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Abu Dhabi to ban plastic bags
Abu Dhabi's Centre of Waste Management has drafted a resolution banning the use of plastic bags at shopping centres in the emirate, WAM has reported. The resolution has been submitted to the Executive Council for approval. Plastic bags will be replaced with paper or cloth ones. The proposal imposes a fine of not less than Dhs10,000 against offenders.
Damas agrees $165m repayment plan
The Board of Damas International has said that the three Abdullah brothers have given a formal commitment to repay $165m to the company over the next 18 months. As part of the settlement agreement, the Abdullah brothers have pledged to pay an amount of $55m within six months; an aggregate of $110m within 12 months; and an aggregate of $165m within 18 months. The Abdullah brothers have also pledged 350 million of their shares in the firm that would be transferred in whole or in part back to the company in the event that the terms of the settlement agreement are breached.
MAF Shopping Malls to spend $4bn on Mideast expansion
Majid Al-Futtaim Group plans to spend about $4bn on as many as 10 new malls in the Middle East, Shahram Shamsaee, senior vice president of retail for MAF Shopping Malls, told Bloomberg. "It's about $4 billion," Shahram Shamsaee, senior vice president of retail for the group's MAF Shopping Malls, told Bloomberg. MAF Shopping Malls plans to enter Syria by building two new centers in Damascus, as well as one in Beirut, Lebanon. The company will also announce a new project in Saudi Arabia, Shamsaee said, declining to provide further details to the news service.
Pinkberry opens in the Mall of the Emirates
M.H. Alshaya Co. has launched the first Pinkberry shop in the UAE at The Mall of Emirates, offering healthy non-fat frozen yogurt in three flavours of original, green tea and pomegranate. Rich in calcium, vitamins and minerals, Pinkberry yogurt has been certified by the National Yogurt Association of the US, the company said. Alshaya plans to expand the Pinkberry network throughout the gulf region, with an opening in Bahrain in the works.
Gold sales in Dubai recover
Dubai's retail gold traders expect a faster recovery for the sector than in other Gulf countries, as an increased number of tourists and slightly more stable gold prices in October have boosted demand. 'After the Indian festival of Diwali we feel that demand has picked up again because the price of gold has gone down, and I think it is going to be stable,' M P Changappa, sales manager at Chammaur Jewellers told Reuters. Retail gold volume in the UAE had dropped 18% in the second quarter compared with the same period last year.
Liali launches interest offer to attract customers
Dubai-based jewellery retailer, Liali Jewellery has launched a promotion to offer customers fixed-period zero percent interest payments. The promotion is in partnership with several banks and credit card companies in the UAE. Citibank, Emirates NBD, Barclays, RBS and Najm will offer six months at 0% interest, while ADCB has three, six and 12 months of interest-free instalments.
Ferrari store opens in Dubai Festival City
With more than 1,000 square metres of single-storey floor space, the 29th Ferrari store has opened in Dubai Festival City. The new Ferrari store, developed entirely by the Studio Iosa Ghini, will stock a wide selection of Prancing Horse products for enthusiasts and fans of the GT cars and Formula 1 tifosi alike.
Clarins opens first MidEast store
France-based Clarins Group has opened the first Clarins Boutique in the Middle East in Dubai Mall, the world's largest shopping mall. The new boutique offers a variety of skin care products for both men and women and exclusive women skin care treatments.
SouqExtra! plans 75 new outlets in Middle East
SouqExtra! has announced plans to open 75 outlets across the the Middle East over the next 10 years. The company said the decision follows the positive reception of the concept within the local retail sector and among target consumer groups. SouqExtra! is a concept of neighbourhood community-focused centres, with integrated primary services such as grocery, kids' play area, fast food outlets, coffee shops, gymnasium, salon, photo shop and community hall.
David Morris expands in Middle East
UK-based jewellery retailer, David Morris, has launched its Middle East expansion with the opening of a new boutique at the Dubai Mall. The brand, which has a presence in Qatar's Royal Plaza mall, plans to open a store in the Saudi capital, Riyadh.
Damas reaches settlement with executives
Damas International, the Dubai-based jeweller, has said that two executives and the former chief of the company have pledged to repay some $165m for 'unauthorized transactions' that led to the chief executive's departure, Reuters has reported. 'The three Abdullah brothers have signed a formal settlement agreement with the company in which they have committed to repay in full and in cash the full value of the transactions under review,' the company said in a statement.
Dell launches Windows 7 workstation
Dell has launched its ultra-powerful Dell Precision T7500 workstation powered by Microsoft Windows 7. The new T7500 workstation has been tested for thousands of hours on the new operating system to ensure the best possible experience, Dell said.
Cisco to launch video recorder
Cisco, the networking and communications technology and service provider has said that it plans to launch its first video recorder in the Middle East next year as it takes its first step into the consumer electronics segment. The Flip Video is equipped with FlipShare, a software that allows users to organize and edit videos for the purpose of sharing them on YouTube, MySpace and other sharing websites.
Makro brand moves ahead in Egypt
Germany's Metro Group is set to begin work next week on the first of potentially 23 wholesale stores in Egypt, Reuters has reported. Its Makro brand in Egypt will sell wholesale to customers such as hotel and restaurant operators and small- and medium-sized retailers. Makro plans to open 12 stores in 2012.
Panasonic launches Viera Z-series
Panasonic has introduced its Z Series Viera Plasma TV, the world's first full-time full high-definition model with a thickness of only one inch and the ability to deploy Internet television options. The Viera Z Series features 1080-line moving picture resolution, a dynamic contrast of more than 2,000,000:1, and Panasonic's NeoPDP technology which is designed to achieve advanced levels of efficiency and picture quality.
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