UAE
Reckless motorists ‘will be forced to clean roads’
Reckless motorists ‘will be forced to clean roads’
WAM Published: December 09, 2007, 23:20
Abu Dhabi: Stunt drivers and motorists who violate road manners in Abu Dhabi will be punished by being forced to clean the roads and school for 48 hours in addition to one week behind the bars, an Interior Ministry official said yesterday.
Brigadier Nasser Al Nuaimi, Director General of the Interior Minister’s office, revealed Abu Dhabi Police would crackdown on violators who abuse the roads and obligate them to work for two days in cleaning up the schools and roads.
The decision, which took effect on Sunday, aims to intensify punitive measures against offenders who drive dangerously and recklessly with no respect to safety.
“Although we appreciate the public celebrations of national and religious holidays, that does not mean people can take this as a chance to break the law, endanger their lives and those of others, breech the privacy of road users and tarnish the image of the UAE,” Brigadier Al Nuaimi said.
He warned against negligence of public safety, which will be monitored by a team of security men, who will be assigned to cover all parts of the city including roads and public places, to put an end to this menace.
Awareness
Al Nuaimi said an awareness campaign would shortly be launched to raise awareness among the public about the security, health and cultural dangers of such practices and their negative impacts on the nation.
The decision came in the wake of violations committed during the National Day celebrations, as some drivers were caught driving recklessly, making loud noises and using firecrackers.
Top Asian business leaders honoured
Top Asian business leaders honoured
Staff Report GULF NEWS Published: December 09, 2007, 23:20
Dubai: A number of businessmen were honoured at the first Asian Business Awards Middle East (ABA ME) held at the Emirates Palace Hotel in Abu Dhabi on Saturday evening.
The ABA ME has been instituted to recognise and award business excellence within the Asian community and nurture economic relations between Middle East and the sub-continent.
The public had a clear and definite participatory role in the ABA ME awards process. The debut award year had 200,000 registrations. While the grand jury finalised the three nominees in each of the six categories, the public were once again imperative in the choice of winners.
The awards process this year had some of the prominent business personalities of the region on the grand jury panel. These include Michael J. Stevenson, senior partner Middle East region, PricewaterhouseCoopers; Abdul Aziz Sager, chairman, Gulf Research Centre, and president of Sager Group Holding in Saudi Arabia; Alex-ander John Andrakis, executive director, sales & marketing, Emaar Properties; Sultan Saoud Al Qasimi, managing director of the Al Qasimi group of companies and chairman of Barjeel Securities and Dr. Fatima Saeed Al Shamsi, secretary general, UAE University, Al Ain.
List: The winners
Lifetime Achievement Award: N.R. Narayana Murthy, chairman of the board and chief mentor, Infosys Technologies.
Global Asian of the Year: Lakshmi N. Mittal, president of the board of directors and chief executive officer, Arcelor Mittal.
Outstanding Asian Businesswoman of the Year: Renuka Jagtiani, chief executive officer, Landmark International.
Outstanding Asian Businessman of the Year: Sunny Varkey, chairman, GEMS Education and Welcare World.
Asian Rising Star of the Year: Ramesh Prabhakar, managing director, Rivoli Group.
Young Asian Achiever of the Year: Madhu Koneru, managing director, RAK Minerals and Metals Investments.
Outstanding Asian Contribution to the ME Development: Syed M.Salahuddin, managing director, ETA Ascon and Star Group.
Asian Business Leader of the Year: Yousuf Ali, managing director, EMKE Group.
The Arab Honour Awards
ABA ME The Arab Rising Star Award: Salah Salem Al Shamsi, president, Abu Dhabi Chamber of Commerce.
ABA ME The Arab Business Excellence Award: Mohammad Abdul Jalil Al Fahim, honorary chairman, Al Fahim Group.
ABA ME The Arab Lifetime Achievement: Obaid Khalifa Jaber Al Merri, chairman, Al Jaber Group.
Exchange rates spark confusion
Exchange rates spark confusion
By Shakir Husain, Staff Reporter GULF NEWS Published: December 03, 2007, 01:41
Dubai: Arbitrary dirham rates offered by UAE money changers, in some cases as low as Dh3.05 per dollar or almost 17 per cent lower than the official rate, are sowing more confusion in the market where speculation on the dirham’s revaluation is already rampant.
The UAE currency has been pegged at 3.6725 to the dollar since 1997 and until Sunday there was no change in the official peg.
UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi last month spoke about social and economic pressure to give up the dollar peg and to adopt a basket of currencies.
Saudi Arabia, the UAE and Bahrain have cut interest rates in the recent days to make it less attractive for investors to bet on the appreciation of their currencies. But that has not discouraged people from taking bets on the dirham’s revaluation.
The forward markets on Sunday were expecting the UAE dirham to appreciate to 3.54 against the dollar in a year.
“It is happening because there is a huge demand for Gulf currencies,” Monica Malik, senior economist at EFG-Hermes investment bank, told Gulf News.
“Increasingly we feel there is going to be some sort of currency reform in the next six months,” she said, but added that the two-day summit of Gulf leaders starting in Doha on Monday may not come up with a firm action on the issue.
Analysts have been expecting Gulf government action on the dollar pegs as the cost of living across the region has been rising as imports have become costlier due to the slide in dollar’s value.
Money changers, hotels and stores in shopping malls were accepting dollars at rates ranging from Dh3.05 to Dh3.50 per dollar yesterday.
They began revising the exchange rates on Friday and gradually raised the dirham rate against all other major currencies. Unofficial exchange rates of other currencies versus the dirham were similarly affected.
Tourists complained that they were getting fewer dirhams for their currencies.
“It is strange,” said Ahmad Jan from Saudi Arabia as he walked between a bank branch and a money exchange at Deira City Centre and noted that the bank offered 60 fils more per dollar.
“What you see here is the official rate,” a manager at the bank said.
Moroccan visitor Nasser Bin Omar said he accepted the lower dollar rate from the money dealer because he did not want to wait in the long queue at the bank.
“Offering a lower rate [than the official rate] to the US dollar against the UAE dirham is against the law. Money exchange houses should stick to the UAE Central Bank guidelines,” said B.R. Shetty, vice-chairman of the NMC Group that operates UAE Exchange.
However, UAE Exchange Centre was offering Dh3.30 per dollar, about 11 per cent lower than the official rate on Sunday.
As revaluation speculation gripped the market, many expatriates were also delaying their remittances. A manager at a money exchange in Dubai’s Al Ghusais area said there has been a decline in remittances.
36th UAE National Day Celebrations in Abu Dhabi – 2 Dec 2007
Happy Birthday, UAE!
On its 36th birthday, the UAE has much to celebrate. Right from the inception of the federation in 1971 when the emirates joined hands to form a progressive and stable nation, the UAE has gone from strength to strength. It has achieved within a short period of time socio-economic successes which only a few countries in the world today can match. Speaking on the creation of the nation, the UAE President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, recently said, “December 2, 1971 will remain the most precious event in the country’s history… Our dream wouldn’t have come true without the support of great men and an ambitious, brave leader.”
With great honour and pride of being a resident here for half of my life time, I am happy to present through my page, a part of the celebrations that happened in Abu dhabi on 2nd December 2007.
Decorative hoardings at Corniche Street
Cars and Procession at Corniche Street
Cars and Procession at Corniche Street
Cars and Procession at Corniche Street
Laser show at Abu Dhabi Municipality building
NDC Building
ADNOC Distribution Building
Union National Bank building
Buildings at Salam Street
Sheikh Khalifa Energy Complex buildings
ADGAS and ADMA-OPCO building
ADGAS and ADMA-OPCO building
Chamber of Commerce building
ADIA building
ADCO Building
ADCO Building
ADCO Building
Fire works at Abu Dhabi Corniche
Fire works at Abu Dhabi Corniche
Fire works at Abu Dhabi Corniche
Fire works at Abu Dhabi Corniche
Fire works at Abu Dhabi Corniche
Traffic controlled by the authorities in Corniche Street
36th UAE National Day Celebrations
The world’s largest aerial banner takes to the skies above Abu Dhabi
Largest ever aerial banner flies over Abu Dhabi
Agencies Published: December 02, 2007, 15:23
Abu Dhabi: A new world record was set on UAE National Day as a UAE flag measuring 50,000 square feet flew over Abu Dhabi, forming the largest aerial banner ever flown.
The banner was towed by helicopter and was clearly visible from up to 20 kilometres away.
The route was specifically designed to take the flag right across the capital making it visible to virtually the entire population of the city of Abu Dhabi.
A building on Salam Street in Abu Dhabi is illuminated with the UAE flag and portraits of Shaikh Khalifa, Shaikh Mohammad and General Shaikh Mohammad Bin Zayed Al Nahyan.
Abu Dhabi estimated to generate additional $800b in cash flows
Abu Dhabi estimated to generate additional $800b in cash flows
BY HASEEB HAIDER KHALEEJ TIMES
ABU DHABI — Abu Dhabi is estimated to generate $800 billion worth additional cash flows during the period 2005-2020 due to high oil prices in the international market, said a consultant.
Kito de Boer, managing director, ME Mckinsey & Company, said GCC region sans Abu Dhabi would add another $1200 billion cash flow to make a total of whopping $2 trillion worth of financial resources chiefly due to bullish oil market.
Sharing his views at a panel discussion during a two-day ‘Abu Dhabi Conference 2007’, being organised by MEED, he said this additional cash flow would offer more business opportunities.
Earlier, Khaldoon Khalifa Al Mubarak, Chairman, Abu Dhabi Executive Affairs Authority (EAA) and CEO Mubadala Development Company, gave a comprehensive overview of Abu Dhabi’s economic ambitions and government reforms process. He said Abu Dhabi has a clear roadmap for economic development.
The future economic strategy of the emirate focuses on real estate, setting up of heavy industry and exploring potential of high-end tourism, infrastructure development under Vision 2030, he added.
In the oil sector from current level of 2.7 million barrels per day Abu Dhabi is keen to raise production to 4 million bpd by 2020. A major development project would be announced in near future, under which nation’s huge sour gas resources would be explored.
Moreover, a number of petrochemicals projects would be developed besides setting up of heavy industries like aluminium smelters etc.
“Abu Dhabi wants a cluster of industries to be developed once aluminium smelter comes online in Taweelah, where a industrial city is being developed,” the chairman EAA said.
Abu Dhabi is biggest stakeholder in Citigroup
Abu Dhabi is biggest stakeholder in Citigroup
Gulf News Report Published: November 28, 2007, 00:31
Dubai: The Abu Dhabi Investment Authority yesterday became the biggest shareholder in the Citigroup following an acquisition of 4.9 per cent shares worth $7.5 billion in America’s largest bank.
Through this deal Abu Dhabi displaces Saudi Prince Alwaleed Bin Talal as Citi’s largest shareholder. Prince Alwaleed acquired his Citi stake in 1991 when the bank struggled with Latin American loan. Currently, Alwaleed holds 3.97 per cent stakes worth an estimated $6 billion.
The fresh capital injection by Adia will shore up Citi’s balance sheet, which has been hurt by some $6.8 billion of writedowns and losses in the third quarter, and the potential for another $11 billion in the fourth quarter.
Growth opportunities
Following the deal Citigroup shares gained 1.3 per cent to reach $30.18 by noon yesterday. On Monday, Citi shares closed at $29.80 on the New York Stock Exchange. Citi’s market value has fallen by more than $100 billion this year. “We see in Citi a highly respected company with a premier brand and with tremendous opportunities for growth,” said Shaikh Ahmad Bin Zayed Al Nahyan, Managing Director of ADIA.
Analysts said yesterday that the share sale might also signal an end to the freefall in US financial stocks following this summer’s credit crisis.
“There will be more such investments,” said Giyas Gokkent, head of research at the National Bank of Abu Dhabi. “The other [Gulf] buyers will likely play the same white-knight role,” he said.
The Abu Dhabi Investment Authority is buying equity units, which will be convertible into Citi shares at a price of up to $37.24 a share between March 15, 2010 and September 15, 2011.
Dubai Police 50th anniversary
Dubai Police 50th anniversary
By Alia Al Theeb, Staff Reporter GULF NEWS
From a one-station police force with 29 members to a 15,000-strong organisation, Dubai Police has grown into one of the most successful forces in the region.
And today marks its 50th anniversary, with celebrations that will continue for 50 days.
Cultural, educational, sports and recreational activities will be held during this period.
Brigadier Jamal Mohammad Khalifa Saqr Al Merri, Deputy Commandant General of Dubai Police, says, “The celebrations include an introduction which will be conveyed through audio, video and written materials.
“A book detailing the establishment of Dubai Police, and the phases it went through, will be released. Dubai Police began operations with just 29 officers in 1956. One of them was Khalifa Bin Daen, who is still in service.”
The book comprises, among other topics, a timeline, the achievements of Dubai Police, and developments it witnessed through the years.
The celebrations will be promoted on television and through distribution of print material encouraging the public to participate.
“Today there will be a special military parade in which all the sections of the police, such as cavalry, air wing, anti-riot, explosive materials section, police dogs and various forces will participate,” says Brigadier Al Merri.
The parade begins in the morning along Shaikh Zayed Road and everyone is invited to participate. The Dubai Police Air Wing will also be participating – carrying banners promoting the Golden Jubilee.
“This celebration is a way of us saying a ‘thank you’ to all those who helped and supported Dubai Police and positively participated with it,” says Brigadier Al Merri.
During the celebration period, former police officers, including expatriates, who served Dubai Police for 25 years or more, will be honoured. They will receive the Golden Jubilee medal.
As part of the celebrations, Dubai Police will unveil a coin as well as a stamp.
“There will also be congratulatory messages sent via SMS to the public. Etisalat prepaid cards will have sentences such as ’50 years of excellence’,” he says.
Congratulation cards and gifts will be distributed in places such as petrol stations and shopping malls.
“Bluetooth technology will also be used in sending messages to people in shopping malls, while the new building of the General Headquarter will be illuminated,” says Brigadier Al Merri.
Police patrols will tour areas under their jurisdictions in their new uniforms.
Three children among five killed in Abu Dhabi crash
Three children among five killed in Abu Dhabi crash
By Rayeesa Absal, Staff Reporter GULF NEWS Published: November 27, 2007, 00:11
Abu Dhabi: Five members of a family, including three young children, were killed in a traffic accident on Sunday afternoon on the Musaffah Bridge.
Those killed included a 26-year-old UAE national A.M, the driver of the car, his 18-year-old sister S.M and his three nieces S.A., F.A., M.M. aged 11, 10 and 8 respectively. The accident involving four Abu Dhabi-registered vehicles happened at 3.45 pm.
“A 24-year-old Asian driver hit the car in front of him, probably due to speeding. This car with an Arab family hit the barrier and swerved to the next lane on the right hitting a third car with the five victims.
“The impact of the hit was so high that the third car was thrown on to the other side of the road, where traffic was flowing in the opposite direction. A four-wheel drive hit this car killing all five of its passengers on the spot,” said Colonel Hamad Adil Al Shamsi, the Director of the Department of Traffic and patrol police.
Hospitalised
The driver of the 4WD, H.S, a 26-year-old UAE national, has been admitted to Shaikh Zayed Military Hospital. The vehicle he was travelling was entering Abu Dhabi while the rest of the vehicles involved in the accident were leaving the city.
“All the vehicles involved have been badly damaged,” he said. Paramedics and ambulances rushed to the scene and in some cases extrication was necessary to take the victims out of the cars.
Saying that preliminary investigations to determine the cause of the accident are going on, Col Hamad added that most accidents are caused due to speeding. He urged motorists to be cautious while on the road.
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