Lubna takes part at Arab-India Partnership Conference

UAE Minister of Foreign Trade (MoFT) H.E. Sheikha Lubna Bint Khalid Al-Qasimi took part in the second edition of the annual Arab-India Partnership Conference which kicked off today in New Delhi. She is being accompanied by a high-level delegation of 43 representatives from the public and private sectors. The -2day conference is being held under the umbrella of the Indio-Arab Cooperation Forum.

The Minister said that the UAE has the potential of attracting the continued flow of Indian investors in particular and global investors in general. She also urged the Indian and global companies operating in the UAE to benefit from trade and investment incentives provided by the country.

Sheikha Lubna also pointed to the advantages of UAE such as its geographical location, which remains close to European markets and emerging Asian regions. UAE enjoys global competitiveness and provide advanced services to investors as well as the opportunity of 100pc transfer of capital and profits.

The presence of vital industries and non-oil sectors that contribute more than 63 per cent of gross domestic product in addition to the ready availability of raw materials and cheap energy sources were also highlighted. The absence of taxes on profits and personal income and other features such as the work environment in the UAE were also underscored in the speech.

The Minister assured that the UAE is committed to enhancing its ties with its foreign trade partners in line with its policy of accelerating the pace of economic growth and strengthening the pillars of comprehensive development in the Emirates' various sectors. She explained that this would be achieved through economic openness, trade liberalization, the encouragement of foreign investments into the country, and the promotion of private-sector participation in the development process.

Sheikha Lubna emphasized that MoFT plays a vital role in promoting the UAE's position as a leading trade centre at the regional and international levels. She also noted that the Ministry is eager to open new markets for national products and exports that can compete with the quality of goods available within the global markets.

She pointed out that India is a big consumer market that can also accommodate national products matching the quality of international goods. She also stated that the UAE is the largest Arab trading partner of India, noting that the value of non-oil trade between the two countries reached around US$32.1 billion or 15 per cent of the UAE's total foreign trade volume with the rest of the world.

She underscored the importance of the ongoing cooperation between the government agencies, investors and businessmen from the UAE and India in leveraging investment opportunities and launching promising economic projects that can serve the interests of the two strategic partners.

She noted that the UAE's geographical location and high-profile services offered by UAE ports enable India to boost its re-export trade and better market Indian products and while providing it with access to a large regional market of 300 million consumers.

Sheikha Lubna's speech focussed on UAE strengths and capabilities that have played an important role in addressing global challenges. The address also shed light on the great opportunities currently available in various sectors, especially those involving non-oil businesses, which have the potential to spur further cooperation between the two countries.

The first day of the Arab-India Partnership Conference featured a Ministerial Session where a number of Arab finance and trade ministers will talk about the cooperation and mutual relations between India and the Arab World.

Other sessions will discuss investment opportunities available in common fields such as infrastructure, energy, small and medium industries, social infrastructure and communications and information technology. Some sessions will focus on how to invest in Arab countries and capitalize on the productive relations with India. Indian representatives will highlight the local investment environment as well as opportunities for cooperation in training and developing qualified workforce for the different areas.

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Kuwait's $100bn plan can spur private sector

The KD30 billion ($100 billion) development plan passed by Kuwait's parliament last week can boost the country’s non-oil private sector economy and support the construction sector, according to a report.

The plan is aimed at financing the much-delayed infrastructure projects, which are thought to include an upgrade of the country’s strained energy grid, the construction of a container harbour and the development of a new business hub (Silk City), said the report by Stathis Kyriakides, assistant vice president – analyst, Moody's Investor Service.

These projects – including the development of the country’s northern oil fields – have long been delayed by political discord between the country’s executive and legislative branches.

Both the timing and manner in which the proposed plan is implemented will determine its impact on the economy and the local banking sector, said the report.

Kuwait’s corporate sector is dominated by a small number of highly interconnected conglomerates with links to the real estate and construction sectors.

Kuwaiti banks, particularly second-tier banks, have large exposures to the construction and real estate sectors. The implementation of the announced plan could bode well for the credit standing of local construction companies and have a positive impact on the asset quality of Kuwaiti banks, many of which suffered elevated credit charges in 2009 as a result of their large exposures to the sector, said the report.

Having cleared the parliamentary hurdle, the plan’s approval by the government, and
ultimately the Emir, is expected to be straightforward. However, the efficient implementation of the development plan remains in question given that the country’s
cumbersome bureaucracy has prevented authorities from meeting much lower spending
targets, the report added.

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Morocco expels Christian missionary

Interior ministry expels foreign missionary for openly converting 14 Moroccans to Christianity.

Morocco has expelled a foreign missionary for "openly converting people to Christianity," the interior ministry said Friday, a month after five Christian priests were kicked out for the same reason.

"The missionary targeted a group of 14 Moroccans," in the town of Imizmiz, 55 kilometres (35 miles) south of Marrakech, a statement said, adding that he was expelled on Thursday.

It said teaching material and a "sizeable amount of proselytisation brochures" were seized from the man. A security source said the missionary was American.

"The group of Moroccans accompanying him were freed," the source added.

Last March, four Spaniards and a German woman were similarly expelled after they held a missionary meeting with Moroccan nationals, according to a statement from the ministry of the interior.

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Bahrain to set up massive LNG facilities

Bahrain is to set up facilities to receive hundreds of thousands of tonnes of liquefied natural gas (LNG) in the next few years to take care of its future energy needs.

Oil and Gas Minister and National Oil and Gas Authority (Noga) chairman Dr Abdulhussain Mirza said two studies have already been done on setting up such facilities in the country and both - by US companies Shell and Hess - have found the project viable.

'We have also been told by several gas producing countries they would be extremely interested in exporting gas to Bahrain so we shall ask them to start bidding by the second half of this year,' Dr Mirza told the Gulf Daily News, our sister publication.

'Qatar, Russia and Egypt, among others could be the source of the gas, transported in the liquid form and then turned into gas again to power Bahrain's industries and infrastructure.'

'Gas coming into the country in LNG form is extremely safe and does not require the complicated infrastructure commonly associated with pumping in gas through pipelines.'

The minister said the companies bidding for the project could be tendering for the complete package, which will also look after the imports.

He said Bahrain's gas production is already set to more than double to 2.7 billion cubic feet per day in the next few years, from the present 1.3bn cubic feet per day, thanks to the agreement that has been entered into with the new company Tatweer, launched in Bahrain a few days ago.

'In addition to drilling for oil, they will also contribute to increasing gas production in the country.

'This will take care of the demands of Bahrain for the next 15 years. The LNG imports' infrastructure will then be firmly in place and take care of the energy needs then and also act as a back-up.'

Dr Mirza said one of the world's largest gas drilling companies had started a survey on whether there is gas in Bahrain deeper than the 16,000 feet that has been drilled for the last 78 years.

'It believes there is gas at between 15,000 and 16,000 feet and it has begun a survey. If there is, we shall enter into a production agreement with that company and if there is nothing, there would be no cost to Bahrain.'

The minister said it were the efforts of the political leadership in Bahrain that has made all these developments possible.

'There are many more developments in the offing and we shall soon see Bahrain becoming one of the region's leading players in the oil and gas field,' he added.

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15th Dubai Shopping Festival opens today

A unique Shopper’s Day promotion across select malls in Dubai will kick off Dubai Shopping Festival 2010 today, marking the 15th edition of the region’s leading shopping, leisure and entertainment event.

A dazzling fireworks display on Al Seef Street will be staged in the evening, heralding the beginning of 32 days of festive celebrations, great shopping deals, world-class events, and exciting promotional deals until February 28.

“The accumulated achievements and successes that DSF has accomplished since its inception in 1996 have transformed it into a unique social and economic phenomenon and an example for others to follow,” said Laila Suhail, chief executive officer of DSF.

“It has established itself as one of many successful initiatives presented by Dubai to the world, raising the bar of excellence in the region’s festival industry year after year.”

“The reasons behind what has been achieved are numerous, but one reason that tops the list is the robust collaboration between the public and the private sector to ensure the success of DSF and record another milestone,” added Laila.

“We look forward to a new and exciting venture with DSF 2010 and pledge that we will offer the best in shopping, winning, and entertainment for all our visitors during the coming 32 days,” she concluded.

Ibrahim Saleh, Coordinator Gene, said: “We have prepared a special opening day treat to welcome our guests and entice residents to come out and celebrate this landmark edition with us. We hope to have another banner year in 2010.”

“We wanted to introduce something new to this year’s celebration of DSF, and came up with the Shoppers’ Day Concept, a one-day only incentive for early bargain hunters who can win spot cash prizes through the Scratch and Win Promotion from Dh500 to Dh2,000 while shopping for a minimum of Dh500 during the opening day.”

“We will be giving away a total of Dh500,000 to hundreds of lucky shoppers across participating malls, where retailers are offering huge discounts of up to 75 per cent,” he added.

Saleh also revealed a special Shopper’s Day discount of 15 per cent for the coupons to the Lexus Mega Raffles for the first in the history of DSF, which is giving away one Lexus LS 460 and Dh100,000 cash prize daily for the entire duration of the festival this year in addition to a custom edition LX 570 on the weekend.

The Dh200 coupons can now be bought for Dh170, a special offer only during the opening day, at over 100 locations in Dubai.

“DSF’s reputation as a truly global event is due in part to the support provided by our friends in the media. Through these awards, we hope to recognize not only their tireless efforts in sharing the excitement of DSF with their audiences in the UAE and throughout the region, but also to encourage excellence in the practice of their professions,” Saleh continued.

The journalism awards, presented since 1996, will present winners in both English and Arabic across various categories, including best feature in a local newspaper, best features in local and regional magazines, best coverage in local newspaper, DSF prolific writer in local newspaper and best Pan Arab feature.

The photography awards, another such initiative of DEPE, will award images that best exemplify the theme of DSF – One World. One Family. One Festival – and the one that best captures the excitement of shopping during the festival.

Three winners will receive $5000, $4000 and $3000 for first, second and third prizes, respectively.

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