Sports
Dubai well-positioned to pay off $20b debt: Ahmed
Dubai well-positioned to pay off $20b debt: Ahmed Staff Report / 25 September 2013 Dubai is not in negotiations with Abu Dhabi to refinance a $20 billion debt that will be due next year, a top government official said on Tuesday. Dubai borrowed a total of $20 billion from Abu Dhabi and the Federal Government of the UAE when the financial crisis hit across the globe in 2009. The debt comprises $10 billion from the UAE Central Bank, which is due to mature in February 2014 and $5 billion each from two state-owned banks in Abu Dhabi — National Bank of Abu Dhabi and Al Hilal Bank — maturing in November 2014. “Dubai companies are doing well and can take care of their own debt,” Shaikh Ahmed bin Saeed Al Maktoum, chairman of Dubai’s Supreme Fiscal Committee, told reporters on the sidelines of the sail-away ceremony to mark the commencement of the delivery of the pioneering Prelude FLNG Turret Modules to owner Shell. According to government forecasts, Dubai’s economy is recovering fast and set to expand 4.6 per cent, on average, between 2012 and 2015, more than twice the growth of the previous four years. The borrowed money was mainly used to support debt restructuring of Dubai World and property developer Nakheel, the builder of the palm-shaped islands. “No, we are not talking to Abu Dhabi,” Shaikh Ahmed, who is also President of the Dubai Civil Aviation Authority, Chairman of Emirates airline and Chief Executive of the Emirates Group, responded to a question if both emirates are holding discussion to roll over the debt. He did not elaborate further. Property market Dubai’s growing population, improving economy and its status as a safe haven amid political and economic unrest in other parts of the Middle East have helped boost apartment prices by 38 per cent in the past 12 months, according to Standard Chartered Bank. Dubai’s government is working on new rules to protect its real estate market and prevent any excessive rise of property prices that could end in a crash, Shaikh Ahmad said. The bursting of the property bubble in 2009-10 caused prices to plunge by more than 50 per cent. “We didn’t create the bubble, it was a global crisis. The real estate challenge is over now,” he said. “We are working on our regulations. Sometimes I don’t see that [high property prices] are a good thing. We don’t want Dubai to become an expensive city,” he added. He did not give details of the proposed regulations. In a July report, the IMF said Dubai might need to intervene in its property market to prevent another boom-and-bust cycle. Last year, the UAE Central Bank tried to introduce caps on home mortgage lending as a way to head off another bubble, but it suspended them after lobbying by commercial banks, which complained their business would suffer. The central bank is now negotiating revised caps with the banks, which are expected to be announced by the end of this year. With inputs from agencies abdulbasit@khaleejtimes.com Continue reading
President orders honouring of UAE football team
President orders honouring of UAE football team (Wam) / 24 September 2013 The President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, has instructed honouring of the UAE national football team for winning the 10th GCC U-17 Championship, which Qatari capital, Doha, hosted from September 3-12, 2013. The President’s gesture recognises the sports achievements of the UAE innovators who raise the UAE’s flag high at international sports events. The UAE Football Association (UAEFA) paid gratitude to the President for his generous grant to the sportsmen and for his incessant support for the sports sector. Chairman of the UAEFA Yousuf Al Serkal affirmed that his organisation would do what in its power to make more achievements for the betterment of the UAE. The UAE team won the championship for the fourth time. Its previous triumphs were in 2006, 2009 and 2010. Continue reading
UAE police help foil biggest drug smuggling bid this year
UAE police help foil biggest drug smuggling bid this year Amira Agarib / 24 September 2013 More than half a billion dirhams worth of drugs have been seized by international anti-narcotics agents with help from Dubai Police, in the biggest drug haul in the world this year. The Dubai Police General Department of Anti-Narcotic helped foil an attempt to smuggle Dh500 million worth of crystal methamphetamine and Dh3.5 million worth of hashish, leading to the arrest of 10 Balochi and Iranian suspects. The operation took place in the international waters of the Indian Ocean, 360 kilometres off the coast of Somalia. During a Press conference held in the presence of Dubai Police General Department of Anti-Narcotics Director Major General Abdul Jalil Mahdi; Dubai Police Deputy Commander-in-Chief Major General Khamis Mattar Al Mazina said the major operation confirmed the effectiveness of the UAE’s officials through its contribution in combating large international drug smuggling rings in the Indian Ocean. The process was fulfilled in various stages under the follow-up of Lt. General Shaikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and Dubai Police Commander-in-Chief Lieutenant General Dhahi Khalfan Tamim, he said. The operation, which actually took place in June, was top quality in terms of cooperation and coordination with the international authorities, he said. The operation began in the UAE when the Anti-narcotic Department obtained important information that a fishing vessel had left a Pakistani port for Djibouti, containing a large shipment of narcotic substances, where it intended to transfer drugs to another ship in a specific place in the waters of the Indian Ocean. The Dubai Police determined the exact location and passed details to international coalition forces.Al Mazina said a working group was formed including a number of Ministry of Interior and Dubai Police drug officers, which continued to liaise with officials up to the raid. Al Mazina said international coalition forces intercepted the ship, and raided it before discovery the drugs, which led to the arrest of the 10. On the first day, they confiscated 350kg of hashish. However on the second day, the police were passed information that there were more drugs, so forces searched again and discovered 500kg of crystal amphetamine hidden behind the engines of the ship. Al Mazina said the commander of operations of the naval forces of the international coalition expressed their gratitude to Dubai Police for their cooperation, and the good efforts in passing on the information which led to the success of the operation. Al Mazina described the seizure as a big blow to the drug traffickers of the world. He said the use of the Indian Ocean as a smuggling route reflected the importance of the big role played by the UAE in the fight against drugs not only locally and regionally, but globally as well. “Dubai police have sources and keep eyes every where to catch and strike drugs traffickers and criminals.” Al Mazina said countries would cooperate to prevent illegal trading at sea and if security forces had reasonable doubts, they would raid ships that had no flags. Because the operation did not take place in the UAE regional waters, the suspects would not be tried here, Al Mazina said. “The suspects under arrest will be handed over to the Asian country from where they came from in accordance with international sea laws.” Al Mazina said details had not been revealed earlier due to certain circumstances including requests from the countries involved. He praised efforts of all parties locally and internationally who participated in the operation, with a special mention to his team. Continue reading
