordan
Cisco®, the worldwide leader in networking that transforms how people connect, communicate, and collaborate, today announced that H.E. Eng. Basem Rousan, Minister of Information & Communications Technology for Jordan will deliver the keynote speech at Cisco Expo Levant 2008.
The event will be held on March 11th, 2008 and will showcase innovative solutions to decision makers while highlighting the role that Information and Communications Technology (ICT) will play in positioning Jordan as a leading knowledge based economy in the region. The event will bring together over 400 of Jordan's top business and technology decision makers to share ideas and best practices.
"The Jordanian market has realised the importance of investing in ICT to adapt quickly to rapidly shifting market and consumer dynamics. The country's economic growth is driven by large part by the adoption of information and communication technologies," said Ziad Mortaja, Regional General Manager and Director for Cisco Middle East, North Africa and the Levant.
A number of leading Jordanian technology companies and Cisco Partners such as Ad-Tech, Data Consult, Intracom Jordan, Jordan Business Systems, Mabco, Optimiza, Panduit and STS will also be present at the event.
Visitors to the Cisco Partners stands in Cisco Expo will have the opportunity to experience some of the regions most advanced and innovative business solutions, designed according to international best practices to meet local needs and requirements.
Cisco Expo Levant 2008 will also showcase customised vertical-specific solutions to bring value to its customers across industries such as Enterprise & SMB, Public Sector and Service Providers.
The event will also host a panel discussion on the challenges of IT adoption in emerging markets, live technology demonstrations as well as in-depth breakout sessions on Cisco's offerings in managed services, security and data centre architecture and applications.
"As Jordan continues to focus on digital communications, Cisco Expo is an ideal platform to discuss the future of communications technology, trends and issues that will change the future landscape of the industry. It is a key market for Cisco and provides a platform for us to lead market transitions in the emerging world. We are confident that we will be able to offer solutions that will enable our customers in this region to deliver quality products and services," concluded Murtaja. Cisco Expo 2008 is a registration only event and will take place at the Le Royal Hotel in Amman.
Posted on Sunday, 9 March 2008
Industry Sector IT
Country Jordan
Cisco®, the worldwide leader in networking that transforms how people connect, communicate, and collaborate, today announced that H.E. Eng. Basem Rousan, Minister of Information & Communications Technology for Jordan will deliver the keynote speech at Cisco Expo Levant 2008.
The event will be held on March 11th, 2008 and will showcase innovative solutions to decision makers while highlighting the role that Information and Communications Technology (ICT) will play in positioning Jordan as a leading knowledge based economy in the region. The event will bring together over 400 of Jordan's top business and technology decision makers to share ideas and best practices.
"The Jordanian market has realised the importance of investing in ICT to adapt quickly to rapidly shifting market and consumer dynamics. The country's economic growth is driven by large part by the adoption of information and communication technologies," said Ziad Mortaja, Regional General Manager and Director for Cisco Middle East, North Africa and the Levant.
A number of leading Jordanian technology companies and Cisco Partners such as Ad-Tech, Data Consult, Intracom Jordan, Jordan Business Systems, Mabco, Optimiza, Panduit and STS will also be present at the event.
Visitors to the Cisco Partners stands in Cisco Expo will have the opportunity to experience some of the regions most advanced and innovative business solutions, designed according to international best practices to meet local needs and requirements.
Cisco Expo Levant 2008 will also showcase customised vertical-specific solutions to bring value to its customers across industries such as Enterprise & SMB, Public Sector and Service Providers.
The event will also host a panel discussion on the challenges of IT adoption in emerging markets, live technology demonstrations as well as in-depth breakout sessions on Cisco's offerings in managed services, security and data centre architecture and applications.
"As Jordan continues to focus on digital communications, Cisco Expo is an ideal platform to discuss the future of communications technology, trends and issues that will change the future landscape of the industry. It is a key market for Cisco and provides a platform for us to lead market transitions in the emerging world. We are confident that we will be able to offer solutions that will enable our customers in this region to deliver quality products and services," concluded Murtaja. Cisco Expo 2008 is a registration only event and will take place at the Le Royal Hotel in Amman.
BU brings dental school to United Arab Emirates
Email|Print| Text size – + By Peter Schworm
Globe Staff / March 9, 2008
Boston University might be outgrowing its name, at least in a geographic sense, as the Commonwealth Avenue campus is expanding overseas for the first time with a new dental school in the United Arab Emirates.
more stories like this
nullJoining a growing number of American universities opening satellite campuses to far-flung reaches of the globe, BU recently held a ceremony in Dubai to commemorate the opening of the Boston University Institute of Dental Research and Education Dubai, and the Boston University Dental Health Center at Dubai Healthcare City.
BU administrators joined UAE dignitaries, including His Highness Sheik Mohammed bin Rashid Al Maktoum, ruler of Dubai, in marking the occasion late last month.
"The collaboration with such a renowned world-class American medical and academic institution will further consolidate our position as a regional health-care hub," said Muhadditha Al Hashimi, CEO of Dubai Healthcare City.
Dubai Healthcare City aims to become a world-class academic medical community built on the Harvard Medical School Dubai Center, a major university hospital, and the BU Institute.
The institute will seek to train dentists in specialties and advance dental research in the region. BU faculty will develop and oversee the training programs. The BU Dental Health Center has begun providing dental services to residents and visitors, and the first class of residents will begin their studies in July.
"We take our responsibility as educators and researchers in the global community very seriously," said Jeffrey Hutter, interim dean of the Goldman School of Dental Medicine.
FINANCE U: Stumped by even simple stock charts? Need a primer on the subprime scandal? Probably should steer clear of the I-Tower dormitory at Babson College, where investment strategies and economic theories are the conversational coin of the realm. The special dormitory at the business-focused college in Wellesley houses 21 students who live and breathe finance (the "I" stands for investment), and who want to be immersed 24-seven in the finer points of fixed income and foreign equities.
Now in its fourth year, the I-Tower is designed to foster a focused environment that will help students on the road to a career in finance. Starting tomorrow, they will begin rehearsing future wheelings and dealings with a six-week virtual stock competition in which entrants receive $1 million in pretend money to invest. The savviest investor receives an actual $1,000 prize, and given the students' financial focus, that virtual million might become real before they know it.
Gordon College is based in the North Shore suburb of Wenham. But the nondenominational Christian college is setting down more roots in Dorchester, leasing part of a 200-year-old church and a nearby Victorian mansion to give some of its students the experience of living in an urban setting.
The 1,700-student college leases part of the Second Church of Dorchester and some of the connecting parish house to accommodate Gordon in Boston, an off-campus urban studies program that allows students to live, work, and study in the city for a semester.
"By living, learning, and serving in an urban context, students have the opportunity to learn through the eyes of others," said Gordon President R. Judson Carlberg.
The college has renovated the building's interior into an apartment-style dormitory that houses the majority of students in the program. The second floor of the church annex has been transformed into classrooms, a student lounge and offices.
Other students are living at the Salvation Army Jubilee House, a 23-room Victorian mansion located a few blocks from the Second Church on Melville Avenue.
"It is the commitment of Gordon College to be truly involved in the community and not just be another resident," said Rev. Craig McMullen, director of the Gordon in Boston program. "We could have purchased our own buildings for housing and programs, but by partnering with the two urban churches we are able to leverage our resources to encourage their urban ministry among this community."
This is Gordon's second city campus. In 2006, it opened a $1 million dormitory in Lynn, where students tutor children after school, teach English to immigrants, and volunteer for a variety of youth and civic organizations.
Campus Insider runs on alternate Sundays with Ask the Teacher, an advice column. To submit tips to Campus Insider, e-mail Peter Schworm at schworm@globe.com.
© Copyright 2008 Globe Newspaper Company.
Globe Staff / March 9, 2008
Boston University might be outgrowing its name, at least in a geographic sense, as the Commonwealth Avenue campus is expanding overseas for the first time with a new dental school in the United Arab Emirates.
more stories like this
nullJoining a growing number of American universities opening satellite campuses to far-flung reaches of the globe, BU recently held a ceremony in Dubai to commemorate the opening of the Boston University Institute of Dental Research and Education Dubai, and the Boston University Dental Health Center at Dubai Healthcare City.
BU administrators joined UAE dignitaries, including His Highness Sheik Mohammed bin Rashid Al Maktoum, ruler of Dubai, in marking the occasion late last month.
"The collaboration with such a renowned world-class American medical and academic institution will further consolidate our position as a regional health-care hub," said Muhadditha Al Hashimi, CEO of Dubai Healthcare City.
Dubai Healthcare City aims to become a world-class academic medical community built on the Harvard Medical School Dubai Center, a major university hospital, and the BU Institute.
The institute will seek to train dentists in specialties and advance dental research in the region. BU faculty will develop and oversee the training programs. The BU Dental Health Center has begun providing dental services to residents and visitors, and the first class of residents will begin their studies in July.
"We take our responsibility as educators and researchers in the global community very seriously," said Jeffrey Hutter, interim dean of the Goldman School of Dental Medicine.
FINANCE U: Stumped by even simple stock charts? Need a primer on the subprime scandal? Probably should steer clear of the I-Tower dormitory at Babson College, where investment strategies and economic theories are the conversational coin of the realm. The special dormitory at the business-focused college in Wellesley houses 21 students who live and breathe finance (the "I" stands for investment), and who want to be immersed 24-seven in the finer points of fixed income and foreign equities.
Now in its fourth year, the I-Tower is designed to foster a focused environment that will help students on the road to a career in finance. Starting tomorrow, they will begin rehearsing future wheelings and dealings with a six-week virtual stock competition in which entrants receive $1 million in pretend money to invest. The savviest investor receives an actual $1,000 prize, and given the students' financial focus, that virtual million might become real before they know it.
Gordon College is based in the North Shore suburb of Wenham. But the nondenominational Christian college is setting down more roots in Dorchester, leasing part of a 200-year-old church and a nearby Victorian mansion to give some of its students the experience of living in an urban setting.
The 1,700-student college leases part of the Second Church of Dorchester and some of the connecting parish house to accommodate Gordon in Boston, an off-campus urban studies program that allows students to live, work, and study in the city for a semester.
"By living, learning, and serving in an urban context, students have the opportunity to learn through the eyes of others," said Gordon President R. Judson Carlberg.
The college has renovated the building's interior into an apartment-style dormitory that houses the majority of students in the program. The second floor of the church annex has been transformed into classrooms, a student lounge and offices.
Other students are living at the Salvation Army Jubilee House, a 23-room Victorian mansion located a few blocks from the Second Church on Melville Avenue.
"It is the commitment of Gordon College to be truly involved in the community and not just be another resident," said Rev. Craig McMullen, director of the Gordon in Boston program. "We could have purchased our own buildings for housing and programs, but by partnering with the two urban churches we are able to leverage our resources to encourage their urban ministry among this community."
This is Gordon's second city campus. In 2006, it opened a $1 million dormitory in Lynn, where students tutor children after school, teach English to immigrants, and volunteer for a variety of youth and civic organizations.
Campus Insider runs on alternate Sundays with Ask the Teacher, an advice column. To submit tips to Campus Insider, e-mail Peter Schworm at schworm@globe.com.
© Copyright 2008 Globe Newspaper Company.
Carnegie Mellon Qatar holds 'Money Talks' finance lecture series
Carnegie Mellon University in Qatar has initiated a 'Money Talks' finance lecture Series.
Qatar: Sunday, March 09 - 2008 at 11:15 PRESS RELEASE
Carnegie Mellon University in Qatar hosts high school programming competition
Carnegie Mellon University in Qatar expanded its CS4Qatar computer science workshop to high school students
General Electric Oil and Gas CIO visits Carnegie Mellon
High-tech company founder visits Qatar to look into opening branch office
Carnegie Mellon Qatar hosts Asian Computing Science Conference
Botball robotics competition kicks off with two-day workshop
» more Carnegie Mellon University news
The series invites prominent professionals to share their knowledge and real-life experiences with the undergraduate students at Carnegie Mellon Qatar.
'The idea behind the lecture series is to give students a better understanding of how the skills they learn in a university setting can be applied to their professional life,' says Aziz Lookman, Ph.D, finance professor at Carnegie Mellon Qatar. 'Students also get an inside look into various jobs, which allows them to find out what they like and don't like.'
Kapil Chadda, Head of Investment Banking at HSBC BANK in Qatar, conducted the first lecture in January.
Chadda discussed the different advisory services provided by an international investment bank. Chadda spoke to a group of undergraduate students about how financial analysis tools are used by investment banks to advise their clients on a range of strategic decisions.
'Money Talks' lectures does not just focus on jobs in the financial sector. Rather, talks encompass various subjects including financial aspects of entrepreneurship and how finance plays a role in all areas of business.
Some talks are more geared for the Business Administrative students, while others are relevant to all of the undergraduates at Carnegie Mellon Qatar.
'Such presentations help students better understand how the rigorous quantitative training, which is the hallmark of the Carnegie Mellon Business Administration program, is used in practice and help them make informed career decisions', says Lookman. 'The talks also provide companies with an opportunity to talk to a large group of students about the opportunities they have available.
Upcoming speakers in the 'Money Talks' finance lecture series will include Bhupendra Jain, Head of Corporate Banking at International Bank of Qatar, and senior managers from other organizations such as AlShall Economic Services and the Qatar Financial Center.
The series will also include student presentations, documentary showings and other ways for students to learn about different career paths.
Qatar: Sunday, March 09 - 2008 at 11:15 PRESS RELEASE
Carnegie Mellon University in Qatar hosts high school programming competition
Carnegie Mellon University in Qatar expanded its CS4Qatar computer science workshop to high school students
General Electric Oil and Gas CIO visits Carnegie Mellon
High-tech company founder visits Qatar to look into opening branch office
Carnegie Mellon Qatar hosts Asian Computing Science Conference
Botball robotics competition kicks off with two-day workshop
» more Carnegie Mellon University news
The series invites prominent professionals to share their knowledge and real-life experiences with the undergraduate students at Carnegie Mellon Qatar.
'The idea behind the lecture series is to give students a better understanding of how the skills they learn in a university setting can be applied to their professional life,' says Aziz Lookman, Ph.D, finance professor at Carnegie Mellon Qatar. 'Students also get an inside look into various jobs, which allows them to find out what they like and don't like.'
Kapil Chadda, Head of Investment Banking at HSBC BANK in Qatar, conducted the first lecture in January.
Chadda discussed the different advisory services provided by an international investment bank. Chadda spoke to a group of undergraduate students about how financial analysis tools are used by investment banks to advise their clients on a range of strategic decisions.
'Money Talks' lectures does not just focus on jobs in the financial sector. Rather, talks encompass various subjects including financial aspects of entrepreneurship and how finance plays a role in all areas of business.
Some talks are more geared for the Business Administrative students, while others are relevant to all of the undergraduates at Carnegie Mellon Qatar.
'Such presentations help students better understand how the rigorous quantitative training, which is the hallmark of the Carnegie Mellon Business Administration program, is used in practice and help them make informed career decisions', says Lookman. 'The talks also provide companies with an opportunity to talk to a large group of students about the opportunities they have available.
Upcoming speakers in the 'Money Talks' finance lecture series will include Bhupendra Jain, Head of Corporate Banking at International Bank of Qatar, and senior managers from other organizations such as AlShall Economic Services and the Qatar Financial Center.
The series will also include student presentations, documentary showings and other ways for students to learn about different career paths.
Thursday, March 6, 2008
US universities bag $60mn Saudi deal
by Lynne Roberts on Thursday, 06 March 2008
RESEARCH LEADER: The $10 billion King Abdullah University of Science and Technology will not discriminate on the basis of gender, religion or race.Stanford University and UC Berkeley are to help develop a major campus at Saudi Arabia’s $10 billion King Abdullah University of Science and Technology (KAUST), according to US press reports.
The US colleges will each receive almost $30 million to help the flagship research institute hire 60 faculty staff and create graduate-level courses in six disciplines for its planned opening in September 2009.
Stanford is to help design and built the university’s departments of maths and computer science, while UC Berkeley will focus on mechanical engineering.
According to the San Francisco Chronicle, Stanford and Berkeley will each receive $10 million earmarked for the participating departments, $10 million for joint research in the US and $5 million for collaborative research conducted at Kaust.
Berkeley will also receive $3.3 million to cover administrative costs, while Stanford will get $4.4 million, the paper said.
According to Berkeley administrators, the contract was agreed on the understanding that women would be treated equally at the university. Faculty staff at Berkeley’s Department of Civil and Environmental Engineering had reportedly declined to join over concerns about academic and personal freedom.
Kaust, located on the Red Sea at Thuwal, north of Jeddah, will accept students of both sexes and will not discriminate on the basis of religion or race, officials said.
The university, which has one of the world’s largest educational endowments from the pocket of King Abdullah, aims to be a global leader in research into energy, environmental sciences, computing, mathematics and engineering.
Similar deals with a further three US universities are expected to be announced later this week.
UC Berkeley plans Saudi university deal'Secret talks' with King Abdullah University of Science and Technology raise discrimination concerns.
RESEARCH LEADER: The $10 billion King Abdullah University of Science and Technology will not discriminate on the basis of gender, religion or race.Stanford University and UC Berkeley are to help develop a major campus at Saudi Arabia’s $10 billion King Abdullah University of Science and Technology (KAUST), according to US press reports.
The US colleges will each receive almost $30 million to help the flagship research institute hire 60 faculty staff and create graduate-level courses in six disciplines for its planned opening in September 2009.
Stanford is to help design and built the university’s departments of maths and computer science, while UC Berkeley will focus on mechanical engineering.
According to the San Francisco Chronicle, Stanford and Berkeley will each receive $10 million earmarked for the participating departments, $10 million for joint research in the US and $5 million for collaborative research conducted at Kaust.
Berkeley will also receive $3.3 million to cover administrative costs, while Stanford will get $4.4 million, the paper said.
According to Berkeley administrators, the contract was agreed on the understanding that women would be treated equally at the university. Faculty staff at Berkeley’s Department of Civil and Environmental Engineering had reportedly declined to join over concerns about academic and personal freedom.
Kaust, located on the Red Sea at Thuwal, north of Jeddah, will accept students of both sexes and will not discriminate on the basis of religion or race, officials said.
The university, which has one of the world’s largest educational endowments from the pocket of King Abdullah, aims to be a global leader in research into energy, environmental sciences, computing, mathematics and engineering.
Similar deals with a further three US universities are expected to be announced later this week.
UC Berkeley plans Saudi university deal'Secret talks' with King Abdullah University of Science and Technology raise discrimination concerns.
Tuesday, March 4, 2008
Saudi Arabia slowly opens doors to tourists
Saudi Arabia slowly opens doors to tourists
Visitors fascinated by culture's contrast, climate's diversity
Ethan Todras-Whitehill, New York Times
Sunday, March 2, 2008
If you were running a restrictive Islamic state where the women can't drive and restaurants are segregated between families and single men, the last idea that might occur to you is to invite Westerners in to have a look. And yet, that's exactly what the Kingdom of Saudi Arabia is doing.
As part of a group of reforms, the kingdom is trying to develop the country as a tourist destination, first for domestic travelers and later for international ones. Westerners are starting to visit the country on small group tours, a process that has become easier with loosened visa rules.
The country's starkly different customs are part of the appeal for visitors - some even claim to see advantages in wearing the abaya, the formless black robe that women must wear in public. So are its intact culture, historical sites and unexpected diversity of climate and topography.
It used to be that tourists could visit Saudi Arabia only through the Discover Saudi Arabia program, run through Saudi Arabian Airlines. The visa process was slow and impenetrable, and tour operators could book flights only through that airline, greatly limiting options.
But in April, the government passed a law allowing domestic travel agencies to bring in foreign tours. If all goes as hoped, the new arrangement will speed the visa process and give foreign tour operators greater flexibility. It is a small step, but one that reflects the Saudi government's new interest in foreign tourism.
Saudi Arabia has long been one of the world's most popular tourist destinations - for Muslims making a pilgrimage to Islam's holy cities of Mecca and Medina. Millions of pilgrims visit each year for either the hajj, which is a pilgrimage at a prescribed time, or umrah, a visit to the sites at any other time of the year. Non-Muslims are forbidden to enter these locations.
As for nonreligious tourists, they made up only 7 percent of the country's foreign tourists in 2006, although that is up from 4 percent in 2004, and most of those visitors came from the Middle East.
The ruler of Saudi Arabia, King Abdullah, is instituting a number of well-publicized reforms to diversify the country's economy and insulate it against changes in the oil market. International tourism isn't part of that program, but domestic tourism is. The government estimates that Saudis who might take holidays in Saudi Arabia are an untapped $15 billion market and that the international tourism market is tiny in comparison.
Still, international tourists do have value to the government as part of a public relations campaign.
"Saudi Arabia today faces a big challenge, which is its image," said Prince Sultan bin Salman bin Abdel Aziz, secretary general of the Supreme Commission of Tourism of Saudi Arabia. "It is very important for us that people come and see it as it is. Seeing is believing."
Saudi Arabia does surprise most tourists. "Most people think of it as a vast desert with oil wells popping up all over it," said Robert Parda of Advantage Tours, one of the few American companies that run tours to Saudi Arabia.
It is a closed country, but a wealthy one, with a mix of modern buildings and ancient architecture. Although non-Muslims cannot see Mecca and Medina (and those with Israeli stamps on their passports cannot enter the country at all), most can visit the old marketplaces of cities such as Jidda, which is well preserved. The Saudi Red Sea coast is said to have some of the most pristine scuba diving in the world, although the infrastructure for taking advantage of it is not yet in place.
The destination with the greatest potential "wow" factor is Madain Salih, an ancient Nabataean city carved into sandstone cliffs. The sister city to Petra in Jordan, it has been proposed by Saudi Arabia as a World Heritage Site of UNESCO, the U.N. Educational, Scientific and Cultural Organization.
Though it lacks an iconic building like Petra's Treasury (the site of the Holy Grail in "Indiana Jones and the Last Crusade"), it has many more structures than Petra does, and they are better preserved. Visiting can be a solitary and wondrous experience. "It's not unusual for no one else to be in the whole site besides our group," Parda said.
But the biggest draw of Saudi Arabia may be the closed nature of the country itself. The tour operators interviewed for this article said the majority of clients who went on their Saudi tours were exceptionally well traveled, many having visited 100 countries. Saudi Arabia at this point is a place Western tourists go when they're looking for something totally different, a culture little touched by the Western world.
On one tour to Saudi Arabia in April, a tour bus was passing a local auction in a town square near Dammam on the gulf coast when the tour leader, Rita Zawaideh, directed it to stop. Zawaideh, an Arab American who runs Caravan-Serai Tours out of Seattle, began raising her hand to bid, and her mostly female tour group did the same, confusing and ultimately delighting the all-male crowd.
"They would joke and say: 'Raise the prices! The Americans want to buy,' " Zawaideh said, "and then I go at them in Arabic and they say: 'OK! We can't raise the prices. We'll lower the prices!' " The locals brought out tea and wanted to hear the tourists' impressions of the country, and the group ultimately purchased pottery, an old sword, an antique window and other items.
The act of observing an untouched culture, of course, inevitably touches it. Countries such as Bhutan have kept out tourists for that reason. Saudi concern with preventing this kind of change is a reason it has been slow to consider granting independent tourist visas, which are not offered.
The country's leaders are interested in encouraging the Saudis themselves to move around in their country, believing that the growth of a domestic tourism industry would actually solidify their culture. Families would have more options for traveling together and could see the diversity of their country, which Prince Sultan bin Salman thinks would make them recognize their national unity as "nothing less than a miracle."
Still, the domestic tourists are "pathfinders" for the international tourists who will follow, according to the prince, and the government says it will monitor the response to the tourism from the local communities. "We've seen how things sometimes happening in a hurry can be detrimental to society and social change," the prince said. "We're not in a hurry to do more than we can swallow."
For the time being, the experience of visiting Saudi Arabia includes conforming to its norms. No alcohol, pornography or proselytizing materials can be taken into the country. A woman younger than 30 cannot enter the country without a husband or brother. Women cannot walk about unaccompanied, and they must keep their bodies covered with abayas.
The Saudis aren't kidding about it. On a tour she led in 2006, Zawaideh said, she noticed some Europeans walking around with their husbands, probably business travelers, without abayas or head scarves, and she warned them that the husbands could be arrested for this offense. The women brushed her off, she said, and within an hour, she noticed security people talking with the couples, then taking the men away.
Zawaideh says that she has no such problem with her clients. Two women wore the abaya all the way to New York, and some found it had the advantages of helping them fit in and protecting against blowing sand.
Joyce Jolley, 76, a retired dental hygienist from Seattle, bought the most severe kind to take home, including a head covering with only an eye-slit opening and a sheer black veil to cover that - more than what Saudi women are required to wear. "It was kind of an adventure," she said.
This article appeared on page A - 11 of the San Francisco Chronicle
Visitors fascinated by culture's contrast, climate's diversity
Ethan Todras-Whitehill, New York Times
Sunday, March 2, 2008
If you were running a restrictive Islamic state where the women can't drive and restaurants are segregated between families and single men, the last idea that might occur to you is to invite Westerners in to have a look. And yet, that's exactly what the Kingdom of Saudi Arabia is doing.
As part of a group of reforms, the kingdom is trying to develop the country as a tourist destination, first for domestic travelers and later for international ones. Westerners are starting to visit the country on small group tours, a process that has become easier with loosened visa rules.
The country's starkly different customs are part of the appeal for visitors - some even claim to see advantages in wearing the abaya, the formless black robe that women must wear in public. So are its intact culture, historical sites and unexpected diversity of climate and topography.
It used to be that tourists could visit Saudi Arabia only through the Discover Saudi Arabia program, run through Saudi Arabian Airlines. The visa process was slow and impenetrable, and tour operators could book flights only through that airline, greatly limiting options.
But in April, the government passed a law allowing domestic travel agencies to bring in foreign tours. If all goes as hoped, the new arrangement will speed the visa process and give foreign tour operators greater flexibility. It is a small step, but one that reflects the Saudi government's new interest in foreign tourism.
Saudi Arabia has long been one of the world's most popular tourist destinations - for Muslims making a pilgrimage to Islam's holy cities of Mecca and Medina. Millions of pilgrims visit each year for either the hajj, which is a pilgrimage at a prescribed time, or umrah, a visit to the sites at any other time of the year. Non-Muslims are forbidden to enter these locations.
As for nonreligious tourists, they made up only 7 percent of the country's foreign tourists in 2006, although that is up from 4 percent in 2004, and most of those visitors came from the Middle East.
The ruler of Saudi Arabia, King Abdullah, is instituting a number of well-publicized reforms to diversify the country's economy and insulate it against changes in the oil market. International tourism isn't part of that program, but domestic tourism is. The government estimates that Saudis who might take holidays in Saudi Arabia are an untapped $15 billion market and that the international tourism market is tiny in comparison.
Still, international tourists do have value to the government as part of a public relations campaign.
"Saudi Arabia today faces a big challenge, which is its image," said Prince Sultan bin Salman bin Abdel Aziz, secretary general of the Supreme Commission of Tourism of Saudi Arabia. "It is very important for us that people come and see it as it is. Seeing is believing."
Saudi Arabia does surprise most tourists. "Most people think of it as a vast desert with oil wells popping up all over it," said Robert Parda of Advantage Tours, one of the few American companies that run tours to Saudi Arabia.
It is a closed country, but a wealthy one, with a mix of modern buildings and ancient architecture. Although non-Muslims cannot see Mecca and Medina (and those with Israeli stamps on their passports cannot enter the country at all), most can visit the old marketplaces of cities such as Jidda, which is well preserved. The Saudi Red Sea coast is said to have some of the most pristine scuba diving in the world, although the infrastructure for taking advantage of it is not yet in place.
The destination with the greatest potential "wow" factor is Madain Salih, an ancient Nabataean city carved into sandstone cliffs. The sister city to Petra in Jordan, it has been proposed by Saudi Arabia as a World Heritage Site of UNESCO, the U.N. Educational, Scientific and Cultural Organization.
Though it lacks an iconic building like Petra's Treasury (the site of the Holy Grail in "Indiana Jones and the Last Crusade"), it has many more structures than Petra does, and they are better preserved. Visiting can be a solitary and wondrous experience. "It's not unusual for no one else to be in the whole site besides our group," Parda said.
But the biggest draw of Saudi Arabia may be the closed nature of the country itself. The tour operators interviewed for this article said the majority of clients who went on their Saudi tours were exceptionally well traveled, many having visited 100 countries. Saudi Arabia at this point is a place Western tourists go when they're looking for something totally different, a culture little touched by the Western world.
On one tour to Saudi Arabia in April, a tour bus was passing a local auction in a town square near Dammam on the gulf coast when the tour leader, Rita Zawaideh, directed it to stop. Zawaideh, an Arab American who runs Caravan-Serai Tours out of Seattle, began raising her hand to bid, and her mostly female tour group did the same, confusing and ultimately delighting the all-male crowd.
"They would joke and say: 'Raise the prices! The Americans want to buy,' " Zawaideh said, "and then I go at them in Arabic and they say: 'OK! We can't raise the prices. We'll lower the prices!' " The locals brought out tea and wanted to hear the tourists' impressions of the country, and the group ultimately purchased pottery, an old sword, an antique window and other items.
The act of observing an untouched culture, of course, inevitably touches it. Countries such as Bhutan have kept out tourists for that reason. Saudi concern with preventing this kind of change is a reason it has been slow to consider granting independent tourist visas, which are not offered.
The country's leaders are interested in encouraging the Saudis themselves to move around in their country, believing that the growth of a domestic tourism industry would actually solidify their culture. Families would have more options for traveling together and could see the diversity of their country, which Prince Sultan bin Salman thinks would make them recognize their national unity as "nothing less than a miracle."
Still, the domestic tourists are "pathfinders" for the international tourists who will follow, according to the prince, and the government says it will monitor the response to the tourism from the local communities. "We've seen how things sometimes happening in a hurry can be detrimental to society and social change," the prince said. "We're not in a hurry to do more than we can swallow."
For the time being, the experience of visiting Saudi Arabia includes conforming to its norms. No alcohol, pornography or proselytizing materials can be taken into the country. A woman younger than 30 cannot enter the country without a husband or brother. Women cannot walk about unaccompanied, and they must keep their bodies covered with abayas.
The Saudis aren't kidding about it. On a tour she led in 2006, Zawaideh said, she noticed some Europeans walking around with their husbands, probably business travelers, without abayas or head scarves, and she warned them that the husbands could be arrested for this offense. The women brushed her off, she said, and within an hour, she noticed security people talking with the couples, then taking the men away.
Zawaideh says that she has no such problem with her clients. Two women wore the abaya all the way to New York, and some found it had the advantages of helping them fit in and protecting against blowing sand.
Joyce Jolley, 76, a retired dental hygienist from Seattle, bought the most severe kind to take home, including a head covering with only an eye-slit opening and a sheer black veil to cover that - more than what Saudi women are required to wear. "It was kind of an adventure," she said.
This article appeared on page A - 11 of the San Francisco Chronicle
Saturday, February 23, 2008
JEDDAH | Mile High Tower | 1609m | 5280ft | Pro
Originally Posted by Rody69
Exploring urban issues facing 21st century, The Mile High Tower offers a fresh perspective on an idea that has been debated by architects for a century"1 mile =1600 M . Exploding land values, growing populations and expanding economies are placing extraordinary burdens on many culturally rich, but land deprived Asian regions. In response to these pressures we have proposed a vertical city. In conceiving the tower as a vertical city, the design team has integrated technological, architectural and urban planning strategies into a single structure that breathes with urban complexity. The scale of the building and the scope of the program force the reevaluation of current skyscraper precedents for form, purpose, infrastructure, transportation, structure, and sustainability.
Architecture and engineering have traditionally treated structure as static—the building frame was constructed to be strong and heavy enough to resist all anticipated loads. The Mile High Tower proposes a lighter, dynamic structural system that actively responds to forces placed upon it. Controlled by wind detecting sensors, stabilizing aileron-like fins run the length of the tower frame and modulate their position to control resonant motion and building drift.
The separation of the structural frame and the building envelope enhances the quality of the interior space by providing an abundance of natural light and ventilation. Equipped with wind generators, photovoltaic panels, a heliostat, and sewage treatment facilities, the tower attains a high degree of sustainability with minimal environmental impact.
Approaching the tower as a theoretical project has proven liberating, freeing the design team to seek new solutions to technical problems, to find creative approaches outside the present financial climate, and to implement environmentally sustainable strategies that will enhance the next generation of ultra-high rise buildings. Our paradigm is the human body. This near-future tower incorporates structural and climatic systems that, like the human body, respond dynamically and efficiently to forces placed upon them.
Pickard Chilton company have done the skyscraper design, plus other specialized engineering firms for structural, infrastructure and traffic design, cost and time planning!!
Exploring urban issues facing 21st century, The Mile High Tower offers a fresh perspective on an idea that has been debated by architects for a century"1 mile =1600 M . Exploding land values, growing populations and expanding economies are placing extraordinary burdens on many culturally rich, but land deprived Asian regions. In response to these pressures we have proposed a vertical city. In conceiving the tower as a vertical city, the design team has integrated technological, architectural and urban planning strategies into a single structure that breathes with urban complexity. The scale of the building and the scope of the program force the reevaluation of current skyscraper precedents for form, purpose, infrastructure, transportation, structure, and sustainability.
Architecture and engineering have traditionally treated structure as static—the building frame was constructed to be strong and heavy enough to resist all anticipated loads. The Mile High Tower proposes a lighter, dynamic structural system that actively responds to forces placed upon it. Controlled by wind detecting sensors, stabilizing aileron-like fins run the length of the tower frame and modulate their position to control resonant motion and building drift.
The separation of the structural frame and the building envelope enhances the quality of the interior space by providing an abundance of natural light and ventilation. Equipped with wind generators, photovoltaic panels, a heliostat, and sewage treatment facilities, the tower attains a high degree of sustainability with minimal environmental impact.
Approaching the tower as a theoretical project has proven liberating, freeing the design team to seek new solutions to technical problems, to find creative approaches outside the present financial climate, and to implement environmentally sustainable strategies that will enhance the next generation of ultra-high rise buildings. Our paradigm is the human body. This near-future tower incorporates structural and climatic systems that, like the human body, respond dynamically and efficiently to forces placed upon them.
Pickard Chilton company have done the skyscraper design, plus other specialized engineering firms for structural, infrastructure and traffic design, cost and time planning!!
Bahrain considering $1bn leisure development
Plans are being drawn up for a $1bn leisure city in the Bahrain to rival Disneyland.
The development is ideally going to be on a similar size and scale to Disneyland, with various ideas still being considered.
A source close to the project says that financial backing is being pursued and a leisure developer is being approached to take the project forward.
It is hoped the development will capitalise on the spare land available in the kingdom, stimulate higher land prices, and encourage more tourism to the kingdom.
The kingdom's $1.5bn Bahrain Bay project is another key development located off the north-east coast of the capital. It will combine commercial, residential and retail with a hotel at its centre.
Last Updated: 22 February 2008 10:42
Author: Christopher Sell.
The development is ideally going to be on a similar size and scale to Disneyland, with various ideas still being considered.
A source close to the project says that financial backing is being pursued and a leisure developer is being approached to take the project forward.
It is hoped the development will capitalise on the spare land available in the kingdom, stimulate higher land prices, and encourage more tourism to the kingdom.
The kingdom's $1.5bn Bahrain Bay project is another key development located off the north-east coast of the capital. It will combine commercial, residential and retail with a hotel at its centre.
Last Updated: 22 February 2008 10:42
Author: Christopher Sell.
Friday, February 22, 2008
Dubai-based Zabeel Investments Enters Strategic Joint Venture With The Light Group
LAS VEGAS, Feb. 20 /PRNewswire/ -- Dubai-based diversified investment group, Zabeel Investments has taken a strategic step into the hospitality sector, through the acquisition of a fifty percent stake in leading US hospitality development and management company, The Light Group.
This partnership marks the first foray into the US market by the fast-growing and dynamic investment house. The partnership unites the experience and innovation of the Las Vegas-based Light Group with the ambition and expertise of Dubai-based Zabeel Investments, delivering a distinct offering to both the US and UAE hospitality and entertainment sectors as well as markets further afield. The partnership continues the existing relationship between Dubai and CityCenter in Las Vegas where The Light Group will manage The Harmon Hotel, Spa & Residences, a property owned and under development by CityCenter Holdings, LLC, a joint venture of MGM MIRAGE and Dubai World. Additionally, Dubai World holds a significant stake in MGM MIRAGE.
According to a report published by Global Futures and Foresight in May 2007, during the next 20 years, more than US$ 3 trillion will be invested in the leisure and tourism industry in the Arab world, thus allowing airport capacity for an additional 300 million passengers, more than 200 new hotels, and growing regional visitor numbers to 150 million people, all of which are conservative estimates.
Commenting on the acquisition, Zabeel Investments' Executive Chairman, HE Mohammed Ali Al Hashimi, said: "The Light Group is internationally renowned for spearheading exclusive and innovative projects in the US such as The Harmon Hotel. Our goal is to develop the hospitality industry in the UAE and across the region -- an aim which encompasses all areas of this sector from food and beverage to hotels and restaurants. In addition, The Light Group can tap our UAE hospitality expertise, and evolve that to other developments around the world.
"The Harmon Hotel will be an exclusive, private and environmentally green luxury boutique hotel -- it is these concepts and values, which synergize so well with our own, that have made the group one of the most recognized and respected players in its field. The acquisition enables us to draw on the experience of The Light Group and transfer its knowledge, its brand of entertainment and innovative concepts and the highest service standards back to the UAE market, which continues to develop and evolve at a remarkable rate. In turn, we intend to support The Light Group as it continues to expand its hotel management, food and beverage, and entertainment portfolio further into key US cities."
"More and more the developments and growth found in the UAE and wider region are leading the way internationally in terms of scope and ambition," commented Andrew Sasson, Founder and Owner, The Light Group. "This factor, combined with the capability and vision that Zabeel Investments specifically brings to the table, marks the beginning of an exciting new chapter for our company that will see us escalating our portfolio throughout the US and further afield. The partnership is founded on a shared perspective of the potential that the hospitality sector holds around the world and through this common outlook we intend to embark on a number of pioneering projects."
Since its launch in February 2006, Zabeel Investments has made significant inroads to the high-end commercial real estate development and management sector in the UAE. Its development projects include the soon to be completed Tiara Residence on Palm Jumeirah. The group also has under development, the Tiara United Towers on Sheikh Zayed Road and America Hotels & Resorts in Tatweer's AED 200 billion Bawadi entertainment themed development, both of which mirror the creativity and high-end nature of The Light Group.
In terms of strategic investments, the company holds stakes in a number of international companies including the European Aeronautic Defence and Space Company (EADS) and Sony Corporation.
About The Light Group
Based in Las Vegas, The Light Group is one of the United States' leading hospitality development and management companies. Founded by Andrew Sasson and his partner, Andy Masi, the company will manage and operate The Harmon Hotel, Spa & Residences, one of the most luxurious, high-end boutique hotels across the globe opening in late 2009 at CityCenter, a joint venture between MGM MIRAGE and Dubai World.
The Light Group's portfolio also includes several food and beverage properties at AAA Five Diamond Bellagio Resort & Casino, The Mirage Hotel & Casino, Monte Carlo Resort & Casino and Treasure Island Hotel & Casino. http://www.lightgroup.com/
About Zabeel Investments
Founded in February 2006, Zabeel Investments is a Dubai-based diversified investment company with business interests spanning commercial real estate development and management, private equity and asset management across a wide range of economic sectors in the GCC and other international markets.
Zabeel Investments property portfolio currently comprises of approximately AED 15 billion of prestige residential, commercial and hospitality developments.
The Light Group
This partnership marks the first foray into the US market by the fast-growing and dynamic investment house. The partnership unites the experience and innovation of the Las Vegas-based Light Group with the ambition and expertise of Dubai-based Zabeel Investments, delivering a distinct offering to both the US and UAE hospitality and entertainment sectors as well as markets further afield. The partnership continues the existing relationship between Dubai and CityCenter in Las Vegas where The Light Group will manage The Harmon Hotel, Spa & Residences, a property owned and under development by CityCenter Holdings, LLC, a joint venture of MGM MIRAGE and Dubai World. Additionally, Dubai World holds a significant stake in MGM MIRAGE.
According to a report published by Global Futures and Foresight in May 2007, during the next 20 years, more than US$ 3 trillion will be invested in the leisure and tourism industry in the Arab world, thus allowing airport capacity for an additional 300 million passengers, more than 200 new hotels, and growing regional visitor numbers to 150 million people, all of which are conservative estimates.
Commenting on the acquisition, Zabeel Investments' Executive Chairman, HE Mohammed Ali Al Hashimi, said: "The Light Group is internationally renowned for spearheading exclusive and innovative projects in the US such as The Harmon Hotel. Our goal is to develop the hospitality industry in the UAE and across the region -- an aim which encompasses all areas of this sector from food and beverage to hotels and restaurants. In addition, The Light Group can tap our UAE hospitality expertise, and evolve that to other developments around the world.
"The Harmon Hotel will be an exclusive, private and environmentally green luxury boutique hotel -- it is these concepts and values, which synergize so well with our own, that have made the group one of the most recognized and respected players in its field. The acquisition enables us to draw on the experience of The Light Group and transfer its knowledge, its brand of entertainment and innovative concepts and the highest service standards back to the UAE market, which continues to develop and evolve at a remarkable rate. In turn, we intend to support The Light Group as it continues to expand its hotel management, food and beverage, and entertainment portfolio further into key US cities."
"More and more the developments and growth found in the UAE and wider region are leading the way internationally in terms of scope and ambition," commented Andrew Sasson, Founder and Owner, The Light Group. "This factor, combined with the capability and vision that Zabeel Investments specifically brings to the table, marks the beginning of an exciting new chapter for our company that will see us escalating our portfolio throughout the US and further afield. The partnership is founded on a shared perspective of the potential that the hospitality sector holds around the world and through this common outlook we intend to embark on a number of pioneering projects."
Since its launch in February 2006, Zabeel Investments has made significant inroads to the high-end commercial real estate development and management sector in the UAE. Its development projects include the soon to be completed Tiara Residence on Palm Jumeirah. The group also has under development, the Tiara United Towers on Sheikh Zayed Road and America Hotels & Resorts in Tatweer's AED 200 billion Bawadi entertainment themed development, both of which mirror the creativity and high-end nature of The Light Group.
In terms of strategic investments, the company holds stakes in a number of international companies including the European Aeronautic Defence and Space Company (EADS) and Sony Corporation.
About The Light Group
Based in Las Vegas, The Light Group is one of the United States' leading hospitality development and management companies. Founded by Andrew Sasson and his partner, Andy Masi, the company will manage and operate The Harmon Hotel, Spa & Residences, one of the most luxurious, high-end boutique hotels across the globe opening in late 2009 at CityCenter, a joint venture between MGM MIRAGE and Dubai World.
The Light Group's portfolio also includes several food and beverage properties at AAA Five Diamond Bellagio Resort & Casino, The Mirage Hotel & Casino, Monte Carlo Resort & Casino and Treasure Island Hotel & Casino. http://www.lightgroup.com/
About Zabeel Investments
Founded in February 2006, Zabeel Investments is a Dubai-based diversified investment company with business interests spanning commercial real estate development and management, private equity and asset management across a wide range of economic sectors in the GCC and other international markets.
Zabeel Investments property portfolio currently comprises of approximately AED 15 billion of prestige residential, commercial and hospitality developments.
The Light Group
Qatar Sovereign Wealth Fund Buying Credit Suisse Shares, Qatar Prime Minister Says
By William Patalon III
Executive Editor
Money Morning/The Money Map Report
The government of Qatar - operating through its state-run investment fund - is accumulating shares in Swiss banking giant Credit Suisse Group (CS) and says it intends to invest as much as $15 billion in U.S. and European bank stocks over the next year.
The announcement, made over the weekend by the prime minister of the Persian Gulf state is part of a major mobilization of capital that has what Money Morning has labeled as the "Middle East Cash Barons" bringing billions of dollars to bear on the U.S. and world banking sectors.
In the past year alone, these highly controversial state-run "sovereign wealth funds" have invested an estimated $70 billion in the world’s ailing banking system - most of them in the West. In the United States alone, the funds have provided bailout capital to the likes of Citigroup Inc. (C), Merrill Lynch & Co. Inc. (MER) and Morgan Stanley (MS) - financial-sector heavyweights whose balance sheets have been eviscerated by the subprime-spawned credit crisis. UBS AG (UBS) - also Swiss-based - has received Cash Baron bailout money, too.
During an interview late Sunday in the Qatar city of Doha, the prime minister, Sheikh Hamad bin Jasim bin Jaber al-Thani, told Bloomberg News that his country has "a relation with Credit Suisse and we bought some of the stock from the market, actually, but I cannot say what percentage because still we are in the process."
Sheikh Hamad is also the chief executive officer of the Qatar Investment Authority, the $60 billion sovereign wealth fund backed by the Qatar government. Currently, the fund has plans to double in size by 2010, with up to 40% of its investments in Asia, and the rest in Europe and the United States, according to research conducted by
London-based Standard Chartered PLC.
Sovereign Wealth Funds: The (Big) New Kids on the Block
Long the capitalist bastion, Wall Street is finally getting some competition, and is feeling the heat from these state-controlled investment pools known as sovereign wealth funds. Some - including the Kuwait Investment Authority - have been around since the 1950s.
Much of the money comes from crude-oil sales, which is why many of these government-operated venture pools are situated in the Middle East. And since oil prices have soared in recent years, these funds have turned into veritable "war chests" of capital that enable the states to mount ambitious acquisition and infrastructure-development jags.
The governments of such countries as Dubai, Saudi Arabia, China, Russia and Norway operate the big investment pools - and more are on the way. The capital was amassed chiefly through crude oil sales, although China started its fund with some of the estimated $1.3 trillion in foreign reserves racked up from the massive trade surpluses it routinely runs.
The richest sovereign funds include the Abu Dhabi Investment Authority, or AIDA ($875 billion), the Government of Singapore Investment Corp. ($330 billion), and Norway’s Government Pension Fund Global, or GPFG ($322 billion), although several others may be larger. Some of the other top funds include Singapore’s Temasek Holdings Pte. Ltd., Mainland China’s China Investment Corp., and Dubai’s Dubai International Corp.
New funds have been announced in recent months.
Many of these Cash Barons are looking for more than just an investment return: They are seeking the deal-making know-how that over time will transform them into global financial titans. That quest induced the China-controlled State Foreign Exchange Investment Co. to invest $3 billion in the private-equity whiz The Blackstone Group LP (BX) back in April. The funds often take passive stakes, meaning they don’t demand management say-so and don’t seek seats on the target company’s board of directors.
Sovereign wealth funds currently control an estimated $3.2 trillion in assets. That’s already believed to be more than the $1.5 trillion to $2 trillion held by worldwide hedge funds [though some sources put the hedge-fund estimate as high as $5 trillion].
The International Monetary Fund (IMF) and other experts predict the state-run venture funds could control $12 trillion by 2015. State-managed funds in countries including Kuwait, Abu Dhabi and South Korea have ballooned to $3.2 trillion in assets. Fueled by record oil prices and rising currency reserves, sovereign fund assets may gain fourfold to $12 trillion by 2015, equal to the capitalization of the Standard & Poor’s 500 Index, according to Morgan Stanley.
Money Morning Investment Director Keith Fitz-Gerald thinks the ultimate total will actually be much bigger: Even now, he estimates that the total capital under the control of the global Cash Barons is more likely to reach $20 trillion by the middle of the next decade.
The growth rate is certainly accelerating. The U.S. Treasury says that 20 new funds have been created since 2000 - more than half of them since 2005 - bringing the total to nearly 40 funds with total assets between $1.9 trillion and $2.9 trillion.
Needless to say, the funds have become the focus of controversy and concern in Washington. Congress is worried about the manner in which sovereign funds seem to have exploded onto the scene, the large and potentially influential stakes the funds have been taking in big U.S. investment-banking firms, and their lack of "transparency" - there’s no global equivalent of the U.S. Securities and Exchange Commission to force disclosure of their holdings or of their investment intent.
That lack of transparency is apparently a particular issue with the Qatar Investment Authority, which Standard Chartered cites as being among the world’s "most-secretive funds," a group that also includes those in the United Arab Emirates, Kuwait, China, Qatar, Brunei and Venezuela.
But some of its deals have been in the spotlight of late.
Among the deals the QIA pursued in order to diversify its assets and build its asset base in the European market was the purchase of a stake in the U.K.-based supermarket chain, J. Sainsbury PLC (OTC: JSAIY). Since the Qatari sovereign fund Delta Two acquired a 25% stake in the supermarket early in 2007, Delta Two had been expected to launch a bid for the entire chain for an estimated $21.7 billion. Delta Two is an affiliate of the Qatar Investment Authority.
But the full-scale takeover hit a snag, however, after the Sainsbury family and company pension-fund trustees balked at the structure of the deal, worrying that the supermarket will be burdened with a crushing level of debt.
In mid-January, Forbes.com reported that Delta Two transferred its entire 25% stake - 435.16 million shares - to state investment vehicle Qatar Holdings LLC, a wholly owned subsidiary of QIA, the primary investment vehicle.
As its interest in Credit Suisse underscores, Qatar wants to build a position in the global financial sector.
Last September, Qatar Holding purchased a 20% stake in the London Stock Exchange Group PLC. That stake was subsequently diluted to about 15% on Oct. 1 when the LSE finalized its $2.4 billion buyout of the Borsa Italiana SpA.
In other deals, the QIA has chalked up a 9.98% stake in the Nordic and Baltic exchange OMX, after buying 3.5% of the Nasdaq Stock Market Inc. (NDAQ), adding to its existing 20% stake.
But on Friday, the Nasdaq said it expects its $4.5 billion deal to acquire Nordic and Baltic stock exchange OMX through a complex tie-up with Borse Dubai Ltd. - a sovereign wealth fund affiliate of the state of Dubai - will close on Feb. 27. In a statement, Nasdaq said Borse Dubai had been successful in a tender offer for OMX shares, which paves the way for it to form the Nasdaq OMX Group. Separately, Borse Dubai said that after it exercises its options, it expects to hold a 97.6% stake in the entity.
Now, after agreeing to buy Qatar’s stake in OMX AB, Borse Dubai said it would consider an offer from Qatar to sell the shares it holds in the London Stock Exchange Group, in which Borse Dubai is the biggest shareholder, according to Bloomberg News.|
Back in September, when Borse Dubai cut its deal with OMX and Nasdaq, it said it would be left with a 20% stake in the Nasdaq and a 28% stake in the LSE. Qatar threatened to scuttle the deal, and bought the rivaling OMX stake and the 20% position in the London Stock Exchange. That forced Dubai to boost its own OMX offer.
According to Bloomberg, Dubai now owns 20.4% of LSE, 5% more than Qatar’s holding. Both sovereign investors saw their stakes get diluted when LSE on Oct. 1 completed its takeover of Borsa Italiana S.p.A.
Other QIA investments include 100% ownership of the U.K.-based Four Seasons Healthcare, a 97.3% stake in Lebanon’s BLC Bank SAL, and part of a 3.12% stake in European Aeronautic, Defence & Space Co. (EADS NV), the parent company of airliner maker and Boeing Co. (BA) rival Airbus Industries SAS, Standard Chartered said.
Switzerland’s second-biggest bank, Credit Suisse said on Feb. 12 that its fourth-quarter profit plunged 72% after taking a $1.2 billion write-down on debt and leveraged loans. The stock has fallen more than 30% since early October. UBS, Switzerland’s largest bank, has taken $14 billion in write-downs.
Credit Suisse already has ties to Qatar. In March 2006, it became the first European bank to get a license for the Qatar Financial Centre, a self-regulated business park designed to attract lenders to the Gulf state as part of Qatar’s ongoing plan to diversify its own
And when Qatar went after J. Sainsbury last year, Credit Suisse was one of the three Europe-based banks that agreed to underwrite billions of dollars in debt to help finance the buyout.
Executive Editor
Money Morning/The Money Map Report
The government of Qatar - operating through its state-run investment fund - is accumulating shares in Swiss banking giant Credit Suisse Group (CS) and says it intends to invest as much as $15 billion in U.S. and European bank stocks over the next year.
The announcement, made over the weekend by the prime minister of the Persian Gulf state is part of a major mobilization of capital that has what Money Morning has labeled as the "Middle East Cash Barons" bringing billions of dollars to bear on the U.S. and world banking sectors.
In the past year alone, these highly controversial state-run "sovereign wealth funds" have invested an estimated $70 billion in the world’s ailing banking system - most of them in the West. In the United States alone, the funds have provided bailout capital to the likes of Citigroup Inc. (C), Merrill Lynch & Co. Inc. (MER) and Morgan Stanley (MS) - financial-sector heavyweights whose balance sheets have been eviscerated by the subprime-spawned credit crisis. UBS AG (UBS) - also Swiss-based - has received Cash Baron bailout money, too.
During an interview late Sunday in the Qatar city of Doha, the prime minister, Sheikh Hamad bin Jasim bin Jaber al-Thani, told Bloomberg News that his country has "a relation with Credit Suisse and we bought some of the stock from the market, actually, but I cannot say what percentage because still we are in the process."
Sheikh Hamad is also the chief executive officer of the Qatar Investment Authority, the $60 billion sovereign wealth fund backed by the Qatar government. Currently, the fund has plans to double in size by 2010, with up to 40% of its investments in Asia, and the rest in Europe and the United States, according to research conducted by
London-based Standard Chartered PLC.
Sovereign Wealth Funds: The (Big) New Kids on the Block
Long the capitalist bastion, Wall Street is finally getting some competition, and is feeling the heat from these state-controlled investment pools known as sovereign wealth funds. Some - including the Kuwait Investment Authority - have been around since the 1950s.
Much of the money comes from crude-oil sales, which is why many of these government-operated venture pools are situated in the Middle East. And since oil prices have soared in recent years, these funds have turned into veritable "war chests" of capital that enable the states to mount ambitious acquisition and infrastructure-development jags.
The governments of such countries as Dubai, Saudi Arabia, China, Russia and Norway operate the big investment pools - and more are on the way. The capital was amassed chiefly through crude oil sales, although China started its fund with some of the estimated $1.3 trillion in foreign reserves racked up from the massive trade surpluses it routinely runs.
The richest sovereign funds include the Abu Dhabi Investment Authority, or AIDA ($875 billion), the Government of Singapore Investment Corp. ($330 billion), and Norway’s Government Pension Fund Global, or GPFG ($322 billion), although several others may be larger. Some of the other top funds include Singapore’s Temasek Holdings Pte. Ltd., Mainland China’s China Investment Corp., and Dubai’s Dubai International Corp.
New funds have been announced in recent months.
Many of these Cash Barons are looking for more than just an investment return: They are seeking the deal-making know-how that over time will transform them into global financial titans. That quest induced the China-controlled State Foreign Exchange Investment Co. to invest $3 billion in the private-equity whiz The Blackstone Group LP (BX) back in April. The funds often take passive stakes, meaning they don’t demand management say-so and don’t seek seats on the target company’s board of directors.
Sovereign wealth funds currently control an estimated $3.2 trillion in assets. That’s already believed to be more than the $1.5 trillion to $2 trillion held by worldwide hedge funds [though some sources put the hedge-fund estimate as high as $5 trillion].
The International Monetary Fund (IMF) and other experts predict the state-run venture funds could control $12 trillion by 2015. State-managed funds in countries including Kuwait, Abu Dhabi and South Korea have ballooned to $3.2 trillion in assets. Fueled by record oil prices and rising currency reserves, sovereign fund assets may gain fourfold to $12 trillion by 2015, equal to the capitalization of the Standard & Poor’s 500 Index, according to Morgan Stanley.
Money Morning Investment Director Keith Fitz-Gerald thinks the ultimate total will actually be much bigger: Even now, he estimates that the total capital under the control of the global Cash Barons is more likely to reach $20 trillion by the middle of the next decade.
The growth rate is certainly accelerating. The U.S. Treasury says that 20 new funds have been created since 2000 - more than half of them since 2005 - bringing the total to nearly 40 funds with total assets between $1.9 trillion and $2.9 trillion.
Needless to say, the funds have become the focus of controversy and concern in Washington. Congress is worried about the manner in which sovereign funds seem to have exploded onto the scene, the large and potentially influential stakes the funds have been taking in big U.S. investment-banking firms, and their lack of "transparency" - there’s no global equivalent of the U.S. Securities and Exchange Commission to force disclosure of their holdings or of their investment intent.
That lack of transparency is apparently a particular issue with the Qatar Investment Authority, which Standard Chartered cites as being among the world’s "most-secretive funds," a group that also includes those in the United Arab Emirates, Kuwait, China, Qatar, Brunei and Venezuela.
But some of its deals have been in the spotlight of late.
Among the deals the QIA pursued in order to diversify its assets and build its asset base in the European market was the purchase of a stake in the U.K.-based supermarket chain, J. Sainsbury PLC (OTC: JSAIY). Since the Qatari sovereign fund Delta Two acquired a 25% stake in the supermarket early in 2007, Delta Two had been expected to launch a bid for the entire chain for an estimated $21.7 billion. Delta Two is an affiliate of the Qatar Investment Authority.
But the full-scale takeover hit a snag, however, after the Sainsbury family and company pension-fund trustees balked at the structure of the deal, worrying that the supermarket will be burdened with a crushing level of debt.
In mid-January, Forbes.com reported that Delta Two transferred its entire 25% stake - 435.16 million shares - to state investment vehicle Qatar Holdings LLC, a wholly owned subsidiary of QIA, the primary investment vehicle.
As its interest in Credit Suisse underscores, Qatar wants to build a position in the global financial sector.
Last September, Qatar Holding purchased a 20% stake in the London Stock Exchange Group PLC. That stake was subsequently diluted to about 15% on Oct. 1 when the LSE finalized its $2.4 billion buyout of the Borsa Italiana SpA.
In other deals, the QIA has chalked up a 9.98% stake in the Nordic and Baltic exchange OMX, after buying 3.5% of the Nasdaq Stock Market Inc. (NDAQ), adding to its existing 20% stake.
But on Friday, the Nasdaq said it expects its $4.5 billion deal to acquire Nordic and Baltic stock exchange OMX through a complex tie-up with Borse Dubai Ltd. - a sovereign wealth fund affiliate of the state of Dubai - will close on Feb. 27. In a statement, Nasdaq said Borse Dubai had been successful in a tender offer for OMX shares, which paves the way for it to form the Nasdaq OMX Group. Separately, Borse Dubai said that after it exercises its options, it expects to hold a 97.6% stake in the entity.
Now, after agreeing to buy Qatar’s stake in OMX AB, Borse Dubai said it would consider an offer from Qatar to sell the shares it holds in the London Stock Exchange Group, in which Borse Dubai is the biggest shareholder, according to Bloomberg News.|
Back in September, when Borse Dubai cut its deal with OMX and Nasdaq, it said it would be left with a 20% stake in the Nasdaq and a 28% stake in the LSE. Qatar threatened to scuttle the deal, and bought the rivaling OMX stake and the 20% position in the London Stock Exchange. That forced Dubai to boost its own OMX offer.
According to Bloomberg, Dubai now owns 20.4% of LSE, 5% more than Qatar’s holding. Both sovereign investors saw their stakes get diluted when LSE on Oct. 1 completed its takeover of Borsa Italiana S.p.A.
Other QIA investments include 100% ownership of the U.K.-based Four Seasons Healthcare, a 97.3% stake in Lebanon’s BLC Bank SAL, and part of a 3.12% stake in European Aeronautic, Defence & Space Co. (EADS NV), the parent company of airliner maker and Boeing Co. (BA) rival Airbus Industries SAS, Standard Chartered said.
Switzerland’s second-biggest bank, Credit Suisse said on Feb. 12 that its fourth-quarter profit plunged 72% after taking a $1.2 billion write-down on debt and leveraged loans. The stock has fallen more than 30% since early October. UBS, Switzerland’s largest bank, has taken $14 billion in write-downs.
Credit Suisse already has ties to Qatar. In March 2006, it became the first European bank to get a license for the Qatar Financial Centre, a self-regulated business park designed to attract lenders to the Gulf state as part of Qatar’s ongoing plan to diversify its own
And when Qatar went after J. Sainsbury last year, Credit Suisse was one of the three Europe-based banks that agreed to underwrite billions of dollars in debt to help finance the buyout.
Tracking State Holding Companies and Sovereign Investors of the UAE
State-backed enterprises, often grouped into holding companies, still dominate the economy of the UAE -despite some privatization - and are among the leaders of its economic development plans. With their significant role in domestic economic development, state companies like Dubai World or its subsidiaries also lead outward investment, a tendency shared with other GCC countries.
This note attempts a partial survey of a spectrum of state-backed institutions including holding companies like Dubai World, sovereign wealth funds like ADIA, investment corporations like Istithmar and energy companies like TAQA– all of which have been involved in high profile investment abroad recently. It also includes some entities who have domestic economic development as their charge though it is an incomplete list. With many institutions overlapping, they can be confusing to distinguish the different entities. Their management also tends to overlap - with many of the same rulers and heads of key institutions sitting on multiple boards. The line between the holdings of the government, the ruling family and the private sector often blurs. Some states have created multiple entities with seemingly similar remits, perhaps to encourage competition, perhaps as a trial, further complicating the outlook. Recent restructuring (merging Dubai World's two main property developers for one) to refine investment strategies could avoid some of the overlap though.
Despite the still strong state role in the domestic economy and overseas investment, the private sector has been developing and some of state-owned enterprises are now quasi-private. Many of the mega projects are at least in part public-private partnerships and some of the flagship state companies are being considered for partial privatization though the time line and likelihood is uncertain.
Dubai and Abu Dhabi have a well established set of institutions for domestic and foreign investment, in most cases focused by sectors. Now many of the poorer emirates are following their lead, establishing investment corporations to channel investment in and in some cases back out. There are even a new institutions at the federal level.
UAE federal government
The Emirates Investment Authority, announced in 2007, is intended to invest the surplus reserves of the federal government. It is not yet known whether it will be making overseas acquisitions or what reserves it might receive to invest. The UAE’s budget is mostly contributed by Abu Dhabi and Dubai and usually balances with little surplus. It is possible that it may receive funds from other existing capital or that it could be a coordinating body for the federal governments investment –However, the reserves of the UAE central bank have nearly doubled in 2007 – exceeding $48 billion by the end of September (most recent available data). Like many other institutions, many of those on the EIA’s board are high ranking members of the UAE’s governing council and heads of other institutions such as Dubai World, IPIC and key state banks.
Abu Dhabi
Abu Dhabi Investment Council is the coordinating body for Abu Dhabi’s investment inside and outside the emirate. Its subsidiaries include the Abu Dhabi Investment Authority (ADIA) and the Abu Dhabi Investment Company (ADIC). It will also set investment policies and will be allowed to invest inside the Emirate unlike ADIA. The Abu Dhabi Economic Development Council will facilitate public and private partnerships. Sheikh Khalifa, Abu Dhabi’s ruler is the chairman of both the Investment Council and ADIA.
Abu Dhabi Investment Authority (ADIA) receives the bulk of Abu Dhabi’s fiscal surplus from oil. ADIA is thought to be the largest sovereign wealth fund, managing an estimated $650-700 billion primarily as a portfolio investor. Though little about its holdings or strategy has been disclosed, it is thought to have high exposure to equity and alternatives as well as emerging markets (see Euromoney for the most complete analysis). It entrusts as much as 70% of assets to external managers, with portions of all asset classes managed internally and externally. The existence of a separate direct investment arm (Mubadala, below) and its desire to remain below the radar may have limited its concentrated bets. However, it has taken some larger stakes in 2007 (including states near or above 5% in Citi, EFG Hermes).
ADIC, the first investment company in the UAE and a key financial services firm was founded in 1977. It was jointly owned by ADIA and the National Bank of Abu Dhabi (NBAD). Until recently, its investment services were available only to government clients like ADIA, ADNOC and the finance department but it will now raise funds from the public. To that end, it recently announced a joint venture with UBS to invest in infrastructure in the MENA region (including Turkey). In the spring of 2007, the FT reported that each of ADIC’s three sections, focusing on real estate, private equity and infrastructure respectively intended to raise between $500- 750 million from institutions and high net worth individuals. At that time, it had $200 million in private equity funds. Its focus was thought to be targeted to the UAE, GCC and MENA region. Infrastructure investments include Jordan’s Queen Alia Airport.
International Petroleum Investment Company (IPIC), started as a joint venture between the Abu Dhabi National Oil Company and ADIA in 2004, invests in oil and gas companies overseas. IPIC announced plans to double its $12.4b portfolio to $20 billion within five year. In 2006, its refineries produced over 2mbd and its petrochemical plants over 45 tons . Since its expansion began in 2004, IPIC has invested in Pakistan, Egypt Oman as well as in Japan, Korea, Spain and Austria (OMV) and is planning a petrochemical plant in Kazakhstan. Its projects in process include a pipeline to Fujairah’s port, which would allow over half of Abu Dhabi’s oil to bypass the Strait of Hormuz, which could be blocked by Iran. Avoiding the Strait might also lower shipping costs, avoiding the risk premium associated with the Strait. Many of IPIC’s purchases and a planned joint venture with OMV help build up its technological knowledge.
TAQA (Abu Dhabi National Energy Company) is an energy investment company, 51% of which is owned by the Abu Dhabi government. Through its subsidiaries, which are partly owned and managed by international utilities, TAQA provides 85% for electricity consumed in Abu Dhabi. It has holdings in nine countries including Africa and Asia, the North Sea and Canada’s oil sands. In part, these purchases may be intended both to share technology, diversify sources and to put a price floor for oil – its interests in Canadian oil sands are only viable with oil price over $50-60 a barrel. It has borrowed funds to finance a part of its purchases.
Mubadala is the direct investment arm of the Abu Dhabi government. It has stakes in Ferrari, the private equity firm Carlyle, SR Technik among others. It partnered with other UAE state enterprises Dubal, dubai’s aluminum company and ADNOC to invest in aluminum smelters and oil exploration respectively. It recently announced plans to increase its, it has stakes in aerospace - and yesterday suggested a renewed push into the area, an interest it shares with companies in Dubai and other GCC states. It has also signed MOUs with Boeing in which the company would help Abu Dhabi plan projects and build related components. . In addition to its foreign holdings it also has stakes in some of Abu Dhabi’s state banks.
Dubai
Investment Corporation of Dubai (ICD) is described at the investment arm of the Dubai government, having received the stakes in state and quasi-state owned enterprises from Dubai’s ministry of finance upon its creation in 2006. As such it is the parent of Dubai World, Emirates airline, Dubai Alumnium (Dubal), the National bank of Dubai, Shuaa Capital and Dubai Islamic Bank, Emaar, Dubai World Trade Centre and Jebel Ali Free Zone (the full portfolio is listed on its website). The board of ICD is headed by Sheikh Mohammed al Maktoum and includes high ranking members of the Dubai government and the heads of many of the largest holdings including Dubai World and the state banks. As well as supporting the outward investments of its underlying holdings, the ICD itself may now be investing abroad – it announced investment in India’s Bharti Airtel last month and ICD’s CEO suggested that Dubai was amassing a fund of up to $20b to invest in Korea.
Dubai World is the holding company for many of Dubai’s state enterprises including Dubai Ports World, Dubai Aerospace and others. An IPO for Dubai Ports World last year raised $5 billion – other of Dubai World’s companies, especially those in property have raised funds on the credit markets.
Dubai World’s investment arm Istithmar, has invested the surplus cash from domestic property holdings in private equity and property abroad – managing assets over $10 billion. As they grow, Dubai World has been restructuring some of these investment companies, having merged its two main real estate arms Nakheel and Isthithmar Real Estate last fall to create a new property development vehicle managing over $52 billion in properties. Istithmar itself was renamed Istithmar World with three subdivisions: Istithmar World Capital which invests in private equity and alternatives, Istithmar World Aviation which will invest in aerospace globally (encompassing the holdings in spiceJet, SR Technic and Dubai Aerospace – and capitalizing on the interest in corporate jets in the region) and Istithmar World Ventures which will seek out greenfield investment and startups (investments include joint ventures in climate change mitigation) Istithmar World Capital has deployed $3b to acquire stakes in over 50 companies worth $6b – and Istithmar World as a whole is intended to be self-funding by 2010.
Dubai Holding – is a holding company belonging to Sheikh Mohammed, grouping together his interests in state companies.
Most of its overseas holdings have been acquired through its investment arm, Dubai International Capital (DIC). DIC, established in 2004, has around $14b in assets under management including stakes of EADS, Tussaud’s and Sony. Like Istithmar capital comes from sales of property or other profits from other parts of Dubai holding. DIC’s funds including its Global Strategic Equities and MENA infrastructure fund accept outside investment, including some other SWFs (Qatar, for one) and its board has emerged as a who’s who of investment. It intends to increase its holdings in public and private equity to $25 billion by 2010, with perhaps $5b (or 1/5 of the total portfolio in Asia - India, China and Japan). To date, managers suggested, Asia makes up as much as 30% of its EM portfolio - the rest might be focused on MENA.
Dubai Investment Group is also a subsidiary of Dubai holding – at times the line between DIG and DIC has seemed unclear. Its focus is primarily as a fund of funds, investing largely in banks and financial institutions. It was originally called the Investment Office at its creation in 2005. It has a wide range of subsidiaries which invest in financial institutions, manufacturing, real estate, Sharia-compliant investments among others.
The other five emirates have been less active overseas. Most (Sharjah is an exception with its manufacturing/reexport base) still rely in part of subsidies from the Federal government. Many are now trying to capitalize on proximity to and lower costs than Dubai and Abu Dhabi by setting up export zones and investment vehicles of their own. Most of investment vehicles are primarily focused on attracting inward FDI and chanelling it towards selected sectors rather than investing the proceeds outside. This may change as development proceeds and some of the other emirates try to follow the path blazed by Abu Dhabi and Dubai. The Northern Emirates have also received investment from many of the investment vehicles mentioned above. In the 1970s oil boom, many tried to set up investment banks to receive a share of the oil wealth. This is an incomplete list with several entities with different goals grouped together.
Ras Al Khaimah, has experienced some of the highest levels of growth and investment among the northern emirates in recent years and recently received its own credit rating. The Ras al Khaimah Investment Authority (RAKIA), created in 2005 and headed by Sheikh Saqr Bin Mohammed Al Qasimi, ruler of Ras Al Khaimah, was intended to attract inward investment in a variety of sectors ranging from ceramics to resources. It now is venturing outside also. Its new subsidiary, the RAK Metals and Minerals Investments (RMMI) arm recently signed an MOU to export coal with Sumatra province and plans to invest in India and China, taking advantage of growing demand for metals in emerging Asia. In all, RAKIA and RMMI plan to invest over $1 billion in resource and infrastructure projects in Africa and Asia. Rakeen, its property development arm is involved in a number of projects abroad. RAK Petroleum is investing in various energy projects in the UAE and Oman, with the output to provide power for Ras Al Khaimah.
Sharjah Investment Centre is being developed by the Saudi-based real estate development firm SNASCO. Sharjah also has a number of export zones, including one targeted specifically on attracting Chinese investment.
Ajman Investment and Development Authority is focused on real estate development, primarily within Ajman.
Fujairah has been trying to capitalize on its position as the only Emirate on the gulf of Oman and thus outside of the Persian gulf. Shipments thus can avoid the political risks and security premium costs of passing through the Strait of Hormuz. The Fujairah Investment Establishment, the investment arm of the Fujarah government partnered with Dubai Investments to form El Taif Investments, a private equity firm with an initial capital of $132m. Though based in Fujairah, it will not be limited to investments there or in the Emirates. Fujairah authorities hope that the availability of such funds and the projects they support will attract more foreign investment. The lack of private property has likely been an obstacle to investment – all property belonged to the sheikh.
This note attempts a partial survey of a spectrum of state-backed institutions including holding companies like Dubai World, sovereign wealth funds like ADIA, investment corporations like Istithmar and energy companies like TAQA– all of which have been involved in high profile investment abroad recently. It also includes some entities who have domestic economic development as their charge though it is an incomplete list. With many institutions overlapping, they can be confusing to distinguish the different entities. Their management also tends to overlap - with many of the same rulers and heads of key institutions sitting on multiple boards. The line between the holdings of the government, the ruling family and the private sector often blurs. Some states have created multiple entities with seemingly similar remits, perhaps to encourage competition, perhaps as a trial, further complicating the outlook. Recent restructuring (merging Dubai World's two main property developers for one) to refine investment strategies could avoid some of the overlap though.
Despite the still strong state role in the domestic economy and overseas investment, the private sector has been developing and some of state-owned enterprises are now quasi-private. Many of the mega projects are at least in part public-private partnerships and some of the flagship state companies are being considered for partial privatization though the time line and likelihood is uncertain.
Dubai and Abu Dhabi have a well established set of institutions for domestic and foreign investment, in most cases focused by sectors. Now many of the poorer emirates are following their lead, establishing investment corporations to channel investment in and in some cases back out. There are even a new institutions at the federal level.
UAE federal government
The Emirates Investment Authority, announced in 2007, is intended to invest the surplus reserves of the federal government. It is not yet known whether it will be making overseas acquisitions or what reserves it might receive to invest. The UAE’s budget is mostly contributed by Abu Dhabi and Dubai and usually balances with little surplus. It is possible that it may receive funds from other existing capital or that it could be a coordinating body for the federal governments investment –However, the reserves of the UAE central bank have nearly doubled in 2007 – exceeding $48 billion by the end of September (most recent available data). Like many other institutions, many of those on the EIA’s board are high ranking members of the UAE’s governing council and heads of other institutions such as Dubai World, IPIC and key state banks.
Abu Dhabi
Abu Dhabi Investment Council is the coordinating body for Abu Dhabi’s investment inside and outside the emirate. Its subsidiaries include the Abu Dhabi Investment Authority (ADIA) and the Abu Dhabi Investment Company (ADIC). It will also set investment policies and will be allowed to invest inside the Emirate unlike ADIA. The Abu Dhabi Economic Development Council will facilitate public and private partnerships. Sheikh Khalifa, Abu Dhabi’s ruler is the chairman of both the Investment Council and ADIA.
Abu Dhabi Investment Authority (ADIA) receives the bulk of Abu Dhabi’s fiscal surplus from oil. ADIA is thought to be the largest sovereign wealth fund, managing an estimated $650-700 billion primarily as a portfolio investor. Though little about its holdings or strategy has been disclosed, it is thought to have high exposure to equity and alternatives as well as emerging markets (see Euromoney for the most complete analysis). It entrusts as much as 70% of assets to external managers, with portions of all asset classes managed internally and externally. The existence of a separate direct investment arm (Mubadala, below) and its desire to remain below the radar may have limited its concentrated bets. However, it has taken some larger stakes in 2007 (including states near or above 5% in Citi, EFG Hermes).
ADIC, the first investment company in the UAE and a key financial services firm was founded in 1977. It was jointly owned by ADIA and the National Bank of Abu Dhabi (NBAD). Until recently, its investment services were available only to government clients like ADIA, ADNOC and the finance department but it will now raise funds from the public. To that end, it recently announced a joint venture with UBS to invest in infrastructure in the MENA region (including Turkey). In the spring of 2007, the FT reported that each of ADIC’s three sections, focusing on real estate, private equity and infrastructure respectively intended to raise between $500- 750 million from institutions and high net worth individuals. At that time, it had $200 million in private equity funds. Its focus was thought to be targeted to the UAE, GCC and MENA region. Infrastructure investments include Jordan’s Queen Alia Airport.
International Petroleum Investment Company (IPIC), started as a joint venture between the Abu Dhabi National Oil Company and ADIA in 2004, invests in oil and gas companies overseas. IPIC announced plans to double its $12.4b portfolio to $20 billion within five year. In 2006, its refineries produced over 2mbd and its petrochemical plants over 45 tons . Since its expansion began in 2004, IPIC has invested in Pakistan, Egypt Oman as well as in Japan, Korea, Spain and Austria (OMV) and is planning a petrochemical plant in Kazakhstan. Its projects in process include a pipeline to Fujairah’s port, which would allow over half of Abu Dhabi’s oil to bypass the Strait of Hormuz, which could be blocked by Iran. Avoiding the Strait might also lower shipping costs, avoiding the risk premium associated with the Strait. Many of IPIC’s purchases and a planned joint venture with OMV help build up its technological knowledge.
TAQA (Abu Dhabi National Energy Company) is an energy investment company, 51% of which is owned by the Abu Dhabi government. Through its subsidiaries, which are partly owned and managed by international utilities, TAQA provides 85% for electricity consumed in Abu Dhabi. It has holdings in nine countries including Africa and Asia, the North Sea and Canada’s oil sands. In part, these purchases may be intended both to share technology, diversify sources and to put a price floor for oil – its interests in Canadian oil sands are only viable with oil price over $50-60 a barrel. It has borrowed funds to finance a part of its purchases.
Mubadala is the direct investment arm of the Abu Dhabi government. It has stakes in Ferrari, the private equity firm Carlyle, SR Technik among others. It partnered with other UAE state enterprises Dubal, dubai’s aluminum company and ADNOC to invest in aluminum smelters and oil exploration respectively. It recently announced plans to increase its, it has stakes in aerospace - and yesterday suggested a renewed push into the area, an interest it shares with companies in Dubai and other GCC states. It has also signed MOUs with Boeing in which the company would help Abu Dhabi plan projects and build related components. . In addition to its foreign holdings it also has stakes in some of Abu Dhabi’s state banks.
Dubai
Investment Corporation of Dubai (ICD) is described at the investment arm of the Dubai government, having received the stakes in state and quasi-state owned enterprises from Dubai’s ministry of finance upon its creation in 2006. As such it is the parent of Dubai World, Emirates airline, Dubai Alumnium (Dubal), the National bank of Dubai, Shuaa Capital and Dubai Islamic Bank, Emaar, Dubai World Trade Centre and Jebel Ali Free Zone (the full portfolio is listed on its website). The board of ICD is headed by Sheikh Mohammed al Maktoum and includes high ranking members of the Dubai government and the heads of many of the largest holdings including Dubai World and the state banks. As well as supporting the outward investments of its underlying holdings, the ICD itself may now be investing abroad – it announced investment in India’s Bharti Airtel last month and ICD’s CEO suggested that Dubai was amassing a fund of up to $20b to invest in Korea.
Dubai World is the holding company for many of Dubai’s state enterprises including Dubai Ports World, Dubai Aerospace and others. An IPO for Dubai Ports World last year raised $5 billion – other of Dubai World’s companies, especially those in property have raised funds on the credit markets.
Dubai World’s investment arm Istithmar, has invested the surplus cash from domestic property holdings in private equity and property abroad – managing assets over $10 billion. As they grow, Dubai World has been restructuring some of these investment companies, having merged its two main real estate arms Nakheel and Isthithmar Real Estate last fall to create a new property development vehicle managing over $52 billion in properties. Istithmar itself was renamed Istithmar World with three subdivisions: Istithmar World Capital which invests in private equity and alternatives, Istithmar World Aviation which will invest in aerospace globally (encompassing the holdings in spiceJet, SR Technic and Dubai Aerospace – and capitalizing on the interest in corporate jets in the region) and Istithmar World Ventures which will seek out greenfield investment and startups (investments include joint ventures in climate change mitigation) Istithmar World Capital has deployed $3b to acquire stakes in over 50 companies worth $6b – and Istithmar World as a whole is intended to be self-funding by 2010.
Dubai Holding – is a holding company belonging to Sheikh Mohammed, grouping together his interests in state companies.
Most of its overseas holdings have been acquired through its investment arm, Dubai International Capital (DIC). DIC, established in 2004, has around $14b in assets under management including stakes of EADS, Tussaud’s and Sony. Like Istithmar capital comes from sales of property or other profits from other parts of Dubai holding. DIC’s funds including its Global Strategic Equities and MENA infrastructure fund accept outside investment, including some other SWFs (Qatar, for one) and its board has emerged as a who’s who of investment. It intends to increase its holdings in public and private equity to $25 billion by 2010, with perhaps $5b (or 1/5 of the total portfolio in Asia - India, China and Japan). To date, managers suggested, Asia makes up as much as 30% of its EM portfolio - the rest might be focused on MENA.
Dubai Investment Group is also a subsidiary of Dubai holding – at times the line between DIG and DIC has seemed unclear. Its focus is primarily as a fund of funds, investing largely in banks and financial institutions. It was originally called the Investment Office at its creation in 2005. It has a wide range of subsidiaries which invest in financial institutions, manufacturing, real estate, Sharia-compliant investments among others.
The other five emirates have been less active overseas. Most (Sharjah is an exception with its manufacturing/reexport base) still rely in part of subsidies from the Federal government. Many are now trying to capitalize on proximity to and lower costs than Dubai and Abu Dhabi by setting up export zones and investment vehicles of their own. Most of investment vehicles are primarily focused on attracting inward FDI and chanelling it towards selected sectors rather than investing the proceeds outside. This may change as development proceeds and some of the other emirates try to follow the path blazed by Abu Dhabi and Dubai. The Northern Emirates have also received investment from many of the investment vehicles mentioned above. In the 1970s oil boom, many tried to set up investment banks to receive a share of the oil wealth. This is an incomplete list with several entities with different goals grouped together.
Ras Al Khaimah, has experienced some of the highest levels of growth and investment among the northern emirates in recent years and recently received its own credit rating. The Ras al Khaimah Investment Authority (RAKIA), created in 2005 and headed by Sheikh Saqr Bin Mohammed Al Qasimi, ruler of Ras Al Khaimah, was intended to attract inward investment in a variety of sectors ranging from ceramics to resources. It now is venturing outside also. Its new subsidiary, the RAK Metals and Minerals Investments (RMMI) arm recently signed an MOU to export coal with Sumatra province and plans to invest in India and China, taking advantage of growing demand for metals in emerging Asia. In all, RAKIA and RMMI plan to invest over $1 billion in resource and infrastructure projects in Africa and Asia. Rakeen, its property development arm is involved in a number of projects abroad. RAK Petroleum is investing in various energy projects in the UAE and Oman, with the output to provide power for Ras Al Khaimah.
Sharjah Investment Centre is being developed by the Saudi-based real estate development firm SNASCO. Sharjah also has a number of export zones, including one targeted specifically on attracting Chinese investment.
Ajman Investment and Development Authority is focused on real estate development, primarily within Ajman.
Fujairah has been trying to capitalize on its position as the only Emirate on the gulf of Oman and thus outside of the Persian gulf. Shipments thus can avoid the political risks and security premium costs of passing through the Strait of Hormuz. The Fujairah Investment Establishment, the investment arm of the Fujarah government partnered with Dubai Investments to form El Taif Investments, a private equity firm with an initial capital of $132m. Though based in Fujairah, it will not be limited to investments there or in the Emirates. Fujairah authorities hope that the availability of such funds and the projects they support will attract more foreign investment. The lack of private property has likely been an obstacle to investment – all property belonged to the sheikh.
Monday, February 11, 2008
Ten reasons Dubai real estate will continue to boom
Dubai real estate may well be the next asset class bubble to be created by inappropriate interest rate levels set by the US, alongside Hong Kong property. But there are at least 10 good reasons to think the present realty boom in Dubai will continue for rather longer than many outside observers believe possible.
United Arab Emirates: Sunday, February 10 - 2008 at 13:03
They may seem high now, but property prices will continue to rise
Dubai Property RSS feed
Abu Dhabi's real estate boom hits Dubai developers
US rate cuts to boost house prices in Dubai, Abu Dhabi and Hong Kong
Dubai real estate soon to be the most expensive in the world?
Buying property in Dubai makes good sense for residents
Real estate project launches show signs of slowing down
More Dubai Property stories »
1. Dubai mortgage rates are around 8.5 per cent and have yet to adjust to the recent US rate cuts, which they have to do because of the dollar peg to the dirham. Just a couple of years ago local mortgage rates of seven per cent were available. Therefore the downward pressure on the cost of home finance is clear, and if the local mortgage market follows Hong Kong and becomes more competitive, then interest rates could go much lower, making it significantly cheaper to buy than rent. Real interest rates are already negative due to high local inflation.
2. Rental yields in the Dubai market of 7-10 per cent are abnormally high by international standards. Rents are unlikely to fall in a booming market, so it is more likely that rising capital values will gradually pressure yields down towards global levels. There is no reason why rental yields should be higher in a booming city like Dubai than in a city where the economic outlook is poorer.
3. The hype about Dubai development projects has admittedly duped even this skeptical correspondent over the years. The fact is that far less supply is coming on stream than promised by overenthusiastic developers, due partly to limited supplies of manpower and materials. Dubai Properties is one of the biggest and has just said it will deliver 5,000 units to the freehold market in 2008 which is not nearly enough to meet surging demand.
4. Dubai house prices are still low in absolute terms in comparison to other global cities with similar salary levels. The HSBC survey of house prices in comparison to per capita GDP put Dubai and Abu Dhabi near the bottom. This is a historic anomaly that will be eliminated by price rises.
5. Six years ago, when Dubai freehold began, it was a market without any formal legislation and regulatory infrastructure. Now it has world-class laws, a state-of-the-art land registry and a strongly-led regulatory authority. Hope has been replaced by experience.
6. The Dubai Financial Market crashed in 2006 pushing local investors into property as an alternative. It recovered in late 2007, but is now again trending downwards with global stocks, and has become highly volatile, shifting over 10 per cent in a day. Expect stock market participants to again seek a more stable alternative.
7. Indeed, the absence of investment alternatives is a major theme for 2008. Global stock markets have had their worst January in history. Recent US interest rate cuts leave deposits paying 2.8 per cent. This makes Dubai real estate look attractive as an alternative. Where else offers such a return?
8. In the same way that the local stock market crash attracted foreign bargain hunters to invest last year, foreign investors in search of yield are also increasingly investing in Dubai real estate. Problems in the UK housing market might be dissuading some buyers, but large numbers of oil-rich Russians, for example, are now buying in Dubai.
9. Dubai still has some undeveloped market niches in real estate, such as holiday lets and fractional ownership, which are big and even dominant market phenomena in many beach resorts around the world. This source of higher rental yield on property has therefore yet to be fully tapped.
10. The Dubai Government has been the most proactive developer in the emirate, and its recent legislation and regulatory initiatives suggest that this support is not only likely to continue, but will respond appropriately to any adverse market developments.
United Arab Emirates: Sunday, February 10 - 2008 at 13:03
They may seem high now, but property prices will continue to rise
Dubai Property RSS feed
Abu Dhabi's real estate boom hits Dubai developers
US rate cuts to boost house prices in Dubai, Abu Dhabi and Hong Kong
Dubai real estate soon to be the most expensive in the world?
Buying property in Dubai makes good sense for residents
Real estate project launches show signs of slowing down
More Dubai Property stories »
1. Dubai mortgage rates are around 8.5 per cent and have yet to adjust to the recent US rate cuts, which they have to do because of the dollar peg to the dirham. Just a couple of years ago local mortgage rates of seven per cent were available. Therefore the downward pressure on the cost of home finance is clear, and if the local mortgage market follows Hong Kong and becomes more competitive, then interest rates could go much lower, making it significantly cheaper to buy than rent. Real interest rates are already negative due to high local inflation.
2. Rental yields in the Dubai market of 7-10 per cent are abnormally high by international standards. Rents are unlikely to fall in a booming market, so it is more likely that rising capital values will gradually pressure yields down towards global levels. There is no reason why rental yields should be higher in a booming city like Dubai than in a city where the economic outlook is poorer.
3. The hype about Dubai development projects has admittedly duped even this skeptical correspondent over the years. The fact is that far less supply is coming on stream than promised by overenthusiastic developers, due partly to limited supplies of manpower and materials. Dubai Properties is one of the biggest and has just said it will deliver 5,000 units to the freehold market in 2008 which is not nearly enough to meet surging demand.
4. Dubai house prices are still low in absolute terms in comparison to other global cities with similar salary levels. The HSBC survey of house prices in comparison to per capita GDP put Dubai and Abu Dhabi near the bottom. This is a historic anomaly that will be eliminated by price rises.
5. Six years ago, when Dubai freehold began, it was a market without any formal legislation and regulatory infrastructure. Now it has world-class laws, a state-of-the-art land registry and a strongly-led regulatory authority. Hope has been replaced by experience.
6. The Dubai Financial Market crashed in 2006 pushing local investors into property as an alternative. It recovered in late 2007, but is now again trending downwards with global stocks, and has become highly volatile, shifting over 10 per cent in a day. Expect stock market participants to again seek a more stable alternative.
7. Indeed, the absence of investment alternatives is a major theme for 2008. Global stock markets have had their worst January in history. Recent US interest rate cuts leave deposits paying 2.8 per cent. This makes Dubai real estate look attractive as an alternative. Where else offers such a return?
8. In the same way that the local stock market crash attracted foreign bargain hunters to invest last year, foreign investors in search of yield are also increasingly investing in Dubai real estate. Problems in the UK housing market might be dissuading some buyers, but large numbers of oil-rich Russians, for example, are now buying in Dubai.
9. Dubai still has some undeveloped market niches in real estate, such as holiday lets and fractional ownership, which are big and even dominant market phenomena in many beach resorts around the world. This source of higher rental yield on property has therefore yet to be fully tapped.
10. The Dubai Government has been the most proactive developer in the emirate, and its recent legislation and regulatory initiatives suggest that this support is not only likely to continue, but will respond appropriately to any adverse market developments.
Dubai Chamber goes green
Posted on Monday, 11 February 2008
Industry Sector Government
Country United Arab Emirates
Dubai Chamber has demonstrated that organisations don't need to wait to build new offices before making their premises green. According to the Centre for Responsible Business's CSR Al Youm released today, existing work environments can be greened, which benefits the bottom-line by reducing input costs like staff and electricity, mobilises staff and addresses the UAE's critical energy, water and waste challenges.
Jagath Gunawardena, Chief Engineer at Dubai Chamber, explains: "The Chamber began working on saving energy and water for its 18-storey building a decade ago. Between 1997 and 2003, the Chamber was able to reduce energy consumption by 33% and water consumption by 60%".
These reductions come in spite of an increase in the buildings use which now hosts more than 600 events a year, as well as the Chamber's University of Dubai, and other regular office space. Those who have seen the Dubai Chamber building at night would realise that it's one of the few buildings with its light offs after-hours. In fact the energy consumption of the building is now about 6.5 kWh/m2/year, which is a minute fraction of the UAE average (250 kWh/m2/year as reported in MEP Middle East) and makes this building a model for others in Dubai. Still, Dubai Chamber acknowledges that more can and will be done: "Following a recent environmental audit of the Chamber's building, more improvements will be made including optimizing lift use, lighting sensors in toilets and stairways, and the use of outdoor air during winter months for cooling. We are also looking to apply for LEED or Greenstar certification as well as implement ISO 14001" said Gunawardena.
But the green initiatives at Dubai Chamber don't stop with water and energy efficiency. The recently formed environmental committee has launched a recycling initiative thanks to the efforts of our 3Rs (reduce, reuse, recycle) team. Although in early stages, this initiatives has built relations between departments, facilitated communication and teamwork, and been very positively received all round. Thanks to the enthusiasm of employees and support from management, more environmental initiatives are also likely to follow soon.
The example of the Dubai Chamber's green initiative is one of many in the latest CSR Al Youm special on greening workplaces. This topic is increasingly important to businesses in Dubai, following last year's announcement of a new law on green construction, the formation of the Emirates Green Building Council, the certification of the first Platinum LEED building in the Middle East in Dubai, Dubai World's rules on green building, and the creation of the Masdar initiative in Abu Dhabi.
According to the CSR newsletter, green or sustainable buildings are constructed in a way that minimises their environmental impact, using less environmentally damaging materials and technologies. In addition, the ongoing use of such buildings is more environmentally sound too because they are more energy and water efficient. They tend also to be healthier and more pleasurable working or living environments.
Studies show that employee productivity rises significantly and absenteeism reduces markedly in eco-friendly buildings due to the creation of more natural surroundings (using natural light, outside air ventilation and natural furnishings), allowing employees to feel healthier and have higher energy levels too. Beyond increased employee productivity, greener workplaces help companies to substantially reduce costs through water and energy savings. Statistics from the Dubai Ministry of Economic and Commercial Affairs indicate that buildings consume 70% of Dubai's energy, well above the OECD average of 40% even in countries where air-conditioning is required for much of the year, indicating that buildings in the UAE could be much more efficient. Not only would the increased efficiency allow businesses to assist the UAE to respond to its energy and water challenges, but it would also assist their bottom line in more ways than one too.
The costs of constructing greener buildings are usually grossly overestimated. An international study by the World Business Council for Sustainable Development indicates that on average people believe that green buildings cost an extra 17% to build, but in fact it costs less than 5%. Furthermore, the lower ongoing usage costs of such buildings due to lower energy and water consumption ensures that these extra costs are paid off thereby saving users thousands of dirhams each year.
However greening workplaces does not begin and end with the construction and renovation of buildings. Businesses can also create green workplaces through employee training, recycling, carpooling, home-work flexibility, environmental policies and other means. Awareness raising, incentives and management support are fundamental to the success of such initiatives.
This edition of ‘CSR Al Youm' includes other topics such as the Win-Win of Carpooling, How to be a Green Office Champion, Sustainability Reporting, an Energy Efficient Mapping Resource, the DFSA Hedge Fund Code of Practice and a tool to help companies move take greening their office to the next level. A free copy can be downloaded at: downloading a free copy of ‘CSR Al Youm' newsletter is available on http://www.dubai-ethics.ae/derc/Compass.aspx.
Dubai Chamber established the Centre for Responsible Business, formally known as the Dubai Ethics Resource Centre, in 2004 to foster corporate integrity, and to assist organisations in applying responsible business practices that enhance performance and competitive edge.
Industry Sector Government
Country United Arab Emirates
Dubai Chamber has demonstrated that organisations don't need to wait to build new offices before making their premises green. According to the Centre for Responsible Business's CSR Al Youm released today, existing work environments can be greened, which benefits the bottom-line by reducing input costs like staff and electricity, mobilises staff and addresses the UAE's critical energy, water and waste challenges.
Jagath Gunawardena, Chief Engineer at Dubai Chamber, explains: "The Chamber began working on saving energy and water for its 18-storey building a decade ago. Between 1997 and 2003, the Chamber was able to reduce energy consumption by 33% and water consumption by 60%".
These reductions come in spite of an increase in the buildings use which now hosts more than 600 events a year, as well as the Chamber's University of Dubai, and other regular office space. Those who have seen the Dubai Chamber building at night would realise that it's one of the few buildings with its light offs after-hours. In fact the energy consumption of the building is now about 6.5 kWh/m2/year, which is a minute fraction of the UAE average (250 kWh/m2/year as reported in MEP Middle East) and makes this building a model for others in Dubai. Still, Dubai Chamber acknowledges that more can and will be done: "Following a recent environmental audit of the Chamber's building, more improvements will be made including optimizing lift use, lighting sensors in toilets and stairways, and the use of outdoor air during winter months for cooling. We are also looking to apply for LEED or Greenstar certification as well as implement ISO 14001" said Gunawardena.
But the green initiatives at Dubai Chamber don't stop with water and energy efficiency. The recently formed environmental committee has launched a recycling initiative thanks to the efforts of our 3Rs (reduce, reuse, recycle) team. Although in early stages, this initiatives has built relations between departments, facilitated communication and teamwork, and been very positively received all round. Thanks to the enthusiasm of employees and support from management, more environmental initiatives are also likely to follow soon.
The example of the Dubai Chamber's green initiative is one of many in the latest CSR Al Youm special on greening workplaces. This topic is increasingly important to businesses in Dubai, following last year's announcement of a new law on green construction, the formation of the Emirates Green Building Council, the certification of the first Platinum LEED building in the Middle East in Dubai, Dubai World's rules on green building, and the creation of the Masdar initiative in Abu Dhabi.
According to the CSR newsletter, green or sustainable buildings are constructed in a way that minimises their environmental impact, using less environmentally damaging materials and technologies. In addition, the ongoing use of such buildings is more environmentally sound too because they are more energy and water efficient. They tend also to be healthier and more pleasurable working or living environments.
Studies show that employee productivity rises significantly and absenteeism reduces markedly in eco-friendly buildings due to the creation of more natural surroundings (using natural light, outside air ventilation and natural furnishings), allowing employees to feel healthier and have higher energy levels too. Beyond increased employee productivity, greener workplaces help companies to substantially reduce costs through water and energy savings. Statistics from the Dubai Ministry of Economic and Commercial Affairs indicate that buildings consume 70% of Dubai's energy, well above the OECD average of 40% even in countries where air-conditioning is required for much of the year, indicating that buildings in the UAE could be much more efficient. Not only would the increased efficiency allow businesses to assist the UAE to respond to its energy and water challenges, but it would also assist their bottom line in more ways than one too.
The costs of constructing greener buildings are usually grossly overestimated. An international study by the World Business Council for Sustainable Development indicates that on average people believe that green buildings cost an extra 17% to build, but in fact it costs less than 5%. Furthermore, the lower ongoing usage costs of such buildings due to lower energy and water consumption ensures that these extra costs are paid off thereby saving users thousands of dirhams each year.
However greening workplaces does not begin and end with the construction and renovation of buildings. Businesses can also create green workplaces through employee training, recycling, carpooling, home-work flexibility, environmental policies and other means. Awareness raising, incentives and management support are fundamental to the success of such initiatives.
This edition of ‘CSR Al Youm' includes other topics such as the Win-Win of Carpooling, How to be a Green Office Champion, Sustainability Reporting, an Energy Efficient Mapping Resource, the DFSA Hedge Fund Code of Practice and a tool to help companies move take greening their office to the next level. A free copy can be downloaded at: downloading a free copy of ‘CSR Al Youm' newsletter is available on http://www.dubai-ethics.ae/derc/Compass.aspx.
Dubai Chamber established the Centre for Responsible Business, formally known as the Dubai Ethics Resource Centre, in 2004 to foster corporate integrity, and to assist organisations in applying responsible business practices that enhance performance and competitive edge.
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