Ministry Of Economy Organises Workshop On Consumer Protection For Watani Summer Camp Kids

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The UAE Ministry of Economy hosted a field trip by young participants of the Watani summer camp at the Department of Consumer Protection. Dr. Hashim Al Nuaimi, Director of Consumer Protection Department, briefed the children on consumer rights and the role of the Ministry in promoting customer protection and ensuring market stability.

Dr Al Nuaimi presented the mandate of the Department of Consumer Protection and the mechanisms adopted by the Ministry to monitor the markets and retail outlets in the UAE. Dr Al Nuaimi explained in simple terms the Federal Law No. 24 of 2006 on the consumer protection whereby the Ministry takes measures and procedures to oversee consumer protection, and control price movement to assure market stability.

Tamiam Al Naisar, Head of Events at Watani, explained the importance of cooperation with various government agencies and the private sector to support the strategy and objectives of Watani. She said the summer camps are an ideal platform to strengthen the awareness of children about various aspects of the UAE, including the nature of work of government agencies in driving economic growth.

The Ministry’s officials also accompanied the children on a tour to Carrefour Deira City Centre, where they were briefed on the nature of the work of the Ministry, especially in relation to the campaign launched recently to manage the prices of 700 items in more than 70 retail outlets. The children took active part in the training activities.

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.
 

UAE Minister Of Economy Discusses Measures To Strengthen Market Stability With Retail Outlets

His Excellency Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, today, discussed with representatives of the leading retail outlets in the country about measures to strengthen market stability.

HE Al Mansoori lauded the cooperation and efforts of the retail outlets in supporting the Ministry’s strategy as well as the recommendations of the Supreme Committee for Consumer Protection in reducing the price of essential commodities. He said the Ministry of Economy is committed to strengthen the framework for communication and dialogue with all retail outlets in the UAE.

HE Al Mansoori said the retail outlets have demonstrated during the Holy Month of Ramadan that they have the resolve and commitment to reduce prices of essential goods in addition to launching marketing initiatives that contributed to enhancing the purchasing power of customers.

At the meeting, the Minister discussed the key challenges faced by the retail sector, and urged the key players to uphold their social responsibility by launching practical initiatives to reduce prices and support market stability.

He noted that the initiatives launched by the retail outlets in the UAE in coordination with the Ministry of the economy, is an ideal model that generated a positive impact on the performance of consumer markets and received wide attention from Gulf countries.

The Minister reiterated the importance of coordination between the Ministry, the Government, the retail outlets and consumers to be prepared for any variables that may affect customer prices and market stability. He called for close monitoring of international prices of consumer goods, and underscored the importance of an electronic system for goods monitoring, which was launched by the Ministry recently.
 

Business Software Alliance UAE Ministry Of Economy To Conduct Anti-Piracy Training For Government Inspectors

Business Software Alliance, the world’s foremost advocate for the software industry, will be conducting anti-piracy training sessions for inspectors working for the UAE Ministry of Economy (MoE) and other government authorities on January 3, 2011. The initiative is aimed at reducing the economic impact of software piracy by combining both education and enforcement strategies.

“The Ministry includes anti-piracy efforts among its key priorities and looks forward to partnering more with the Business Software Alliance to make our law makers and law enforcers more capable of addressing this crime,” said Abdullah Al Hussain, Director of the Censorship Department, UAE Ministry of Economy.

“It is important that inspectors and other key government authorities be taught the proper skills in handling software piracy cases as they ultimately recommend and enforce the appropriate disciplinary actions. Initiatives such as these contribute towards achieving a collaborative approach to the piracy problem,” added Jawad Al Redha, BSA Chair, Gulf Region.
 

UAE Ministry Of Economy To Introduce Array Of E-Services At Gitex Technology Week 2010

As investments in technology continue to be at the forefront of national government policy, the UAE Ministry of Economy will premiere a new range of e-Services at this year’s GITEX TECHNOLOGY WEEK 2010 to be held from October 17 to 21 at the Dubai International Convention & Exhibition Centre. By investing in advanced technologies, the Ministry aims to significantly enhance access and delivery of government services over the next three years. The Ministry says the investment is in line with the government’s commitment to reduce delays in service and turnaround times through the use of e-processing. The Ministry’s Plans for total electronic conversion are predicted to be more than 80% complete by the end of the year. Among the highlights of the Ministry of Economy’s showcase at GITEX TECHNOLOGY WEEK is the issuance of Arabic Certificates of Origin online. This service offers flexible procedures for investors thus further enhancing the investment environment of the UAE. With this service, the merchant or the producer can apply online and request for a certificate of origin, and update or change the contents of the request for the certificate any time. This procedure is available in both English and Arabic languages. The Ministry will launch the Certificate of Origin form (A) Generalized System of Preferences, which will give privileges to UAE exports, especially for national products, by reducing customs fees from 38 member states. The Ministry will also show case the Electronic System for Goods Monitoring. The required infrastructure is being finalised, in collaboration with the Federal Customs Authority, to be operated during the second half of 2011. The new system works through the electronic link between the major trading centers and all UAE’s customs ports, and has the capacity to monitor the prices of 200 commodities on a daily basis. This project connects the ports & customs and the Ministry of Economy and centres of major retailers, enabling the Ministry to counter any attempts at potential monopoly practices by negotiating with suppliers or distribution outlets. The Ministry will also highlight the website www.madeintheuae.com where manufacturers can promote their factories, products, and services. It enables UAE manufacturers to reach and connect with a global audience of buyers. Made in the UAE is supported by the Ministry of Economy, Dubai eGovernment and Tejari. Essam Al Falasi, Director of IT Department at the UAE Ministry of Economy, said: “The efforts behind our participation at GITEX TECHNOLOGY WEEK are under the directives of His Excellency Sultan Bin Saeed Al Mansoori, Minister of Economy, and are aligned with our vision to promote technology innovation within the Government. This year, the Ministry of Economy is keen to showcase a new cross-section of high quality and efficient online services which will be made available to residents and businesses alike.” According to the UAE Federal government’s mandate, 50% of public sector services will be online by 2012. The drive so far has resulted in a transformation across government services, with various initiatives being undertaken to make information more transparent to civil servants and citizens. “The UAE is a strong example of an emerging economy that benefits from a good regulatory environment and clear government leadership in IT,” said Helal Saeed Almarri, CEO, Dubai World Trade Centre, organiser of the event. “The ICT sector continues to be an integral part of emerging economies in the region, as governments increase investments to help drive socio-economic growth. “As the largest buyers of technology solutions, governments have a keen interest in identifying the trends, tools and technologies that will help them streamline service delivery engagements with the public community, and GITEX TECHNOLOGY WEEK is the opportune knowledge exchange hub.” Celebrating its 30th anniversary this year, GITEX TECHNOLOGY WEEK is one of the driving forces behind technological advancements and innovation in the public sector. At GITEX TECHNOLOGY WEEK, government departments and authorities will showcase their latest e-services and will also be able to experience the latest technology trends with a view to improving value-added services to UAE residents. The UAE government has increased its presence three-fold at GITEX TECHNOLOGY WEEK 2010 compared to last year, reinforcing the investments that are being made to boost the UAEs e-infrastructure and transform the country’s digital community. Several government bodies will share best practices and network with key exhibitors and partners. This year, for the first time, the event will see participation from the Emirate of Abu Dhabi Judicial Department, the Ministry of Education and TANMIA (The National Human Resources Development and Employment Authority). Other government entities include Abu Dhabi Police, Ajman Freezone Authority, DATEL Systems & Software, DEWA, Dubai Municipality, Dubai Naturalization and Residency Department, Fujairah Freezone Authority, Ministry of Economy, Ministry of Labour, Ministry of Social Affairs, Prime Minister’s Office, Ras Al Khaimah Freezone Authority, RTA and Sharjah Airport International Freezone. The Dubai e-Government exhibition has increased its space by 300% on last year. To ensure the show maintains its pace setting agenda, brand new elements have been added, including the Global Leaders Summit, Cloud Confex, and GITEX Mobile Apps & Content World. In conjunction with these debut features, the GITEX 2010 Global Conference sees a gathering of 50 of the ICT industry’s most respected and experienced professionals addressing many of the most contemporary issues in today’s ICT landscape. The five day event embodies the continuing momentum of growth in the Middle East ICT sector and draws global attention and mounting investment to the region. The show connects more than 133,000 industry professionals from 134 countries with over 3,500 suppliers and is one of the most influential and high-profile events in the global ICT sector today. Admission is for trade and industry professionals only. For more information please visit www.gitex.com.

Ministry Of Economy Tours Fruits And Vegetables Market And Fines 5 Outlets

The UAE Ministry of Economy’s Consumer Protection Department fined more than 5 outlets in Dubai’s fruits and vegetables market today, during a field visit to verify compliance with preset prices and sales terms. The fines come after initial warnings to traders.

Dr. Hashim Al Nuaimi, Director of the Consumer Protection Department, toured the wholesale and retail market. The inspection team found prices of most commodities remain stable and detected no attempts to manipulate the market, Dr. Al Nuaimi said. The team took the disciplinary action against outlets that did not display price tags on their products, or violated other Ministry agreements.

Dr Hashem said that prices of commodities have increased due to the demand and supply factor and some were already increased at its origin.

Dr Hashem also toured the Union Co-operative Society in Al aweer and praised the efforts made to reduce the prices of 61 basic commodities by 40% during the holy month. This step comes in line with the Ministry of Economy directions to reduce prices and create market stability during the month.

“The UAE Ministry of Economy is committed to supervising UAE consumer markets during Ramadan and will act quickly and decisively to ensure all outlets adhere to the federal consumer protection law,” Dr. Al Nuaimi said. “We will not show any leniency to price manipulators or monopoly traders.”

"Our specialist teams will intensify their visits to monitor sales outlets across the emirates in keeping with the Ministry’s priority to ensure consumer protection during the holy month of Ramadan,” he added.

The Ministry, he added, welcomes feedback and suggestions from the public and business community to sustain optimal conditions.
 

Minister Of Economy Says Ministry Finalising Clear Definition Of SME’s In Line With International Best Practices

H.E. Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, told a visiting South Korean delegation that the Ministry is working on clearly defining small and medium enterprises (SMEs) as part of streamlining this sector, which is a major contributor to the national economy.

The visit of the delegation comes in line with the ongoing efforts of South Korea to strengthen relations and cooperation with the UAE on all levels as it represents a strategic gateway to the Middle East and other regional markets.

His Excellency the Minister also mentioned that the Korean delegation’s visit reflects the progress made during the 2nd Joint Economic Committee between UAE and Korea, held recently in line with the directives of the leadership on prioritising SME development.

The Korean delegation will hold meetings with a number of federal and local government institutions including the Central bank, Economic Development Departments and Chambers of Commerce and local government SME institutions, in order to assess the exact nature of the SMEs in the country before offering effective suggestions and plans for sector development.

Al Mansoori said his Ministry is leading the co-ordination efforts with all partners and stakeholders in the SME sector to arrive at a common definition for the sector in accordance with international best practices. . His Excellency reiterated that this step falls within an integrated national plan led by the Ministry to stimulate the national economy through the development of SMEs in the UAE.

Al Mansoori also stressed that the Ministry is keen to provide all support to the UAE nationals to involve them in the SME sector and encourage them to become part of the sector development plan. The Ministry has signed an MoU with Tanmia to provide sufficient training to the national cadres to lead this promising sector.
 

Global Economy Needs To Move To An Architecture Of Networked Financial Markets, Says Dr. Nasser Saidi

The global economy needs to design and move to an architecture of networked financial markets, which will create a more stable and sustainable ‘spider-web’ model instead of the ‘hub-and-spoke’ model that has so far dominated the world financial system and led to the creation of systemic risk, according to Dr. Nasser Saidi, Chief Economist of the DIFC Authority.

Speaking at the plenary debate of the MENASA Forum focused on the topic ‘MENASA Capital Markets Going Forward’, Dr. Saidi said: “In 1976, the world’s economic centre of gravity was at a point between London and New York. However, in the 30 years since then, that centre of gravity has moved away towards the East and is now located somewhere between Dubai and Shanghai.”

Dr. Saidi said the global economic crisis will contribute to eradicating the hub-and-spoke model centred on London and New York and provide the impetus for a transition to a polycentric, ‘spider web’ model. “In a spider web model, instead of a small number of financial centres intermediating and reallocating the entire world’s savings, there will be numerous international financial centres –including the prominent examples of Dubai-Mumbai and Shanghai- across the globe that have the capital market depth and regulatory sophistication to absorb excess capital from their own regions and elsewhere. Such a model will prevent the enormous accumulation of savings in just one or two financial centres. The GCC countries need to invest in financial services capacity in order to locally manage and control their rapidly growing financial wealth. This is happening in DIFC,” he added.

He further said that the world’s new economic geography is reflected in the evolution of capital markets across the world. While the United States accounted for 46 % of global capital markets in 1999, its share dropped to 28 % in 2009. In comparison, Emerging Markets increased their share of global capital markets from 8 % in 1999 to 32 % in 2009 while the BRIC (Brazil, Russia, India and China) economies increased their share from 2 % in 1999 to 19 % in 2009. Meanwhile, the GCC increased its share from 0.3 % to 1.2 % in the same period.

Dr. Saidi also emphasised the vital need to develop local currency debt markets in the GCC region. “Well functioning debt markets will help reduce dependence on bank finance at a time when the banking sector is in a process of de-leveraging as well as provide governments with an alternative source of funding to smooth out volatile revenues will diminish macroeconomic and financial vulnerability from energy price fluctuations,” he said.

Other participants in the plenary debate focused on MENASA Capital Markets included Ivor Dunbar, Co-Head of Global Capital Markets, Deutsche Bank and Sameer Al Ansari, CEO of Shuaa Capital. All the speakers emphasised the importance of further developing the region’s market infrastructure in order to promote capital market growth.

Talking about IPOs in the GCC region, Sameer Al Ansari announced that an IPO led by Shuaa Capital will be floated in Abu Dhabi soon. In order to attract more institutional investors who drive capital markets, it is critical to improve regulatory frameworks and other aspects of the market infrastructure that will raise standards of transparency and corporate governance, he said.

Hosted by DIFC, the MENASA Forum is focused on discussing the critical opportunities and challenges confronting the Middle East, North Africa and South Asia (MENASA) region over the next decade. Under the theme of ’Finance for the Next Decade of Growth’, the MENASA Forum features over 250 members of the regional and international banking and financial services industry, regulators and senior business executives. The event is being held in association with Abraaj Capital and Deutsche Bank and supported by Barclays, Goldman Sachs and Shuaa Capital. Being held from 23 to 24 May, 2010, the Forum presents a mix of interviews, debates and keynote addresses featuring financial leaders, experts and investors.

The MENASA Forum commenced yesterday with a welcome dinner that featured a high-level keynote address by HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee. This was followed by a keynote dialogue with Arif Masood Naqvi, Founder and Group CEO, Abraaj Capital, and Juergen Fitschen, Member of the Management Board, Head of Regional Management Worldwide and CEO, Germany, Deutsche Bank.
 

World Economy: Wake Up from a Bad Dream

DUBAI, United Arab Emirates, May 25 /PRNewswire/ — In author Dr. Niaz Ahmed Khan’s first book published in 2006 and available in major online bookstores, Islamic Economic Revolution of the Century, he predicted and made astounding analysis about the U.S. economy. Because of his shocking scrutiny, he knows his work will greatly impact economic groups and institutions, so he has offered a one million dollar prize to anyone who questions and can prove his theory wrong. To date, none has come forward to claim that prize yet.

Now, he releases another revealing study that will surely keep everyone thinking and can very well start debates all over. His new book, awarded with a Gold Medal from Nazrya Pakistan Council Islamabad, Economic Revolution of this Century, covers today’s critical issues – the world’s economic challenges without solutions in sight, the main cause of all ills which is poverty, and more – and proposes ideas to rapidly wipe out these economic problems in 30 days.

Economic Revolution of this Century offers an everlasting solution for poverty – not only for the U.S. but also for all other countries – through the development of a new financial instrument which is believed to be more valuable than the bonds that the government has sold in the open market. With this comprehensive read that highlights amazing economic results, readers are sure to find themselves delving deeper into this subject and giving more attention to what’s really happening in the nation’s economy in particular and the global economy in general.

"Personally I believe even though it is a very Utopian idea of an ideal world wherein his theory is used to change the world order … it is possible. Even though it seems impossible but this has been proven mathematically and economically in the book that is based on hard facts. The theory is incentive-based and is acceptable to human nature. I wish governments around the world would implement his ideas. His arguments are very compelling." – Prof. Dr. Khawaja Amjad Saeed, Principal, Hailey College of Banking & Finance, Lahore.

Members of the media and other interested parties who wish to read and learn more about the author’s proofs on his claims in the Economic Revolution of this Century should visit http://azmatshinwari.blogspot.com/2010_04_01_archive.html.

His book is also available and can be purchased online at http://www.amazon.com/ or http://www.bedarpakistan.com/.
 

Customs Continues To Combat All Threatening Attempts Of The UAE Safety, Economy And Health

Dubai Customs seized a large amount of counterfeit medicine in a warehouse of a registered local company at the Dry Port in Dubai. The seizure comprises of 7 million pills of different medicine and is considered one of the largest seizures in the region.

H.E. Ahmed Butti Ahmed, Executive Chairman of Ports, Customs and Free Zone Corporation and Dubai Customs Director General issued a statement during a media conference Dubai Customs held today Monday, May 31st, 2010 in its headquarters in the presence of H.E. JH Siberell, US Consul General in Dubai and a number of officials as well as media representatives.

H.E. Ahmed Butti Ahmed clarified in the statement that the seized medicine is locally prohibited as approved by the tests conducted on its samples and is of counterfeited sexual supplements which bear trademarks of international companies. The case is considered an infringement of legal protection of the companies owning such trademarks and a clear violation of the UAE health legislations which prevents selling this medicine unless a medical prescription is issued by a licensed human doctor- as per the ministerial decisions issued under the law of pharmacy profession and pharmaceutical institutions.

H.E. Ahmed Butti Ahmed said that the investigations conducted by Dubai Customs revealed that an employee working in the implicated company stored the medicine after receiving it from an Arab trader. He kept the haul on a quay at the Dry Port Customs Centre which belongs to the referred company, without notifying the manager of the company who was outside the UAE, in exchange of AED 3000 a month.

H.E. Ahmed Butti Ahmed pointed out that the case was transferred to the specialized authorities and at the same time confirmed Customs keenness to combat all attempts which threaten the UAE safety and economy and harm locals and residents’ public health besides protecting intellectual property rights of the registered trademarks of international companies as well as products and goods’ patent rights especially for medicine under the article 62 of the UAE federal law No 17/2002 which regulates and protects the industrial property of the patents.

H.E. Ahmed Butti Ahmed said:" I hereby affirm Dubai Customs persistence in taking every necessary action to protect IPR; now and in the future, achieving our vision towards being the leading Customs administration in the world supporting legitimate trade and providing an attractive business environment for all clients and stakeholders, serving our mission in enhancing economic development and protecting the society and anchoring our values and strategic goals.”

He also said that Dubai Customs will maintain its efforts to implement all the procedures which help enhance fair trade practices, facilitate smooth goods flow, movement of individuals across the borders without hurting the community security or public health as well as pursuing violators of the systems and laws and combating all smuggling attempts that harm the public interest. Adding to that, providing the cadres with ongoing training opportunities and equipping them with the most advanced technologies to help them perform their duties with the utmost competency.

H.E. Dubai Customs Director General expressed his appreciation to the Customs Intelligence employees for the proper handling of the information they received about this counterfeited medicine which played a major role in seizing it. He also praised Customs inspectors for their vigilance as they work night and day to secure the country and the great role of the IPR Department at Dubai Customs in this regard.