Daman Investments launches Daman Speculator Fund

Daman Investments PSC, the leading UAE-based fund managers, today announced the launch of The Daman Speculator Fund, a trendsetting AED 200 million fund, which focuses on the dynamic and vibrant nature of the UAE and GCC equity markets.

The offer period for the new fund will begin on July 1 and ends on July 31, 2008. The Daman Speculator Fund is a UAE-registered investment vehicle regulated by the United Arab Emirates Central Bank, with an initial unit offer price of AED 100/per share. The targeted fund size is a maximum of AED 200 million of which Daman Investments seed capital in the fund is AED 5 million. Read more

New leadership from among the talented young citizens of the UAE

The new Executive Board of the Young Arab Leaders UAE Chapter has promised intensified action to identify, mentor, train and develop new leadership from among the talented young citizens of the United Arab Emirates.

At a gala reception held yesterday at The Capital Club in the Dubai International Financial Centre, Assem O. Kabesh, CEO of Young Arab Leaders (YAL), introduced the newly elected UAE Chapter Executive Board to a select gathering of YAL members and leading business and government leaders. Read more

Dubai World offered to buy Russian utility OAO OGK-1

Dubai World along with a local partner expressed intentions to buy the Russian utility OAO OGK-1 for 125 billion rubles ($5.34 billion.

Government owned Dubai World and the energy trader OAO Roskommunenergo agreed to pay $516 per kilowatt of installed capacity for OGK-1, Marita Nagoga, according Bloomberg. OGK-1 operates four plants  in total in European Russia and two in Siberia. Read more

Mercato hosts stunning photography exhibition

In conjunction with the Dubai Summer Surprises 2008, Mercato Shopping Mall is hosting a photography exhibition by French photographer Gilles Delmotte, showcasing a stunning collection of portraits capturing the essence of Dubai and afar.

The event, to run until July 9, 2008, brings together up to 40 photos taken by the renowned photographer in several popular and other world cities, with Dubai enjoying special prominence through several portraits documenting the huge urban developments the emirate has been going through over the past years. Read more

Shuaa Securities opens state-of-the-art branch in Abu Dhabi

Shuaa Securities, the first and leading Advanced Brokerage Solutions provider in the UAE, continues to provide its investors of “services beyond expectations” as it adds another branch in Corniche Road, Abu Dhabi. Alpha Data, the UAE’s leading systems integrator, was selected to deploy the latest in multimedia equipment including video conferencing facilities and wireless touch panel.

“Shuaa Securities always promotes a secure investment environment and we are very keen to assisting our customers in realising their highest investment potential using advanced brokerage solutions,” said Mustafa Abu Al Haija, Shuaa Securities’ Network Engineer.

[ad#ad-1]

Read more

Summer Save up to 50% on Incoming Calls

Available to monthly plan subscribers for summer period

du, the integrated telecom service provider in the UAE, has announced a special summer offer which allows subscribers’ savings of up to 50% when receiving calls on their du line while travelling outside the UAE. The offer is available to du Monthly Plan subscribers up till 25 September 2008.

The 50% discount applies only to the regular International Call Rate from the UAE to the country the customer is roaming in during this period, with no change in the outgoing call rate.

[ad#ad-1] Read more

Treat sovereign funds equally

Sovereign wealth funds should be treated like any other institutional investor and not have special rules imposed on them, Henry Azzam, head of Deutsche Bank in the Middle East, told a conference on Sunday.

“It doesn’t make sense to impose rules on them not imposed on others. If we do this discrimination, there will be a lack of even-handedness in financial regulation,” he said.

He was responding to concerns in some Western economies that such funds may lack transparency and may have political agendas. Read more

Inflation stabilising

Inflation in the United Arab Emirates, which pegs its currency to the dollar, is stabilising and likely US interest rate hikes will lift the ailing greenback, the UAE central bank governor said on Sunday.

Speaking to newswire Reuters on the sidelines of the annual central bankers’ meeting in Basel, Sultan Nasser Al-Suweidi said Gulf Arab oil producers are “very firm” concerning their dollar pegs and have no plans to revalue their currencies. Read more

Modesty Respect

It is Friday noon at Jumeirah mosque. The prayer congregation has just ended and worshipers are leaving. Just past the mosque she slowly treads on her heals. A hot sea breeze tickles her cheeks and strokes her pampered legs. Much of her bosom is exposed to the sun and to all. As she embraces Dubai’s aura, she fails to notice the many lowered gazes of men exiting the mosque.

Maneuvering her way through the crowds in a department store, Suad and her teenage son finally reach the children section. As Suad stops for a moment to adjust her traditional black scarf she stares in shock! There sat on a bench with her legs stretched apart was a woman in a dress that failed its function to hide her green undergarments! Suad grabs hold of her son’s arm and leaves the store in frustration.

As honeymooners skip the mall, he pulls her close to his lips and kisses hers. Past them walks a large Emarati family whose members start muttering quietly in Arabic. Read more

No minimum wage for construction workers

A minimum wage for construction workers will not be introduced in the near future, according to the UAE Ministry of Labour.

“There will not be a minimum wage in the larger sense,” said Ministry of Labour – International Affairs advisor Alex Zalami.

“I do not accept that in the immediate future there will be one.” Read more

Next Page »