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Sharjah public sector GDP share rises
The government sector in Sharjah has grown its share of the emirate’s gross domestic product (GDP) from Dh60.4 billion in 2006 to Dh68.4bn in 2007, making 13.2 per cent growth. The government sector is currently accounting for 17.87 per cent of the overall GDP of the emirate. As the government services sector has a major share in GDP, it is capable of acting as a corrective force for the economic growth and will show a proven quality performance in government services, gaining the necessary power to guide the economic sector to the desired direction, said Ali bin Salem Al Mahmoud, Sharjah Economic Development Department General Manager. The GDP growth rate of the emirate from 2004 to 2007 was 41.7 per cent according to local statistical data. It grew to Dh68.4bn in 2007 from Dh30.4bn in 2004. The overall GDP of the emirate amounted to Dh68.4bn in 2007, a 13.2 per cent growth as compared to figures of 2006, according to federal statistical data. The share of commodities products sector (agriculture, manufacturing industry, construction, electricity, gas and water) to GDP has grown from Dh13.6bn in 2004 to Dh24.7bn, Dh27.7bn and Dh29.6bn in 2005, 2006 and 2007, respectively. The average annual growth rate of commodities products sector during the period from 2004 to 2007 was calculated at 39.3 per cent. The manufacturing industry sector has the lion’s share to commodities products sector’s GDP, posting Dh12.2bn in 2007, a 41.2 per cent from the GDP of the sector at Dh29.6bn. The manufacturing industry has the highest added value in the Gross Capital Formation, accounting for 19.99 per cent in 2007. The emirate has solved the problem of declining share of manufacturing industry to the GCF, with a growth of 79.3 per cent from Dh2015m to Dh3613m in 2007. This means the manufacturing industry sector has the highest share to gross capital formation in value and rate of contribution, a growth that proves an appropriate direction of the emirate’s policies in supporting the sector from one side and interest shown by investors and private sector from the other side. business24-7.ae
GCC imports through UAE reach Dh36bn
Total GCC imports through UAE ports and borders soared to Dh36 billion from 2003 to 2007, according to Mohammed Khalifa bin Fahad Al Muhairi, Director General of the Federal Customs Authority (FCA). He said the Clearance Committee endorsed the customs duties charged against imports until 2007. It then transferred them fully to the members « in line with the commitment of the FCA to make the unified customs experience a success », he added. The FCA completed transfer of Dh495.8 million to GCC members, being customs duties charged against goods, which crossed via UAE borders and ports. By Wam
Sharjah freehold law awaiting Ruler’s approval
The Sharjah Government has structured a new property freehold law that is awaiting approval by the emirate’s ruler, informed sources said. « The freehold law has been worked out and is awaiting the Ruler’s approval, » a person close to the process told Emirates Business. The person declined to say whether the law will offer property ownership only to Arab nationals or to all expatriates. « It will be great news if Sharjah announces a freehold law. It will fuel growth in the property market, considering the fact that most people working in Dubai reside there, » said a real estate analyst. Sharjah was the first emirate to offer property on leasehold to GCC nationals, the analyst said. Currently, the major developments in Sharjah are Al Nujoom Islands, being developed by Al Hanoo Holding Company, and Sharjah Investment Centre by Saudi-based property developer Snasco. In 2006, Dubai passed Freehold Law No 7, which allows non-GCC nationals to own property within designated areas either in the form of freehold or a 99-year lease period. There are more than 30 designated freehold areas in Dubai that permit foreign ownership. In June, His Highness Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman and Member of the Supreme Council, issued decrees to regulate the property sector. By Parag Deulgaonkar business24-7.ae
Tests in Abu Dhabi?
West Indies have offered to play Pakistan in two Tests in Abu Dhabi next month, said a top official of the Pakistan Cricket Board (PCB). « We hope the proposal materialises and we find some sponsor for the Test matches, » said PCB’s newly appointed Chairman Ijaz Butt. « It will give our players an ideal opportunity to play some international cricket after a long layoff. » Pakistan have not played a Test since December last year, when they drew against India at Bangalore. Australia, who have not toured Pakistan for 11 years, postponed their scheduled tour to Pakistan earlier this year due to security fears. « We have to pay the WICB [for the Test matches] according to the ICC regulations and for that we are looking for sponsors, » said Butt. « Time is very short, but I am hopeful something positive will come out. » Pakistan are scheduled to play three ODIs against the West Indies in Abu Dhabi next month. « If everything goes well, the Test matches will be played shortly after the ODIs in Abu Dhabi, » Butt said. Should the Tests against the West Indies go ahead, it will not be the first time that Pakistan have ‘hosted’ matches at a neutral venue. After September 11, 2001, Pakistan played tests against the West Indies and Australia at Sharjah and Sri Lanka respectively. By AP
The Big Debate: Could the UAE ever have its own Silicon Valley?
25,000 products, 3,300 companies, 83 countries, 130,000 visitors. Gitex 2008, organisers claimed, would shrug off the global economic typhoon and emerge triumphant. Certainly this is possible and Gitex has always proved that the technology sector is no exception when it comes to Dubai’s reputation as a regional enterprise hub. But many would challenge the idea that the UAE can become the Silicon Valley of the Middle East – in other words, they would argue the UAE has little chance of becoming an innovation hub. Silicon Valley, California, is known as a centre for the development of new hardware, software and technology products and while it does not have the monopoly on invention, it has an established history of the technological, in both the private and public sectors. Dubai, for example, could be thought of as the ideal platform to regionally launch such products given its reputation for consumerism. But some would say the emirate cannot boast the infrastructure or skill-base needed to build competing alternatives for these products. However, others may point to Silicon Oasis, Dubai’s glimmering centre of semi-conductor and micro-electronics manufacture. They may say that if you consider that the technology park is host to the Rochester Institute of Technology in Dubai (RIT Dubai) – an academic institution committed to training the next generation of engineers – then you must allow for the possibility that this is a fledgling Silicon Valley. By Stephen McBride business24-7.ae
Saudi Aramco likely to seek higher prices for jet fuel
SINGAPORE: Saudi Aramco will kick off term jet fuel negotiations with trading firms in mid-November, and is likely to seek higher prices despite a global slowdown, traders said yesterday. Aramco may ask for higher term prices compared with the current year’s supply contract, on expectations of falling jet fuel exports from the United Arab Emirates, they said. “The term talks will start next month and the Emirates will be exporting less jet fuel because of rising domestic demand,” said a Singapore trader. The number of passengers at Abu Dhabi airport rose a third from a year ago in the nine months to Sept. 30 to more than 6.67 million passengers. Aramco could eye on a premium of $3 a barrel to Middle East quotes on a free-on-board (FOB) basis for January to December 2009 supplies. At present, spot jet fuel supplies traded at $3.80 a barrel above the Middle East quotes, FOB. “But lots of the players would not want to pay those numbers because of fears of global demand slowdown,” the trader said. For 2008 supplies, Saudi Arabia’s term jet fuel exports were 1 million tons, the same volumes as last year. Aramco sold the cargoes for lifting from Yanbu near the Red Sea at $2.80 a barrel versus $2.40 in 2007, FOB. Reuters
Bahrain gateway for Australian ICT firms
MANAMA: Global IT companies are to select Bahrain as their regional headquarters for Middle East activities.An agreement to this effect has been signed by a Bahraini firm with the Government of Victoria in Australia at the GITEX Dubai 2008. Gulf Future Business (GFB), participating in « Bahrain Gallery », reached an agreement to attract Australian Information and Communication Technology (ICT) companies to use Bahrain as a gateway to the markets of the Middle East. GFB chief executive Ahmed Al Hujairi said that the agreement with the Government of Victoria is within company’s strategy to promote Bahrain as a regional centre for global companies. He said the incentives and encouragement given by Bahrain have already attracted a lot of international companies to the kingdom. « The diversity of pilot projects that are responsive to the requirements of the knowledge economy, makes it necessary to search for new sources for developing our national economy, » said Mr Al Hujairi. He stressed that the legislative structure and advanced infrastructure available in Bahrain helped companies compete in the markets of the Middle East. Victoria government representative Maria Papadopoulos said that the choice of Bahrain is not a coincidence, but is a logical result of a scientific study of the business centres in the Middle East. « Bahrain today enjoys a privileged place with the infrastructure, laws and legislation on investments and the establishment of offices of foreign companies, all positive elements to encourage investment, » she said. GFB held a series of similar meetings with companies and organisations which took part in the GITEX exhibition from other Arab countries such as Egypt, Lebanon, Jordan and international including the US, Singapore, Belgium and Malaysia GFB had earlier signed similar agreements with international companies such as Bay Base, Malaysia. soman@gdn.com.bh gulf-daily-news.com
QATAR Petroleum platinum sponsor of Milipol exhibition
QATAR Petroleum (QP) will be the platinum sponsor of the 7th session of Milipol Qatar International Internal State Security Exhibition which will be held at the Doha Exhibition Centre from November 17 to 19. The sponsorship deal of QR1mn was signed by Brigadier Nasser bin Fahad al-Thani, chairman of Milipol Qatar committee and Sultan Abdullah Ali al-Abdullah, deputy public relations manager at Qatar Petroleum. Brigadier Nasser said: “QP’s platinum sponsorship of the event shows its commitment to Qatar. Qatar under the wise leadership of HH the Emir, Sheikh Hamad bin Khalifa al-Thani is witnessing rapid overall development.” He said the registration process for the Milipol exhibition was still open. Milipol Qatar Committee has extended formal invitations to the Ministries of Interior in the GCC countries and some European, American and Asian countries. Al Abdullah said QP was privileged to support Milipol Qatar exhibition and happy to participate in such a national event. Abdullah Saud al-Kuwari, director of HSE Industrial Crisis Management at Qatar Petroleum said the Milipol exhibition had great importance at a time when Qatar was on a high growth trajectory. “Since our oil and gas industries are booming, we need the highest standards of security, safety and protection for our facilities. In this context Milipol exhibition is very important as it will provide the platform for the exhibition of latest security-related technologies and sophisticated safety devices,” he said. Lt Col Ahmed Abdullah Jamal, director (finance) at the Ministry of Interior and member of the Milipol Qatar said: “The Milipol exhibition has been organised in the framework of boosting security cooperation between ministries of interior in Qatar and France.” gulf-times.com
Sarkozy to visit Oman
MUSCAT — French President Nicolas Sarkozy will visit Oman early next year. Though the date has not been fixed, he has written that he is looking forward to the visit, said Anne-Marie Idrac, French minister of state for foreign trade, here yesterday. “France wants to increase the level of trade and investment between our two countries under the umbrella of a very important and positive political relationship built under the leadership of our Pwresident, Nicolas Sarkozy,” she said. There are tremendous opportunities to enhance trade ties between France and Oman in various fields, she added. She was in Oman as part of her four-day Gulf tour which has already taken her to Saudi Arabia, Qatar and the United Arab Emirates. Speaking to Times of Oman, she said her visit to Oman had a three-fold objective, which include developing and increasing trade relationship, trying to attract investment from Oman to France and to discuss with Oman authorities about the free trade agreement between the Gulf countries and European Union. “Trade figures between Oman and France are about 300 million euros,” she said, adding: “We want it to increase because we are only the 11th supplier of Oman and your developing sectors are exactly what France is good at and we have excellent companies that correspond to precise needs and expectations. We hope the 30 companies that work in Oman will become many more.” Welcoming Omani investors to France, she said: “We think it is a good time to come and invest in France because the rules to invest have been profoundly renewed. Many tax administration and labour law regulations have been revolutionised in order to have a more liberalised economy. This will be friendly for investors.” Industry, real estate, finance and new technologies are sectors where Omanis can look at investing or building partnership, she informed. Talking about the free trade agreement that is being prepared between the Gulf countries and EU, she said, “We hope it will be in place by the end of the year. There are only a few subjects left to be negotiated. The agreement on free trade will strengthen ties between the two regions.” Terming her visit a success, she said, “I am very happy with this visit. The impression was very positive and constructive. I heard positive things about Franco- Oman relations and have also heard the encouraging responses regarding the role that France is playing to cope with the international financial crisis.” timesofoman.com
