DUBAI, 6 December 2006 — Al Sharq Investment, has announced yesterday that they are launching six major projects in Dubai with a combined value of $1.2 billion. One of their residential development projects is Al Sharq Tower, which once completed will be the tallest tower on Dubai’s Sheikh Zayed Road. With construction starting in April next year, Al Sharq will reach new heights with their signature landmark appropriately named Al Sharq Tower. “Our business strategy is to offer an expanding portfolio of signature projects with cutting-edge design and uncompromised quality. These projects reflect our commitment to market demand for high-end, quality driven and innovative real estate developments,” commented Ali Al Shehri, chairman, Al Sharq Investment.
K’aki: Seatrade Personality of Year
DUBAI, 6 December 2006 — Saleh Bashir K’aki, president and CEO of UAE-based Vela International Marine Company is the Seatrade Personality of the Year for West and Central Asia. He was named as the person whose company is at the forefront of advances in safety and environmental awareness, including the ongoing modernization of the Vela fleet, with six VLCCs to start building at Daewoo next year, all to the standards in excess of minimum requirements. “With one of the best safety records in the industry, Vela’s entire team, including R&D, continue to find new ways to be even more safe, reliable and efficient,” said K’aki in his acceptance speech. “This prestigious award actually belongs to all Vela employees.”
Maritime Majors Sign MOU
DUBAI, 6 December 2006 — Three maritime majors have entered into a Memorandum of Understanding (MOU) to establish a Joint Venture (JV) to develop a vessel maintenance and repair facility on the Caspian Sea Coast of Kazakhstan. Dubai-based Nico International, Almaty-based Caspian Services Inc. (CSI) and the national marine company of Kazakhstan, Kazmortransflot JSC (KMTF) signed the MOU at the Seatrade Middle East Maritime exhibition held at Dubai World Trade Center. The facility is to be constructed on the grounds of the marine base currently under development by CSI at the port of Bautino in Kazakhstan.
DIB Wins Prestigious Award
DUBAI, 6 December 2006 — Dubai Islamic Bank (DIB) has been awarded the prestigious “Bank of the Year — UAE” award for 2006 by The Banker magazine. The annual award for a single bank in each of 137 countries and regions is for the best overall performance in the previous period, incorporating both performance criteria, qualitative achievements and strategic initiatives. DIB has won this year’s Banker magazine country award for the UAE. The Banker magazine is one of the most widely read and respected financial publications worldwide and is part of the 80-year-old UK-based Financial Times Group. Saad Abdul Razak, chief executive officer, Dubai Islamic Bank, accepted the award during The Banker Awards 2006 gala ceremony that was held on Nov. 30 in London.
