Business Updates

The recent decision by the concerned authorities to step up monitoring of the quality of service at restaurants and cafeterias in Ajman is a welcome step, said a UAE daily.

Vijaya Latha Reddy, secretary of the Indian Ministry of External Affairs, commended her country's relations with the Arab World, saying the UAE was India key trade partner in 2009.

One of the most important lessons from the global financial crisis is that effective debt management is essential for companies and countries, commented a UAE paper.

The combined value of the 100 largest projects in the GCC region that are either completed or underway during the last two years totals over US$1.3 trillion, according to a study conducted by MEED, the Middle East's premier business intelligence provider, in conjunction with its Quality Awards for Projects 2010 - a first-of-its-kind award in the Middle East based solely on the quality of entrants.

Emirates Steel, announced yesterday that it has been awarded the certification to manufacture Grade B500B rebar and coil conforming to BS 4449:2005 by the UK Certification Authority for Reinforcing Steels (CARES). The company is also certified as a quality manufacturer and supplier of products conforming to BS 4449:1997 Grade 460B

With the bulk of their business firmly entrenched in retail banking, the Emirate's financial institutions are continuing to show signs of relatively high lending activity, dispelling concerns that they could become risk averse in the current economic climate, according to the Governor of the UAE Central Bank, Sultan bin Nasser Al Suwaidi.

The Consumer Protection Department of the UAE Ministry of Economy, in coordination with the Ministry of Environment and Water, has discussed with representatives from UAE's fishermen associations, the various issues and challenges facing the fishing sector and the recent recommendation of the Supreme Committee for Consumer Protection aimed at regulating the fishing business and stabilising market prices.

Emirates Business Council (EBC) - Hungary, established to provide investors from Hungary with information services about business and trade opportunities in the UAE, has revealed that an increasing number of Hungarian business organisations and investors are now targeting the UAE as a new destination for trade and foreign direct investments, particularly in areas such as manufacturing, services and fuels and electric energy. Foreign trade has been a key revenue source in Hungary, even as the country's exports in 2009 reached USD 95 billion worth of products and services, while imports were valued at USD 94.9 billion.

Without doubt, transformation and development is impossible without economic growth. Growth drives innovation and jobs; it improves healthcare and permits investment in education - the very education which prepares the next generation for continuing the same push towards improving the lives of a country's people.

Dato' Mohd Razif Deputy Governor of Bank Negara Malaysia (BNM) said that Malaysia has ample investment opportunities in various fields and can become a gateway for Emirati investors to access Asian Markets, expressing his resolve to open joint ventures between Malaysia and United Arab Emirates to enhance economic and trade ties between them.