German Iranian Joint Venture

German Saudi Business contacts

The German Saudi Arabian Liaison Office for Commercial Affairs in Riyadh is holding a contact forum in May 2001.
Interested parties are requested to contact the following address:

Deutsch-Saudiarabisches Verbindungsbüro
Herr Michael Tockuss, Delegate
P.O. Box 61695
Riyadh 11575
Kingdom of Saudi Arabia
E-mail: ahk-arabia@awalnet.net.sa
Tel 00966-1-403 1500
Fax: 00966-1-403 5121

Dubai co-finance for Intel chip foundry in Germany

A new factory for Intel Inc worth $1.45 billion for the production of silicon chips based on the advanced IHP technology developed by German scientists will be build in Frankfurt/Oder, some 80 km east of Berlin. Production is scheduled to start in 2003.

It will be operated by Communicant Semiconductor Technologies (Communicant) of which Intel is partner. This was announced in Potsdam on February 7.

According to the economics minister of the Land Brandenburg, Wolfgang Fuerniss, the emirate of Dubai, represented by Dubai Airport Free Zone, will contribute to 'a large extent' to the finance of the project. If the venture proves to be successful, then a follow-up IHP project will be started in the Dubai Free Zone, the minister explained.

Last November, the Land Brandenburg set up an office in Dubai.

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Commerzbank, ADCB Islamic fund

Commerzbank and the Abu Dhabi Commercial Bank have set up an Islamic fund, one of the first to cover European equities in accordance with Sharia law.

The AlSukoor European Equity Fund was launched on February 5, and is targeting $100 million by the end of 2001. It will be managed by Commerzbank Asset Management from its Headquarters in Frankfurt/Main, the tallest building in Europe.


Saudi-German health

The Saudi German Hospitals Group of Saudi Arabia has appointed Agilent Technologies of Geneva as their strategic partner for the supply of Patient Monitoring Systems.


More German travellers in Dubai

In the third quarter of 2000, Dubai's hotels recorded around 20,000 bookings of German visitors, that is 25 % up on the figure for July-September 1999. This trend shows that the Gulf has become a German tourist destination for all seasons.

Most German travel agencies now offer trips to the Gulf around the year.

In 1999, the hotels in Dubai had a total of 105,553 German bookings.


German Iranian Joint Venture

A German Iranian joint venture has been started with the Munich-based GATO AG (German-Arab Tourism Organisation for Development & Investment AG) and the Qeshm new Golden Future LLC. (QGF).

The new German Iranian Organisation for Development & Investment AG (GIO AG) has its head office in Munich and representation in Teheran will mainly provide consultancy services for European companies in Iran, e.g. the arrangement of licenses and approvals for local manufacturing and the preparation of joint ventures. GIO AG has already managed to bring about a German Iranian telecoms joint venture company in Frankfurt/Main.

GATO AG chairman Erich Kaub said that with the recent visit of prime minister Khatami in Germany had brought the long period of Iran's isolation to an end and the progressing opening up of the country offered new vistas for international cooperation.