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Free Eid parking in Dubai
Dubai's Roads and Transport Authority has confirmed that parking in the city will be free throughout the Eid Al Adha holiday from December 18-20, reported Gulf News. But fines will still be issued to motorists who park their cars illegally and subsequently block traffic as well as for double parking and parking on pavements.
Empost plans IPO
The UAE's Emirates Post (Empost) is to begin discussing a possible initial public offering (IPO) of 49% of its shares with financial advisors next month, reported Reuters citing Emirates Business 24/7. Abdulla Al Daboos, the company's DG, said the stake could not be valued at less than $817m. Empost would use the proceeds to buy logistics firms and financial institutions specialising in remittance services.
$299m for Khalifa Port costs
The Abu Dhabi Ports Company (ADPC) and the National Bank of Abu Dhabi (NBAD) have signed a $299m financing agreement to meet the initial construction costs of the Khalifa Port. The transaction will be a revolving credit facility for a period of one year. The ADPC, the master developer of the multi-billion dollar Khalifa Port and Industrial Zone, is in the process of structuring long term project finance facilities.
Jams cost Dubai $1.2bn
Traffic congestion in Dubai costs the city's economy more than $1.2bn a year, or around 3.5% of GDP, reported Gulf News citing Dr Abdul Malek Ebrahim Abu Sheikh, the Head of Transportation Studies and Planning at the Roads and Transport Authority. Dr Sheikh estimated that by 2020 there would be 5.3m vehicles on Dubai's roads and already the city has more cars per 1,000 people than New York, London and Singapore.
UACC orders eight tankers
United Arab Shipping Company subsidiary, United Arab Chemical Carriers (UACC), has ordered eight chemical tankers from South Korea's SLS Shipbuilding. The tankers will have a capacity of 45,000 deadweight tonnes and are scheduled for delivery in 2011. UACC also has an option for ordering two more vessels.
DP World launches e-token system
DP World UAE, the eighth largest container port in the world, has announced the launch of 'e-token,' a new electronic system aimed at facilitating work-flow efficiency and movement within the port. Under the new system, traders and haulers can log on to the Dubai Trade portal, where they can book in advance the delivery and receipt of containers to and from the terminal. The 'token slips' generated online will be accepted at all entry points to the port.
Dubai metro to have six lines
Dubai's Roads and Transports Agency plans to add a fifth and sixth line to the Dubai Metro, reported Emirates Business. Abdul Majid Al Khaja, chief executive of the Rail Agency of the RTA, said the two extra lines will complement the red and green lines, which are due for completion in 2009 and 2010, respectively. Purple and blue lines are set to be built by 2012 and 2014. Final plans and a route for the two new lines will be announced early in the new year.
New Dubai bridge to open
Four lanes on the new Al Garhoud Bridge in Dubai will open to traffic from Saturday, December 15, reported Gulf News. The lanes will be open to motorists coming from Bur Dubai to Deira, while motorists coming from Deira to Bur Dubai will continue to use the old Al Garhoud Bridge. The new bridge, which consists of 14 lanes, will be fully opened in March next year.
Private developers to operate a third of Dubai rail
Private developers would build and operate nearly 34 per cent, of Dubai's rail network which is expected to stretch up to 886 km, reported Gulf News. The Roads and Transport Authority (RTA) is projected to build 586 kilometres of mainline network, a number of separate monorails could add to about 300 km at various communities in Dubai.
Saudi cuts customs duties
Saudi Arabia's customs authorities have cut the duty rates on 22 products, with seven constituting either perfumes or pesticides and 15 being plastic items, reported Arab News. The tariffs for the perfumes and pesticides will be reduced to 9.8% from 10%, falling gradually thereafter to hit 6.5% by 2010. The duty on the plastic products will be reduced to 14.6% from 15%, with the same 2010 target of 6.5%.
Salik expansion details
Dubai's Salik road toll is to be significantly widened in the next couple of years, reported Emirates Business 24/7. Toll gates will be established on the Emirates Road, Al Khail Road and Al Ittihad Road by 2009, in addition to the Shindagha Tunnel, the Business Bay Crossing and Al Maktoum Bridge. The system will be installed on other bridges once they are built in 2010.
Dubai waterbus privatisation
Dubai's Roads and Transport Authority is to privatise parts of its water transport provision, reported Emirates Business 24/7. Mohammed Obaid Al Mulla, the CEO of the Marine Transport Agency, said the private sector's involvement would improve services. Tenders offered on a build, operate and transfer basis will be launched next year for both ferry and waterbus services; the agency will also introduce a fleet of high-speed water taxis next October.
Taxi chief seeks shake-up
Abdul Aziz Malek, the CEO of the Taxi Agency at the Dubai Roads and Transport Authority, has said the rules regarding the hiring of taxis in different emirates need to change to encourage more drivers to take passengers to the likes of Sharjah and Ajman, reported Gulf News. At present, many taxi drivers illegally refuse these fares as they are subsequently required to make the long return journey empty.
DC World supports Senegal
Dubai Customs World (DC World) has signed an agreement with the Customs Administration of Senegal under which it will help develop the organisation's day-to-day performance and will provide systems for stock control and statistical data management, in addition to providing practical training to customs personnel in Dubai. DC World will also supply data on goods exported from Dubai in order to combat fraud and counterfeiting.
New abra station for Dubai
Dubai's Roads and Transport Authority is to build a new abra station at the dhow wharfage near to the Al Maktoum Bridge. The new station will then provide a link to the existing Al Sabkha station. Journeys are expected to take around eight minutes and three abras will be deployed on the route; the service will be available from 8.30am until 2.30pm and then from 4.30pm to 9.30pm.
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