Hawkamah And The International Centre For Financial Regulation Join Hands To Advance On Corporate Governance And Financial Regulation In The Middle East And North Africa Region

Hawkamah Institute for Corporate Governance (Hawkamah) today, at the sides of the GCC Regulators’ Summit, announced a partnership agreement with the International Centre for Financial Regulation (ICFR), a not-for-profit organization focused on best practice in all aspects of financial regulation internationally.

ICFR joins a growing number of reputable institutions showing their support for an independent, private sector initiative that is improving the understanding and practice of corporate governance in the Middle East and North Africa—and backed by major international and regional organizations. ICFR’s support to Hawkamah is an investment in building sustainable and credible institutions for the region.

Hawkamah and ICFR will work together on important initiatives such as the development and implementation of national legal and regulatory frameworks affecting corporate governance, in cooperation with both the public and private sectors. The joint partnership will aim to increase the training capacity of regional institutions, helping them to inform and train regulators, investors, directors, managers, and other stakeholders on good corporate governance.

Dr. Nasser Saidi, Executive Director of Hawkamah, outlined the significance of this partnership: "The financial crisis has shown us that a strong regulatory environment—with regulators willing to question overly-risky behavior among corporate actors—could have played a role in mitigating the crisis. This partnership between Hawkamah and ICFR is a very encouraging development. Both institutions understand the need to develop the capacity of regional regulators to play a critical role in bringing trust to the region’s markets, ensuring greater transparency, disclosure and accountability within our region and assisting in the further development of the region’s capital markets.”

Charles Taylor, the Chief Operating Officer of the ICFR, commented:
“We are delighted to announce this exciting new partnership which will help to consolidate the work that we do in terms of events, research and training on corporate governance. It is undeniable thatgood governance is an essential component of good regulation.

One of the immediate priorities for the new partnership will be to promote best practice and training for both private and public sector bodies across the region.”

Her Majesty’s Ambassador to the UAE, Dominic Jermey CVO, OBE commented: "I am really pleased that this MOU between the ICFR and Hawkamah has been signed today at the 5th GCC Regulators and Compliance Meeting here in Abu Dhabi. It is a positive outcome of the financial crisis that our nations are working increasingly more closely on regulation and we are pleased that the ICFR is able to play its part in the development of financial services professionals here in the UAE".

 

Dubai World Completes Its Financial Restructuring With The Signing Of New Facilities Agreements

Dubai World (the “Company”) today announced that it has signed the final agreement with all its creditors in relation to the restructuring of its entire financial obligations. This achievement is the culmination of approximately 12 months of extensive efforts during which the emphasis has been on reaching a fair and balanced agreement that puts the Company on sound financial footing and facilitating the execution of its ambitious development plan aimed at strengthening and increasing the value of its assets.

A statement issued by Dubai World’s board of directors affirmed that the restructuring process had benefited from the full support of the Government of Dubai, which mobilized all of its resources to ensure that the process was executed in accordance with the highest international standards. The multi-tier process also included the strengthening of the Company’s corporate governance framework with the appointment of new boards of directors to Dubai World and some of its subsidiaries.

The Dubai World restructuring efforts had commenced early in 2010 with the appointment of a 3-member Supreme Committee chaired by His Highness Sheikh Ahmad bin Saeed Al Maktoum, to oversee the Company. The committee also includes His Excellency Ahmad Al-Tayer and His Excellency Mohammed Al-Shaibani. In March of the same year, a restructuring plan was proposed to the Company’s creditors, and by September 2010, the Company secured a 100% approval of all its creditors. Since then the Company and its creditors have been working on crystallizing the agreed terms into a final agreement.

Dubai World’s international assets have in recent months recorded a significant increase in value benefiting from the relatively improved global economic environment and improved investor sentiment, according to the statement distributed by the Dubai Government Media Office.

His Highness Sheikh Ahmed bin Saeed Al Maktoum thanked all the banks and creditors for their cooperation: "We profoundly appreciate the cooperation shown by all involved parties. This was pivotal in making this process a resounding success. The agreement signed today is a true reflection of the exemplary partnership between Dubai’s corporations, and local and international financial institutions. Dubai World has now moved into a new phase of growth”

He added: "The agreement reached is also a demonstration of Dubai’s ability to overcome the effects of the global financial crisis”.

Dubai World’s restructuring deal has been commended by the international investor community. The plan is structured into a 5 year tranche of $4.4 billion and an 8 year tranche of $ 10.3 billion

 

Al Tayer Discusses With The Mayor Of The UK Financial District Coop And Investment Opportunities In RTA Projects

Roads & Transport Authority – Mohammed Al Munji:

His Excellency the Chairman of the Board and Executive Director of the Roads & Transport Authority (RTA) has recently received in his office Lord Michael Bear, Mayor of The City of London’s Financial District.

During the meeting, which was attended by the British Consul General in Dubai His Excellency Jay Warrington, several RTA CEOs and representatives of British companies specialized in the transport sector, the two parties discussed ways and means of boosting their cooperation and exchanging expertise between the RTA and its British counterpart as well as British companies engaged in roads and transport sector. They also explored the forthcoming road and infrastructure projects in Dubai.

In the meeting, Al Tayer hailed the existing cooperation between the UAE and the UK saying: “The UAE is a focal point for several British investors and the number of British tourists is constantly on the rise and so is the number of Emiratis heading to the UK for tourism or investment.”

RTA Chairman of the Board and Executive Director briefed the British delegation on the key projects currently undertaken by the RTA and said: “The UAE in general and Dubai in particular is experiencing massive development coupled with an influx of peoples and businesses; which required a matching infrastructure in terms of road and transportation networks such as the metro, marine transportation, and taxis among others to accommodate the soaring number of population, projects and urbanization.

“RTA is pondering the participation of the private sector in carrying out some future projects as there are promising opportunities for the private sector to undertake some projects in roads & transportation sector and communication systems,” added Al Tayer.

For his part Lord Mayor Michael Bear praised the sweeping economic development seen by the Dubai Emirate turning it into a hub for investors, business leaders and tourists, thanks to the shrewd leadership of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. He also commended the Dubai Metro project which is viewed as a gorgeous addition to the excellent array of projects taking place in Dubai, besides its contribution to easing the mobility of people and alleviating the traffic congestion.

Caption:

Mattar Al Tayer receiving the Mayor of the UK Financial District
 

Dubai Financial Market Welcomes High Level Delegation From Chinas Major Financial Services

Dubai Financial Market (DFM) received a high level delegation of major Financial Services and asset management companies from China, who met DFM’s senior management to share knowledge and explore opportunities for collaboration.

The visit is part of the continued efforts to promote and expand the presence of international investors in the market. This is the second visit by financial services and asset management in China to DFM over the last 5 months.

The 22 senior delegates representing 19 companies attended a presentation on the market operations, development initiatives and future plans in the presence of Fahima Al Bastaki, Senior Vice President, Head of Business Development Division, Jamal Ibrahim Alkhadhar, Senior Vice President, Head of Human Resources and Strategic Planning Division and Ali Al Hashimi, Executive Vice President, Borse Dubai Limited, along with other DFM officials.

Members of the delegation representing leading financial services companies based in China included General Managers, Vice Presidents and analysts from several companies.

The discussions touched upon various topics related to the Asian and Middle Eastern financial markets, the DFM and the key role of financial services and asset management companies. The visit also included a tour of DFM’s trading floor.

Fahima Al Bastaki, Senior Vice President, Head of Business Development Division, Dubai Financial Market said: "DFM is delighted to welcome the delegation from China. We are always keen to develop close relationship with international financial companies, keep them updated with our latest developments and attract international investments to our market. The visit was a great opportunity to update the Chinese delegation on the sound economic fundamentals in Dubai and the role of the emirate as a gateway to the Middle East markets."

 

HP Launches HP Financial Services In DIFC

HP Middle East announced today extending its services to HP valued customers with the launch of HP Financial Services in the Dubai International Financial Centre (DIFC).

HP Financial Services is the leasing and lifecycle asset management services subsidiary of the Hewlett-Packard Company, offering a full range of financial services solutions.
Eyad Shihabi, Managing Director and Enterprise Business Lead for the Middle East for HP, said: “With the launch of financial services capabilities we are adding a new, and significant, link in the value chain for our top customers.

“HP Financial Services help customers significantly reduce the cost of ownership throughout the IT lifecycle – from planning and acquiring technology, all the way to retiring and replacing it.”

“It will make it easy and economical for customers to deploy world-class technology on terms tailored to their unique needs. Not only that, we can help our valued customers manage the risk of dealing with obsolete or unneeded IT equipment.”

Leasing provides clients with flexibility and makes it easy for them to migrate to newer generations of technology. There’s typically no substantial upfront payment, so clients preserve working capital and can allocate it to other projects.

HP Financial Services manages the entire life cycle process and can provide technology refreshes at appropriate intervals during the lease. The company also offers sale-leaseback capabilities.

About HP

HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world’s largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP (NYSE: HPQ) is available at http://www.hp.com.
 

UAEs Financial Markets to remain closed on Thursday

The Financial Markets in the country will remain closed on Thursday on account of "Al-Mawlid Al-Nabawi", Prophet Mohammed (PBUH) Birthday, the Emirates Securities and Commodities Authority (ESCA) announced today. Work in these markets will resume on Sunday Feb. 20th.

On this occasion, ESCA has extended congratulation and blessings to President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai and Their Highnesses, the Supreme Council Members and Rulers of the Emirates.

 

Etisalat Secures Managed WAN Deals From Leading Banks And Financial Institutions In The UAE

Providing a robust head start to the New Year, Etisalat announced that it has secured deals for 1000+ Managed WAN sites, primarily from Banking and financial institution customers, in the closing months of 2010. The accelerated momentum showcases a rapid adoption of the Managed WAN service across the UAE. Etisalat had earlier announced a ground breaking Managed WAN deal with Emirates NBD, during GITEX.

The Managed WAN orders have been placed by majority of premier banks in the UAE. Etisalat will provide these banks with a one stop solution for links, routers and onsite support through its Managed WAN service. Etisalat will transition the bank’s existing ATM network on leased line with an all encompassing IP-VPN Solution, to offer a fully redundant and robust managed infrastructure with proactive monitoring and faster issue resolution.

Commenting on the deals, Abdulla Hashim, Senior Vice President, Business Solutions, Etisalat said, "The accelerated pace of Managed WAN deals are a substantiation of Etisalat’s Managed Services strategy that focuses on providing collaborative ICT solutions to our customers. Outsourced managed services enable organizations to focus on their core competencies while reducing their total cost of IT ownership. Etisalat is a dominant and indisputable leader in Managed services arena and these deals demonstrate of our commitment to provide best of managed ICT services to our customers. Etisalat aims to bring great value to organizations with our strong delivery capacity, a modern and reliable infrastructure, ownership of a superior network and robust processes." The Managed WAN service will provide highest levels of performance, reliability and stability through comprehensive and proactive on-site support to banks. Etisalat’s Managed WAN service provides proactive monitoring and management of customer’s network infrastructure, thereby enabling consistent network availability and performance. Etisalat also provides a service dashboard, through a dedicated online web portal, where customers are able to access and view their network health status through wide-ranging report parameters – such device availability, CPU utilization, bandwidth utilization, traffic utilization, to name a few.

"Etisalat has invested in developing a 24×7 state-of-the-art, customer network operations center (CNOC), a collaborative IT infrastructure and superior knowledge capital manned by certified IT professionals, to offer a combination of flexible, secure services and comprehensive support to our customers. Given the shortage of IT skills in the region, we believe that we can guide businesses to achieve the benefits of productivity and efficiency through our Managed WAN offering," added Mr. Hashim.

Etisalat’s Managed Services portfolio has a wide variety of solutions ranging from Managed WAN Services, Managed Security services, Hosting Infrastructure, Managed Storage, Business Continuity /Disaster Recovery services and Managed Infrastructure services.

 

Now Open: The Ritz-Carlton, Dubai International Financial Centre Takes its Place in Luxury Group

DUBAI, United Arab Emirates, Jan. 12, 2011 /PRNewswire/ — After much anticipation and years of preparation, The Ritz-Carlton, Dubai International Financial Centre (DIFC) officially opens its doors today. The 341-room hotel, with 124 executive residences, is the second Ritz-Carlton in Dubai and the sixth property in the region for the luxury hotel company.

Lothar Quarz, general manager of The Ritz-Carlton, DIFC was joined by hotel owners and senior leaders from The Ritz-Carlton Hotel Company, L.L.C. for a private official ribbon cutting ceremony. "This day marks the beginning of an exciting new journey," states Quarz. "I am truly proud of our ladies and gentlemen who have worked hard to put the final details into place. It is their work ethic, commitment to providing the best service, and relentless determination that will elevate our guests’ experiences and set us apart from our competition."

Herve Humler, president and chief operating officer for The Ritz-Carlton Hotel Company, L.L.C. said, "The company philosophy is to design hotels that are casually elegant, with the occasional classical influence as appropriate. This hotel is a stunning example of that strategic direction." Humler added "Being able to expand our presence in Dubai and be part of a region of substantial growth is a tremendous opportunity. Of course, we were quick to welcome the chance to provide an outstanding meeting venue for the international companies that already have a presence in this complex."

As the only hotel to be directly linked to the complex of buildings in Dubai International Financial Centre, the social hub will be at No. 5, the hotel bar located in the prime welcoming position at the end of this pathway. A dramatic 30 meter (100 feet) wine wall that is home to 3000 bottles of the finest varietals in the world is a focal point for gourmands and wine connoisseurs. Other dining selections include Blue Rain, the signature Thai fine-dining restaurant; Can Can, a French all-day dining brasserie and the Center Cut steakhouse, providing multiple settings for the enjoyment of the cuisine made famous by The Ritz-Carlton chefs. The Lobby Lounge & Terrace offers a casual elegance for the enjoyment of afternoon tea. Each restaurant boasts an expansive outdoor terrace.

A unique design facet of The Ritz-Carlton, DIFC showcases a 10-storey outdoor waterfall cascading down the building directly into the courtyard facing the lobby. A total of eight striking water features are situated throughout the hotel, which are not only aesthetically and aurally pleasing, but lend themselves to the feng shui belief that the constant flow of water signifies wealth and prosperity.

Recreational amenities include a fully equipped health club and luxurious Ritz-Carlton Spa, offering 13 treatment rooms.

Guests who wish to be among the first to stay or hold their event at The Ritz-Carlton, Dubai International Financial Centre may telephone +9714 372 2555 or click www.ritzcarlton.com/dubaiifc.

The Ritz-Carlton Hotel Company, L.L.C., of Chevy Chase, Md., currently operates 73 hotels in the Americas, Europe, Asia, the Middle East, Africa, and the Caribbean. More than 30 hotel and residential projects are under development around the globe with future openings which include Toronto and Hong Kong, the tallest hotel in the world. The Ritz-Carlton is the only service company to have twice earned the prestigious Malcolm Baldrige National Quality Award, which recognizes outstanding customer service. For more information, or reservations, contact a travel professional, call toll free in the U.S. 1-800-241-3333, or visit the company web site at www.ritzcarlton.com. The Ritz-Carlton Hotel Company, L.L.C. is a wholly owned subsidiary of Marriott International, Inc. (NYSE: MAR)

 

Dunia Celebrates The Opening Of Its New Oud Metha Financial Centre By Hosting Family Fun Bazaar Under UAE National Day Theme

In its efforts to engage the community, Abu Dhabi based financial services company, Dunia Finance, invited the public to the opening of its latest financial centre, the Oud Metha Financial Service Centre. The Oud Metha Service Centre is one of dunia’s 19 financial centres located across the UAE.

Aimed at families with children, the opening event was held under the theme, ‘Family Fun Bazaar’, and hosted entertainment features such as competitions along with a variety of games and activities for the younger audience. Over 35 children participated in the event’s painting competition, which was under a ‘UAE National Day’ theme, and the best three paintings are being rewarded with attractive prizes. All paintings will be on display at the Oud Metha Financial Center for the coming few weeks.

Rajeev Kakar, Executive Director & CEO of Dunia Finance, said: “Engaging the community in which we live and work is vital to Dunia’s business ethic. We continually look to developing cultural programmes that the community, including families and children would like to partake in.”

He added,” It was a great chance to get people involved, meet our neighbours and get the children to display their creativity at the Family Fun Bazaar. It was also an opportunity for us to tell our community more about us and how we hope to help. We look forward to offering even more opportunities such as this in the near future and hope to get an equally positive response from the public.”
 

Dubai School Of Government And Dubai International Financial Centre To Jointly Host IMF Regional Forum

The Dubai School of Government (DSG), a research and teaching institution focusing on public policy in the Arab world, in cooperation with the Dubai International Financial Centre (DIFC), the leading financial and business gateway connecting the Middle East, Africa and South Asia region (MEASA) with the rest of the world, today announced the two will jointly host the International Monetary Fund’s (IMF) Regional Economic Outlook launch in Dubai.

The event will be held on 24 October at the DIFC Conference Centre, bringing together public and private sector representatives from the UAE and neighboring countries.

The launch of a report titled ‘IMF Regional Economic Outlook: Middle East and Central Asia’ by Masood Ahmed, Director of the Middle East and Central Asia Department, IMF, will serve as a highlight of the half-day forum.

A panel discussion with senior economists and analysts from the region will follow the presentation of the regional economic outlook. Masood Ahmed will head the forum and discuss the prospects for the region in light of the global economic recovery that has begun to gain traction. He will place special emphasis on diversification, competitiveness and job creation.

Dr. Nasser Saidi, Chief Economist and Head of External Relations at the Dubai International Financial Centre Authority, and Dr. Tarik Yousef, Dean of the Dubai School of Government, will address the audience.

Masood Ahmed said: "The MENA region, as a whole, is experiencing a robust recovery, aided by rising oil price and production levels and supportive fiscal policies. However, a number of countries continue to face some significant structural issues of concern. With the economic recovery now taking hold, the region is well placed to resume its focus on medium-term challenges: economic diversification and financial market development for the oil exporters, and tackling unemployment through faster, job-creating growth in the emerging markets."

Dr. Nasser Saidi said: “As we enter the last quarter of 2010, the MENA region is starting to show definite signs of recovering from the global economic crisis, as evidenced by this latest IMF Regional Economic Outlook. Meetings such as the IMF Regional Forum play an important role as they allow economic and business leaders to come together, discuss challenges and analyse economic trends. This in turn helps us plan effectively for the future.”

Tarik Yousef said: “While the MENA region as a whole is showing signs of economic recovery, the rate and nature of recovery varies between sub-regions and individual countries. This event will explore the complexities of the economic climate of our region, allowing policy makers and analysts to chart relevant and informed strategies based on the region’s real requirements for sustained growth.”

Established in 2005, in cooperation with the Harvard Kennedy School, the Dubai School of Government is dedicated to the promotion of good governance through the enhancement of the region’s capacity for public policy. DSG is committed to the free exchange of ideas and critical debate on public policy in the Arab world.

For more details, visit www.dsg.ae or call +9714 329 3290.