Archive for September, 2009

Now Saudis

It may be local disaster when finanical market started to collapse in 2nd half of 2008, but with the passage of time the cat is coming out of bag. It is Saudis who have managed to PLAY upon UAE banks and dried them out. The Saad and The Algosaibi groups, of KSA are the 2 major groups who have cheated upon the Banks of UAE.

So far, only Abu Dhabi Commercial Bank (ADCB), mashreq and National Bank of Abu Dhabi (NBAD) have disclosed their exposure to Saad and Algosaibi. ADCB and mashreq said they are owed $609 million (Dh2.2 billion) and $400 million respectively, while NBAD has reported an almost negligible $11 million. “It has been clear for some time that banks in the UAE and elsewhere have been hit fairly hard by Saad and Algosaibi,” said David Butter, Economist Intelligence Unit chief economist. “But it will be difficult for central bankers to take any decisive measures on this affair because it is still subject to some fairly large lawsuits.”

Al Suwaidi is due to participate in today’s meeting of Gulf Cooperation Council (GCC) central bankers.

Yesterday, he reasserted the UAE is still not considering rejoining the proposed GCC monetary union. “The subject is not currently under discussion,” he said.

Whats does he think of people in UAE… are they STUPID????

Own your business

UAE may allow foreigners to get full business ownership.

The UAE is considering changes in its federal laws that would permit international companies to hold 100% ownership of businesses they establish in the UAE, The National has reported. Currently, foreigners must have a UAE national as a sponsor and are limited to a maximum 49% ownership of businesses in the country, except in free zones. The new legislation, which will be submitted to Cabinet within two months, are aimed at boosting foreign investment. ‘A lot of industries worldwide are very interested to move here to the UAE, providing there are certain terms and conditions they would like to see in the industrial law,’ Sultan al Mansouri, the Minister of Economy, said yesterday.

This will help foreign investment INFLOW, Bahrain is 1st in the region to adopt the Own your business laws.

090909 0909 PM (2100 hrs UAE time)

Dubai Driverless Metro

tonite at 090909 hrs the previliged elites of Dubai – UAE will be riding the Dubai Metro. The selected station to launch the metro is Mall of Emirates on Sh. Zayed Road. Among elite passangers, few of commoners selected through a ballot will be onboard as well. Tonite the Gulf State of Dubai will be 1st one of the region to have driver less mass transport system which is elevated & underground as well.

come 10 09 09 and it will be open for all.

Brief Updates from MBHQ

You’ve no doubt by now noticed that the sites got a bit of a re-design and some things got changed around last week. We wanted to highlight two changes to make sure everyone knows what changed.

The first and biggest is COMMENTS! Registration is no longer required to post a comment on any post. Of course if you already have an account you can still login to ensure your comments are attributed to you, but those who don’t can now post a comment without any long term commitment. Also, on the right you can see some of the recent comments so you’ll always know what the active discussions are. This was the most requested thing we’ve heard from people since our last redesign and we’re excited to see where it leads.

The next change is also something that was heavily requested, and that is a change to the ADS on the sites. You’ll immediately notice fewer of them, but what might not be as obvious is those smaller square ones to the right are specific to this city only and are being sold for a flat rate for a period of time rather than a confusing CPM/traffic/network model. Depending on the city, these range from $7-$175 for a full week. If you purchase one, during that time your ad will be the only one in that spot and will show on every page. We set these up both to make it easier for smaller local businesses to get their ads on our site, and also to help us bring in ads that relate better to our local audiences. Also, keeping these sites online is expensive and every little bit helps.

There are a bunch of other things we changed but we’ll leave those to you to investigate and take advantage of. Hope you like it, and we look forward to seeing you in the comments!!

Love,
The folks at MBHQ

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