DCCI to Host Business Forum
K.T. Abdurabb, Arab News
DUBAI, 7 August 2007 — Dubai Chamber of Commerce & Industry (DCCI) will host the Dubai-Hamburg Business Forum 2007 at the chamber’s headquarters on Oct. 23-24. Around 500 German companies have been operating from Dubai as Dubai’s non-oil trade with Germany reached AED16 billion in 2006. Representatives of more than 300 local and German companies of different economic sectors are expected to take part in the forum which aims at strengthening bilateral cooperation ties between the business communities in Dubai and Hamburg, as well as introducing the available business opportunities in the two cities which share many economic and strategic features.
Borse Dubai Company Planned
K.T. Abdurabb, Arab News
DUBAI, 7 August 2007 — The Dubai government announced yesterday that it will consolidate its holdings in Dubai Financial Market (DFM) and Dubai International Financial Exchange (DIFX) into a new holding company, Borse Dubai. The government’s move is in line with the Dubai Strategic Plan 2015, and demonstrates its commitment to further position Dubai as the leading capital market in the region. DIFX and DFM will continue to be regulated by Dubai Financial Services Authority (DFSA) and the Emirates Securities and Commodities Authority (ESCA) respectively. Borse Dubai will build on existing synergies between both exchanges, with improved exchange infrastructure, to better serve all stakeholders.
Firms Apply to EASM to Register Products
Arab News
ABU DHABI, 7 August 2007 — Thirteen local and foreign companies have applied to the Emirates Authority for Standardization and Metrology (EASM) to register their products in order to obtain UAE conformity mark in accordance with ISO requirements under the Emirates Conformity Assessment System (ECAS), which launched last month, EASM Deputy Chairman Dr. Rashid Al-Fahd has disclosed. Al-Fahd told state news agency WAM that under ECAS the authority will hire a third party to ensure the conformity of the product with its approved specifications and standards and that the producer has an effective total quality management system to confirm sustainable quality of the product.
Impressive Show at DSS 2007
Arab News
DUBAI, 7 August 2007 — The sixth week of DSS 2007 registered impressive figure in terms of sales in the participating outlets as revenues touched a massive AED76.7 million, with shopping malls and retail outlets recording an increased footfall during the DSS. The figure represents a 155 percent increase compared to the same period in the last edition. The total sales revenues after six weeks reach a total of AED 347.9 million, registering an increase of 127 percent compared to the same period last year. Eesa Adham, head of the Dubai Shopping Malls Group said: “These figures are very encouraging”.
GIB Signs $600m Financing Facility
Arab News
MANAMA, 7 August 2007 — A syndicate of regional and international banks led by Bahrain-based Gulf International Bank (GIB) signed a $600 million Murabaha financing facility for a tenure of one year with Qatar-based Barwa Real Estate Company (BREC) with an option for BREC to have the loan extended annually for two years. The facility was initially launched at $500 million. Due to a very positive market, the deal was oversubscribed with commitments of $725 million being received. BREC has decided to retain a part of the oversubscription by increasing the size of the loan to $600 million.
Turkish Airlines Workers Vote on Strike
Associated Press
ANKARA, 7 August 2007 — Thousands of aviation workers began voting yesterday to decide whether to strike over a pay dispute with the national carrier, Turkish Airlines. Some 12,000 crew, ground staff and technical workers across Turkey were expected to cast their votes over the next four days on possible strike action, after numerous pay increase negotiations failed between Turkish Airlines and the aviation workers’ union, Hava-Is. Voting ends Thursday evening.
