Good Bye 2009
Welcome 2010 (2K10)
Best wishes for the New Year to all our readers & contributors.
Good Bye 2009
Welcome 2010 (2K10)
Best wishes for the New Year to all our readers & contributors.
The new law is drafted & finalised, issued to protect the lenders.
The law facilitates redemption of funds fraudulently seized by individuals from either public or private money. Under the new law, convicted persons will face 5 to 20 years imprisonment. The law permits immediate release of convicts once they fully return the money to their lawful owners or through settlement agreements negotiated with their debtors.
Imprisoned convicts will be granted access to conduct all necessary external communications that guarantee timely redemption of funds.
The law is of an immediate effect and to be published in the official gazette
Designed to protect Dubai’s economic interests and preserve financial rights of individuals, the new law comes in line with Dubai’s ongoing efforts to eradicate all forms of fraud, enhancing the emirate’s position as a leading global business hub.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today issued a law imposing tough penalties aimed to safeguard public and private funds in Dubai.
The world’s tallest tower, Burj Dubai, will be inaugurated on January 4, 2010.
The definite height of the building is still unknown, but it is understood that the tower will reach more than 800 metres.
The inauguration will take place under the patronage of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on January 4, the fourth anniversary of the accession of Shaikh Mohammad. The Burj Dubai is the tallest man-made structure ever built. Its construction began on September 21, 2004.
The building is part of the flagship development ‘Downtown Burj Dubai’ along Shaikh Zayed Road, near Dubai’s main business district.
The tower’s architect was Adrian Smith, who worked with Skidmore, Owings and Merrill until 2006. The Chicago-based architecture and engineering firm SOM was in charge of the project.
The primary builder is South Korean Samsung Engineering & Construction, which also built the Taipei 101 and Petronas Twin Towers.
Turner Construction Company was chosen as the construction manager. The total budget for the Burj Dubai project is about $4.1 billion (Dh15.1 billion).
The primary structural system of the tower is reinforced concrete.
Burj Dubai’s construction has used 330,000 cubic metres of concrete and 39,000 tonnes of steel rebar, and has taken 22 million man-hours.
Several malls in Dubai and Sharjah are offering discounts to Christmas and New Year shoppers.
Dubai Festival City
In Dubai Festival City, shoppers are being entertained with Music Video Nights at the Floating Stage on Thursdays. The entertainment, from 6pm to 11.30pm, would continue till the Christmas eve on December 24. They can relax after a shopping spree and watch their favourite music videos on screen.
Every Thursday and Saturday until December 31, a community drumming is also going on at the Festival Square. Participation is open to all ages and nationalities. This event has been brought back due to the success of the last drumming circle.
Shoppers and residents may also join another community-based events like Charity Souk, Arte Fair, and performances/workshops. They may also join a Facebook group called “Festival Centre’s Community Arts Market”.
Thursdays and Saturdays offer shoppers and visitors with the Games Alliance Middle East show, which will be held till December 31, while the Community Arts Market is held every first weekend, Comedy Nights, where screenings of comedy classics take place from 6pm to 11.30pm, are held every Monday until December 21, Concert Nights every Tuesday and great Arabic films and concerts every Wednesday until December 23 and learning to be a DJ at Bowling City on Wednesday night.
Deira City Center
The holiday season is celebrated with big sale and discounts in the mall,
Participating in the big sale are the shops of Toys ‘R’ Us with 25 per cent off for all remote-controlled cars; Jeanswest with discounts up to 75 per cent; Terranova, Calliope with 70 per cent off; Misako with discounts up to 70 per cent; Nine West with 60 per cent off; Phat Farm with part sale from 25 to 60 per cent for Lee Cooper; Dune with part sale; Riskino with 25 to 75 per cent off; Pairs Blend with up to 50 per cent off; Mexx with up to 50 per cent off; Eros Digital Point with special offer on TV; Justice, Free Fashion Watch; and River Island with all products priced at Dh80.
In Mercato’s The Toy Factory, a series of workshops for children are being held on the first floor. The workshops are designed to entertain the kids while their parents enjoy shopping at leisure. Children are given the opportunity to use their creativity and build their own toys.
Letters to the Lapland is another event that offers children the chance to write about the kindest thing they did for someone this year. At stake are exciting prizes for the most touching story submitted by children between one and five years and those between six and 10 years.
Roaming performers dressed as Christmas ornaments, plum puddings and gift boxes skating around Mercato are now entertaining shoppers and guests with photo opportunities.
Al Ghurair City
Al Ghurair City has launched an exciting promotion offering thousands of Al Ghurair City shopping vouchers to reward winter shoppers at the mall. It has put together a combination of world-class shopping, and scratch-and-win promotion, which will ensure a continued loyal visitor profile along with new customers.
In this promotion, shoppers spending a minimum Dh200 in any of the over 200 shops at the mall will get an opportunity to scratch and win thousands of shopping vouchers.
Retail outlets of leading local and international brands are offering special deals and incentives this winter
The UAE has announced it is leaving the ever shortening list of countries still using the gallon in January.
The switch to the metric system will have a profound affect on every aspect of our lives, including the way we speak.
Other then the fuel stations nothing will be seriously affected, everything is already in place in terms of weight, volume, distance & area calculation.
Abu Dhabi finally stepped-In, the efforts of Shaikh Mohammed Bin Rashid Al-Maktoum fruited. His up & down daily marathon to the Royal Majlis in Abu Dhabi and expression aka acceptance of doomed pride finally got him the collective sympathy a financial boaster.
Many may not be aware, The ruler of Dubai Shaikh Mohammed is also Son-in-Law to the Late His Royal Highness Shaikh Zayed Bin Sultan Al-Nahyan The father of the Nation the symbol of unity & integrity for 7 emirates as Emirati.
The In-laws stepped in to support the Brotherhood, the US$10 Billion injection have come as jump start for Dubai Financial cardiac arrest coma situation.
Oil-rich Abu Dhabi pumped $10 billion into its indebted neighbor Monday, sending stocks soaring while sparing Dubai and the rest of the Emirates federation the humiliation of an imminent default by one of the struggling Arab boomtown’s star companies.
Abu Dhabi, which controls the UAE’s presidency, has directly and indirectly provided Dubai with $25 billion over the past year, mostly by buying Dubai bonds. In all, Dubai’s known debts are roughly equal to its total economic output last year. The full extent of its liabilities is uncertain, however, with some analysts putting the total at $100 billion or more.
The aid package is key for Dubai, which despite its international celebrity has little of the oil wealth held by Abu Dhabi. Dubai’s ruler is the UAE’s vice president and prime minister.
Dubai created Dubai World — which has interests in seaports, real estate, tourism and retail — to diversify its economy and boost its international clout. Much of the growth was fueled by easy credit. As the bills came due, the emirate struggled to repay as its economy was battered by the global economic downturn.
Nakheel, a property developer and hotel operator best known for building manmade islands in the shape of palm trees and a map of the world off Dubai’s coast, was among those Dubai World companies that relied heavily on that easy money.
Plenty of questions remain, especially as Dubai works to salvage its reputation and the conglomerate tries to deal with the rest of its debts.
Seems that plenty has been offered by Dubai as collateral :) -as Emirates Airline, Dubai World (in whole), the 2 symbols of Dubai identified globally.
Over the weekend the UAE faced rains some parts received drizzle, weather is at best, but the road conditions are disastrous. Abu Dhabi is worst HIT, so does Dubai. 909 accidents were reported, including 50 from cars that skidded or flipped over Atleast nine people are reported dead and 17 injured on wet roads in UAE.
Extreme Caution is to be practiced by the motorists to drive safely, reduce speed and maintain safe distances from the cars ahead of them during the wet weather
Nakheel is the part of Dubai World through a Press Release on – Wednesday,09 December , 2009
Real estate giant Nakheel, at the centre of the Dubai debt crisis, reported a 13.4 billion dirhams (3.64 billion dollar) loss Wednesday for the first half of 2009 after a large writedown of asset values.
The developer, whose 3.5 billion dollar Islamic bond debt sparked parent Dubai World’s move to ask lenders for a temporary payment suspension, said revenues had plunged 78.1 percent in the six months to June 30 to 1.97 billion dirhams (537 million dollars) from 9.0 billion dirhams (2.45 billion dollars) a year earlier.
The developer of the Gulf emirate’s extravagant palm-shaped islands took 12.2 billion dirhams in “impairment losses” stemming from a writedown of land values as the property market in Dubai has plunged in the past year.
Also included are projects the company said would be delayed or scaled down.
“The management no longer considers these project costs to be fully recoverable,” it said in the six month report.
Nakheel is part of the government-controlled Dubai World group, which late last month shocked global financial markets by asking for a six-month delay in repayments on Nakheel’s sukuk bond which matures on December 14.
Dubai’s government has said it will not guarantee the debts of Nakheel or Dubai World, which has a total debt estimated at 59 billion dollars.