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The first session of Dubai Partnership Agenda (DPA) was held today to produce policy recommendations to further the sustainable growth of Dubai’s tourism sector.

Organised by the General Secretariat of Dubai’s Executive Council under the patronage of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai and the chairman of the Executive Council, the DPA is a strategic government initiative meant to facilitate collaboration and increase synergy between the public and private sectors. It is an open dialogue and an interactive platform whose purpose is to produce policy recommendations that can support the Dubai Strategic Plan 2015.

The panel which assembled the emirate’s key public and private stakeholders in the tourism industry discussed the legislative and regulatory environment and the current state of the sector, with a view to boosting demand and identifying challenges restraining development.

The session was attended by Sheikh Ahmed Bin Saeed Al Maktoum, the chairman of the Economic Development Committee; Abdulla Al Shaibani, the secretary general of the Executive Council; Gerald Lawless, the executive chairman of the Jumeirah Group; Hans Haensel, the divisional senior vice president of  Emirates airlines destination and leisure management; Majid Saif Al Ghurair, the chairman of Shopping Malls Group; Peter Payet, the vice president of Arabian Adventure; Dr BelEid Ratab, the head of economic studies and sustainable development business of  Dubai Chamber of Commerce and Industry; Khalid Bin Sulayem, the director general, of Department of Tourism and Commerce Marketing; Matar Al Tayer, the chairman and director general of Roads and Transport Authority; Sami Al Qamzi, the director general  of Department of Economic Development and Major General Mohamed Al Marri, the director, General Directorate of Residency and Foreigners Affairs.

The discussion was moderated by the Tarik Yousef, the dean of Dubai School of Government. A summary report that would include discussion’s insights and specific recommendations of the panelists will be written according to Chatham House rules within one week and presented to the Executive Council.

Sheikh Hamdan said the Government of Dubai welcomed consultative policy recommendations that would support the Dubai Strategic Plan 2015 and the UAE Vision 2021, and open dialogue between public and private sectors would support the sustainable growth and increase the competitiveness of the nation and Dubai.

He said: “Dubai Partnership Agenda is a national creative initiative supported by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the UAE  Vice President, Prime Minister and the Ruler of Dubai. With his encouragement, we are proud to launch this  interaction platform and we have complete trust in the capability of public and private sectors to have open and constructive dialogue for the development of different  sectors. We are looking forward to the first outcomes of DPA on tourism industry.  We will review and initiate action on appropriate recommendations.”  – TradeArabia News Service

Damac Properties, the leading Middle East private luxury developer, has won three prestigious ‘Arabian Property Awards.’

It’s the fifth year in a row Damac has been successful in the high profile awards, which aim to recognise the best residential and commercial real estate professionals across the globe.

“Damac Properties entered 3 categories, and we were successful in all three,” said Niall Mc Loughlin, senior vice president of Damac Properties.

Damac Properties received two awards for its landmark ‘Damac Tower’ development, in collaboration with Versace Home, in Lebanon. Damac Tower was successful in the categories of 'Best High Rise Architecture' and 'Best Interior Design'.

Damac Properties website, www.damacproperties.com, was also recognized in the Arabian Property Awards. The new corporate website was launched in August.

The awards will be presented at an official gala dinner at the Madinat Jumeirah in Dubai, on October 26.

Later this year, top-scoring winners from the Arabian Property Awards will compete against other successful companies from Asia Pacific, the UK, the Americas, Europe and Africa to find the ultimate ‘World’s Best’ in each category.-TradeArabia News Service

The US has asked the Japanese government to withdraw from Iran’s Azadegan oil field project in which Japanese oil developer Inpex Corp has a stake, a Japanese newspaper reported on Wednesday.

The Yomiuri newspaper quoted a Japanese government source as saying Washington has suggested Inpex could be mentioned in a new list of Iran-related firms to be targeted for US sanctions and urged Tokyo to cooperate by dropping the investment.

Japan’s government is the biggest shareholder of Inpex, with an 18.9 per cent stake after a recent multi-billion dollar share sale.

Earlier this month, Japan imposed additional sanctions on Iran, following the US and European Union in pressuring Tehran despite Tokyo’s reliance on oil imports from the country.

At that time, Japan’s then trade minister, Masayuki Naoshima, said he did not expect any major change in Inpex’s investment, currently Japan’s sole energy-related stake in Iran.

When tension was growing in 2006 between the US and Iran over the country’s uranium processing and nuclear power development, Inpex cut its stake in the Azadegan oil field project to 10 per cent from 75 per cent. – Reuters

Troubled Islamic lender Amlak, whose long-touted plan to merge with rival Tamweel has been scuppered, will need new options to resume lending and to trade as a listed company.

On Sunday, Dubai Islamic Bank raised its stake in Tamweel  to 57.33 percent, effectively ending the prospect of an Amlak-Tamweel tie-up.

The two firms have not traded since November 2008 when the United Arab Emirates government stepped in to restructure them.

Here are possible scenarios for Amlak. 

BANK TAKEOVER: This is the most likely scenario although any bank that would look to take on Amlak would have to be cautious about the quality of Amlak's real estate investments, analysts said.   

'For Emirates Islamic Bank to take on Amlak would make the most sense,' said one Gulf-based banker who declined to be named, noting EIB was an Islamic bank big enough to absorb Amlak. EIB is an affiliate of Emirates NBD, the Gulf's largest bank by assets.

'Dubai Islamic Bank is weaker after Tamweel and I'm not sure they would want Amlak as well,' he added.   

Zahed Chowdhury, an institutional equity sales executive at Al Mal Capital in Dubai, did not rule out Dubai Islamic Bank's buying Amlak if Amlak was offered cheaply enough.
 'Dubai Islamic Bank would be buying in a sector that a lot of people think is troughing,' he said.

'There is also the thought that if you buy into one (Tamweel) and not the other (Amlak), then you haven't settled the mortgage market and you would still be leaving a languishing entity and that is Amlak.'     

The government gave the final nod to Dubai Islamic Bank to increase its shareholding in Tamweel from 20 percent as it looks to kickstart lending in Dubai's battered property market.

SHAREHOLDER INCREASE: Dubai's Emaar Properties, which owns 45 percent of Amlak, could increase its holding through a capital increase, but Emaar is not a bank and therefore it would not solve the company's problem of finding recurring funding sources.

'We probably wouldn't consider it favourable if Emaar were to consider taking over the financial assets of Amlak…but we still think it is unlikely that a financial transaction similar to Dubai Islamic Bank and Tamweel would occur,' added Chet Riley, analayst at Nomura Bank.   

'Emaar could possibly decide to assume control of Amlak's distressed portfolio, which strategically makes more sense to us.'         

DIRECT GOVERNMENT SUPPORT: Dubai's government would not be in a financial position to help Amlak and any assistance would just be to offset losses, analysts said. -Reuters

Dubai International will reach a historic milestone when it marks its golden anniversary tomorrow (September 30) following 50 years of growth from a humble beginning in 1960 to a global aviation hub.

In 1959, the then visionary ruler of Dubai, the late Sheikh Rashid Bin Saeed Al Maktoum, ordered the construction of the airport, which comprised a 1800-metre airstrip of compacted sand, an apron, a fire station and a small terminal building. The facility was officially inaugurated on September 30, 1960.

“The 50th anniversary of Dubai International is an historic milestone that marks five glorious decades of growth and achievement, thanks to the vision of the late Sheikh Rashid Bin Saeed Al Maktoum, who understood the amazing potential of aviation and took the initiative to build the airport and promote an open skies policy,” said Sheikh Ahmed Bin Saeed Al Maktoum, president of Dubai Civil Aviation Authority, and chairman of Dubai Airports.

“It is a vision that has been carried forward strongly by our leader Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and has effectively positioned Dubai at the heart of global aviation.”

Starting with annual traffic of a few thousand passengers during its first year of operation, Dubai International reached one million passengers in 1974, with the five million passenger mark achieved 16 years later in 1990. Passenger traffic surpassed 10 million in 1999, largely enabled by a series of expansion and refurbishment projects – including the construction of a second terminal (Terminal 2), two asphalted runways, a new air traffic control tower, an extended terminal building and major equipment upgrade – all of which were carried out to accommodate the robust traffic growth.

The airport got a major addition to its infrastructure in the form of Sheikh Rashid Terminal, also known as Concourse 1 in April 2000, more than doubling the airport’s annual capacity from 10 million to 23 million passengers.

The airport surpassed 20 million passengers in 2004. A mere three years later that total ballooned by another 14 million to top 34 million passengers.

To accommodate the rapid expansion, on October 14, 2008, Dubai Airports turned heads globally with the flawless opening of the world’s single largest terminal building, Dubai International Emirates Terminal 3. Built for the exclusive use of Dubai’s flagship carrier Emirates Airline, Terminal 3 boosted the airport’s capacity to 60 million passengers, said Sheikh Ahmed.

In the half-century since its opening, Dubai International has welcomed over 402 million passengers at an average annual growth rate of 15.5 per cent, and handled over 3.87 million aircraft movements at an average annual growth rate of 12.4 per cent. The rapid expansion of air freight traffic saw total volumes moved between 1977 and August 2010, exceeding 17.9 million tonnes at an annual average growth rate of 14.3 per cent.

“In 50 years Dubai International has evolved from a small airstrip mainly serving as a refuelling stop for a few airlines with just over ten thousand passengers to an international gateway for 130 airlines that is ranked among the world’s top hubs for international passenger and freight traffic,” added Sheikh Ahmed.

“Passenger numbers will surpass 46 million in 2010 and approach 100 million by the end of the decade. We have indeed come a long way.”

Even as Dubai Airports begins a year of celebrations to honour Dubai International’s golden anniversary, work is on track to build what will be the world’s largest A380 dedicated facility. Part of the larger Terminal 3 complex, Concourse 3 will have a total of 20 contact gates, all of which will serve Emirates Airline’s growing fleet of A380s.

Upon its completion at the end of 2012, C3 will increase Dubai International’s capacity from the current 60 million to 75 million passengers per annum.-TradeArabia News Service

Abu Dhabi-based Etihad Airways will launch flights to Bangalore (Bengaluru), the airline’s eighth destination in India, from January next year.

From January 1, Etihad will commence a four flight per week service from Abu Dhabi to Bangalore, the capital of the Indian state of Karnataka and the country’s third most populous city. Etihad will begin daily flights to Bangalore at the commencement of the summer scheduling season effective March 27, 2011.

Bangalore will be the 66th destination worldwide for the UAE’s national carrier.

James Hogan, chief executive officer of Etihad Airways, said: “We are delighted to launch our new service to Bangalore and to serve our customers in Karnataka.

“Etihad is committed to serving the Indian market and people, whether it is Indian nationals who are residing in India or in countries across the world. Abu Dhabi and Bangalore are both growing cities, emerging as major economic hubs and the new service will further enable commercial ties to develop between India and the UAE.”

Commenting on the launch of the new service, Marcel Hungerbuehler, president of Bengaluru International Airport (BIAL), said: “Our focus has always been on ensuring that we provide our passengers with better connectivity between Bangalore and the rest of the world.

Etihad will operate a two class Airbus A320 on the new Bangalore route configured to carry 136 passengers with 16 in Business class and 120 in Economy class.

From January 1, Etihad’s flight EY286 to Bangalore will depart Abu Dhabi on Mondays, Thursdays, Fridays and Saturdays at 10.15 pm and arrive at Bengaluru International Airport at 3.25 am the following day. The return flight, EY287, will depart Bangalore on Tuesdays, Fridays, Saturdays and Sundays at 4.20 am and arrive in Abu Dhabi at 7.00 am the same day.

From March 27, Etihad’s flight EY286 will depart Abu Dhabi daily at 10.15 pm and arrive in Bangalore at 3.45 am the following day. The return service, EY287, will depart Bangalore daily at 4.45 am and arrive in Abu Dhabi at 7.00 am the same day.

Etihad also flies to seven other Indian destinations including New Delhi, Chennai, Mumbai, Kozhikode, Thiruvananthapuram, Hyderabad and Kochi.

Once the service to Bangalore begins, the airline will operate 49 flights to India per week, and following the commencement of the daily services, it will offer 52 services per week. – TradeArabia News Service

Dubai-based Eros group, a leading electronics distributor, recently honoured DP World Jebel Ali terminal’s services and cited the operator as a major contributor to its success over the years.

The Eros Group commended the premier port operator for its continuous support, speedy response to customer needs and exceptional service record.

“In forty years, the Eros Group has become a leading business in the retail sector,” said Deepak J Babani, chief executive officer, Eros Group.

“One of the reasons for the company’s success is its strong support network and partners. Eros Group is thankful to DP World, UAE Region for their high level of cooperation and continuous support, and look forward to working with them well into the future,” he added.

Mohammed Al-Muallem, senior vice president & managing director, DP World, UAE Region, said: “The recognition by a long-standing client of ours is an honour and a reflection of DP World, UAE Region’s commitment to excellence.” – TradeArabia News Service