Tag Archives: environment
India tops global remittances list
India tops global remittances list Issac John / 4 October 2013 With the developing world on track to receive $414 billion in migrant remittances in 2013 — an increase of 6.3 per cent over the previous year — India again topped the global chart with $71 billion in remittances, according to a revised World Bank forecast. Other top recipients of officially recorded remittances for 2013 are China ($60 billion), the Philippines ($26 billion), Mexico ($22 billion), Nigeria ($21 billion), and Egypt ($20 billion), the report said. The World Bank said migrant remittances to developing world is projected to jump to $540 billion by 2016. The GCC is already the largest send market for South Asian and Mena countries, contributing close to 50 per cent of the market. It also accounted for more than 40 per cent of the total inward remittances received by the market, said Sudhesh Giriyan, vice-president & business head, Xpress Money. “GCC will continue to grow in its stature as a major remittance source bloc with countries like the UAE and Qatar lining up major development projects, particularly in infrastructure, which will, in turn, lead to more influx of expatriate labour force,” said Giriyan. India’s projected remittance receipt is just short of three times the FDI (foreign direct in-vestment) it received in 2012, when the country’s recorded $69 billion in total remittances. India and China alone will represent nearly a third of total remittances to the developing world this year, said Dilip Ratha, economist and the manager of the Migration and Remittances Unit at the World Bank. Other large recipients include Pakistan, Bangladesh, Vietnam and Ukraine. Remittance in-flows to the Middle East and North Africa region are expected to grow by 3.6 per cent in 2013 to about $49 billion. With about $20 billion in remittances anticipated in 2013, Egypt is the sixth largest beneficiary in the developing world, and receives about 40 per cent of remittances sent to the Mena region. Migration within the Mena region is growing, accounting for a growing share of migrants. The largest corridor is from Egypt to the GCC, where there are 2.4 million Egyptian migrants, including 1.3 million in Saudi Arabia alone, the World Bank said. Remittances to Lebanon and Morocco, two other large recipients in the Mena region, are expected to recover in 2013, after flat or negative growth in 2012. In 2012, the total remittances made by migrant workers in the Arab Gulf states amounted to $80 billion (representing a fifth of the global remittances), out of which 24 per cent were remitted by the migrant workers in the UAE for the same year, according to Ambassador Ahmed Al Jarman, Permanent Representative of the UAE to the United Nations at a UN roundtable. Globally, the world’s 232 million international migrants are expected to remit earnings worth $550 billion this year, and over $700 billion by 2016, says the latest issue of the World Bank’s Migration and Development Brief. As a percentage of GDP, the top recipients of remittances in 2012 were Tajikistan (48 per cent), Kyrgyz Republic (31 per cent), Lesotho and Nepal (25 per cent each), and Moldova (24 per cent). Growth of remittances has been robust in all regions of the world, except for Latin America and the Caribbean, where growth decelerated due to economic weakness in the United States. In South Asia, remittances are noticeably supporting the balance of payments. In Bangladesh, Nepal, Pakistan and Sri Lanka, remittances are larger than the national foreign exchange reserves. All these countries (most notably, Pakistan) have instituted various incentives for attracting remittances. In India, remittances are larger than the earnings from IT exports. With the weakening of the Indian rupee, a surge in remittances is expected as non-resident Indians take advantage of the cheaper goods, services and assets back home. “Fall in the rupee exchange rate and attractive interest rates on external deposits have helped drive remittances to India, thereby supporting the balance of payments situation and contributing 3.7 per cent to India’s GDP,” said Promoth Manghat, vice-president — global operations, UAE Exchange. The Indian rupee depreciated by over 20 per cent during the first three quarters of 2013, among other things due to concerns over continuing current account deficits in India and the impact of an expected tightening of monetary policy in the US, which has induced a general retrenching of international capital and reduced flows to India. While actual data have not yet been compiled for the third quarter of 2013, money transfer operators are reporting a surge in remittances, as Indian migrants benefit from a higher value of their remittances in India. Remittances to India in the first half of 2013 were $35.6 billion. issacjohn@khaleejtimes.com Continue reading
KK, Shalmali to perform at MTV concert tonight
KK, Shalmali to perform at MTV concert tonight David Light / 4 October 2013 A veritable musical institution, MTV’s Unplugged series has always endeavoured to bring audiences the bare bones of popular artists’ work, allowing performers to record a set for broadcast with the minimal amount of accompaniment. Since its inception in 1989, acts such as Nirvana, Mariah Carey and Bob Dylan have proved their mettle by playing acoustic versions of their greatest hits. MTV India also provides the same platform for artists to showcase their talents. From 9pm onwards this evening, however, the channel is going one step further. In celebration of its first anniversary of operations in the Mena region, instead of airing an Unplugged episode, the station will be putting on a live concert at the Jumeirah Beach Hotel in Dubai. Featuring KK and Shalmali Kholgade, the event will maintain its television counterpart’s modest approach and allow guests to get to grips with the meaning behind the tunes. Bollywood singer KK has recorded over 500 Hindi songs during his career and more than 200 songs in other languages. Some of his popular tracks include Party on my mind from Race 2, Yaaron from his award-winning album Pal and It’s time to disco. Twenty five-year-old Shalmali Kholgade has experimented with Western and classical music, but is perhaps best known as the lead female vocalist, dubbing for Parineeti Chopra, on the track Pareshaan in the film Ishaqzaade — a song which has won her a host of prizes. A few of her other famous tunes include Daaru Desi from Cocktail, Lat Lag Gayi from Race 2, and BalamPichkari from Yeh Jawaani Hai Deewani. Tickets for the Safina Ballroom, Jumeirah Beach Hotel concert are available at Time out Tickets, Dobazaar.com, Spinneys Outlets, Barter Card and Chin Chaaus Restaurant; by calling: 04 3393179/056 7397041; or by emailing tickets@emiratesevents.com. david@khaleejtimes.com Continue reading
Dubai set for massive facelift
Dubai set for massive facelift (Wam) / 3 October 2013 His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Wednesday inaugurated the Dubai Water Canal which will connect the Business Bay with the Arabian Gulf passing through the heart of Dubai at a total cost of about $2 billion. Dubai will also take another shot at a world record with the launch of the largest artificial lagoon which, when completed, will cover 40 hectares. The date of completion has not been announced by developer Crystal Lagoons, who said it will be four times bigger than the existing world’s largest artificial lagoon in Sharm El Shaikh resort in Egypt. Shaikh Mohammed with Shaikh Hamdan, Shaikh Maktoum, Lt-Gen Dhahi Khalfan Tamim and Mattar Al Tayer during the inauguration of the Dubai Water Canal on Wednesday. — Wam The Dubai crystalline lagoon project will be located in the up-scale Mohammed Bin Rashid City — District One residential community. The developer said the lagoon will form an integral part of the $7 billion community project. Wednesday’s Dubai Water Canal inauguration ceremony was attended by Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai; Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; other Shaikhs and ministers. Courtesy: Youtube.com/Sheikhmohammed.ae Shaikh Mohammed was briefed about the state-of-the-art tourist and commercial project which offers a new lifestyle in the heart of Dubai and on both banks of the canal. He also reviewed the constituents of the project which stretches from the Business Bay up to the Arabian Gulf in a waterway stretching 3km in length and 80- 120 metres in width. The Canal crosses Shaikh Zayed Road (between Al Safa Interchange and the first interchange) and passes across Safa Park, Al Wasl Road, and Jumeirah 2 to terminate in the Arabian Gulf. All construction works of the project’s infrastructure, including drilling and building bridges, is set for completion in 2017. The canal will add 6km to Dubai’s waterfront, while the project will provide an area of over 80,000sqm dedicated to public places equipped with outstanding facilities that meet the expectations and requirements of visitors of all segments of society. The project encompasses new shop-ping and entertainment centres linked through a uniquely designed bridge, more than 450 new restaurants along with a wide array of luxurious marinas for yachts, and four world-class hotels. At the entrance of the project from Shaikh Zayed Road, an iconic Trade Centre will be constructed comprising four levels, including one underground level and three elevated levels linking the Business Bay with the project zone in a total area of more than 50,000 sqm. The development of the water-front will allow for the construction of deluxe residences and private marinas for boats along with pedestrian pathways, cycling tracks, together with fine business outlets, hotels and deluxe restaurants. The project will boost the position of the Jumeirah area as a premier and distinctive tourist destination in Dubai. The project is expected to attract 20 to 22 million visitors per annum. The ‘Dubai Water Canal’ will have a depth of six metres and bridges above it will rise more than eight metres, offering free navigation for deluxe yachts extending up to 200 feet. The canal will ensure the replenishment of water supplies in the entire Business Bay Canal automatically without any need for pumps. An extra flushing capacity will be added to the Dubai Creek when the canal is connected to the Business Bay, by approximately 250 million cubic metres per year. The total tidal water exchange through the canal is estimated to be around 800 million cubic metre per year, and the canal is anticipated to have a cooling effect, benchmarking to a similar project “Cheong Gye Cheon” man-made canal in Seoul, where the recorded thermal reduction reached -3.6 C. Explaining the project, Mattar Al Tayer, Chairman of the Board and Executive Director of the Roads and Transport Authority (RTA), said that due to the enormity of the project scale, it has been divided into three contracts. The first and the second cover building bridges over the canal linking with the key roads intercepting the canal course; which are Shaikh Zayed Road spanning eight lanes in each direction, and three lanes on each side of Al Wasl Road and Jumeirah Road. These crossings are constructed 8.5 metres above the water level, thus allowing for a round the clock free navigation in the canal. Al Tayer added that the third contract encompasses drilling and landscaping works as well as the construction of four pedestrian crossings. Four marine stations will be constructed to ease the mobility of the public and promote the public and tourist transport. The marine transit modes are expected to ferry more than six million passengers per annum, according to the marine transport plan in Dubai. Al Tayer added that the RTA will carry out several improvements on the key roads intersecting the canal as well as the surrounding areas such as Jumeirah and Al Safa neighbourhood, including the construction of roads alongside the canal to assist the mobility between those districts. As for pedestrians, a free and safe movement will be provided through three new pedestrian bridges across the canal in addition to footpaths on all the new main bridges passing over the canal. Moreover, tracks dedicated to practising light sports, such as jogging & cycling, will be constructed along both sides of the canal. Landscaping works will also be made in both sides of the canal including greens, benches, public relaxation areas, and various other facilities and tourist-oriented projects. Continue reading
