du improves its presence at Manar Mall, Ras Al Khaimah

In a move to provide easier access to du’s portfolio of products and services to customers in Ras Al Khaimah, du, the UAE’s integrated telecom service provider, today announced the expansion of the size of its kiosk at Manar Mall, a prominent shopping destination in the emirate of Ras Al Khaimah, to almost double. Local dignitary Sheikh Mohammed Bin Kayed Al Qassimi, Vice Chairman of the Ras Al Khaimah Economic Department, Board Member of the Union University and President of the Ras Al Khaimah Club presided over the opening of the expanded kiosk, along with representatives from du’s senior management.

The du kiosk at Manar Mall is conveniently located on ground floor and will sell du Pay as you Go® SIM cards, Elite Plan lines, WoW recharge cards, du Call Select (fixed line service), as well as provide bill payment services for both individual and business customers.

Farid Faraidooni, EVP Commercial, du, said: “The expanded du kiosk at Manar Mall will open new doors for our customers in Ras Al Khaimah, by providing easier access to our products and services. It demonstrates our commitment to strengthening our presence around the UAE, by being a visible force in a wide variety of locations, to facilitate service convenience for all of our customers.”

du’s wide range of products and services for individual and business customers are available through du’s retail network, currently numbering 31 du shops and kiosks, located in strategic locations across the UAE. Customers can also purchase du’s products and services at more than 3000 authorised dealers or online at its e-shop www.du.ae/en/where-to-buy/eshop.html

Dubai Customs Becomes Investor Partner Of DQG

Dubai Customs has become an Investor Partner of Dubai Quality Group (DQG), which is a highest profile membership of DQG.Mr. Ahmed Butti Ahmed, Director General of Dubai Customs was given a certificate of partnership by Mr. Osama Al Rahma, Vice-Chairman of the Board while receiving DQG delegates yesterday Tuesday 16th June 09 at Customs main building.The DQG membership is awarded to public and private establishments having made remarkable achievements in the area of promoting quality and business excellence.Dubai Customs membership with DQG is a new phase of establishing strategic cooperation and consolidating its 10 year strong relations with DQG, reflecting continuous communication and sharing expertise with different government agencies.With this membership, Dubai Customs will have a number of benefits particularly those aiming at improving quality and services, developing employees’ expertise and capability and cooperation among members.At the beginning of the meeting Mr. Butti praised DQG role over the past 10 years in developing and inculcating concepts of quality and excellence considering it a leading establishment regionally and internationally in the domain.From their part, DQG delegates lauded Dubai Customs efforts in implementing quality standards, which made it a leading customs administration in the world confident of its clients.“Dubai Customs has strong and historical relations with DQG. We are keen to strengthen these relations in all respects over the upcoming period through exchange of expertise and business practices”, said Mr. Butti.The Director General of Dubai Customs affirmed that “Dubai Customs is fully satisfied with implementing quality and excellence standards in its core business regarding such move as a firm commitment to its employees, clients and strategic stakeholders.”“Dubai Customs commitment is clearly demonstrated through the programmes, activities that have been achieved over the past 10 years making it one of the most significant, advanced and developed customs administration worldwide,” he maintained.Mr. Butti pointed out that Dubai Customs business processes and practices have been documented in accordance with (ISO 900), (ISO 1400), (OHSAS 18000) and (ISO 10002).“The foregoing systems are automated and computerized for easy access and use by all clients”, he said.Moreover, Dubai Customs has completed the development of Mirsal (2), which provides online customs services and hence saving clients` time and effort.Dubai Customs takes a great interest in its strategic stakeholders and has a number of achievements in this respect culminating such efforts by winning the recent DGEP award of best joint project category.“Dubai Customs accession to the membership of DQG reflects our commitment to quality in customs methodologies and business plans and enhances our strategic partnership with organizations and establishments dealing with quality and excellence,” he added.“Dubai Customs continues in taking the path of creativity, quality, business processes development and customer service delivery standards improvement,” he said.The membership of DQG will provide Dubai Customs with a number of benefits including training and awareness programmes about quality and excellence, receiving DQG monthly newsletters and the nomination of 10 members enjoying the right to vote in connection with the Board resolutions.From his party, Mr. Osama Al Rahma, the Vice-Chairman of the Board at DQG underlined the importance the partnership agreement with Dubai Customs being a leading government department in developing the national economy.“The agreement affirms the extent of DQG keenness on providing support to the public and private establishments and companies in the UAE with the aim of disseminating concepts of corporate quality and excellence in a way contributing to maintain the advanced business environment in the country,” said Al Rahma.Al Rahma pointed out that DQG in collaboration with Dubai Customs would organize benchmarking programmes, disseminate best practices in customs business mechanisms, allow all customs employees to take part in DQG sub activities and use DQG library facilitations including books, periodicals and other references for benefiting from them in developing customs sector in Dubai.“DQG will contribute through its specialized and numerous services to develop the capabilities and skills of customs employees and officers and improve the quality of customs services delivery standards in Dubai as to keep Dubai as a global trade destination,” he added.DQG delegates comprised of Mr. Farid Mohammed Ahmed, the Honorary member at DQG and Dubai World Secretary General, Mr. Abdul Qader Obaid, the Honorary member at DQG, Mr. Khalid Al Jowder, DQG Secretary General, Ms. Maryam Al Thani, Board member, Ms Samiya Al Yousef, Managing Director of DQG and Ms Fatima Abdul Qader, the Business Development Executive.The meeting was attended by a number of Executive Directors and senior managers at Dubai Customs.
 

First Dubai Achieves AED 88.67 Million Profits In Q1 Of 2009

First Dubai Real Estate Development has announced the results of its financial performance for the first three months of 2009. The announcement came after a board meeting held yesterday afternoon, led by Chairman Seraj Al Baker, and attended by board members Eng. Khalid Esbaitah, Eng. Salwa Malhas, Abdullah Al Rodhan and Rasha Al Qenai.

First Dubai earned AED 88.67 million as profits for Q1 2009, with earnings per share of 8.88 fils, compared to AED 44.48 million for Q1 2008, where earnings per share amounted to 20.15 fils.

First Dubai Vice Chairman, Eng. Khalid Esbaitah, said that these results were achieved due to the great efforts made by First Dubai’s parent company, Al Mazaya Holding, in sustaining profits despite the current economic downturn that has affected many companies in the property market. He added that Al Mazaya had kept in mind the difficult time being experienced by the markets, and that a lot of assets are required to keep up with the current economic situation.

Esbaitah said that First Dubai’s capital amounted to AED 1,258 million in 2008, which pushed First Dubai to continue its success and achieve substantial profits for its shareholders. Esbaitah noted that his company did not stop looking for profitable opportunities despite the economic turmoil.

By the end of Q1 2009 First Dubai’s total assets reached AED 1,779 million, compared to AED 981 million for the same period in 2008, while total liabilities reached AED 594 million compared to AED 647 million for the comparative period in 2008. This reflects the solid assets of the company and the quality of its real estate assets.

Total shareholders’ equity amounted to AED 1,185 million in Q1 2009, against AED 334 million during the same period last year. In addition, a portion of the profits, about AED 75.5 million, was carried over to allocations as a precautionary measure due to the current economic situation.

When asked about the sale agreement for the Sky Gardens project, Esbaitah said that his company has reached a compromise with Amlak Company, lowering the value of the agreement by 50 percent and exiting the previous agreement in a manner that does not affect either company’s business. This resulted in a reduction of sold area, with First Dubai keeping 40 percent of total building area and obtaining cash flow of AED 164 million, which greatly supported its financial situation and its ability to continue with its current and future projects. Furthermore, the disengagement helped create new activities for the company by making available new residential units in Sky Gardens, which is based on a lease system, in addition to benefiting from the project by running the shopping mall in the project by the biggest international restaurant companies, which are currently being negotiated with.

Esbaitah went on to say that First Dubai is moving forward with its projects in Dubai, and has already achieved sales of over 98 percent for the Al Liwan project. He added that development plans are being put in place for the remaining projects, including Morina Residences, located at Shams Abu Dhabi; The Villas, a residential project in Dubailand; the Dubai Residential Complex; and the Waterfront project, also in Dubai.

Finally, Esbaitah said that First Dubai and Al Mazaya Holding are currently studying plans for a merger between the two companies, and that Al Shall Consulting has been assigned to do a feasibility study on the merger.

Emirates Cup 2009 Teams Confirmed

Following the huge success of the two previous Emirates Cup tournaments in 2007 and 2008, Arsenal Football Club and Emirates are delighted to announce that the Emirates Stadium will once again host a two-day pre-season tournament featuring four of Europe’s leading clubs.

Emirates Cup 2009 will take place over the weekend of Saturday 1st August and Sunday 2nd August, and joining the Gunners for this summer’s exciting tournament will be Scottish giants Rangers, Spanish side Atletico Madrid and leading French club Paris Saint-Germain.

Similar to the previous Emirates Cup tournaments, two matches will be played on each day, with the kick-off times being at 2pm and 4.15pm, with one ticket giving fans access to both matches on that particular day.

The four participating teams boast many high profile international players who will feature over the weekend, which will also offer many Gunners supporters the first opportunity to see the Arsenal first team squad play ahead of the 2009/2010 season.

Maurice Flanagan, Executive Vice Chairman, Emirates Airline and Group, said: “Emirates is extremely excited that through our long-term partnership with Arsenal and our sponsorship of the Emirates Stadium, we are able to host this fantastic pre-season tournament for the third year running.

“We look forward to watching these four teams in actions, including two of our sponsored teams in Paris Saint-Germain and Arsenal.”

Arsenal Chief Executive Ivan Gazidis said: “We are delighted to be once again hosting the Emirates Cup in August 2009.

“Atletico Madrid, Rangers and Paris Saint-Germain all have great pedigree and will contribute to an exciting weekend of pre-season football.

“Following the huge success of the Emirates Cup tournaments in 2007 and 2008, we are delighted to once again be offering supporters the opportunity to watch two high quality matches each day over a weekend, for as little as GBP 25 a ticket per day.

“The tournament will of course, also provide a very competitive level of preparation for all the teams ahead of the 2009/2010 season.”

The tournament kicks-off with Rangers taking on Paris Saint-Germain, followed by the hosts Arsenal playing Spanish side Atletico Madrid.

Sunday’s fixtures also start with Paris Saint-Germain playing Atletico Madrid, with Arsenal and Rangers bringing the competition to an exciting climax, kicking-off their match at 4.15pm on Sunday afternoon.

Teams will be awarded three points for a win, one point for a draw and will also earn one point for each goal they score in the competition. The winners will be presented with the Emirates Cup trophy after the second match on Sunday 2nd August.

Greg Norman Announces Free Tickets For The Dubai World Championship

With less than 200 days to go until the eagerly-anticipated Dubai World Championship tees off on 19th November, Leisurecorp and sporting legend Greg Norman today announced that tickets to one of the hottest events on golf’s calendar will be free to all.

The move ensures that golf fans and those new to the game alike will now be able to see the climax to the inaugural Race to Dubai take place on what has been called ‘the world’s most anticipated golf course development’, for free. For those who want to experience the Dubai World Championship in luxury, two outstanding hospitality packages have also been announced.

Greg Norman, designer of the Earth course at Jumeirah Golf Estates, where the Dubai World Championship will take place this November, visited the course this week to oversee some of the finishing touches to the course, ahead of the tournament. Norman commented:
“The Dubai World Championship promises to be a new highlight on the golf and sporting calendars. The course is looking spectacular and I am thrilled that when we open the doors on November 19th, everyone will be able to enjoy the tournament for free. This course deserves a special tournament and what could be more special than having 60 of the world’s top players battle it out in front of a huge crowd”.

Fans are encouraged to register early for the free tickets at www.dubaiworldchampionship.com, the tournament’s website which was launched today. The website also provides details and sales information on the two hospitality packages that have been announced – both offering five-star facilities overlooking the 18th green, and one offering the unique experience of being amongst the first to play the Earth course, following the Championship.

Abdul Wahid Al Ulama, Vice Chairman, Leisurecorp, said:"When we conceived the Dubai World Championship with our partners at The European Tour, we established a set of founding principles which would ensure that we created new experiences for a number of audiences – the players, sponsors, media and, of course, spectators.

“In line with the shared vision of The European Tour and Leisurecorp, the move to offer free entry for all is a gesture in the tournament’s first year to encourage all golf fans from both the region and overseas to descend on Jumeirah Golf Estates in November and watch what promises to be a thrilling crescendo to the inaugural Race to Dubai. Hopefully, it will also encourage those new to the game to come to the Championship and experience what this great sport has to offer. Whether you are a pro golfer or a novice, seeing the world’s top 60 players battle it out at the magnificent Earth course is something not to be missed.”

The Hospitality Pavilion overlooking the 18th green of the Earth course, places spectators at the heart of the action. With gourmet catering in a dedicated dining and lounge area, an open-air balcony and a wide range of other benefits, The Hospitality Pavilion is ideal for client entertaining and networking opportunities with Dubai’s business leaders, or simply enjoying the golf in style.

TheUltimate Golf Package includes two day’s hospitality admission and the opportunity to play on the Earth course, in Championship conditions, in the week following the tournament.

Abdul Wahid Al Ulama added:“The hospitality options we are offering include a range of benefits, not least some of the best seats in the house, overlooking the 18th green. The Ultimate Golf Package will tempt those ‘golf fanatics’ who are looking for a unique experience – walking in the footsteps of the legends that they have just been watching battle it out for the Championship. It is a rare treat to have the opportunity to be amongst the first to play on a course designed by Greg Norman and inaugurated by the likes of Sergio Garcia, Henrik Stenson, Lee Westwood and Rory McIllroy. This is a ‘must-do’ for any keen golfer”.

Hospitality Pavilion package includes:
· Course and Hospitality Pavilion admission
· Access to premium dining and lounge facilities overlooking the 18th green
· Five-star food and drinks served throughout the day
· TV monitors displaying all the action from around the course
· Priority car park pass
· Official tournament programme and draw sheet
· Exclusive Dubai World Championship merchandise
· Dedicated Event Management team

Price AED 2,800 per person (minimum 4 persons), per day
Ultimate Golf package includes:
· Two days hospitality admission on Saturday and Sunday (Hospitality Pavillion) including
· Access to premium dining and lounge facilities overlooking the 18th green
· Five-star food and drinks served throughout the day
· TV monitors displaying all the action from around the course
· Priority car park pass
· Official tournament programme and draw sheet
· Exclusive Dubai World Championship merchandise
· Dedicated Event Management team
· Be a pro for a day – play the Earth course following the Championship

Price AED 8000 per person (minimum 2 persons), per day

For more information on free tickets and hospitality ticket sales please visit www.dubaiworldchampionship.com
 

Mohammed Bin Rashid Al Maktoum Foundation Holds Collaboration Talks With Japanese Consul General

The Mohammed bin Rashid Al Maktoum Foundation today announced His Excellency Adel Al Shared, Vice Chairman and Managing Director of the Foundation received His Excellency Hiroyasu Kobayashi, Consul General of Japan in Dubai and discussed with him potential collaboration opportunities and future cooperation. His Excellency Kobayashi was briefed on the Foundation’s latest initiatives and achievements.

The Mohammed bin Rashid Al Maktoum Foundation works relentlessly to establish communication ties with relevant entities to achieve its multi-pronged objectives in the three main fields of knowledge and education; culture; and entrepreneurship and employment for the overall progress of the Arab world.
 

Dubai In Recovery Mode, Not Crisis Mode, Says HE Dr Omar Bin Sulaiman

The Government stimulus programme has helped the emirate’s economy grow by an estimated 1 percent in the first quarter of 2009, said HE Dr Omar Bin Sulaiman, Governor of the DIFC and Vice Chairman of UAE Central Bank. In comments to the British Business Group Forum in Dubai on Tuesday, he also said that the psychological impact of the global financial crisis had become as much of an issue as the financial impact.“This is very much an issue of confidence, both globally and locally. That’s why one of the most important aspects of the Dubai Government bond issue has been to increase confidence in the economy,” HE Dr Omar Bin Sulaiman said.“Dubai has quickly moved into recovery mode as the economy shows signs that it is improving. We estimate Dubai’s economy to have grown by 1 percent in the first quarter, fuelled by the government stimulus package and the increase in expenditures,” he said.The Dubai Government’s 2009 budget saw an increase in public sector spending by 42 percent to Dh37.7 billion.“Just as the Dubai success story has become a case study, I am confident that the Dubai rebound story will become a case study as well,” the Governor said, adding, “The most important result of the crisis has been an increase in efficiency within government and government-related companies.”He noted that confidence is starting to come back to the real-estate sector in Dubai: “Many international investors and funds from the region have expressed their interest in investing again in the Dubai real estate sector,” the Governor added.As for the Dubai International Financial Centre, “it has not been significantly impacted by the crisis,” Dr Omar Bin Sulaiman said, noting that the number of applications in January 2009 is higher than the number in same month a year ago. He also cited the March 2009 edition of the City of London Global Financial Centres Index, which found that Dubai continues to top the list of centres most likely to become more significant over the next several years. “Nonetheless, we have responded by rigoursly reviewing our strategy to maintain our preeminent position.”As part of that review, he said the DIFC and the Dubai Financial Services Authority (DFSA), the sole regulator at the DIFC, will look to forge greater links and cooperation with other regulators and centres regionally and globally, as well as to adapt quickly to the new global financial architecture.The DIFC also will aggressively encourage and nurture innovation across its sectors of focus, particularly in the areas of Islamic finance, family offices, captives and private equity. As part of this effort, the DIFC is looking at the overall cost of companies doing business at the centre, to see how it can help them reduce costs associated with creating new products, in terms of DIFC fees for registration of products such as funds and captives.Highlighting the importance of government and business, including the UK business community, working together, he encouraged business participation in addressing all issues affecting the economy and opening the lines of communication between the Dubai Government and business to address any issues that arise.
 

Mohammed Bin Rashid Al Maktoum Foundation Hosts High-Level Delegation From The Comoros

The Mohammed bin Rashid Al Maktoum Foundation hosted a high-level delegation from the Union of the Comoros including His Excellency Mdahoma Youssouf, Consul of the Comoros in the UAE, Dr Mohammad Rachadi, President of the University of Comoros and Dr Abdul Hakim Mohammed Shaker, Vice-President of the University, as well as key members of the communications team.

His Excellency Adel Al Shared, Vice-Chairman of the Mohammed bin Rashid Al Maktoum Foundation, welcomed the visiting delegation and discussed with them opportunities to build knowledge resources at the University of Comoros. The delegation expressed keen interest in leveraging the Foundation’s expertise in launching several key projects, particularly in the areas of translation and entrepreneurship that aim to empower the Arab world with a well-informed resource base of potential Arab leaders.

JA More Than Money Launched To Teach Financial Skills To Young Children

HSBC Holdings plc and JA Worldwide today launch a $3.4 million, three-year, global programme to teach basic financial skills to children. JA More than Money will expand globally one of JA Worldwide’s most successful youth financial literacy programmes and involve HSBC staff initially in 15 countries including UAE, Oman and Egypt.

This strategic commitment is designed to build upon the breadth and depth of HSBC’s commitment to financial education and its support for JA Worldwide, known as Injaz Al Arab in the Arab World.

JA More than Money will teach students about earning, spending, sharing and saving money and about businesses they can start or jobs they can perform to earn money. This programme will be localised and Arabised during its pilot year and will then be rolled out in other Middle Eastern countries.

When assessed by an independent evaluator in 2007, results showed conclusively that the seven to eleven year old students who had participated in this curriculum in the
United States demonstrated significantly greater knowledge and retention of financial concepts compared to their non-participating peers.

“This programme will address the changing needs of young students in the UAE at an age when financial literacy is not being offered. It will have a positive impact on their
behaviour as future professionals and conscious consumers. It can also help students apply their mathematical teachings to everyday life, resulting in a more
comprehensive and practical learning experience,” said Sheikh Khaled Bin Zayed Al-Nehayan, Vice Chairman of INJAZ Al-Arab and Chairman of INJAZ – UAE.

““By supporting JA More than Money, HSBC is committed to improving financial literacy for children throughout the region. Equipping our children with the skills and
knowledge that enables them to make wise financial decisions throughout their lifetime will not only support aspects of their life such as education and travel but will
also benefit our local communities as they learn about the value of money and financial responsibility,” said Youssef Nasr, CEO of HSBC Bank Middle East Limited.

With funding from HSBC, JA More than Money™ will be localised and trialled in 15 countries across five continents in the 2008 – 2009 academic year. The program is
expected to be rolled out to many more countries in the following academic year. JA More than Money aims to reach [over 100,000] children in its first three academic
years.

SALAMA’s Gross Written Premium Spurts 42% To Touch AED 1.3 bn

SALAMA-Islamic Arab Insurance Co. (PSC), one of the region’s leading Islamic insurance (Takaful) companies, has announced an impressive 42 per cent increase in its gross written premium for 2008.

The Board of Directors of SALAMA announced that its gross written premium for year ending December 31, 2008 touched AED 1.326 billion as against AED 933 billion in 2007 with a healthy 42% growth.

The company, which is the largest Takaful and Re-Takaful operator in the world, also announced that its underwriting income registered a remarkable 39 per cent increase to AED 164 million in 2008, compared to AED 118 million in the previous year.

“The achieved growth in our written premium is the result of our dedicated continuous work to prove once again that SALAMA is the leader in Takaful and Re-Takaful companies worldwide and is among the best Islamic insurance companies, therefore we strive to keep up with our good performance as this increase will leave us with more responsibilities towards investors” said Dr. Saleh Malaikah, Vice Chairman & CEO of SALAMA.

“The extraordinary results achieved by SALAMA amidst the global economic turbulence further reinforce our company’s growth trajectory and strong fundamentals. We have achieved a strong performance because of our prudent investment policies, corrective measures on a timely basis and presence in strategic markets which are not exposed to the economic crisis. Our strategy focuses on building the Takaful and re-Takaful business portfolio and improving our written premium and underwriting standards,” said Mr. Rafiq Halani, General Manager – General & Health Takaful at SALAMA.

In his comments, Mr. Noel D’Mello, General Manager – Family Takaful, said: “The financial growth achieved in our written premium is a reflection of the strength and quality of our Takaful and Re-Takaful products and services. SALAMA has already carved a niche for itself in the Islamic insurance sector and has maintained a very high “A-” rating from AM Best and “BBB+” by S&P, which augurs well for its growth across the GCC and beyond, especially in the changed economic milieu.”

The company was nominated for Best Takaful Operator and Best Banca Takaful Operator at the ‘Islamic Business & Finance Awards 2008 by CPI Financial. It has a paid-up capital of US $300 million and is listed at the Dubai Financial Market.

SALAMA has a solid business profile in their traditional territories — Far East, Africa, Middle East and Central Asia, which is further improving with geographical expansion, business growth and introduction of new life lines.