Dubai: The 8th Global Travel and Tourism Summit, a World Travel and Tourism Council (WTTC) initiative, will be held in Dubai from 20th to 22nd April at the Madinat Jumeirah. Congress Solutions International (CSI), the official summit co-ordinator, is putting the finishing touches to the event. « Dubai is one of the world’s fastest-growing tourism hubs. As a major, world-class city that is strategically located at the crossroads of East and West, Dubai can be easily accessed from any point in the world and hence is an ideal venue to host the summit, » Frederic Bardin, senior vice president of Congress Solutions International, said. The summit is the industry’s most high-profile event that attracts chief executives of the world’s foremost travel and tourism companies as well as senior government officials and influential media from around the globe. The Dubai summit will focus the industry’s attention to three global issues: preserving the world’s natural and cultural assets; the role of travel and tourism in generating employment and wealth; and harnessing growth. Source: WAM
Shanghai: DP World aims to boost its container-handling capacity in China 30 per cent this year because of the country’s surging trade growth. The company plans to add four container berths in Qingdao, eastern China, and a second venture in the northern port of Tianjin, Kris Chang, managing director of DP World China, said on Thursday DP World had a capacity of 10 million cargo boxes in China and Hong Kong at the end of 2007. DP World raised $4.96 billion in the Middle East’s largest initial share sale last year to fund expansion plans, as Dubai aims to become a global transport hub for Asia, Europe and Africa. The company plans to add facilities in China after the country’s exports surged 26 per cent last year. « We’re still a newcomer in China and we will continue to expand our portfolio here, » said Chang. The company currently operates terminals in Qingdao, Tianjin, Yantai and Hong Kong, with a total of 19 container berths. DP World aims to boost its global capacity to 90 million 20-foot boxes by 2017 from 48 million last year, through a combination of new ventures and expansion at existing ports, Chang said. The company handled 43.3 million boxes in 2007 at its 42 terminals worldwide, an increase of 18 per cent from a year earlier. It aims to have 56 terminals in 27 countries by 2017, Chang said. Source: Bloomberg
Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, inaugurating the Dubai International Horse Fair at the Dubai International Convention and Exhibition Centre yesterday. Dubai horse fair attracts firms from 30 countries Staff Report Published: March 20, 2008, 23:54 Dubai: Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, on Thursday inaugurated the 2008 Dubai International Horse Fair (DIHF) at the Dubai International Convention and Exhibition Centre. Following the opening ceremony, he toured the show, which this year attracted over 200 companies from 30 countries. Organised by the Dubai World Trade Centre, DIHF will run till tomorrow. The show will run from 11am to 8pm tomorrow and from 2 to 8.30pm today. The show runs alongside the fifth Dubai International Arabian Horse Championship (DIAHC), a three-day competition for purebred Arabian horses culminating in the Championship classes for the most exquisite horses. « The response from both visitors and exhibitors has been extremely strong this year, with many international attendees saying that the show is now firmly among the world’s best equestrian events, » said Abdullah Qassem, board member, higher organising committee of DIHF and DIAHC. DIHF brings together local distributors, international horse owners, manufacturers, breeders and suppliers as well as the wider riding community. Building on last year’s successful introduction of seminars and exhibitor presentations at DIHF, veterinarians and horse owners have been invited to participate again. Source: WAM
Dubai: The UAE, conceding to US pressure and a desire to act in concert with Gulf allies, will keep the dirham pegged to the dollar, a UAE Central Bank official said. US embassy officials last week told UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi of their concern about reports that the country may drop the peg, the official said yesterday, speaking on condition of anonymity. Political leaders have stopped the bank from developing any plans to move toward another currency regime, the official said. US Embassy spokesman Atalah Hoshan in Abu Dhabi wasn’t immediately available for comment. Source: Bloomberg
Abu Dhabi: The UAE stock markets continued their slide on Sunday in line with the bearishness prevailing in global financial markets. Markets worldwide were highly volatile last week, impacted by lifetime-high oil prices and a weak dollar. Traders were unnerved by global concerns that the US economy is fast heading towards recession. The Emirates Securities general index fell 1.25 per cent yesterday to 5,932.96 from 6,008.17, its previous close. The Abu Dhabi Securities Market (ADSM) general index fell 1.07 per cent to 4,681.97, while the Dubai Financial Market (DFM) index closed at 5,675.47, down 1.36 per cent. Market analysts, however, said the fundamentals of the UAE economy are strong and the domestic bourses will bounce back into positive territory soon. « This is a temporary phase. If the first quarter results of major listed companies are strong, it will cement the belief of investors that over the long term, the UAE markets are immune to the shocks in the global economy, » said an investment banker. The ADSM was dragged down by the energy sub-index that fell 2.80 per cent, followed by industrial sub-index that declined 2.30 per cent. Shares valued at more than Dh426.31 million were traded, with the volume of shares exceeding 70.43 million. Aldar Properties was the most actively traded, while Emirates Driving Company was the main gainer closing 2.20 per cent higher at Dh6.51. Oman & Emirates Inv. Holding was the main loser, declining 6.10 per cent to Dh6. On the DFM, more than 170.67 million shares valued in excess of Dh838.1 million were traded. AirArabia’s stock was the most active by volume, while Dubai Refreshments (DRC) was the main gainer. DRC’s shares rose 4.85 per cent to close at Dh17.30. Oman Insurance was the main loser declining 4.98 per cent to Dh9.74 at close.
Dubai: The UAE’s central bank has launched a study into a revaluation of the dirham, the Middle East Economic Digest (MEED) reported late on Friday, citing a bank official. « There is a study group that has been looking at the effects a revaluation would have for several months now as part of the planning for the long-term strategic future of the bank, » MEED quoted the official as saying. The group is expected to report the findings at the end of 2008, according to the magazine. The UAE, like other Gulf Arab countries, which peg their currencies to the dollar, is struggling to curb soaring inflation, driven by a five-fold increase in oil prices during the last six years and lower interest rates. Source: Reuters
Dubai: Jumbo Group, the $2 billion electronics retailer, is planning to expand business organically as well as through acquisitions, in addition to a planned listing in Dubai. « Given Jumbo’s current financial position, we would, in fact, be interested in acquiring some businesses with synergies, » Vidya Chhabria, chairperson of Jumbo Group, said, responding to takeover rumours. « We would want the people of Dubai to share in our success, and at the appropriate time we would definitely like to list Jumbo in Dubai. The listing when it happens will be skewed towards the small, retail investor to give them a chance to share in the growth of Jumbo. « With Jumbo’s projected growth rates exceeding 25 per cent year on year for at least the next ten years, it would definitely provide a good investment opportunity to the small investor. » The group’s flagship company, Jumbo Electronics, was established in 1974 by Manohar Rajaram Chhabria, a non-resident Indian, who made a fortune selling Sony televisions. The company benefitted from the massive growth of the electronics retail business in Dubai. Chhabria yesterday outlined her companies growth plans that is expected to raise its current annual turnover fivefold from Dh1 billion. « Jumbo’s turnover will touch Dh5 billion soon. It has substantially increased the gap between itself and its competitors. » « The growth is solid and sustainable as it is organic, and not through acquisitions. The Jumbo Group has over the last few years reinvested millions of dirhams into the business to fund its rapid expansion. Jumbo has an exceptionally strong balance sheet completely free of any term debt. The group has several divisions with turnovers of over Dh1 billion. » Chhabria, however, ruled out inducting new partners. « We have no intention of bringing on new partners into the business nor any intention of diluting the stake in the business. »
Dubai: Airline officials in the UAE on Tuesday said they would continue to operate flights to India despite a major strike by airport employees. « Emirates flights to India will continue to operate as per schedule, » the Emirates spokesperson said in an e-mailed statement « We have been informed that airport authorities and private ground handling agencies will deploy additional staff, if necessary, to compensate for those going on strike, » the statement said. Emirates operates 99 flights weekly to nine Indian gateways including 28 to Mumbai, 14 to Chennai, 11 to Hyderabad, 10 to Kochi, eight to Bangalore, eight to Thiruvananthapuram, seven to New Delhi, seven to Kolkata, and six to Ahmedabad with a healthy load factor of over 80 per cent. Although the strike involves 127 airports, services at major gateway hubs including Mumbai and Delhi might not be affected badly as they are run by private sector operators. Jayshree Ramchandran, the marketing manager of Air India, sounded optimistic and said that the airline will land and take off from India. Assurance « We have checked with all Indian airports’ authorities and they have given us the assurance that there will be only minimum disruption. For us this is shoulder season [not peak, not lean season]. We have 70 per cent out passengers, » she said. Air India operates 7 flights to Mumbai, 7 to Delhi and 5 to Kerala weekly. « We operate 58 Air India express flights from Dubai and 18 flights from Sharjah, » she said. « I understand that there is some crisis management plan that the Airport Authority has planned, » said Ramachandran. Anand Pandey, the country manager of Indian Airlines, echoed his counterpart in Air India. Downplayed « The strike is called by the non-executive members of the Airports Authority. It will not affect Air Traffic Control, » he said. Indian Airlines operates 104 flights out of UAE to 16 Indian destinations. « We fly about 1,400 passengers per day. Some minor disruptions that can occur will be in the area of positioning of gate bridges and aero bridges or the terminal could be dirty, » Etihad Airways, the national carrier of the UAE, has downplayed the issue. « Etihad Airways is aware of the proposed industrial action due to take place at airports across India from midnight this evening, » a spokesperson said. Etihad currently flies to four destinations in India: Delhi, Mumbai, and Kochi and Thiruvananthapuram, both in Kerala. Cathay Pacific, which carries passengers from the UAE to Mumbai, might not be affected as well. Henry Chan, Cathay Pacific Airways Country Manager for UAE and Oman, said, « Cathay Pacific Airways has not experienced any service disruption with its daily flights to India and confirmed that all our flights as of now are as per the schedule. « We will continue to monitor the situation to ensure that our customers are provided with the most up-to-date flight information. Customers can visit our website at www.cathaypacific.com to know latest on arrival and departures of our flights. » Source: Gulf News Report
New York: Oil prices jumped to a new record above $106 on Friday but extended their recent pattern of choppy trading after a weak jobs report convinced many traders that the Federal Reserve’s interest rate-cutting campaign will continue. Employers cut 63,000 jobs in February, the biggest drop in five years, the Labor Department said Friday. Investors can react to such news in one of two ways: by selling on the prospect that the economy, and demand for oil, is cooling, or by buying on a conviction that bad economic data makes it more likely the Fed will cut rates. On Friday, investors engaged in a little of both, sending oil prices down more than a dollar at one moment, and propelling them to new records the next. « The higher the market goes, the more volatile it becomes, » said Darin Newsom, senior analyst at DTN in Omaha, Nebraska. « Does it mean that the rally is over? No. » Light, sweet crude for April delivery rose 46 cents to $105.93 a barrel on the New York Mercantile Exchange after setting a new trading record of $106.54. Lower interest rates tend to weaken the dollar, and many analysts believe the weak dollar is the reason why oil has set new inflation-adjusted records three times this week, and risen 23 per cent in less than a month. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is falling. On Friday, the dollar set a new low against the euro Friday before rising. But most investors believe that despite occasional rebounds, the dollar is likely to continue falling as the Fed continues to cut rates. AP
Dubai: Dubai International Capital, the private equity arm of the Dubai Holding, said on Tuesday that it is bidding to buy the Liverpool football club, but said the company has not reached an agreement with the American owners of the club on the valuation. « It’s no secret that we have been in discussions with the current owners. But valuations they expect have been out of sync with our assessment, » Sameer Al Ansari, chief executive of Dubai International Capital (DIC) said on the sidelines of the Private Equity International Forum in Dubai yesterday. Al Ansari did not rule out the possibility of reaching an agreement with the current owners Tom Hicks and George Gillett. Speaking about the valuation, Al Ansari said the Liverpool owners are in a ‘dreamland’. However, he noted that one of them now is coming out of the dreamland. Despite Hicks’ remarks last month that he was not planning to sell a stake in the soccer club, there have been persistent rumours and media reports in recent weeks about DIC’s negotiations with the owners of the club. London-based newspaper The Times said yesterday that DIC was confident Gillett would accept its offer of £200 million ($397 million) for his 50 per cent stake, but added there were claims that Hicks was ready to exercise his option to buy it out. Hicks and Gillet borrowed £350 million ($695 million) in January as part of a refinancing deal. If DIC has offered a total of £400 million as reported by the British media yesterday, the American investors would make a total of £50 million from the deal. If the deal with DIC does not go through, the club will be saddled with an annual interest burden of £28 million on the funds borrowed by the American owners. While Liverpool fans are concerned about the debt burden, Hicks, in particular, has been under pressure after being subjected to heavy criticism from fans following public disagreements with popular manager Rafael Benitez. He has also come under fire for his public admission that talks had been held with Jurgen Klinsmann about possibly succeeding the Spaniard. Update: Owners reject offer Liverpool co-owners Tom Hicks and George Gillett rejected Dubai International Capital’s bid for the Premier League club yesterday, the Associated Press reported. The £400 million ($800 million) offer for the English club was turned down, a person involved with the negotiations said. He spoke on condition of anonymity. Hicks « turned down the offer immediately upon receipt, » the person said, adding the Texan is still willing to allow Gillett to sell 49 per cent of his stake as long as Hicks gets the other one per cent. – AP
