Tag Archives: dubai
Rupee nosedive boosts NRI remittance power
Rupee nosedive boosts NRI remittance power Issac John / 21 June 2013 The Indian rupee plunged to an all-time low against a dollar-pegged UAE currency on Thursday, giving Non-Resident Indians a big boon as their remittance power rose sharply by Rs1.6 per dirham in weeks. The rupee fell as low as 59.97 against the dollar, down from its Wednesday close of 58.72 and a May average of 54.9. The dramatic fall was triggered by global investors who pulled out of emerging markets and the US signalled it could start scaling back on its monetary stimulus that has injected billions of dollars into the global financial system. Foreign institutional investors have pulled around $3.75 billion from Indian stocks and bonds in June, according to the Securities and Exchange Board of India. A falling rupee may bring cheers to NRIs but makes life all the more difficult for residents back home by stoking inflation. The rupee has now fallen more than 10 per cent since the start of May, making it one of the worst performing major currencies in Asia. The rupee’s sharp decline also sent Indian stocks and bonds tumbling on Thursday. Indian shares posted their biggest single-day decline in nearly 21 months. Y. Sudhir Kumar Shetty , chief operating officer, Global Operations, UAE Exchange, said the scarcity of the dollar in the market, due to the control on dollar flow, had brought the rupee to its all-time low. “The Indian economy has been going through a tough phase for sometime now. This new development has only added to the woes of the nation’s economy,” said Shetty. “Remittance volume to India, which is already the largest receiver in the world, has definitely gone up. Indian expatriates are exploring every avenue to send as much money as possible,” said Shetty. He predicted that the rupee would continue to be under pressure for some time to come, and its future depends on what measures India would take. Sajith Kumar P.K, director and CEO of IBMC Group & JRG International, said the increase in current account deficit and fiscal deficit is the major domestic factor against the rupee. He said some new steps taken by the India Government could slowly stop further fall of rupee. “However, a massive sell off by foreign institutional investors remains a major threat at present. If US dollar further strengthens, the rupee may touch 60 to 61 per dollar,” said Kumar. Adeeb Ahamed , CEO, LuLu International Exchange, said the volume of rupee remittance had marginally gone up. “We have seen an increase of 10-12 per cent in the volume of remittance and number of walk-ins over the last fortnight. Expats have resorted to borrowing funds from the financial institutions to avail the benefit of rupee fall.” “The depreciating rupee is not the finest news for the domestic market but for NRIs it provides a good opportunity to park their spare funds in India now,” said Alok Anchan , an executive at Rajesh LifeSpaces, a Mumbai-based developer. “Temporary rupee depreciation has made property investments cheaper by over 25 per cent for NRIs over the last 12 months,” said Nishant Singhal , director, Strategy and International Operations at Investors Clinic. Continue reading
Dubai Cares highlights plight of refugee children
Dubai Cares highlights plight of refugee children (Wam) / 20 June 2013 On the occasion of World Refugee Day, Dubai Cares, a philanthropic organisation working to improve children’s access to quality primary education in developing countries, has highlighted the plight of 43.3 million people worldwide forcibly displaced from their homes and communities. Dubai Cares, through its ongoing efforts, has extended support to refugees, especially children who constitute 46 per cent of refugees, and people in refugee-like situations, so that they have a safe haven where they can recover from mental and physical trauma and rebuild their hopes for a better future. Commenting on this occasion, Tariq Al Gurg, Chief Executive Officer of Dubai Cares said: “Children and their families who have experienced war-related trauma and disruption as refugees are affected by issues such as poverty, hunger and unemployment and are unfortunate victims in this ongoing struggle to create a better future. We are working to create a sense of normalcy and hope for refugees who have been uprooted from their homes and communities.” One of Dubai Cares’ ongoing programmes reaching out to refugees is a school-feeding programme in Ethiopia benefitting 25,000 primary school age children from Somalia. The refugees are sheltered in United Nations High Commission for Refugees (UNHCR) camps in Dollo Ado, Ethiopia, which, in the second half of 2012, received more than 100,000 Somali refugees affected by the 2011 food crisis, described by the United Nations as the “worst in a generation”. In Dollo Ado the children of school-going age comprise about 46 per cent of the total refugee population of which only 31 per cent of them attend school and the school feeding programme. Schools in camps have morning and afternoon shifts in order to cover as many pupils as possible. The programme aims to stabilise school enrolment of refugee girls and boys in WFP-assisted schools and to combat the malnutrition crises of the refugees by providing on-site hot meals to school children. The programme provides meals to schoolchildren in the form of a porridge made up of Supercereal (100gr/person/day), a highly nutritious food fortified with vitamins and minerals, and sugar (20gr/person/day). Dubai Cares has also supported programmes in the Middle East, particularly across the Occupied Palestinian territories, and worked with Palestinian refugees in Jordan and Lebanon. In the Occupied Palestinian territories while partnering with Medicines Sans Frontiere, Dubai Cares has supported emergency medical support for children in the Kemal Edwan Hospital as well as a deworming campaign for UNRWA (United Nations Relief and Works Agency) school children in the West Bank and the Gaza Strip in order to promote and improve their health status, according to a press release by Dubai Cares. In Lebanon and Jordan, Dubai Cares was part of an educational emergency programme, implemented by UNRWA, which ensured Palestinian refugee children in Nahr El Bared camp were given access to basic education services. In Jordan, Dubai Cares in partnership with UNRWA supported the building of a new elementary and preparatory school for boys in Al Zarqa Refugee Camp. The programme included the building of a fully furnished and equipped school to replace dilapidated buildings. This ensured that students could learn in a safe environment conducive to learning. Continue reading
Dubai building hailed for its sustainability
The eco-friendly headquarters of The Change Initiative – a UAE-based sustainability organisation – has broken a world record.Leaders of the US Green Building Council confirmed the property had posted an unrivalled score of 107 under the Leadership in Energy and Environmental Design (LEED) sustainability guidelines, beating the previous record of 104.The LEED Platinum index is used to monitor how environmentally-friendly buildings are and the maximum overall rating is 110.It should come as no surprise that The Change Initiative has landed the prestigious accreditation, as the business is centred around encouraging people to live more sustainably. The firm supplies household products, appliances and building solutions that are aimed at reducing harmful carbon emissions.Chief executive and founder of The Change Initative Gundeep Singh said achieving LEED Platinum certification is a proud moment for Dubai and the UAE as a whole.”We look forward to working closely with all of our stakeholders and together taking small steps on our journey towards responsible living across the UAE,” he remarked.Meanwhile, chairman of the enterprise Loek Malmberg thanked the UAE government for its policy of helping small and medium-sized businesses to flourish.”Dubai increasingly understands the importance of introducing more sustainable practices in order to safeguard its long-term prosperity,” he commented.There has been a concerted effort from the government and building developers in recent years to ensure Dubai becomes a more eco-friendly emirate.The city is renowned for its massive skyscrapers and record-breaking constructions – and with experts predicting a further 28,000 residential properties to be built this year – it is important the sheikhdom minimises its impact on the environment.Last month, AMEinfo reported that the Dubai Land Department had joined forces with the Arab League to stage the first ever Arab International Sustainable Real Estate Conference in the UAE.Organisers of the event said the fact it was being held in Dubai reflected the city's commitment to promoting sustainability throughout the construction industry.The First Group can help you find superb properties for sale in Dubai Continue reading
