Saudi business mood remains strong Local firms expect higher oil prices in Q2 while business expansion plans slip

Saudi Arabia’s companies remain optimistic about business in the second quarter as most of them expect oil prices to climb further on Iran tensions despite a slight decline in business expansion plans.

While the business optimism index (BOI) of the Gulf Kingdom’s largest bank edges down slightly in the non-oil sector, it gains three points in the hydrocarbon sector, according to the survey sent to Emirates 24/7.

The business environment in Saudi Arabia remains supportive. 33% of the respondents in the non-hydrocarbon sector have said that they do not expect any negative factors to influence their business operations in the second quarter of 2012 compared to 31% in the first quarter of 2012,” National Commercial Bank (NCB) said in its Q2 BOI survey, which is conducted in collaboration with Dun & Bradstreet, a global business information firm.

UAE economy gains over $62bn Western report attributes rise to high oil prices and production

High oil prices and production boosted the UAE’s economy by more than $62 billion in 2011 in current prices and maintained its position as the second largest in the Middle East after Saudi Arabia, according to a Western report.

After contracting by around $44 billion in 2009 because of lower crude prices in the aftermath of the 2008 global fiscal distress, the country’s nominal GDP rebounded by about $30bn in 2011 before swelling by nearly $62.6bn in 2011, showed the report by the Institute for International Finance (IKIF).

From around $300.1bn in 2010, GDP soared to $362.7bn last year and is projected to gain pace to reach £384.7bn in 2012 before rising to an all-time high of around $389.1bnin 2013, IIF said.

Taqa to start work on Dutch gas project

Abu Dhabi National Energy Co. (Taqa) will begin work on the delayed Dutch Bergermeer gas project in July after winning approval from the country's highest administrative court to start operations, it said on Wednesday.

The joint venture project with EBN, an independent company with the Dutch State as its sole shareholder, was suspended due to environmental concerns, with the administrative court asking for additional tests to be done.

Hormuz pipeline to export in 3 months UAE oil minister says pipeline will initially operate at 1.4mbpd

The UAE's strategic oil pipeline for bypassing the Strait of Hormuz is complete and exports are expected to start within three months, UAE Oil Minister Mohammed Al Hamli said on Thursday.

Initially operating at a rate of 1.4 million barrels per day (bpd), the pipeline should offer the Gulf producer an alternative route out of the narrow strait.

The UAE has run tests on the pipeline, which has faced lengthy delays over a quality dispute with the Chinese company that built it.

"The pipeline is complete and now it's being tested," Hamli told an energy conference in Paris. He told Reuters later that exports are expected to start by August.

Etihad cuts fares up to 25% to Europe, Asia

Etihad Airways, the national airline of the UAE, has slashed airfares by up to 25 per cent for 26 markets around the globe, said a press statement on Tuesday.

The airfares are applicable on Coral Economy and Pearl Business Class bookings made between May 1 and May 4, for travel between May 1 and May 31, 2012. All travel must be completed by May 31, the airline said in a statement sent to Emirates 24|7.

Etihad Airways confirmed on Tuesday that it had acquired a 2.987 per cent stake in Aer Lingus. The airline said the purchase reflected its desire to forge a commercial partnership with the Irish national carrier. Etihad Airways believes a possible partnership could produce significant commercial benefits for both airlines. Etihad Airways operates 10 flights a week from Abu Dhabi to Dublin and has carried more than 750,000 passengers between the two capitals since it began flying the route in July, 2007. The airline has a premium lounge at Dublin Airport, an engineering maintenance facility and has conducted recruitment drives across the country. It also recently renewed its sponsorship of the Gaelic Athletic Association, signing a five-year deal. Etihad Airways has strategic codeshare partnerships with 34 airlines around the world. Earlier Story: Abu Dhabi-based Etihad airline has acquired a 2.987 per cent stake in Aer Lingus over the past couple of months, according to an Irish daily. Under stock market rules, Etihad is not required to disclose its shareholding until it has passed the 3 per cent threshold. “Aer Lingus last night confirmed it was in discussions with Etihad in relation to reciprocal code-sharing arrangements. The two airlines are also investigating the possibility of joint procurement opportunities,” Irishtimes.com, the online edition of Irish Times said in a news report. Nevertheless, the paper quoted Aer Lingus as saying that Etihad had given the Irish airline an undertaking that it does not intend to increase its shareholding pending the outcome of the discussions. “There is no certainty as to the outcome of these discussions,” the paper quoted Aer Lingus as saying.

Etihad Airways, the national airline of the UAE, has signed a memorandum of understanding (MoU) with the Abu Dhabi-based Lulu International Group.

Etihad Airways will be the preferred supplier of air cargo services for Lulu’s retail operations into and out of the UAE.

Under the agreement, Etihad Airways will offer the Lulu International Group and its forwarding agents a range of preferential and priority air cargo services. This includes transporting mostly fresh produce from countries such as Egypt, India, the Philippines, Thailand and the United Kingdom to and through the UAE.

Best known for the Lulu chain of supermarkets, department stores, hypermarkets and shopping malls, the Lulu International Group operates businesses all over UAE, Oman, Qatar, Bahrain, Kuwait, Saudi Arabia, Yemen, Egypt, India, Indonesia, Malaysia, Thailand, Hong Kong, Vietnam, China, Kenya, Tanzania, Ivory Cost, Ghana and Benin.

Etihad confirms stake in Aer Lingus The two also investigating possibility of joint procurement

Etihad Airways confirmed on Tuesday that it had acquired a 2.987 per cent stake in Aer Lingus. The airline said the purchase reflected its desire to forge a commercial partnership with the Irish national carrier.
Etihad Airways believes a possible partnership could produce significant commercial benefits for both airlines.

Etihad Airways operates 10 flights a week from Abu Dhabi to Dublin and has carried more than 750,000 passengers between the two capitals since it began flying the route in July, 2007.

Flydubai will move to Al Maktoum Griffiths says move as budget carrier grows in size

Local budget carrier flydubai could very well be one of the first few passenger airlines to make way to the new Dubai World Central airport in Jebel Ali, as Dubai Airports CEO Paul Griffiths revealed that discussions are ongoing for the same.

However, he added that they are also in discussion with other carriers and whichever airline is ready to move first will be welcomed as the airport readies for passenger arrivals by 2013 as the facility readies by year-end.

Qatar's ‘crossed sword’ tower hotel To be operational by 2016 for Fifa World Cup

Qatar-based Katara Hospitality has unveiled plans to construct a hotel with ‘crossed sword’ shape of the towers, which gracefully intertwine, replicates the Qatar seal and, integrated with landscaped gardens, rises from a podium giving the impression that the entire architectural complex is floating on the sea.

The firm says its new project – the Lusail Marina Iconic Development – will become an iconic hospitality symbol of the 21st century, and will be ready to welcome guests for the FIFA World Cup.

Announcing their plans for the Qatar-based property at this year’s Arabian Travel Market (ATM), Hamad Abdulla Al Mulla, CEO, Katara Hospitality said: “This stunning structure matches our aspiration for Katara Hospitality to become one of the world’s most recognised hospitality brand identities."

He added: “Naturally, the Lusail Marina Towers will be ideally located for travelling football fans, officials and professionals as the Qatar Football World Cup arrives in a decade’s time."

Dubai Trade in Dh148bn savings Helps boosts UAE’s global competitiveness ranking

The time-saving efficiency of e-services developed by Dubai Trade, the leading trade facilitator under Dubai World, is leading to billions of dollars in annual savings for the public sector and numerous benefits for traders and the economy as a whole, according to a recent, independent case study carried out by the Emirates Competitiveness Council (ECC).

The study says the reduction in the number of days required to import or export goods via Dubai ports from 12 days to seven days has potentially led to total savings of Dh148 billion (more than $40 billion) over five years ending 2011, which accounts for about 17 per cent of the UAE’s 2009 GDP.

The benefits will further multiply this year after Dubai Trade reduced the processing time to only seven days through its electronic services.

The ECC study follows a recent 2012 World Bank “Doing Business” report that shows the UAE today has raised its global ranking to fifth in ‘trading across borders’, and is now ahead of Organization of Economic and Cooperation Development (OECD) countries by a wide margin.

Jobs in the UAE: How to use your failure as a tool to get hired

The interviewing process is the time when your potential employer would be interested in finding out what all you have accomplished in previous jobs as well as what all you have failed at. Many candidates hide their previous job failures, fearing rejection. Can acknowledging previous job failures portray you as an incompetent candidate, not fit enough to join the company you are being interviewed for?

The answer may not be a simple ‘yes’ and would be evaluated in the wider context, believe experts.

“It depends on the context. If someone can demonstrate they have put in their 100 per cent and the effort invested is clear to see, then perhaps, once could overlook the fact that the person failed in a task or a role,” Hasnain Qazi, Middle East Business Manager at Huxley Associates told Emirates 24|7.

DIFC Investments returns to profit Close to sukuk refinance deal, says Chairman

DIFC Investments, the investment arm of the company running Dubai's financial free zone, swung to a full-year profit in 2011, financial statements showed, and is close to a bank deal to refinance an upcoming Islamic bond maturity.

The firm is "committed" to the repayment of its $1.25 billion Islamic bond, or sukuk, Chairman Abdulla Mohammed Saleh said in a statement to Nasdaq Dubai.

DIFC Investments' financial records stated that an agreement to refinance the sukuk was close and that management was confident that final agreements were "imminent."

The company made a net profit of $130.5 million last year compared to a net loss of $272 million in the previous year, after the impact of discontinued operations.

Designs of the new Trans-UAE train revealed

Train cars to have grey colour marked with red line and company motto

A UAE company set up to oversee a multi-billion dollar project to construct the country’s first inter-emirate rail network has revealed the final designs of the train, which will have a grey body marked with a red line in the middle.

HMH to open sales offices in Mideast and Africa

Dubai-headquartered Hospitality Management Holdings (HMH) announced today at the Arabian Travel Market plans to set-up regional sales offices in Saudi Arabia and Sudan that will allow the group to have a better grip and reach in its key target markets.

Oetker to open 10 Mideast hotels Le Bristol Abu Dhabi by mid-2013; 9 more in next 10 years

Frank Marrenbach, CEO of Oetker Hotels Collection (OHC), has announced that the European luxury hotel chain is eyeing a range of hotels in the Middle East in the coming years and has initiated talks with potential partners in the region.

“The OHC plans up to ten hotels within the next ten years in carefully selected destinations across the Middle East,” Marrenbach said.

“The OHC is focusing on the UAE, Qatar, Oman, Egypt, Lebanon and Turkey,” he added.

He said OHC has been postponed a distinctive hotel project in Egypt until the political situation there stabilises.

Speaking to journalists in Dubai recently, Marrenbach said OHC will inaugurate the luxury Le Bristol of Abu Dhabi by the middle of 2013.

The National Corporation for Tourism & Hotels has started construction of the hotel in the UAE capital with an investment of $165 million.

Le Bristol Abu Dhabi will have 184 deluxe rooms, besides spacious suites, special physical fitness facilities and a modern concert hall on the sea to accommodate about 300 people.

“Service is the most important characteristic of OHC. We have two staffers per guest in the OHC in Europe, which means each guest will have a person to provide him a toothbrush every morning,” Marrenbach said.

“The secret is not in the number of employees, but in their ability to read the concerns of the guests and meet their expectations,” he said.

Samir Daqqaq, OHC’s senior vice-president (development), Middle East and Africa, said: “We have aggressive growth plans for the Middle East and Africa region, which remains one of the fastest growing tourism markets."

The company's first property in the region - Palais Namaskar - is about to open in Marrakesh, Morocco. This will be followed by Le Bristol Abu Dhabi next year.

It will be complemented by a 200-room property on Saadiyat Island to be managed by OHC for which it has signed an MoU.

In response to an Emirates247.com query on the need for new hotels in UAE, Samir Daqqaq said: “The UAE is saturated with four and five stars hotels, but the country needs more elite hotels characterised by luxury and outstanding service.”

ATM concludes in Dubai, visitors surpass last year’s figures

Arabian Travel Market (ATM) 2012 concluded its four-day of travel trade business in Dubai today amid huge participation of Companies and the regional and international governmental agencies, corporations specialised in the fields of travel and tourism industry.

Reed Travel Exhibitions, the organiser of Arabian Travel Market (ATM) 2012, reported a healthy increase in visitor numbers, driven by the show's renewed B2B focus and buoyed by positive indicators from the region's tourism sector.

Al Maya launches Indian FMCG brands in Dubai

Top Indian Fast-moving consumer goods (FMCG) brands have been launched by the Al Maya Group at Al Maya Supermarkets/Hypermarket, Dubai, in the presence of Sanjay Verma, Consul General, Consulate General of India.

The Consul General lauded the efforts taken by the Al Maya Group in bringing FMCG products from India and has also congratulated the Al Maya Group on the occasion of completing 30 years of operation in the UAE, said Kamal Vachani, Group Operations Director of Al Maya Group. The following ranges have been launched by the Al Maya Group in the UAE.

Vachani thanked Verma to visit the Al Maya Supermarkets during the launching of the Indian FMCG products. During the visit, Verma also visited Daily Gourmet outlet, which is a new concept outlet opened by Al Maya Group specially for Gourmet products.

The group launched FMCG including:

Horlicks Snack Range from GlaxoSmithkline : GlaxoSmithkline is one of the Largest Consumer Healthcare companies in the World with a global presence. Horlicks is one of the Oldest and most Trusted Brands in the Glaxo Portfolio and has become synonymous with good health and nutrition. Al Maya announces the Launch of the Horlicks Snack Range - Healthy Multigrain Noodles (FOODLES) and HORLIKCS BISCUITS. Foodles from Horlicks is a unique noodle in that it is not based on Refined Flour, but instead uses 4 different Grains, making it the ideal snack for Growing Children, Diabetics and the Elderly due to the High Nutrition content and high Fibre. One packet of Horlicks Biscuits provides the Protein and Calcium equivalent to 2 glasses of Milk and hence are ideal for Growing Children.

MTR Foods is India’s fastest growing Food and Spices Brand and has a history dating back to 1912. Today, MTR Foods is wholly owned by the Norway based Orkla Group and has established market leadership in Ready to Eat , Specialty South Indian Spices and Ready Mixes for Breakfast. Al Maya Group has pleasure in announcing the launch of the full range of MTR in the UAE Market.

Parag Milk Foods is one of the fastest growing Private Sector Dairy Companies in India with Brands like Govardhan (Ghee, Butter, Paneer) and Go (Cheese Range). Al Maya has launched both brands in the UAE Market to tremendous response from the Trade and the end consumers. Govardhan Ghee is 100 % Pure Cows Ghee, unlike most other brands , which are based on Buffalo Milk. The Go Cheese range has many unique products such as the first squeezable flavoured cheese spread in the UAE Market, Nacho Cheese Spread etc.

Nissin is the company credited with inventing the concept of Instant Noodles – Al Maya has most recently launched the Top Ramen range of Cup and Packet Noodles from Indo Nissin. The Cup range has unique flavours hitherto unavailable in the UAE Market such as Pani Puri, Manchurian etc. The brand is endorsed by Indian Badminton Champion Saina Nehwal and carries her picture on every pack.

Savory is a range of Instant Powdered Drink from Bajaj Herbals. Savory has a comprehensive range of flavours including the Watermelon flavour which is not available in the market till now. The formulations have been specially made keeping in mind the Middle Easter tastes

GCC a 'sandpit with money' Says CEO as troubled Lufthansa to slash 3,500 jobs

Failing miserably in the face of competition from more efficient airlines, Lufthansa’s CEO Christoph Franz is resorting to verbal gimmicks by calling the Gulf nations a place “where nothing exists besides sand and a box of money.”

While Western airlines have been under performance pressure from competent Arab airlines for quite some time now, and have often desperately resorted to lamenting about the absence of a “level playing field”, Franz’s latest remarks, published in the May edition of the German ‘Manager Magazin,’ are clearly a way of trying to divert attention away from the airline’s own losses.

Best airlines for families... and yes, Emirates is on top And there’s not one but two Gulf-based carriers that feature in the list of 'Top 5 Airlines for Families'

Travelling long distance with kids can be stress-free – no really! That’s what a new survey of international airlines found out.
The study, conducted by US News Travel, reveals that Dubai-based Emirates is right on top when it comes to travelling long-haul with little kids. And there’s not one but two Gulf-based airlines that make it to the coveted Top 5 Airlines for Families, as short listed by US Travel.

As any parent with kids below 12 (or even in their teens, for that matter) will tell you, flying with children is not an exercise they enjoy. It’s exhausting no doubt, but that’s the least of their troubles.

Murphy’s Law – whatever can go wrong, will go wrong – comes into play fairly often, and if it isn’t the disobedient cabin pressure that makes your little one shriek from ear pain, it is the uninterrupted hours of being glued to one’s seat that makes even the slightly grown-up go wild with frustration, not to mention the disgruntled looks from fellow passengers and airline crew that are bound to make you alter your next vacation into a ‘staycation’.

Etihad cancels 7 Airbus A350 orders Boeing and Airbus hit by canceled orders

Airbus says fast-growing Abu Dhabi-based airline Etihad Airways has canceled another seven orders for its A350-1000 wide-body long-range jet.

Spokeswoman Aude Lebas said the April cancellation follows a similar decision in December not to go through with orders for six of the same jets.

Etihad still has orders for 12 of the aircraft, a rival of Boeing's 777, according to Airbus' website.

A spokesperson for Etihad says on Monday that a recent delay in the A350 program, while not the direct cause of the new cancellation, "provided an appropriate opportunity for Etihad to revisit its projected fleet mix in the latter part of the decade."