2007
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Canon opens distribution hub in Dubai
Canon Middle East is opening a distribution hub in Dubai. The hub will enhance Canon's supply chain management and customer service capabilities, as well as contribute to significant cost reductions. The new hub will be located within the Jebel Ali Free Zone.
Mansour, Samsung deal
The Mansour Group, a privately owned conglomerate, and Samsung Electronics have signed a partnership agreement. Mansour will become the strategic partner and distributor of Samsung's range of audio visual and household appliance products across Egypt. The deal will come into effect from January next year.
Frankie's rides into Dubai
Champion jockey Frankie Dettori, who rides for the Godolphin stable, has opened Frankie's Italian Lounge and Grill at the Al Fattan Marine Towers, Dubai Marina. The restaurant is a tie-up with leading chef Marco Pierre White and the outlet has been opened in association with the UAE's Al Fahim Group. Dettori recently saw another Frankie's opened in Shanghai.
Saudi supports farmers
Saudi Arabia's Ministry of Agriculture is to compensate poultry farmers who have had their birds culled as part of the operation against the spread of bird flu, reported Gulf News. The government is to cover 80% of any farmer's losses and so far over 3m birds have been killed. The government is also discussing the legitimacy of the import ban on Saudi poultry goods imposed by some GCC states.
Dubai gold market takes hit
Traders in Dubai are concerned that high gold prices are harming the emirate's position as a regional gold hub, reported Reuters. Dubai has a long history as a market for gold bullion, where the trade is fuelled by strong demand from the Arab World and India, the world's main gold market. Spot gold hit a 28-year high of $845.4 an ounce earlier this month.
More Dunkin' Donuts in UAE
Dunkin' Donuts plans to open nine more outlets in the UAE, expanding its network in the country to 50 by January, reported Gulf News. The company's general manager, David Rodgers, said the potential for retail outlets and food chain franchises in Dubai was enormous, with the increase in annual per capita retail spend expected to touch $8,400 by 2010, from the current $3,500. The chain has allocated over $2.7m to finance its three-year expansion plan in the Mena region.
High food costs are global trend
A major retailer in Abu Dhabi said rising food prices are part of a global trend rather than domestic inflationary pressures, reported Gulf News. Georges M.J. Mojica, the general manager of Abu Dhabi Co-operative Society, said the increasing costs of raw materials and poor harvests in addition to growing global demand have all contributed to the increase in food prices.
Krispy Kreme to Jeddah
Kuwait's Americana Group has opened a Krispy Kreme doughnut outlet in Jeddah at the Aziz Mall. At the opening, a number of customers were awarded a dozen free doughnuts a week for the next 52 weeks. Krispy Kreme, which globally produces 1.3bn doughnuts a year, also has a presence in Kuwait and the UAE.
Diamonds sparkle in Mideast
Sales of polished diamonds in the Middle East and India are rising at around 10-15% per annum according to the CEO of the Dubai Diamond Exchange Youri Steverlynck and cited by Gulf News. Saudi Arabia leads the way with an annual consumption of $1.3bn worth of gems, Turkey comes second with sales of $800m and Dubai isn't far behind at $600m. India's diamond market is also valued at $1.3bn.
UAE cooking gas hike
The price of cooking gas has increased by up to 18% across much of the UAE although Abu Dhabi has been spared a hike, reported Gulf News. In Sharjah the cost of a 50lb cylinder has risen from Dhs75 to Dhs88, while in Dubai the price has spiked from Dhs69 to Dhs76, a 10% increase. Meanwhile in Ras Al Khaimah the price has climbed from Dhs75 to Dhs79.
Dubai hosts $10m golf tournament
The Jumeriah Golf Estates in Dubai will stage the world's richest golf tournament in 2009. The Dubai World Championship, worth $10m, will be the final stage of the European Tour. The winner will get almost $1.7m alone. The top 60 earners will compete in the stage and the Tour's Order of Merit will be renamed the Race to Dubai. The golfer taking top slot will win a $2m bonus.
RAK Duty Free opens shops
Ras Al Khaimah is to open duty free shops in several hotels, reported Gulf News. RAK Duty Free will open stores at the Al Hamra Fort Hotel, the Al Hamra Village, the Khatt Springs Hotel and Spa and the Al Hamra Golf Club and Resort next month. There are also plans for a flagship outlet at the Al Hamra Palace, which opens next year, and services on three RAK Airways planes.
'Suspicious' poultry from Saudi
A government official has said 'suspicious samples' in a batch of imported products from Saudi Arabia triggered the UAE's decision to ban all poultry goods from the kingdom almost a week before an outbreak of bird flu was announced, reported Gulf News. Saudi culled nearly 100,000 birds last week after the deadly H5N1 strain of the virus was detected in Al Kharj. The official added that stringent inspections will continue.
Counterfeit goods cost $50bn
Mohammed Abu Azab, the Business Development Manager at Hemaya Universal, has said that counterfeit products are costing Arab countries around $50bn a year, with Saudi Arabia's share of the losses amounting to $4bn, reported the Saudi Gazette. Abu Azab said the problem needs to be addressed urgently and he recommended the implementation of new regulations to protect consumers like those found in many western nations.
UAE gold sales up 21%
The World Gold Council (WGC) has revealed there was a 21% lift in gold sales in the UAE in Q3, when compared to the same period last year. Sales of the metal rose from $544m last year to $680m in 2007, while, in terms of tonnage, 26.3m tonnes were sold as opposed to 23.9m tonnes in Q3 2006. Sales increased throughout the Middle East with Saudi Arabia seeing a 19% spike.
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