Human Rights Watch pushes Qatar to enforce, expand labor law to protect workers’ rights

In its latest report, Human Rights Watch has once again blasted Qatar for its treatment of low-income migrant workers, whose numbers are expected to increase by an estimated million people in the run-up to the 2022 World Cup.

The international advocacy group told Doha News that it will hold a press conference here next week to push for improved conditions for the country’s labor class, who account for more than half of Qatar’s nearly 2 million residents. 

Last summer, HRW released a landmark report investigating the plight of migrant workers, outlining squalid living conditions, exploitation and other violations.

Its latest release, the 665-page 2013 World Report, touches on human rights issues in more than 90 countries, and also condemns November’s life sentencing of a Qatari poet charged with inciting the overthrow of the regime. His appeals judgment will be heard next month.

Read more: http://dohanews.co/#ixzz2JYTzjzdH

Dubai's Emaar Q4 falls 28% on higher costs, expenses

Emaar Properties, Dubai's largest real estate developer, said fourth quarter profit fell 28 percent on the back of increased costs.

The company said in a regulatory filing to the Dubai Financial Market that net income in the last quarter of 2012 decreased to AED512m (US$139m) from AED716m in the same period a year earlier, the company said. Revenue in the period climbed 20 percent to AED2.7bn.

The developer of Burj Khalifa, the world's tallest building, said full-year profits increased 18 percent to AED2.1bn (US$577m) from AED1.8bn in 2011.

“With Dubai restating its credentials as a global business and tourism hub, Emaar capitalised on the city's resurgence by investing in creating prime real estate assets and strengthening our shopping malls and hospitality business," chairman Mohamed Alabbar said.

http://www.arabianbusiness.com/dubai-s-emaar-q4-falls-28-on-higher-costs-expenses-487919.html

MENA Stock Markets - Jan 31, 2013 3:00 pm (KWT)

http://www.btflive.net/exchanges/exchanges.php

Abu Dhabi: Projects worth AED 298m approved

Committee to follow-up initiatives of President has awarded a number of vital projects worth AED 298 million.

In implementation of the directives of the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, to speed up the work on all vital projects in improving social and economic standard of the citizens, the Committee to follow-up initiatives of President has awarded a number of vital projects worth AED 298 million.

These includes the ring road and tunnel project of Dibba-Khorfakkan between Sharm and Al Aqah in Fujairah and the projects of building 93 housing units for citizens in various areas, as well as supplying equipments for Ministry of Health.

Ahmed Juma Al Zaabi, Deputy Minister of Presidential Affairs and Chairman of the Committee, in a meeting on Wednesday stressed the committee’s keenness to speed up the completion of citizens housing projects. These projects have special attention and follow up from President His Highness Shaikh Khalifa bin Zayed Al Nahyan.

The committee reviewed the recommendations of the Technical Committee and after analysing thoroughly awarded 93 housing projects in various areas of the country.

http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/nationgeneral/2013/January/nationgeneral_January540.xml&section=nationgeneral

Qatar eyes law on property valuations

Qatar is planning to introduce a new law to regulate real estate valuations in order to prevent buyers and sellers from under-quoting market values.

The current lack of legislation regulating property evaluation has encouraged some in the industry to provide an incorrect valuation of a property in order to pay a lower registration fee when selling or buying land or buildings.

The Minister of Justice, Hussain bin Abdullah Al Ghanem, says that this practice has caused the state lose revenue, according to local daily The Peninsula.

In about two months a draft law should be ready, following the formation of a committee last year to frame an effective law based on the experiences of other countries. Al Ghanem said that the importance of property value regulations had become apparent amid the wealthy Gulf state's construction boom, which began a few years ago.

http://www.arabianbusiness.com/qatar-eyes-law-on-property-valuations-487908.html

BlackBerry shares plunge as new smartphone unveiled

Research in Motion (RIM), the maker of the BlackBerry device, saw its shares tumble 12 percent on Wednesday follownig the high profile launch of the new BlackBerry 10 smartphone.

During a simultaneous global launch of the new BlackBerry 10 device, which included an event at the Armani Hotel in Dubai’s Burj Khalifa, CEO Thorsten Heins announced the Canadian phone maker was abandoning its RIM moniker and rebranding itself as simply BlackBerry.

"We have transformed ourselves inside and out, and we have defined our vision... which makes today the perfect time for another big announcement I want to share. From this point forward, RIM becomes BlackBerry," Heins said in a video link from New York.

The unveiling however was marred by a delay in the US launch until March and confusion in Dubai over whether the UAE release will include the new BlackBerry Messenger Voice (BBMV) and Skype features when it is launched on February 10.

http://www.arabianbusiness.com/blackberry-shares-plunge-as-new-smartphone-unveiled-487892.html

Khalifa Fund and Etihad Airways help popcorn business, well, pop

When Khalid Al Shekaili started selling his gourmet popcorn in 2009, he thought the best way to do it was at small stands at shopping malls.

This turned out to be an expensive and complicated way to do things, what with having to cook the kernels on site and comply with the various regulations governing the production of fresh food.

Then Etihad Airways came along and told the company that if it could package the popcorn into portion-sized packets, it would try it out as an in-flight snack. And that, so to speak, is when the company really took off.

Etihad placed an order for 12,000 packets. Airline contract in hand, Mr Al Shekaili and his brother, with whom he co-founded the Popular Popcorn business, approached the Khalifa Fund for support.

"We told them we are seeing a lot of acceptance from a wide range of customers - and this is a big contract we have won," he says. "They saw it was locally manufactured and told us to draw up a business plan."

Read more: http://www.thenational.ae/thenationalconversation/industry-insights/the-life/khalifa-fund-and-etihad-airways-help-popcorn-business-well-pop#ixzz2JXr5JHt0

Profits up as Investcorp clears assets

Bahrain's Investcorp reported a sharp increase in net profits during the first half of its fiscal year as deals resumed and it exited from assets purchased pre-crisis.

The Bahraini investment firm, which once owned the luxury goods brand Gucci and the Circle K convenience store, generated net income of US$39.2 million (Dh143.9m) during the last six months of last year, compared with $5.2m during the same period a year earlier.

The firm enjoyed success in fundraising and investments during the period, said Nemir Kirdar, the chairman and chief executive.

"We have enjoyed a six-month period of almost record deal flow for acquisitions as well as exits," he said.

Read more: http://www.thenational.ae/thenationalconversation/industry-insights/finance/profits-up-as-investcorp-clears-assets#ixzz2JXqO1GTr

Cash-rich Gulf companies investing in petrochemicals in South East Asia

Arabian Gulf investors are pouring billions of dollars into petrochemicals in South East Asia as they chase new consumers outside a flagging China.

Thanks to bumper years of high oil prices that buoyed oil and petrochemical revenues, companies from Abu Dhabi to Qatar have a pile of cash to spend in countries with growing populations and low labour costs.

This week Qatar Holding announced it would invest up to US$5 billion (Dh18.36bn) in a Malaysian petrochemicals complex to rival Singapore's in scope, and Dubai's Drydocks World agreed to build a $2.5bn maritime complex catering to the industry in Indonesia.

Meanwhile, Saudi Aramco is evaluating a refining and petrochemical complex in the Indonesian province of East Java, Qatar Petroleum (QP) is taking a stake in a $4bn Vietnamese petrochemical complex and Abu Dhabi's Borouge is opening plastics sales offices throughout the region.

"Basically you've got a bunch of cash-rich oil and petrochemical companies - Aramco, Sabic, QP - so they've got plenty to invest," said Tony Potter, a managing director at IHS Chemical, a consultancy to the industry.

Read more: http://www.thenational.ae/thenationalconversation/industry-insights/energy/cash-rich-gulf-companies-investing-in-petrochemicals-in-south-east-asia#ixzz2JXpajZaJ

Abu Dhabi property big gun Sorouh finishes on a Dh500m high

Abu Dhabi's second biggest listed property developer Sorouh announced a Dh507.5 million net profit for 2012 as it prepares to merge with rival Aldar.

In its last ever full year results posted on the Abu Dhabi Securities Exchange today, Sorouh said that consolidated net profits showed a 32 per cent hike on 2011 figures.

Profits for the three months to the end of December 2012 were 21 per cent higher than for the same period the previous year at Dh118.9 million.

The company whose flagship projects include Sun & Sky Towers on Reem Island which completed last year and the 3,500 apartment The Gate, also on Reem, which is set to be completed this year, said that 2012 revenue of Dh3 billion was mainly driven by its National Housing projects such as Al Watani, Al Ghuraibah in Al Ain and Al Silla in the Western Region.

 

Read more: http://www.thenational.ae/business/property/abu-dhabi-property-big-gun-sorouh-finishes-on-a-dh500m-high#ixzz2JXoZWnPk

Doha: World Trade Center Photos

Top photo: Death Star. Doha. by Tim_Hatton and contributed to the Doha News Flickr Group.

The World Trade Center in Doha is near completion and is scheduled to be operational soon in 2013.

ADCB, Emirates NBD and First Gulf Bank to pay out Dh5bn in dividends

Bank shareholders are to be rewarded with almost Dh8 billion (US$2.17bn) in dividend payouts as lenders look set to eclipse last year's total.

Six of the UAE's biggest lenders have reported dividend payouts worth Dh7.8bn, and with several big banks still to report earnings, that figure could yet rise.

An analysis of last year's dividend payouts show that the entire banking sector paid Dh8.08bn last year, putting lenders on track to exceed that sum this year.

"It's been way beyond expectations," said Talal Touqan, the head of research at AlRamz Securities. "Profitability has got higher and higher as provisions are being reversed."

Read more: http://www.thenational.ae/thenationalconversation/industry-insights/markets/adcb-emirates-nbd-and-first-gulf-bank-to-pay-out-dh5bn-in-dividends#ixzz2JXKsXVdO

Qatar Cinema and Film Distribution has disclosed its 2012 financials

Qatar Cinema and Film Distribution Company has disclosed the financial statements for the year ended December 31, 2012.  The financials revealed a net profit of QR 12,76 Million in 2012 versus QR 13.37 Million in 2011.

The company’s earnings per share (EPS) in 2012 amounted to QR 2.23 versus QR 2.34 in 2011.

The Board of Directors is pleased to include within the agenda of your esteemed assembly a recommendation a cash dividend distribution of %20) , (2 Riyals ) per share and to issue shares for subscription (30%) on the basis of ( 10 Riyal Par Value per Share 18 Riyal Share Premium )

http://www.qe.com.qa/pps/qe/qe%20english%20portal/Pages/Details/Display%20Information%20Details?InfoID=13651

Doha Insurance has discolsed its 2012 financials

Doha Insurance Company has disclosed the audited financial statements for the year ended December 31, 2012.  The audited financials revealed a net profit of QR 60.28 million in 2012 versus QR 65.84 million in 2011.

The company’s EPS amounted to QR 2.58 in 2012 compared to QR 2.81 in 2011.

The Board of Directors has also decided to submit a proposal to the General Assembly Annual Meeting , to ratify a proposal for distribution of cash dividends of 10% from the share par value i.e. QR.1.00 (one riyal) for each share, in addition to bonus shares at 10% of the present  capital i.e. one bonus share for each ten shares

http://www.qe.com.qa/pps/qe/qe%20english%20portal/Pages/Details/Display%20Information%20Details?InfoID=13644

QNB General Assembly approves the agenda and the distribution of 60% Cash Dividends

Qatar National Bank (QNB) has disclosed the results of the bank’s Ordinary general assembly meeting held on Wednesday, January 30, 2013 and took the following decisions:  and took the following decisions:- 1. Heard the statement of His Excellency the Chairman and the report of the Board of Directors on the Company’s activities and its financial position for the year ended 31st December 2012 and its business plan for 2013. 2. Heard and approved the report of the External Auditor on the Company’s statement of financial position and on the accounts submitted by the Board of Directors. 3. Discussed and approved the statement of financial position and income statement for the year ended 31st December 2012. 4. Approved the proposal of the Board of Directors to distribute to shareholders a cash dividend at the rate of 60% of the nominal value of the share, representing QR6.0 per share. 5. Absolved the members of the Board of Directors from responsibility and fixed their fees for the financial year ended 31st December 2012. 6. Elected the following five members of the Board of Directors who will represent the private sector in the next 2013-2015 term of the Board:    - H.E Sheikh Jassim Bin Abdulaziz Bin Jassim Bin Hamad Al-Thani.    - Broog Trading Company, represented by H.E Sheikh Khalid Bin Hamad Bin             Khalifa Al-Thani.    - Mr. Bader Abdullah Darwish Fakhroo.    - Mr. Ali Hussain Ali Al-Sada.    - Mr. Fahed Mohammed Fahed Buzwair. 7. Presented the Company’s Corporate Governance Report for 2012. 8. Appointed Ernst & Young as the External Auditor for the financial year 2013 and fixed its fees

http://www.qe.com.qa/pps/qe/qe%20english%20portal/Pages/Details/Display%20Information%20Details?InfoID=13648

QNB sees 40pc net profit from foreign operations

DOHA: QNB Group has projected a 40 percent of its net profit coming from the bank’s international operations in 2013. An estimated 21 percent of its 2012 full year net profit derived from foreign operations,  H E Yousuf Hussein Kamal, Chairman of the bank said.

The QNB is aggressive on its international expansion plans. There is a strong competition in the financial sector. Qatari market is too mall and we need to expand our operations beyond the borders, he said while replying to the shareholders’ questions at the bank’s ordinary general assembly yesterday.

“At least 21 percent of the group’s 2012 net profit came from international operations. We are targeting a total of 40 percent of the bank’s net profit from our international operations this year. The aim is to transform QNB Group into a Middle East and Africa icon,” he added. 

http://thepeninsulaqatar.com/business/223991-qnb-sees-40pc-net-profit-from-foreign-operations.html

Switzerland sets up investment agency in Qatar

DOHA: Switzerland has set up a trade and investment promotion agency here to boost trade with Qatar. Known as OSEC, the move has been encouraged by the fact that the volume of trade between Switzerland and Qatar witnessed a phenomenal 33 percent growth between 2010 and 2011.

The volume of trade between the two countries has soared from QR1.5bn in 2010 to nearly QR2bn in 2011, said a senior official of Qatar’s Ministry of Business and Trade. 

The ceremony to launch OSEC was held at St Regis Hotel yesterday. 

The recently opened Switzerland embassy in Qatar organised a seminar in collaboration with Qatari Businessmen’s Association (QBA) and Qatar Chamber to discuss the trade and investment opportunities between the two countries.  

“Our trade volume has gone up from QR1.5bn in 2010 to nearly QR2bn in 2011, which is below the level our ambition for both sides. We hope for a greater increase in future that meets our expectations,” said H E Sultan Rashid Al Khater, Under-secretary at the Ministry of Business and Trade.

http://thepeninsulaqatar.com/business/223990-switzerland-sets-up-investment-agency-in-qatar.html

Kuwait telco Zain wins appeal in sheikh lawsuit

Kuwaiti telecom operator Zain said it had won an appeal against a discrimination lawsuit filed by a member of the country's ruling family, according to a statement on the stock exchange on Thursday.

The lawsuit, filed by Sheikh Khalifa Ali al-Khalifa al-Sabah, accused Zain of unfair selection of members to the board of directors in April 2011.

http://www.zawya.com/story/Kuwait_telco_Zain_wins_appeal_in_sheikh_lawsuit-TR20130131nL5N0B01DF2/

Brent rises above $115, hits highest since Oct

Brent crude edged up to a more than three-month high above US$115 per barrel on Thursday, as the US Federal Reserve's pledge to stick to its bond-buying stimulus plan and upbeat euro zone data fuelled optimism about oil demand.

But a surprise contraction in US economic growth and a surge in crude stocks to a seasonal record last week in the world's top oil consumer kept a lid on gains.

"After many years of fears that the economy is going to crash, it seemed like the worst is behind us. So better news out of China and expectations for recovery in the United States caused risk money to come back into equities, commodities and energy," said Tony Nunan, an oil risk manager at Mitsubishi.

http://www.arabianbusiness.com/brent-rises-above-115-hits-highest-since-oct-487856.html

Challenges but 'no lack of talent' for Gulf workforce nationalisation

As GCC states continue to nationalise their workforces the main challenges they face are attitudinal, not lack of talent, say experts.

Only last month the Saudi labour ministry announced it was exploring the possibility of Saudising the kingdom's retail sector in an effort to employ more young locals - particularly women.

Since then, King Abdullah made way for women to fill 20% of seats in the unelected Shura Council, a parliament with no powers, and Qatar's labour ministry has followed suit just this week, forming a committee to oversee the workforce nationalisation programme in the private sector.

In Saudi Arabia the initiative is named Nitaqat, translated into English as 'ranges' - i.e. a range of opportunities on offer. The programme is designed to address the decline of Saudis in the private sector, but is perceived in some corners as an onerous burden on business owners.

 

http://www.ameinfo.com/challenges-lack-talent-gulf-workforce-nationalisation-327742

QNB First plans to debut in five 'select' countries soon

QNB, which is present in 24 countries and aims to be a dominant player in other markets, is contemplating "sizeable" acquisitions to achieve scale as part of its comprehensive to become a Middle East and Africa (MEA) icon by 2017.

It is planning to roll out QNB First, a priority banking service where members need to maintain an average daily balance of QR350,000 or more (or equivalent in other currencies) or have a monthly salary of QR35,000 or more, in "select" countries.

Preparations are on in full swing for the launch of QNB First in the UK. France, Kuwait, Lebanon and Oman.

"The bank began implementing its strategy into 2017 that aims to transform QNB Group into a MEA icon," its chairman and Finance Minister HE Yousef Hussein Kamal told the ordinary general assembly where shareholders approved the 60% cash dividend and net profit of QR8.3bn in 2012.

The three pillars of the strategy are aimed at maintaining dominant position in the domestic market, developing and growing the ongoing high return on equity and "refocusing" international expansion.

http://www.zawya.com/story/QNB_First_plans_to_debut_in_five_select_countries_soon-ZAWYA20130131035617/

Why gold and silver would boom in a bond market crash, not equities

The fashionable talk in financial markets these days is of a ‘Great Rotation’ from bonds into equities, a smooth transition from the largest bond market bubble in history to a more normal balance between equities and bonds.

It is certainly far from usual to have bonds yielding two per cent and equities twice that amount in many cases. That makes it look attractive to shift from the so-called safe haven of bonds back into the supposedly more risky world of equities.

Look at the move out of bond funds and back into equities and there is certainly evidence that this is happening. The problem comes when the bond market finally blows up. Financial markets do not have a propensity to deflate gradually. The normal thing is for investors to all suddenly lose confidence together and rush for the exit door.

........

Where does this leave precious metals as an asset class? Well if money is coming out of bonds and at least temporarily equities in a global financial reset then where does it go? Cash is certainly one place but which currency could you trust? Gold and silver are monetary metals and the oldest currencies of all.

Now both gold and silver are supply-constrained markets. That is why they are often favored over paper money in times of crisis, and a bond market bust certainly will rank as a major global financial crisis.

In fact, gold and silver would become to some extent the only game in town for a while and turn into the ‘ultimate bubble’, as George Soros once put it, before a real ‘Great Rotation’ back into other assets as governments moved to reset the global monetary system, almost inevitably including precious metals as the only thing with value trusted by everybody.

http://www.arabianmoney.net/gold-silver/2013/01/29/why-gold-and-silver-would-boom-in-a-bond-market-crash-not-equities/

Farmers seek compensation as frost damages vegetables – Call for taking preventive measures

KUWAIT: About 60 to 70 percent of some farms in Wafra were affected or damaged by the severe frost in the past few weeks in some areas of Kuwait. The frost spoiled tens of tons of tomatoes, potatoes and other vegetables and caused heavy losses to the farmers. A number of farm owners affected by the frost said they were waiting for the government and the National Assembly Council to compensate them for the heavy losses that they have incurred.

They said in the previous years, whenever there were losses due to frost, the agriculture authority offered them compensation. According to Dr Jose Kaitharath, an agriculturist at Al- Faisaliya Farm, the damage wreaked by the heavy frost was too heavy in some of the farms. “Yes, I can confirm the damage sustained due to heavy frost in Wafra Farms. Certain farms sustained at least 70 percent losses although we cannot give the exact figure as yet, which the government will,” Dr Kaitharath told the Kuwait Times. He admitted though that his farm did not suffer such heavy losses. “We did not experience any heavy losses this time because we had introduced a much better irrigation system on our farm.

http://news.kuwaittimes.net/2013/01/31/farmers-seek-compensation-as-frost-damages-vegetables-call-for-taking-preventive-measures/

SAR1.15bn set aside for Madinah roadworks

A sum of SR 1.15 billion was approved for road and transport projects in Madinah province in the current financial year, the director general of roads and transport of Madinah province announced.

Key projects to be implemented include the 30-km Madinah-Tabuk highway (Phase 3), 25-km King Khaled Road (third ring) and the old Madinah-Qassim Road with the intersection of the entrance of Prince Mohammed bin Abdulaziz International Airport, Zuhair bin Abdullah Katib was quoted by the Saudi Press Agency as saying.

He said a number of road projects are currently being carried out in Madinah province at a cost of SR 3.62 billion. The total length of roads is 1,978 km and include King Khaled Road, Yanbu Road, in addition to repair works at King Abdullah Road (second ring), Madinah-Tabuk Road, Yanbu-Amlaj-Sharma Road and other secondary and branch roads.

http://www.zawya.com/story/SAR115bn_set_aside_for_Madinah_roadworks-ZAWYA20130131032717/

Kuwait spearheads environmental standards in mega epc refining project

Global and government officials, EPC Contractors and Project Managers will all meet in Kuwait City for the inaugural Kuwait EPC Projects Summit to be held from 17 -20 February 2013 at the Al Manshar Rotana Hotel, Kuwait.

The two-day event is taking place where Kuwait is currently expanding its energy infrastructure to meet local energy demands and investing huge amounts into upcoming EPC projects. Conference sessions, case studies, panel discussions, technology updates and networking at this summit will provide a great opportunity for experts to gain insight into the current and future projects happening in Kuwait in the EPC industry.

http://www.zawya.com/story/Kuwait_spearheads_environmental_standards_in_mega_epc_refining_project-ZAWYA20130130132742/

Experts emphasise role of facilities management in enhancing green building performance

Human behaviour may be causing green buildings in Qatar to perform far below their potential, according to a team of experts brought together by Qatar Green Building Council (QGBC).

Nearly two decades of research has shown that green buildings do not perform as well as their designers expect. QGBC and Texas A&M University at Qatar (TAMU-Q), with funding from Qatar National Research Fund (QNRF), have initiated the first scientific study to determine whether the behaviour of the personnel who maintain and operate these buildings –facilities management –is at the heart of this disconnect.

The Director of the Center for Health Systems & Design at Texas A&M University, Dr Mardelle Shepley, is a member of the research team. She brings extensive experience in post-occupancy evaluation to help explain why this divide occurs.

http://www.qatarisbooming.com/2013/01/30/experts-emphasise-role-of-facilities-management-in-enhancing-green-building-performance/

EFG Bank Sailing Arabia – The Tour announces a new team

It is the Gulf region’s only long distance offshore race, pitting a fleet of identical Farr 30 One Design yachts and some of the world’s best sailors against a course that runs from Bahrain to Muscat.  This year’s edition of EFG Bank Sailing Arabia – The Tour kicks off on Feb 10^th at the Amwaj marina in Manama with a strong lineup that includes a new team announced by organizers Oman Sail, Team BAE Systems skippered by Cédric Pouligny from France. 

Oman Sail’s CEO David Graham welcomed Team BAE Systems to the competition: “It’s great to have Team BAE Systems for the third time competing in EGF Bank Sailing Arabia – The Tour.  With a strong team that includes Arab sailors, Team BAE Systems is a reflection of one of the event’s objectives – to get sailors talent from the region involved in a competitive sailing at the highest level.”

Andy Carr, Managing Director, BAE Systems Oman, said: “This is the third year that Team BAE Systems has competed in Sailing Arabia The Tour; we are looking forward to following their progress throughout this inspirational regional race.  We would like to wish Cedric Pouligny and the whole of Team BAE Systems the very best of luck and send our best wishes for a successful and enjoyable race”.

http://www.qatarisbooming.com/2013/01/31/efg-bank-sailing-arabia-%e2%80%93-the-tour-announces-a-new-team/

Qatar's Rizon Jet could sue aviation authority

Qatar private aviation company Rizon Jet is considering suing Qatar Civil Aviation Authority (QCAA) over the right to allow third party operators to use its facilities.

“We are at a junction right now, either we go to court or we quit,” CEO Hassan Al-Mousawi told Arabian Business Qatar.

Al-Mousawi says that since November 2012 QCAA has rejected all applications from other private jet operators to use Rizon Jet's facilities at Doha International Airport. He said that Rizon Jet may be forced to close its Doha operation if the QCAA does not change its stance.

The Doha-based company said it is now struggling to cover costs since 50 percent of its revenue came from these activities. QCAA also withdrew Rizon Jet's travel agency license only six month after it was granted.

http://www.arabianbusiness.com/qatar-s-rizon-jet-could-sue-aviation-authority-487802.html

Emirates, Qantas networks tied from Jan 31

Emirates Airline’s customers will be able to access bookings across Qantas Airways' flight network from March 31 as part of a partnership between the two airlines announced in September 2012, the Dubai carrier announced.

Australia's struggling Qantas last year dropped its alliance with British Airways as part of a ten-year partnership with Emirates, a move which will see the Sydney-based airline direct its European traffic through Dubai instead of Singapore.

While the partnership was granted interim authorisation by the Australian Competition and Consumer Commission (ACCC) on January 17 and a final decision is expected in March, customers will be able to book flights from 32 Australian destinations offered by Qantas from the end of this month.

http://www.arabianbusiness.com/emirates-qantas-networks-tied-from-jan-31-487811.html

Dubai's BinHendi eyes 23% sales rise for 2013

BinHendi Enterprises, which owns regional franchises rights for luxury brands Hugo Boss and Nicole Farhi, expects its business to increase as much as 23 percent this year amid a rise in the number of tourists shopping in Dubai, its president told Arabian Business.

The Dubai-based firm, one of the oldest retailers in the UAE, saw a 15-20 percent increase in its overall business last year as more tourists flocked to the emirate to purchase luxury goods, said Mohi-Din BinHendi.

“Overall we grew 15-20 percent [driven by] an increase in tourists from Russia, China, Saudi and the Middle East. Dubai is seen as a very attractive, desirable destination to come to,” he said.

“We’ll go an extra 5 to 7percent [on top of last year] for 2013,” he added.

http://www.arabianbusiness.com/dubai-s-binhendi-eyes-23-sales-rise-for-2013-487836.html

Dubai undersea hotel plan floated again

DUBAI // An underwater hotel more suited to a sci-fi comic than Dubai's coast could be ready to welcome guests in less than five years, developers say.

The Water Discus hotel, announced in May last year, is still in the initial planning stages and has yet to achieve full financing.

But the company behind the project, Swiss firm BIG InvestConsult, believes it will not be long before the flying saucer-like structure is built off the coast of the emirate.

"I think it will be within five years," said Bogdan Gutkowski, president of the company.

But Mr Gutkowski said the company had still to choose the final design and an exact location.

"This is still under negotiation and discussions with the final investor," he said. He declined to say how much it would cost to build and how much of the financing was still outstanding.

http://www.thenational.ae/news/uae-news/tourism/dubai-undersea-hotel-plan-floated-again

Qatar plans law to regulate real estate valuation

DOHA: Qatar hopes to soon have a law to regulate the process of real estate valuation that would likely help the state prevent people from under-quoting the market value of a property and paying less registration fee while selling or buying land or building.

The Minister of Justice said yesterday that since Qatar didn’t have a legislation that regulates property evaluation process and profession, the state had been losing revenue, since in many cases people provided incorrect valuation of a property to pay less registration fee. “The state has been losing money. Such a practice is making the state lose revenue,” H E Hussain bin Abdullah Al Ghanem said. 

He added that his ministry had set up a committee late last year to prepare a draft law to regulate the real estate valuation process.

“Such legislation is very important, particularly considering that mega development projects are being launched in the country and real estate transactions are on the rise.”

http://thepeninsulaqatar.com/qatar/223916-qatar-plans-law-to-regulate-real-estate-valuation.html

Tamweel completes repayment of $300 million sukuk

DUBAI — Tamweel, the UAE Islamic home finance provider, on Wednesday announced that it has repaid in full a $300 million five-year sukuk, which matured in January 2013.

This announcement follows the recent successful settlement by the company of its $210 million home finance asset-backed security issued in 2007, the mortgage company said in a statement.

Tamweel, which posted a 11.3 per cent drop in fourth-quarter net profit last week, said the proceeds of the sukuk issued in early 2008 were used for general Islamic financing and corporate purposes. “The timely repayment of the sukuk from its own resources demonstrates the financial strength and healthy fundamentals of Tamweel, as well as the funding depth of its majority shareholder Dubai Islamic Bank, or DIB,” the statement said.

http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/January/uaebusiness_January441.xml&section=uaebusiness

FGB’s net profit jumps 12% to record Dh4.15b in 2012

ABU DHABI — Abu Dhabi’s First Gulf Bank (FGB) earned record net profits of Dh4.154 billion for 2012, an increase of 12 per cent year-on-year, due to higher revenues in the last quarter of the year.

In the fourth quarter net profit was Dh1.149 billion, an increase of 12 per cent year-on-year and nine per cent higher than the Q3.

Abu Dhabi’s lender showed double-digit growth in revenues of 12 per cent to Dh7.2 billion in the year, while its assets expanded more than 11 per cent to Dh175.03 billion, customers deposit also rose strongly 15 per cent to Dh114.64 billion.

Interestingly, the growth in loans and advances was much stronger when compared with other financial institutions at nine per cent to Dh114.644 in the year. Andre’ Sayegh, CEO of First Gulf Bank, attributed his performance to “the solid foundation” of the bank.

http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/January/uaebusiness_January443.xml&section=uaebusiness

Dubai Marina, Downtown districts top choice for buyers in 2013

Property prices in prime locations of Dubai, particularly Downtown Dubai and the Palm Jumeirah, rose by over 30 per cent in 2012, according to Hamptons MENA.

The real estate consultancy, in its 2012 property report, put average price jumped between 20 and 30 per cent with Arabian Ranches leading the villa segment and Downtown Dubai and Emirates Living the high-end apartment market.

Global property consultancies such as Jones Lang LaSalle and Knight Frank have put price rise in prime villa communities at 20 per cent year-on-year.

http://www.zawya.com/story/Dubai_Marina_Downtown_districts_top_choice_for_buyers_in_2013-ZAWYA20130131030045/

Qatar Stock Exchange up 0.44%

 

DOHA: Qatar Exchange pursued its upswing trend Wednesday, adding 38.14 points (or 0.44%) to advance to 8,727.83 points from 8,689.69 on last day.

The volume of the shares traded up to 4,249,104 from 4,158,320 on last day and the value of shares decreased to QR192,100,244.03 from QR249,792,704.52.

Among the top gainers were Commercial Bank of Qatar which was up 0.26% to QR77.20, Rayan rose 0.59% to QR25.60, Barwa Real Estate gained 0.54% to QR27.80 and Doha Bank up by 0.54% to QR27.20.

The Banking and Financial sector index up 0.50 points while Consumer Goods and Services sector index lost 0.48 points. The industrial sector gained 0.34 points while insurance sector rose 0.47 points. (QNA)

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