UAE Air Force & Air Defence Institute delegation gets insights into Dubai eGovernment's eServices
Lieutenant Colonel Ahmed Al Mail seeks increased cooperation between the Institute and Dubai eGovernment
October 17, 2004 A delegation from the UAE Air Force and Defence Institute, led by Lieutenant Colonel Ahmed Al Mail, was given insights into the working of Dubai eGovernment and the various eServices being offered to the public and corporate users. The delegation was briefed on some of the 1,400 online services available through the Dubai eGovernment portal www.dubai.ae and the advanced back-end systems that power the smooth delivery of these services. Lt. Colonel Ahmed Al Mail and his team showed keen interest in the integration logistics of the various services, and sought more information on some projects, including the online courses available on the portal.
"It was an enlightening experience to see at first hand the operations of Dubai eGovernment," commented Lt. Col. hmed Al Mail. "It was interesting to see the integration of services of various government departments under one umbrella, allowing users access to multiple services through a single sign in. We were also impressed by the progress made in the field of e-learning which is providing a new channel to acquire new skills." Briefing the delegation on the progress achieved so far, Mahmoud Al Bastaki, Business Process Re-engineerng Consultant, highlighted several key drivers, including ePay, the secure online payment mode; mDubai which allows departments to deliver SMS messages to its database of customers using the Dubai eGovernment messaging gateway; e4all which seeks to boost Internet and PC usage through value packages by providing classroom and on-line learning programmes; eCitizen, a program that helps people acquire computer skills in a methodical manner and eEmployee, a double certification program for government departments.
"Organisations like the UAE Air Force and Defence Institute will produce young men who will shape the future of the country," said Al Bastaki. "By learning about e-governance they will be able to develop a greater interest in IT, so that they can prepare for a new Knowledge Society in which most of the routine services will be conducted through online channels. We were pleased to introduce our operations to the team from the Institute and look forward to more such visits." The team was also familiarised with online transactions pertaining to utility bills, visas, traffic fines, medical services, e-learning, trade licences, tourism, real estate, transport, education and civil defence.
Preparations for National Day Celebrations in Dubai
National Day preparations initiated by DTCM Second meeting discusses activities for December 2 and 3October 15, 2004 The Dubai Department of Tourism and Commerce Marketing (DTCM) recently held its second meeting to discuss the preparations for the National Day Celebrations.The preparatory meeting was headed by the Chairman of the National Day Committee Ms. Shaikha Al Mutawa and attended by internal members of the committee who discussed the various activities outlined for December 2 and 3, 2004. The next meeting which will see active participation from the sponsors of the major activities is scheduled to be held later this week.
Dubai, 16 October 2004
The Building Licensing Section in the Buildings and Housing Department of Dubai Municipality recently organised a working session with the consultancy offices for the Municipality engineers, draughtsmen and technicians. The session was aimed at familiarizing them with the latest software in the field of two dimensional and 3D drawing. Eng. Khalid Mohammed Saleh, Assistant Director of Buildings and Housing Department and Head of Building Licensing Section said the session comes as part of the approved programmes of the section aimed at enhancing the skills and knowledge of the human resources in the section and also the Municipality and the consultancy offices. He said the section is keen keep pace with the latest technology in the field of engineering works. Saleh also expressed his gratitude to all the companies that contributed in presenting the software, Architecture Desktop 2005 and also to all the participants from the Municipality as well as the consultancy offices. He said that the constant educational programmes of the Building Licensing Section include a number of lectures and specialized scientific seminars that would be announced later. Photo: Participants in the working session.
Fifty Dubai Malayalis who have lost everything in a fire that devastated their Rented Houses Neif Road Dubai
UAE hosts 36th IATA/Control Authorities Working Group conference focusing on security issues
Two-day conference lays strong emphasis on detection of travellers without proper documentsOctober 14, 2004 The 36th Conference of the combined International Air Transport Association (IATA) and Control Authorities Working Group (CAWG) was held in Dubai October 12 and 13, 2004, under the patronage of His Excellency Sheikh Ahmed bin Saeed Al Maktoum, President of the Department of Civil Aviation and Chairman of the Emirates Group.
The two-day meeting, the first of its kind to be held in the Middle East was inaugurated by Brigadier Saeed bin Belailah, Director of Dubai
Naturalization and Residency Department (DNRD). More than 60 delegates, representing both government and airlines of the participating countries came together to discuss the security issues and the effect of state legislations on airline passengers."Security has become a key issue of concern in recent years. This major conference paved way for in-depth analysis of national and international security issues, laying strong emphasis on detecting travelers without proper documents and on raising customer service standards. The meeting was touched upon all major issues of concern to the airline industry. There were calls for better co-operation between the airline industry and the government authorities to identify ways of tightening border control and regulatory laws," said Brigadier bin Belailah.
The CAWG was jointly hosted by Emirates and the DNRD, and attended by senior officials from leading airlines companies from Northern America, Africa and Europe. The conference was chaired by Jeff Durante, Director, Security and Facilitation, IATA and co-chaired by Lt. Col. Khalid Lootah, IT Director, DNRD. The UAE delegation participants were Col. Abdulla Al Majed, Lt. Col. Jasim Al Aref, Lt. Col. Khalid Lootah and First Lt. Khalid Ismael.
Lt. Col. Lootah familiarized the gathering with the foolproof security measures undertaken by authorities at Dubai Airport, the simplified visa arrangements and the card-operated passport electronic control system, eGate, developed by DNRD. The participants expressed their appreciation about the eGate system, especially its advanced security screening procedures, which use fingerprint scanning for identification and the implementation of smooth solutions for passenger movement at the airport without compromising on security and safety measures.
"The global air transport industry has suffered losses to the tune of US$ 30 billion over the past few years but is now on its way to recovery. Even as the airline industry and the governments have been finding ways to overcome the crisis, Dubai has been leading the way by recording increased inflow of visitors and residents," said Brigadier bin Belailah. "The challenge is to come up with solutions to live up to the expectations of the world."In addition to fostering greater inter-governmental and airline relationships, Dr. Abdulla Al Hashimi, Senior Vice President Emirates' Group Security stated: "The prevailing security atmosphere that the world is facing currently necessitates more than ever the need for a better approach to information flow between airlines and state authorities to ensure minimal impact on passenger facilitation. It is imperative that both stakeholders - airlines and the state authorities - agree a framework under which information can be streamlined. Emirates Group Security is proud to work with DNRD to facilitate this meeting here in Dubai."
According to projections, passenger traffic through Dubai International Airport is expected to rise from 16 million in 2003 to 40 million by 2010 and 70 million by 2016. This, coupled with the ongoing expansion of Dubai International Airport, which includes a new Terminal 3 exclusively for Emirates, expansion of the existing Terminal 2, and a second and third concourse. will ensure a traffic inflow similar to that of the London Heathrow. DNRD's fully automated passport control system allows card-operated access to registered passengers. By replacing manual checks by fingerprint scan, to identify and clear registered passengers with biometric technology, e-Gate offers smooth functioning and greater security. The system automatically processes 'known' passengers, thereby freeing up resources to concentrate on other 'unknown' passengers.
"The DNRD is the first immigration body in the Middle East to be a member of IATA, thanks to our e-Gate project, which is known for its enhanced customer satisfaction, more efficient use of resources and smaller manpower. Dubai International Airport is one of only three airports in the world, and the first in the Middle East, to use the e-Gate system," said Brig. bin Belailah.Dubai Naturalisation and Residency Department (DNRD) is an advisory member of Simplifying Passenger Travel (SPT) group, which is an IATA initiative aimed at bringing together key parties involved in the airline passenger sector. The members of the group include frequent airline passengers, leading airline companies, airports, immigration authorities and technology suppliers. IATA brings together approximately 270 airlines, including the world's largest, comprising more than 98 percent of all international scheduled air traffic.
SRS-WORLDHOTELS APPOINTS E-COMMERCE SPECIALIST AS NEW CHIEF MARKETING OFFICER
SRS-WORLDHOTELS, which includes properties in the UAE, Lebanon, Bahrain, Jordan and Saudi Arabia in its portfolio, has appointed e-commerce specialist Nicole Bernthaler as Chief Marketing Officer.In this newly created position, Bernthaler will be responsible for the company’s expanding e-commerce activities as well as heading its strategic and corporate marketing services.Nicole joins SRS-WORLHOTELS from lastminute.com, where she was Managing Director of their German operations. “This is a vital role as we expand the company and drive forward with our strategic agenda to take advantage of the many new opportunities in global markets and distribution channels and to promote our brand and its values,” said Michael Ball, CEO, SRS-WORLDHOTELS.“Nicole’s comprehensive experience, combining international operations and marketing within multi-national companies and more recently heading up the successful expansion of lastminute.com in Germany will be of immense value to us and our respective groups of customers and partners.
“Nicole joins us at a very exciting time in our company’s history and with the experience and passion to help us fulfil those expectations.”Bernthaler first entered the hospitality and tourism sector working for Club Med, with a focus on public relations, at various locations throughout Europe and Asia.From 1991 to 1997 she studied economics at Friedrich Alexander University in Nuremberg, majoring in communications, logistics and politics. After university she joined the marketing and sales division of a subsidiary of Quelle AG, one of Europe’s biggest international mail order and retail companies.
From 2000 until her joining lastminute.com in 2002 she was responsible for Customer Services and Operations divisions of Comergo, a start-up subsidiary of Tenovis GmbH & Co. KG and then moved to the corporate office within parent company.As befits such a role in an international company with 32 international offices, Bernthaler has travelled extensively having worked in several European countries and speaks English, German, French and Italian fluently. She will be based at the company’s headquarters in Frankfurt, Germany. Caption: Nicole Bernthaler – Planning for success at SRS-WORLDHOTELS
DTCM launches 'Emirati Cuisine' initiative
Popularise local dishes Progamme to commence with culinary workshops, grand cooking competition for chefs as well as special promotions during Ramadan
October 13, 2004 The Dubai Department of Tourism and Commerce Marketing (DTCM) has announced the launch of 'Emirati Cuisine', a novel culinary initiative to promote and popularise authentic local cuisine among the emirate's large visitor and expatriate community.The project is part of DTCM's continuous endeavor to promote different facets of Dubai to create a memorable and enjoyable experience for visitors. DTCM, in cooperation with leading four and five-star hotels as well as the Emirates Culinary Guild (ECG) and Emirates Academy of Hospitality Management (EAHM), will offer a host of culinary activities to the millions of visitors and UAE residents throughout the year.
Speaking about this new initiative at a press conference held today (Wednesday, October 13, 2004), DTCM Business Development Deputy Manager and the pioneer in this new initiative, Afra Al Fahim stated, "Exploring local cuisine is an integral part of a tourist's visit to a new country. The Emirati Cuisine initiative aims to take visitors on a culinary voyage through popular local delicacies in hotel establishments and position Dubai as a culinary destination in its own right. In the first phase of the project, 166 chefs from participating four and five-star hotels were given workshops in local cuisine. We plan on extending these workshops to other hotel categories in the near future."
The next step of the Emirati Cuisine project is a grand cooking competition, with chefs from nearly 50 Dubai hotels pitching their culinary skills against each other at the Emirates Culinary Academy on November 6 and 7, 2004. The chefs will be judged on several criteria including taste and presentation of a local main dish and dessert as well as creativity in preparing a new dish that has the flavor and taste of local cuisine with a Western presentation style.
The local dishes will include Chicken Biriyani, Harees Thareed, Salouna Fish, Lamb Foga and Bajeleh, and the desserts include Balaleet, Batheetha, Aseedah and Loqaimat. Judges include prominent Dubai chefs and hoteliers such as Chef Uwe Michel, Executive Chef of the Inter-Continental Hotel, Dubai and President of the UAE Culinary Guild, Mr. Abdin Nasralla, General Manager, Bab Al Shams Desert Resort & Spa, Mr. Mohammed Sultan, Specialty Chef Nasser Rajab of Jumeirah International, Chef Ingo Maas of the Emirates Culinary Guild and Mr. Michael Kitts of the Emirates Academy.
"We are also encouraging 4 and 5 star hotels to offer Dubai visitors local dishes, initially as part of their Ramadan buffet offering. During Ramadan, participating hotels will offer at least one main dish and one dessert from Emirati cuisine in their Ramadan buffets, and based on customer feedback, a ceremony will be held in mid December to award prizes to the best hotels and their teams," added Al Fahim. "The hotels will ask guests to fill in comment cards on the cuisine offered, against weekly raffle prizes of free meal vouchers and hotel stays during Ramadan. Moreover, a raffle draw will be held by the DTCM for guests who filled in the comment cards, with several great prizes including free stays at hotels such as Al Maha Resort, Burj Al Arab and Royal Mirage Hotel."
"This is just the initial phase of activities, in what we are confident will develop into an exciting initiative for participating hotels and Dubai visitors alike. Restaurants and kitchens offering local dishes shall be listed in our brochures and website. Tour operators shall be encouraged to offer local cuisine to their customers. We are also considering holding an annual Emirati Food Festival in Dubai and offering cookery master classes for visitors and residents," concluded Al Fahim.
October 13, 2004
Fijis former Prime Minister Mahendra Pal Chaudhury Receives the Bharathiya Pravasi Samman Award 2004
The Minister of State (Independent Charge) for Overseas Indian Affairs, Shri Jagdish Tytler, handed over the Pravasi Bhartiya Samman Award (PBSA)-2004 to Shri Mahendra Pal Chaudhry, Member of Parliament and former Prime Minister, Fiji, who is currently on a private visit to India. The award was given at the Minister’s office in South Block at a simple ceremony here today.The PBSA is conferred on Non-Resident Indians and Persons of Indian Origin who have distinguished themselves in a particular area and made outstanding contribution towards fostering better understanding of India and her interests abroad.For 2004, there were 12 Award winners including Shri Chaudhry. He was not able to attend the Pravasi Bhartiya Divas-2004 at New Delhi last January and was, therefore, unable to collect this award.The Secretary, Overseas Indian Affairs, Shri S. Krishna Kumar read the following citation on the occasion:
"Shri Mahendra Pal Chaudhry ia Member of Parliament in Fiji and the leader of the Fiji Labour Party. Before coming into active public life, he worked in the office of the Auditor General of Fiji. In 1975, he resigned from the job to take up a full time position of General Secretary of Fiji Public Service Association. He has a long and distinguished career in trade union movement and is credited with initiating measures that relate to pay and working conditions in the public service. He has also been a member of statutory boards like the Fiji National Training Council.
Shri Chaudhry’s is a remarkable political career. He was the founder member of Fiji Labour Party and was elected to the House of Representatives in 1987 when he was made the Finance Minister. In 1992 and 1994 he was elected to the House of Representatives as Member of Ba West Indian Constituency. Since 1992 he has held charge of the Parliamentary Leader and the Secretary General of the Fiji Labour Party. In 1999 he rose to the position of the Prime Minister of Fiji. He was re-elected to the Parliament in 2001 and is awaiting a court ruling on his constitutional right as leader of the Fiji Labour Party to be included in the Government under power sharing requirement as required by the constitution of Fiji. Shri Chaudhry is recognised for his service in the cause of the Diaspora and for promoting Indian values, culture and tradition abroad."
AGMC and Abu Dhabi Motors launch the new BMW 1 Series in the UAE
New model redefines the compact class
DUBAI 13th October, 2004 BMW Group Middle East together with AGMC and Abu Dhabi Motors, the exclusive BMW Group importers for the UAE, today announced the arrival of the all new BMW 1 Series, which redefines the compact class by combining the functionality of a compact five-door hatchback with the driving pleasure associated with a BMW.The much-anticipated BMW 1 series is a five-door sports hatch, 4.23 metres in length, making this new model series precisely 24 centimetres shorter than a 3 Series saloon. The typical BMW drive concept, powerful engines, high-grade equipment and the experience of sheer driving fun offer a new and unique alternative in this particular market segment.
The BMW 1 Series is equipped with numerous technical innovations not usually featured in the compact segment, such as rear wheel drive, providing best in class performance; runflat tyres; two-stage brake lights; and optional extras include BMW’s revolutionary iDrive Controller; sports seats; keyless access, voice-activated radio and Bluetooth technology.Stathis I Stathis, General Manager, AGMC said: “The same principles of development and production that has helped take the BMW brand to leading positions in other vehicle segments have been applied to the 1 Series. This was the only way to create a BMW that also fitted into the compact class.
“With the BMW 1 Series the compact class has entered a new age. On all fronts the car offers an unprecedented range of customer benefits and unparalleled driving pleasure and we are looking forward to a successful launch.“One of the top priorities in the development of the BMW 1 Series was to minimise the time and cost of maintenance and servicing. There is no other vehicle in the compact segment which requires less service and maintenance than the BMW 1 Series,” added Stathis.The BMW 1 Series is available with two engine variants, ranging from 115 brake horse power (bhp) for the BMW 116i to 150 bph for the BMW 120i, enabling the 120i to sprint from 0-100 kph in just 8.7 seconds and top speed is an impressive 217 kph. A smooth-shifting manual six-speed gearbox (five-speed on the 116i) or, optionally, a comfortable six-speed automatic, deliver power to large-size 16-inch wheels with emergency running properties, ensuring the most dynamic performance available in this segment.
Although a new car in a new premium segment, the 1 Series has the traditional BMW design trademarks - the front kidney grille, double headlamps and 'Hofmeister kink' on the C-pillar all feature. These punctuate a genuinely head-turning styling that ensures the new 1 Series will stand out amongst its competitors.The new 1 Series offers ample shoulder and legroom for rear passengers and, thanks to split fold rear seats that fold virtually flat, a similarly generous luggage capacity of between 330 to 1150 litres of storage space.
After slipping behind the wheel and firing up the engine via a starter button, the driver will go on to enjoy BMW's renowned 50:50 weight distribution and front engine, rear wheel drive set-up - unique in this class. Coupled with a technically elaborate aluminium front axle and five-link rear suspension, this ensures optimum handling and traction, and the most invigorating drive in the compact executive segment.Robust, large disc brakes provide supreme stopping power in any situation. And the extensive range of standard safety equipment includes DSC (Dynamic Stability Control), DBC (Dynamic Brake Control), Electronic Differential Lock as well as a complete airbag system comprising head airbags for all seats.
These safety features and an exemplary protective body structure are the best prerequisites for achieving five stars in the Euro NCAP crash test.This new model has the best stopping power in its class, with large brake discs on the front and rear wheels. The BMW 1 Series features two-stage brake lights. The objective of this innovation is to prevent bumper-to-bumper collisions. The intensive bright light produced by the brake lights warns traffic behind of particularly dangerous situations, said Arno Husselmann, General Manager, Abu Dhabi Motors.“Another first in the compact class are the BMW 1 Series’ run flat tyres which allow the vehicle to travel for up to 150 kilometres in the event of a puncture. And the tyres’ special design ensures that even if a tyre suffers sudden and complete loss of pressure, it will not jump off the rim, making the vehicle controllable even in the case of a blow-out.”
In addition to the wide range of basic equipment, owners can individualise their BMW 1 Series with optional equipment. These include: Convenient keyless access, Bluetooth mobile interface, sports seats with backrest width adjustment, acoustic PDC (Park Distance Control) at the front and the rear, Bi-Xenon headlights and a choice of high-performance audio and navigation systems, which can also be operated centrally or by voice control utilising BMW’s state-of-the-art iDrive operating concept.
“We see excellent chances of winning over new and younger target groups with the BMW 1 Series. These modern consumer groups have increasing purchasing power. These are the consumers who increasingly demand versatile, high-quality, sporty cars that stand out,” said Guenther Seemann, Managing Director, BMW Group Middle East.“The BMW 1 Series is a major milestone in the BMW Group’s expansion into new market segments. It is the first and only car in the compact class with the kind of driving dynamics and product substance that is expected of a BMW.”
SunGard SCT opens Middle East regional office at Knowledge Village Offers best infrastructure solutions for higher education institutions
DUBAI, UAE— 12th October, 2004 SunGard SCT Inc., an operating unit of SunGard Data Systems (NYSE:SDS) and a leading global provider of e-Education solutions for higher education, today announced the opening of a new regional office in Dubai, UAE. SunGard SCT is setting up its Middle East headquarters in Knowledge Village, part of the Dubai Technology, and Media Free Zone, to support both existing clients and further regional growth potential in the Higher Education sector.
“SunGard SCT has served clients in the region for over twenty years and we recognised the need to establish an operation specifically for the region to serve the growing demands for e-education solutions from existing and new clients,” said Mathew Boice, general manager marketing and channel sales, SunGard SCT Europe, Middle East and Africa. “Knowledge Village provides us with a gateway to the rest of the region, and is set to be a major hub for the evolution of e-Learning and the Higher Education sector in the region. From here we can better serve our existing customers and also establish new partnerships with other higher education institutions and companies alike.”
The new office further enhances SunGard SCT’s global presence, the largest technology company focused on higher education, supporting more than 1,300 institutions and eight million students around the world. SunGard SCT offers a wide range of proven technology solutions including administrative and academic solutions; portal, collaboration and community solutions; content management, integration, and information access solutions to help clients accomplish their multi-faceted objectives
Dr. Abdullah Karam, CEO of Knowledge Village, said: “We are pleased to welcome SunGard SCT to the Knowledge Village community. Knowledge Village is seeking to develop a vast and vibrant community of universities, training institutions and other learning service
providers to accelerate the development of human capital in our region. The commitment shown by such companies towards the region has seen an increase in the choice of higher education and access to new learning opportunities over the past few years. One of our key focuses is to promote the use of technology and new educational modes like e-Learning to enhance educational opportunities and methodologies. The presence of e-Education solution providers like SunGard SCT in Knowledge Village will contribute towards this and enrich the learning community here.”
SunGard SCT’s portfolio of solutions includes leading products such as, SCT Banner®, SCT PowerCAMPUS® and SCT Luminis™. SCT Banner® is the first web-based student information, HR and Finance system architected with an integrated relational database. SCT Luminis™ product family is a combination of enterprise portal, content management and data integration technologies developed specifically for the higher education market. SCT PowerCAMPUS provides a total suite Administrative Solution, including Admissions, Student Records, Billing, Cash Receipts, Advancement, Finance and HR, utilising Microsoft’s SQL Server, Windows Server and Microsoft Business Solutions components.
Boice ended: “SunGard SCT has been active in the region for some time, with important relationships with clients in UAE, Kuwait, KSA, Lebanon and Egypt. We work with institutions to improve their education and administrative processes, to enhance the learning experience and ultimately to enable learners to achieve their goals – we help our clients achieve their missions. From our regional headquarters in Knowledge Village, we will be able to reach more institutions and work collaboratively with the regional market.”
GLOBAL FORUM ON BUSINESS INCUBATION – A BACKGROUNDER
For the first time Global Forum on Business Incubators is being held in India from October 14 to 19, 2004 to exchange global and regional experiences in managing Business Incubators. To be inaugurated by the Minister for Science & Technology and Ocean Development, Shri Kipal Sibal, the Forum has been jointly organised by the Department of Science & Technology, FICCI and the World Bank under the Info-Dev Programme. Some other like minded organizations e.g., the University Grants Commission (UGC), Technology Development Board (TDB), Software Technology Parks of India (STPI) and Small Industries Development Bank of India (SIDBI) have also collaborated to strengthen this important event.Over 300 participants including 125-150 international participants from about 60 countries comprising public and private decision makers, academia, public donors, private investors, project promoters and beneficiaries of information for development and business incubation projects are like to attend the Forum.
The five day event which will include a three day conference and a two day training programme, aims to provide a comprehensive training package focusing on crucial elements vital for a successful incubator programme i.e. resource mobilization, business plan, strategy development, operations, venture finance, legal marketing, IPR, networking etc.
A Conference (October 14-16, 2004) on the opportunities and challenges of promoting innovation, entrepreneurship, and new business creation in developing countries, particularly in ways that harness the creative power of information and communication technologies (ICT) both for traditional and new products and services. The conference will focus on the broader environment in which incubators function and the sustainability challenges of attracting private sector support for successfully incubated businesses. Placing incubators within the broader “innovation chain” and the broader context of private sector development and finance, the conference will explore the key gaps – in access to venture capital and other forms of finance, in policy and regulatory environments, in institutional capacity – that sometimes prevent developing country innovators from “taking ideas to market”, and explore ways to bridge those gaps.
A capacity-building, knowledge-sharing and networking workshop (October 18-19, 2004) for business incubators, incubator associations and others involved in promoting business incubation and innovation, particularly in developing countries. The workshop will then focus on how incubators can build their capacity, share knowledge and strategies, and mobilize public and private sector support to address these challenges.
Technology Business Incubators have been successfully employed the world over to bolster economic development by stimulating growth of knowledge based new enterprises in emerging technological areas, particularly Information and Communications Technology (ICT), Biotechnology, Nano Sciences. The technology driven and knowledge based developments not only exhibit tremendous business potential but also offer range of innovative applications beneficial to various sectors of the society. High-technology incubators responsible for creating wealth and jobs worldwide have been particularly successful in US, Israel and China. Incubators reduce the failure rate of small businesses by providing quality training and guidance to such companies in the initial stages.
At present, there are nearly 4000 incubators of various types operational in the World. In USA, there are more than 1000 incubators; Europe has nearly 1000 incubators including 300 in Germany. Among the developing countries, China has set up almost 400 incubators, most of them linked to Higher Education Institutes. Korea too, is reported to have about 30 Incubators while, Japan, Malaysia and Singapore are catching up.
The National Science & Technology Entrepreneurship Development Board (NSTEDB) of the Development of Science and Technology (DST), guided by the global experience, initiated a scheme for establishment of Technology Business Incubators (TBIs) in the year 2000 to promote start-up companies in the high-tech areas. The incubators nurture new ventures by providing specialized guidance, critical support services, innovative financing and networking support within a well equipped work space. Presently 15 TBIs have been established by the Department in several Institutions of excellence including IIT-Bombay, IIM-Ahmedabad, National Institute of Design-Ahmedabad, BITS-Pilani, Vellore Institute of Technology-Vellore and ICRISAT-Hyderabad in well identified thrust areas and several more are in various stages of development.
The most important factor in running a successful incubator programme, is networking in new economy. New information technologies have changed the way of doing business forever. The Government of India attaches a special significance to business incubators, for the development of high technology driven and knowledge based enterprises. Networking with global institutions and incubators and exposure on good incubator management practices have been the weak areas of the Indian incubators. It is hoped that the current Forum will go a long way in addressing these problems.
UAE PETROL RETAILERS LOSE MILLIONS AT THE PUMP DAILY
Service Stations Might Run Dry
It may seem inconceivable but motorists in the UAE may soon find themselves lining up to buy petrol. Purchasing refined petrol at AED 6.75 per gallon but allowed by the authorities to sell at only AED 4.75 per gallon, the country’s gasoline retailers incur a substantial loss estimated at about AED 4.1 million daily, especially now that world crude prices have reached more than US$ 50 per barrel. EPCCO/ENOC, with more than 160 service stations in Dubai and the Northern Emirates, loses upwards of AED 1.4 million a day.More
Sexual Assault of Woman Soldiers Mounting in US Army: Report
The US military investigated 1,012 allege-d cases of sexual assault last year, compared to 901 the previous year. Among one of the most publicized at the time was the rape of Sgt. Andra Wood at a desert post in Kuwait in November. Wood - a member of the 3rd Brigade, 2nd Infantry Division in Fort Lewis - was hit in the back of the head near the showers at Camp Udairi shortly after she got off guard duty in the middle of the night.When she regained consciousness, she was tied, gagged and unclothed. Read the Full Report about Sexual Assault and Rape in US Military
TENTH ANNUAL SHOPPING CENTRE INDUSTRY SUMMIT ‘MOST SUCCESSFUL’
Attracted More Than 270 Delegates From 18 Countries
DUBAI : October 13, 2004 More than 270 shopping centre industry professionals from 18 countries attended the annual Middle East Council of Shopping Centres (MECSC) conference and exhibition. The ‘most successful’ edition of the event, which celebrated its 10th nniversary, attracted delegates and visitors from the GCC, wider Middle East, North Africa, South Africa, Europe, UK, USA, Australia, the Indian Sub-continent and the Far East.
“The 2004 event exceeded all our expectations with conference delegate numbers being the largest in the event’s history,” said Mike Davidson, President of MECSC for 2004 - 05.
“The exhibition has also grown in size and become an important networking forum for industry professionals.”One of the founding members of the MECSC, Shavak Srivastava, Director of Sq. Ft Consulting said the founders had not expected an industry growth of this magnitude “This can be judged by the title of one of the topics in the 1994 convention which read ‘Is the region being over-retailed’. Today MECSC has grown into a premier industry body for training and education and we expect it to grow more over the next five years.”
Phil McArthur, Marketing and Leasing Director of Dubai Festival City, and a past MECSC President said; “We had an extremely positive response at the exhibition which justified our decision to be one of the platinum sponsors of the event.”
He added that he expected the MECSC’s membership to top 500 in the next 18 months.
Meanwhile exhibitors praised the show, saying the quality of visitors was excellent. Prakash Vivekanand, Director, Amusement Services International -Total Leisure Services, specialists in providing turnkey solutions for set up and operations of family entertainment centres and themed display areas for mall developers and retailers, said the exhibition has come into its own over the last three years.
“We had a series of serious and fruitful meetings with many visitors, especially from India and are on the verge of signing a deal with a mall operator from Iran,” said Vivekanand.
“This is our third time at the show and we will definitely be back for the next edition which we anticipate will be even bigger.”
Saudi Arabia’s United Properties, a second time exhibitor at the show said the event was an excellent forum to network and gain a better insight into the Middle East’s shopping centre industry. Sonia LLC, market leaders in providing ethnic fast food cuisine in a shopping centre food court environment, reported tremendous interest from India, Saudi Arabia, Jordan and Qatar.
“Our aim was to showcase our new casual dining concepts to mall developers and operators and we had a very positive response from top mall management around the region,” said Rajesh Chaubal, General Manager –Operations from the company.
Ole Milan, Managing Director, Landsteinar GCC – a company that specializes in providing retail software solutions, said that the MECSC Exhibition and Conference was a focussed industry exhibition and preferred it to Gitex. The visitors are exactly the kind of people that we want to target and we generated very good business enquiries. It has definitely helped us raise our profile the GCC,” said Milan.
Platinum sponsors of the MECSC Exhibition and Conference were Dubai Festival City and Jumeirah Beach Residence. It was also supported by PMDC Cluttons, Burjuman Centre, Arabian Oud, FootFall, Grand Optics and Mastercard.
October 12, 2004
Dubai Drama Group November 2004 Production
Relatively Speaking, by Alan Ayckbourn
This is a highly entertaining, gossamer-light comedy, by the popular English playwright Alan Ayckbourn – with almost too much mistaken identity. Briefly:
Greg and Ginny are living together, but Greg is becoming suspicious that he is not the only man in Ginny’s life; little things like anonymous telephone calls, drawers full of boxes of chocolates, flowers everywhere, a pair of slippers under the bed – far to big for him! In fact, his suspicions are not unfounded…
Telling Greg she is going to ‘visit her parents’ in the country, Ginny is actually preparing to see her considerably older lover one Sunday – but only in order to break with him and retrieve some letters. Greg decides to follow her. Haplessly, he arrives before she does, and naturally takes Ginny’s ex-lover and his wife for her parents. Confusion is exacerbated when the ex-lover believes Greg wants to marry his wife!
Ginny’s arrival puts the cat amongst the pigeons in a big way, and we are treated to a train of hilarious misunderstandings until everyone’s penny drops – except Greg’s.This delightful play will be performed at the Dubai Country Club in the first week of October, from 15th to 18th November. The 17th is dinner theatre costing Dhs 185 for the play and a sit down dinner. Non-dinner performance prices are dhs 60 for non-members and Dhs 50 for members. Tickets can be booked with the Dubai Country Club on phone 04 3331155.
E-ASIA AWARD FOR INDIA’S TRADE FACILITATION PROJECT
The Department of Commerce, Ministry of Commerce & Industry’s project ‘EC/EDI (Electronic Commerce/Electronic Data Interchange) for Trade’ has been nominated for e-Asia Award in the category of trade facilitation by Asia-Pacific Council for Trade Facilitation and Electronic Business (AFACT). The project, pursued by the Ministry of Commerce & Industry and Ministry of Communications and Information Technology, National Informatics Centre (NIC) in cooperation with Customs, DGFT, Ports, Airports, RBI, CONCOR and Banks, was short-listed in the initial review, among the top six projects of the Asia-Pacific region. The project was selected as the best project and awarded the e-Asia winners trophy at Chinese Taipei on 24th September, 2004.
These awards are constituted to recognise the significance and efforts made in the areas of trade facilitation and e-business and to encourage experience sharing in the Asia-Pacific region. 16 countries and economies which includes Australia, Chinese Taipei, India, Indonesia, Iran, Japan, Korea, Malaysia, Mangolia, People’s Republic of China, Pakistan, Philippines, Singapore, Sri Lanka, Thailand and Vietnam, being members of AFACT participated for this honour.
Ten Reasons why America Should Quit Iraq
Explosive Experts to Assist Customs Authorities of Indian Ports
Ministry of Finance has sought assistance of forensic experts at major locations who are experts in handling explosives and radioactive materials. The customs officials have neither an expertise nor proper equipments in handling it. The Ministry feels that only compacted and shredded scraps under Para 2.32 {Sub-para 2.32(i)} should be allowed and uncompacted loose metallic scrap should not be allowed through any major port or ICD as it will not be possible for the customs officials to detect explosives in heavy consignments of metallic scrap.
Customs authorities are also being advised to call a meeting of importers of such scrap in the Ports/ICDs in their jurisdiction and to advise them to approach the jurisdictional police authorities to provide assistance of forensic experts and bomb disposal squads which can segregate the explosive materials from the normal cargo and defuse the same. The trade, however, will have to pay the normal fee for such assistance to police authorities.
Indian Economic Service Indian Statistical Service Exam Results Announced
The UPSC has announced the results of the Indian Economic Service/Indian Statistical Service Examinations held in November 2003. Thirteen candidates have been selected for the IES while Seventeen have cleared the ISS Exams. The results are also available on the UPSC website www.upsc.gov.in.
Model Toilets Made with Eco Friendly Materials
Union Minister for Urban Employment and Poverty Alleviation, Kumari Selja today inaugurated the Model Toilet Complex in a M.C.D School in the capital. This has been constructed by Building Materials and Technology Promotion Council (BMTPC), using cost effective and environmentally friendly construction materials and technologies. Speaking on the occasion Kumari Selja said that the government is planning to replicate such toilets based upon this model in various MCD schools in Delhi and other cities. She also advised the school management and civic bodies to maintain these facilities with the involvement of school children. “Children are the best carriers of crucial messages of social concern and hence one should make it a point to instill the right concerns in the young minds”, she added.Among others who attended the function were Secretary, Urban Employment and Poverty Alleviation, Smt. Chitra Chopra, Mayor of MCD Shri Asharam Verma, senior officials of government of India and MCD.Dubai Municipality Lecture for Ladies
DUBAI - The Public Libraries Section of Dubai Municipality will organise a lecture for ladies on the topic, “How do we receive Ramadan” in co-operation with the Jumeirah branch of Asma Bint Abi Bakr House of Quran Memorization on October 13 at 6.30pm at Al Safa Library.The lecture, to be delivered by Dr. Mohammed Issam Al Qudhat, Assistant Professor of Theology at Sharjah University, is part of the cultural activities organised by the Public Libraries Section to mark different occasions. Dr. Al Qudhat, who is also the Head of the Control Committee for Rashid Al Mualla Contest in Umm Al Quwain, has authored a number of books.
India Nepal Task Force for Flood Control
India and Nepal have agreed to prepare a comprehensive strategy on flood control and management and to constitute a joint task force for this purpose. The task force will prepare a short-term strategy within three months for immediate implementation that would cover the most vulnerable areas along rivers in both the countries and will also prepare a comprehensive long-term plan for flood management and control.
This was announced here today by Shri V.K. Duggal, Secretary, Water Resources and Mr. Mahendra Nath Aryal, Secretary, Ministry of Water Resources, His Majesty’s Government of Nepal at the conclusion of the two-day meeting of the Joint Committee on Water Resources of the two countries.
The Joint Committee also agreed to consider as part of long-term measures, technical options, including reservoir schemes, which could mitigate flooding problems from Kamla and Bagmarti rivers.The Committee also adopted the jointly prepared Comprehensive Master Plan on Flood Forecasting and Warning and welcomed it as an important step in strengthening bilateral cooperation in flood management and mitigation.
Pantene Pro-V Introduces New Golden Protection System to Meet Region's Demanding Hair Care Needs
- Nourishing formula repairs damaged hair and prevents future damage so women can have beautifully styled hair that's also healthy -
Dubai, UAE, October 5th, 2004 - Women living in the Gulf know how harsh local conditions are for their hair, whether from treatments, the sun's powerful rays or the damaging effect of constant air conditioning. With these needs in mind, Pantene Pro-V has launched into the region its Golden Protection System, specially designed to repair damaged hair and prevent day-to-day hair damage. Comprised of a 2-in-1 shampoo, conditioner and oil treatment, the Golden Protection System intensive nourishing formula, enriched with Pro-Vitamin B5, retains moisture where the hair needs it most to provide up to 10 times more protection against future damage compared to non-conditioning shampoos.
"Pantene Pro-V Golden Protection System gives women the freedom to create the hair look they want without the worry of damaging their hair," said Andy Uffels, Pantene Pro-V Global Hairdresser. "We all know that feeling when you first have your hair cut and it's been transformed; it looks shiny and healthy with great ends. Using Pantene's Golden Protection System every wash can help you keep it looking that way."
Commenting on the new system, Hani Ismail, Pantene Brand Manager in the Arabian Peninsula, said, "Our researchers know that women want their hair to look good, but recognize that styling aids such as hairdryers, hot irons and curling tongs contribute significantly to hair damage. By using the Golden Protection range, women can maintain moisture in their hair and strengthen it by up to 10 times." The shampoo and conditioner are gentle enough to use every day on every type of hair, while the oil replacement treatment can be used once a week after shampooing for extra conditioning.
"This system helps reduce the formation of split ends by up to 80%, meaning women can have the hair look they want, without sacrificing the health of their hair," Ismail added. Golden Protection Conditioner contains an extremely high concentration of damage-seeking conditioning agents. Using a patented process unique to Pantene, the particles of these conditioning agents are 40% smaller, allowing them to quickly reach the entire hair shaft and provide outstanding conditioning to every inch of the hair. In addition, Golden Protection is only attracted to the areas that need conditioning leaving the rest to be washed away. This action prevents build-up, making Golden Protection light enough for everyday use.Pantene's new Golden Protection Shampoo, Conditioner and Oil Replacement are available in supermarkets and pharmacies around the region
Shamil Bank Starts Distributing Family Takaful Products
Solidarity Appoints Bank as Sole Banking Distributor
DUBAI 11/10/04 Shamil Bank has officially begun distributing the Family Takaful products of Solidarity, one of the Middle East’s leading Takaful companies, as part of an agreement that was signed earlier in the year to cater for increasing demand.Shamil Bank and Solidarity – Family Takaful, signed the agreement in August, making Shamil the sole banking distributor of Solidarity - Family Takaful products in Bahrain. (click photo for detailed view)
Announcing the start of operations, Mohamed Hussain, Deputy Chief Executive, Shamil Bank, highlighted the growing need for Islamic Shari’ah compliant Takaful products in the region.“Takaful products are in huge demand because they rely so heavily on the virtue of fairness and are concurrent with the teachings of Islam. As we now live in such a dynamic and diverse market, many methods are causing a financial frustration on an individual basis, so the need for these Shari’ah compliant products and services is greater than ever,” said Hussain.
Shamil Bank signed the agreement as part of its strategy to increase the services available to its customers by providing Family Takaful Products.
“By signing this agreement with Solidarity – Family Takaful, we are helping to build a sound future for individuals, families and the community, by enabling people to fulfil their basic rights to protect family life, property, peace of mind, and their dignity and honour,” said Hussain.
“Shamil Bank has leveraged itself as the leading Islamic Banking Institution in the region and this agreement ensures we continue to lead the market. Our ability to repeatedly deliver innovative and well thought out products, whilst adhering to the Islamic principles of Shari’ah, has meant that the bank has developed a solid and respected reputation with customers and investors alike; which was demonstrated by the positive response of the last month from Shamil Bank’s database.”
Solidarity is primed to become the largest Insurance Company in the Kingdom of Bahrain and the largest Takaful Company in the world. It has been newly established as one of the top 10 companies in the Arab world in terms of paid up capital, (US$ 100,000,000). “Shamil Bank is one of the pioneering institutions in the Middle East for Islamic financing solutions,” said Rob King, General Manager, Family Takaful, Solidarity.
“Both our companies aim to accommodate the diverse individual needs of clients by providing a comprehensive range of traditional and modern products in accordance with Islamic Shari’ah principles and to generate a satisfactory rate of return for shareholders and policyholders alike”. As part of the agreement, Solidarity has ensured that all Shamil Bank Financial Advisors have been certified to market the company’s Family Takaful products by completing their intensive certification programme.
“Solidarity – Family Takaful has been supplying complete support to our Financial Advisor team and distribution channels ensuring that we recommend for our customers the most suited and appropriate investment opportunities,” said Iqbal Sangoor, Sales Manager for Family Takaful at Shamil Bank.“It is imperative that our employees are trained in accordance with the highest international business standards.”
Europe Finds Indian Leather Colour Scheme Attractive
Europe has found Indian Leather Colour and texture scheme highly attractive.Out of the 58 colours selected for the Autumn – Winter of 2005-06 by Modeurop, 55 are from those submitted from India. The Zurich based Modeurop forecasts global fashion and trends in leathers, colours and materials. The Indian presentation in Modeurop was co-ordinated by the Central Leather Research Institute (CLRI), Chennai and twenty tanneries participated in the development of colours and materials for presentation at Modeurop. More than 700 samples of leather were presented at the Modeurop Congress. CLRI has now been enrolled as a permanent member of the Jury and shade card for the world is being made in CLRI. India’s leather exports touched an all time high of $2.09 billion in 2003-04 and CLRI has emerged as the world leader for Research & Development in leather.
Indian Multinationals Flourish as more FDI is welcomed
Indian Investment in UK Celebrated
The age of the Indian MNC has now dawned, with the Indian industry realising that world-wide, businesses can thrive today only by crossing new frontiers, creating new markets and building new partnerships, Shri Kamal Nath, Union Minister of Commerce & Industry, said in his address today at a luncheon meeting "Celebrating Indian Investment in the UK" in London. The very theme of the gathering symbolised the transformation of the UK-India commercial links over the years and the new economic paradigm of two-way investments, which was emerging, he said.
Pointing out that India’s two-way international trade stands at US $ 150 billion and her foreign exchange reserves are a comfortable $ 120 billion, Shri Kamal Nath indicated that "the value of overseas acquisitions by Indian firms leap-frogged in the first half of 2004, with 24 buyoffs valued at a billion dollars, or roughly double the size of all of last year’s acquisitions. Indian companies are investing heavily in different parts of the world, including Germany, the United States, Australia, China, Korea, Thailand, Singapore and many parts of Africa. The world is now their oyster. Indian investments in the UK now roughly equal British investments in India. India retained in 2003 the rank of 8th largest investor here, and the 2nd largest from Asia. There have been some big-ticket investments last year. These investments have created a number of local jobs, as well as saved jobs in some cases. Existing Indian companies in the UK, particularly in the IT sector, have also ramped up their operations significantly, and at least two of them now employ over 1000 local people each".
The government welcomes foreign direct investment (FDI) and foreign investors would find a very conducive atmosphere in India, he said. At the same time, he pointed out that "while all kinds of FDI is always welcome, our very comfortable foreign exchange reserves means that investment for mere acquisitions do not excite us. Investment in trading operations is slightly better, as it leads to economic activity. But what we really want is FDI that generates the maximum economic activity, and thereby generates employment, that creates wealth for our people. Employment generation was a central election promise of ours. We especially therefore look to FDI in manufacturing sectors and in greenfield projects".
On outsourcing, Shri Kamal Nath said that India particularly appreciated the UK government’s pragmatic and positive approach. "Global sourcing is an opportunity in a competitive and technology-driven global economy, and not a threat", he said. The Minister also raised the issue of some irritants that Indian companies had to face from time to time such as renewal of work permits for Indian IT professionals and the procedure for intra company transfers, as also the question of recognition of degrees. "But I am confident that this will soon get sorted out", he added.
Overview of Trans Asian Railway Routes Discussed
The recently held first conference of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand (BIMSTEC), UN-ESCAP and Asian Institute of Transport Development has recommended measures for increasing the connectivity of the various BIMSTEC railway networks, promote interoperability between these networks, develop solutions to issues arising at breaks of gauge, work together on the establishment and harmonization of procedures and standards, and upgrade the existing network to atleast minimum international standards with special emphasis on the transport of containers.The meeting resolved that Trans Asian Railways (TAR) network formed a rational basis for the BIMSTEC railway network. It also noted that nodes and links could be added to the basic TAR network to form a ‘missing links’ between Thailand and Myanmar, and Myanmar and India. The representatives from Myanmar pointed out on Myanmar-India rail routes the link upto Kalay would be ready by the end of 2005, thereby leaving a missing link of 135 kilometres upto the border of India (Tamu) for which techno-economic survey would be undertaken soon. Similarly, on Thailand-Myanmar route, a new 164 kilometre railway line from Ye to Dawei has been built. Thailand is expanding its network to the neighbouring countries—Myanmar, Laos PDR and Combodia.
The meeting noted that United Nations Economic and Social Council for Asia and the Pacific (UN-ESCAP) would be convening an Expert Group Meeting to consider the first draft of an Intergovernmental Agreement on the TAR network. During the meeting, participants would have opportunity to contribute to the formalization of TAR routes. They would also consider ways and means to determine and harmonize technical standards for the railway network of the entire Asian region. It is anticipated that the Agreement would be signed at the Ministerial Conference on Infrastructure scheduled for 2006.
The meeting recognized the important work of UN-ESCAP in providing a regional perspective of land transport and promoting it through the Asian Land Transport Infrastructure Development (ALTID) projects, comprising the Asian Highway, Trans-Asian Railways and cross border facilitation. In this connection, the participants recalled the New Delhi Declaration of 1996 on Infrastructure Development in Asia and the Pacific, as well as the Seoul Declaration of 2001 both of which provided strong support to the ALTID project at the Ministerial level.
STABILITY IN IRAQ TO INCREASE DRY BULK COMMODITIES TRAFFIC, SAYS THAI SHIPPING EXPERT
DUBAI 13 October 2004 A dramatic increase in the movement of dry bulk commodities in the Gulf has been predicted by one of Thailand’s leading shipping companies.Khalid Hashim, Managing Director of Thailand’s Precious Shipping, says reconstruction in Iraq will fuel economic growth across the entire region over the next few years, and that will mean a major upturn in business for the maritime industry.
Hashim will speak in the Dry Bulk Cargoes conference session at Seatrade Middle East Maritime 2004, the region’s premier event for the maritime sector, which runs from December 6-8 at the Dubai World Trade Centre.The session on December 7, one of the five General Conference streams at the event, will look at the scale and nature of future demand for dry bulk transport in the wake of the Iraq conflict.Hashim said: “The maritime industry, and dry bulk shippers in particular, must be prepared for the massive regional rise in demand that will be created as reconstruction work begins in a country that has been devastated by three wars and decades of sanctions.”
Other speakers due to address the session are Fred Doll, Managing Director, Doll Shipping Consultancy; B S L Narayan, Group General Manager – Trading & Shipping, Emirates Trading Agency LLC and Director, Bright Shipping Co Ltd; Farouq H. Rahimtoola, Chairman, Ray Shipping Enterprises Ltd & Asia Marine (Pvt) Ltd, Karachi and Chairman, Pakistan Ship Agents Association; Rohan Shetty, Managing Director, Scan-Trans Shipping Middle East LLC.Chris Hayman, Managing Director, Seatrade, said: “International shipping industry leaders from over 15 countries are due to address this year’s conference sessions focusing on key global and regional issues.“With the maritime sector experiencing strong regional growth these conference sessions will be the definitive forum for the industry’s immediate future.”
The other General Shipping conference sessions are Trade Shipping and Ports; Investing in Shipping; Finance for Shipping; Energy Demand and Tanker Transportation and Quality Shipping, Security and the Environment.Seatrade Middle East Maritime is being held under the patronage of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister. The event is sponsored by Dubai Maritime City; Dubai Ports Authority; Government of Dubai Department of Tourism & Commerce Marketing; Gulf Energy Maritime PJSC (GEM) and Islamic Republic of Iran Shipping Lines (IRISL).Other sponsors include Aalborg Industries A/S (Dubai branch); Aqua Group; Arabian Adventures; British Airways; BP Marine; Clyde & Co; Dubai Metals & Commodities Centre; HSBC; Lloyd’s Register; Net Cruises; Nico International; Norton Rose; Scan-Trans Chartering LLC and Sharaf Shipping Agency LLC.
Supporters of the event include Dubai Chamber of Commerce & Industry; Dubai Shipping Agents Association; National Association of Freight Logistics; Indian National Shipowners’ Association; the Nautical Institute UAE Branch and UAE National Ship Suppliers’ Association.Seatrade, the leading maritime publication, conference, exhibition and training provider, is the holder of Dubai Maritime City License 001, the first to be issued by the integrated state-of-the-art marine and maritime development being created between Dubai's Port Rashid and Dubai Drydocks in the United Arab Emirates.
Cases Related to Vanishing Companies
The Ministry of Company Affairs is actively pursuing the cases relating to the vanishing companies. SEBI, RBI and other concerned agencies have been involved. The Ministry has set up a Monitoring Committee on Vanishing Companies. It is co-chaired by the Ministry’s Secretary and the Chairman of SEBI. Another Monitoring Committee was set up in August, 2004 to pursue the FIRs against the vanishing companies and their promoters or directors. This Committee is also to be jointly headed by the Ministry’s Secretary and SEBI’s Chairman. The other members of the Committee are the Chief Secretaries of the State Governments of West Bengal, Maharashtra, Tamil Nadu, Andhra Pradesh, Gujarat and the Police Commissioner of Delhi. SEBI’s representative is to be the Committee’s Member-Secretary.
BAHRAIN’S FIRST LEASING BANK UNVEILED
US$50m Medical Equipment Fund Launched
MANAMA - 11/10/04 First Leasing Bank (FLB), the first Bahrain-based bank dedicated exclusively to the introduction and expansion of equipment leasing throughout the Gulf Cooperation Council (GCC) countries, was launched today. It will provide its primary leasing products, Finance Leases and Operating Leases, to commercial and government sectors.James A Cracco, CEO, First Leasing Bank( Click photo for detailed view.)
“With the launch of FLB we are now poised to become the premium leasing bank in the GCC,” said Khalid Abdulla-Janahi, Chairman of the Board of Directors, FLB. “First Leasing Bank will make leasing an integral and sophisticated force in the capital formation structure of GCC companies and institutions.“Highly adaptive to individual customer needs, leasing is not merely a matter of regular payments for use of equipment. Payments can be structured to reflect variable client cash flows and budget timing, allowing for a better use of working capital and improved liquidity.”
As opposed to traditional financing, FLB will finance 100% of the asset without down payments or compensating balances, and will finance the asset for the entire term of use without periodic renegotiation of terms.The bank, incorporated under a licence, acquired in August 2004, by the Bahrain Monetary Agency, is a joint venture formed by Bahrain based Ithmaar Bank ,
US based Overland Capital Group, Bahrain based Gulf Finance House B.S.C; and Kuwait based Gulf Investment House.“The shareholders and management team have a unique combination of experience, background and financial acumen, key to providing the Gulf with an unequalled combination of local knowledge and international experience in lease-financing,” said James A Cracco, CEO, FLB. “More than just a leasing company, FLB is a provider of high quality asset based financing for lessees, investors and vendor partners.” In addition to the inauguration of the bank, was the launch of the US$ 50 million FLB Gulf Medical Equipment Fund, which expects to offer investors returns on investment of 3% per annum above the six month LIBOR.
The fund offers individuals and institutions an opportunity to invest in the modern and growing Gulf medical equipment market, through leasing equipment to private and government healthcare facilities and hospitals. Investments in the fund will be a minimum of US$ 250,000 or multiples of that sum.Cracco said: “Healthcare is one of the region’s fastest growing industries. Almost every GCC country is announcing new hospital and clinic developments. First Leasing Bank is committed to funding the equipment for these projects. “We will create an investment portfolio of the newest and most sophisticated medical equipment from world leading manufacturers, providing an attractive income flow and low to medium capital risk.”
