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Dana Gas continues to deliver strong performance and increases in profits driven by our successful operations, in spite of a globally challenging environment. We have and will continue to respond to challenges successfully and with confidence, ensuring that we maintain our operations uninterrupted while we manage our expenditures prudently. As a regional company committed to the long term benefit of our region and its stakeholders, we are committed to operating our assets with a view to creating sustainable value for our shareholders."

November 20, 2011

Egyptian Marble Industry Growing Quickly

Analysts believe that under the correct conditions investments in the construction industry in Egypt will continue to grow, and the most impressive growth will be in the granite and marble sector of that market.

Experts believe that revenues for the marble and granite industry in Egypt can reach as much as 2 million dollars in the near future. The industry is exploring the possibility of increasing exports to several Arab countries where it is already doing a good business, such as Kuwait, which is at the moment one of the main importers of Egyptian building materials such as marble and granite.

Today the volume of marble investments in Egypt is EGP 17 billion, (2.85 billion dollars) while growth has been between 30% and 40% per year. Egypt ranks 6^th in the world of marble exporters and this year’s export value of marble is approximately 330 million dollars. Six years ago, in 2005, marble exports were worth 220 million dollars.

The Head of Marble and Granite Division at the Chamber of Building Materials Industries of the Federation of Egyptian Industries, Ahmed Abdel Hamid, believes that there are many challenges facing this industry which, if met will help the industry continue to grow at an even faster pace.

Hamid explained that there are 350 marble plants and 800 workshops. The average direct and indirect manpower is about 700 to 800 workers. The volume of marble exports, according to Hamid, totals to a value of about EGP 500 million, 5% of which is for granite. He added that the growth rate for the industry is about 5% to 6% annually.

November 22, 2011

Mike Grant Appointed Chief Restructuring Officer for the Al Jaber Group

The privately owned Al Jaber Group, and Abu Dhabi-based civil and electro-mechanical engineering contractor, announced the appointment of Mike Grant to be their new chief restructuring officer.

Mike Grant will be leading the company’s latest move to further along their debt reorganization, according to spokesmen for the company.

Grant is a veteran of restructuring at several Middle East-based companies, including the Kuwait firm of Investment Dar and Eurotunnel. This move by Al Jaber is an attempt to forge an agreement between the company and its creditors.

"The group confirms that it is continuing to move forward with its plans to reschedule its borrowings," a company spokesman said. "As part of this process the group announces the appointment of Mr Mike Grant of The Aaronite Partnership LLP as chief restructuring officer to the group.”

Al Jaber has never publicly released the amount of debt it is restructuring, however last year they had a difficult time raising funds for $4.35 billion in projects.

November 27, 2011

UAE Introducing New Dh500 Paper Currency

The Central Bank of the United Arab Emirates announced that Abu Dhabi will soon be placing into circulation a new Dh500 banknote. The amended banknote will be reprinted with updated security features.

New Bank Note Will Be Circulated November 29

“This currency note will be put in circulation as legal tender along with currency notes currently in circulation with effect from Tuesday, November 29,”said a statement released by the Central Bank.

An economist based in Abu Dhabi, Dr. Mohammad Amerah explained the bank’s decision.

“The Central Bank’s move reflects that there has been a considerable growth in the domestic economy and the money in circulation is getting enlarged. It seems the people, businessmen and the economy as a whole feel the need to use larger bills that show their increased purchasing power and increased number of financial transaction.”

Updated Security Features

The improved Dh 500 note will replace the variable stripe of the old bills with a clear window on the right side of the front face. When backlit by bright light the denomination value of “500” is seen in decorative circles; but when held over a darkened background only the ornamental design is visible.

“The new security features on the note will curb counterfeiting,” Amerah added.

Optical Variability Key Change

There is an optically variable stripe present which extends throughout the see-through window. The stripe depicts the head of a falcon, the National Emblem, and the banknote’s value. A unique feature is that the appearance and the colors change depending on the angle one looks at the bill.

The silver thread which appeared on the back of the old banknote has been replaced by a wider 3mm window thread which shifts colors and says “UAE 500.”

“The metallic ink surrounding the UAE emblem on the top front of the note is replaced by multicolor ink print,” added the bank.

SEO:The Central Bank of the UAE is introducing an updated Dh500 banknote with many updated features to help improve security and prevent counterfeiting.

November 29,2011

An executive for the state-run Abu Dhabi National Oil Company for Distribution (ADNOC) announced that his company is creating a natural gas grid in several residential areas in the emirate of Abu Dhabi.

The company, which is popularly known as Adnoc Distribution, is concentrating its efforts at the moment on servicing the residential sector, but they have their sights set on expanding into the commercial and industrial sectors as well, according the firm’s general manager Abdullah Al Dhaheri.

Al Dhaheri added that Abu Dhabi is presently seeing a growth in demand for natural gas from both the residential and commercial sectors.

December 4, 2011

Group Buying Trend Beginning to Grow in Middle East Market

In recent years the popularity of group buying, also known as social buying, has grown by leaps and bounds. Now a multi-billion-dollar business, group buying businesses such as Groupon have become household names throughout Europe, the US, Australia, China and beyond through their use of daily e-mails and huge discounts on everything from appliances, vacations, restaurant meals, and much more. Each group buying company has its own way of doing business, but the essentials are the same: in exchange for a share in the total profits the group buying firm brings the customers to the retailer’s door.

Group buying, however is taking longer to latch on to the imaginations, and bank accounts, of Middle East residents. Although retail is a hefty slice of the Middle East economic pie; and credit cards are used generously; group buying is lagging behind due to the fact that on-line shopping is still experiencing birth pangs.

"The history of online buying in this part of the world can be measured in days and weeks, not years," says Dan Stuart, chief executive of GoNabit, which was the first firm to open in this region.

"When we started, people could buy flowers, gift baskets and flights through the internet, but not much else. They had to buy from sites based outside the region but we've seen a big shift in that."

That growth potential is now being exploited by several group buying firms. Groupon is opening offices in Dubai this year, and GoNabit is going to rebrand after being bought-out by another US company, Living Social.

Cobone.com, a UAE-owned company, started operating last year. In order to meet the local needs and the hesitation Middle Easterners have about shopping on-line, the vast majority of sales (about 80%) during the first few months of operation were done with cash on delivery. Customers made their purchase on-line, but only handed over the payment when a voucher was physically delivered to them.

"That might sound strange to someone in another part of the developed world," says chief executive Paul Kenny, whose firm now has more than half the Middle East market share by revenue, according to data from research firm Kongregator.

"But until very recently, that's the way it was."

SEO: Social buying or group buying has become a successful way of marketing throughout the world which is just beginning to catch-on in the Middle East.

December 5, 2011

If all goes well, Wataniya Palestinian Mobile Telecommunications Public Shareholding Company, otherwise known as Wataniya Mobile, will launch its mobile phone service in Gaza next year. Wataniya is the second mobile telecom operator in the Palestinian territories, and is only waiting to get approval from Israel to use certain frequencies in order to launch its 3G mobile services.

Bassam Hannoun, the chief executive officer of Wataniya Mobile commented on the upcoming introduction of their mobile service to Gaza: "We are planning 3G services in 2013. It seems late and we don't want it to be this way. The acquisition of the frequencies from the Israeli officials is the issue."

Watanya Mobile is a subsidiary of Qatar Telecom, or Qtel. Qtel went public at the end of last year, floating 15% of its shares in an IPO which raise $50.3 million. That was the largest sale of shares in the Palestinian territories in 10 years. The only competition facing Watanya is Palestine Cellular Communications Company, which started its commercial services in late 2009.

"Certainly the entrance into Gaza completes the operations in Palestine and this naturally will increase revenue and integrate the services in the area we are licensed to operate in," said Hannoun.

December 13, 2011

iPhone 4S Coming to the UAE

In a race to be the first to get the latest hi-tech phone to the people of the UAE, du, one of the UAE’s two telecome providers, announced that it will have the iPhone 4S available for customers to purchase this coming Friday, December 16^th.

This announcement came in response to a similar announcement by Etisalat, the other UAE telecom provider, stating that it is now accepting pre-orders for the iPhone 4S.

"The much awaited iPhone 4S will be within our customers' grasp shortly! We are glad to confirm the availability of iPhone 4S in du Shops beginning December 16," said a statement issued by du spokesmen.

Further details, such as price, were not yet made available to the public.

It is believed that du’s prices will be similar to those already announced by Etisalat which are as follows:

iPhone 4S 16GB for Dh 2,749; 32GB for 3,149; 64GB for Dh 3,549.

Etisalat announced that their customers could pre-order the iPhone 4S by logging onto their website and charging the price to their credit cards.

SEO:

December 18, 2011

Indian and Saudi Business Leaders Meet

In an effort to improve the trade relationship between India and Saudi Arabia, a thirteen-member delegation of Indian business leaders met a group of influential executives from Saudi Arabia on Saturday.

Great Opps For Investment Now

The Secretary-General of the Asharqia Chamber of Commerce, Abdulrahman A. Al-Wabel, was among the Saudi business leadership at the summit. Al-Wabel told the Indian business community that now is the time to take advantage of the many investment opportunities which are available in Saudi Arabia.

"Make the most of our favorable investment climate," he told the visiting delegates.

There are over 200 companies from India now doing business in Saudi Arabia, said Al-Wabel. “Their total investment exceeds AR 4 billion,” he stated.

Joint Projects Can Be Launched

The Saudi business leader suggested to their Indian colleagues that they should think about possibly launching joint projects with an intention of eventually transferring technology. It was acknowledged at the meeting that over 50 Saudi companies, or partnerships with India, are now under way in India, with an investment total of at least SR 858 million.

The head of the Indian delegation, K.K.M. Kutty, a representative of the Confederation of Indian Industry (CII) addressed the growing trade relations between the two countries.

"However, there is still an enormous potential to take this business further," he said.

Successful Visit

The first secretary of commerce and education at the Indian Embassy in Riyadh, Ashok Warrier, stated that the visit of the Indian delegation to Saudi Arabia was a great success.

"They met a number of Saudis and had fruitful discussions," he said. "This is yet another testimony of the growing relationship between our two countries."

SEO: Business representatives from India and Saudi Arabia met to discuss the continuing economic cooperation between the two countries and the sharing of technology.

December 20, 2011

In order to boost the development of Qatar as a center of finance in the Middle East, Qatar’s sovereign wealth fund has been modestly injecting up to $2 billion into the finance economy to allure asset management companies to establish themselves as key players in Middle East finance.

According to regional bankers the Qatar Investment Authority will invest the money in international and area asset managers who plan to set up business in Qatar. This is in response to the failure of the Qatar Financial Center to bring in a large customer base.

The development of Qatar’s financial sector will not be easy as other Gulf Co-operation Council states are also working hard to boost their own financial industries by exploiting the huge amounts of capital gathering in the oil-rich region. There is additional competition from the emerging Asian economies, which are conveniently located for investors from the East.

The QFC’s acting chief executive, Shashank Srivastava, said, "The growth market is changing - its east of the GCC, not west of the GCC. New financial centers will emerge for geographic reasons, and for pure financial efficiency reasons."

The goal of the QIA for their investment is to encourage additional business to the QFC. The QFC was established in 2005 to regulate and also aid in the development of Qatar’s financial services industry, according to bankers who are knowledgeable of the plan. So far the center has licensed approximately 150 companies, but it has not been able to create excitement in investing, and the experts have admitted that the amount of assets under Qatar management is meager.

December 25, 2011

Gaza Building Boom Comes from Underground

There is a building boom taking place now in Gaza, despite the blockade Israel has imposed on the Strip since Hamas took power there. The boom is due in part to an intricate network of tunnels dug into the sandy soil reaching from Gaza, extending over the international border, and ending in Egypt.

There are said to be hundreds of tunnels, supplementing the building materials that Israel is already allowing into Gaza by more ordinary means. Israel allows construction material into Gaza for use by international relief agencies to construct houses, schools and other urgently needed buildings. Recently Israel relaxed their requirements and has also allowed limited amounts of building materials to be used for the construction of factories. Many factories were destroyed in 2009 during a large military offensive there by Israeli forces in an effort to reduce or silence the number of Scud rockets being shot over the border into Israeli territory.

A UN report on the Gazan economy stated that despite the fact that for the past decade the economy in Gaza has been severely depressed, developments during the first half of 2011 have brought some margin of relief.

"Employment jumped by more than 47,000 jobs in first-half 2011, or 24.7 percent, to an estimated 237,475. The broad unemployment rate declined to 32.9 percent from 45.2 percent in second-half 2010," the report said.

"Despite the easing of restrictions on the Israeli-imposed blockade, tight controls of the crossings from Israel into Gaza are a significant factor behind the growth in the tunnel economy," said Chris Gunness, spokesman for the United Nations Relief and Works Agency for Palestinians (UNRWA).

The Gazan citizens say that the tunnels allow them to satisfy all of their needs, “from the needle to the rocket.”

SEO: There is a building boom going on now in the Gaza Strip despite the Israel blockade due to a complex network of hundreds of tunnels from Gaza to Egypt.

December 27, 2011

Gulf States Show Interest in Afghan Oil Sector

Afghan Minister of Mining Wahidullah Shahrani said last Tuesday that his country is preparing to accommodate foreign investments in mining, oil and gas, including counterpart companies from the Gulf Cooperation states.

We have been communicating with Kuwait Energy and calls are being made with Emaar Mining (United Arab Emirates) and Maaden (Saudi Arabia). Both the Saudis and the Emiratis are very keen on copper and gold," Shahrani told a group of Kuwaiti journalists in Kabul.

The Afghan government is on the verge of signing a trade agreement with China’s largest oil and gas company, CNPC. In the next few days CNPC will complete a deal which will allow then to extract and refine oil from the Amu Darya basin in the northwestern part of Afghanistan.

CNPC already has a contract to take oil via pipeline from the neighboring Turkmenistan, where they built an oil pipeline which transports oil from there all the way to China.

Companies from some of the world’s largest economies, such as China, India and Canada, have acquired the bidding rights for the development of valuable minerals including copper and iron ore deposits which are located both north and south of Kabul.

Minister Shahrani has been instrumental in simplifying the procedures required for foreign investors since he took over his position as minister of mining, including placing oil and gas development into the same office as mining.

According to US government estimates there is about $3 trillion worth of as of now untapped natural resources in Afghanistan including Niobium, Lithium, Copper, Iron-ore, Cobalt, gems and oil and gas. The goal of the Afghan government is to diversify foreign investments in the development of these resources between as many countries as possible. With many millions and billions of dollars in investment money coming into the country Afghanistan hopes it will be able to rebuild its destroyed infrastructure and reduce considerably its dependence on foreign aid.

Not just money will be pumped into Afghanistan. "Transportation is a major problem," added Shahrani, pointing out that Afghanistan is landlocked, making it hard to bring goods and building materials to businesses. To solve this problem Afghanistan has asked investors who are in the excavation industry to build railways. "These railways will later be used to carry passengers," the minister emphasized.

These kinds of projects will also bring jobs to the country, as many as 10.6 million is estimated, a figure representing one third of the country’s 29 million residents.

SEO: Afghan Minister of Mining Wahidullah Shahrani is easing the way for foreign investors from the Gulf States to invest in mining, oil, and gas in Afghanistan.