DUBAI, 26 February 2008 — The DIFC Authority (DIFCA) yesterday released for public consultation the “Exempt Companies Regulations”, a new set of regulations proposed under the Companies Law of 2006 and the Insolvency Law of 2004. The new regulations are designed to assist financial institutions to carry out, among other things, securitization transactions using the existing DIFC legal and regulatory framework. Commenting on the imminent adoption of these regulations, Dr. Omar Bin Sulaiman, governor of the DIFC, noted: “With the increasing number and growing sophistication of transactions taking place in the Dubai International Financial Center, the DIFC has again proved its commitment to international best practices — this time in the area of securitization and other structured finance transactions. Through the adoption of these regulations, the DIFC demonstrates its willingness to support key players in their sectors of activity and respond to their requirements in a flexible manner while remaining faithful to its founding principles of integrity, transparency and efficiency.”
Al-Qassimi Signs Exploration Deal
SHARJAH, 26 February 2008 — Dr. Sultan ibn Mohamed Al-Qassimi, member of the Supreme Council, ruler of Sharjah, signed yesterday an exploration and production agreement with Hamid Jafar, the chairman of the United Arab Emirate’s Crescent Petroleum. The major area covered in the agreement covers 1,250 square kilometers, to the south and southeast of the major Sajaa field in the Emirate of Sharjah, and borders all other six Emirates in the United Arab Emirates as well as Oman. Crescent Petroleum is expected to commence work on the concession immediately. The 25-year agreement provides for an initial exploration period of seismic surveys and drilling of exploration wells, to be followed by full development operations within the concession area. Crescent Petroleum has been operating as a regional upstream oil and gas company for more than thirty-six years.
Marina Industry Growing Very Fast
DUBAI, 26 February 2008 — Dubai is the fastest growing marina industry in the world, and regional infrastructure players are investing heavily to develop their production facilities to meet growing demand, according to Paul Lane, marine division manager at Septech Emirates, leading infrastructure specialists. “The region’s coastline is changing as we speak and the already constructed 2,500 berths in the UAE alone are expected to double by the end of this year. This paints a very impressive picture for the future of the marina industry and companies associated with it,” added Lane, on the sidelines of the ongoing Waterfront 2008 Dubai, which takes place until Feb. 28 at the InterContinental Hotel, Dubai Festival City.