NEWS FROM THE UAE
Excerpts from UAE Dailies
Dubai stuns world with historic deal
Dubai - Sep. 21: Dubai has stunned the financial world by concluding a multi-billion dirham deal to snap up stakes in the Nasdaq and London stock exchanges and enhance its global ambitions. Borse Dubai will enter a strategic partnership with Nasdaq, which will see the Dubai International Financial Exchange (DIFX) rebranded the Nasdaq DIFX, giving Dubai access to its American partner’s technology, expertise and branding.
The sensational link-up follows a bitter six-week battle between the pair for ownership of the OMX Nordic Exchange, which includes seven stock markets in Scandinavia and Northern Europe.
Borse Dubai trumped an earlier offer by Nasdaq for the Swedish-based company, but now the rival bidders have joined forces to form a transcontinental alliance.
Dubai will also acquire Nasdaq’s 28 per cent stake in the London Stock Exchange for around Dh4.4bn, as well as a 19.99 per cent stake in Nasdaq itself.
In return, Borse Dubai will buy OMX at its original offer price of Dh14.7bn and transfer control and ownership to Nasdaq.
OMX and Nasdaq will merge and be renamed Nasdaq OMX, with Borse Dubai holding two seats on the new company’s board.
Nasdaq will pay Dh184 million for a 33 per cent stake in the renamed Nasdaq DIFX, plus Dh6.32bn for Borse Dubai’s OMX stake.
The real prize for Borse Dubai is the strategic link-up with Nasdaq that will boost its plan to become an international financial hub and the bridge between European and East Asian markets.
“Firms will have the chance to list on three platforms simultaneously – on the OMX, New York Nasdaq and Nasdaq DIFX – to provide continuous, round-the-clock trading,” said Essa Kazim, Borse Dubai chairman. “We will have access to the Nasdaq brand and technology and licence to set up Nasdaq DIFX in the Middle East and North Africa and right up to China if we want to.
“We anticipate DIFX listings from the Subcontinent, Middle East and CIS [the former Soviet republics], with firms from these regions choosing to list on the Nasdaq DIFX rather than the New York Nasdaq exchange,” Kazim said.
Borse Dubai foresees no regulatory hiccups from Sweden or the United Kingdom as it forges its historic cross-border deal.
“We have already received positive remarks from Sweden’s financial services regulator,” said Borse Dubai ViceChairman Soud Ba’alawy.
UAE-based analysts have warmly welcomed the deal, with the Nasdaq link up expected to boost liquidity.
“The DIFX hopes to become a regional stock exchange and now has an interna tional dim ension, which adds impor tant value to it,” said Raj Madha, a research analyst at EFG Hermes.
EMIRATES TODAY
Motorists brave traffic chaos
DUBAI — SEP. 21: Dubai’s roads remained clogged for most part of the day yesterday with motorists having to spend around three to four hours to reach their destinations in the emirate. Bottlenecks were reported on Ittihad Road, Deira’s streets, Maktoum and Garhoud bridges and Shaikh Zayed Road.
Despite the unusual heavy rush witnessed yesterday, as motorists noted, sources in Dubai Police called the traffic situation as ‘quite normal’. Traffic snarls of this nature are expected during the Ramadan period. “A lot of people travel to their homes around the same time during Ramadan, hence traffic jams are unavoidable,” the source said.
According to Dubai Police, only minor accidents were reported during the day yesterday, specially on the Shaikh Zayed Road and the Emirates Road.
But frustrated commuters who spent several hours in traffic jams complained that the authorities were turning a Nelson’s eye to the traffic chaos seen daily on Dubai’s roads.
“The authorities should gear up and find some solution to the problem,” noted a motorist stuck on Garhoud Bridge. “What is the use of using the toll roads in Dubai when traffic on such routes is equally bad. I have been on the road since 1pm, but, the traffic refuses to move.”
“The traffic today is unusually heavy. We heard over the radio of some accident near the first interchange on Shaikh Zayed Road. Perhaps that is causing all this jam,” commuter M. Raj said, urging the police patrol to deal with accidents quickly and move the affected vehicles off the road quickly for traffic to flow smoothly.
Raj, who spent over three hours just to reach Al Quoz using an alternative route, said, “I wonder how long it will take to reach Jebel Ali. But, the traffic from the Clock Tower Roundabout to the Maktoum Bridge leading to Shaikh Zayed Road simply crawled this afternoon. I travel daily on this route, but today the traffic snarl was a bit too much to handle.”
Some commuters stated that the traffic jams were a result of the ongoing road construction work and sudden road diversions. The authorities should have waited for the Ramadan to get over before carrying out such road closures and diversions in the interest of motorists, a commuter commented.
Commuters added that even the Salik gates at Garhoud Bridge had proved ineffective to regulate the traffic. “The condition is really bad today and is getting worse with every passing day. Every major road in Dubai is clogged. The worst is the Dubai -Sharjah Road.”
Khatir, another commuter said that Emirates Road was heavily crammed up. “More and more people are using Emirates Road to go to Sharjah under such traffic scenario. As a result there is a rush there too. It took me almost an hour and 10 minutes to enter Sharjah through Emirates Road.”
Commenting on the situation, an official from the Roads and Transport Authority (RTA) urged the commuters to carefully follow the road diversions.
“The commuters are requested to follow the diversions and traffic signals. The diversions have been installed due to the ongoing construction work on many roads which would be permanently improving the situation in the future,” the RTA official said.
KHALEEJ TIMES
Man held for villa thefts
DUBAI — SEP. 21: The Dubai Police have arrested a Pakistani national who was allegedly involved in a series of thefts that took place in the Mirdif area recently. Most of the stolen items have been recovered from the accused, who worked as a carpenter in a contracting company.
Following the reports of thefts, the police set a trap to nab the culprit. On August 28, the police received a tip-off that a Pakistani national may be involved in the thefts. The police monitored the suspect’s movement and later arrested him.
During interrogation, the suspect confessed that he had robbed six villas. The police found all the robbed items from his possession, including jewellery and mobile phones. The accused has been referred to the Dubai Public Prosecution.
KHALEEJ TIMES
UAQ starts probe into illegal workers’ case
UMM AL QUWAIN — SEP. 21: The Public Prosecution has begun its investigations into the case in which a large number of workers, mostly Chinese, were found working illegally in a warehouse in the industrial area in the emirate recently. While 12 of the workers were arrested on the spot, the rest managed to escape from the site.
A team of the Civil Defence had found the workers engaged in filling up cartridges of photocopiers and printers with ink in the warehouse. The workers are in the UAE on visit and tourism visas of tour companies, cargo firms, and hotels in Ras Al Khaimah, police sources said.
The police sources said that the illegals were arrested by sheer chance when Civil Defence staff were on a regular inspection visit to the establishment, and suspected the legal status of the workers. They also suspected the legality of the warehouse to carry out the filling up of cartridges of photocopiers and printers with ink. The workers were found to be working illegally, and the warehouse was not registered with the Economic Department.
The Economic Department is currently tracking down the persons who had rented the warehouse and had brought in the illegal workers.
The tour companies and hotels that arranged visas for them are also under the scanner of investigators.
KHALEEJ TIMES
Ministry takes action against seven firms
ABU DHABI – SEP. 21: In more than 550 inspections carried out by the Ministry of Labour (MoL) in Abu Dhabi to ensure that no illegals are working in firms and establishments, seven firms were found to be violating the Cabinet instructions by employing illegal workers.
Deputy Director of the Inspection Department Qaseem Jameel said, “We visited 557 firms, restaurants, hair-dressing salons and service offices. The inspectors found nine illegal workers at seven restaurants, barber shops and service companies.”
The violators will face penalties, including six-month suspension of transaction with the ministry, Dh10,000 fine and downgrading of status.
“Besides the penalties, the ministry will transfer the case to the Public Prosecution for further legal action,” he added.
“We need cooperation from the public to report violations by companies,” said Jameel, adding that the public can call toll free number 800665 to report violations.
Meanwhile, the MoL will be launching an awareness campaign to inform companies across the country about the laws and ministerial decisions.
Besides distributing leaflets to the companies highlighting the penalties for various violations, inspectors will deliver lectures to the workers making them aware of their labour rights and what to do if their sponsors did not respect their labour rights.
KHALEEJ TIMES
Kuwaiti hospital tightens rules
SHARJAH - SEP. 21: SHARJAH'S Kuwaiti Hospital has made it compulsory for its employees to obtain sick leave certificates only from its staff clinic as bogus sick leave certificates from private clinics have been found to be helping many to take leave even as the hospital is facing staff shortage.
A top official in the hospital told The Gulf Today that the decision was taken after "things went crazy as everybody started getting sick leave certificate from private clinics".
"Like any other hospital, we are also facing staff shortage in many departments. We cannot control people falling sick. But things went worse when many started taking leave by showing bogus sick leave certificate," the official said.
He said the rule was first put in the administrative section. "We started with the administration. But later on we found that the same happening in many medical departments too. We had to make it compulsory for them to get the medical fitness certificate from the hospital's staff clinic itself as things reached a state where we thought the blame will fall on the hospital."
He said the hospital gave sick leave to staff with genuine health problems and also changed the type of duty for some staff on health grounds. "We usually reduce the workload of sick staff and we have been giving relaxation for sick nurses by transferring them from wards to morning clinics. When we can, we have also transferred them to nearby primary health care centres and got someone else in their place," he added.
According to the official, staff attendance has improved ever since the rule became mandatory. "One way it is good for staff with genuine reasons to consult the staff clinic as they need not pay the consultation fee. But like any other worker, they also need to get the sick leave certificate attested from the health ministry, which they have to do even if the certificates are from the private sector."
GULF TODAY
Ramadan festivities light up Sharjah parks
SHARJAH - SEP. 21: SHARJAH Municipality (SM) has started Ramadan festivities at the parks controlled by the civic body on Wednesday.
Head Festivals and Activities Unit at SM Hanan Jasim said that festive programme include several social, health, traditional entertainment activities and other cultural programmes.
"The month-long programmes kicked off on Wednesday and will last till the end of the Ramadan and Eid," he said.
At Al Majaz Park, Hanan said the programmes will be started on the eighth day of Ramadan (Wednesday) and will continue till the 24th of the holy month. Activities include drawing, pony riding, health and cultural activities and an exhibition.
Every Thursday and Friday there will be additional activities such as Tahaddi (a challenge programme). At the park theatre there will be a programme titled All Love to Our Mother Jawaher and other entertainment presentations.
The Green Belt Park will also have festivities from the 8th till 17th of the month.
The activities include games, free drawing, pony riding and traditional market. The accompanying activities are health culture exhibition and traditional competitions.
At Al Qarayin Park, activities had commenced on the 7th and will run through the 10th of Ramadan. There will also be fixed-time activities, including free drawing, pony riding and others.
All Thursdays and Fridays will witness Tahaddi challenge which will start from 9.30pm and will end at 12pm.
GULF TODAY