Search Result for : Dubai

The Dollar Business Bureau  Sheikh Mohammed bin Rashid Al Maktoum, the Prime Minister of UAE unveiled his government’s plans for setting up a $1.5 bn Food Park in his country. The blueprint for the Dubai Food Park(DFP) was shown to the media on 23 August.  The UAE state media agency representative WAM, said that the country aims to take advantage of Dubai’s strategic position as a regional hub for food trade, export, import and trading of foodstuffs. The Food Park is the latest addition to the Dubai Wholesale City(DWSC), the largest wholesale hub in the world that is likely to take up 550 million square feet. The DFP could take 10 years to be constructed, covering nearly 48 million square feet of ...

PTI  Indians have emerged the top foreign property investors in Dubai, spending over $3.2 billion last year alone, according to the Dubai Land Department. The total real estate investments last year reached Dh91 billion ($2.4bn) from 55,928 investors and Indians were ranked highest in terms of both volume and value among foreign investors with Dh12 billion ($3.2 bn) worth of property transactions from 6,263 buyers. In an effort to attract more investments from Indians, the 13th edition of the International Property Show will be held from April 2-4 this year. "The UAE's safe haven status, stable economic growth and bottomed out prices have been the key factors for attracting Indian realty investments in Dubai. In addition, many Indians find Dubai as ...

The Dollar Business Bureau Prabhat Dairy, one of India's leading milk food processing brands, is planning to expand its supply operations in the Gulf region. It's participation in Gulfood 2017, held at the Dubai World Trade Centre, from February 26 – March 2, is key to the beginning of its exports to countries like UAE and Saudi Arabia. The world's largest annual trade event in food industry is likely to help Prabhat Dairy rope in some international clients from Dubai and surrounding areas, kickstarting its operations in the Gulf region. The dairy giant with an elaborate distribution network across India sees immense potential in exports to Saudi Arabia, as the country imports close to 70% of its dairy needs. According to latest trade reports, in 2015, ...

The Dollar Business Qatar Navigation (Milaha), a maritime and logistics conglomerate based in Qatar, has signed an agreement with the Kandla International Container Terminal (KICT) in India, to start the first direct common carrier feeder service between Saudi Arabia and India. The frequency of the first-of-its-kind service will be weekly and will connect the Gujarat port of Kandla directly with Jebel Ali in Dubai, and Dammam and Jubail in Saudi Arabia. Commenting on the launch of the new service, Milaha’s President and CEO Mr. Abdulrahman Essa Al-Mannai said: “After our successful entry into the Indian market in March 2015 with the launch of the first direct service between Qatar and India, we have been exploring various options to further enhance our presence in ...

Sneha Gilada After a sudden surge in demand for gold on the eve of demonetisation, which led to record high gold prices, the gold buyers seem to have all gone into hibernation. With 80% of the Indian currency turning into trash, people can no longer step into jewellery stores, making a display of wads of notes in return for the precious metal. Even straight-laced, honest tax payers seldom buy jewellery electronically. This industry has been worst hit by the cash crunch in the short term and no amount of numbers and statistics can paint this picture better than the empty jewellery stores. Shri Shravanthi Jewellers, a known name in the gold business in Southern India, saw its domestic business suffer great losses in the months after note ban as turnovers were slashed by 90%. Footfall in retail stores witnessed an all-time low, ...

The Dollar Business Bureau AccorHotels is planning to expand its presence in India with a pipeline of 14 new Novotel properties in the near future. The French hotel group announced this during the tenth anniversary of Novotel in India. Currently, Novotel has 13 hotels in the main cities in the country. AccorHotels and Cyberabad Convention Centre Pvt Ltd have renewed their partnership agreement for the management of Novotel Hyderabad Convention Centre and the Hyderabad International Convention Centre (HICC). Both the facilities operate in a distinctive style meeting the requirements of every guest all the time. Cyberabad Convention Centre is a joint venture between the Telangana State Industrial Infrastructure Corporation (TSIIC) and Emaar Properties PJSC, Dubai. The 15-acre state-of-the-art convention facility in Hyderabad has 287 rooms ...

The Dollar Business Bureau   GMR Infrastructure Ltd said on Monday that Tenaga Nasional Bhd (TNB), Malaysia’s largest power utility company, will invest $300 million in its subsidiary GMR Energy Ltd (GEL). “Tenaga Nasional Berhad has agreed to invest about Rs.2,000 crore ($300 million) for a 30 percent stake in select portfolio of assets in GMR’s energy arm GEL,” the company said in a statement. The funds from the sale of stakes would mainly be utilised for repaying the corporate debt, it added. After this deal, GMR Infrastructure would be able to lessen down its corporate debt to Rs.4,300 crore from the existing Rs.6,300 crore. The company said that this would lead to a decline in consolidated corporate debt of GMR Infrastructure and will result in ...

Source: PTI Taj Hotels Resorts and Palaces, part of the Tata group, on Tuesday said it has exited the management of Taj Palace Hotel, Dubai, after 14 years of operations. Located at Deira, it was operating the hotel since 2001 and it was handed back to its owner – Juma Al Majid Group — on August 31 2015, the hospitality major said in a statement. “By virtue of a mutual agreement reached between the erstwhile partners, Taj Palace Hotel, Dubai, which has been successfully run by Taj Hotels Resorts and Palaces since 2001, will be handed back to the Juma Al Majid Group, on 31st August 2015," the statement said. It did not give any reason for ending the management contract. ...