DUBAI, 15 January 2007 — The GCC Energy Fund — the region’s first private equity fund focused on the energy sector — has expanded its role in the oil and gas sector, taking part in the $80 million private placement raised for Maritime Industrial Services (MIS), it was announced yesterday. As part of the investment consortium that secured the private placement, the GCC Energy Fund stands to benefit from MIS’s ongoing expansion and the development of its business. “We believe that, in addition to providing investment funds for MIS through the private placement, the GCC Energy Fund is well-positioned to work as a strategic partner for this highly successful and dynamic group,” said Adil Toubia, chief executive officer of GCC Energy Fund.
Newby Teas of London Launched in Dubai
DUBAI, 15 January 2007 — Newby Teas of London has set it sights on the Middle East’s $2 billion tea market, with an aim to secure a lead position in the hotel, restaurant and catering (HoReCa) business in the region. At the brand’s official market launch yesterday, the company stated that the region’s HoReCa sector is reckoned to be valued at between $200 million for tea, which Newby is preparing to take a slice of. The company is expecting a $50 million market share in five years, covering both general consumer and the hospitality industry. N.K. Sethia, chairman of the N. Sethia Group and founder of Newby Teas, said: “In terms of the business, the region is underserviced in terms of quality tea.”
QNB to Open Branch in Muscat Soon
MANAMA, 15 January 2007 — Qatar National Bank (QNB) said yesterday that it had received approval from the Central Bank of Oman to open a full services branch in the Omani capital Muscat, becoming the first Qatari bank to operate there. The move comes just a month after the Gulf country’s leading financial institution said that it was granted approval to open a full service branch in Kuwait by the Central Bank of Kuwait. According to QNB the opening of branches in Muscat and Kuwait are part of the strategy to develop their regional and international presence and business. The Oman operation will be the fifth branch outside Qatar after the bank opened branches in the United Kingdom, France, Yemen and Kuwait. (Mazen Mahdi)
DIFC Issues License to US Law Firm
DUBAI, 15 January 2007 — The Dubai International Financial Center (DIFC) announced yesterday the issuance of the first license to a US law firm, Akin Gump Strauss Hauer & Feld LLP, to open an office at the DIFC. Operating from the DIFC, Akin Gump will have access to a broad range of emerging markets stretching across Africa, the Middle East and South Asia. Akin Gump, a firm with 15 offices around the world and a well-established Middle East presence, is now registered by the Dubai Financial Services Authority and authorized to provide legal services to financial institutions operating in the DIFC.
Pan-Arab Web Awards 2007 Kicks Off
DUBAI, 15 January 2007 — Business Software Alliance (BSA), the foremost organization dedicated to promoting a safe and legal digital world, and the Pan Arab Web Awards Committee have announced the third edition of the annual awards. The “Pan-Arab Web Awards 2007” will be open for participation from today till January 31, 2007. The competition is open for all organizations and freelance web designers, web developers and web owners. Participants can register for the awards by simply logging on to www.panarabwebawards.org. The winner of the “Best Website in the Arab world” will receive the highest honor at a gala ceremony to be held during the month of March.
Auction of Used Car Showrooms a Success
DUBAI, 15 January 2007 — The first day of Dubai Municipality’s public auction of used car showrooms has fetched AED 50.63 million for 22 outlets as enthusiastic traders competed each other for renting a hot spot in the prestigious Auto Market in Warsan. Representatives of nearly 150 used car dealers flocked to the DM Staff Club in Al-Garhood to participate in the auction which will last until Wednesday and will cover the remaining 52 more showrooms.
Empost Introduces Bulk Shipment Service
DUBAI, 15 January 2007 — As part of its ongoing expansion program, Empost, UAE’s national courier company, has announced the introduction of a new “Bulk Shipment Service” starting today. Empost is following its strategy in introducing new services to adapt with the fast moving world; the service will allow customers to deliver bulk shipments all over the UAE at the cost of AED7 up to five kg package. Sultan Al-Midfa, CEO, Empost said: “Empost is happy to announce the new bulk shipment service.
DED Receives FIATA Delegation
DUBAI, 15 January 2007 — The Dubai Department of Economic Development (DED) received a delegation from the International Federation of Freight Forwarders Associations (FIATA), based in Zurich, Switzerland, headed by Marco Sangaletti, director general, and William Gottlieb, senior vice president. “DED will initiate proactive measures to interact with the logistics industry to enhance business efficiency,” said Ali Ibrahim, deputy director general for Executive Affairs at DED, who received the delegation. The FIATA delegation was accompanied by officials from the Dubai-based National Association of Freight Logistics (NAFL), a member of the FIATA, headed by Captain Mansoor Ghafoor, president of NAFL and Issa Baluch, former president of FIATA.
GCC Real Estate Fund Invests in Bahrain
Kuwait, 15 January 2007 — Global Investment House announced yesterday the conclusion of its latest real estate investment in the Kingdom of Bahrain, as part of its Global GCC Real Estate Fund investment strategy. Sameer A. Al-Gharaballi, executive vice president at Global said that the fund has acquired Areej residential property in Jufair area in the capital city Manama, making it the second investment for the fund in Bahrain and fifth in the Gulf region.
