For someone who hasn’t been in Dubai for more than a year, some things have changed. The traffic, while not non-existent, is much improved. Finding a taxi is no problem. But Dubai hasn’t disappeared. I went over to the Dubai International Financial Center, the wannabe Wall Street of the Middle East. Is it dead? Well the buzz seems a tad reduced, but there were still lots of people dressed in elegant dark suits eyeing their BlackBerrys.
The DIFC, which is somewhat Mussoliniesque though attractive, with outdoor verandas where you can sip a latte, has opened a kind of annex called Village Gate that feels like much more of a community. There are art galleries and other shops mixed in with the money management firms. All of this was just sand a few years ago, but outdoors in the alleyways between the stone clad buildings it seemed as if it had always been there. There were trees, and a tropical bird that I couldn’t see was making a wailing sound.
What happens to Dubai will largely depend on how the rest of the world economy fares. It is as much as anywhere a play on things global—trade, travel, finance. But some of the worst fears about Dubai’s finances seem to be easing. One reason is that the people around the ruler, Sheikh Mohammed bin Rashid al Maktoum, have finally acknowledged that they have a problem—though you wouldn’t know it by talking to some of them.
One accomplishment that eased the extreme jitters of year-end was the refinancing of Borse Dubai. Some banks had balked at recommitting to what had been a $4 billion facility used to finance Dubai’s roughly 20% stake in NASDAQ OMX and its holding in the London Stock Exchange. After Dubai put in a bigger slug of equity, an HSBC-led facility has now been sealed. The $10 billion that the UAE Central Bank agreed to subscribe to a bond for Dubai was also a huge help. That indicated that Abu Dhabi, with its several hundred billion in oil dollars, was standing by its flashier neighbor…SOURCE
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Posted 11 months, 1 week ago at 1:16 am. Add a comment
03/10/2009 11:53 AM | Staff Report
Dubai: A collection of poetry in English by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, will be launched in Dubai on Tuesday by Motivate Publishing.
Titled Poems From The Desert, the book features English translations of the original Arabic 27 poems that Shaikh Mohammad composed in the Gulf tradition of Nabati poetry. They represent some of his favourite works.
Using local figures and images, the poems are an ode to the region’s traditional culture and human values.
Among the book’s highlights is a poem dedicated to the father of the UAE, the late Shaikh Zayed Bin Sultan Al Nahyan, marking the 27th anniversary of the UAE.
Shaikh Mohammad is recognised as one of the region’s most prolific Nabati poets…
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Posted 1 year ago at 12:56 pm. Add a comment
More than 100 poets from 45 countries will participate in the Dubai International Poetry Festival 2009 that begins today.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, will attend the opening ceremony of the seven-day festival, themed ‘A Thousand Poets – One Language’.
Launched by Shaikh Mohammed in July last year, the event is aimed to create a lively platform for humanitarian and intellectual exchange using poetry as a common language.
The festival, which ends on March 10, will witness the launch of the Dubai House of Poetry, reaffirming the emirate’s status as a centre for nurturing literary talent.
Jamal Khalfan bin Huwaireb, prominent UAE poet and chairman of the organising committee, said the festival, being organised by the Mohammed bin Rashid Al Maktoum Foundation, is the first of its kind in the region in terms of its rich content, size and scope of worldwide participation.
“The festival’s theme reflects the universal nature of poetry as a bridge between cultures, fostering global unity through poetic expression regardless of nationality, beliefs, status, or economic circumstances,” he said.
The event features poetry soirees, seminars, workshops, forums, short dramas and live performances…SOURCE
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Posted 1 year ago at 12:23 pm. Add a comment
01/19/2009 11:51 PM | WAM
Dubai: Rents for Dubai tenants whose contracts were signed in 2008 cannot be raised this year so long as the rent in 2008 is equal to or up to 25 per cent lower than the average market rate, according to a decree issued on Monday.
According to decree No 1 for 2009 issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, rents for both residential and non-residential properties in Dubai whose contracts were signed in 2008 cannot be increased in 2009 so long as the rent in 2008 is equal to or up to 25 per cent lower than the average market rate…
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Posted 1 year, 1 month ago at 8:58 am. Add a comment
01/13/2009 09:44 AM | Staff Report
Dubai: Shaikh Ahmad bin Saeed Al Maktoum, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates Airline and Group, and Chairman of the Dubai Shopping Festival Office (DSFO) Supreme Committee, announced on Tuesday that there will be no official opening ceremony for DSF 2009 in line with the directives of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai as an act of solidarity with the people of Gaza.
The announcement was made by Shaikh Ahmad in a meeting attended by members of the DSF Organizing Committee in addition to Laila Suhail, CEO of DSF Office, Ebrahim Saleh, Coordinator General of DSF Office, and other senior officials of DSF Office.
However, all DSF 2009 activities will go on as planned from January 15 to February 15.
“DSF 2009 coincides with a turbulent period of political turmoil in the Middle East and as per the directives of His Highness Shaikh Mohammad bin Rashid, the festivities marking the beginning of DSF stand cancelled as an act of solidarity towards the people and our brothers in Gaza,” said Shaikh Ahmad.
During the meeting, Shaikh Ahmad also thanked the sponsors of DSF and the various government departments involved in the organisng of the festival for their continued support to the event.
“DSF has witnessed a series of successes in the past 13 years that has effectively made it a distinguished regional phenomenon. While being an inspiration for many similar initiatives to be launched in the region, it is notable that DSF is the only one that has excelled in achieving its objectives and still going strong after 13 years. DSF 2009 will be another milestone in the festival’s illustrious history,” he added.
Barring the official opening ceremony, all events for DSF 2009 will go on as planned…
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Posted 1 year, 2 months ago at 9:57 am. Add a comment
12/31/2008 10:54 AM | Staff Report
Dubai: All hotels in Dubai have been told to cancel New Year celebrations, following an order issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday, Gulf News has learnt.
Shaikh Mohammad has ordered the cancellation of all forms of celebrations marking the New Year in Dubai, as an act of solidarity with the Palestinian people.
In support of the Palestinians in Gaza, who are enduring all kinds of killing, destruction and displacement by the Israeli military machinery, Shaikh Mohammad instructed all concerned authorities in Dubai to put this order in place and take necessary procedures to circulate the decision to all concerned parties.
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Posted 1 year, 2 months ago at 11:53 am. Add a comment
12/28/2008 11:32 PM | By Binsal Abdul Kader, Staff Reporter
Abu Dhabi: As many as 190,000 UAE citizens have been exempt from paying a fine of Dh1,000 for not registering for National ID card by the Wednesday deadline, thanks to a Cabinet decision on Sunday.
The December 31 deadline has been extended by three months and citizens have to pay no fine during the extended period, according to the decision taken by the Council of Ministers on the instructions of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said a statement issued by the Ministry of Interior.
All those citizens who were unable to register “for identity card and population register will have sufficient time to register before fines can be imposed”, said the statement.
The Emirates Identity Authority (EIDA) is happy to receive the ‘timely cabinet decision’ as it will benefit about 190,000 citizens who may fail to register before December 31, a senior official told Gulf News on Sunday.
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Posted 1 year, 2 months ago at 10:19 am. Add a comment
His Highness Sheikh Khalifa continues in the tradition of Shk. Zayed to further the progress of the UAE.
12/02/2008 08:23 AM | Gulf News Report
Dubai: The UAE is determined to expand its democratic experiment and build a legislative structure to safeguard its position as a global business and financial centre, President His Highness Shaikh Khalifa Bin Zayed Al Nahyan said on Monday.
In a statement, carried by WAM on Monday to mark the country’s 37th National Day, the President also urged Emiratis to consider the outstanding development of the past 37 years as an incentive to do more.
“The sense of satisfaction over what we have gained should not be a reason to be complacent,” he said.
Shaikh Khalifa said there was a need to introduce a legislative framework to preserve the UAE’s traditions and culture.
“The distinguished position we attained in the world, based on our openness and the spirit of tolerance … has had its price, reflected in the demographic imbalance,” he explained.
He called for a comprehensive vision to create a balance between the country’s social and economic development.
He said the UAE leadership is looking forward to expanding public participation in the political process, aimed at building strong state institutions. “We are keen to continue to enhance the democratic process to reach the aspired level of participation.”
In a statement, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said the country is “determined to reach the level of advanced countries”.
The UAE will remain a symbol of pride and glory and an oasis of security, he said.
Addressing citizens, he said: “Be optimistic about the future and take part in making it because you are standing on solid ground and building on enormous achievements, the most conspicuous among them are you and what is available for you from education and knowledge and what you have gained from qualification, competence and expertise.”
Also, the UAE rulers continue to mark the progress of the country since independence.
12/02/2008 12:28 AM | WAM
Dubai: Members of the Supreme Council and rulers of emirates on Monday marked the 37th National Day anniversary of the UAE.
In a statement to Dira Al Watan magazine, they said “the 37th national day anniversary revives and rekindles the will and strength of the federation in the face of challenges and difficulties. The event evokes the stance taken by the late Shaikh Zayed Bin Sultan Al Nahyan and his brothers, rulers of different emirates, to declare the UAE federation on December 2, 1971.”
The rulers applauded the decision taken by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan to make the 37th national day anniversary and 2008 as a year for national identity, adding that the UAE derives its strength, solidarity and true spirit from the federation.
Shaikh Sultan Bin Mohammad Al Qasimi, UAE Supreme Council member and ruler of Sharjah, underlined that “what was achieved by the UAE since the inception of the federation in 1971 is a pride to the UAE citizens.”
He called on the UAE national youth to acquire genuine skills and good education to keep abreast with the economic boom being witnessed by the UAE.
Happy National Day
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Posted 1 year, 3 months ago at 2:38 pm. Add a comment
Dubai: Amlak Finance PJSC and Tamweel PJSC, the two leading UAE real estate finance providers, will be merged into a new entity under the umbrella of the Real Estate Bank, the Ministry of Finance announced on Saturday.
The ministry said it has begun the official procedures for the merger with the support of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The ministry said the merger of Amlak and Tamweel will contribute to the creation of a strong entity that will boost the property finance market.
“The merger is considered a landmark development for the financial market in the UAE. It will create a new entity that will serve as a cornerstone of the real estate finance market which has great fundamentals,” the ministry said.
The merger will be based on the best international standards. The procedures involve financial and legal formalities, a separate assessment and approvals for the integration between the two companies… http://archive.gulfnews.com/articles/08/11/22/10261979.html
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Posted 1 year, 3 months ago at 11:39 am. Add a comment
