Tag Archives: tsi
More vroom for used car dealers in Sharjah
More vroom for used car dealers in Sharjah Afkar Abdullah / 6 September 2013 The Directorate of Public Works (DPW) has completed 53 per cent of the infrastructure works of Al Roq’ah Al Hamra used-cars market project. The whole project is expected to be completed by next year. Shaikh Khaled bin Saqr Al Qassimi, Member of the Sharjah Executive Council, Chairman of DPW, emphasised that the works are going on steadily according to the approved timeline. Artist’s impression of the new market coming up at Al Roq’ah Al Hamra, between Sharjah and Ajman. — Supplied photo He said: “The vision of His Highness Shaikh Sultan bin Mohammed Al Qassimi, Member of the Supreme Council and Ruler of Sharjah, aims at providing the best services for locals and expatriates. The current used-car showrooms in the Abu Shagara area, which causes traffic congestion and discomfort for the residents of the area, will soon be shifted to Al Roq’ah Al Hamra area located between Sharjah and Ajman. The new location is strategically located close to the Shaikh Mohammed bin Zayed Road, Sharjah-Al Dhaid road and the Tasjeel Auto Village. “The internal design of the project was implemented after a thorough visibility study to consider the requirements of the current showroom owners,” said Shaikh Khaled. “The new location will provide suitable spaces for showrooms and other facilities according to the highest standards.” The project covers a total area of 420,000sqm, four times that of the current market in Abu Shagara. The project consists of used-car showrooms, auction area, computerised testing area, auto-wash workshops as well as other auto car facilities. “Road projects that connect the market to the main roads have been designed to accommodate future traffic increase. These roads provide three entrances to the market location — the first leads to Sharjah-Al Dhaid road, the second leads to Shaikh Mohammed bin Zayed Road, while the third entrance lies adjacent and leads to the Sharjah Shooting Club. The total cost of the project is Dh268 million, with Dh168 million being used for infrastructure works and the remaining Dh100 million for civil works. The project which began at the end of 2012 is expected to be completed by the first half of next year,” Shaikh Khaled added. Infrastructure works of the project will provide all facilities of high standards including a 6.5km internal road and 15,000 car parks, in addition to external and internal car parks with various spaces for car showrooms. The internal roads of the project will provide drainage network system, as well as a firefighting system. Shaikh Khaled added that rainwater and drainage networks will be competed in the next couple of months. He stressed that the DPW is keen on implementing the project according to the approved timeline and in a way that satisfies end-users, without any disturbance to the residents living near the project. DPW welcomes any suggestions or complaints via any of DPW’s contact channels, he added. Shaikh Khaled said that Al Roq’ah Al Hamra has already begun attracting several large auto car traders as they are assured of the benefits of modern infrastructure and facilities they will get in the new market. The project will add value to Sharjah’s prestigious position as the second biggest car market in the Middle East, he said. “The new used cars market in Al Roq’ah Al Hamra is aimed at solving the problems faced by the residents of Abu Shagara who have lodged several complaints on the traffic and parking woes they face daily,” he said. Residents of Abu Shagara have often expressed their dissatisfaction at the existing used car market. “The area is not good for living. Already, a large number of people have moved to other areas. It’s now very polluted, noisy, crowded and unsafe for families but after the moving of the show rooms, the situation will be changed,” said Suzan Salah, a resident of the area. Wafi Khalifa another resident said the new facility at Al Roq’ah Al Hamra definitely is great news as it would solve the suffering of the residents in the area. “We are fed up of the used cars companies insisting on occupying almost all parking spaces in the area,” said Khalifa. The owners of used cars show rooms have also welcomed the new project and have urged the authorities concerned to execute the project as quickly as possible, as it has already been delayed for two years. Mohammed Amjad, owner of Al Hikmah Used Cars showroom said the completion of the new used market is the only solution to protect his business. “This is a residential area where more than 500 used cars showrooms are doing business. The residents are suffering a lot and the owners of the showrooms are losing money. The municipality tows away cars and fines me Dh500 and Dh300 as recovery fee. I end up paying a lot of money. The cars were parked on the road since the space given to me by the municipality was not enough for display,” he said. Siddiqi Rahman, owner of Al Taqwa showroom, said: “We hope to shift as soon as possible . It’s very difficult for us to keep the business running in this situation, because the little profit we make goes in the payment of fines to the municipality which tows our cars away daily. – afkarali@khaleejtimes.com Continue reading
Indian rupee, stocks jump on new bank chief’s plans
Indian rupee, stocks jump on new bank chief’s plans (AFP) / 5 September 2013 India’s rupee strengthened and stocks jumped on Thursday after new central bank governor Raghuram Rajan outlined a reform plan aimed at boosting investor confidence and stabilising the ailing currency. Raghuram Rajan, second left, the newly appointed governor of Reserve Bank of India, is received by its Deputy Governor Kamalesh Chandra Chakrabarty, second right, and others as he arrives at the RBI headquarters in Mumbai, India. AP The rupee climbed to 65.75 against the dollar, gaining nearly two percent from its previous close, on investor hopes the worst could be over for the currency, the worst performing in Asia this year. Indian shares jumped as much as 2.96 percent at the open, led by banking stocks, after Rajan took over Wednesday from Duvvuri Subbarao as head of the Reserve Bank of India (RBI). In the afternoon stocks were up 1.51 percent. Rajan sought to reassure rattled markets with his first speech in the post, outlining a fresh approach to the currency crisis and warning that he may have to take unpopular steps to get Asia’s third largest economy back on track. Sonal Varma, an economist at Nomura Securities, said Rajan had made “an impressive start” but she stressed that a weak growth outlook was still a “major concern”. “In our view, amid the current gloom, the new RBI governor has infused a sense of optimism that he is in charge and that the RBI under him will unleash more financial sector reforms, a medium-term positive for the economy,” she said. Rajan, a former IMF chief economist, emphasised the importance of transparency and consistency in the bank’s actions, after the RBI spent weeks trying to stabilise the rupee with a range of measures. He stressed he would hew to the RBI’s mandate of “securing monetary stability” and sustaining confidence in the value of the country’s money. “This means low and stable expectations of inflation, whether that inflation stems from domestic sources or from changes in the value of the currency, from supply constraints or demand pressures,” he said. India faces its worst financial crisis in decades, as the once-booming economy grapples with sharply slowing growth, high inflation and a record current account deficit. Some analysts fear the economy could be heading for a meltdown with the rupee down around 22 percent against the dollar this year. Rajan’s bold entry to the job, which included financial deregulatory measures such as opening up the country’s banking sector, received rave reviews from economists and the local media. “This was easily the most substantive speech by a Reserve Bank governor on his first day in office,” financial daily Business Standard said on Thursday. With a mock photograph of Rajan in a James Bond-style pose on its front page, The Economic Times newspaper said he had “gotten off to a good start, radiating brisk purpose and optimism”. Rajan, famed for forecasting the 2008 global financial crisis, left his post as a professor at the prestigious University of Chicago’s Booth School of Business and returned to India last year before taking up the new job. Continue reading
UAE, Gulf markets remain bearish on Syria flare-up
UAE, Gulf markets remain bearish on Syria flare-up Issac John / 5 September 2013 Stock markets in the UAE and other Gulf countries continued to plunge on fears of an imminent attack on Syria. Dubai’s benchmark DFM index tumbled to an eight-week low of 3.7 per cent to close at 2,397 points, its lowest finish since July 11, as retail investors cut risk after the United States moved a step closer to launching military action against Syria. Across the Gulf, markets declined in volatile trading as investors opted for short-term trades amid mounting tensions. Abu Dhabi’s benchmark fell 2.3 per cent to 3,648 points, Kuwait’s bourse declined 2.6 per cent to 7,268 points and Qatar’s measure slipped two per cent to 9,348 points. Saudi Arabia’s index was 1.7 per cent lower at 7,697 points. Crude oil held above $115 a barrel on Wednesday as US lawmakers’ support for military action against Syria revived concerns that Middle East oil supplies might be disrupted if the conflict widens. While Syria is not a big oil producer, investors are worried that a strike by Western forces against the country could spread unrest in the Middle East and disrupt supply from the region that pumps a third of the world’s crude. Shares in Emaar fall 3.2 per cent to Dh5.3 although small and mid-cap stocks were among the biggest fallers on Wednesday. Air Arabia and Dubai Financial Market slumped 6.2 per cent, with Arabtec Holdings and Dubai Investments down 5.6 and 5.3 per cent respectively. issacjohn@khaleejtimes.com Continue reading
