Abu Dhabi Water and Electricity Authority signs landmark agreement with du

In a landmark deal, Abu Dhabi Water and Electricity Authority (ADWEA) announced today that it has signed a strategic agreement with du, the UAE’s integrated telecom service provider, giving du uninterrupted access to all installed and planned fiber optics networks across the emirate of Abu Dhabi; thus opening up new opportunities for future services.

The agreement was signed by David Copstake, Managing Director, TRANSCO and Osman Sultan, Chief Executive Officer of du.

David Copstake, Managing Director, TRANSCO said: “Through TRANSCO, ADWEA owns a state-of-the-art fiber optics network. With the continually increasing demand for Internet bandwidth, our agreement with du is fully designed to offer unlimited access to the current dark fiber network, enabling du to further implement its leading telecom technology.”

Osman Sultan, CEO, du, said: “The interconnection agreement and access to TRANSCO’s dark fibers network is expected to bring out a lot of synergies and raise the playing field for us in the UAE. It will enable us to serve our Abu Dhabi customers better and it will create the ideal platform for offering a multitude of services in the future.”

“We look forward to working closely with TRANSCO to make this opportunity successful for the benefit of all new and existing customers.”

du Announces First Quarter 2009 Results

Emirates Integrated Telecommunications Company (“du”) today announced solid first quarter 2009 results.

Highlights for the first quarter:
• Total revenues for the quarter of AED 1,166 million, a 54% increase in comparison to the same period in 2008 (AED 756 million)
• Gross margin of 67%, up from 61% in Q1 2008
• Earnings before interest, tax, depreciation and amortization (EBITDA ) of AED 159 million, compared to AED 2 million in Q1 2008
• Net profit of AED 47 million before Royalty , up from a net loss of AED 62 million in Q1 2008
• 252,000 active mobile customers added during the quarter, up from 181,100 in Q1 2008; which brings total active subscribers at 31 March 2009 to 2.750.000

Commenting on the results, Ahmed Bin Byat, Chairman of du, said, “With significant year-on-year revenue growth translating into uplift in gross margin, these results are testament to du’s strong performance. In the first quarter of 2009 we have continued to build upon our considerable success in 2008 and I firmly believe that the company is well positioned to prosper throughout out 2009 and into 2010.

“However, we are not complacent and are fully aware of the challenges presented by both a global economic recession and a highly competitive telecommunications market. While we are by no means immune to the effects of the global downturn, I believe that three critical factors will help shield du to some extent from these pressures. Firstly, the significant investment we have made, and continue to make, in our state-of-the-art network; secondly our focus on innovative new products and services for our growing customer base; and finally, our unwavering commitment to driving value for money for our customers. Together these make du an attractive proposition for both shareholders and customers alike.”

Osman Sultan, du’s Chief Executive Officer, said, “Against an undeniably challenging backdrop and following a solid start to the year evidenced by our continued success in acquiring significant levels of new customer numbers in the quarter, we are poised to take du into the new phase of its growth. While 2008 was a phenomenal year for our company and we reached many significant milestones, our focus now is on continuing to set the benchmark for service by increasing the value we add to each and every customer, and on expanding into new customer segments. Q1 has seen us launch international WOW and Double Talk Time, both of which have provided an immediate benefit to our customers. In April we also launched our post-paid elite and premier product, for which most of the investment was done in Q1, to address the high end market.

“Fundamental to the quality of our service is our network – a significant and modern telecommunications network now covering over 97% of the UAE population. We continue to invest in this project and are focused on increasing both the quality of our network as well as our 3G capabilities throughout 2009. We are on track to meet this target and have already committed AED 638 million during the first quarter alone to further strengthen our network to support future subscriber growth and provide quality for our customers.”

Q1 2009 results analysis

Overall revenues for Q1 2009 grew by 54% year-on-year to AED 1,166 million, compared to AED 756 million for Q1 2008 – a reflection of the substantial increase in the mobile subscriber base over the past twelve months. While there was some decline quarter-on-quarter (AED 1,227 million in Q4 2008), this was marginal and can largely be attributed to a combination of seasonality with fewer public holidays, lower call volumes from inbound business travellers and the impact of a shorter quarter.

Over the first quarter du added a further 252,000 active mobile customers. As of 31 March 2009 du’s active subscriber base stood at 2,750,000 and corresponding mobile revenue of AED 795 million, a 71% increase year-on-year.

Revenues for du’s fixed business, including fixed telephony, TV and Broadband, amounted to AED 230 million – a 37% year on year increase, reflecting 311,000 lines .

Earnings before interest, tax, depreciation and amortization (EBITDA) increased to AED 159 million in Q1 2009 (versus AED 2 million in Q1 2008).

du’s ongoing capital expenditure programme is anticipated to exceed AED 2 billion in 2009, with AED 638 million accounted for during Q1 2009. This CAPEX programme is fundamental to du’s ongoing growth throughout 2009 and will enable it to continue offering its customers a high quality of service and new, innovative products and services.

Dubai Aquarium & Underwater Zoo Clocks Its One Millionth Visitor

It’s official now: Dubai Aquarium & Underwater Zoo has become one of the most visited attractions in Dubai.

This leisure attraction at The Dubai Mall recently welcomed its one millionth visitor, a landmark achieved in less than seven months of its opening. Having over one million paid visitors – who have experienced the aquarium tunnel and underwater zoo – complements the several thousands of visitors to the mall, who have free access to aquarium views.

In addition to a tour of the walk-through tunnel for close encounters with species like Sand Tiger Sharks, Rays and Giant Groupers, paid visitors can also tour the Underwater Zoo, located directly above the Aquarium on Level 2. Dubai Aquarium & Underwater Zoo has been constantly adding to the appeal to visitors with a diverse collection of aquatic animals, currently at over 220.

Mr. Arif Amiri, Senior Director, Emaar Properties PJSC said: “Leisure attractions are an integral part of the shopping mall experience today. Dubai Aquarium & Underwater Zoo is by far the most popular, must-visit destination for the city’s residents and tourists from all around the world. To add to the excitement, new attractions – both in terms of diversity of species and engaging activities for visitors – are being added regularly. We look forward to achieving many such milestones.”

Mr. Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: “Dubai Aquarium & Underwater Zoo is one of the most popular tourist attractions in Dubai today, and has been driving strong visitor flow to the mall. The milestone of having one million paid visitors, in less than seven months, also highlights the success of The Dubai Mall as one of the most popular leisure destinations in the city.”

A new attraction at Dubai Aquarium & Underwater Zoo is the Shark Dive, introduced for the first-time ever in the region within a mall environment. The newly-introduced Shark Dives have opened doors to professionals as well as first time divers.

The Dubai Aquarium measures 51m x 20m x 11m and features the Guinness World Record for the largest viewing panel at 32.8m wide x 8.3m high. With the capacity to hold 10 million litres of water, the aquarium illuminates the marvels of the ocean and showcases one of the most diverse collections of aquatic life worldwide. The 270-degree walkthrough tunnel enables visitors to get closer views of the aquatic animals.

Underwater Zoo features penguins, seals, crocodiles and water rats, among its rich diversity of species. It offers an interactive approach to educating children and visitors on the ecology and sustainability of marine life. Following the journey of a raindrop in the sky, falling from the tropical rainforest to the wide open seas, children can walk through various aquatic environments.

Visitors to the aquarium revel at the sight of underwater divers feeding the Sand Tiger Sharks. Dubai Aquarium & Underwater Zoo organises exclusive programs for children as well. Tours of the aquarium and zoo inform them of the important messages of environmental care in a fun and interactive way. A team of marine educators help visiting school groups and visitors to understand animal behavior.

Amongst other leisure attractions at The Dubai Mall are the Olympic-size Dubai Ice Rink and The Waterfall, which traverses four levels of the mall. SEGA Republic, the region’s first SEGA indoor theme park; KidZania®, a unique children’s ‘edu-tainment’ concept and the 22-screen Reel Cinemas will open later this year.

Dubai’s Islamic Financial Institutions Meet The Australian Regulator

Dubai Export Development Corporation, headed by its Chief Executive Officer, Engineer Saed Al Awadi, is currently leading the first Islamic Financial Services Mission to Australia accompanied by senior industry representatives from Dubai.

The Trade Mission seeks to explore opportunities for Islamic Financial Services in Australia and to play a pivotal role in the current changes that are taking place within the Australian regulatory framework. These changes when completed will allow for the provision of Shariah-compliant products and services.

The Australian financial services sector is well established with a vast array of firms in all areas of the sector such as banking, insurance, investment, fund management among others. The importance of this sector is evident by the fact that it contributes to over 8% of the country’s GDP (i.e. A$82billion). However, the sector is deficient in the provision of Islamic products and financial services, where only one of the 56 banks in the country, of which 44 are foreign, offers any kind of Islamic products, to the country’s 450,000 or so affluent Muslim residents. This market segment is growing at 20% per annum largely due to the migration and the demands for Islamic products and services are becoming more apparent.

Chris Bowen, the Australian Minister for Financial Services, Superannuation and Corporate Law commented that, “I think there are great opportunities in Islamic finance. The majority of the world’s Islamic population lives in Asia and I think Australia can play a role in providing Islamic financial products.”

Shariah compliant finance has experienced considerable growth and is now valued in excess of US$700 billion. Today Islamic products have moved beyond lending, insurance and investment funds to include sukuks, exchange traded funds, currency and gold trading and hedge funds. Equally important is the fact that the appeal of Shariah compliant products is not limited purely to the Muslim population. A recent survey carried out by a UAE Islamic financial institution showed that its customers were driven by the Shariah products indicating the widespread popularity of said products. Moreover, a number of governments worldwide are seeking to incorporate Islamic financial products into the mainstream of their financial services sector.

The delegation met with senior officials from the Australian Prudential Regulation Authority (APRA), which is the prudential regulator within the Australian financial services sector. APRA’s principal role is to oversee the activities of banks, credit unions, building societies, insurance and reinsurance companies and certain aspects of the superannuation industry.

“The principles based prudential approach used by the banking and insurance regulator created no real regulatory obstacles in establishing an Islamic bank in the country provided some adjustments are made to accommodate Islamic banking products,” said Ebrahim Fayez Al Shamsi, Chief Executive Officer of Emirates Islamic Bank and representing the banking stream in the Trade Mission.

The delegation also discussed the issues relating to Islamic finance with senior officials from the Australian Financial Markets Association (AFMA), the body representing wholesale banking and financial markets on regulatory issues. The delegation was encouraged to learn that AFMA has formed the Islamic Finance Committee and has regular dialogue with the Treasury regarding taxation matters which are important to Islamic finance due to the nature of its contracts. AFMA is also part of the Financial Centre Forum which advises the government on the financial services sector including Islamic finance.

The delegation also met with the Investment and Financial Services Association (IFSA), representing the retail and wholesale superannuation, funds management, life assurance and financial advisory network industries. Officials from IFSA stated that a number of their members were keen to develop Shariah compliant products. In order to facilitate this, the Dubai’s Islamic financial institutions could assist the process through knowledge sharing forums.

“The Islamic financial institutions in the mission have offered to share their experience as well as carry out an educational programme with regulators and industry associations in Australia,” Al Awadi concluded.

EDC Launches The ’Islamic Financial Services Mission’

Dubai Export Development Corporation (EDC), in association with the Australian Trade Commission (Austrade), has started the ‘Islamic Financial Services Mission’, a government initiative of introducing Islamic financial products and services from the UAE to Australia in line with the current changes and trends happening in the financial systems across various countries worldwide.

Islamic banking, one of the recent segments in global financial services with the first bank being established in 1975, has grown remarkably fast and today accounts for over US$700 billion assets provided by more than 300 financial institutions across 75 countries. The growing importance of this sector has brought a number of countries considering of changing their regulatory system to incorporate Islamic financial institutions treating them at par with conventional financial firms.

“The Australian government has proactively sought to implement the necessary changes where some states have already modified their regulatory systems to incorporate Islamic products. The State of Victoria has started to implement taxation changes to incorporate Islamic products. This is the main reason why we chose Australia to be the first trade mission of the Islamic Financial Services from the UAE, with Dubai as the leading and pioneering in the world of shariah compliant products and services.

“The Islamic Financial Services Mission is a perfect platform to not only influence the changes in Australia’s regulatory, tax and accounting system but also to create awareness about Dubai as a world-class financial centre with over 50 banks and two industry clusters in the sector,” said Engineer Saed Al Awadi, Chief Executive Officer, EDC.

Other objectives of the Islamic Financial Services Mission in Australia are to assist the participating firms to export their financial products and services to the growing market segment through networking and matchmaking events as well as help them identify entry strategies such as resellers for their products, joint venture partners and opening of representative offices. The initiative also hopes to educate the participants of the changing legislation thereby allowing them to develop appropriate exports plans.

The fact finding mission includes Islamic financial firms across the whole spectrum from banking takaful, asset and investment management and boutique services. Some of the participants in the mission include Ebrahim Fayez Al Shamsi, Chief Executive Officer, Emirates Islamic Bank; David Rutledge, Chief Executive Officer, Dubai Multi Commodities Centre (DMCC); and Abdul Ghaffar, Executive Director, Al Bogari Islamic Gold, a company that has wide ranging investments in Islamic banking, insurance and asset management.

“Our aim was to take one from each field to become a representative and help us educate others in this sector. The interest in the Islamic Finance was overwhelming that we exceed our initial expectations as far as the numbers of companies are concerned. We plan to take a much larger delegation later in the year.

“We are optimistic that this Islamic Financial Services Fact Finding Mission in Australia will open avenues for UAE-based companies to export Islamic products and services. EDC is constantly monitoring global markets on behalf of companies in the Emirates, and currently, we have already identified similar mission in the area of Islamic finance in Germany,” concluded Al Awadi.

EDC and Austrade will commence the first leg of the Islamic Financial Services Mission to Australia from 22 to 26 June.

The Islamic Financial Services Mission in Australia will begin in the State of Victoria meeting with government agencies such as the Australian Prudential Regulation Authority, Australian Securities and Investment Commission, New South Wales Government; industry associations such as the Australian Financial Markets Association, Investment and Financial services Association and Insurance Council of Australia and other industry participants, which include the country’s major financial institutions and advisers such as accountants and lawyers. The delegation will also visit Canberra to meet with The Treasury and the UAE Embassy. The mission will continue in Sydney – New South Wales and will discuss with the Victorian Government and other industry participants and the Muslim Community Cooperative Australia.

Zurich Insurance Company Is 31st Insurer To Be Granted A Licence To Operate In DIFC

Zurich Insurance Company Ltd (“ZIC”) a subsidiary of Zurich Financial Services Group, has been granted a new licence that will allow the company to expand its activities and conduct general insurance operations from the Dubai International Financial Centre (“DIFC”). The number of companies that now form DIFC’s insurance cluster is 31, and includes many of the world’s largest international names.

With this new licence, ZIC will focus its operations on assisting large corporate customers and their local insurers in addressing complex and difficult-to-place insurance risks. ZIC aims to actively contribute to the growing independence and self-reliance of the region’s insurance market, which is expected to double in size over the next five years.

H.E. Dr. Omar Bin Sulaiman, Governor of the DIFC said: “Zurich International Life, a member of Zurich, was one of the first major international insurance companies to establish a presence at DIFC back in 2005. I am delighted that, by obtaining this new licence, ZIC will further expand its operations here at DIFC through a newly established branch and become a major contributor to further developing the region’s insurance market.”

Saad Mered, Chief Executive Officer (“CEO”) of Zurich Middle East, the business unit responsible for driving ZIC’s activities in the region, said: “We are delighted to be part of the DIFC and share the vision of having a long-term and mutually beneficial partnership in this unique financial services district. Zurich has a strong history in the UAE and with the DIFC, and we look forward to actively contributing to the regional economy and further market development through the opportunities presented by our growing operation in DIFC.”

Operating in the region since 1986, Zurich has had a large presence in DIFC for nearly four years. Focussing primarily on large global corporate clients, ZIC intends to use its base at DIFC as the hub from which to further expand its presence in the Middle East and North Africa (“MENA”) region.

“The Gulf area represents huge potential,” explained Mr Mered. “We estimate that the current levels of insurance only represent about 2 per cent penetration of GDP, whereas in more mature markets, this percentage rises to around 10 per cent. It is estimated that the regional market could double over the coming years as businesses become more aware of the value that insurance offers.”

“Our broad understanding of today’s interdependent global risk environment puts Zurich in a strong position to help corporate customers in the MENA region better understand and manage their risks,” Mr Mered concluded.

Saad Mered was appointed Zurich CEO Middle East in January 2009.

Visitors Flock To See Over 135 New Aquatic Species Added To Dubai Aquarium & Underwater Zoo Since Opening

Dubai Aquarium & Underwater Zoo is offering fascinating new viewing experiences for visitors with numerous species added on to enhance the diversity of aquatic animals.From over 220 diverse species, visitors can gaze at over 70 species in the main aquarium tank, including Sand Tiger Sharks, Rays and Giant Groupers. There are now over 150 species at the Underwater Zoo such as Caiman Crocodiles, Leafy Seadragons, Humboldt Penguins, Piranhas, Otters, Harbour Seals, Water Rats, Terrapins and Eels, among others.When opened in November 2008, Dubai Aquarium & Underwater Zoo featured over 85 different species, and the new additions have further added to the appeal of the leisure attraction to families flocking to the mall. With the average number of visitors at the mall over 750,000 per week, the new aquatic inhabitants are gaining increasing popularity.Mr Suresh Bhatia, Chief Executive Officer, Emaar Retail, said: “The addition of new species to Dubai Aquarium and Underwater Zoo has added to their appeal to families. As one of the most popular tourist attractions in Dubai now, it is important that novel features are introduced to the main aquarium and Underwater Zoo. Our team of curators and trained professionals are involved in further adding to the aquatic diversity, thus giving visitors something new during every visit.”Among the popular attractions at the Underwater Zoo, located on Level 2, are the Humboldt Penguins, which have been named after their personality traits, as well as Harbour Seals, Caiman Crocodiles and Otters. Highlighting the natural growth environment at the Underwater Zoo, the family of Water Rats just got bigger with one of them giving birth to nine babies.Eight-year-old Yasmin was delighted to watch the penguins and the other animals at Underwater Zoo. “It’s nice seeing all these animals so close and the people here are very nice because answer all our questions and I also got to touch the sea cucumbers and horseshoe crabs!”Dubai Aquarium & Underwater Zoo holds the Guinness World Record for the largest acrylic viewing panel, and visitors are fascinated with the walk-through tunnel experience. The aquarium now also hosts Shark Dives offering everyone, whether seasoned divers or those who have never dived before, the opportunity to have close encounters with over 33,000 aquatic animals.

Dubai International Financial Centre Authority Releases Comprehensive ’Guide To Re-Insurance And Captives In The DIFC’

The Dubai International Financial Centre Authority (DIFCA) today released a comprehensive publication on how to conduct Re-Insurance and captive business in or from the DIFC.

Titled, ‘Guide to Re-Insurance and Captives in the DIFC”, the publication is aimed at supporting the insurance industry inside and outside the DIFC.

The publication provides an overview of the core issues of interest to (re)insurers, brokers, underwriting agencies, businesses considering establishing or managing a captive insurer, insurance service providers and back-office support functions that are looking at establishing a presence in the DIFC to carry out business across the region.

Abdulla Al Awar, Chief Executive Officer of the DIFC Authority, said: “The potential for the development of the insurance industry across the DIFC region is huge. The historically low insurance penetration levels seen from within the region are likely to grow exponentially over the next few years to those experienced in more developed markets. The DIFC continues to receive a great deal of attention from the global insurance industry who recognize the promose shown by the centre to become a regional hub.

“Keeping the rising growth and the vast potential in mind, the Guide to Reinsurance and Captives in the DIFC has been prepared to not only assist those who are interested in undertaking insurance business in or from the DIFC, but it will also be of interest to those who provide support functions and services to insurance businesses across the region,” Al Awar added.

Wayne Jones, Partner and Head of Clyde & Co’s (re)insurance team in the Middle East, pointed out that: “The publication arrives at a time when many international insurers are looking to establish or consolidate a regional footprint to concentrate on the opportunities presented in the Middle East.

“Our team has been involved with helping insurance interests accomplish this by setting up in the DIFC since 2004. It has been a pleasure working with DIFCA to produce what we hope will be a useful resource for the insurance industry, and will continue to stimulate interest in the DIFC and the region generally,” Jones added.

The DIFC Authority has been striving to increase awareness of modern methods of finance and managing risk in the region and part of the efforts are aimed at bringing best-of-breed practices, technologies and expertise to the region’s insurance industry.

Low penetration levels are attributable to a combination of factors, with the main factor being a general lack of insurance awareness with regional firms.

However, with economic development, growing industrialization, rapid growth of international trade, international mergers and acquisitions, improved regulation and increased focus on corporate governance, the region is witnessing a change of attitudes towards corporate risk management, and a growing awareness of the need for innovative ways to finance the future cost of corporate risk.

In view of the recent turbulent finance and insurance markets, volatile premium fluctuations and reduced capacity, regional firms are now looking beyond the traditional insurance markets and assessing alternative opportunities.

For regional firms looking to finance and manage corporate risk, the DIFC’s legislative framework, coupled with its favourable tax environment, offers a convenient platform for the establishment of captive insurance companies. Further, the flexible yet robust onshore regulatory environment of the DFSA in their regulation of protected cell companies helps position the DIFC amongst the most competitive domiciles.

On the other hand, because of the vast potential, global majors are looking at the region, which has a huge programme of infrastructure spending on energy, construction, water, transportation & logistics, trade, tourism, and retail. There is a wave of privatization of state assets, resulting in previously uninsured risks that now require insurance cover. There is also the introduction of compulsory insurance covers and a generally increased insurance awareness.

The DIFC has set out to create a global hub to foster the development of a thriving regional captive insurance industry by attracting global insurers, reinsurers, brokers, insurance managers, actuaries, as well as educational and training providers by offering a unique gateway to regional market opportunities.

Dubai Bank Named Best Islamic Bank Of The Year At Banker Middle East Awards

Dubai Bank today announced that it has received top honors in the Islamic banking category of the Banker Middle East Awards, reaffirming its leading role in the industry. The bank was named "Best Islamic Bank," surpassing several contenders across the Middle East region. The award is a clear recognition of Dubai Bank’s fast-growing presence in the Islamic Banking industry, one that is driven by the bank’s innovative approach and commitment to high service standards.

The award was accepted by Mohammad Amiri, Head of Retail Banking, and Harshdeep Munjal, Chief Marketing Officer, on behalf of Dubai Bank at a ceremony held in Bahrain. The event was attended by over 250 senior banking and finance executives from around the region including the keynote speaker H.E. Sheikh Mohammed Bin Essa Al Khalifa, CEO, Economic Development Board of Bahrain.

Commenting on the win, Mr. Salaam Al Shaksy, the Chief Executive Officer of Dubai Bank, said: "Operating in a region where the demand for Islamic banking is expanding rapidly, Dubai Bank has consistently been at the forefront of innovation and growth of this significant sector. This prestigious award from Banker Middle East underlines our continued focus and commitment towards the Islamic banking industry. This award is also symbolic of the commitment that our colleagues have brought to the organisation since its inception and subsequent conversion to a Sharia-compliant bank. This victory belongs to each and every employee in the bank, without whom it would not have been possible.”

The Banker Middle East Awards provide an industry benchmark to measure the pioneering initiatives in the area of conventional and Islamic banking. Nominees for the recent awards came from a range of local, regional and foreign financial institutions operating in the Middle East.

Mohamed Amiri, Head of Retail Banking at Dubai Bank, said: "Innovation and high-quality have been the pillars of our success, helping us introduce unique products and services to our customers. We have been previously recognised for our award-winning initiatives in the areas of credit cards, deposit accounts, customer service campaigns and others. The recent Banker Middle East award is yet another testament to our strategic expertise and innovative business approach. "

Dubai Silicon Oasis Signs Mou With Dubai Department Of Tourism And Commerce Marketing

Dubai Silicon Oasis Authority (DSOA) today announced it has signed a memorandum of understanding (MoU) with the Dubai Department of Tourism and Commerce Marketing (DTCM) to provide best of class services and support for companies aspiring to develop hospitality ventures within the DSO.

According to this agreement, DTCM will take the responsibility for licensing and categorizing hotels according to DTCM regulations. It will also ensure the implementation of all other procedures related to tourism events activities.

The MoU was signed by Dr. Mohammed Al Zarouni, Chief Executive Officer of DSOA, and Mr. Khalid A. bin Sulayem, Director-General of DTCM, in the presence of senior officials from both organizations.

Dr. Mohammed Al Zarouni, Chief Executive Officer of DSOA, said: “Since the establishment of Dubai Silicon Oasis we have endeavored to develop the technology park into a fully integrated community that offers enabling services and facilities to all our customers. Consequently, we have been engaged with several governmental departments and signed various agreements and contracts that will serve to achieve the ambitious objectives for our business partners.

“Through this partnership, DTCM will be responsible for licensing companies aspiring to develop hospitality ventures at DSO. In addition, it will also oversee tourism related events and activities that will complement the overall deliverables of the technology hub.”

Khaled A. bin Sulayem, DTCM Director General said: “This agreement falls in line within the framework of cooperation and strategic partnership between the DTCM and public and private sector organizations to enhance the tourism industry standards and services. This will go a long way in enlarging the scope of tourism industry and help regulate the hospitality sector to better the tourism product offering of Dubai.”

“Companies that are interested in hospitality business will benefit from the DTCM’s expertise and efforts to promote and market Dubai across the word. This partnership between DSO and DTCM will help create better synergies for better tourism standards and regulations for the hospitality sector,” he said.

DSO is a free zone technology park for semiconductor, microelectronics and other high technology-based companies looking to set up their regional headquarters and R&D facilities in the Middle East and North Africa region. DSOA is the regulatory body for DSO, the region’s premier integrated innovations hub for high-tech industries.