DUBAI, 4 July 2006 — Dubai Islamic Bank (DIB) yesterday announced the launch of “Al-Islami Shipping Fund,” a Shariah compliant investment fund that will invest in selected shipping assets through Musharka joint ventures. The new fund has a target of $32 million and will offer profit distribution on a quarterly basis. According to DIB, the fund has a locked-in 4-year maturity and will provide investors with the opportunity to enter into an investment product that can provide a predictable return derived from pre-determined Charter Hire Rates for the entire period of the term. The minimum investment amount is $25,000.
Dubai Center for Corporate Values
DUBAI, 4 July 2006 — The Dubai Technology and Media Free Zone Authority (DTMFZA), the Dubai International Financial Center (DIFC) and Dubai Airport Free Zone Authority (DAFZA) jointly announced on Sunday the formation of the Dubai Center for Corporate Values (DCCV), a new initiative that aims to promote the awareness and practice of corporate social responsibility (CSR) in Dubai’s business sector. The initiative will primarily be targeted at the free zones of its founding members. At a later stage, it will be extended to companies in Dubai. DCCV will develop a Dubai-based Corporate Social Responsibility model that relates to the UAE’s social and economic environment. The model will be based on the European Foundation for Quality Management’s (EFQM) CSR framework.
DSES Signs Deal With Marhaba Services
DUBAI, 4 July 2006 — The Dubai Service Excellence Scheme (DSES) at the Dubai Department of Economic Development (DED) signed an agreement with Marhaba Services, Dnata’s airport passenger services unit at Dubai International Airport as part of its on-going effort to raise customer service standard in Dubai. Under this agreement, Marhaba Services has agreed to adhere to the code of business ethics of the DSES and undertake to abide by its rules and regulations as part of its commitment to Dubai’s drive for quality and service excellence. Ismail Ali Albanna, executive vice president, Dnata and Ali Ibrahim, deputy director general for executive affairs at DED, were the signatories of the MoU.
FAMCO Wins SD Subcontract
DUBAI, 4 July 2006 — Al-Futtaim Auto & Machinery Company (FAMCO) has been awarded the subcontract by SD Middle East (Siemens) for the supply and installation of a state-of-the-art Dexion ASRS (Automatic Storage & Retrieval System) to the new Cargo Mega Terminal at the Dubai International Airport expansion project. FAMCO is the exclusive distributor for Dexion shelving and racking systems in the UAE. “We’re absolutely delighted to be involved in this project,” said FAMCO’s MD Paul Floyd. “Together with our partners from Dexion, our project management team is totally focused on the challenge ahead.”
Dubai Municipality Conducts Auction
DUBAI, 4 July 2006 — Dubai Municipality has fetched AED9.6 million out of the auction it conducted on six plots for investment purpose on BOT system. AbdulRahman Al-Jaziri, director of Markets Department said the plots were spread over Al-Warqa 2, Jebel Ali Industrial Area 1 and 2 and Al Qusais.” The plots will be handed over to the companies that won in the auction as per the rules and conditions applied by the municipality,” Al-Jaziri said yesterday.
