DUBAI, 15 August 2007 — Gulf Navigation Holding has announced that it purchased Gulf Sheba, a 300,000 deadweight tons very large crude carrier (VLCC). This addition to its fleet confirms the company as a regional leader in shipping and marine services with global operations through its 11 specialized subsidiaries. The vessel, which cost Gulf Navigation AED403 million, was handed over to TMT of Taiwan soon after delivery, on a three-year time charter at the rate of $ 52,000 per day. Commenting on the purchase of the ship, Engineer Abdullah Al-Shuraim, chairman, Gulf Navigation Holding PJSC, said that the vessel would substantially add to the revenue of the company as well as its prestige. “Apart from the revenue that accrues from the vessel, its value also keeps appreciating. It is presently valued at between $145-150 million,” he added.
Epicor Enhances
Oilfield Services
Arab News
DUBAI — Epicor Software Corporation enhanced its presence in the oilfields services sector as Abu Dhabi-based Al-Mansoori Specialized Engineering selects Epicor for its enterprise resource planning (ERP) services. The ERP solution will be implemented by International Agencies Company Limited (Intercol), Epicor’s channel partner for the UAE, Bahrain and Qatar. Officials of Dubai-based Epicor Software in the Middle East said the move boosts its growing presence in the oil and gas sector across the region. “Over the years we have demonstrated proven expertise in providing ERP solutions to the oil and gas sector. The addition of Al-Mansoori Specialized Engineering further expands our presence in the energy sector,” said Basil Daniells, regional sales director for Epicor Middle East, North Africa and India.
Tallest ATC Under Way
Arab News
DUBAI — Work on the Middle East’s tallest free standing air traffic control (ATC) tower is moving ahead of schedule as the world’s largest airport — Dubai World Central International Airport (JXB) — gets ready for operations next year. “Progress is ahead of schedule with 60 percent of the 92-meter tall ATC tower, which will be capable of handling the latest in avionics equipment and state-of-the-art meteorological and radar systems,” said Abdulla Al-Falasi, marketing and corporate communications director of Dubai World Central, the 140-square kilometer urban aviation community in Dubai’s Jebel Ali district. Arabtec/Max Bogl JV, a UAE-German joint venture which is building the tower at an estimated $39.1 million, expects construction to be complete in February 2008.
Morgan Stanley Team in Dubai
Arab News
DUBAI/LONDON — Morgan Stanley announced yesterday that it has established an equity research team in Dubai to cover the Middle East and North Africa (MENA) region. This forms part of Morgan Stanley’s continued expansion in the region following the official opening of its office in Dubai International Financial Center in March 2006. The team will be lead by Sean Gardiner, who has been with the firm since 2000 and currently heads up the Europe Middle East & Africa (EMEA) telecom research team.
