With many places in the Middle East selling to potential tourists the same concoction of sun, sand and sea, the emirate of Sharjah has decided to try and market itself as something different. Admittedly, it is building some massive resorts - like most of the other emirates. Yet the main thrust of Sharjah's tourism programme is towards promoting a long cultural heritage, a factor which some of the…
Just when the world thought that tourism developments simply couldn't get any bigger, the UAE has rolled out a parade of new projects. The venue for many of the announcements on these new developments was Dubai's 13th annual Arabian Travel Market (ATM). This industry meet focuses on global travel and tourism and featured over 1750 exhibitors from 59 countries this year. Held in the massive multi-halled…
While major port operator DP World's international acquisitions have made headlines, the company has focused its attention closer to home - acquiring some local ports to create a stronger regional network. Last year, DP World concluded agreements to take over the management of several ports on the Arabian Peninsula - deals that were largely overshadowed by the high-profile takeovers of CTX Terminals…
While construction and tourism economic development activity receives the most attention in the UAE, the country is also focussed on the lucrative medical sector to further diversify its economy. The trailblazer for private health care in the country is located in the UAE's smallest emirate, Ajman, where medical education has been offered for almost 10 years. Gulf Medical Centre (GMC) became the…
Prices continue to increase as business activity in Dubai intensifies, which is compelling many companies to look to the northern emirates for lower costs. According to a study by CB Richard Ellis, prime office space in Dubai costs as much as $943.67 per sq metre per year, making it more expensive than New York and Singapore, and there seems to be no let up in sight. In addition, reports released…
With free zones proliferating around the Middle East, Ras al-Khaimah is adding new dimensions to differentiate its zone from the competition. On September 17, Ras al-Khaimah announced that it will establish the International Companies Registry, an offshore centre dedicated to providing a tax haven for foreign capital. Under the new initiative, companies will be able to register offshore companies…
One of the world's newest airlines, Ras Al Khaimah Airways, is to start operations in May, with the fourth national flag carrier for the United Arab Emirates being part of Ras Al Khaimah's push to develop its tourism industry and to promote the country as an alternative destination to neighbouring Dubai. Under the program, there is to be heavy investment over the next three years to develop the country's…
It has been a busy period for Air Arabia, and the Sharjah-based, government-owned budget airline has been making headlines recently. First, the company announced it would commence regular flights to Karachi and Peshawar, Pakistan, beginning April 13. Then, on March 15, Air Arabia posted its 2006 results, disclosing a remarkable growth in both profits ($27.5m, triple the amount earned in 2005) and revenues…
Sharjah achieved a nominal GDP growth of 19.9% in 2006, growing from AED35bn ($9.5bn) in 2005 to AED42.8bn ($11.66bn) in 2006, according to the Sharjah Economic Development Department (SEDD). Industrial activities have long been a staple of the emirates' development and remain at the core of its economy. It is estimated that between 40 and 50% of the United Arab Emirates' total industrial activity…
Deyaar, the real estate arm of the Dubai Islamic Bank, the oldest Islamic bank in the world, is going to test the waters of the region's initial public offering (IPO) market as it is planning to sell off 55% of its shares in early May in what is being called the largest IPO yet launched in the United Arab Emirates (UAE). Deyaar announced on April 22 that the IPO had been given the go ahead from the…
