Business delegation keen on leveraging emirate’s geographic location and business friendly policies to tap Middle East markets

Ras Al Khaimah Investment Authority (RAKIA), a major provider of investment opportunities and one-stop solutions in its free zones, industrial parks and offshore facilities as well as in real estate developments and other ventures, has announced that it recently welcomed a 15-member German business delegation that visited Ras Al Khaimah to explore investment opportunities in the emirate. The German delegation was given a comprehensive presentation highlighting the emerging investment avenues in Ras Al Khaimah, while underlining the distinct advantages of investing in the emirate. In particular the presentation focused on the role and achievements of RAKIA and RAK Ceramics, the world's largest ceramic tiles & sanitaryware manufacturing company.

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Bank of Sharjah results revealed consistent performance and continued growth during the first half of 2010. Net profit reached AED 276 million registering a 7% increase over the corresponding 2009 period figure of AED 258 million. The growth is attributed to the Bank’s proven strategy, the quality of its assets, and the strength of its balance sheet.

As of June 30th, 2010 total assets reached AED 18,787 million an increase of 9% over the corresponding June 30th, 2009 figure of AED 17,199 million. The increase over the December 31st, 2009 figure of AED 18,062 million was a satisfactory 4%. The bank’s equity grew by 6 % to reach AED 4,086 million compared to the June 30th, 2009 figure of AED 3,869 million.


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Abu Dhabi Ports Company (ADPC) today (Monday, July 26, 2010) announced plans to host the industry’s first World Ports & Trade Summit in 2011 under the patronage of H.H. General Sheikh Mohammed bin Zayed Al Nayhan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

In a show of strength from the industry, Abu Dhabi Terminals and the Arab Sea Ports Federation joined ADPC and event organisers Turret Media and Seatrade, at a press conference to pledge their support for the inaugural Summit in Abu Dhabi. Other confirmed partners include Bechtel as platinum sponsor and Abu Dhabi Tourism Authority as exclusive destination partner.

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FDI outflows from the region decreased by 39 percent in 2009 to $23bn, mainly due to falling outflows from the UAE, from $16bn to $3bn.Foreign direct investment (FDI) into the Middle East declined by nearly a quarter in 2009, mainly due to the tightening of credit markets, according to a new report by the United Nations Conference on Trade and Development (UNCTAD).

Cross-border mergers and acquisitions (M&As) and development projects in the region involving significant foreign investment were badly hit, the study said. FDI inflows to the region fell by 24 percent to $68bn in 2009, after six years of consecutive increase, added UNCTAD´s World Investment Report 2010.

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Dubai World, the struggling government-run firm, has cited that it has an exclusive tribunal handy for bringing the rebel lenders in sync with the plans for delaying the repayment of debts worth $14.4 billion. According to reliable sources, the keynote meeting is set for today with the creditors. The once emerging Gulf Arab emirate is currently having &100 billion-plus debt.

"It's unlikely all 73 banks will accept terms which means it will likely go to a tribunal," the source said. The source also mentioned that the tribunal can even urge the non-willing to be in tune with the restructuring process, provided Dubai World receives support from the majority.

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Dubai-based alternative investment firm Evolvence Capital, announced today, the forthcoming launch of Evolvence India Fund II - its third India focused fund. This new fund from Evolvence Capital follows the successful closing of Evolvence India Fund I in 2007 and Evolvence India Life Sciences Fund, a healthcare and life sciences fund in 2008. Evolvence India Fund II will invest with high quality private equity fund managers and established entrepreneurs in India and may selectively consider investments in secondary private equity opportunities.

Evolvence India Fund II, which is a private equity fund of funds, is targeting a corpus of US$ 400 million from institutional and high net worth clients from across the globe. The fund aims to make select investments in the mid-market growth capital segment in the Indian private equity market, through fund investments, co-investments and direct investments.

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Etisalat has registered a net profit of Dh 3.9 billion during the second half of 2010, which is a 15.21% decrease from the Dh. 4.2 billion registered during the similar period last year. The net profits during the second quarter of this year stood at Dh 1.9 billion as against the Dh 2.4 billion showcased last year.

A minimal positive growth of about 2% has been registered in the net consolidated revenues to stand at Dh 16 billion while the same during corresponding period last year had been Dh 15.7 billion. Earnings per share stood at Dh 0.49 for the first half of year 2010.

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The Department of Economic Development (DED) has urged all outlets in the Emirate to display the contact details that will enable customers to promptly report concerns about consumer rights.
All outlets, including shops and restaurants, must display these details in a prominent position from July 18, 2010, Sunday. They will have a three-month period to implement the new policy, and outlets that fail to adhere to it will be fined from October 18, 2010.

This initiative is aimed at strengthening communication with consumers and retailers, and underscores DED’s continuous efforts to strengthen awareness on consumer rights among the public.

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The Chief Executive of British Petroleum, Tony Hayward, arrived in Abu Dhabi on Tuesday for holding a meeting with major shareholders and key partners. This has stirred the speculation that BP is looking forward for finding new institutional partners in Saudi Arabia and the UAE so that it can enrich its share price and raise finance to such a level that it can protect itself from being taken over.

The arrival of the BP CEO was confirmed by the spokesperson for the BP, Sheila Williams. But she has not provided any information regarding the trip details of the BP chief executive.


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An official data disclosed on Monday showed that UAE investment in other Arabian nations accounts for more than $62 billion of the net investment in the inter-Arab trade during the last 15 years. This has resulted in the UAE gaining the numero uno investor position.

UAE, which owns the second largest economy among the Arab nations, has offered capital that has provided for more than a third of the total inter-Arab investment during 1995-2009. The largest Arab economy, Saudi Arabia, has provided for about 70 per cent of the UAE’s investments with Egypt, Morocco, Lebanon, Libya and Tunisia forming other key recipients. The Kuwaiti-based Inter-Arab Investment Guarantee (IAIGC) has cited this in its annual report on the investment climate in the Arab region.

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