Algeria to Have New Islamic Bank
Arab News
DUBAI, 19 October 2006 — Al Salam Bank has acquired the license to launch an Islamic bank in Algeria with a paid up capital of $100 million. The bank will launch its operations soon in the country and start offering a wide range of Shariah-compliant banking services. Mohamed Ali Alabbar, head of Al Salam Bank’s Founders Committee, said: “The opening in Algeria underscores the ambitious vision of the bank to expand into new markets that have great potential for growth. The bank is already functioning in Sudan and Bahrain, and will now play a premier role in Algeria’s banking sector too by offering an array of Shariah compliant banking services and solutions.”
DGCX to Begin Trading Energy Deals
Arab News
DUBAI — Dubai Gold & Commodities Exchange (DGCX), the world’s newest online commodities derivative exchange, will begin trading energy and fuel oil derivatives contracts from the end of October 2006. DGCX also plans to trade gasoline derivatives next year. “This is an obvious progression for DGCX being headquartered at the commercial hub of the world’s most vibrant energy producing region,” said Colin Griffith, chairman, DGCX. Oct. 30, 2007 will see DGCX launch the Fujairah 380 CST High Sulfur Fuel Oil Futures Contract to be followed by six consecutive forward month contracts with January 2007 being the near month contract. The contract will be traded in lots of 100 tons of 4.5 percent sulfur, 380-centistoke fuel oil.
New Food Firm to Be Launched
Arab News
SHARJAH — Al-Ameera Food Company, described as the largest Tahinah manufacturing plant in the Middle East, will be launched in Sharjah next month. Established under the patronage of Sheikh Abdullah ibn Mohammed Al-Qassimi, Al-Ameera Food Company, has the highest Tahinah production capacity in the world, 24 tons per day. “When every company talks about providing the best products in the market, we mean it in the real sense as we have equipped our factory with the most modern machinery available in the world to deliver the best that too with the largest ever production capacity,” said KM Basheer, director of the company.
Intlaq Scheme Draws Huge Response
Arab News
DUBAI — The Intlaq scheme, an initiative by the Dubai Department of Economic Development (DED) to encourage more UAE nationals to set up businesses, has received an overwhelming response with more than 308 licenses issued to date this year. The total number of licenses issued under the scheme since its launch in 2001 now stands at 1,369. “The sustained development of UAE nationals, especially in the small and medium enterprises sector, is one of the strategic objectives of DED,” said Khalid Al-Kassim, deputy director general for Planning and Development at DED.
Expo Center Sharjah to Showcase Auto Show
Arab News
SHARJAH — The International Automobile Show will open its doors at Expo Center Sharjah on Nov. 14, 2006. The five-day event, which will be in its eighth edition this year, will host some of the finest automakers from across the globe. Among the automobile brands that will be represented at the Show are Toyota, Lexus, Nissan, Infiniti, Renault, Suzuki, Aston Martin, Bugatti, Bentley, Mitsubishi, TemSa, KIA, BMW, Rolls-Royce, Mini, Mercedes Benz, Maybach, Jaguar, Land Rover, Ford, Lincoln, Mercury, Skoda, Mobil, Lamborghini, PGO, Ligier, Admiral, Audi, Hummer and Chery. On display at the show will be the latest models in convertibles, prototype cars, 4x4 vehicles, luxury coaches, and other makes of automobiles.