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Dubai Islamic Bank (DIB) approved the distribution of a cash dividend of 25 per cent and bonus shares of five per cent for the year 2008 following the conclusion of its Annual General Meeting (AGM) today.

During the AGM, the bank’s 2008 financial results were also approved. DIB reported AED 1.73 billion in net profit for the 12 months ending December 31, 2008, demonstrating continued strong growth in its core operations despite extremely challenging global financial conditions. In addition, the assembly reviewed the Director’s Report and Annual Report of the Fatwa and Sharia Supervisory Board.

“As one of the UAE’s top five banks and the world’s third largest Sharia-compliant bank, Dubai Islamic Bank continues to set new standards for excellence at home and across the globe,” said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of Dubai Ruler’s Court and Chairman of Dubai Islamic Bank.

“We are very pleased to present 2008 financial results to our shareholders, and to be able to provide them with a generous share of the bank’s success. We look forward to their continued support in 2009 and in the years to come.

“While there is no doubt that the current challenges to the stability of the global financial system are without precedent in our lifetimes, Dubai Islamic Bank will strive to repeat the success of previous years by focusing on offering our retail and institutional clients the most innovative financial products and services,” he said.

“Even more important, the bank will sustain its commitment to contributing to the ongoing growth, stability and diversification of the UAE and all the markets we serve.” DIB will continue to build upon its many achievements in 2008, including the launch of its legal subsidiary, Dar Al Sharia Legal ‘&’ Financial Consultancy LLC; a new joint venture with Jordan Dubai Capital and Dubai International Capital, via a strategic investment in Industrial Development Bank, which is to be converted into “Jordan Dubai Islamic Bank”.

The bank’s current growth strategy - with a renewed focus on its already robust retail operations - will deliver significant results. By the end of this year, the bank expects to record a 15 per cent increase in its customer base, reaching some 900,000 customers, while the bank’s retail assets business will grow by approximately 20 per cent.

The environmental impact of buildings has become a priority in the Middle East region, as construction projects are responsible for 50% of carbon emissions, largely contributing to global warming.

It is crucial to further implement sustainable and eco-friendly solutions, such as green buildings. According to studies conducted by Dubai Municipality, a green building on average saves between 30% to 40% of electricity and water as compared to standard buildings.

For two years, a growing number of UAE initiatives have been taken to encourage developers to build green. Also, Arab nations are expected to spend US$120 billion on new power projects by 2012 to respond to the rising needs in water and electricity, pushing governments to redirect their focus on renewable energy.

With so many changes on their way, developers, architects, construction and technologies companies and power plants need to get a better understanding of the importance of the new green building regulations and their implementation processes as well as to identify the opportunities of using renewable energy.

In this context, the Dubai Electricity and Water Authority (DEWA) is hosting an exclusive conference program at the 11th Water Technology, Energy and Environment Exhibition 2009 (WETEX) to help senior management executives in the water, energy and environment sectors meet renowned industry experts, discuss and debate key issues, including green building and environmentally-friendly technologies, renewable energy, wastewater reuse and the future of the industry in the Middle East region.

DEWA has appointed naseba as the official organizer of the WETEX conference, as part of WETEX exhibition, taking place on March 30th-31st, 2009 at the Dubai World Trade Center in Za’abeel Hall. The decision follows DEWA’s successful endorsement of the Global Water Management Congress 2008, organized by naseba, an international business information company with extensive experience in producing, promoting and hosting high-profile conferences and congresses around the world.

His Excellency Saeed Mohammed Al-Tayer, CEO and Managing Director of DEWA officially opened the Global Water Management Congress 2008 and appreciated the professional organization and the high quality of the event conference agenda. His Excellency explained: “DEWA is pleased to further develop its partnership with naseba. Together, we are launching a new conference program at WETEX 2009. DEWA is confident that naseba participation in organizing the conference will add significant value to the event.

”WETEX 2009 is set to become the ideal platform for regional and international water, energy, electricity professionals to not only network and access the latest technology and management solutions but also to discuss the recent and most urgent challenges in energy conservation, water ‘&’ electricity with the best industry experts,said Fabien Faure, naseba group managing director” “We are proud to work with DEWA and highly appreciate their trust in naseba. We are delighted to bring a new dimension to the WETEX exhibition by incorporating this exciting conference program for high-level decision makers to its 11th edition, ” he added.

WETEX 2009 is an important regional resourcing platform for national and international companies to access a wide range of the latest technology and management solutions. This event also provides an avenue for industry leaders to keep abreast of the latest Gulf region developments in the fields of water, energy and environment, as well as to network and connect with strategic partners to pursue innovative solutions.

The International Petroleum Investment Company (IPIC) is the new majority owner of MAN Ferrostaal. The corresponding purchase agreement between MAN AG and IPIC has taken effect following approval by the international antitrust authorities of the deal.

IPIC has acquired 70% of the shares; MAN remains a shareholder maintaining 30%. The price for 100% of the shares will amount to approximately 700 million Euro, depending on the outcome of a mutual option that MAN and IPIC have agreed on for the sale and purchase of the remaining shares.

The transaction includes all business activities and subsidiaries. The Chief Executive Officer of MAN AG, H?kan Samuelsson, explained the rationale behind the sale: “With this step, MAN is now concentrating on the manufacturing industries in the field of transport related engineering. This focus improves the conditions for sustainable growth in all our business areas.” His Excellency Khadem Abdulla Al Qubaisi, Managing Director of IPIC, focused on the growth potential to be leveraged with MAN Ferrostaal: “We intend to award contracts for large industrial projects to MAN Ferrostaal and want to realize potential for growth at home and abroad. At the same time, we intend to open up market potential in the area of future technologies and deeper market access in the countries MAN Ferrostaal is active in.” Dr. Matthias Mitscherlich, CEO of MAN Ferrostaal AG, also saw the takeover as a chance for growth: “At IPIC, MAN Ferrostaal belongs to the core business. This is the best condition to grow. For our large industrial business, IPIC’s high equity is a real asset, because our markets and our partners see this as an important element of stability.”

Arab Investment Forum (AIF 2009) called today on Arab governments to adopt united policies to face the global financial crisis and to emphasize the role of the private sector in the coming stages of development and supporting it to overcome the crisis Concluding today, the two-day meeting issued a set of important recommendations included activating the economic desire for the Arab common market through the direct support of business and economic organizations in Arab countries and realsing it by delivering the points of view and concerns of the forum’s participants to the persons concerned.

Encouraging inter-Arab investments and raising its volume by overcoming the difficulties and economic obstacles faced by some Arab countries in this regard and super-activating the role of chambers of commerce and semi-governmental bodies working in this field.

Holding periodic and regular meetings of the Arab Economic Business Group through the Chambers of Commerce and the General Secretaries to promote investments in Arab Countries and to unify their economic trends.

Increasing the tempo of the training of Arab labor forces to enhance its presence and visibility in different investment projects to fit the Arab market.

Encouraging all forms of agricultural investment in Arab countries and publicising the real investment opportunities available among the Arab investors and promoting it abroad to reflect the positive climate of agricultural investment in Arab countries.

Bringing about a balance between the public sector and semi-public and private sectors in systems, laws and investment trends to overcome the global financial crisis, as required.

Targeting the role of economic media and training journalists and press workers to deal in the appropriate way with economic issues and financial crises and increasing their qualifications by giving them first hand experience in this vital and important sector.

Establishing a common committee to follow up on the forum’s recommendations and activating it to deliver its findings to the concerned authorities.

* Announcing an upcoming session of the Arab Investment Forum in May 2010 in the Kingdom of Morocco in cooperation with the relevant authorities in the Kingdom and preparing this meeting as required.

The first AWO conference which was held in Bahrain in 2006 witnessed a donation from Your Highness to set up a network of Arab Women in exile.

Your Highness also launched this network in the second AWO conference held in Abu Dhabi in 2008 after it was floated through the organization earlier in 2007 on the occasion of the Arab Woman Day.

What are the basic objectives of this network? What is the nature of the services it will offer? When is it expected to begin functioning? A - We launched the Network for Arab Women in Diaspora (NAWD) during the first AWO conference in Bahrain in 2006 out of our desire to help Arab women abroad keep in touch with each others, therefore relieving them from the psychological pressure they face away from their homes. The NAWD also facilitates those women to exchange expertise and views and allows, at the same time, the generations born out of the Arab World to build bridge of communication with their Arab and Islamic culture.

Today, I’m extremely happy for the success of this civilisational initiative as the first phase was launched in February 2007. The second phase, which got underway between March to October 2008, saw the collection of data of more than 1000 Arab distinguished academic women in various countries of the world. The third phase was inaugurated at the second AWO conference on 11 November 2008 in Abu Dhabi. This phase will run up to November 2010 and will see direct electronic and telephonic communication with Arab migrant women. The fourth and final phase will feature the direct online dialogue by 2011.

The NAWD focuses its mandate in the three key goals seeking to: *Build data base on Arab migrant professional women with the aim of telling young Arab generations inside the Arab World about their achievements *Inform researchers and decision-makers in mother lands about fields of the specialisations and achievements and take them as channels of cultural contact with the communities they migrate to *Provide information services to the Arab women abroad.

President H.H. Sheikh Khalifa bin Zayed Al Nahyan has instructed that each player of the UAE ice hockey team be awarded Dh 200,000 for winning the second Asian Ice Hockey Championship which was hosted recently by Abu Dhabi at the Ice Rink in the Zayed Sports City.

The grant underlines the President’s commitment to supporting sports and sportsmen and mobilising all necessary resources to enable UAE youths raise the flag of the homeland a loft at local and international sports gatherings.

Sheikh Khalifa urged the players to preserve this achievement and add to it by winning more cups through sustained persistence.

H. H. Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, received today H.E. Dr. Rashid Ahmed bin Fahad, Minister of Environment and Water.

The meeting reviewed the ministry’s strategy to achieve environmental security and sustainable development.

Deputy Prime Minister and Chairman of the Red Crescent Authority (WAM), has instructed the RCA to immediately provide shelters to the family affected by the windy rains, which lashed Al Ain over the last two days.

He ordered meeting the humanitarian needs of the UAE nationals and expatriates affected by the rains.

Sana Darwish Al Kitibi, adviser of Sheikh Hamdan for humanitarian affairs, said that the RCA was ready to implement the instructions of Sheikh Hamdan, adding that the RCA has commenced assessing the families affected by the rains and prepared shelters to them either at the hotels or rest houses equipped with all living conditions.

She noted that the RCA would stand by those affected in line with the instructions of Sheikh Hamdan.

Hamad Saif Al Shamsi, director of the RCA branch in Al Ain said that the rains and storms damaged the rooftops of houses, which are no longer safe for sheltering. Adding that the emergency operation room has been set up to help those affected.

Dubai Cares, with the assistance of Save the Children, is helping children affected by the recent conflict continue their primary education by giving more than 2,300 schoolbag kits to children throughout the Gaza Strip.

Provided by Dubai Cares, the world’s largest NGO dedicated to primary education, the kits contain notebooks, pens, other basic materials and a soft toy and will be distributed by Save the Children.

Her Excellency Reem Al Hashimy, Chairperson of Dubai Cares, said: “Dubai Cares appreciates the assistance of Save the Children to ensure much needed aid reaches children who have to cope with the aftermath of a devastating conflict. The immediate rehabilitation and general well being of these children is our prime concern and an interest we share with our partner Save the Children.” “Thousands of children have lost their homes and school supplies, while more than 60 schools were damaged in the fighting,” said Charles MacCormack, president and CEO of Save the Children. “These kits will help provide children with the tools they need to continue their studies. Dubai Cares’ commitment to ensuring that children can get the education they deserve even under difficult circumstances is to be commended.” The school kits were part of two aid shipments - totaling 28 truckloads - provided by Dubai Cares to the Gaza Strip. The shipments also include hygiene kits and modular schools, designed to Dubai Cares’ specifications for rapid response interventions. Assembled within a total of 72 hours, one school occupies approximately 800 square meters of land and comprises 11 classrooms, 2 bathrooms for boys and girls and can accommodate up to 460 students.

Save the Children has to date reached over 3,000 children and 38 teachers with recreational kits and plastic sheeting for preschools, and teacher trainings. The agency’s ongoing work will support early childhood and primary education institutions and providers, through infrastructure improvement, teacher training and provision of health and emotional-support activities in schools.

During and after the violence, Save the Children distributed baby hygiene kits, diapers, food, water, family hygiene kits, cribs, school uniforms, household items and recreational kits for preschools. In addition, the agency has established 23 child-friendly spaces so that children have a safe and supervised place to play. It also is installing household water tanks, among other activities. To date the agency has reached 82,500 people, including 46,200 children.

*H.H. sheikh Majid Bin Mohammed Bin Rashid
www.sheikhmajid.net

The International Petroleum Investment Company (IPIC) is the new majority owner of MAN Ferrostaal. The corresponding purchase agreement between MAN AG and IPIC has taken effect following approval by the international antitrust authorities of the deal.

IPIC has acquired 70% of the shares; MAN remains a shareholder maintaining 30%. The price for 100% of the shares will amount to approximately 700 million Euro, depending on the outcome of a mutual option that MAN and IPIC have agreed on for the sale and purchase of the remaining shares.

The transaction includes all business activities and subsidiaries. The Chief Executive Officer of MAN AG, H?kan Samuelsson, explained the rationale behind the sale: “With this step, MAN is now concentrating on the manufacturing industries in the field of transport related engineering. This focus improves the conditions for sustainable growth in all our business areas.” His Excellency Khadem Abdulla Al Qubaisi, Managing Director of IPIC, focused on the growth potential to be leveraged with MAN Ferrostaal: “We intend to award contracts for large industrial projects to MAN Ferrostaal and want to realize potential for growth at home and abroad. At the same time, we intend to open up market potential in the area of future technologies and deeper market access in the countries MAN Ferrostaal is active in.” Dr. Matthias Mitscherlich, CEO of MAN Ferrostaal AG, also saw the takeover as a chance for growth: “At IPIC, MAN Ferrostaal belongs to the core business. This is the best condition to grow. For our large industrial business, IPIC’s high equity is a real asset, because our markets and our partners see this as an important element of stability.”