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Emirates NBD ‘Best Local Bank’

/ 25 February 2010

DUBAI – Emirates NBD Private Banking, a provider of bespoke wealth management solutions, announced today that it has been named the ‘Best Local Bank in the UAE’ in the 2010 Euromoney Private Banking Survey, which is based primarily on the views of private banking professionals from across the world.

This is the fourth time that Emirates NBD Private Banking has received this significant mark of industry recognition from one of the world’s leading financial services titles.

The top ranking in the 2010 Euromoney Private Banking Survey follows a string of similar accolades for Emirates NBD, including “Outstanding Private Bank in the Middle East” by Private Banker International, “Best Private Bank – Middle East” by Arabian Business, “Best Emerging Market Bank” and “Best Bank in the UAE” by Global Finance, and “Best Bank in the UAE” by Banker Middle East.business@khaleejtimes.com

DIB Launches Al Islami Muthmir

DUBAI —  Dubai Islamic Bank (DIB)  has launched Al Islami Muthmir, a investment plan that offers a built-in family takaful cover. The latest addition to DIB’s range of Shariah compliant investment products, Al Islami Muthmir is a medium- to long-term plan that offers investors access to a range of top performing Sharia-compliant funds.

Ideal for high net worth individuals, Al Islami Muthmir is a single contribution investment plan with a minimum contribution of Dh100,000 or $30,000 and no fixed term. Based on the Wakalah principle of Islamic banking, the plan allows customers to invest in a selection of funds based on their investment needs and risk appetite, and can be partially or fully withdrawn at any time.—business@khaleejtimes.com

DED, DIFC Authority Sign Agreement

DUBAI — The Dubai Department of Economic Development (DED) and the Dubai International Financial Centre Authority (DIFC Authority) have signed a co-operation agreement to unify licensing procedures in Dubai.

The DIFC Authority will use the DED’s licensing and trade name registration system for registering companies in the financial district. This will support the Dubai government’s effort to unify the registration procedures for trade names and avoid their duplication across the emirate. Sami Al Qamzi, Director General, DED, and Abdullah Mohammed Al Awar, CEO of the DIFC Authority, signed the agreement. —business@khaleejtimes.com

EIC Recommends 50pc Dividend

ABU DHABI — Abu Dhabi-based Emirates Insurance Company or EIC’s board has recommended 50 per cent dividend and 12.5 per cent bonus share for the year 2009.  The board, at its meeting chaired by Abdullah Mohammed Mazrui on Wednesday accepted the implementation of the Corporate Governance Code and approved the business plan for 2010. 

The insurance firm’s 12 per cent share capital is held by the Government of Abu Dhabi and the balance owned by prominent UAE business houses and institutions.  According to the firm’s website, the total net assets exceed Dh1.5 billion. It expected a gross written premium of Dh700 million for 2009, says the website. EIC offers a comprehensive range of insurance products to both corporate and individual customers. business@khaleejtimes.com

Danube Technopark Project On Track

DUBAI — Jafza based Danube Group’s 1.3 million square ft factory project in TechnoPark is moving ahead full steam.  The upcoming Danube’s industrial complex comprises seven state-of-the-art manufacturing facilities and a massive custom designed warehouse to store a wide range of structural steel and wood products. 

The seven specialised manufacturing facilities include Melamine MDF Pressing Plant; Impregnation and Décor Plyline Facility; Gypsum Tile Cutting Plant; Gypsum Ceiling Tile Manufacturing Plant; Gypsum Board Stud and Track Plant; Glass Tempering and Polishing Plant; and  Aluminum Profile Manufacturing Plant.

The company is estimated to be investing more than Dh 50 million on the project. The new facility, to be completed in phases, will be functional by early 2011.  business@khaleejtimes.com

Kleindienst Breaks Ground on The World

DUBAI — Kleindienst Group has become the first developer to start construction on The World islands in Dubai. The developer of ‘The Heart of Europe’ project has officially broken ground on Germany Island with specialist engineering contractor Foundation Construction Group Limited (FCG) commencing vibro-compaction work.

Chief Executive Josef Kleindienst was joined by Nakheel Executive Chairman Sultan Ahmed bin Sulayem for the official ground breaking ceremony.

Construction has started just one week after FCG’s appointment, confirming earlier claims by Kleindienst that offshore logistical requirements of developing on The World will not hinder progress.

“Exactly two months ago we launched Germany Island with a clear promise to start construction in Q1 of 2010. I am very proud to say we are delivering on that promise. Today FCG started critical foundation stabilisation work. By the end of this year you will start to see the first villas on The World, one of which will be my own home,” said Kleindienst. — business@khaleejtimes.com

BPG Group Partners with Metaphor

DUBAI — In a show of confidence in Bahrain’s marketing communications sector, BPG Group has joined hands with Bahrain-based marketing services house, Metaphor.

BPG’s Group CEO, Avi Bhojani confirmed that Metaphor is appointed as the BPG Group Affiliate in the kingdom. This move takes BPG’s regional presence into 10 locations.

He hailed the BPG-Metaphor affiliation as a ‘perfect fit’: “This is a highly complementary scenario. Metaphor will get access to BPG Group - which services businesses across different sectors in the GCC, and BPG will leverage on capabilities and brand equity created by Metaphor in the Kingdom of Bahrain.”

Metaphor, founded in 2006, has been engaged by some of the Kingdom’s prominent companies, including recent projects for the Bahrain Economic Development Board, Bahrain Association of Banks, Gulf Business Machines, Arab Financial Services, Royal Sun Alliance, Bahrain Stock Exchange, @Bahrain, and MDCI International.

·         business@khaleejtimes.com

SNTTA Travel to Expand Branch Network

DUBAI — SNTTA, one of the top five travel companies in the UAE, will have a network of 25 branches by the end of 2011, as the company begins the process of integrating all its outlets under single management, powered by a new tagline ‘Travel the World.’

The 35-year-old travel management company, which operates in all emirates under different corporate names and as separate profit centres, will now integrate its operations as ‘SNTTA - Travel the World,’ accentuated by the familiar ‘globe’ emblem, to reinforce its image as a global travel services provider, according to Press statement.

SNTTA currently has 18 branches across the UAE. The immediate expansion plans include opening a new branch at Mirdif City Centre in March, followed by another in Khorfakkan in May. Recently, the SNTTA main travel shop and offices in Al Garhoud Dubai were expanded and fully refurbished as part of the new growth strategy. Plans are underway to open more outlets in other emirates, with a focus on Dubai and Abu Dhabi. — business@khaleejtimes.com

Eco, TRA Sign Co-operation Deal

DUBAI — The Telecommunications Regulatory Authority (TRA) announced the signing of a memorandum of understanding (MoU) with eco, a leading association of the German Internet industry, with the aim of exchanging information in relation to the usage of Internet in the German and UAE markets.

The MoU comes at an important time in the development of the Internet market, as regulators and industry bodies increasingly face the challenges of promoting the growth of innovative Internet services while continuing to ensure safe and effective online usage, a Press statement said. Founded in 1995 and representing more than 400 Internet companies, eco has proven to be a well-experienced partner to support the development process of the Internet industry and its participants in Germany and also Europe – especially regarding topics like infrastructure and technology, content, applications, as well as legal and regulatory matters.  business@khaleejtimes.com

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