Mohammed Bin Rashid Wins Europes Endurance Race

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum was crowned winner of the first round of Europe’s Endurance Race at Verona, Italy, beating about 70 European riders .

The race was held on the sidelines of the 4th meeting of UAE-Italy joint economic committee.

Sheikh Mohammed led the UAE riders to the finish line of the 120 km long race at 6.19.02 despite the tough rainy and stormy weather.

 

Mohammed Bin Rashid Reshuffles The Board Of Directors Of Dubai Real Estate Corporation

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister has in his capacity as the Ruler of the Emirate of Dubai issued decree No. / 20 /, reshuffling the Board of Directors of Dubai Real Estate Corporation.

According to the decree, the Board will be chaired by H. H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum and membership of Hisham Abdullah Al Qasim as a Deputy Chairman and CEO, Sami Dhaen Qamzi , Abdullah Ahmed Al Habbai, Mohammed Hamad Obaid Al-Shehhi, Rashid Mohammed Rashid Al-Mutawa, Tariq Mohammed Saeed Al Ghaith as members for a period of three years, subject to renewal.

 

Under The Auspices Of Mohammed Bin Rashid Dubai Metro Green Line To Open Next September: RTA

Roads & Transport Authority – Mohammed Al Munji: Next September, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, will launch the official operation of the Dubai Metro Green Line, which spans 23 km and comprises 16 stations in addition to the transfer stations; Union and Khalid bin Al Waleed Stations, shared with the Red Line. All stations will be up and running except Al Jadaf and Creek Stations, due to the non-completion of the property projects ought to be served by these two stations although both stations are ready for operation.

An announcement to this effect was made by His Excellency Mattar Al Tayer, Chairman of the Board and Executive Director of the Roads and Transport Authority (RTA), who stated that the completion of the vital Dubai Metro project culminated the continual support and attention of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President & Prime Minister of the UAE and Ruler of Dubai to uplift the infrastructure of Dubai Emirate, and epitomize RTA Strategic Plan, which was aligned with the Dubai Strategic Plan 2015 (Infrastructure Sector), aimed at providing integrated roads & transit systems ensuring smooth mobility and highest safety levels to all network users.”

16 stations will be opened on the Green Line; namely Etisalat Station, situated at Al Qusais near Emirates Road; which is the starting point of the Green Line. The station is linked with a multi-level Park-and-Ride terminal with a capacity to house 2350 vehicles as well as a bus station in order to encourage the public to use the Metro in travelling within Dubai Emirate. The design of the station provides sufficient space for public buses to feed the station and ensures a smooth flow of a large number of buses at a time. The parking lot is also fitted with air-conditioned footbridges linking with the other side of the Road, and all essential safety standards are in place to ensure smooth passenger movement within the facility.

Next comes Al Qusais Station, situated near the building of the Ministry of Education and the General Department of Dubai Civil Defence as well as Al Tawar Center; which is a hub for several Government services. Next comes the Airport Free Zone Station; which serves Terminal 2 of Dubai Airport and Dubai Airport Free Zone. The fourth is Al Nahda Station; which is adjacent to the building of the Ministry of Public Works and the Union Cooperative Society. The fifth is the Stadium Station near Al Ahli Club, and the sixth is Al Qiyadah Station on Al Ittihad Road near the Dubai Police General HQ. The seventh is Abu Hail station which serves a host of public schools, commercial centers and businesses, and the eighth is Abu Baker Al Siddique Station which is situated near Al Muraqqabat Police Station and serves several commercial centers, hotels and business outlets.

The Metro line moves through an underground passage extending 8 km, starting with Salah Uddin Station; which is the ninth on the Green Line, following which the Green and Red Lines intersect at the Union station; which is considered the largest underground metro station in the world spanning an area of 25,000 square meters with a capacity to handle about 22,000 passengers per hour. The station comprises two levels and measures 230 meters in length, 50 meters in width and 18 meters in depth. It accommodates business & service outlets for the metro riders and has two entry points fitted with elevators and escalators. Four tunnels branch out of the Union Square Station linking up with Baniyas Square & Salah Al Din Stations on the Green Line as well as Khalid bin Al Waleed and Al Rigga Stations on the Red Line.

The tenth station on the Green Line is Baniyas Square Station; which serves a densely populated and high business traffic area incorporating Nayef Souk and a large number of hotels and business outlets. The eleventh is Palm Deira Station, followed by Al Ras and Al Ghubaiba Stations; which feature a typical UAE traditional architectural design. The gist of the design concept revolves around employing the architectural traditional elements used in antique buildings, such as wind towers (Brajeel), oriels (Mashrabia), alleyways (Sukaik), internal arches and others through replicating them in an enhanced manner, while addressing the aesthetic and technical dimensions of those elements such that the heritage-inspired stations would look like a natural expansion of the traditional Souks in the locality, the Heritage & Diving Village, and the antique control towers dotting the locality. The entrances of the station at the ground level have been designed to match the traditional architectural setting of the area and integrate with the design of the Dubai Creek Shores Development Project; which has the same theme. The two stations serve heavily populated areas, trading outlets and banks visited by plenty of visitors.

The fourteenth is Al Fahidi Station; which serves an area of high-density commercial enterprises comprising shops, hotels and banks and the two lines then converge at Khalid bin Al Waleed Station; which is one of the most beautiful metro stations worldwide. The metro route then moves above the ground in an elevated track with the next stop being the fifteenth station of Oud Metha, nearby Al Nasr Club. The Station serves a variety of government entities such as Rashid Hospital, Dubai Media Inc, schools and resident communities clubs. The sixteenth station is Dubai Healthcare City; which will be the terminus station under the initial operational stage, and the station will mainly serve the hospitals of the Dubai Healthcare City, Dubai Electricity and Water Authority, Wafi Center and hotels in the vicinity.

Al Tayer further added that RTA opted to hold the opening of Al Jadaf and Creek Stations, though ready for operation, due to the non-completion of property projects to be served by these two stations and the lack of passengers to use these two stations for the time being, adding that RTA would consider opening them in the next stage.

He emphasized that the number of the metro riders will pick up considerably following the operation of the Green Line as it serves dynamic and high-density commercial, government and residential areas.

RTA Chairman of the Board and Executive Director added that the operational timing of the Green Line would be
the same timing of the Red Line, adding that RTA would operate 13 trains during the morning and evening peak hours and 10 trains in the off-peak hours.
 

Du Signs Exclusive Agreement With Mohammed Bin Rashid School For Communication At The American University In Dubai

Uniting to broaden educational horizons for students in the UAE, du today signed an agreement with Mohammed bin Rashid School for Communication (MBRSC) at the American University in Dubai (AUD) to provide a high-speed 100 Mbps broadband internet connection to students. The agreement was signed by du CEO Osman Sultan and Ali M Jaber, Dean of Mohammed Bin Rashid School for Communication at AUD. The high-speed internet connection will enable AUD MBRSC to offer real-time video streaming for education and training purposes, and meet its other internet-based needs.

“We are delighted to support the Mohammed bin Rashid School for Communication at AUD, which is emerging as a leading school in the field of mass media and communication. Supporting education is at the heart of our CSR strategy, and using our expertise in telecoms we are striving to enhance and improve the development of young people in the UAE. By offering a superior internet connectivity we believe AUD MBRSC students will be able to connect with the world quickly and efficiently,” commented Osman Sultan, Chief Executive Officer, du.

du’s 100 Mbps broadband connection will be used to support the new multimedia programmes that AUD MBRSC will be offering. These programmes involve digital editing and productions, multimedia streaming, film editing and uploading, broadcasting and online multimedia learning and teaching. The enhanced connectivity will meet the school’s bandwidth-intensive activities, including video streaming, remote access and interactivity.

The communication field is probably the fastest developing field in the world. Keeping up with its rapid transformation is the duty of every academic institution keen on providing proper journalism and communication education.

“Internet and new media, we believe, will be the backbone of every communication platform in the near future, and therefore it is only natural for us to seek partnership with du – one the most prominent telecommunication company in the Arab world, to provide us with the required bandwidth that will enable our students to explore the new capabilities modern technology will bring. Our students will be on an information super highway that will enable them among other things to converse via video and attend distance learning classes in crisp quality,” commented Ali M Jaber, Dean, Mohammed Bin Rashid School for Communication at AUD.

An average household in Dubai uses about 1 MB of internet link and a small to medium sized company in Dubai would use around 30-50 MB. Therefore, 100 Mbps will change the way communication is taught and allow the MBRSC students at AUD to further their education in Communication and Information Studies with on-the-spot downloads and smooth and quick internet browsing while in class.

 

In Line With Her Vision To Encourage Young Emerging Artists Her Highness Sheikha Manal Bint Mohammed Bin Rashid Al Maktoum Extends Patronage To The Nomads Box Project

Her Highness Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of Dubai Women Establishment, Wife of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, UAE, has extended her royal patronage to The “Nomad Box” Project Moving Art ; which opened today in The Walk, Jumeirah Beach Residences. The Exhibition will be open to the public until 30 April, 2011.

The “Nomad Box” Project is a moving art exhibition that was first launched during Art Dubai 2010, as a cost effective exhibiting platform for young emerging artists in the UAE as an alternative to the traditional art galleries. This was achieved by transforming a shipping container into a portable art space that can be transported to various parts of the city for a public art showcase, encouraging people to interact and experience art in a new exciting medium.

As one of the foremost patrons of art in the UAE, and a keen supporter of young emerging artists, H.H. Sheikha Manal bint Mohammed bin Rashid’s involvement in this ambitious initiative reflects her personal belief in the importance of art and culture in community, and the positive ways which artist-driven initiatives, such as The “Nomad Box” Project, can contribute to making art more accessible and digestible to the general public.

In this occasion, Sheikha Manal bint Mohammed bin Rashid said; “It is a pleasure to extend my patronage to this innovative and ambitious art project which is a testament to artistic and creative abilities of the budding UAE Youth. Guided by our wise leadership, the UAE has always been in the forefront of support for art and culture, motivated by the firm belief that sustainable economic growth goes hand in hand with social and cultural development. Initiatives such as The Nomad Box Project serves to further solidify the UAE’s position in this regard. I am positive that this exhibition will serve as an inspiration to many other young entrepreneurs to find imaginative new ways in which to our Nation’s vision.”

This concept is the brainchild of two Dubai-based young entrepreneurs passionate about the arts – Mona Fares & Shama Al Amri. Mona Fares and Shamma Al Amri met at Latifa College, Dubai, and graduated with BAs in Arts and Design in 2007. They have both participated in exhibitions locally and abroad. They began working on Nomads Box Project in 2008, inspired by the traditional culture of the nomadic people. The project encapsulates the idea that contemporary cultural traditions were born from a nomadic experience.

Now located in The Walk in Jumeirah Beach residences, opposite the Boutique 1 showroom, The Nomads Box Project will be open to the public daily until 30 April, 2011. The Exhibition is titled “Five Art Beats” and will feature five young artist from the UAE – Alia Bin Drai, Mariam Al Mazroui, Mona Fares, Noora Al Mazroui and Shamma Al Amri.
 

Mohammed Bin Rashid Issues Law Establishing Dubai Healthcare City Authority

In his capacity as the Ruler of Dubai, UAE Vice President and Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued Law No. 9 of 2011 establishing a public authority to oversee Dubai Healthcare City.

The law sets out the functions and responsibilities of the ‘Dubai Healthcare City Authority’ (DHCA) and outlines its organisational structure, financial resources and regulatory framework. The new legislation also defines the authority’s responsibilities and activities within the free zone, as well as its licensing procedures.

Wife of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Princess Haya bint Al Hussein, has been appointed as president of the authority, which will enjoy financial and administrative autonomy, with full legal capacity to achieve its objectives.

The law specifies Dubai Healthcare City’s objectives, which include promoting Dubai as a global medical and healthcare hub. Further provisions see the healthcare facility assume contribution in enhancing the quality of medical services at local, regional and global levels, in addition to attracting top quality healthcare specialists and professionals. Other objectives task Healthcare City with attracting drug manufacturers, research laboratories, pharmacies and a whole spectrum of healthcare sector businesses and complementing industries.

Further provisions in the law stipulate that the DHCA’s mandate includes establishing, by itself or in partnership with other entities, top-tier medical colleges and universities, nursing schools and a wide range of research, diagnostic, rehabilitation, nutrition and physiotherapy centers. The authority will also oversee the creation and management of the necessary administrative infrastructure to support all activities and operations in Healthcare City.

The authority shall also provide a suitable environment to house the various medical and health service providers within the city, while supervising the working relationships between institutions based in Healthcare City and other external parties in cooperation with relevant government agencies.

The law grants responsibility to the authority to inspect facilities licensed to operate in its jurisdiction and tasks it with collaborating with other free zone areas in Dubai to enable its business partners to provide their services in these zones. Furthermore, the authority will facilitate its partners in accessing a talent pool of professionals necessary to support their operations.

Under the new legislation the DHCA will assume responsibility for imposing and collecting fees for services rendered. The authority will also oversee all transactions involving lands within Healthcare City, including matters pertaining to the ownership, sale, leasing and mortgaging of properties and facilities under its ownership. The authority shall also cooperate with other local and foreign institutions in the field of medical care, and may obtain loans and credit from financial institutions, both locally and internationally, to achieve its objectives.

According to the law, the authority’s board of directors will comprise of its president, vice-president and a minimum of seven members who will be appointed by the president. Membership of the board will be for three years subject to renewal. The authority’s executive body will consist of an executive director appointed by the president and a number of administrative staff and finance professionals.

The authority’s financial and accounting records will follow best international accounting practices and will be inspected by the Financial Audit Department, as well as another certified auditing company to be appointed by the authority’s board of directors.

Tax and customs exemptions
The law sets out the tax exempt status of employees and institutions within Dubai Healthcare City, which includes exemptions on income earned with respect to operations within the city. Institutions are also exempted from any restrictions regarding the transfer of capital, profits or wages in any currency to all destinations outside the city. Tax exempt status is granted for a period of 50 years, with the renewal for a similar period subject to the approval of the authority’s president.

Entities licensed by the authority will also be exempted from customs duties relating to all products and goods that are developed, manufactured, imported or used in the city. On the other hand, products and goods exported from the city for the first time will be subject to standard levies. Funds or activities related to organisations operating in Healthcare City will not be subject to any measures restricting private ownership.

Organisations’ or individuals’ operations within the jurisdiction of the DHCA will not be subject to the laws and regulations of Dubai Municipality, the Dubai Department of Economic Development or other subdivisions of those departments. However, laws and regulations concerning public health, safety and environment are not included in the above provision and will apply to all entities and individuals working in Healthcare City.

The law also states that the Government of Dubai will not be responsible for any debts or obligations of third parties associated with the authority, Healthcare City or its affiliates, and that the authority will be solely responsible for its debts and obligations.

Licensing
Licensing and accreditation of all entities operating within Dubai Healthcare City will be governed by the authority’s laws and regulations. The law forbids activities that violate any of Healthcare City’s existing regulations or involve unfair competition. Activities that are not compatible with general laws of the United Arab Emirates or are considered as morally or socially offensive are also outlawed. Licenses issued by the authority may not be transferred to a third party without obtaining prior approval from the authority.

All staff and responsibilities of Dubai Healthcare City will be moved under the authority. Law No.9 of 2011 will replace Decision No.9 of 2003 and will supersede any provision in other legislation to the extent that it contradicts the provisions of this law.

The law is effective from its date of issuance and shall be published in the Official Gazette.
 

H.H.Sheikh Hamdan Bin Rashid Al Maktoum Opens Gulfood 2011

Gulfood 2011 was inaugurated this morning (Sunday) by HH. Sheikh Hamdan bin Rashid Al Maktoum, UAE Minister of Finance and Dubai Deputy Ruler, with the global food industry expecting unprecedented business opportunities at the world’s largest annual food, drink, and hospitality exhibition.

Tens of thousands of international trade visitors thronged the halls on its first day at the Dubai International Convention and Exhibition Centre (DICEC), where a record 3,800 companies from more than 100 countries are participating.

“We thank HH. Sheikh Hamdan bin Rashid Al Maktoum for his support of Gulfood 2011, one of the most influential trade shows in the world for the food and beverage industry,” said Helal Saeed Almarri, CEO, Dubai World Trade Centre, organiser of the exhibition. “The phenomenal response we have received from both exhibitors and visitors confirms the importance of Gulfood in delivering exceptional business opportunities across the board.”

Running until 2 March 2011, this year’s edition is the biggest event in the show’s history, occupying more than one million square feet of exhibition space. More than 84 national pavilions will host companies from their respective countries, all of which consider the event an essential platform.

“Egypt is one of the three largest pavilions at Gulfood 2011 and it is very much ‘business as usual’ for the Egyptian companies taking part,” said Abdulrahman Raouf, Minister Plenipotentiary, Commercial Office, Egyptian Embassy. “The food and beverage industry is a huge part of our economy and Gulfood presents by far the best opportunities for those Egyptian companies on both a regional and global level. These businesses are extremely high calibre and we are expecting not only considerable interest, but considerable investment.”

New country pavilions include Armenia, Bangladesh, Morocco, Palestine and Sweden and of the the 100 countries represented at the show, Ethiopia, Luxembourg, Malta and Norway will participate for the first time.

More than 1,400 new exhibitors will take part in Gulfood this year, including the global food packaging and processing solutions giant, Tetra Pak, leading Saudi Arabian companies, Al Rabie, Nadec, Savola, European heavyweight DuPont and locally-based beverage and snack company Masafi to name a few. Visitors to the show can be assured of new products and services from both multinational organisations and smaller independent suppliers from every corner of the world. Many new launches will also be on show this year from companies including Del Monte, Khazan Foods, Nestle and Truebell.

Commenting on the importance of Gulfood, Jan Juul Larsen, Managing Director Tetra Pak Arabia, said “Gulfood provides an excellent opportunity for us to showcase an extensive range of our products and innovations to both our existing customers and to the many new partners we hope to meet. With a heritage of more than 45 years in the Middle East, it is no suprise that the region is now the second largest market for Tetra Pak.”

Some of the regional leaders participating at Gulfood 2011 include Al Ghurair Foods, Khazan Foods, Al Rabie, Al Islami Foods, Masafi, Nadec and Etihad Salehia.

Platinum sponsor and one of the region’s top producers of premium chilled and frozen meat products and quality food, Khazan Foods will launch a new product range that focuses on the fast growing health-conscious segment of local regional consumers. Frank Andreu, General Manager of Khazan said: “Gulfood will be a major launching point for our new Vital range of products because the reach of this exhibition enables us to keep our customers updated on our product offerings, generate sales and increase our market share, all at the same time,” said Frank Andreu, General Manager of Khazan Foods.

With co-located specialist shows, Ingredients Middle East and Restaurant & Café Middle East, Gulfood is the only event that includes the entire industry value chain, from ingredient suppliers through to manufacturing, processing, packaging, equipment suppliers, business expertise, and every possible food product for the trade you can imagine.

Under the theme ‘Global Trends – Regional Opportunities”, the Gulfood Conference promises industry insights from international experts, panel discussions, workshops and speaker sessions covering the entire spectrum of industry strategy, marketing and business growth.

Gulfood also provides a unique networking opportunity for senior industry professionals through the Gulfood Majlis, a commercial forum that offers a discreet but focused environment for business decision makers to associate with other industry professionals, meet prospective clients and develop new business opportunities.

Excellence in all elements of the industry will be recognised during Gulfood 2011. The prestigious Emirates International Salon Culinaire, in association with the Emirates Culinary Guild, continues to attract more than 1,500 chefs to compete in front of a panel of distinguished international judges, while the annual Gulfood Awards will applaud the achievements and innovations of the region’s food and drink industry.

Gulfood is strictly a trade-only event and is open to business and trade visitors from within the industry only. Industry business professionals on the
day of the show will be able to buy either a Day Pass for AED 75, or a Four Day Pass for AED 150. Conference Delegate rates AED 950 per day, Workshops: AED 650 (each). Prices include refreshments and a complimentary 4 day pass to Gulfood. Gulfood is open from 11am – 7pm Sunday 27 February 2011 to Tuesday 1 March 2011 and from 11am to 5pm on Wednesday 2 March.

For more information, please visit www.gulfood.com.
 

Mohammed Bin Rashid Visits Boat Show, Launches Ferry Dubai

Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum today visited the Dubai International Boat Show 2011 at the Jumeirah Beach in Dubai.

Accompanied by Dubai Crown Prince H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Sheikh Mohammed toured the Show’s main tent in which, all boat, yacht and marine sport equipment and items are on display.

Sheikh Mohammed officially launched ’Ferry Dubai’, the latest water transport services offered by the Dubai Roads & Transport Authority (RTA). He was briefed by RTA Chairman Matar Mohammed Al Tayer about the ferry which will serve in the first stage Dubai creek and the coastal line stretching along Jumeirah Beach, Dubai Marina and the water front developments.

The 32-meter long ferry can travel at a maximum speed of 24 knots/hour. It can carry 100 passengers and is fitted with modern entertainment facilities.

Al Tayer said the first stage will see two ferries serving a number of lines. They will be increased in later stages to 10 ferries.

Sheikh Mohammed said he was pleased with the achievements of RTA and its efforts to provide quality services and infrastructure to the citizens, residents and visitors of Dubai.

He also praised the success of the Boat Show and the growing interest among local, regional and international players to take part in such an important event.

Present were H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and President of the Emirates Airlines, Sheikhs and senior officials.

 

Mohammed bin Rashid Approves Dubai Government Budget For 2011

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai approved Dubai Government’s budget for the year 2011.

Public revenues are estimated at AED29.906 billion while Public Expenditures are expected to reach AED33.684 billion leading to a projected budget gap of AED3.778 billion, according to the Department of Finance (DoF) in Dubai.

The government’s adherence to a well thought and targeted international fiscal rules outlined by the Supreme Fiscal Committee, has kept the gap estimates well within the targeted bracket of three percent of Dubai’s Gross Domestic Product (GDP), the Department of Finance was quoted in a press release distributed today by the Dubai Government Media Office.

The budget reflects His Highness Sheikh Mohammed’s directions towards generating necessary revenues to stimulate economic growth and financial sustainability in Dubai. Ensuring the efficiency of government expenditure and the optimization of the economic and social returns are among key principles to be realized in the local government’s budget.

Diversification of the sources of public revenues and increasing their returns, enhancing transparency, and implementation of best international practices across Dubai Government Entities are also main focus areas for the government’s 2011 budget.

In the newly released budget, 43% of total expenditure was allocated to the Economic Sector which includes several of Dubai’s vital segments including the roads, transport, airports and civil aviation as well as tourism among others.

Social Development, which includes health and education services, was allocated 24% of total public expenditure in 2011. The General Services and Government Excellence sector, including but not limited to the Ruler’s Court, Department of Finance and the Land Department, has been allocated 11% of total expenditure, while 22% of the expenditure has been earmarked for the Security, Safety, and Justice Sectors.

A significant 23% of the public expenditure valued at UAE7.5 billion has been allocated to developing and completing pre-approved infrastructure projects that promote economic growth and stimulate flow of local and foreign investments.

HE Abdulrahman Al-Saleh, the Director General of the Department of Finance indicated that the various Government Entities have succeeded in guaranteeing a possible current account surplus of AED1.9 billion estimated as an immediate result of the efforts to direct spending and improving efficiency. Increased awareness among government officials to optimize their department’s financial efficiency also contributed towards promoting this surplus.

Al-Saleh further affirmed that the 2011 budget reflects H.H. Sheikh Mohammed bin Rashid Al Maktoum’s directions towards the continuation in the development of Dubai’s infrastructure and support of the Emirate’s macro-economy, as well as increasing efforts that lead to an elevated level of economic and social welfare.

The senior Dubai Government financial official said the budget was drafted within the framework set by the Supreme Fiscal Committee chaired by His Highness Sheikh Ahmad bin Saeed Al-Maktoum.
 

Sheikh Mohammed Bin Rashid Inaugurates Second Phase Of GCC Grid Interconnection Project

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has inaugurated the second phase of the GCC Grid Interconnection Project, at a total cost of over AED 5 billion including UAE’s contribution of about AED 800 million. During the inauguration ceremony, His Highness Sheikh Mohammed said that the strategic and economic integration of the GCC region is the key to the well being and promising future of its citizens; it also represents the shared vision of GCC leaders.

The project aims to connect the electricity grids in GCC countries to one another. This would provide a platform for energy trade and exchange, while improving the reliability of existing energy systems and lowering electricity reserve requirements on GCC countries.

In addition, His Highness Sheikh Mohammed said that the joint project sends out a clear message to all GCC nationals as to the serious commitment of all GCC countries to joint GCC projects, while highlighting the positive outcomes of such projects on everybody in the region. After all, the project will save up to AED 18.4 (approximately $ 5 billion) and will lay the foundation for a common energy market among the GCC countries. The project will also enable the achievement of a major strategic goal, which is providing GCC countries with sustainable energy supplies to support the national economies and drive sustainable development in the GCC region.

GCC energy ministers and board members of the GCC Interconnection Authority (GCCIA) attended the inauguration ceremony. GCCIA will undertake implementation of the project as well as maintenance and network operation, while playing a key role in energy trade in the region.

In his speech at the ceremony, engineer Essa Al-Kawari, Chairman of GCCIA, praised the UAE’s role in the project. He also praised the joint vision of GCC leaders in bringing this project to reality.

Al-Kawari presented an overview of the different stages of the project, which included extending electrical lines above the ground, along with an underwater cable in the Arabian Gulf. The network has been also used to extend fiber optic lines in order to strengthen the IT and networks infrastructure in the GCC countries and provide investment opportunities for companies operating in the telecommunications sector.