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Learn to deal with ups and downs in life

admin — Sun, 20 Jun 2010 06:01:07 +0000

Dubai: Growing up in a business environment helped Muna Eisa Al Gurg learn the ropes at a young age. The name that she earned in Eisa Saleh Al Gurg Group within a short period led to her selection as a vice-chairperson at the Mohammad Bin Rashid Establishment for Young Business Leaders.

Passionate about art and culture, she is also a board member of the Dubai Community Theatre and Art Centre (Ductac).

Her responsibilities have taught her punctuality and discipline in life. She follows a tight schedule from the time she gets up at 7am. She makes it a point to watch the business and political news on BBC World everyday while having breakfast before heading for work at the Al Gurg Group tower in Deira. The Dubai Quality Group recently awarded her the Emirates Women’s Award in second place in the Business category.

Muna spoke to Gulf News about her views on business and other matters.[Read More]

Idea for major caviar business hatched at time of apprenticeship

admin — Sat, 12 Jun 2010 06:29:39 +0000

The number of caviar farms is not enough to cover the present demand of the market, but Hamda hopes that by 2015 more farms will start producing caviar which will lead to more caviar in the market. Dubai: Hamda Al Harizi is the proud owner of a self-made business that provides luxury Caspian caviar exclusively for the UAE and other GCC countries.

Her company Gourmet House is also engaged in importing and exporting expensive delicacies such as spices, saffron and caviar dining accessories.

Hamda has won recognition for her work by winning the Mohammad Bin Rashid Al Maktoum Business Awards in 2006 for Best Business Woman of the Year and Best Retail Business of the year.

The Emirati entrepreneur, who is a member of the Shaikh Mohammad Bin Rashid Al Maktoum Foundation, also owns several caviar shops in major cities such as New York, Hong Kong and Dubai. Her clientele ranges from airlines, luxury hotels and royal families.[Read More]

Empower eyes 60% more customers

admin — Wed, 09 Jun 2010 12:01:22 +0000

Dubai: Emirates Central Cooling Corporation, or Empower, is targeting a 60 per cent increase in its customer base to 16,000 this year, compared to 10,000 in 2009, its chief executive said yesterday.

This will make Empower the largest district cooling service provider in the region by number of customers. The company provides district cooling services to several projects including Dubai International Financial Centre, Dubai Healthcare City, Jumeirah Beach Residence, Business Bay and City of Arabia. [Read More]

Dubai exports, re-exports to grow 15%

admin — Sun, 30 May 2010 01:30:23 +0000

Dubai expects to see a 15 per cent growth in exports and re-exports this year and reach 2008 levels as consumer confidence and business sentiment stabilise, said Hamad Buamim, Director-General of the Dubai Chamber of Commerce and Industry (DCCI).

Speaking to Emirates Business, he said the emirate has witnessed an average of 15 per cent month-on-month increase in the first four months of 2010, a trend that is slated to continue throughout this year.

“We have seen a total of Dh175 billion [in] exports and re-exports last year, which is a 15 per cent drop from 2008 levels. We expect to end up 15 per cent higher than last year and reach 2008 levels this year,” Buamim said. [Read More]

IMF projects modest growth for UAE

admin — Wed, 26 May 2010 04:17:32 +0000

Dubai: The International Monetary Fund (IMF) has projected a 1.5 per cent gross domestic product (GDP) growth in 2010 for the UAE with a strong outlook for current account balances in its latest regional economic outlook.

“We have been conservative in our growth projections for the UAE. This is the base case scenario. Going forward we expect the economy to grow at a much faster pace,” IMF Middle East and Central Asia Director Masoud Ahmad.

The IMF has forecast GDP to grow 3.1 per cent in 2011 with the overall econ-omic recovery picking pace in the second half of this year.

The IMF report said that the non-oil segment of the economy was quick to recover last year from the impact of the global financial crisis. With oil prices gaining, the UAE is projected to post a current account surplus of $19.7 billion in 2010 against a deficit of $7 billion last year.

“We expect the Abu Dhabi economy to grow 3.4 per cent this year. As for Dubai we expect the economy to contract by 0.5 per cent this year. Clearly, the clarity on Dubai World’s debt-restructuring is going to have its upside on Dubai’s growth prospects,” Ahmad said. [Read More]

Dubai Holding Commercial Has Access to Funds, Moody’s Says

admin — Fri, 14 May 2010 07:30:59 +0000

Dubai Holding Commercial Operations Group LLC, a real estate and hospitality group, has access to “other” funds should banks decline to roll over a $555 million credit facility due in July, Moody’s Investors Service said.

Dubai Holding Commercial “is currently looking to rollover this facility and is negotiating commercial terms with existing banks,” Moody’s said in a report e-mailed today. The company “has confirmed that it has other sources of funds to tap into if needed and that it is in continuous engagement with the government on its financial position,” Moody’s said.

Dubai Holding Commercial also confirmed it engaged an international consulting firm to refine its three-year business plan and that the hiring “is not related to any restructuring of its direct debt obligations,” the Moody’s statement said. The company has hired PricewaterhouseCoopers LLP, a person with knowledge of the matter said, declining to be identified because the information is confidential. A spokeswoman for PricewaterhouseCoopers couldn’t immediately comment. A spokesman for Dubai Holding also declined to comment. [Read More]

Emirates ‘will never be sold’ by Dubai – top exec

admin — Thu, 13 May 2010 08:37:24 +0000

A top Emirates Airline executive has said that any public flotation on the Dubai stock market “would be a very successful one” but that it is up to Dubai government to decide when it would be implemented.

“It would never be sold to anyone else,” Maurice Flanagan, the executive vice chairman of Emirates Airline, told Arabian Business in an interview when asked if the Dubai government would consider selling the national carrier in order to finance its debts.
[Read More]

Sutherland Global Services buys Adventity

admin — Thu, 13 May 2010 08:34:28 +0000

Sutherland Global Services Inc. has acquired New York City’s Adventity Global Services in an all-cash deal, the firm announced Wednesday. Terms of the deal were not disclosed.

With more than 2,500 employees and operations in New York and Houston in the United States; Mumbai and Chennai in India; and Dubai, Adventity provides business and financial research and analytical services.

Adventity focuses on providing platform-based business process outsourcing services to banks and financial services companies and to the airline and travel industry, Sutherland officials said.

“Sutherland combines back-office and customer facing front-office services to drive productivity and deliver measurable results for its clients,” said Dilip Vellodi, Sutherland chairman and CEO in a statement. “The offerings and approach at Adventity completely aligns with our strategic direction of expanding our presence in key verticals through platform based integrated solutions.[Read More]

First Official Trade Licence Issued on The World, Dubai

admin — Wed, 12 May 2010 17:17:33 +0000

12th May 2010, Dubai: The first trade licence for business operations on The World islands project in Dubai has been granted to Kleindienst Group, owner and developer of The Heart of Europe project on The World.

A luxury holiday project, The Heart of Europe is made up of six islands that when complete will house private holiday homes, apartment buildings, hotels, floating palaces and a diverse range of retail, entertainment and food & beverage outlets.

“The Heart of Europe project has been a groundbreaking one – not only literally, when we became the first developer in the world to begin construction on The World, but also metaphorically now as the owners of the very first trade licence to be issued for the development. We are delighted to part of Dubai’s history,” said Josef Kleindienst, CEO of Kleindienst Group.
[read more]

Buyout Houses Circle Network International

admin — Wed, 12 May 2010 17:14:13 +0000

Dubai-based payment processing business Network International has attracted the interest of five of the world’s best known buyout houses after being put up for auction, Financial News has learned.

U.S. bank Morgan Stanley (MS) has been appointed to carry out the sale of Network International, which processes credit card payments, with second round bids expected in the next few weeks, according to three sources with knowledge of the situation. Network and Morgan Stanley were unavailable for comment at the time of going to press.

Two of the sources said the deal had come down to five bidders-???buyout firms TPG Capital, Warburg Pincus, Bain Capital Partners, Silver Lake Partners and Providence Equity Partners. All parties declined to comment or could not comment by the time the story was published.

The deal’s value remained unknown but Network International’s most recent financial results-??? for 2008-???said its operating revenues rose that financial year to AED386 million (EUR82.8 million), a 35% increase on 2007.
[read more]