YAL-UAE Spotlights Dubai in Aftermath of Global Financial Crisis to Students of North Carolina State University

The Dubai experiment has shown the Arab world a new vision of the possible, enabled by a new generation of empowered and educated Arab youth. This demographic segment may set the stage for a better tomorrow with a generational ripple of change that transcends the Dubai laboratory to reach the whole region, according to Shehab Gargash, CEO, Daman Investments and Member of Young Arab Leaders-UAE Chapter (YAL-UAE).

Gargash’s comments were addressed to visiting students from the North Carolina State University (NCSU) in the US. The delegation comprising 40 students from the university’s Middle East Studies Program is on a six-day tour of the UAE, from 18 – 23 June. The visit comes as part of an endeavor to expose the students to the New Middle East that is emerging in the GCC.

In his presentation, Gargash said: "Sound economic decisions have contributed to the resurgence of Dubai as a hub for finance and commerce. We have the modern, expensive and efficient infrastructure here, and the city is built and continues to remain open for business.

"Previous nay-sayers have bet against Dubai’s resilience and lost. The ’Dubai Factor’ will prevail. The global economic table has grown in size, and with it opportunity comes to those who snatch it, enabling ambitions of many places like Dubai to be realized."

Pointing out that there are new doors opening for new ambitious entrants on the world stage, he said the ’freshmen’ need to better assess the responsibilities that accompany the call to international glory.

Sultan Sooud Al Qassemi, Chairman, YAL-UAE, said: "Through our focus on education and entrepreneurship, YAL-UAE aims to serve as a voice for the Arab world on the global landscape for the implementation of pilot projects that serve community needs under its multi-pronged strategy.

"With our regional reach in the GCC, Middle East and North Africa, YAL-UAE continues to prove an effective platform for the re-building of social, economic and business ties with the US. We welcome more such visits from overseas students for enhanced cultural and academic exchange."

Globally recognized for its science, technology, engineering and mathematics leadership, NCSU’s Middle East Studies Program provides interdisciplinary courses on Arabic, Farsi, Middle Eastern history, religion, architecture and politics. It also offers a minor in Middle East Studies, and will commence a bachelor’s program in Middle East Studies in the forthcoming academic year.

The NCSU delegation’s visit included discussions with political, business and cultural leaders as well as meetings with university students. YAL-UAE also organised tours to institutions and landmark cultural sites, sampling of local cuisine, experiences in public spaces, and other activities that collectively contributed to enriching the students’ understanding of this region.

A non-political organisation, Young Arab Leaders (YAL) is keen to share resources and build long term relationships with organizations and ensure the development of communication mechanisms. Under its ’Education’ agenda, YAL aims to drive internship exchanges and business fellowships for enabling the Arab youth take on the challenges of the regional and global markets.

SITL Dubai 2011 and Airport Show 2011 to Share Same Grounds

Reed Exhibitions Middle East, one of the leading organisers of trade and consumer exhibitions, today announced SITL Dubai 2011 and Airport Show 2011 will be held concurrently from 31 May – 2 June 2011 at the Dubai International Convention and Exhibition Centre.

Organised under the patronage of His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President of the Dubai Department of Civil Aviation and Chairman and CEO of Emirates airline and Group, both exhibitions will complement each other and gather suppliers of equipment and services covering all areas of airport development and operations. It will also draw shippers, transport and logistics services providers at the same arena, offering a more comprehensive networking platform for the region’s industry.

The year 2011 will mark the 11th edition of the Airport Show, the only event in the region dedicated to airport construction, operations, technology and services. It will also witness the second edition of SITL Dubai, a unique business to business event that offers a complete access to all aspects supply chain management.

Mohamad Bader-Eddin, Show Director, Reed Exhibitions Middle East, said: "The synergy between The Airport Show and SITL Dubai is the underlying factor that made us link the two shows to offer a highly integrated and complete logistics experience to the region.

"With the co-location of both events, we now aim to cover the internationally recognised means of transportation – sea, land and now air. The successful previous editions of Airport Show and SITL Dubai in addition to our continuous efforts to provide stakeholders with ample opportunities for business growth are in line with Reed Exhibitions’ strategic direction to cater to market requirements and uphold its reputation as a leading international exhibition and conference organiser."

Participants will also have the chance to meet with a greater number of decision-makers in the transport and logistics industry, airline, aviation and airport sectors, as well as regulatory bodies and government entities, and gain exposure to a larger and more diverse network of visitors and interested stakeholders.

Moreover, the co-location of the shows will allow the delivery of a broader conference and seminar programmes that will headline the two events. In particular, the Hosted Buyer programme will offer exhibitors an increased opportunity to meet with potential buyers.

The Airport Show is supported by leading aviation authorities and trade bodies including Dubai Airports, Abu Dhabi Airports Company, Dubai Civil Aviation, German Airport Technology & Equipment (GATE), British Aviation Group, British Airport Services & Equipment Association, Danish Airport Group, UBIFRANCE (the French Agency for international business development), and Netherlands Airport Technology Group.

SITL Dubai enjoys similar endorsements by participants such as Jebel Ali Free Zone Authority (JAFZA), DP World, National Association of Freight and Logistics (NAFL), International Federation of Freight Forwarders Associations (FIATA), the Chartered Institute of Logistics and Transport and Logistics City.

Art And Craft Zone Provides Carefree Canvas For Children To Paint

Numerous free zones and activities are attracting crowds of children to Modhesh World that has laid out around forty exciting zones for children and grown-ups alike. The Art and Craft is one of the most popular and engaging free zones at Modhesh World. It provides an avenue for the children to leisurely express themselves and play a riot with colours. Here children can let their creative skills and imagination flow without a restraint of medium, time, or encouragement.

Activities like drawing, coloring, beadwork and accessory making appeal to children of all ages. This is also the right place to make a souvenir of the day at Modhesh World. Families have the option to work together and make a painting or a bead handicraft together.

The face painting corner is also a hit with children. Here they can get their faces painted with their favourite character masks including that of Modhesh. The Modhesh head is one of the most popular face painting designs.

Seven year old Shahed Jafal and her three year old sister Fatma Jafal had an amazing time at the Art and Craft Zone coloring, drawing and working together. “I really enjoy drawing and colouring. I love to draw Modhesh most of all. Making different clothes and styles for him is fun. Fatma loves to color but she cannot draw. So I draw and we both color together,” said Shahed.

Five year old Uttara from India was busy putting her imagination on paper while her brother played with beads, feeling the textures, letting them slip through his fingers or simply turning them over and over overlooked by an attentive volunteer. “Both of them enjoy spending time here and both are easily engrossed in different activities. After running around this gives them a good break and we can spend more time out enjoying as a family without worrying that children get tired,” said their mother.

H. B. Leisure, DWTC, Coco-Cola, Magic Planet, Emirates, Masafi and Union Co-operative are the sponsor s of Modhesh World.

Modhesh World doors are open from 10.00am to 10:00pm (Saturday to Wednesday), 10:00am to midnight (Thursdays), and 3:00pm to midnight on Fridays. Tickets to the venue are priced at AED 10 for adults and AED 15 for children with numerous free zones and exciting activities.
 

Visa Premium Cardholders To Enjoy Action Packed Summer

Visa, one of the leading global payment solution providers, has extended its premium offerings this summer with the announcement that Visa Platinum and Visa Infinite cardholders can benefit from an exclusive partnership with The Dubai Mall’s top visitor attractions, Dubai Aquarium & Underwater Zoo, Dubai Ice Rink and SEGA Republic.

The year-long partnership begins with unbeatable offers this summer, including an unforgettable aquatic experience for the entire family at the Aquarium Tunnel, including experiencing the unique Underwater Zoo, a Glass-bottom Boat ride as well as a Gifts and Souvenirs voucher for only AED333 for a family of four.

The 10-million litre Dubai Aquarium tank, located on the Ground Level of The Dubai Mall, is the largest suspended aquarium in the world. It houses over 33,000 aquatic animals, comprising over 85 species. Over 400 Sharks and Rays live in this tank, including the largest collection of Sand Tiger Sharks in the world.

Commenting on the promotion, Maysara Ghadban Traboulsi, Visa’s Head of Marketing Communications for MENA, said: “Visa continuously strives to enhance customers’ experiences by offering added value promotions to our growing premium cardholder base. Visa works with leading retail and leisure partners across the GCC to ensure that we deliver unique and memorable experiences for our premium cardholders.”

A cool summer experience is in store for Visa premium cardholders at Dubai Ice Rink, when using their card to pay for an AED 50 2-hour Public Skating session and will be rewarded with free entry for a friend.

“Dubai Ice Rink also offers Football Mania 2010, where the latest 2010 FIFA World CupTM football matches are being broadcast on the giant 20m x 10m LED screen, so cardholders can enjoy watching all the action the comfort of one Dubai’s coolest locations,” added Ghadban Traboulsi.

Those in the mood for even more action can visit SEGA Republic, featuring nine exhilarating attractions and the latest amusement games. Visa Platinum and Visa Infinite cardholders can avail of the Visa Power Pass for only AED 99 for entry into all the nine attractions.

Visa and The Dubai Mall will update offers for Visa Platinum and Visa Infinite cardholders every 90 days to ensure cardholders can benefit all summer long from the partnership by offering new experiences throughout the key holiday season.
 

Al Fajer Properties Announces Positive Response To Discount Offer

Al Fajer Properties (AFP) is pleased to announce the successful uptake of its recent discount offer which has given customers the option to reduce their outstanding liabilities through early settlement based on purchase price and outstanding balance.

This offer was taken up by customers holding a total of over AED 600 million in contract value equating to approximately 317,000 square feet in its Jumeirah Business Centre development.

The unprecedented offer was issued upon the direction of the President of AFP, His Highness Sheikh Maktoum bin Hasher Al Maktoum, who initiated a multifaceted solution in order to assist AFP’s customers given the current market conditions. Sheikh Maktoum was quoted as saying: “In these difficult times I am happy to say that AFP has been working very closely with its customers, who now have properties in line with current market valuations.”

This latest decisive action is yet another feather in the cap of AFP showing its continued commitment to working with its customers to help them navigate through tough economic conditions.

Through this offer AFP has also been able to further communicate with its customers, helping separate end users and long-term investors from speculative ones. It has also given the company the ability to preplan for expected defaults by speculative buyers.

Al Fajer Properties also expressed its pride in having a strong banking partner such as Abu Dhabi Commercial Bank (ADCB) to help finance its customers. The company is currently anticipating handover on phase 1 of its flagship project within the JLT beginning August 31st, 2009.

AFP is the premier developer in the Dubai World DMCC Jumeirah Lakes Towers (JLT) community and is the only developer to include a 5-floor atrium within the lobbies of its towers. Its towers, situated within a free- zone, once completed will offer high-end commercial properties attracting both large local companies and multi-national organizations from around the world. The unique state-of-the-art facilities of the JBC Towers cumulatively offer exclusive freehold offices totaling a leaseable area of 3.6 million square feet and an additional 150,000 square feet dedicated to retail across phase 1 and phase 2 of its flagship project.

Mohammed sets up Support Fund to manage $20 bn bond programme

Vice President and Prime Minister of the UAE H. H. Sheikh Mohammed bin Rashid Al Maktoum has issued in his capacity as Ruler of Dubai law no 24 of 2009 establishing the Dubai Financial Support Fund (Support Fund).Director General of Dubai’s Department of Finance Abdul Rahman Al Saleh said the Fund would manage on behalf of the Government of Dubai proceeds of the $ 20 billion bond programme.’’The Fund will provide loans and credit facilities on a commercial basis to government and non-government entities executing strategic and developmental projects in the emirate of Dubai, Al Saleh said.’’As an independent legal agency, the Fund aims to offer financial support and cash liquidity to qualified government and non-government bodies carrying out projects in Dubai of strategic importance and leveraging economic development in the emirate,’’he added.According to him, the Fund is authorised to keep, collect, manage, invest and reinvest debt bonds and their proceeds.He explained that these facilities would only be extended to qualified bodies as per criteria set out by the Fund supervisor (Dubai Higher Committee for Fiscal Policy) to ensure efficient allocation of funds in compatible with Dubai’s long-term growth strategy.The Fund, he affirmed would not reveal names of the financial support recipients and disclosure regarding details of the assistance is left to them.’’Towards provision of cash liquidity to strategic projects and seekers of financial support, the Fund may issue, on behalf of the Government of Dubai, bonds, sukuk and other financial instruments inside and outside the emirate, invest in commercial projects, establish investment funds and manage commercial companies. It may also acquire whole relevant commercial firms or part of their stakes or shares.The Fund will be financed from resources earmarked for its funding from the first $10 billion tranche of bond programme which was launched early this year in addition to proceeds of loans, investment of its assets and funds, issue of bonds and sukuk and government support.Loans extended under the first tranche of the bond programme will have their ownership converted to the Fund.A board of directors will run the fund, devise its general policies of the fund and its affiliated companies, identify their programmes and projects, obtain loans and funds, launch companies and commercial projects, sell and buy assets and securities and propose criteria and requirements for offering financial support as well as strategic projects.The Fund’s fiscal year starts on 1st January and ends on 31st December. The first fiscal year will start from the date of enforcement of the law no 24 of 2009 and end on 31st December of 2010.
 

RTA Adopts Advanced Method To Detect & Rectify Traffic Black Points

Work teams at Traffic & Roads Agency of Roads & Transport Authority (RTA) are currently engaged in developing an advanced procedure for detecting & rectifying Traffic Black Points in the emirate of Dubai. The step comes in the context of efforts made to curb this recurrent phenomenon, educate motorists on how to avoid mistakes leading to tragic accidents, and reporting black points against violators.

In explaining this advanced mechanism, Hussain Al Banna, Director of Traffic Dep’t at RTA Traffic & Roads Agency, said: “Areas witnessing recurrent traffic accidents are identified in accordance with international technical standards applicable in analyzing traffic accidents in areas classified under the scope of Black Traffic Points.

He added: “A systematic approach guided by scientific principles is adopted to detect black point areas in keeping with the best global practices, traffic safety guides, and scientific procedures & studies conducted in the field of addressing black points. This approach is based on several steps such as data entry of all traffic accidents in the emirate of Dubai, compiling & analyzing statistics through the applicable systems in the RTA, and identifying accident spots using GIS system; which does not allow for entering the same accident more than once.

“For this purpose Traffic & Roads Agency classifies short roads & junctions as black point spots if three accidents take place in a circle with a diameter of 150 meters over a period not exceeding 3 years. Parts of long roads are classified as black point spots in case of reporting 3 accidents in a sector extending 400 meters within a period not exceeding 3 years. The gravity of the dangerous spot is classified according to the resulting casualties and number of accidents that take place in the area.

“The mechanism of addressing black point areas is based on the application of scientific basis for rectifying these spots using the best practices worldwide through adopting the same procedures mentioned in identifying the locations witnessing intensive traffic accidents, where accidents are classified in the order of their types and reasons.

Among the accidents resulting in registration of black traffic points against violators is two vehicles collision (head-on, sideway or successive), static collision, vehicle overturn and other traffic accidents. The underlying reasons of accidents are well know and the top of which come excessive speed, reckless driving, jumping the red signal, lane changing, sudden swerving, negligent & inattentive driving, and others factors triggering traffic accidents causing extensive losses in lives and properties.

“Safety engineers at Traffic & Roads Agency are visiting sites designated as black point spots with the aim of monitoring and evaluating the existing situation taking into consideration a number of factors such as run-over accidents, intensity of pedestrian traffic, pedestrian traffic points, locations of the median, road speed limit, number of lanes, factors hindering visibility, road lighting level, type of road usage and the level of urban development. Safety audits are applied in conformity with the specifications highlighted in Traffic Safety Audit Guide in the Emirate of Dubai.

“Field visits made by traffic safety engineers are followed by recommendations, suggestions and solutions submitted for addressing the problems facing the said spots in accordance with the studies carried out by the concerned work teams. Following implementation of the suggested solutions, the area is subjected to surveillance for a specific period of time in order to establish the percentage of improvement of traffic safety situation in the area.

“Results concluded after application of black points addressing mechanism are evaluated and measured after making several modifications to these spots for periods ranging from 3 to 12 months.

“Thanks to the implementation of this advanced procedure for detecting and addressing black traffic points, constructive results have been achieved such as reduction of the number of mortalities from 29 to 10 at Sheikh Zayed Road in the sector between Defence Interchange and the 5th Interchange, following reduction of the speed limit from 120 to 100 km/h. The number of fatalities also dropped from 7 to 1 case at Al Khawaneej Road, following the closure of U-turns and reduction of speed limit from 100 to 80 km/hour.

“Not a single death case was reported at Al Amardi Road; which witnessed 5 fatalities before closing the U-turns. We can generally say that the drop in fatalities ranges from 30% to 70% in immoderate traffic accidents that took place in several black point spots such as Al Hudaiba Road following establishing of a crossing zones, and construction of humps at dangerous crossings of Midriff, closing U-turns at Al Amardi Road and other roads.

“33 suggestions made by Traffic Safety Section have been implemented to address black point spots registered in 2008. This covered some remedies such as revising the timing of light signals, constructing pedestrian crossings in areas witnessing recurrent run-over accidents, and erecting concrete barriers to protect road users in case vehicles go off the road to the right of way. 20 spots have so far been pinpointed for possible modifications; such locations are still under construction” said Al Banna in a concluding remark.

It is worth noting that RTA has also launched the campaign "Haseb" (Take Care) to enhance the traffic safety in Dubai through a number of awareness campaigns that aim to sort out wrong driving practices on Dubai’s roads and streets.

Oasis Centre To Host Dubai Shopping Malls Group’s Weekly Raffle Draw

Making shoppers richer by the week, the Dubai Shopping Malls Group’s (DSMG) weekly raffle draw will take place at the Oasis Centre shopping mall this Thursday. The raffle is part of the Surprising Millions campaign by DSMG for Dubai Summer Surprises (DSS), and is designed to be a fun filled event with live entertainment starting from 6.00 pm.

The weekly draw selects ten winners, each of them to receive AED 50, 000 in cash and vouchers. As a complement to the Dubai Summer Surprises activities, the Surprising Millions campaign has been well-received by the shoppers with retail sales across participating malls benefiting from the promotion.

“We aim to offer our customers innovative ways to win exciting prizes while enjoying their shopping experience. We are happy to be part of the Dubai Shopping Malls Group’s Surprising Millions campaign which offers fantastic winning opportunities. Apart from the Surprising Millions campaign, we have also conceptualized a first-of-its kind game show called ‘Memory Mania’ taking place in the mall during DSS,” said Emma Farrell – Marketing Manager, Oasis Centre.

“This summer Oasis Centre is buzzing with activities, special promotions and great shopping deals, “she added.

All shoppers spending a minimum amount of AED 200 at any of the 23 malls in Dubai participating in the Surprising Millions campaign are eligible to enter the draw. MasterCard credit card users stand to double their chances of winning as they receive an additional raffle coupon, each time they shop for AED 200.

The malls actively participating in the ‘Surprising Millions’ campaign include Al Bustan Centre, Al Ghurair City, Al Manal Centre, Al Mulla Plaza, Arabian Center, BurJuman, Century Mall, Dubai Festival City, Dubai Marina Mall, Dubai Marina Walk, Dubai Outlet Mall, Gold & Diamond Park, Ibn Batutta Mall, Lamcy Plaza, Mazaya Center, Mercato Mall, Oasis Centre, Reef Mall, Souk Al Bahar, The Dubai Mall, Town Centre, Time Square Centre and WAFI Mall.

Asteco Opens Gateway To New Business

Asteco, the largest property services company in the United Arab Emirates, has been appointed sole leasing agents for the offices at the iconic Ibn Battuta Gate mixed-use development which aims to attract businesses with commercial interests in both Dubai and Abu Dhabi.

Ibn Battuta Gate is a new build corporate flagship mixed-use property developed by Dubai-based Seven Tides. The development features a dramatic entrance arch larger than the Arc de Triomphe in Paris. Located next to Ibn Battuta Mall on the Sheikh Zayed highway, the development offers a combination of 40,000 square metres of office space, residential apartments and a five-star hotel and spa, which will be managed by Mövenpick Hotels & Resorts.

A new name for many in the hospitality sector, Dubai-based Seven Tides is an internationally oriented holding company established in 2004. Seven Tides has a portfolio of property comprising new build and strategic acquisitions in the hospitality, commercial and residential sectors in London and Dubai.

“This appointment clearly reflects our position as market-leaders for leasing high-end office space,” said Asteco CEO Elaine Jones. “In keeping with the overall development, the quality of the office accommodation is five-star, located at the very heart of Dubai’s new residential and commercial corridor providing an ideal gateway for businesses with commercial interests in either Dubai or Abu Dhabi.”

With 40,000 square metres of leaseable modern office space spread over 11 floors, the Ibn Battuta Gate office complex is next door to the Ibn Battuta Mall with its 300,000 square metres of retail space and entertainment attractions.

In addition, the offices are adjacent to one of the Dubai Metro stations, which is due to open in September this year, providing easy access via a direct link to the nearby free zones as well as Dubai Financial City and the Dubai World Trade Centre.

There is also direct access to the Sheikh Zayed highway, ideally situated for Jebel Ali Free Zone, new Al Maktoum International Airport or further a field to Al Raha Beach and on to Abu Dhabi. Close by in the opposite direction are Dubai Marina, Jumeirah Lake Towers, Dubai Internet City, Dubai Media City and the rest of Dubai. The office complex also has basement parking for over 350 cars and additional parking for a further 760 vehicles.

“We are very proud of the Ibn Battuta Gate development. Businesses located here will be able to embrace a lifestyle that balances corporate with leisure – business with pleasure,” said Michael Scully, Managing Director Hospitality for Seven Tides.

For further information about Asteco, please visit www.astecoproperty.com
For more information about Seven Tides, please visit www.seventides.com

Estate Market To Start Recovery In Early 2010

According to the quarterly Harbor Report, which will be issued at the end of July, the real estate industry will start to pick up in early 2010. The report which is issued by the Harbor Real Estate Brokerage Company, an integrated real estate service provider in Dubai, predicts that even though the market appears to have bottomed out, it will still take several more months until we see an improvement in the market.

‘’I believe that the market is in a phase of fragile stabilization,’’ said Mohanad Al Wadiya, Managing Director of Harbor Real Estate Brokerage and Editor in Chief of the Harbor Report. It is hard to say exactly when we will see an improvement but the general consensus is that this will be in 2010, although the pace and magnitude of Dubai’s economic recovery and its real estate industry will be largely dependent upon the global economic recovery and world economic events,” he added.

The report suggests that even though there have been many positive changes, with governments implementing monetary and fiscal policies, companies restructuring and improving their balance sheets and larger corporations considering mergers or acquisitions, it will still take several more months until we see solid and sustainable improvements.

‘’When the first Harbor Report was issued in Q1, the general mood was very somber, today, it is evident that even though the market is stressed, it is certainly not getting any worse, and that in itself is good news. We are starting to see signs that the changes made by governments and corporate institutions to combat the recession are slowly but steadily taking effect. With economists in Japan, China, USA and even Europe talking about “green shoots” or early signs that a return to economic growth is now on the horizon, it looks promising that we will see things pick up in early 2010 ,’’ said Mr. Al Wadiya

Whilst the broad consensus is that these major economies will bottom out in the 3rd quarter of 2009, Stock markets and consumer confidence indices around the world have risen significantly in the first 6 months of the year.

“This performance of stock markets around the world, even despite the recent dip, suggests the worst is behind us and we are more or less at rock bottom. The million dollar question is how long will remain at the bottom before we see real signs of sustainable recovery,” concluded Mr. Al Wadiya.

The Harbor report is a quarterly report that was first issued in April 2009. The second report will be issued at the end of July and will contain an in-depth analysis, insider views and trends of the real estate industry. The report has already received positive feedback from industry professionals in the region. For more information and to download the report please visit www.harbordubai.com