ABU DHABI, 5 July 2006 — Rakisa Holdings, and three members of the initial core group of regional investors — Abu Dhabi Investment House, Gulf Finance House and Tanmiyat Group, yesterday highlighted the unique business opportunities offered to regional and international investors by the Prince AbdulAziz Bin Mousaed Economic City. The second in a series of new economic cities in the Kingdom of Saudi Arabia being planned by the Saudi Arabian General Investment Authority (SAGIA), the Prince AbdulAziz Bin Mousaed Economic City is a key element in Saudi Arabia’s recent initiative to further develop its economy, generate regional growth, and create employment opportunities for its youthful population.
Jafza, OLAF Join to Fight Fraud
DUBAI, 5 July 2006 — The Jebel Ali Free Zone (Jafza) and the European Anti-Fraud Office (OLAF) are reinforcing their operational cooperation in order to prevent fraud and trade related malpractice, both bodies declared on Monday. The Jebel Ali Free Zone is the largest and fastest growing free zone in the Middle East and North Africa region, hosting more than 6,000 companies. The European Anti-Fraud Office is the European Community’s (EC) service in charge of the fight against fraud to the detriment of the EC’s financial interests.
Etisalat Wins Bid for Egyptian License
ABU DHABI, 5 July 2006 — The consortium led by Emirates Telecommunications Corporation (Etisalat) has won the bid of 16.7 billion Egyptian pounds for the third Egyptian mobile network license. The auction was supervised by Egypt’s National Telecommunications Regulatory Authority (NTRA) and Ministry of Telecommunications and Information Technology (MoICT). The consortium now holds the license to operate Egypt’s third mobile network, which will include both 2G and 3G services.
Al-Fajer Awards AED55m Contract
DUBAI, 5 July 2006 — Al-Fajer Properties yesterday awarded an AED55 million contract to Arabian Forasol for enabling works on the five Jumeirah Business Center Towers, the company’s state-of-the-art freehold commercial development located within the prestigious Jumeirah Lake Towers. Through the agreement Arabian Forasol will complete shoring, excavation, dewatering and piling works that precede the building process of the tower. Arabian Forasol commenced work on the mega project prior to the traditional ground breaking ceremony held at the project site which was attended by Sheikh Hasher ibn Maktoum Al-Maktoum, Dr. Shahram Abdullah Zadeh, chief executive officer of Al-Fajer Properties, Ahmed ibn Sulayem, chief operating officer of Dubai Multi Commodities Center, Gabriel Lahyani, managing director of Arabian Forasol and other senior officials.
