Ministry Of Economy Launches First Stage Of Electronic Registration For Commercial Agencies

The Ministry of Economy launched the first phase of registering the commercial agencies electronically in line with its strategies and programmes aimed at enhancing services, facilitating processes and enhancing the customer experience by saving time and effort.

His Excellency Sultan Al Mansoori, UAE Minister of Economy said: “This initiative is part of the Ministry’s efforts to further strengthen the business environment of the country, and enhance its competitiveness on a global scale. The electronic registration of the commercial agencies will also enhance the competitiveness of the various sectors, and create a more robust environment for foreign investments by drawing on the efficiencies ensured through the incorporation of modern technology.”

He said that Ministry is working hard under the directives of UAE leadership and government, to enhance and improve the services provided to the public. The number of registered commercial agencies in the UAE has increased from 4,378 in 2010 compared with 4,198 in 2009, highlighting the growth of the economy. Of these 2,668 were in Abu Dhabi, 1,516 in Dubai and 194 in Sharjah and other Northern Emirates. The number of commercial agencies registered in 2010 was "462" (324 in Abu Dhabi, 111 in Dubai and 27 in Sharjah and other Northern Emirates).

"Many international companies have established operations in the UAE leveraging the attractive investment environment the country offers. Customers prefer to interact with the commercial agency directly, especially for the advantage of swifter and efficient after sales services," said Al Mansoori.

He added that the Ministry is committed to enhancing public awareness on the excellence culture among all the departments, and is using the latest technologies to drive this objective.

His Excellency Humaid Bin Butti Al Muhairi, Executive Director of Commercial Affairs in the Ministry said: “The Ministry strives to implement its strategies effectively and efficiently for the benefit of the public. The commercial Affairs Department plays an active role in proposing policies, and in designing, implementing and monitoring procedures related to commercial issues including the registration of commercial agencies".

He added: "The first phase of registration includes a new monthly consignment that aims at assisting customers in providing them with better services. This service also enables the Ministry to archive as much data as possible electronically in line with our efforts to shift completely to being an e-services provider.”

Al Muhairi said that the second phase will include all services such as renewals and modification.
 

Mobily In Saudi Arabia Partners With Gemalto For World’s First Commercial Rollout Of Bio-Sourced Subscriber Identification Module

Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, announces that Mobily, the leading mobile operator in Saudi Arabia, has started deploying its bio-sourced SIM, made with renewable material and easily recyclable. Mobily is one of the fastest growing wireless service providers in the world with more than 18 million subscribers. This represents the world’s first commercial deployment of its kind.

The Gemalto product is fully compliant with telecommunications standards and its card body is certified 100% compostable*, two features that make it unique in the market. The innovation answers a major challenge: reducing environmental impact while providing high-standard technical properties.

The new card enables Mobily to convey their visual identity by displaying their branding with colors and graphics of the highest quality level, while keeping their logistics and warehouse processes unchanged. This eco-friendly initiative demonstrates that reducing environmental impact can be a springboard for both innovation and business development in the telecom industry.

“Our goal is to contribute to the ecological friendly community, while enjoying the same usage experience,” Samer Aldameri Vice President Products & Services, Mobily. “We also wanted simplicity and convenience in terms of brand exposure and logistics. Gemalto’s bio-sourced SIM perfectly matches all of our needs.”

“Mobily is always at the forefront of innovation and Gemalto is proud to support them in deploying yet another breakthrough new to the world product,” added Philippe Vallée, Executive Vice President, Gemalto. “Going forward, Gemalto will continue to work closely with Mobily to rollout innovations that help them differentiate themselves in the market.”

 

IMEWE Submarine Cable Launched For Commercial Use

A consortium of nine partners comprising of leading global telecom operators, has completed and launched of a high-capacity, state of the art fibre-optic submarine cable that stretches from India to Europe. The 13000 kilometers long three pair fiber optic cable named IMEWE (India- Middle East- Western Europe),has a design capacity of 3.84 terabits per second, and is also the most advanced cable connecting India in South Asia to Italy and France in Western Europe via the Middle East with landings enroute in Pakistan, UAE, Saudi Arabia, Egypt and Lebanon.

Ali Amiri, Executive Vice President of Etisalat’s Carrier and Wholesale Services stated "The extra capacity and reliability provided by the IMEWE cable will not only delight customers across the region and bringing great benefit to UAE as a whole ,but also will be responding to substantial growth in capacity requirements due to surge in broadband demand witnessed by the region. Etisalat’s position in the Middle east, Africa and Asia has been established, thanks to its strategy of making long-term investments in markets and technologies that realize return for many years to come. Our participation in the IMEWE is an example of this vision taken from and we expect to see great results in terms of both the performance of our network and an enhanced customer experience."

The IMEWE consortium comprises of nine major telecom companies: Bharti Airtel (India), Etisalat (UAE), France Telecom-Orange (France), OGERO (Lebanon), Pakistan Telecommunication Company Limited (Pakistan), Saudi Telecom Company STC,(Saudi Arabia), Telecom Egypt (Egypt), Telecom Italia Sparkle (Italy), and Tata Communications (India). IMEWE is the third major submarine cable operational between India and Europe after SMW3 and SMW4 and is expected to play a major role in meeting ever growing bandwidth requirement of Indian sub continent and Middle East to Europe and beyond. IMEWE system would also play a key role in expansion of broadband services among masses in concerned countries.

With the activation and the beginning of operations of IMEWE, concerned member countries shall witness a new era in communications that will undoubtedly lay the foundations for faster international connectivity for generations to come. IMEWE system shall also play a major role of providing continuity of service in case of technical problems in other existing major cables on the route.
 

Commercial Bank International Posts AED 143 Million Net Profit For 2010

Commercial Bank International (CBI) announced its annual results for the year ending 2010, declaring a net profit of AED 143.1 million, an increase of 173 per cent compared to AED 52.4 million in 2009.

Total assets grew by 9.1 per cent to reach AED 11.9 billion in 2010, from AED 10.9 billion in 2009. Loans and advances were up by 6.5 per cent from AED 7.8 billion in 2009, to AED 8.3 billion in 2010. Customer deposits witnessed an increase of 9.3 per cent from AED 8.6 billion in 2009 to AED 9.4 billion in 2010.

CBI’s steadily improving financial performance was also acknowledged by Capital Intelligence Ratings Services, which confirmed the bank’s foreign currency ratings at BB+ long-term and B short-term with a ‘Stable’ outlook and a Support rating of 3. The Financial Strength rating was maintained at BB with a stable outlook.

Disclosing the financial results for the year, Mr. Douwe J Oppedijk, Chief Executive Officer, Commercial Bank International, stated: "It was a year of all round achievements for Commercial Bank International. The continuous and steady growth in our net income is attributable to the success of our business strategies, the appropriateness and relevance of our risk management processes and the confidence our customers have in the bank. Going forward, we remain committed to exceeding the expectations of all our stakeholders.”

Commercial Bank International’s total income touched AED 525.6 million in 2010, compared to the previous year’s achievement of AED 524.8 million, despite a 9 per cent drop in its net interest income, which reached AED 354.1 million. Earnings-per-share for 2010 was AED 0.107 compared to AED 0.040 in 2009.

2010 was a year of expansion for CBI as the bank increased the number of ATMs across the UAE to 56, in addition to growing its branch network in Abu Dhabi and Dubai. CBI plans to open five more branches in the UAE through 2011. The bank is also one of the largest issuers of WPS cards in the country.

“UAE Nationals now comprise 25 per cent of our staff,” said Mr. Oppedijk emphasising that the bank continues to place high importance in attracting, retaining and nurturing talented employees, particularly UAE Nationals. “We are increasing the Emiratisation levels every year in a phased manner through an ambitious recruitment and retention plan. Our “Ajial National Development Program” (NDP) and “Summer Placement” has helped talented young Nationals to satisfy their ambitions and career aspirations by offering them a distinctive and competitive work environment.”

“We give utmost importance to the society in which we do business. As an active Corporate Citizen, we commit ourselves to various causes related to culture, health, social projects, education and environment,” he added.
 

Commercial Bank Of Dubai Wins Best Bank In The UAE 20103 Award

Commercial Bank of Dubai (CBD) yesterday received the “Best Local Bank in the UAE 2010” award at the celebrated annual Middle East Banking Awards (MEBA) 2010, organised by EMEA Finance.

Ibrahim Abdulla, General Manager, Administration & Finance and Mahmoud Hadi, General Manager, Systems & Operations received the award on behalf of CBD at a ceremony held at the Jumeirah Beach Hotel in Dubai yesterday to honour the MEBA Awards winners. The EMEA Finance awards represent one of the leading industry recognitions in the Middle East’s banking sector.

Peter Baltussen, CEO of CBD said: “We are pleased and honoured to have received this prestigious award from EMEA Finance. This recognition is a clear confirmation of our strong performance in 2010 and our ability to navigate challenging economic conditions. It is also a vindication of the prudent strategy and policies that we followed, which ensured our stability and growth in what was a tough year for the global economy,” he said.

The 2010 EMEA Finance awards honour Middle East banks that are delivering impressive results despite one of the most severe and dramatic downturns in economic history, boasting rising profits and expanding in the Middle East and internationally.

“As a result of our focus on family owned companies and affluent individuals, the quality of our credit portfolio remained strong in 2010. Our profitability ratios are among the highest in the UAE banking sector. Our robust fundamentals, especially our strong liquidity, ensure that we are well geared to take advantage of the increasing opportunities that will come with the acceleration of economic recovery,” the CEO added.
 

Licensing Agency Meets Representatives Of Commercial Transport Companies

Commercial Transport Activities Dep’t, Licensing Agency of the Roads & Transport Authority (RTA), has recently held a meeting at RTA Head Office with representatives of car & bus rental companies listed under Commercial Transport Activities Category overseen by Licensing Agency, with the aim of heeding to their feedbacks and suggestions on ways & means of broadening the scope of joint cooperation, boosting bilateral relations and opening up new communication channels between the two parties.

In a speech delivered on the event, the Acting Director of Commercial Transport Activities, Licensing Agency Hussain Ali Al Saffar, praised the sound bilateral relations linking the Agency with its strategic partners, including car and bus rental companies, and stressed the importance of these relationships in broadening and improving the range of services rendered by the Agency, as well as these companies, to all spectrums of the Dubai community in a way befitting the high profile of the Emirate which is shaping into a regional economic hub and a point of attraction to investors and business leaders from all over the world.

“I would like to express my thanks and appreciation to your for attending this gathering and your unwavering support to RTA efforts towards figuring out solutions and developing programs capable of improving public transport network in Dubai and enhancing the integration of this vital sector. Several strategic initiatives are floated and we just hope that they succeed in hitting their targets and adding to the glittering record of achievements made by Dubai in all sectors & fields,” commented Al Saffar.

The Acting Director of Commercial Transport Activities stressed the importance of timely renewal of vehicle registration and avoiding using them after the expiry of registration, ensuring contracts are made between all parties and maintaining copies of them on board the operated vehicles, avoiding unauthorized activities such as passenger smuggling and practicing tourist transportation through these licenses as tourist transportation is an exclusive independent activity.

Al Saffar touched on the importance of benefiting from the e-services rendered by the RTA (such as license renewal of corporate customers service), and the importance of complying with the directive of the Ministry of Labour asking transport companies to transfer & pay salaries of workers through banks on time. He particularly singled out the importance of checking the soundness of tires as they are crucial for the safety of passengers and avoiding ensuing accidents, especially in mini buses. Al Saffar also highlighted the need of checking the road worthiness of school buses, avoiding excessive speed and ensuring the safety of students of different age groups commuting on board.

For their part the representatives of commercial transport companies commended the ceaseless efforts of Licensing Agency along with the smooth services on offer at all customer service facilities. They also made comments on certain matters relating to the procedures in place and discussed means of improving them.
 

The UAE Possesses Strong Abilities To Develop Economic Growth And Boost Its Global Commercial Standing

Shiekha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, has underlined the UAE’s strong ability to develop the economy and continue to support different economic sectors and strengthen its advanced commercial standing across the globe.

Sheikha Lubna said that that the success of the government’s strategy of nurturing an open economy, promoting a free market, and guaranteeing fair competition has allowed the UAE economy to remain as one of the top economies of the Middle East amidst the global recession. These strategies and policies, she added, have contributed towards increasing global confidence in the UAE’s Economy and succeeded in attracting large foreign direct investments.

Her remarks came last night [Tuesday] at the Mina Salam hotel in Dubai during the Ministry of Foreign Trade’s Annual Meeting for Foreign Business Councils and Groups, which the Ministry organizes in order to exchange thoughts and ideas about the best means by which to boost growth and achieve commercial and investment prosperity.

She added that the UAE will continue to offer various incentives to guarantee that it remains one of the most business-friendly destinations in the world. She also pointed out to some of the advantages the UAE possesses such as stability, advanced economic laws, the presence of tens of free trade areas, as well as the implementation of a clear strategy for growth and development for the next years that will guarantee the UAE’s investment attractiveness globally.

The Minister said that "although doing business in a foreign land entails a lot of time, money and effort, the decision taken by foreign businessmen to choose the UAE as an investment partner for growth is the right decision" in light of the UAE’s achievements and successes in all sectors and levels coupled with its strong ability to increase growth during the next period.

She invited the Foreign Business Councils to increase their contributions towards achieving economic success and development in the UAE through exploring more investment opportunities in the local market especially in the non-oil sectors such as renewable energy.

She underlined the increase in the percentage of non-oil sectors contribution to GDP, which reflects the success of the UAE’s diversification strategy, pointing out that non-oil sectors’ contribution to GDP has reached 71% in 2009, up from around 63% in 2008.

H.E. affirmed that the UAE will continue its adoption and execution of a trade policy framework that is attuned to its regional and international obligations whilst also being in line with the visions and strategic priorities of the government’s wise vision to build a diverse and sustainable economy and attain a unique global standing, pointing out to the release, a few days ago, of the "2010 UAE Trade Policy Review" which sets a new global precedent as no World Trade Organization Member State has ever conducted and released a voluntary review showcasing its trade policy outside of the framework of the current trade policy review mechanism before.

Sheikha Lubna also added that the World Trade Organization commended the UAE’s trade policy following the first Trade Policy Review which was conducted in 2006, and affirmed that the UAE’s open and diversified economy, and the role of commerce in the country’s economic growth, coupled with its growing economic capacity, have placed the state at an advanced global multi-party commercial order.

She also pointed out to the increased global confidence in the UAE’s economy. A fact that she said confirms the UAE’s standing as one of the big global business reformers, and affirms its advanced commercial status.

For their part, Foreign Business Council representatives affirmed, during discussions with officials from the Ministry of Foreign Trade, their confidence in the UAE’s economy, its dynamism and advanced commercial standing, stating that the UAE is quick to undertake effective initiatives and successful arrangements to spur growth and achieve economic prosperity and confront various challenges.

The representatives also expressed their confidence that the next phase will witness more economic growth in the UAE’s economy and more development of its non-oil sectors.
 

Commercial Bank International Reports Increase In Commission And Fee Income For H1

Commercial Bank International (CBI) reported a record net profit of AED 70.28 million for the half year ended 30 June 2010, a 3.3% per cent increase over the same period in 2009.

Earnings increased 2% over the previous year on a per share basis.

Decline in Provisions
Overall provisions declined 36.3% over the corresponding period in the previous year mainly due to lower loan loss provisions. Loan loss provisions declined nearly 65% to AED 31 million from AED 88 million in the previous year.

Commission and fee income grows by 13.8%
The Bank also experienced significant increase in fee income due to its focus on transactional banking and the commission and fee based income grew by 13.8% over the corresponding period last year.

Speaking on the first-half results, Mr. Douwe J. Oppedijk, Chief Executive Officer, Commercial Bank International, said:

"Despite the tough economic scenario, the bank remained mostly risk averse during the first half of 2010 and focused on fine-tuning its internal processes and delivering quality products to customers. Towards the end of the first half, the business started gaining traction and this is expected to continue. We plan to aggressively build on the current momentum by launching new products, expanding our network and enhancing the service quality, in line with our strategy. We will continue to invest in technology and people to offer better products and services and to remain at the forefront of Emiratisation in the banking industry.”

Assets & liabilities
Total assets declined 2% to AED 10.71 billion, compared to AED 10.93 billion at the end of 2009. The decline in assets primarily reflects the bank’s cautious approach to loan book growth, which increased 0.3% to AED 7.83 billion (net) compared to the year end 2009 figures. Customer Deposits declined 3.1% to AED 8.29 billion from AED8.55 billion at the end of 2009, but overall liquidity conditions remained favorable. Shareholders’ equity rose 3.5% to AED 1.74 billion compared to AED1.68 billion at the end of 2009.

Capital adequacy
The Bank’s liquidity position continues to be strong. The capital adequacy ratio at the end of first half stood at 15.92%, against a minimum of 12% as prescribed by the Central Bank. The Balance sheet continued to be healthy with liquid assets of AED1.07 billion. Advances-to-Stable-Resources ratio is maintained at 0.92:1 as against the Central Bank directive of 1:1.

Commercial Bank International (“CBI”) is one of the leading Financial Institutions in the U.A.E with interests in Banking, Share Brokerage and Real Estate. The Bank is headquartered in Dubai and its shares are listed on the Abu Dhabi Securities Exchange (ADX). CBI’s wide distribution network consists of 17 branches and 53 ATM’s spread across the emirates of U.A.E
 

DED’s Commercial Compliance And Consumer Protection Division Inspects Market Prices Of Goods

The Commercial Compliance and Consumer Protection Division in the Department of Economic Development (DED) conducted field visits to the vegetable and fruit market, and a number of consumer and food products outlets in Dubai, to inspect market prices.

The field visits complement the campaign organized recently by the Division with the consumer and food products suppliers including many shopping malls. The visits covered outlets of Union Co-operative Society, Hyper Panda, Mirdiff City Centre, Carrefour, Lulu supermarket, and Spinneys.

“This campaign is part of DED’s commitment to protect consumer rights, and highlights DED’s continued co-ordination with retail outlets to offer foodstuff products at reasonable and consistent prices, especially during the Holy Month of Ramadan,” said His Excellency Mr Sami Al Qamzi, Director General, DED.

“The field visits also aimed at enhancing awareness on consumer protection and ensure the availability of products at suitable prices, and maintain the stability of prices, especially during Ramadan,” added Omar Bushahab, CEO, Commercial Compliance and Consumer Protection Division, DED.

He said that Ramadan Food Baskets provided by the outlets are optional in Dubai due to the low turnout of consumers in recent years.

Stressing on the partnership between DED and the retail sector, Bushahab said: “We look at working together to provide best services to consumers. DED will continue to communicate with consumers and merchants in all outlets to maintain a balance between availability and prices of goods.”

The Commercial Compliance and Consumer Protection Division urged outlets to display clearly an announcement issued by DED on consumer rights with the Division’s toll-free number and website for consumers to communicate with DED.

The Commercial Compliance and Consumer Protection Division will conduct awareness campaign across all major retail outlets in Dubai following the month of Ramadan. The Division conducted an awareness programme that covered more than 3000 traders in Dubai, which aimed at familiarizing them with the rights of the consumer.
 

Emaar’s Commercial Leasing Offers Customers Choice Of Prime City Locations

Emaar Properties PJSC, the global property developer, is offering commercial customers the opportunity to choose from two prestigious locations in Dubai for setting up business easily.

Emaar is leasing commercial space in Emaar Square, the dedicated business cluster in Downtown Dubai, and Emaar Business Park, Emaar’s first business community development near The Greens. Potential tenants will become part of established communities that are currently home to the headquarters of several leading multinational companies.

At Emaar Square and Emaar Business Park, the choice of top business locations in Dubai, customers can choose from fully-fitted or shell and core offices and flexible leasing opportunities. In addition to the location advantage of being part of vibrant business environments, the commercial offices at both fully-established projects feature modern business amenities, ease of access through the Dubai Metro and parking for staff and visitors.

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said the commercial developments by Emaar, offered for lease, will be advantageous to businesses given their proximity to Dubai’s business nerve centres. “The key preferences for commercial tenants are ease of access, location in a prestigious neigbourhoood and the amenities provided. In all these three criteria, Emaar Square and Emaar Business Park rank exceptionally high.”

He added: “In addition to establishing full-fledged residential communities, Emaar has also successfully developed dynamic business clusters over the years, which have gained strong response from the business community. With the leasing of Emaar Square and Emaar Business Park, businesses can leverage the growth environment offered by Dubai for businesses to grow and expand.”

At Emaar Square, the offices range in size from 3,500 to 28,000 sq ft while they are 4,000 to 25,000 sq ft in Emaar Business Park. The range of amenities include advanced telecom connectivity, a modern business centre, 24×7 security, maintenance and support teams, and parking facilities for staff members and visitors.

The offices are designed to the highest build quality, and are spacious, with liberal sunlight and airflow. The centrally air-conditioned offices have large windows overlooking views of the city. Both Emaar Square and Emaar Business Park offices can also be accessed by Dubai Metro, adding to the convenience of tenants.

Emaar Square is centrally located in Downtown Dubai, the 500-acre development by Emaar Properties. The most vibrant lifestyle destination in the city, Downtown Dubai hosts thousands of visitors and residents offering them a choice of leisure, entertainment, hospitality and retail offerings.

With over 1 million sq ft of prime office space, Emaar Square also has an additional 62,000 sq ft of retail options and business services in addition to boutique-style cafes and delis. The complex also has a VIP drop off area, express elevators and lawns that are ideal for corporate events.

Emaar Business Park is a four-building cluster situated directly opposite Dubai Marina and Emirates Living, and in easy access to Dubai Media City, Knowledge Village and Jebel Ali.

Tenants benefit from fully fitted offices with a range of amenities including advanced telecom systems, hi-speed Internet connectivity, video conferencing facilities and a central satellite television. All buildings are equipped with fiber optic risers and up-to-date technology for data transfer. Parking for over 2,000 cars and neighbouring retail facilities complement the business lifestyle.

For more details on commercial leasing, potential customers can contact Emaar at 800-EMAAR (36227).

Emaar has also launched an Agents’ Programme specifically for commercial leasing. This builds on the Agents’ Programme for residential property and highlights the growing interest in commercial property. Interested agents can contact Emaar at 800-EMAAR (36227).