Emaar support sponsor of WEF

The company will highlight its international growth strategies at the annual global gathering of world leaders, international think-tanks, entrepreneurs and professionals.

Mohamed Ali Alabbar, Chairman, Emaar Properties, will be a key participant in the World Economic Forum - CNBC Televised Debate titled ‘Invest it Forward’ on May 18.

Noor Islamic Bank and RAK Chamber sign partnership MoU

DUBAI — Noor Islamic Bank PJSC (NIB) and the Ras Al Khaimah Chamber of Commerce and Industry have signed a Memorandum of Understanding (MoU) to forge strategic partnership that will offer Shariah-compliant services to foster the growth of small and medium enterprises (SMEs).

Under the terms of the agreement, the bank will provide members of RAK Chamber with specific Islamic financial solutions such as working capital, cash flow management, business analysis, strategic and operational support, as well as reviewing and validating assumption for business plans.

Hussain Al Qemzi, Group CEO of Noor Islamic Bank, said: “”By offering easy finance that complies with Shariah principles to new business start-ups, we will be assisting members of the RAK Chamber in indentifying business opportunities. Our expanding operations will also assist businesses in strengthening other economic activities, thereby fostering the overall growth of the emirate.”

Yusuf Obaid Al Nuaimi, Chairman of RAK Chamber of Commerce and Industry, said: “RAK Chamber will promote Noor Islamic Bank as a preferred financial services provider to members and users, particularly the small and medium enterprises, in laying the foundations for a stronger economic growth in the emirate. It is our first alliance with a bank and we look forward to this opportunity.”

Accor Hospitality announces agreement with Chavana Spa

DUBAI — Accor Hospitality announced yesterday that it has entered into an agreement with Chavana Spa to develop and manage spas within its Novotel, Mercure and Pullman hotels in the Middle East and Pakistan.

Under the agreement, Chavana Spa by Mandara Spa, will provide its expertise and technical knowhow in building and operating the Balinese-inspired spas to be developed in Accor Hospitality’s hotel brands in UAE, Bahrain, Kuwait, Oman, Qatar and Pakistan.

Third Turkish-Arab Economic Forum gets special significance

DUBAI — The Prime Minister of Turkey, Recep Tayyib Erdogan, has invited Arab prime ministers to the Third Turkish Arab Economic Forum to be held in Istanbul on June 12-13, 2008. The League of Arab States will participate at the forum with a high-level delegation led by the Secretary General, Amr Mousa.

Sources expect active participation at the forum by a number of Arab prime ministers thus transforming the event into a Turkish-Arab summit at the level of heads of government.

What gives the Third Forum additional importance and significance is that the Turkish finance minister has invited his counterparts in the Arab world and neighbouring countries to a special meeting to discuss means of improving financial, banking and investment relations and the required modes of achieving that. The Forum is organised by Al Iktissad Wal Aamal Group in cooperation with the Foreign Economic Relations Board (DEIK) and the League of Arab States.

Daman Investments funds see steady upward gain in April

DUBAI — Daman Investments PSC, a leading UAE-based fund manager yesterday announced the performance results for the month of April 2008 for three of its funds — the Daman Second Emirates Fund, the Daman Islamic Fund and the Arabian Programmed Trading Fund (APTF).

All three funds showed steady upward gains over the previous month’s performance.

The Daman Second Emirates Fund, a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank and focussed on the UAE equities markets, closed the month of April 2008 at a NAV of Dh127.98 per unit, reflecting a healthy monthly gain of 7.32 per cent over previous month. The fund finished its first full year of operation at the end of March 2008 with gross returns of 23.66 per cent.On the other hand, the Daman Islamic Fund, a Shariah-based, open ended UAE-registered mutual fund closed the month of April 2008 at a NAV of Dh111.787 per unit, posting a gain of 2.5 per cent over the previous month.

Daman’s first risk managed fund, the Arabian Programmed Trading Fund (APTF) designed and tailored for the GCC markets also showed a healthy gain of 3.25 per cent for the month.

International Jewellery and Watch Show Abu Dhabi to be held in Oct

DUBAI — Reed Exhibitions has announced the staging of International Jewellery and Watch Show Abu Dhabi (JWS). The event is scheduled to take place at the Abu Dhabi National Exhibition Centre (Adnec) from October 22 to 26 2008.

The Abu Dhabi event heralds a worldwide growth in the watch and jewellery business. The global market for watches itself is projected to grow strongly to exceed Dh121 billion by 2010.

“Consumers have moved away from making watches a-once-in-a-lifetime purchase to owning an array of watches to harmonise with their outfits, leisure pursuits and social status,” remarked Suman Manning, Director of Consumer Shows, Reed Exhibitions Middle East. Manning noted that the demand for luxury watches is growing at a CAGR of 4 per cent through to 2010 despite facing stiff competition from electronic gadgets.