ABU DHABI, UAE (January 22, 2012) – PUMA’s Mar Mostro was the first boat unloaded from the container ship and kept the momentum as the crew was off to a strong start on Sunday, January 22, when the second stage of Leg 3 of the Volvo Ocean Race 2011-12 got underway. The starting gun sounded at 08:00 UTC/13:00 local in the safe haven port of Male in the Maldives, and the fleet began the more than 3,000 nautical mile race to the fourth port of Sanya, China.

“The entire PUMA team is really excited to get this race back to normal,” said skipper Ken Read. “Finally it appears we are done…for the most part…with pirates, ships and delays. And it comes not a moment too soon – we are ready. Let’s go to China!”

The fleet departed Male in 8-10 knots of breeze, and the PUMA Ocean Racing powered by BERG team was second behind CAMPER with Emirates Team New Zealand at the first position reports. PUMA is currently fourth in the overall standings with 36 points. The crew finished second in the first stage of Leg 3 on Saturday, Jan. 14 – the sprint from Abu Dhabi to Sharjah, 98 nm up the UAE coastline.

“Another strange start!” said Amory Ross, Media Crew Member, in his first report from onboard. “The line was between one flag on one shore and a radio tower on another; there were virtually no spectators, tons of ferries, fishing boats, and more obstacles to dodge leading up to the gun. But we’re now back to ‘ocean racing,’ something we haven’t been able to say in almost a month.”

As was the case with Leg 2, the Leg 3 route was redrawn and split into two stages due to the threat of piracy in the Indian Ocean. Stage 1 was the one-day sprint to Sharjah. There, the boats were loaded onto a container ship – the Happy Diamond – and transported back to the safe haven port of Male, where they first arrived at during Leg 2. The first stage of Leg 3 accounted for 20 percent over the available leg points, and 80 percent of the points will be awarded for Stage 2.

The Volvo Ocean Race started on November 5 in Alicante, and the six-team fleet is traveling 39,000 nautical miles through 10 ports, finishing in Galway, Ireland, in July 2012. The Race Village in Sanya opens on February 4.

Overall standings:

POS        TEAM        L3, S1        OVERALL
1        Team Telefónica        3        71
2        CAMPER with Emirates Team New Zealand        2        64
3        Groupama Sailing Team        4        51
4        PUMA Ocean Racing powered by BERG        5        36
5        Abu Dhabi Ocean Racing        6        31
6        Team Sanya *        -        11

* Suspended racing in Leg 2

PUMA Ocean Racing powered by BERG scoring:

POS        RACE/LEG        PTS        TOTAL
2        Alicante In-Port Race        5        5        
–         Leg 1*        –        5
3        Cape Town In-Port Race        4        9
3        Leg 2, Stage 1        16        25        
4        Leg 2, Stage 2 (3rd in Leg 2 overall)        3        28                
4        Abu Dhabi In-Port Race        3        31
2        Leg 3, Stage 1        5        36
 

Riyadh: China’s Wen Jiabao must balance his country’s need for Iranian crude with its budding energy partnership with Saudi Arabia on his first visit to the Gulf kingdom, a US-based specialist in Middle East security said.

The Chinese premier’s trip today comes amid signs that tighter economic sanctions may stop Iran, Opec’s second-largest producer after Saudi Arabia, from selling its oil. Wen will also visit Qatar and the United Arab Emirates, fellow members of the Organisation of Petroleum Exporting Countries, during a Gulf tour ending on Thursday.

“China seems quite reluctant to get on the wrong side of Iran, given the tensions existing in the region and Iran’s importance for its oil,” Paul Sullivan, a political scientist specialising in Middle East security at Georgetown University in Washington, said in an email.

Wen will become the most senior Chinese leader to travel to Saudi Arabia since President Hu Jintao in 2009. His visit will begin as Saudi Arabian Oil Co and China Petroleum & Chemical Corp sign an agreement for a proposed refinery on the Red Sea coast. Sinopec’s planned 37.5 per cent stake in the Yanbu plant would make it China’s first investment in a Saudi oil facility.

The European Union and the US are weighing more stringent sanctions against Iran over its nuclear programme.

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An EU embargo on purchases of Iranian crude, to be decided on January 23, will probably be delayed for at least six months to let countries such as Greece, Italy and Spain find alternative supplies, according to an official with knowledge of the talks. The countries accounted for 68.5 per cent of EU oil imports from Iran in 2010, according to European Commission data.

While China has voted for four rounds of United Nations sanctions on Iran, its leaders have criticised separate efforts to expand US and European curbs. Vice-Foreign Minister Zhai Jun told reporters on Wednesday in Beijing that China needs oil for its development and hopes imports won’t be affected. China is the biggest importer of Iranian crude, buying 22 per cent of the nation’s oil in 2010, according to the US Energy Information Administration.

Wen may ask for Saudi Arabia to tap some of its spare production capacity to keep markets supplied in the event of an embargo of Iranian crude, Sullivan said. “China has to walk a very fine line in the Gulf and has to work within very complex nuances and political and economic landmines in the region,” he said.

“Some countries are trying to get a pledge that Saudi Arabia would replace Iranian crude,” Olivier Jakob, managing director of Zug, Switzerland-based consultant Petromatrix GmbH, said in a phone interview. “The Saudis have been saying they don’t want to enter into the politics of the issue and are keeping the line that they will supply what the market needs.”

Under the theme of “Power of Knowledge to Promote the International Trade and the Prosperity of World Economy” and with the participation of Dubai Customs, the fifth World Customs and Trade Forum kicked off in China from the period 24th to 25th November, 2011.

More than 400 high level delegates from customs and business, international organizations and customs administrations, as well as managers from multinational corporations, diplomatic community, policy-makers and many others gathered at the two-trade event to discuss topics including the customs-trade partnership and management of customs administrations.

Mr. Hussam Jumaa Mohammed, Head of the Corporate Business Architect Section at Dubai Customs represented the Department in the Forum. He discussed a working paper under the title of “Model of the Knowledge Department and the Promising Corporation at Dubai Customs”. The presented working paper covered the experience of Dubai Customs in relation to the spread of knowledge and defined concept of the promising corporation, its factors and key features.

Mr. Hussam emphasized that one of the key objectives of Dubai Customs is to focus on the documentation and spreading of knowledge amongst employees to ensure wise investment of intellectual capitals in the process of immediate decision-making, supporting effective corporate performance, providing solutions for improvement, creativity and innovation towards achieving the future corporation.

Mr. Hussam also explained that the Department has carried out a number of initiatives in relevance to spread of awareness culture and involvement of employees compliance with knowledge. The initiative programs encompassed an intensive intranet awareness program via the intranet, regular organization of awareness workshops, training program and launch of knowledge website.

Mr. Hussam reiterated that the objective of implementing knowledge management is to target corporate performance development, depending basically on continued and consistent efforts to supporting and promoting knowledge availability, explaining that in its context, the connotation of a promising corporation implies: a corporation that provides learning facilities to all employees to prepare it for sustainable change and improvement towards achieving the challengeable objectives of itself, individuals and the entire community in which it operates, taking into account that the needs for learning increase when the indications of productivity, quality and performance level decline.

Mr. Hussam has also discussed the (B2G) service which is considered one of the most advanced Customs services in the field of e-business transactions delivered to its customers and it helps to enable the external systems to communicate online with Mirsal2 system which means linking the clients systems to Dubai Customs Mirsal2 without the need of human intervention. He also explained the main features that have been achieved and the benefits, especially, in respect of reducing time, cost and efforts in a way that attracting all customers to promptly join this e-service which is seen a clear example for effective strategic partnership between the government and private sectors along with the enhancement of economic status and business activities in the UAE.

Through the system, clients can submit their customs declarations of the shipment once in their own internal systems and then automatically transfer the entire declarations into Mirsal2

At the end of the Forum, a discussion session was conducted and the Dubai Customs representative shared in the interview, replying to all questions raised by the attendees from business leaders and officials. The participants praised Dubai Customs effective interaction and ascertained that the working-paper presented by Dubai Customs is one of the best implemented practices.

Dubai – 6 December 2011: The Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, today hosted “Developments Along the New Silk Road - Venturing with and Investing in Chinese Companies”, a high-profile conference in collaboration with Latham & Watkins. The event, held in partnership with Falcon Associates and Financial Times, took place in DIFC’s Conference Centre on Tuesday, 6th December 2011. It discussed the two-way trade & investment routes between the Middle East and China, and the means to deepen financial and economic relationships between the two regions.

The UAE is one of China’s top two trade partners in the Middle East, with bilateral trade expected to reach US$ 100 billion by 2015. Around 4,000 Chinese companies are operating in the UAE, utilizing the country’s favourable business environment to tap into new markets across the Middle East and Africa, while Dubai is home to 150,000 Chinese residents.

Opening the conference, Abdulla Mohammed Al Awar, CEO of DIFC Authority, said: “As the west decreases as a global superpower and primary consumer, new trade and capital market connections is seeing the emergence of a New Silk Road, led by China. This new road could see trade between Asia, Middle East, and Africa eclipse trade between developed nations and emerging nations, or even among developed nations.”

He added: “With the shift of global power to the East, I believe that DIFC is in a unique position to continue to contribute to the strong trade and investment links between Asia and the Middle East. We have been connected for centuries, let us revive the old and also start something new!”

Dr. Nasser Saidi, Chief Economist at DIFC, said: “The timing for such an event couldn’t be better. From the Great Financial Crisis a new global economic & financial geography is emerging. Today, the Middle East is the biggest exporter of crude oil and China is the biggest importer. , Over the past decade China has become the major trade partner of the GCC countries. A number of strategic initiatives are required in order increase the economic and financial integration and partnership between the GCC and China for the benefit of both parties. In particular, we need to re-orient our banking relationships towards Asia and China and the MENA and GCC countries need to prepare themselves for the coming of the Redback as a third global currency.”

Financial experts from leading regional and international companies discussed investments in China’s most promising sectors and the main drivers of China’s massive investments in the Middle East and Africa, and also debated whether China will take the necessary steps to allow the globalisation of the Renminbi. As part of the discussions on this topic, Dr. Saidi issued DIFC Economic Note 18, titled “The Redback Cometh: Renminbi Internationalization and What to Do About It”.

He added: “Despite the growing economic & financial international role of China, its currency, the Renminbi (RMB) remains largely a domestic currency.  There are increasing calls for the RMB to become an international payment, investment and reserve currency. However, the move towards internationalisation necessitates the development of an onshore capital market complemented by domestic policy reforms leading to a changed financial structure, with lower dependence on bank financing”.

A separate session at the conference looked into China’s global leadership in the green energy sector, and the opportunities for Middle East companies to joint venture with China on renewable technologies.

Private equity firms were also able to get valuable insights on how to get deals done in China through a dedicated session by leading industry professionals. In addition, the conference shed light on China’s long-term prospects, its potential transformation from an export and investment-driven to a consumer driven growth model and the underlying challenges it could face.

The conference also highlighted the UAE’s position as China’s gateway to the Middle East and Africa, and looked at Dubai’s role as a regional hub and what it really means to Chinese firms.

Speakers at the event included David Miles, Chair of Asia Practice, Latham & Watkins, Hong Kong; Abdul Kadir Hussain, Head of  Asset Management, Mashreq; Marios Maratheftis, Head of Research, Standard Chartered Middle East; Xiaodong Zhou, General Manager, Abu Dhabi Branch, Industrial and Commercial Bank of China (Middle East) Limited; Rowland Cheng, Office Managing Partner, Latham & Watkins, Shanghai; William Chen, Managing Partner, DT Capital Partners; Olivier Glauser, Co-founder, Board Member, CFO, Shankai Sports; James Kralik, Chief Executive Officer, Linden Street Capital; Matthew Miller, Managing Director, Peach Tree Far East Advisory; Mark McFarland, Emerging Markets Strategist, Emirates NBD; Villiers Terblanche, Office Managing Partner, Latham & Watkins, UAE & Qatar; Aaron Bielenberg, Senior Associate, Latham & Watkins, Dubai, and Co-Founder, Clean Energy Business Council ─ MENA; Faisal Rabee Al Awadhi, Director Demand Management, Supreme Council of Energy; Vahid Fotuhi, Director, BP Solar; Robin Mills,Head of Consulting, Manaar; Ian Zhu, Principal – China Environment Fund, Tsing Capital; EAllen Wang, Office Managing Partner, Latham & Watkins, Beijing; Chih Cheung, Managing Partner, C2 Capital Limited; Francis Killory, Vice President – Development in Asia Pacific, Jumeirah Group; Bryant Edwards, Chair of Middle East Practice, Latham & Watkins, Dubai; Stanley Chow, Partner, Latham & Watkins, Hong Kong; Nicholas Levitt, Head of Commercial Banking, HSBC Bank Middle East Limited.

China Petroleum & Chemical Corp (Sinopec) and Kuwait Petroleum Corp on Friday started building their joint refining and petrochemical complex in the southern Chinese province of Guangdong, the top Chinese oil refiner said.

The 59bn yuan ($9.3bn) project, including a 300,000-barrel-per-day refinery and a 1m tonne-per-year ethylene cracking unit, was expected to come on line in 2015, Sinopec said in a press release.

The National Development and Reform Commission, a powerful ministry in charge of major project approvals, gave its nod for the project in March.

KPC has said it is still looking to partner with an international oil company for some of its 50 percent stake in the project in Zhanjiang in western Guangdong.

The project will secure Kuwait, the world’s seventh-largest crude exporter, a stable outlet for its oil as it aims to more than double crude exports to China to 500,000 bpd, while giving the world’s second largest oil buyer a steady supply as demand keeps pace with solid economic growth.

In 2009, KPC briefly tapped potential investors Royal Dutch Shell Plc and Dow Chemical Co, but the companies did not commit to form a consortium.

Kuwait said in April that it was in talks with BP Plc and other major energy companies over a possible role in the refinery project.

Continuing with the expansion of its freighter operations, Saudi Airlines Cargo today announced the opening of its new Far East Regional Office in Hong Kong. The newly established Regional Office manages the business of eight online Far East stations: Hong Kong, Shanghai, Guangzhou, Bangkok, Singapore, Kuala Lumpur, Jakarta & Manila. In addition offline stations in Seoul, Osaka, Hanoi, Saigon and Taipei are also supported and managed from Hong Kong.

From the Far East, Saudi Airlines operates 28 passenger and 12 freighter flights with a weekly capacity of 1340 Tons to their main hubs in KSA from where these flights connect to a global network covering 225 destinations in Africa, MENAT, Sub-Continent, Europe and USA.

The Regional Office is headed by their Regional Director, Vikram Vohra, who joined Saudi Airlines Cargo Company in June 2011 and has 25 years of experience in the cargo business.

The new office also provides sales, customer service and operational support to the Hong Kong market where the carrier operates 6 weekly B747 freighter flights.

Saudi Airlines Cargo operates 12 freighters and utilizes the belly-capacity on 125 passenger aircrafts for Saudi Arabian Airlines spanning a rapidly expanding global network of 225 destinations.

Tekno/Tube Arabia 2011 to focus on new trends in GCC pipes and tubes industry

Dubai, UAE, 19th December, 2010: One third of GCC’s requirements in tubes are met by imports from Europe, India and China, according to figures released in connection with Tekno/Tube Arabia 2011, the 10th International Trade Fair for industrial machinery, metal working, machine tools, tubes and pipes industry, that will be held from January 8 to 11 at the Dubai International Convention and Exhibition Centre.

Mr. Satish Khanna, General Manager, Al Fajer Information and Services, organizer of Tekno/Tube Arabia 2011 with Messe Dusseldorf GmbH as the overseas associate partner, said: “The tube and pipe manufactures in the GCC look at the region as one market and the big advantage of this market is the absence of customs barriers. While the present demand is met through imports, leading manufacturers of pipes in the Gulf region are looking at reducing the dependence on imports by increasing the production of tubes and pipes every year. This would lead to self sufficiency at some time in the future, creating more job opportunities and boosting national economies.”

As far as pipes and tubes are concerned, the United States and Germany have gained sizable market share in the GCC and they have the capacity to deliver pipes to specific customer requirements within a short time-frame.

Khanna added: “Moreover, new mills will commence commercial production by 2011 which will enable the local industry to enhance its production substantially from next year onwards. Several large European, Indian and Chinese companies would be participating in this edition of Tekno/Tube Arabia, the only specialized and established event of its kind in the Middle East which has helped foster this growth for the past 18 years.”

Khanna urged the Gulf’s tubes and pipes industries to enhance cooperation in logistics operations, human resources development and competitive advantage of their products in international markets.

Khanna added: “This will give the GCC countries a stronger negotiating power. It will also help increase cooperation between GCC nations and help them avoid adverse competition, especially during times of crisis and low demand. It will also form a defence line for the interests of producers of commodities.”

Tekno/Tube Arabia has become a major international trade fair for industrial machinery, metal working and machine tools. The show offers an ideal platform for companies to gain inroads into the booming Middle East markets.

China’s Taikang Life Insurance yesterday said a deal by an investing arm of Goldman Sachs to buy AXA’s $1.05 billion stake in Taikang was in the final stages of negotiations. The deal could give Goldman a substantial stake in China’s No4 life insurer and allow France’s AXA to shed a non-core asset. The negotiations are in the final stages and we expect to make an announcement soon,” said Chen Dongshen, CEO, Taikang Life.

Hospitality group joins ‘Asia Luxury Travel Market,’ target Singapore, Malaysia, Indonesia, and China

June 16, 2010

Cristal Hotels and Resorts, one of the fastest-growing hotel chains in the region, has announced plans to open up eight new hotels in China as part of an Asian expansion programme which will extensively explore market opportunities in Singapore, Malaysia, Indonesia, Hong Kong, and mainland China.

Cristal Hotels is currently attending the invitation-only Asia Luxury Travel Market (ALTM) exhibition and conference taking place from June 14 to 17, 2010 at the Shanghai Exhibition Centre in Shanghai, China to better assess opportunities in the region. The company has already confirmed plans to expand in Qatar and in the Kingdom of Saudi Arabia, particularly into Riyadh, Jeddah, Khobar and Mecca. Its Abu Dhabi hotel has become one of the most sought after business hotels in the UAE capital despite opening up just less than a year ago.

“Regardless of the state of the economy global companies will still need to send their key people abroad, thus the resilience of our sector despite the downturn. We want to take advantage of this steady flow of business and establish a strong presence in the emerging markets of Asia as part of our overall Middle East & Asia growth strategy. We also want to maintain our reputation for upholding the highest levels of quality and excellence, and events such as ALTM enable us to achieve this end,” said Peter Blackburn, CEO, Cristal Hotels and Resorts.

Cristal Hotels and Resorts has made a name for itself as a leading business hotel brand in Abu Dhabi since launching its local branch at the heart of the UAE capital’s business district in 2009. Cristal Hotel Abu Dhabi features 192 rooms and suites, food and beverage outlets, a business center and meeting rooms, underground parking, and leisure and lifestyle amenities such as an indoor pool, a sauna and a beauty salon.

More than 40 world leading renewable energy companies from China have confirmed their participation in the World Future Energy Summit Read the full story