MANAMA, 4 November 2007 — Gulf Petrochemical Industrial Complex (GPIC) posted record net profits of $137 million during the third quarter of the year, a 27 percent higher than profits made during the same period in 2006. Shaikh Isa bin Ali Al-Khalifa, chairman of the GPIC board and advisor to the Prime Minister for Industrial and Oil Affairs, attributed the record financial gains to the company’s continuous operational excellence of its plants which reached at record levels during the third quarter. During the third quarter of this year, GPIC exported 334,000 metric tons of ammonia, 464,000 metric tons of urea and 300,000 metric tons of methanol bringing the total products produced during the third quarter to 1,098,000 metric tons. Its exports totaled 815,000 metric tons, 20 percent higher than the planned level. GPIC exported to the US reached 269,000 metric tons including 201,000 metric tons of urea and 68,000 metric tons of methanol. Some 115,000 metric tons of urea were exported to Australia. Exports to the Republic of India totaled 95,000 metric tons including 67,000 metric tons of ammonia and 28,000 tons of urea. Exports to the Far East markets totaled 287,000 metric tons including 97,000 metric tons of urea and 190,000 metric tons of methanol. Exports to the Middle East totaled 41,000 metric tons including 6,000 metric tons of ammonia and 34,000 metric tons of methanol. The company exported 7,000 metric tons of methanol to Mediterranean markets. The optimum operational activity at GPIC plants gave the company an export advantage. Mahmood Rafique
Ferrari Theme Park to Rise in Abu Dhabi
ABU DHABI, 4 November 2007 — A foundation stone ceremony was held yesterday in Abu Dhabi to officially signify the start of construction of one of the most multidimensional and highly anticipated themed entertainment attractions in the world, the Ferrari Theme Park. Ferrari’s President Luca di Montezemolo and Ahmed Ali Al-Sayegh, chairman, ALDAR Properties PJSC, government and business organizations from were present at the ceremony. “This is a very special year for Ferrari,” Montezemolo said. “I am particularly proud to be present to mark the symbolic start of this great project. Moreover, 2007 is the year of Ferrari’s 60th anniversary, and this ceremony has therefore a further, important meaning”. Part of a joint project between Ferrari and Aldar Properties, the 250,000 sqm park (80,000 of them covered) will be a unique oasis of discovery, hospitality and beauty that captures culture, flavor and the true spirit of Italian country, as well as the legendary automotive history, feeling and heritage of Ferrari cars and racing.
Foreign Investment in DFM Stays Afloat
DUBAI, 4 November 2007 — Dubai Financial Market (DFM) announced yesterday that the value of shares and bonds bought by foreign investors, or non-UAE nationals, during last week (Oct. 28-Nov.1) reached AED6.901 billion comprising 29.7 percent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached AED5.441 billion comprising 23.4 percent of the total value of stocks traded during the period. Net foreign investment on the market reached AED1.460 billion during the same period. The value of stocks bought by institutional investors reached AED.404 billion comprising 23.2 percent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached AED4.475 billion which constitutes 19.2 percent of the total value of stocks traded during the period. Net institutional investment on the market reached AED929 million during the period.
Malaysia Islamic Finance Roadshow
DUBAI, 4 November 2007 — The Kuala Lumpur Business Club (KLBC), accompanied by prominent members of the Malaysian Islamic finance sector, will arrive in UAE this week to meet with business leaders and government agencies across Dubai and Abu Dhabi. The primary objective is to showcase Malaysia’s innovative markets and products in Islamic finance and encourage investment, raise capital and cooperation with the Gulf region. The business delegation is led by KLBC President Dr. Munir Majid, chairman of Malaysia Airlines. Members of the Malaysian Islamic finance sector include Zarinah Anwar, chairman of the Securities Commission; Mohd Razif Abdul Kadir, deputy governor of Bank Negara (the Central Bank of Malaysia) and Ganen Sarvananthan Abdul Ghani, executive director and CEO of CIMB Islamic Bank Berhad.
Telecom Summit to Be Held in Dubai
DUBAI, 4 November 2007 — Sheikh Nahayan Mabarak Al-Nahayan, UAE minister of Higher Education and Scientific Research, will deliver the opening speech at “The Middle East Next Generation Mobility” which will be held on Nov.13-14 at the Jumeirah Beach Hotel, Dubai. The summit, organized by SixG Consultants, will witness the participation of regional and international telecom operators and wireless industry leaders.
