Nov. 9–EBI UPS EMIRATISATION TARGET: Emirates Bank International to invest USD3 million in recruitment and training of UAE nationals over the next five years to reach a 40 per cent emiratisationlevel as soon as possible, said a statement. So far EBI has reached 30 per cent emiratisation.
BAHRAIN OBU ASSETS DOWN: Total assets of the 50 offshore banking units based in Bahrain fell by 5.2 per cent to USD78.2 billion in Q3, according to figures from the Bahrain Monetary Agency. This was also a fall on the USD89.1 billion in assets held in the kingdom in this period a year ago.
GCC FOLLOWS GLOBAL STANDARDS: The GCC states have agreed to follow international standards where no regional standard is available, UAE Minister Dr Mohammed Khalfan bin Kharbash told Gulf News. He said this is a very important development, and was approved in principle at the recent Doha meeting of industry ministers.
SAUDI-GERMAN HOSPITAL OPENS: Saudi Arabia will inaugurate the new 300-bed Saudi-German hospital in Madinah on Monday, reported local newspapers. The German hospital will serve a region of three million citizens and also cater for the millions who visit Madinah and neighbouring Makkah as pilgrims.
ADIDAS MOVES ON SAUDI FAKES: Adidas-Salomon has stepped up its campaign against counterfeit goods with a raid on a main dealer in Saudi Arabia, reported Gulf News. The Saudi authorities seized more than 33,000 fake items including clothing and balls. Adidas-Salomon has a team of 19 lawyers working to protect its brand, said a statement.
BOS QUESTIONS FITCH DOWNGRADE: The Bank of Sharjah has questioned the reason for its recent downgrade by Fitch Ratings, reported Gulf News. The action followed the sale of a 19.4 per cent stake in the bank by BNP Paribas. Fitch also queried uncertainties surrounding operational policies which the bank said it was unable to understand.
DAMAC, USD68 MILLION PALM PROJECT: Damac Group has unveiled a USD68 million residential project on The Palm, Jebel Ali to be completed in 2007. Palm Springs will comprise 250 luxury apartments on the crescent and investors can buy off plan now. Damac’s three existing developments at Dubai Marina are sold out.
EQUITY HEDGE FUNDS TIPPED: Gulf News columnist Rick White tips equity hedge funds as a way of navigating what he expects to be volatile financial markets over the next few months. Erratic currency movements are anticipated with the direction of the US dollar as yet unclear.
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(c) 2003, AME Info, Abu Dhabi, United Arab Emirates. Distributed by Knight Ridder/Tribune Business News.
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