Ras Al Khaimah Signs Exp and Prod Pact

RAS AL KHAIMAH, UAE The Government of the Emirate of Ras Al Khaimah announced today that it had concluded a concession agreement with RAK Petroleum Al Khaleej Limited, a wholly owned subsidiary of RAK Petroleum PCL, granting it a 25-year petroleum concession in the Emirate.

"We are pleased that a company that bears the name Ras Al Khaimah will have the opportunity to explore for and hopefully develop the hydrocarbon resources of our Emirate," declared His Highness Sheikh Saud bin Saqr al Qasimi, Crown Prince and Deputy Ruler of the Emirate of Ras Al Khaimah.

The new concession covers an area of 850 km2 on the onshore RAK coastal plain and near shore transition zone. RAK Petroleum intends to target Lower Cretaceous carbonate reservoirs in deep foreland basin structures that follow a structural trend parallel to the fold belt as well as Palaeozoic reservoirs in the northern part of the concession area. The company plans to commence a fast track seismic campaign in 2009.

"We believe that Ras Al Khaimah is both under explored and prospective. This concession is a natural addition to our portfolio of regional assets," said Bijan Mossavar-Rahmani, Chairman of the Executive Committee and Managing Director of RAK Petroleum PCL. The company currently has interests in four blocks in the United Arab Emirates and five in the Sultanate of Oman, all of which it operates.

Source - © Press Release 2008

Barbaric South African Natives

A Pretoria woman was hacked to death and her domestic worker seriously injured in what has been described by police as one of the Pretoria's most brutal murders yet. Rashida Ahmed, 49, was at her home in Laudium on Monday when two men forced their way inside. Locking themselves inside the house, the men, who are believed to have been armed with a spade and a panga, overpowered Ahmed's domestic worker, Sara Malatji, before they attacked Ahmed, who was in her bedroom. Police sources say the men, over the period of about an hour, repeatedly hit Ahmed over the head, shoulders neck and chest as they dragged her around the house demanding money. The house was ransacked by the killers, including the ceiling, of which the hatch was discovered open.

Neighbours' description of chilling screams for help from Ahmed as she tried to claw her way through a security gate, and blood smears and pools, bear testimony to the brutality of the killers. Police refused to be drawn into whether the robbers tortured their victims before they fled in a grey car parked near the house, but several said it was one of the worst murders they had come across.

"It is beyond barbaric. It is inhuman. It is awful," said an officer.

The grey car had earlier been spotted by a neighbour's gardener as it travelled up and down Himalaya Street several times before it stopped near Ahmed's house. Two men were seen getting out of the car moments before the attack took place and later running back to the car, which raced off to an unknown destination. Hundreds of friends, family and neighbours rushed to the house as word of the attack quickly spread. It was the second such tragedy to strike the Ahmed family in the past three years.

Three years ago, Ahmed's brother, Hussain Abdulrahman, was killed in his driveway in a hijacking just a street away. Ahmed's husband, Ali, and children Riaaz, 22, and Shariefa, 25, were inconsolable when they received the tiding. Riaaz had to be carried away forcefully from the house by friends as he tried to break open a locked security door which separated him from his mother. Shariefa, collapsed on the family's front lawn as Malatji, who had to be resuscitated, was rushed by paramedics to an ambulance.

"It can't be true. It's not true. My mother is not dead. Please, God, don't let my mother be dead," she cried.

Her father, who was overcome by grief, was unable to say anything. Sitting on the patio shaking his head over and over again, he rocked himself as sobs wracked his body. Neighbours Surie Chetty and Sajhida Omar said they were inside their homes when they heard screams for help.

"I heard Rashida calling me, pleading for me to help. It was horrible. She was screaming and pleading for help. As I ran outside I saw her against the gate trying to get out.

"The gate was locked. I couldn't get inside. I tried calling her, but it suddenly went quiet. I tried to see what happened, but I couldn't see," said Omar.

Chetty said she went cold when she heard the screams.
"They sounded like a wounded animal. When I ran outside I saw a woman with blood all over her.

"I did not know what was happening. Her maid screamed for me begging for help and then she collapsed."


Source - © Fresh Oasis 2008

UAE: No freeze of funds

Banks in the UAE have refuted reports that they will freeze the bank accounts of people who have not obtained their ID cards by the end of the year deadline.

Bank officials have told 7DAYS that unless specifically instructed by the Central Bank of the UAE to do so, bank accounts will remain open to customers as normal.

No communication stipulating such a ruling has been received, they say, and so are not considering freezing any accounts.

"So far we have not had any specific instructions from the Central Bank of the UAE to freeze the accounts of people for not having an ID card," said Saad Hakim, Public Relations Manager of Mashreq Bank reacting to a news report published in an English language daily. "We have checked with the central bank on this matter and they have not issued any such notice.

"Bank accounts are not frozen unless courts ask us to do this. Such cases are very rare. All banks are bound to follow the instructions of the central bank of the UAE on any official matter," he said, adding that they are still following the old procedures for opening an account, such as checking the passport, labour card or driving licence.

Citibank also denied the report and said it is not considering any such measures. HSBC said it has no plans to freeze bank accounts of anyone who misses the deadline for the new ID cards.

Any expatriate professionals holding a bachelors degree are required to have an ID card by year's end to avoid problems with the banks or the government departments.

But people are facing difficulty getting the card because of the lengthy queues at the Emirates Identity Authority (EIDA) centres.

Nearly 600,000 expatriate professionals are yet to apply for a national ID card.

EIDA has so far ruled out the extension of the deadline after December 31.

Source - © 7 Days [14 November 2008]

Emaar Properties Launches Extended Payment Plan

Jeddah: Emaar Properties has unveiled a pioneering 'To Own' scheme aimed at making it easier for customers to purchase property in Dubai.

With the innovative 'To Own' scheme, Emaar is initially rolling out two programmes - 'Plan to Own' and 'Rent to Own,' both of which will enable customers to own property under more affordable terms within Emaar's world-class master-planned communities in Dubai.

The scheme reflects Emaar's commitment to extend further support to customers and be a stronger facilitator of property purchases. Domestic demand for real estate continues to outstrip supply in Dubai. Emaar's new programmes build further on the real demand for property, which has now positively shifted towards an end-user market.

The 'Plan to Own' programme will offer the flexibility of paying 25 per cent of the property price after the handover and over five years, making it possible to bridge the current gap due to lower loan to value ratios offered by banks and financial institutions.

The 'Rent to Own' programme facilitates easier property transactions in prestigious residential properties such as those within Downtown Burj Dubai by providing customers the flexibility of living in a property, experiencing the qualitative difference provided by Emaar and make informed purchase decisions.

Both leverage on Emaar's market-leading position in the real estate sector as the pioneer of master-planned communities. The programmes are aimed at easing the financial position of potential customers by offering them an extended payment plan with annual payments for 5 years.

Mr Issam Galadari, Chief Executive Officer, Emaar Properties, said: "Domestic demand is one of the key drivers of Dubai's real estate sector, and through the 'To Own' scheme we are leveraging on our market-leading position to support our customers and offer them more access to property purchase."

He added: "The 'Plan to Own' and 'Rent to Own' programmes are aimed at further strengthening the property sector by facilitating easier purchases and making property more affordable for our customers. By providing customers the option of securing up to 25 per cent extended payment option, Emaar is stepping in to support our customers. These extended payment plans reflect on our commitment to them."

As per the 'Plan to Own' programme, Emaar will help potential home-owners and commercial customers who can qualify for a mortgage through a bank to bridge the gap by extending their payment plans. Emaar's extended payment plan of up to 25 per cent of the property value will be paid back by the customer in single annual installments for five years, after moving into their new homes. The first payment will begin only one year after receiving their property.

With the 'Rent to Own' programme, tenants can adjust 100 per cent of the first year's rents as home finance if they decide to purchase the property within ten months of living in the home. It gives them the unique opportunity to rent, move in, assess the quality of the property and make an informed property purchase decision.

The property price will remain fixed for a period of one year, and customers will have the option of acquiring the 'Plan to Own' programme if they decide to buy. During the rent period, tenants will have the first right to buy the property. Tenants who do not wish to make the purchase still can enjoy the option of renewing the tenancy. The minimum rental period is for one year.

Emaar has a strong development roster of master-planned communities including Downtown Burj Dubai, Arabian Ranches, Dubai Marina and Emirates Living, which are pioneering master-planned communities with established neighbourhoods.

Several hundred homes have been handed over in the four communities. Described as the 'new heart of the city,' Downtown Burj Dubai already supports several residential communities and is one of the most sought-after home and office destinations in Dubai. The 500-acre neighbourhood features Burj Dubai, the world's tallest building; and The Dubai Mall, one of the world's largest shopping and entertainment destinations, which opened doors recently.

Source - © Press Release [12 November 2008]

Demand For Steel Still Robust In GCC

Demand for steel will remain strong in the GCC region despite the financial turmoil affecting world economic growth, according to the Kuwait-based think-tank Global Investment House. An estimated $850 billion will be spent by GCC countries in the next three-five years on infrastructure, petrochemical industry, tourism and other projects. These huge projects will create an estimated incremental demand of 17m tpa over the next three-five years.

"GCC countries are diversifying their revenue sources to reduce their reliance on oil income. Setting up of steel and aluminium industries is part of the plan. We are likely to see a jump in inter-GCC trade with Oman and Bahrain supplying iron pellets to regional countries such as Saudi Arabia, Qatar and UAE while importing finished steel products from these countries."

The new capacities which are coming online are unlikely to pull down prices significantly as additional output will be absorbed by strong steel demand. However, we believe that international steel prices are likely to come down on the back of falling crude oil and raw material prices and lower world economic growth. Steel consumption throughout the GCC has increased significantly underpinned by demand from the construction sector. The liberalisation of the real-estate sector and diversion of oil revenue towards construction and infrastructure development has led to a high demand for rebar, a steel bar commonly used in reinforced concrete.

An estimated 13m tonnes per annum (tpa) of rebar is consumed by the GCC countries. While 40 per cent of the total steel demand is met locally, the rest is imported mainly from Turkey, North Africa and the CIS countries. The demand for long products, which are mainly used in building and construction, form 60 per cent of the overall demand. The cost of steel bars account for an estimated 10-15 per cent of the construction cost.

GCC steel production is fairly fragmented, says Global. There are 18 steel companies in the GCC region engaged in the production of raw steel and finished steel products. Saudi Arabia is the largest producer in the region. On the consuming front, the UAE tops the list with a per-capita consumption of 2,348 kg, followed by Qatar with 985 kg.

The GCC as a whole has a per-capita average consumption of 645 kg which is higher than the world average of around 240 kg. With low populations and massive investment in infrastructure and tourism related projects the per-capita consumption in GCC is likely to stay higher than the world average. As an energy intensive industry, the steel industry benefits from the easy availability of natural gas in the GCC.

Producers in the GCC enjoy a comparative advantage in steel production due to low energy costs of $0.8-1.5 mmbtu compared to $4.0-6.0 per mmbtu worldwide giving them leverage to withstand any downturn in the steel industry. Direct Reduction Iron (DRI) is the preferred method of iron production in the GCC as it is energy intensive and scale economies is not a major factor determining profitability. Steel imports have grown at a 2003-2007 CAGR of 18.8 per cent to 15.5m tonnes in 2007.

This growth coincided with the rise in oil prices and the consequent flush of liquidity. The oil boom triggered massive construction activities across the Gulf. "We believe the imports will come down once new planned capacities come online," says Global. However, a prolonged world economic slowdown and reduction in oil prices can lead to cancellations and postponements of projects which will have a detrimental effect on the industry as a whole, the think-tank warns.

Source - © Oman Daily Observer [09 November 2008]

Leasing activity in Dubai to accelerate

Leasing activity in Dubai will accelerate as sellers adapt to shifting demand patterns that signal the transition to an end-user driven buyers' market, said a realty expert.

"Dubai's real estate market is resilient and will withstand the current economic turmoil without experiencing the over-supply problems alluded to in media reports," said Cliff Kelaita, Chairman of Landmark Properties.

"The emergent supply-demand dynamic will increase the number of sellers willing to lease to end-users. Likewise, we anticipate that end-users will purchase units and lease them to generate income against their mortgages. Lenders are therefore likely to further stimulate the leasing market by launching new and dynamic buy-to-let mortgage products tailored for end-users."

Analysts from Landmark Advisory, a research and consultancy division of Landmark Properties, said despite dramatic growth in 2008, Dubai's property prices are still below those of comparable markets in cities such as New York, London and Hong Kong.

"Even if some projects get delayed or restructured in the short-term as developers adapt to current challenges, we are optimistic about the market's strength and growth potential," Kelaita said.

A report released by Landmark earlier said the current liquidity concerns in the short- to medium-term horizon will be a function of government action.

Source - © Emirates Business 24/7 [06 November 2008]

Registration opens for Dubai advertising fest

The second Dubai International Advertising Festival has opened delegate registrations. The festival, featuring the Dubai Lynx Awards and The Middle East and North Africa Advertising Awards for Creative Excellence, will be held from March 15-17, 2009, in Dubai.

Delegates wishing to attend can choose from a festival registration or an academy registration for those of 23 years or under. Organised with the support of Dubai Media City in association with the UAE Chapter of the International Advertising Association, the second Dubai International Advertising Festival will bring to the Middle East and North Africa a series of high-profile seminars, workshops, exhibitions and screenings.

Bob Isherwood, worldwide creative director of Saatchi and Saatchi; Scott Goodson, founder of Strawberry Frog and PJ Pereira, founder and creative director of Pereira & O'Dell, are among industry leaders who will be speaking at Dubai Lynx 2009.

Source - © Emirates Business 24/7 [09 November 2008]

BMW launches redesigned 3 Series model

DOHA: The BMW 3 Series enters a new era in driving dynamics, premium quality and innovative technology with the launch redesigned 3 Series model.

The new model is set to extend its lead of the premium automotive segment even further with revised exterior and interior design modifications, a revised range of engines and innovations in the areas of drive technology, safety and comfort that set unsurpassed standards for driving dynamics in its segment.

"For a number of years, the BMW 3 Series has been the world's top-selling premium car, accounting for 40 per cent of BMW's global market sales. In Qatar, it is our third highest seller and has already surpassed year to date sales targets. The BMW 3 Series consistently raises the bar in terms of technology and driving dynamics thanks to impressive engineering and design leadership. We are looking forward to very good fourth quarter results with this latest model," said Naim Majdalani, Director of Sales and Marketing of Alfardan Automobiles exclusive BMW Group importer in Qatar.

The modern, high-quality interior has been ergonomically designed to ensure optimum comfort with specific modifications in the selection of materials and additional chrome details to give a modern, high tech feel. Sporty elegance is highlighted by technology-oriented styling, including further refinements to the advanced iDrive Controller.

Source - © The Peninsula [08 November 2008]

Gulf Arabs hail election of 'Muslim-linked' Obama

Dubai: Arabs in the oil-rich Gulf on Wednesday hailed Barack Obama's election victory with hopes his perceived Muslim links could alter US policy toward Arab and Muslim issues and that he will pull out troops of Iraq.

"I believe that his father is Muslim. Surely that will make a difference. There must be a change in policy towards Arabs and Muslims," said Saudi tourist Abdul Ilah al-Bakri as he wandered in a Dubai mall for early morning shopping just after Obama was declared president-elect.

"God willing, he will be better, especially that he said he wants to withdraw US troops from Iraq ," Bakri said.

Saudi businessman Ali al-Harithi hailed the US democracy which brought a man with a Muslim father to the White House.

"This confirms that the United States and its people are not racist. The American people chose Obama, who is African (by origin) and whose father is Muslim, to voice rejection of policies of the conservatives in the outgoing administration," he said.

"It also sends a messge to (Islamic) fundamentalists in the Arab and Muslim worlds that our clash with America has no racial or religious dimensions," Harithi added.

Obama's Kenyan father was a non-observant Muslim, but the president-elect struggled during his campaign to deny reports that he was a Muslim himself, stressing that he was "unapologetically Christian".

People in the Gulf also felt that regional issues will be in safer hands with Obama after the charged two terms of President George W. Bush.

"I am optimistic ... I expect drastic changes in the way the White House handles regional issues," said employee Ahmed Azzam in Qatar.

"Although the forthcoming American administration will follow the (common) American strategies concerning its national security and our region, I believe the style will change with Obama," he said.

"I think he will resort to dialogue and finding common ground between the United States and each of Syria and Iran," he said, while hoping that Obama will avoid the "double-standard" approach to the Arab-Israeli conflict.

Jassem Mohammed Ali, a Qatari computer engineer, thought that Obama will not be "aggressive" in foreign policy and will concentrate on domestic social issues.

"US foreign policy will not be reckless and aggressive as it has been under Bush,, especially when he intervened in Iraq without an international mandate."

In Bahrain, advertising executive Adel Shams expressed optimism, saying he expected an "80 percent change in US policies."

"I believe that he can do something to solve the Palestinian question, and that he will withdraw US troops from Iraq. I also think that he will resolve the Iran nuclear standoff," he said.

But his compatriot Khalil al-Rumaythi was less optimistic, despite being happy to see Obama heading towards the White House.

"US policies never change no matter who is the president... I am happy that Obama won, but I have nothing but wishes ... I think that Obama will follow in Bush's footsteps with just a little change."

"I do hope that his election will be the start of a change, but I am not so sure about it," he said.

Kuwaiti political analyst Mohammed al-Ajmi hailed the win of a "young and energetic black man who overcame colour and race barriers," as a victory for US democracy.

"His victory gives hope that US policy will improve especially with regards to the Middle East. It also gives hope that it will be possible to leave behind the failures of Bush's term," he added.

Several leaders of Arab states in the Gulf, which are close US allies, promptly congratulated Obama on his historic win.

Source - © AFP [06 November 2008]

The Dubai Mall opens with 600 stores

Dubai: Thousands of visitors thronged The Dubai Mall on its opening day, setting a new benchmark in retail history with close to 600 retail outlets opening doors on a single day in a shopping mall.

The Dubai Mall, the flagship development by Emaar Malls Group,

also publicly unveiled the Dubai Aquarium & Discovery Centre, a spectacular showcase of marine life diversity, to mall visitors, who were also treated to a live shark feeding demonstration.

A sprawling Arabesque Gold Souk, a glitzy Fashion Catwalk atrium, and the Olympic-sized Dubai Ice Rink were also opening day attractions that appealed to the wide cross-section of visitors who were treated to mall-wide festivities that included fashion shows, exhibits and performers.

Mr Jim Badour, CEO of Emaar Malls Group, said: "The enthusiastic visitor turn-out to The Dubai Mall on its opening day is a reiteration of the customer confidence and the strength of Dubai's retail sector. This is a once-in-a-lifetime mall development that further establishes Dubai's credentials as a thriving regional hub."

He added: "Dubai's economy is shaped by the forces of strong domestic demand and economies of scale, twin propelling forces that have helped create The Dubai Mall. The sustained inflow of tourists and the diversified growth strategies outlined in the Dubai Strategic Plan will continue to energise the economy, and The Dubai Mall will play a key role in driving forward the retail sector."

Several global retailers are making their Middle East debut and/opening regional flagship stores at The Dubai Mall. High-profile brands such as Waitrose and Hamleys are now open, with Galeries Lafayette and Bloomingdale's - the anchor department stores in the mall - to open in due course. In total, The Dubai Mall will house over 1,200 stores including 160 food & beverage outlets.

Unveiling the Dubai Aquarium & Discovery Centre, Mr Yousif Al Ali, General Manager, The Dubai Mall, said: "This is our gift to the people of Dubai. The Dubai Mall is bringing in a truly qualitative difference to shopping by offering a total lifestyle experience. The aquarium with its spectacular display of aquatic animals will appeal to children and adults from all over the world."

Holding the Guinness World Record for the 'World's Largest Acrylic Panel,' the Dubai Aquarium window is free to view for the public, while a nominal charge of AED 50 applies to visit the educational Discovery Centre and the 270-degree walkthrough Tunnel Experience.

Other attractions include Fashion Avenue, a dedicated haute couture precinct with 70 signature stores; The Grove an indoor-outdoor streetscape with a fully retractable roof; KidZania®, an 80,000 sq ft innovative children's 'edu-tainment' concept; SEGA Republic®, a 76,000 sq ft high adrenaline indoor theme park; and a 22-screen cineplex, the largest in Dubai.

Located in Downtown Burj Dubai, the mall can be accessed from Sheikh Zayed Road, Financial Centre Road (previously called Doha Road), Emaar Boulevard, Downtown Burj Dubai, the newly opened bridge off Interchange One and a direct access road near Emaar Square off Sheikh Zayed Road. The mall has a total of over 14,000 spaces for parking across three car parks, with valet services and a car locator ticketing system.

Source - © Press Release [06 November 2008]

Unicorn net profit zooms 68%

Bahrain: The Kingdom-based Islamic investment bank, Unicorn Investment Bank, said yesterday its net profit at the end of the third quarter of the fiscal rose by 68 per cent to $53.4 million from $31.8 million during the corresponding period last year.

Earnings rose by 121per cent to $186.7 million in the first nine months of 2008 from $84.6 million in the corresponding period in 2007.

The bank said strong results delivered major improvements in its key profitability and shareholder return measures. Return on average equity increased to 21.2 per cent and earnings per share 28.7 US cents per share.

Unicorn's Managing Director and Chief Executive Officer, Majid Al-Sayed Bader Al-Refai said the bank was committed to prudent risk management, sound corporate governance and strict Shari'ah compliance, enabling it to weather the global financial turmoil.

"We are particularly pleased to have achieved such outstanding results given the challenging global economic environment."

The results come close on the heels of a series of high profile transactions closed during the course of the year.

In the third quarter, the bank announced the sale of its shares in UAE-based Orimix Concrete Products (Orimix), an investment held by the bank itself and the Unicorn Global Private Equity Fund I.

Source - © Bahrain Tribune [06 November 2008]

Albaraka assets to grow 30% in 2009

Bahrain: The Kingdom-based Islamic investment bank, Albaraka Banking Group, yesterday said it saw a 30 per cent increase in its asset base in 2009, while it was heading for a financial windfall in the current fiscal.

"All indicators point to a rich harvest this year. We will be shortly coming out with our third quarter results," the bank's president and chief executive, Adnan Ahmed Yousif told Bahrain Tribune without divulging the numbers, on the sidelines of the bank's sixth strategic meeting in the Kingdom yesterday.

He said the group with a global presence in 12 countries was able to post strong growth both in terms of operating income and volume of investment business during
the year notwithstanding the global financial crisis. "The going has been good so far."

The group's banking units include Al Baraka Islamic Bank, Bahrain, Jordan Islamic Bank, Jordan, Al Baraka Islamic Bank, Pakistan, Banque Al Baraka D'Algerie, Algeria, Al Baraka Bank Sudan, Al Baraka Bank, South Africa, Al Baraka Bank Lebanon, Bank Et-tamweel Al Tunisi Al Saudi, Tunisia, Egyptian Saudi Finance Bank, Al Baraka Turk Participation Bank, Turkey.

He said the group's Syrian foray - Al Baraka Bank Syria, which was under formation - would be completed in the first quarter of 2009 and a full-fledged presence and operations in Indonesia 'sometime later that year'. The bank already has a representative office in the South East Asian nation.

With an authorised capital of $1.5 billion and total equity amounting to about $1.59 billion and more than 250 branches, the group, he said, was also in the middle of a rehaul of is corporate identity. The process would be completed in 2009.

He said the group accomplished a strategic achievement during the last few months when it commissioned its new IT system in Bahrain, linking the entire group with all the affiliate units and information databases. The new system will be taken to South Africa, Lebanon, Pakistan and Egypt next year.

Source - © Bahrain Tribune [06 November 2008]

World hails Obama's 'brilliant' victory

World leaders on Wednesday quickly hailed the triumph of Barack Obama in the US presidential election as the start of a new era but there were also calls for a new deal with the global superpower.

Celebrations erupted in capitals around the world. A national holiday was declared in Kenya -- where Obama's father was born -- to welcome the first black US president.

"Your brilliant victory rewards a tireless commitment to serve the American people. It also crowns an exceptional campaign whose inspiration and exaltation have proved to the entire world the vitality of American democracy," French President Nicolas Sarkozy said in a letter to Obama.

"By choosing you, the American people have chosen change, openness and optimism," Sarkozy added.

British Prime Minister Gordon Brown praised Obama's "energising politics... his progressive values and his vision for the future" as congratulations poured in before the final result was even announced in the race between Obama and Republican John McCain.

China's President Hu Jintao said in a written message: "In a new historical era, I look forward to... taking our bilateral relationship of constructive cooperation to a new level."

Japanese Prime Minister Taro Aso pledged to work with the new US leader to strengthen relations. Mexican President Felipe Calderon congratulated Obama on his "triumph" and invited him to visit the United States' southern neighbour.

Australian Prime Minister Kevin Rudd said Obama's victory was a landmark for equality.

"Twenty-five years ago Martin Luther King had a dream of an America where men and women would be judged not on the colour of their skin but on the content of their character," Rudd told reporters. "Today what America has done is turn that dream into a reality."

But European Commission president Jose Manuel Barroso called for the election to usher in a "new deal" between the United States and the rest of the world to tackle the global financial crisis and other troubles.

"This is a time for a renewed commitment between Europe and the United States of America," Barroso said in a statement. "We need to change the current crisis into a new opportunity. We need a new deal for a new world."

Wars in Iraq and Afghanistan will quickly top the list of White House priorities but Obama's election would not lead to a quick US disengagement from Iraq, Iraqi Foreign Minister Hoshyar Zebari said.

"We don't think there will be change in policy overnight. There won't be quick disengagement here. A great deal is at stake here," Zebari told AFP, adding that Baghdad was looking for a "successful partnership" with Obama.

Israeli-US relations have "a bright future," Israeli foreign ministry spokesman Ygal Palmor said. But Palestinian president Mahmud Abbas urged Obama to speed up efforts to reach an Israeli-Palestinian peace agreement.

"President Abbas congratulates US president-elect Barack Obama in his name and in the name of the Palestinian people and hopes he will speed up efforts to achieve peace, particularly since a resolution of the Palestinian problem and the Israeli-Arab conflict is key to world peace," said Abbas spokesman Nabil Abu Rudeina.

Election parties were held in major capitals around the world bringing together expatriate Americans and people anxious over events in the United States.

Hundreds of villagers in Kogelo, Obama's Kenyan family home, erupted into song and dance. President Mwai Kibaki declared a national holiday on Thursday to mark Obama's victory.

Swinging branches and chairs in the air, men cheered and clapped while women shouted "Obama! Obama!" in the village where his grandmother lives and where his late Kenyan father was born.

Wild celebrations woke the sleepy village, people hugged each other as others ran aimlessly in the muddy streets after spending a chilly night glued to a giant screen watching results on US networks.

"Senator Obama is our new president. God has answered our prayer," said pastor Washington Obonyo.

"Because Obama has won, we will have a change in the whole world. And for that I will slaughter a cockrel to celebrate with my family," said Joseph Otieno, a jubilant Kogelo resident.

In the small Japanese town of Obama, hula dancers, ecstatic chanting and rock'n'roll greeted the election triumph.

Obama means "small shore" in Japanese and many in the small fishing town of 32,000 people chanted Obama's name and his slogan, "Yes, we can!".

Source - © AFP [05 November 2008]

Historic Jeddah to get SR3.5bn facelift

JEDDAH: The downtown Balad area of Jeddah is to get a huge SR3.5 billion facelift starting Feb, 1. News of the regeneration project was revealed at the Land and Real Estate Owners Meeting held on Monday night at the Laylati Hall in Jeddah.

Makkah Gov. Prince Khaled Al-Faisal attended the meeting and met companies behind the project, including the Urban Development Co. Ltd. (UDC), Solidere International Ltd., Siraj Capital and Venture Capital Bank.

Ghassan Ahmad Al-Sulaiman, chairman of the Jeddah Central District Company that will be leading the project, said landowners would not be coerced into joining the project.

Al-Sulaiman said the project would be economically beneficial, raise living standards and provide job opportunities.

"The heart of Jeddah will beat again through these development plans which are in line with the government's future vision for the city," he said.

Prince Khaled cautioned landowners whose properties were situated along the project area and who refuse to get involved and then try to take advantage of the initiative by developing their properties. The Makkah governor said he would not allow such people to unjustifiably benefit from the project.

The prince also urged developers and citizens to participate in what he referred to as a "golden chance" in making the Kingdom a "first world country."

As part of the project, the old city will be divided into two major zones -- a waterfront area and a historic area. Developments will in future extend to the outskirts of the historic zone. The historic area would be preserved and developed for coming generations.

Source - © Arab News [05 November 2008]

Unregistered realtors to face fine in Bahrain

Unregistered expatriate real-estate managers now face deportation if they fail to register with the government, under legislation passed by the Parliament's lower house yesterday.

The often maligned real-estate sector in the Kingdom is also facing a 10 fold increase in fines to BD500 if agents fail to register, but, under the changes, law breakers will no longer face the possibility of a jail term of up to two years.

The parliament agreed with Al Wefaq bloc's Mohammed Yousef Maezal proposal that expatriate property agents to be deported if they fail to register with the government.

"Any foreigner caught operating illegally should be deported after paying the fine of BD500," said Maezal.

"The changes, which will now go to the Shura for approval, make existing real estate laws more effective," said Lower House members. Almost half of the MPs spoke to the Chamber about frequent malpractice perpetrated by fly-by-night operators in the poorly regulated sector.

"As the Kingdom's real estate market grows, it is important to regulate the operators and ensure safety of all," said Abdulhussein Kaadhem Al Metghawi, who is a member of the parliament's largest bloc, Al Wefaq.

Existing rules require all agents to be registered with the Registrar of Real Estates, although this is not the broad reality.

The old penalty for failing to register was a fine of BD50 and a jail-term of up to two years, although nobody has ever been jailed for such an offense.

MP Jalal Fairooz said that the old fine of BD50 and a prison term of two years was not sufficiently punitive to deter unregistered agents.

The council approved an increased fine of BD500, although some MPs said the figure should be more as real estate commissions were often much greater than this amount. Under the changes, unregistered agents will also forfeit to the government any commissions they have earned.

Under the changes, the previously one-off registration fee of BD5 will remain the same for individual agents but increase to BD50 for real estate companies, and must now be paid annually.

Abdulaziz Abol, representing the Independent bloc Al Mustaqbal, spoke against the approved fee hike for companies.

"When the income is the same I do not see any reason for having two categories of registration fees," he argued.

Also under the changes, the owner of a real estate firm must be a Bahraini residing in the Kingdom and must also operate an office here.

Fluency in Arabic and ability to communicate with the local population are also mandatory requirements, although licensed operators could employ people of their choice to manage the daily operations of the company.


Source - © Bahrain Tribune [05 November 2008]