High Population of Networth Individuals in UAE Tuesday, Jul 31 2007 

Dubai and business dubai207 8:20 am

Dubai stands among the wealthiest nations of the world. Back in 2003, there was a 4.5 percent rise in the number of high networth citizens according to the World Wealth Report prepared by Merrill Lynch. It was also found that the investable assets owned by these individuals witnessed a 4.25 percent rise. After Saudi Arabia, the UAE has the biggest population of high networth individuals in the GCC countries according to the survey.

High networth people have at least 1 million US dollar worth of financial resources, besides real estate assets.

 

UAE Bans Import of Poultry Tuesday, Jul 24 2007 

business and life and updates dubai207 8:14 am

The United Arab Emirates have banned the import of poultry products and live birds from Togo and the Czech Republic. This comes in the wake of an outbreak of H5N1 virus in the two countries recently. The Czech Republic has reported about four cases of the virus outbreak in the past one month. On the other hand, Togo followed six other West African countries to have reported the epidemic. The measure by the UAE government is a bid to prevent the spread of the lethal virus to animals and human beings in the Gulf region.

Last year, more than 30 countries of Asia, Africa, Europe and the Middle East reported bird flu cases. According to a World Health Organization report, out of about 300 known cases, H5N1 has killed 200 people across the globe.

Avian Influenza (Bird Flu) is a highly contagious disease among birds. It can be fatal to domesticated birds, especially poultry, and can also be lethal for people who come in contact with infected birds and/ or H5N1-contaminated surfaces. 

 

Foodstuff Prices Fluctuate Thursday, Jul 19 2007 

UAE and business and life and updates dubai207 10:15 am

In the UAE, the prices of different foodstuffs having UAE origin show constant fluctuation. There is an ebb and flow in the price of provisions across the different emirates as well as between different locations within a particular emirate. For instance, the cost of black pepper ranges between 2 AED and 4 AED between the seven emirates. This is a clear indicator of the growing need to adjust the prices and implement uniform rates on food items across the UAE.

Under present market trends, the best place to purchase foodstuffs is Abu Dhabi. Foodstuff coming in from Europe, the Middle East and the Asia-Pacific regions can be purchased at the best possible price here.

As compared to the inflation rate of 9.3 percent last year, an inflation rate of 14 percent has been forecasted for the running year. There are different factors responsible for the mounting inflation rate in the emirates. Some of these are given below:
• Global rise in commodity prices
• Exchange rate regime
• Salary hikes
• Rent costs
• Fuel costs
• Abundant liquidity

 

Diamond Offer for Emirates Bank Cardholders Monday, Jul 16 2007 

UAE and business and life and updates dubai207 8:25 am

Emirates Bank has been a leading banking service provider in the UAE for the last three decades. The Bank has announced an attractive offer for its debit and credit cardholders at the Diamond Jewellery Sale. Customers can avail of up to 60 percent discount on diamond and precious stone jewellery pieces. The offer is valid between July 19-23 2007 at the exhibition being held at Dubai Exhibition and Convention Centre.

The Diamond Jewellery Exhibition showcases designs by Karina Collections – a leading manufacturer, retail and wholesale trader of diamonds, precious stones and studded jewellery across the globe. The designs on offer range from traditional styles to contemporary trends. The collection also has beautiful items having traditional Victorian and Mughal designs. Each piece is handcrafted delicately and offers great value for money.

The cards offered by the Emirates Bank come in two variants, namely Gold and Silver cards that cater to the diverse needs of customers. As more and more people are switching from paper money to plastic money in Dubai, the current offer by the bank will be a major crowd puller for the diamond exhibition.

The bank offers its products and services under the brand name ‘me’. An overview of the services is given below –
• meACCOUNTS – current and savings accounts
• meSAVE – tiered savings accounts
• meDRIVE – car loans
• meCARDS – credit cards
• meMILES – credit card loyalty programme
• meDEPOSITS – term deposits
• mePERSONAL – personal loans
• meLADY – female-oriented banking products and services
• meUNI – student-oriented banking products and services
• meNRI – banking products and services for Indian expatriates
• meNRL - banking products and services for Lebanese expatriates
• meINSURANCE – insurance products

With a wide network of branches across the UAE, the bank offers online and phone banking facilities as well. This year, the Emirates Bank is marking its 30th anniversary.

 

Another Feather in the Cap for Dubai Aviation Industry Saturday, Jul 7 2007 

Dubai and business dubai207 6:46 am

His Highness Sheik Ahmed Bin Saeed Al-Maktoum of the royal family of Dubai has an ambition to build the largest fleet of double-decker planes in the world. As the chairman of Emirates Airlines and with a backup of 82 billion US dollars, he has ordered 55 super jumbo A380s to be included in the Emirates Airlines fleet. He has a vision to transform Dubai into the busiest air traffic nucleus in the world with a potential to overtake even London and New York. Recently, at the Paris air show, Ahmed added eight new A380s to the fleet. In a press conference, he also made an announcement of his plan to build Dubai World Central International Airport having twice the size of Hong Kong Island. With six runways and a cost of about 33 billion US dollars, this will rise to the status of the largest airport complex in the world. 

In fact, Ahmed is the man behind the success story of Emirates Airlines. The Airlines started off as a two-plane carrier way back in 1985. At present, with 105 planes and still going strong, it is the world’s eighth largest international airline. For the next five years, Emirates Airlines will add a new plane in its fleet every month. Thus, it will soon be the world’s fastest growing airline as well.

With all these developments in the offing, there will be more challenges waiting for Emirates Airlines. The competition - both national and international – will be tough in the coming years. The Airlines will have to attract enough customers so that it can help the economies of the emirates and of the Asia-Pacific countries to grow rapidly.

The aviation industry in Dubai has undergone a rapid development in the recent years. With trade, tourism and real estate markets witnessing an upward trend, more and more people from across the world are flying into Dubai. It is estimated that about 25 million passengers landed in Dubai last year.

With the upcoming Dubai World Central International Airport and the expansion of Emirates Airlines, Dubai aviation industry has another feather in its cap!

 

Emirates Banks to Unite Wednesday, Jul 4 2007 

UAE and business and updates dubai207 9:40 am

The UAE government has ordered National Bank of Dubai and Emirates Bank International to come together. Once both these government controlled banks unite, the emirates will have the biggest banking institution in terms of assets, deposits, profit and market capitalization. In fact, 50 percent of lenders operating here are from outside the Emirates. And at present, National Bank of Abu Dhabi is the largest financer of the region. The joint venture will even overtake this and create a tough competition for local and international lenders working in the area.

After HH Sheikh Mohammed Bin Rashid al-Maktoum, the UAE prime minister and ruler of Dubai approved the merger, an official announcement of the same was made in March this year. However, it is believed that the merger will not affect both brands and the jobs will not be cut down. With assets worth 165 billion AED, it will be working jointly in the best interest of its customers, shareholders and employees. The Dubai government will have 56 percent share in the merger, which has not been named as yet. At present, the Dubai government owns 76 percent of Emirates Bank International and 14 percent of National Bank of Dubai. According to the joint steering committee of banks, Goldman Sachs, which is one of the leading investment banks in the world, will be the advisory body to the EBI-NBD merger deal. The merger seeks to enable the Emirates banks for competing in the global arena. The UAE will also be able to face the FTA and the agreements of the World Trade Organization.

All this is happening in the context of the current economic boom in the Emirates. Last year, due to the continuing rise in oil prices, the UAE economy saw a 10 percent growth. This has indirectly boosted investment in various areas, most prominently in the real estate and tourism sectors.

 

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