Abu Dhabi University launches a Master of Business Administration (MBA) program in June 2006 | University of Abu Dhabi (ADU)

Abu Dhabi University launches a Master of Business Administration (MBA) program in June 2006 | University of Abu Dhabi (ADU): "Abu Dhabi University launches a Master of Business Administration (MBA) program in June 2006
Upon the directive of His Highness Sheik Hamdan Bin Zayed Al Nahyan, Deputy Prime Minister and President of the Abu Dhabi University Board of Trustees and Governors, Abu Dhabi University (ADU) will launch a Master of Business Administration (MBA) program in June 2006. The new MBA is the first among eleven other undergraduate and postgraduate programs that ADU plans to launch in the next several months. The MBA received accreditation by the Commission for Academic Accreditation of the Ministry of Higher Education and Scientific Research. Students can register for the program beginning the first week of May 2006, with to commence in June 2006.

ADU Chairman of the Executive Board of Governors, His Excellency Ali Saeed Bin Harmal Al Dhaheri commended the patronage of His Highness Sheik Hamdan Bin Zayed Al Nahyan for his support of the development of the University's first postgraduate program, and for His Highness' interest in ensuring that ADU should become one of the leading higher education institutions in the region. His Excellency Ali Bin Harmal added that ADU, by launching such a program, acknowledges the need of the public and private sectors to prepare highly qualified staff in the filed of business administration.

His Excellency Ali Bin Harmal also commended the attention that His Highness Sheik Nahyan Bin Mubarak Al Nahyan, Minster of Higher Education and Scientific Research, pays in ensuring that accredited programs meet international standards and are among the very best in the world. His Excellency said that ADU's philosophy and mission are centered on the same high quality standards set by His Highness Sheik Nahyan Bin Mubarak Al Nahyan.

His Excellency Ali Bin Harmal pointed out that the new Master's program represents an important link between the research and business sectors. The MBA was developed from surveys conducted by a team of specialists at ADU and focuses upon the demonstrated need for a highly qualified, graduate educated business administration cadre. Accordingly, the MBA program is designed to produce graduates who will be prepared to advance into top managerial positions in marketing, finance, accounting, human resources and other departments both in the private and public sectors of the flourishing economy of the UAE and the Gulf.

His Excellency Ali Bin Harmal stated that the academic load for the MBA program at ADU consists of 11 courses - 8 of which are compulsory courses in marketing management, financial management, international business management, advanced managerial accounting, leadership and communication, strategic management, and managerial decision models. Students also are asked to undertake an integrative project in which students are required to work in cross-functional teams to solve business problems with a project management approach.

Professor Reynold Macpherson, ADU Chancellor, said that the MBA program is the result of the hard work of and cooperation between ADU and the Commission for Academic Accreditation. He also stated that the College of Business Administration (COBA) is among the largest business schools in the UAE, with over 30 full-time faculty members, all of whom all have PhD degrees from well recognized American and European Universities. The new MBA program will contribute further to the central mission of COBA to support the economic development of the UAE and GCC by producing high quality graduates who can perform effectively in an information age business environment that is being shaped by a global economy.

Dr. Mohamed Khalifa, the Dean of COBA, stated that the MBA program at ADU is offered in a flexible manner to allow its students to complete the graduation requirements at their own pace. Students can complete the program in 18 to 36 months. Typically, students take three courses per term over the weekend (one course on Wednesday evening and two courses on Thursday).

Dr. Khalifa added that in order for candidates to be admitted into the MBA program at ADU they must hold a baccalaureate degree from a recognized institution, preferably having achieved a 3.0/4.0 or higher overall grade point average. Also, they must have at least two years of work experience and a score of 550 or higher on the TOEFL examination."

FT.com / Home UK - Abu Dhabi focus on investment in emerging areas

FT.com / Home UK - Abu Dhabi focus on investment in emerging areas: "Abu Dhabi focus on investment in emerging areas
By Roula Khalaf in London
Published: March 23 2006 03:00 | Last updated: March 23 2006 03:00

Abu Dhabi's main investment arm is looking to invest more of the country's petrodollars in emerging markets, including in privatisation deals in the Middle East.

But according to Saeed Mubarak al-Hajeri, executive director of the emerging markets department at the Abu Dhabi Investment Authority (ADIA), the fund will not be deterred from buying assets in the US in the wake of the Dubai Ports World debacle."

United Press International - Energy - Abu Dhabi to make $20 billion upgrades

United Press International - Energy - Abu Dhabi to make $20 billion upgrades

Abu Dhabi unveils $27 billion island tourism project

Abu Dhabi unveils $27 billion island tourism project

Tuesday, April 25, 2006

ABU DHABI: Abu Dhabi Tourism Authority (ADTA) on Monday unveiled a new public joint-stock company charged with developing a $27 billion project on Saadiyat Island, which will transform the 27-square-kilometer natural island just 500 meters offshore the United Arab Emirate's capital city into a strategic international tourism destination.

The Tourism Development & Investment Company (TDIC), which will oversee Saadiyat's mixed-use development, will operate along strictly commercial lines, selling land to private investors who will then develop their plots in accordance with the master plan.

"Saadiyat Island will be the first of many projects falling under TDIC's remit," said Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.

"This is an important chapter in Abu Dhabi's history. The creation of TDIC ushers in a new era of economic transition for the emirate, while the development of Saadiyat, a unique natural resource, represents one of the most vibrant episodes in the capital's evolution.

"Saadiyat's development will heighten awareness of Abu Dhabi's plans for economic diversification and will reinforce the perception of the capital city as a regional, and international, business and tourism hub," Nahyan said.

Abu Dhabi charges $1 million rent for charity matches

Abu Dhabi charges $1 million rent for charity matches
CricInfo.com, UK - Mar 29, 2006
It has been revealed that the Indian and Pakistan boards have agreed to pay the Abu Dhabi Cricket Council US$1 million for the use of their stadium

ExxonMobil signs off Abu Dhabi oil field deal

ExxonMobil signs off Abu Dhabi oil field deal
The Daily Star Middle East | Daily Star Staff

Beirut

ABU DHABI: The Supreme Petroleum Council (SPC) and Abu Dhabi National Oil Company (ADNOC) signed agreements with ExxonMobil Corporation and subsidiaries covering participation in Upper Zakum Oil Field, located in the offshore areas of Abu Dhabi.

Under the agreements, ExxonMobil Abu Dhabi Offshore Petroleum Company Limited gains ownership of 28 percent out of ADNOC's 88 percent equity stake in the Upper Zakum reservoirs effective January 1, 2006, while Japan Oil Development Company (JODCO) will continue to hold the remaining 12 percent interest in the Zakum Field, according to a statement issued by ADNOC.

The SPC selected ExxonMobil in April 2005 among competing reputable international companies for submitting the best technical offer.

Under the revised development agreement, which is amended to reflect the necessary changes arising from the entry of ExxonMobil, the expiry date of the interests of ExxonMobil and JODCO in the Zakum Field is set forth as March 9, 2026.

Upper Zakum is one of the world's largest fields, contributing significantly to Abu Dhabi's current production, and with potential for substantial production growth. ExxonMobil, with ADNOC and JODCO, will provide support to the joint operating company, Zakum Development Company (ZADCO), in pursuing the objective of increasing production to a target of 750 thousand barrels per day, once all the technical studies are completed.

ExxonMobil has committed to develop, supply, support and apply cutting edge technology to maximize recovery from the Upper Zakum reservoirs. The company will establish an ExxonMobil Technology Center in Abu Dhabi to apply the industry's most advanced technology to Upper Zakum in areas of reservoir management, well management and production operations.

The company will also provide support for training and personnel development, including access to its Technology Center in Houston. ExxonMobil agreed to assist in establishing a specialized research and development facility at the Petroleum Institute, the leading technical university in Abu Dhabi.

Youssef Omar bin Youssef, SPC secretary general and CEO of ADNOC, said: "While welcoming ExxonMobil to this successful joint venture, the SPC, and ADNOC are convinced that with its wealth of expertise and state-of-the-art technology, ExxonMobil's partnership will further consolidate the firm foundation laid by the existing team of JODCO and ZADCO. We believe all partners will benefit from this lucrative venture. The agreements also reflect the standing policy of the SPC and ADNOC on strengthening strategic partnerships with their industrial shareholders."

"ExxonMobil is deeply honored to have this opportunity to participate in the Upper Zakum Field," said Rex Tillerson, chairman and CEO of ExxonMobil Corporation. "We look forward to joining the already strong ZADCO team and to supplementing and enhancing the technology and capabilities of ZADCO and its shareholders. We look forward to cooperating closely with ADNOC," he added.

JODCO said that as a long-standing partner in the Field, they looked forward to cooperating with ADNOC and ExxonMobil to establish a solid partnership to increase production capacity and ultimate economic recovery factor from the Field. - WAM

Abu Dhabi's construction projects valued at Dh23.12 billion in 2006

2 April 2006


ABU DHABI — The value of new construction projects to be tendered to contractors in Abu Dhabi is expected to register an increase of 173 per cent from Dh8.6 billion in 2005, to Dh23.12 billion this year and this trend will continue with Dh24.59 billion worth of new construction projects in 2007, said organisers of Construct Abu Dhabi and Arabian Properties 2006 to be held from April 2-5, 2006.

"The total value of all construction projects announced to date in the UAE is Dh624 billion," said Ahmad Humaid Al Mazrouie, Managing Director of Adnec, who is organising the event. He said that in 2005, the UAE dominated the Gulf construction sector with Dh130.6 billion worth of projects under construction accounting for 63.7 per cent of the total value of projects under construction in the GCC states.

Saudi Arabia occupies the second slot with Dh28.9 billion, with Qatar (Dh16.88 billion) in third place followed by Kuwait (Dh12. 8 billion), Bahrain (Dh7.34 billion) and Oman (Dh5.1 billion).

About the event, he said that 130 exhibitors representing 350 companies from 18 countries are participating in full force, while top industry experts from around the world are assembling here to discuss issues related to the growing real estate sector at the conference which is an integral part of the event.

"Construct Abu Dhabi in only its third edition, has witnessed remarkable growth in line with the rapid development of commercial, residential, tourist, road and airport infrastructure projects in Abu Dhabi as well as elsewhere in the region," said Ahmad Humaid Al Mazrouie, Managing Director of Abu Dhabi National

Exhibitions Company (Adnec), which is organising the event at Abu Dhabi International Exhibition and Conference Centre. Al Mazrouie said that the Construct Abu Dhabi is a prime opportunity for the industry to harness the potential in the rapidly expanding construction market in the UAE and beyond.

Adnec chief said the Arabian Properties Forum will take place on the April 2-3, 2006 in parallel with exhibition to be addressed by property experts including Mounir Haider, CEO, Sorouh Real Estate, Tarek Zakaria, Regional Manager MEA Region, ABB Industries, Alaa Hilal, CEO, Arabian Group, and Walid Khoury, Business and Projects Developer, General Electric, among others. The featured projects will include those from Abu Dhabi, Dubai, Sharjah and Ras Al Khaimah in the UAE as well as projects from Qatar, Egypt, Lebanon, Saudi Arabia, Kuwait, France, Spain, Australia, the UK, the US, Morocco, Cyprus, the Caribbean, Australia and HongKong.

Al Mazrouie also stated that the conduct of Construct Abu Dhabi and Arabian Properties 2006 in parallel, have made the two events a powerful sales, networking and knowledge-gathering platform.

Abu Dhabi woos UK companies

The Arab emirate plans to invest more than $100 billion to diversify away from oil and gas, reports Tracey Boles

AT Buckingham Palace last week, the Duke of York hosted a lavish dinner for the biggest trade delegation ever to visit Britain from Abu Dhabi, the largest and richest of the seven city states that make up the United Arab Emirates (UAE).

Among the Abu Dhabi delegates eating trout terrine and roast lamb with the top brass of British industry was Khaldoon Khalifa Al Mubarak, a man who has enjoyed a swift rise through the emirate’s political and business circles.

Al Mubarak, in his early thirties, is a member of the Abu Dhabi executive council and chief executive of Mubadala Development Company, a government-backed investment vehicle that uses foreign direct investment to establish new businesses in Abu Dhabi and acquires stakes in foreign firms.

Last year, for example, Mubadala bought a 5% stake in Ferrari, which is helping to develop a Ferrari theme park in Abu Dhabi.

Mubadala is at the forefront of an investment drive by Abu Dhabi’s crown prince Sheikh Mohammed. The ambition is to invest more than $100 billion in the emirate over the next seven years to diversify away from oil and gas, and create jobs for the fast-growing and educated 1.5m population.

Last week’s delegation, which included the chief executives of the Abu Dhabi national oil company ADNOC and the emirate’s airline, Etihad Airways, had come to woo British investors. The UAE is a former British protectorate and already Britain’s ninth-largest international trade customer, with exports totalling £5.5 billion last year.

The UAE was formed in 1971 from seven emirates. The most prominent are Dubai and Abu Dhabi. The latter controls 95% of the UAE’s hydrocarbon reserves, or 9% of the world’s proven oil and 3.5% of its gas.

Despite its rich reserves and the fact it occupies 87% of the UAE’s territory, Abu Dhabi has been outshone by Dubai, which is constructing a series of record-breaking developments at home and has pursued trophy assets abroad, notably P&O, the ports and ferries group.

After the death in 2004 of Abu Dhabi’s ruler Sheikh Zayed bin Sultan Al Nahyan, the new, younger leadership decided to invest the emirate’s multi-billion-dollar oil surplus at home and abroad.

Mubadala, set up in 2002, is one of the emirate’s main investment vehicles. It is advising on a $10 billion expansion of the international airport and a new $8 billion port.

Earlier this year, it joined forces with Dubai Aluminium to invest $6 billion in the world’s largest aluminium smelter. It owns 7% of Aldar Properties, an Abu Dhabi company that will oversee $30 billion of property development.

Al Mubarak said: “The next five to eight years will be a very exciting time. I think it is like the early days of Singapore.”

According to Al Mubarak, a template for future projects will be Dolphin Energy, a $4.5 billion joint venture between Mubadala, France’s Total and America’s Occidental to extract gas in Qatar and transport it by pipeline to the UAE. Mubadala has a 51% stake in the project, which is under construction.

Al Mubarak is also on the lookout for acquisitions in Britain, particularly among financial-services firms, healthcare providers and property developers.

Kingsmill Bond, Deutsche Bank’s head of emerging-market strategy, said: “Abu Dhabi is an attractive, long-term story because of the oil price and the domestic reforms being pushed through. These days, there is better openness and use of money in the emirate.”

In 2003, the value of British investment in the UAE stood at £736m. That is set to rise. Rolls-Royce and Shell have already signed memorandums of understanding with Mubadala, and other British companies could follow suit.

100,000 small residential units foreseen in Abu Dhabi in 5 years

With most studies indicating that demand for smaller residential units in Abu Dhabi would surge to an estimated 100,000 units within the next five years, a promising future is awaiting the properties sector in the Abu Dhabi emirate, according to exhibitors at the Second International Real Estate & Investment Show 2006

Abu Dhabi ranks No 1 in GDP per capita - UAE

Dubai, Apr.12, 2006 (WAM)--The GDP per capita in Abu Dhabi has been ranked highest in the world as it surged to $46,200 (Dh170,000) leaving the fellow GCC states lagging far behind at $13,500 (Dh45,545), according to a study conducted by Abu Dhabi Chamber of Commerce and Industry (ADCCI).

The study, which focused on economic performance for 2005-06, said that the UAE trade surplus for 2005 rose to Dh145 billion and oil and non-oil exports of the country surged by 79.5 per cent to Dh442 billion in 2005 from Dh330.8 billion in 2004.

"Total exports of Abu Dhabi jumped 68.9 per cent in 2005 to Dh193.9 billion, accounting for Dh131 billion of the country's total value of exports," the study said, adding that the figure was a clear indication of the economic boom witnessed by the UAE in general and Abu Dhabi in particular.

A breakdown showed that total imports during 2003 to 2005 increased to Dh337.9 billion in 2005. "Abu Dhabi imports followed suit, growing from 30 per cent to 35.2 per cent in 2005," the figures indicated.

First UAE bus factory

United Arab Emirates: Sunday, April 23 - 2006 at 10:47
The first bus manufacturing unit in the UAE has opened in Abu Dhabi, reported Gulf News. Trans-Continent Industrial has announced that their 220,000 sq ft factory will initially produce 300 buses a year, with scope to expand to 1,000 a year. The company will specialise in commercial and school vehicles.

Mohammed orders creation of Abu Dhabi Sports Council (Wam)

10 April 2006


ABU DHABI — General Shaikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, has ordered the creation of an Abu Dhabi Sports Council, to support the emirate’s sports clubs.

A decree issued yesterday named Shaikh Hazaa bin Zayed Al Nahyan as Chairman, and Shaikh Saeed bin Zayed Al Nahyan as Deputy Chairman, besides representatives of the emirate’s sports clubs of Al Ain, Gezira, Wahda, Bani Yas, and Al Dhafra clubs.

The new council has been mandated with proposing strategies and plans for support of the sports clubs in the emirate.

Abu Dhabi govt. takes 35% stake in Italian manufacturer Piaggio to fund new jet

Italian business aircraft manufactuerer and subcontractor Piaggio Aero Industries has confirmed that Mubadala Development, a wholly-owned investment vehicle of the Abu Dhabi government, is to take a 35% stake.

The deal was first rumoured in mid-March and has taken several weeks to complete, due to the structure of the deal. Mubadala’s 35% share comprises the purchase of some existing shares and the creation of some new shares. Piaggio's primary shareholders, the Ferrari automotive family and that of chief executive Josè di Mase, will see their combined stake reduced to 55%, with private sharteholders and institutional investors together holding an additional 10% of the company.

Financial details of the acqusiition have not been divulged, but the level of investment was previously thought to be around €20 million ($22.4 million), which corresponds to the sum paid by Ferrari and di Mase famililes to buy back a holding of around 20% purchased in 2003 by the Italian state investment agency Sviluppo Italia.

Whatever the size of the cash injection, it is thought to be needed to kick-start development of a new light business jet to join the P180 Avanti II twin pusher. Di Mase says: "We are heavily engaged in strategic planning for our industrial and commercial development and this new partnership allows us to build on our success of recent years through increased production”.

The deal will see Mubadala receive three of the seven seats on the Piaggio board and will appoint the vice chairman. Mubadala will also receive one of the three seats on the company’s executive management committee.

"We are honoured that Mubadala Development has chosen to invest in Piaggio Aero,” says Piero Ferrari, chairman of Piaggio. “This deal places us in a position to further grow our position in [Europe and North America] whilst beginning to explore new markets, including the Middle East, Far East and South America - each of which offers high potential for sales,” he says.

Khaldoon Al Mubarak, Mubadala chief executive says: “For us this investment makes commercial sense on two levels: As a straight investment opportunity Piaggio Aero has a remarkable performance track record, Importantly, the transaction also offers the opportunity to explore potential synergies".

However, Piaggio also supplies the low-pressure turbine case and the bearing compartment housings to Pratt & Whitney for the F135 engine, powering the Lockheed Martin F-35 Joint Strike Fighter, and any Gulf state investment could be investigated by US authorities.

WEAVE GOT WORK (The Sunday Mail)

MORE than 1200 village women in Iran have started weaving the world's biggest carpet worth $8.5million.

The 6000-square metre rug, which will weigh 48 tons, was commissioned for the Sheik Zayed Mosque in Abu Dhabi.

Jalalledin Bassam, of the government-owned Iran Carpet Company, said: "It will take at most 14 months for villagers who will work two shifts daily."

Abu Dhabi Ship Building eyes Coast Guard order (gulf news)

Abu Dhabi: Abu Dhabi Ship Building expects to win a multi-million dirham order from the UAE Coast Guard shortly to build 12 fast patrol boats, a top company official said yesterday.

ADSB also announced it has tied up with the UK's VT Halmatic to set up its new Dh30 million composite vessels facility inaugurated by Shaikh Hamed Bin Zayed Al Nahyan, Chairman of the Abu Dhabi Department of Economy and Planning.

"We are at an advanced stage of negotiation with the UAE Coast Guard for a programme of 12 34-metre GRP fast patrol boats and are hopeful that an order will be placed soon," said William Saltzer, Chief Executive of Abu Dhabi Ship Building.

"Work has started on the first composite vessel," he said without providing details.

He said the new composite vessels facility is the largest and most advanced in the Middle East and this would enable the company to compete strongly in the rapidly expanding military and commercial market in the region.

The new facility at ADSB's base covers 4,650 square metres and is capable of building vessels up to 60 metres in length, the size of some of the world's largest composite vessels.

"Work has already begun on the second phase of the new facility, an outfitting shop that will be used to fit interiors and components to client specifications."

Abu Dhabi Ship Building Composites' first project will be a Halmatic-designed 16-metre fast workboat. With a ramped bow for beach landing and an open deck, it will be capable of transporting two Hummer size military vehicles at a speed of over 30 knots.

VT Halmatic is a world leader in the construction of composite boats.

Currently celebrating its tenth anniversary, ADSB has grown five-fold and currently works with 10 strategic international partners.

"ADSB has built over 100 vessels of different types over the last decade and ongoing contracts exceed Dh2 billion."

The company is pursuing projects in the GCC. "We are in discussion with Saudi Arabia and Bahrain for new projects and naval officials from these countries are visiting ADSB next week for discussions."

JOINT VENTURE
ADSB in partnership with Italian company

Abu Dhabi Ship Building has set up a new joint venture in partnership with an Italian firm called Abu Dhabi Systems Integration, the company's chief said.

"This is the first such company in the GCC providing integrated systems to support not only naval customers but also land and air and civilian customers," said William Saltzer, ADSB Chief Executive.

ADSB has also set up Integrated Logistics Support to provide maintenance, spare parts, packaging, handling, personnel and other related facilities. Outsourcing will also be undertaken.

"We see huge potential for both these new projects."

Abu Dhabi tipped to take off as a holiday resort

Apr 22 2006


By The Evening Chronicle


2006 will see a rise in the popularity of up-and-coming hotspots such as Abu Dhabi and Montreal as travellers branch out from the more traditional destinations like Paris and New York, according to online travel agent Expedia.co.uk

Expedia's Hottest Destinations for 2006 list is based on the results of a recent customer poll as well as bookings information.

In no particular order, the destinations are:

Abu Dhabi

Abu Dhabi, capital of the United Arab Emirates, is set to replace 2005's hotspot, Estonia. Hot on Abu Dhabi's heels is the Polish city of Krakow, set to become the hippest city in Europe over the next 12 months, drawing in visitors with its mix of old-world architectural beauty and cutting-edge clubs and bars.

Shanghai is set for a comeback as one of the must-see places in Asia with its seductive mix of tradition and sophistication, with other notable additions including the North Atlantic island of Madeira, the cultural Spanish city of Valencia and cosmopolitan Montreal.

The list also suggests a boom time for family destinations in both Europe and beyond. The North African winter sun family hotspot of Tunisia is included, a revival for Portugal's Algarve is predicted and there is also the addition of the up-and-coming Floridian beach destination of Tampa.

The hottest destinations list has five European destinations, two North American destinations and one destination in Asia, Africa and the Middle East.

Expedia.co.uk customers also looked back on 2005 and for 30% the best new destination this year was Marrakech, while more than a quarter of customers (28%) said that they would head to the French Riviera for some summer sun.

Here are the results of Expedia.co.uk's 2005 destination poll:

Q Best new destination of 2005: Marrakech

Q Most vibrant nightlife: Dublin

Q Favourite summer sun destination: French Riviera

Q Favourite US city: New York

Q Best UK city break: London

Q Favourite for families: Florida

Q Best European weekend break: Prague

Q Best Eastern European destination: Budapest

Q Favourite destination for culture: Rome

Q Favourite Far East destination: Hong Kong

Q Favourite country for summer sun: Spain

Elyas Chowdhury of Expedia.co.uk said: "More and more people are exploring `niche' destinations and becoming more adventurous with their holiday choices.

"We hope this list will give travellers holiday inspiration to let themselves go and experience new places and cultures in 2006."

Abu Dhabi real estate set to boom: Expert (The Peninsula)

DOHA: Abu Dhabi government's decision to introduce property bye-laws, allowing expatriates to own free hold commercial and residential properties, will give impetus to the development of the UAE's oil-rich emirate into a real estate paradise, said a leading Abu Dhabi-based business development consultant.

"Following the introduction of bye-laws in landmark Property Law by Abu Dhabi government, there existed great opportunities for expatriates to own free hold properties on 99-year lease in the emirate like Dubai," said Ashraf Siddiqui, who holds road-shows in different countries including China and Malaysia and provide necessary details to prospective investors about the investment opportunities available in the UAE

Abu Dhabi real estate set to boom: Expert (The Peninsula)

DOHA: Abu Dhabi government's decision to introduce property bye-laws, allowing expatriates to own free hold commercial and residential properties, will give impetus to the development of the UAE's oil-rich emirate into a real estate paradise, said a leading Abu Dhabi-based business development consultant.

"Following the introduction of bye-laws in landmark Property Law by Abu Dhabi government, there existed great opportunities for expatriates to own free hold properties on 99-year lease in the emirate like Dubai," said Ashraf Siddiqui, who holds road-shows in different countries including China and Malaysia and provide necessary details to prospective investors about the investment opportunities available in the UAE

Abu Dhabi unveils major energy initiative (Gulf news)

Abu Dhabi: Top global energy companies are joining hands with Abu Dhabi in the region's first alternative energy and resource conservation initiative, government officials announced yesterday.

The pioneering initiative called Al Masdar has the support of the Abu Dhabi government that has granted land for an institute, a special economic zone and innovation centre as well as $100 million to create a fund.

"Abu Dhabi is a global leader in the production of energy and the Masdar Initiative is a natural product of that position," said General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces.

"The calibre of the initiative's anchor partners is testament to the potential of the opportunity and the initiative has the potential to contribute to the transformation of Abu Dhabi from a consumer to an exporter of technology," he told senior government representatives.

Shaikh Mohammad said four square kilometres of land would be granted as the campus for the initiative.

He also offered $100 million for the creation of a clean technology fund to co-invest with private sector partners in domestic and foreign companies focused on emerging technologies.

The initiative's anchor partners include BP, Shell, Occidental Petroleum, Total, Mitsubishi, Mitsui, GE, Rolls-Royce, RWTH Aachen and Imperial College, London.

"The Masdar initiative focuses on the development and commercialisation of advanced and innovative technologies in renewable energy, energy efficiency, carbon management and monetisation, water usage and desalination," said Khaldoon Al Mubarak, Abu Dhabi Executive Council Member and Chief Executive of Mub-adala Development Co.

"Some of the world's largest energy companies and elite academic institutions have joined the initiative as anchor partners."

Masdar is a targeted, pragmatic and manageable initiative created to deliver concrete outcomes, said Sultan Al Jaber, representing the Abu Dhabi Future Energy, the government entity to implement the initiative.

"It is clear that the world's demand for energy will continue to increase and therefore the Masdar Initiative has the potential to have a macro economic impact."

The new entity will operate closely with Adnoc, Adwea and the Abu Dhabi Environmental Agency, the Abu Dhabi Education Council and departments.

The project is expected to start by 2009 and begin to show results by 2015.

Sheikh Mohammad opens workers complex in Abu Dhabi industrial city

23-Apr-2006



General Shaikh Mohammed bin Zayed Al Nahyan inspects workers' residential city

Abu Dhabi is investing more than Dh1 billion in two stages within its industrial city to provide improved residential facilities for over 100,000 workers, officials announced yesterday. More residential communities, involving a huge investment outlay, across Abu Dhabi are in the planning stage.

General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Sup-reme Commander of the Armed Forces, formally launched the first phase of the Workers Residential City in the ICAD (Industrial City of Abu Dhabi)."The UAE is entering a new era of cooperation between the government, the private sector and foreign partners," asserted Shaikh Hamed Bin Zayed Al Nahyan, Chairman of Abu Dhabi's Department of Economy and Planning.

"The Abu Dhabi government is committed to developing labour resources in the UAE and to improving laws and regulations to facilitate business and investment to further strengthen the foundations of the country's upsurge," he said after the opening of the first phase of the Worker's Residential City.The phase one project, valued at Dh350 million, is now fully occupied, accommodating about 5,000 people. Almost Dh800 million will be pumped into Phase II to furnish housing facilities for over 20,000 people, and phase three will shelter some 80,000 people. The investment outlay for phase three and beyond has yet to be fixed.

The financing of over Dh1 billion for Phases II and III of the Workers Residential City will be a mix of debt and equity, a top official said."We are discussing the financing with the board. It could be an equity arrangement or finance can be raised from the market," Norman W. Johnston, Chief Executive of Zones Corp told Gulf News."It could be arranged by the Zones Corp or the selected consortia to develop the project."Abu Dhabi-based developer, Al Eskaan Al Jamae was involved in phase one of the Workers Residential City. Some 21 consortia have been short listed for Phases II and III.