Mohammed bin Rashid participates in Kuwait's national celebrations The Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum and the accompanying delegation participated yesterday in the celebrations of Kuwait, marking the 50th anniversary of Kuwait's National Day, 20th anniversary of its liberation and the fifth anniversary of the accession of His Highness Sheikh Sabah Al Ahmed Al Jaber Al Sabah to emirship of Kuwait. The event was attended by Emir of Kuwait, Arab and foreign countries leaders and military delegations. The celebrations included the military parades. - Emirates News Agency, WAM Mohammed bin Zayed, Turkish FM review latest regional events His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and visiting Turkish Foreign Minister Ahmet Davutoğlu, reviewed on Friday the latest regional developments. The meeting, which was attended by Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan, also discussed ways of enhancing bilateral relations for the best interest of the two friendly countries. The two sides stressed the importance of concerted regional and international efforts to find out adequate means to secure and deliver urgent humanitarian assistance to those affected by the current events in Libya. - Emirates News Agency, WAM UAE and Turkey to work together to deliver urgent humanitarian assistance to Libyan people: Sheikh Abdullah UAE and Turkey are currently joining hands to deliver urgent relief assistance to the brotherly Libyan people, UAE Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan affirmed last Friday. In a joint press conference with his visiting Turkish counterpart Ahmet Davutoğlu before capping a two-day working visit to the UAE, Sheikh Abdullah announced that two Emirati aid planes would fly tomorrow to Turkey and then to Libya to meet the urgent needs of the Libyan people. "The UAE is sending two planes, to be based in Turkey, to send humanitarian aid from Turkey to Libya," Sheikh Abdullah said. "We will do everything possible to reach out to Libya in humanitarian ways," the Turkish minister said. The Emirati and Turkish ministers affirmed their countries' standing beside the brotherly Libyan people, wishing them better future. They said that Abu Dhabi and Ankara would be extremely happy if that happens. The two ministers also condemned the acts of violence and killing and destruction of infrastructure, calling on the Libyan authorities to immediately refrain from the use of violence and act to stop bloodshed. They also expressed heart-felt condolences to the families of victims and wished speedy recovery to those injured. Sheikh Abdullah and his Turkish counterpart opened earlier in the day the renovated building of the Turkish Embassy in Abu Dhabi. Speaking at the inauguration ceremony, Turkish Foreign Minister Ahmet Davutoğlu described UAE as a very close friend of Turkey. He said relations between UAE and Turkey were improving very quickly in recent years, adding, "We see UAE as the most important strategic ally of Turkey in the region." - Emirates News Agency, WAM The UAE Ministry of Foreign Affairs denounces violence in Libya The United Arab Emirates' Ministry of Foreign Affairs said in a statement last Thursday that it is closely following up the events in Libya and is shocked by the violence being suffered by the Libyan People. The ministry denounced the violence, and damage to the Libya's infrastructure, calling on the Libyan authorities to immediately stop violence and bloodshed. The ministry called on the United Nations Security Council to intervene to put an end to the bloodshed and violence, and to carry out necessary investigation to bring the perpetrators to justice. It expresses its condolences to the Libyan people and to the families of the dead and injured. - Emirates News Agency, WAM UAE sends two relief planes to Libya In line with the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, two Emirati planes carrying relief supplies took off to Libya today. The planes are carrying humanitarian aid materials, including medicines, medical items and foodstuff sent to ease the plight of the brotherly Libyan people. The move came within the approach of the UAE, under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, to help brotherly countries during difficult times. - Emirates News Agency, WAM Zayed Humanitarian Foundation rushes aid to fleeing refugees at Libyan-Egyptian border The Zayed Bin Sultan Al Nahyan Foundation for Charity and Humanitarian works has started necessary measures to rush relief supplies to help the Libyan refugees fleeing to Egyptian borders in fear of the events taking place in Libya. Chairman of the Board of Trustees of the Foundation H.H Sheikh Nahyan Bin Zayed Al Nahyan said that the initiative stems from the values and principles the Foundation has adopted, and the help is mobilised as per directives from President His Highness Sheikh Khalifa bin Zayed Al Nahyan with the follow-up from His Highness General Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces. Sheikh Nahyan added that the humanitarian effort also translates the ethics the Foundation follows as drawn by the Late Sheikh Zayed Bin Sultan Al Nahyan, whose life was full of generous humanitarian initiatives both in war and peace. - Emirates News Agency, WAM Al Hashemi opens UAE new embassy building in Tanzania Dar es Salaam - UAE Minister for State Reem Al Hashemi opened the new premises of the UAE embassy here in the presence of Celina Kombani, Tanzanian Minister for Justice and Constitutional Affairs. UAE Ambassador to Tanzania Mal Allah Al Ameri said the diplomatic mission would serve UAE citizens. Al Hashemi, Kombani and Al Ameri toured the new building whose was design was a blend of the Islamic and modern architectural concept. Later, Al Hashemi met with Mohamed Gharib Bilal,Vice President of Tanzania for discussion on ways of boosting bilateral relations. They also reviewed issues of mutual interest. - Emirates News Agency, WAM UAE Ambassador to the UK Visits Edinburgh Abdulrahman Ghanem Al Mutaiwee, UAE Ambassador to the U.K., visited Edinburgh on 23rd and 24th February for talks with political and business leaders, and senior university academics. It was the first ambassadorial visit to Scotland in 39 years. Accompanied by Sheikh Mohammed bin Maktoum Al-Maktoum, First Secretary at the UAE Embassy in London and Dr. Sulaiman Al Jassim, President of Zayed University, the UAE envoy was welcomed at the Scottish Parliament by Fiona Hyslop MSP, Minister for Culture and External Affairs.
At their meeting, the Minister thanked the UAE official for his interest in Scotland and his efforts to strengthen further the good ties between both countries. Al Mutaiwee said, "It has been a privilege for me to visit Edinburgh and to meet so many senior people from the worlds of politics, business and academia in Scotland. A key part of my mission is to spread the word as far and wide as I can that the UAE is a very good friend of the UK, continually looking for ways to improve our business and trade together, as well as our political, cultural and academic links. The UAE is full of exciting opportunities and I have been telling our friends here in Scotland about some of them." Promoting business was also the theme of a round table with representatives from Scottish industry and financial services, as well as at a formal business dinner in the evening at Edinburgh City Chambers, hosted by Councillor Jenny Dawe, Leader of Edinburgh City Council.
Earlier in the day the UAE envoy visited Edinburgh University, where he and the delegation had lunch with a number of senior academics, hosted by Professor Stephen Hillier, Vice Principal International. - Emirates News Agency, WAM U.S Deputy Energy Secretary: UAE-US nuclear cooperation aims to mitigate carbon pollution U.S. Deputy Energy Secretary Daniel Poneman said nuclear cooperation between the US and the UAE aims to ultimately mitigate carbon pollution. "Nuclear energy has a very important role to in a low-carbon future," Poneman told WAM in Abu Dhabi following a meeting with UAE energy officials. The US senior official hailed the long-standing and the incredibly diverse relationship that the U.S developed with the UAE. "It embraces almost every aspect of endeavour, from security cooperation to energy and environment, to education and culture", Poneman told WAM at a press briefing following a meeting in Abu Dhabi with senior officials of Masdar, Abu Dhabi's multi-faceted initiative advancing the development, commercialisation and deployment of renewable and alternative energy. Poneman said that, during his current short visit to the UAE, he had discussions with UAE officials on Masdar, energy efficiency, nuclear energy cooperation and oil and gas matters. "One thing we are very much looking forward to is the next clean energy ministerial in Abu Dhabi. He commended the UAE "agreeing to chair this very important session that Secretary of Energy Steven Chu will attend." "It is very important because it shows how our nations and the others participating at the clean energy ministerial and can work together to promote their mutual interest ...and protect the environment, Poneman added. He added that, at Masdar, he viewed a number of solar PV panels that have just been sent from the U.S National Renewable Energy Laboratory (NREL). Poneman said he and Masdar officials also discussed building efficiency, advanced cooling ideas, efforts on carbon capture, a diverse range of activities aimed at building a new energy economy and smart grids. - Emirates News Agency, WAM UAE signs eight defence contracts at Dh2.8 at IDEX's final day On the final day of IDEX, the UAE signed eight defence contracts totalling Dh2.8 billion, IDEX Spokesperson Major General Obaid Al Ketbi announced. Among the major announcements last Thursday was a Dh786 million contract with IGG for buying weaponry system RG 31m 120 mm mortar. ''Al Fattan Ship Industry of UAE was awarded a Dh356.7m for purchasing 18 boats,'' Al Ketbi said. NIMR, a Tawazun subsidiary, was contracted for purchasing 1000 NIMIR vehicles at Dh736m.
Al Ketbi unveiled that the delivery would be in three years. ''A contract to provide maintenance for aircraft Advanced Military Maintenance Repaor and Overhaul Centre (AMMROC), a Mubadala subsidiary, is under discussion,'' he said. Deal 1: Contract to provide technical support for naval boats Parties involved: Abu Dhabi Ship Building Value: Dh107m Deal 2: Contract to buy weaponry system RG 31m 120 mm mortar Parties involved: IGG of the UAE Value: Dh786m Deal 3: Buying spare parts for Penhard Parties involved: Penhard Defence Company of France Value: Dh22.5m Deal 4: Upgrading 135 BMP3 vehicles Parties involved: Federal State Unitary Enterprise Value: Dh271m Deal 5: Purchasing 18 boats Parties involved: Al Fattan Ship Industry of UAE Value: Dh356.7m Deal 6: A contract to purchase and set communication systems for boats Parties involved: Aeromaritime Systems of Germany Value: Dh71.8m Deal 7: To maintain and develop mine sweeping units Parties involved: Atlas Electronics of Germany Value: Dh469.4m Deal 8: 1000 NIMR vehicles Parties involved: NIMR, a Tawazun subsidiary Value: Dh736m Today's Value: Dh2.8bn Total Value of IDEX and NAVDEX: Dh14.5bn. - Emirates News Agency, WAM Al Ketbi honours Commanding Officer of Britain HMS Pembroke Major General Obaid Al Ketbi, Head of Military Committees and IDEX Spokesperson, honoured last Thursday at ADNEC marina Lieutenant -Commander Angus Essenhigh, Commanding Officer of the HMS Pembroke of the British Royal Navy. Al Ketbi said the gesture was in recognition of the distinguished participation of the British vessel in the water-borne live demonstrations of the Naval Defence Exhibition (NAVDEX).
Al Ketbi added that IDEX and NAVDEX organisers treasured this participation as it added value to the event's activities. Al Ketbi and Essenhigh exchanged souvenirs during the function. The British commanding officer told WAM that the HMS Pembroke is taking part for the first time at NAVDEX. He said their participation was fantastic and that they enjoyed the event. ''We hope to be here again in the next IDEX if we invited,'' he said. The Royal Navy ship HMS Pembroke provides a live demonstration of a range of techniques designed to counter the threat from terrorists at sea. The 15 minute scenario allows visitors to see measures to detect and deter attacks from underwater swimmers and fast boats. - Emirates News Agency, WAM Solana lauds the IDEX, says Al Ketbi Javier Solana, EU High Representative for the Common Foreign and Security Policy (CFSP), hailed the growing role of IDEX, and the volume of EU participation in the event. This came during reception of Solana by Staff Major General Obaid Al Haira Salem Al Ketbi, Head of Committees and Spokesman for IDEX 2011. Solana expressed his admiration about the services and organisation of the IDEX. In related development, Al Ketbi toured the Naval Defence Exhibition (NAVDEX) and met the exhibitors and the heads of delegations. He was briefed about the requirements of the exhibitors and observations, especially about provision of the wider spaces in the next edition in 2013. He thanked the participants for showcasing their latest products, citing that the UAE companies played a pivotal role in the event through showcasing the local products, which competed with the international ones. Al Ketbi also referred to the prominence of the Emirati youth and girls for their role in the event. - Emirates News Agency, WAM du announces launch of Europe India Gateway submarine cable In a landmark development, du has announced partial activation of the new Europe India Gateway (EIG) submarine cable -which will enhance capacity and diversity between the UAE and Middle East to Europe and Asia. The EIG submarine cable was conceived by a 16-member consortium of leading regional and international operators responsible for the construction of the US$700 million submarine cable system. The company has invested US$50 million in the EIG cable system, which will provide greater resilience for du's customers by enhancing international capacity, reducing the chances of submarine cuts disrupting internet, data and voice services and offering redundancy as well as contributing to greater capacity in the region. "The launch of the Europe India Gateway Submarine cable system is significant for the UAE, as it builds towards the country becoming a centre-point for connectivity in the region. Investments such as the one in EIG are how du is meeting its commitment to providing quality service to our customers' growing broadband needs. The delivery of the EIG cable through our new Fujairah Cable Landing Station was recently commissioned with the support of the Fujairah Authorities. This will connect the new system to our resilient and diverse network, thereby positioning the UAE as a regional business destination and giving our customers increased choice and redundancy in the international capacity," commented Farid Faraidooni, Chief Commercial Officer, du. EIG Consortium members are accepting delivery of more than 11,300 kilometres of the total 15,000 km EIG cable system, which was announced in 2008, and 11 of the 13 cable landing sites. The only remaining segment to be completed for the EIG is in Egypt where there are two landing sites. When fully activated with the Egypt link, the EIG will be the first direct high-bandwidth optical fibre system from the United Kingdom to India. The 3.84 terabits per second (Tbps) design capacity submarine cable uses dense wavelength division multiplexing (DWDM) technology to provide upgradeable transmission facilities that support present and future Internet, e-commerce, data, video and voice services. In addition to complementing existing high-bandwidth cable systems in the region, the EIG will provide much needed diversity for broadband traffic, which currently relies on traditional routes from Europe to India. This diversity is important due to the threat of submarine cable cuts in the region. The system will also significantly enhance capacity and redundancy between the countries of these regions, bringing in considerable diversity and bandwidth into the Middle East while providing global access to operators in the region. In addition to du's UAE site, the accepted active EIG cable landing sites include those in the UK, Portugal, Gibraltar, Monaco, Libya, Saudi Arabia, Djibouti, Oman, India and a terminal site in Marseille, France. The only remaining segment to be completed for the EIG is in Egypt where there are two landing sites. The route segments are London to Bude, UK; Bude to Portugal to Gibraltar to Monaco to Libya; Monaco to Marseille, France; and Saudi Arabia to Djibouti to Oman to United Arab Emirates to India. - Emirates News Agency, WAM Sultan bin Saeed Al Mansouri, Minister of Economy, has announced a strategic initiative to create partnerships in industrial incubators among members of the Arab Organisation for Industry and Mining. The industrial incubators are intended to be the nuclei of innovations and attract foreign investments to Arab countries. Al Mansouri announced the initiative while opening a seminar on the "Promotion of industrial incubators in the Arab countries," organised by the Ministry of Economy in co-operation with the Arab Organisation for Industrial Development and Mining and the Islamic Development Bank (IDB) at the Corniche Al Buhaira Hotel in Sharjah. The opening ceremony was attended by Mohammad Bin Yousuf, director-general of the Arab Organisation for Industrial Development and Mining and a number of senior officials and experts from the UAE and the region. Al Mansouri said in his opening speech: "I call for building a genuine partnership on industrial incubators to create a platform for creativity, innovation and technical and scientific human resources, backed financially by governments and the private sector, in order to make these incubators attractive for foreign direct investments and serve as a strategic road map towards industrialisation and technology." The minister added: "This initiative aims to enhance GCC partnerships to form industrial clusters, increase competitiveness of national economies and put Gulf industries on the global map, especially since the Gulf states have a lot of strength in the industrial sector." Al Mansouri said innovation has become a key priority globally as it is the only way to enhance competitiveness and the engine that will drive economic growth, especially through the economic challenges facing the world today. Referring to a recent meeting with German Minister of Economics and Technology Berndt Pfaffenbach, Al Mansouri said the European Union countries are emphasising innovation nowadays and Germany is making budget allocations and launching initiatives to stimulate a culture of innovation in the public and private sectors. Key pillar Al Mansouri said the UAE has made innovation a strategic objective and a key pillar of its Vision 2021, aimed to make the country one of the best in the world by 2021, the golden jubilee of the federation. "We need to focus on knowledge and innovation to build an integrated industrial system that will help us emerge as a knowledge economy and compete at the global level. This is where industrial incubators are important. They will link educational institutions and the business community, stimulating industrial ideas and turning them into viable projects," he said. He reiterated the keenness of the Ministry of Economy to promote industrial incubators and spread awareness of their importance in enhancing the small and medium enterprises sector, which is a strategic priority for the UAE. He added that UAE nationals and promoters of industrial incubators should focus on vital economic sectors such as electronics and metal manufacturing, petrochemicals and alternative energy that will lay the foundations of a strong knowledge economy. Al Mansouri said prudent economic policies and diversification have helped increase business competitiveness in the UAE. Non-oil sectors contributed 71 per cent of the country's GDP in 2009 and the UAE was among the top 10 countries in the Global Competitiveness Index. "In 2010 our economy made a strong recovery from the impact of the global slowdown and most sectors witnessed remarkable growth, especially the manufacturing sector. The number of industrial units in the country increased to 4,960, with a combined workforce of 382,000 and capital of over Dh115 billion." The Ministry of Economy is keen to increase the contribution of industries to GDP by 25 per cent within the next five years, from its current share of 16 per cent, through creating opportunities for national industries. Issues on the agenda The seminar discussed various topics including activating the Arab network for industrial incubators and promoting the establishment of incubators, industrial projects and the role of financial institutions and how incubators can help in job creation. It also discussed the importance of industrial incubators for small and medium enterprises and for the development of industries as well as Arab and international experiences in this regard. – Gulf News Dubai World Central-Al Maktoum International Opens for General Aviation operations Dubai Airports officially opened Dubai World Central - Al Maktoum International (DWC) for general aviation operations today following the UAE General Civil Aviation Authority's regulatory approval. The GCAA granted approval yesterday following a thorough review of safety, security and standard operational procedures and airport inspections. The UAE's aviation regulator also authorised issuance of an amended aerodrome certificate for helicopter operations and passenger aircraft operations with up to 60 persons on board including passengers and crew. Dubai World Central- Al Maktoum International initially opened for cargo operations in June of last year. "This is a significant development for Dubai World Central - Al Maktoum International, which we foresee as developing into a major regional hub for general aviation in the years to come," said Paul Griffiths, CEO, Dubai Airports. "Our new airport is an increasingly appealing option for general aviation companies in the region particularly as air traffic volumes increase at Dubai International." Al Futtaim Services Company, in a joint venture with a leading business jet operator in Europe, will provide a wide range of general aviation services at Dubai's new airport as the launch customer. Al Futtaim operates a fleet of varied aircraft including Airbus A319 Corporate Jets and Bombardier Global Express. Of its fleet of 12 aircraft, four will initially be put into an operation featuring one daily flight with the frequency increasing in the months ahead. The launch date has yet to be finalised.
General aviation forms a significant part of Dubai Airports' business with 22,500 movements recorded at Dubai International in 2010. The launch of services at DWC will lead to a gradual transitioning of General Aviation operations to the new airport. Dubai Airports projects 25 to 40 movements per day at DWC by the end of 2011. - Emirates News Agency, WAM The Abu Dhabi Airports Company (Adac) yesterday announced that Abu Dhabi International Airport experienced a 7 per cent increase in passenger traffic, with around one million passing through it in January. The airport also saw a 9 per cent rise in aircraft movements, reaching 9,899 in the month. Cargo traffic also rose, with an increase of 13 per cent over January 2010. Ahmad Al Haddabi, Senior Vice-President-Airports Operations at Adac said: "As we enter the New Year, the continuous growth of passenger traffic reflects the growing interest in the emirate of Abu Dhabi, and the growing strength of Abu Dhabi International Airport as an international hub. "We expect to see traffic continue to rise as we welcome new carriers and add new destinations and frequencies from the airport. "We are also working towards the completion of the Terminal 1 renovation works to increase the airport's capacity and to ensure top levels of comfort and satisfaction are offered to all our travellers, with more services yet to come." London, Bangkok, Doha, Manila and Frankfurt took the lead as the top five routes in January, which together accounted for 20 per cent of the passenger traffic through Abu Dhabi International Airport. The Far East and Europe both registered a 10 per cent increase in passenger traffic, followed by the Middle East. – Gulf News The strategic tie-up between Etihad Airways and Australia's Virgin Blue Group is being hailed by analysts as a near seamless fit and a boost for the Abu Dhabi airline in one of its most important countries for traffic. The alliance includes V Australia, the long-haul arm of Virgin Blue, which on Thursday flew its Boeing 777-300ER wide-bodied airliner into the UAE capital, marking the first Australian service into the Middle East for two decades. "When United Airline and Continental of the US were talking about merging it was said this was a marriage made in heaven, with few overlaps and total complementarity," said Peter Harbison, the executive chairman of the Centre for Asia Pacific Aviation, an aviation analyst. "There are similarities with Etihad and Virgin Blue." The Etihad deal allows both airlines to use the other to feed traffic into their network. Etihad passengers can now book journeys to their final destinations across Australia, New Zealand or the Pacific Islands on Virgin Blue flights via the Etihad website. Virgin Blue customers will also be able to take advantage of Etihad's global network and book journeys on one ticket to points in the UK, Europe and the Middle East. "Both carriers will see this as a way to strengthen and build a position which they might not otherwise do alone," said John Strickland, the director of JLS Consulting in the UK. John Borghetti, the chief executive of Virgin Blue, said buying its own planes to fly these routes would have cost it about US$10 billion (Dh36.7bn). "Had we gone out and decided to fly those routes on our own with an equivalent amount of capacity [to the joint venture] we would have had to buy, depending on the aircraft size, between 30 and 50 aircraft," he said. The deal will also help Virgin Blue appeal to business travellers, a market it is trying to enter as it repositions from a budget airline aimed at leisure traffic into a full-service carrier to rival Qantas. The tie-up between the Abu Dhabi airline and Virgin Blue, which was first brokered in August, caused a chain reaction within the industry: Etihad ended its code-share deal with Qantas while Emirates Airline ended a similar arrangement with Virgin Blue. Etihad had initially planned a similar far-reaching deal with Qantas. It was Mr Borghetti, while he was a senior executive at Qantas in 2008, who negotiated the deal with Etihad's chief executive, James Hogan. But soon after, Qantas restructured its business plan and cancelled plans to fly into Abu Dhabi. When Mr Borghetti left Qantas last year to head up Virgin Blue, he and Mr Hogan resurrected the plans. "I spoke with John Borghetti, after he'd been at Virgin Blue for a month, and I asked 'do you want to do that deal we did at the other place?' And he said 'yes,' so we met the next weekend in Singapore." A month later, the two airlines announced their strategic alliance. Etihad has lent its marketing muscle to promote the tie-up, which should help the Abu Dhabi carrier raise the number of travellers it flies in and out of Australia this year by 100,000, taking the total to 550,000. The deal comes at a crucial time when the seven-year old Etihad is pushing to reach its break-even financial mark. Helicopters trailing huge banners of Etihad and V Australia buzzed overhead in Sydney on Wednesday. Later that evening, the Australian singer and actress Dannii Minogue was the emcee as Etihad hosted several hundred guests at a reception celebrating the launch of the airline partnership. – The National The international contribution to the revenues of etisalat grew to 23 per cent in 2010, coming closer to the company's goal of having at least half of its operational revenues from outside the UAE. In 2009, international revenues represented 16 per cent of the total Dh31.9 billion. Net profit contribution from its international operations rose from 0.4 per cent to 7 per cent of the group's total of Dh7.6 billion. "This is the result of a strong financial performance from Etisalat Egypt," the company said in a statement as it released detailed financial results. The telecommunications company operating in 18 countries is gearing up for a 46 per cent stake acquisition in Kuwaiti operator Zain. Etisalat is in the process of a due diligence report, the result of which is expected by Monday, officials said. "Everything depends on the completion of the due diligence. No one can decide [the price or timeline] until the result of the due diligence," Salem Al Sharhan, group chief financial officer for etisalat, said. However, the main condition for the deal to go through, the sale of Zain's operations in Saudi Arabia, is nowhere near happening. Earlier this week, the Saudi Zain board rejected an offer to buy a 25 per cent stake in Saudi operations. Al Sharhan told reporters yesterday that if the Zain deal goes through, it would be through debt financing. "We are in discussions with more than 18 banks. We already finished the initial term sheet," he said, adding that final agreement on terms is expected this month. "Discussion about finalisation of pricing will only happen after the probability of the transaction becomes clearer," Al Sharhan said. Of the total US$12 billion (Dh44.1 billion) that etisalat is seeking to pay for the Zain deal, US$6 billion is bridge financing, payable within 18 months through bond and sukuk. The rest, US$3 billion, will be through a medium term loan of three-year maturity and US$3 billion through a five-year maturity loan, and will be paid through the issuance of bonds. "Ultimately, we might end up with fewer banks. At the end of the day, some banks may not agree on price," he said. Share price Al Sharhan said etisalat's shares traded on the Abu Dhabi Securities Exchange are "underpriced". Asked if restrictions allowing only UAE nationals to trade the shares might be a cause, he said, "It is one of the reasons." He said the company has requested regulators to open trading of its shares to foreigners. "The restriction is from the government, not the company." The government can change etisalat trading "from special law to commercial law," he said. "It is hard to expect etisalat to trade efficiently and reflect the proper valuation," said Anastasios Dalgiannakis, institutional trading manager at Mubasher Financial Services. – Gulf News NBAD wins best arranger of Middle Eastern Loans Award The National Bank of Abu Dhabi (NBAD) has won the “Best Arranger of Middle Eastern Loans” award at Euroweek’s 8th Annual Syndicated Loans and Leveraged Finance Awards 2010, as the first bank from the region to win this award. The National Bank of Abu Dhabi (NBAD) has won the “Best Arranger of Middle Eastern Loans” award at Euroweek’s 8th Annual Syndicated Loans and Leveraged Finance Awards 2010, as the first bank from the region to win this award. Euroweek, a London-based weekly publication, announced NBAD the winner of the award, with Bank of Tokyo - Mitsubishi UFJ (BTMU), HSBC and Standard Chartered (SCB) being runners up. The Euroweek Syndicated Loan Awards are voted for by market participants in a poll that was conducted in November and early December 2010. “NBAD’s story and progress mirrors the development of Abu Dhabi’s and the UAE as a whole. This recognition by a reputed international publication helps cement the importance of Abu Dhabi and the United Arab Emirates in global finance,” said Mark Yassin, the Senior General Manager of NBAD’s Corporate and Investment Banking Division. Fawaz Abusneineh, the Head of Syndications & Specialised Portfolio at NBAD accepted the award on behalf of the Bank. - Emirates News Agency, WAM The foreign assets of the UAE Central Bank swelled by nearly Dh35 billion over the past year and most of the increase was in its investments in foreign securities, its balance sheet has shown. From around Dh120.6 billion at the end of January 2010, the central bank’s total foreign assets surged by nearly 29 per cent to Dh155.4 billion at the end of January 2011, showed the figures released this week. The assets had gained around 12 billion in the previous year after recorded their biggest annual decline of nearly Dh169 billion in 2008. Analysts said the massive fall through 2008 was mostly after the eruption of the global fiscal crisis in mid September as the central bank was forced to unlock funds for local banks jolted by liquidity shortages. They said the central bank’s assets were rebounding due to a recovery in the domestic liquidity situation and the fact that most UAE banks are keeping deposits with the more secure central bank than lending to the private sector. The Central Bank’s foreign assets hit an all time high of around Dh285 billion at the end of 2007 before sinking to Dh116 billion at the end of 2008. They bounced back to around Dh128 billion at the end of 2009 and continued their growth to reach Dh155.4 billion at the end of January. The bulk of the increase over the past year was in held to maturity foreign securities, which are held at amortised cost and are not affected by market swings. From a negligible Dh0.04 billion at the end of January 2010, they skyrocketed to nearly Dh80.5 billion at the end of January 2011. By contrast, the Central Bank’s deposits abroad slumped from about Dh82.2 billion to Dh37.4 billion in the same period, the report showed. Held to maturity Dubai government bonds remained at Dh36.7 billion at the end of January whole other assets stood at only Dh0.69 billion. In a statement before the end of 2010, the Central Bank expected its income to rebound sharply during 2010-2011 after a fall of more than 14 per cent in 2009. Its figures showed the profits could surge from around Dh3.18 billion in 2009 to nearly Dh3.67 billion in 2010 and Dh3.7 billion in 2011. – Emirates 24|7 Clutching a 9mm handgun, wearing pink lip gloss, and posing for the camera, Khadija al Ameri said she felt like Angelina Jolie in her latest action film. Ms al Ameri may not be a film star, but she is the champion of the Caracal Ladies Shooting Competition 2011, a feat she achieved against far more experienced sharpshooters - with only three days of training. She hit the target better than 45 other women with years of training, including some who are police officers and others in the Army. Yet before the competition this month, she had never even held a gun. She said she enjoyed posing for pictures at the gun range. "I love taking photos a lot," she said. "So I was so excited holding a gun and trying to act like a movie star. I even used to ask my brother to come with me to take lots of photos, and my trainer used to get so mad about this, like, 'You are not taking this thing seriously! You're just playing with the gun and taking pictures of yourself thinking you're Angelina Jolie.'" She added: "But I was so excited holding a real gun and shooting and imagining myself like I'm in some action movie." She entered the competition on a whim. Just 10 days before the contest, she went with her younger brother, Mohammed, to register him for training on rifles at the Armed Forces Officers Club and Hotel in Abu Dhabi. The club's manager, Obeid al Mazrouei, and her soon-to-be trainer, Jamal al Ahmadi, saw her and convinced her to enter the gun range, too. "I suggested to her why doesn't she join the ladies competition, but at the beginning she said, 'No, no, this is not my kind of sport'," Mr al Ahmadi said. "So I told her OK, today I will give you 10 free bullets to try this, and think about it. Next day, she came back." Ms al Ameri trained for two intensive hours on each of the three days before the competition, shooting about 100 bullets a day. She said that when she fired the gun, the shells sometimes hit her in the face, adding that "those shots are the ones that went straight in the middle of the goal". The day after the competition earlier this month Mr al Ahmad and Mr al Mazrouei could not wait for the awards ceremony, which took place a week later, to deliver the good news. They called her and told her she had won. "When they called me, I couldn't believe it," she said. "I was like, 'no way, you're lying. I'm sorry I'm sorry I don't mean you're lying, I mean you're kidding'. I mean there were women from the police and army competing with us." Shooting is not the only sport that Ms al Ameri enjoys. She also does karate and boxing. "I'm a fighter," she said. The 24-year-old Emirati, who was born and raised in Abu Dhabi, is also well-educated. She completed her bachelor's degree at the Higher Colleges of Technology and Melbourne University, earning a dual degree in Teaching English as a Second Language. For her master's degree, she completed International Law and Labour Relations studies at Sorbonne University in Paris. She is a diplomat by profession. "Thing is, I was actually travelling in three weeks and going to Tokyo because I'm a diplomat and I was assigned to work in the UAE Embassy in Tokyo," Ms Al Ameri said. "So I was telling them I don't promise you that I could do any training because I was busy with this whole new assignment in somewhere else." Her rapid-fire success has provided her with much encouragement. "This really made me think that everyone should try new stuff, because, you never know what you're good at until you try," she said. "I would've never have known if I'm good at this if they didn't convince me." – The National |
