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Discuss this article (0 Comments)Arabic press review 17/01/07 - Business news seen through local eyes
by Ben Flanagan on Wednesday, 17 January 2007
Today's Sharjah-based Al Khaleej newspaper has an interesting news report on how the UAE’s Council of Ministers has approved a draft law stating that part of Emirates Post Holdings will float on the stock exchange.
The UAE government will retain a 51% share in the postal operator, with the rest sold as shares in an IPO in the second half of 2007. A board of directors for the group will be formed very soon; all of the government organizations specializing in postal services, money transfer and logistics will come under its authority.
Al Khaleej also reports that petrol companies Enoc (Emirates National Oil Company) and Emarat have reduced the price of diesel fuel by 20fils. The price per gallon is now AED8.8 instead of AED9. This reduction was implemented last Sunday, 14 January after the two companies reached a voluntary agreement. Sources in the two companies have explained that this reduction comes as a result of falling oil prices.
The newspaper also reports on last night's speech given by DFM boss Essa Kazim concerning the formal establishment of the Dubai Financial Market Company. The full story was posted here on ArabianBusiness.com last night. However, the newspaper does add one interesting detail - that Kazim has not ruled out listing DFM shares on another exchange.
On the website of the pan-Arab Al Hayat newspaper, Ziad al-Dabbas tries to put a figure on how many investors have deserted the region’s stock markets since things started going horribly wrong. He says that around eight million investors entered the region’s markets in 2005-06, because of the great gains that were seen in 2004-2005.
However, because of the disastrous losses seen by almost all of the markets in the region, al-Dabbas says that – while there is no exact number on how many investors have withdrawn – he estimates that close to half of these 8 million people may have left the markets.
The Abu Dhabi-based Al Ittihad newspaper has a two-page interview with Osman Sultan, Chairman of the UAE’s new telecoms operator du. A lot of what Sultan says we’ve heard before: that the company has ‘no intention’ to start a price war with Etisalat, because it wouldn’t benefit either side; that 500,000 people have reserved 750,000 numbers. And apparently the company employs 1,500 employees and will have 1,000 outlets to sell SIM cards.
But the real issue is whether du will manage to launch services by the February 12 deadline, after which it will incur a fine. Sultan says that he ‘hopes’ the operation will start in February, but it’s not clear whether this means before the 12th or not. But he does say that ‘if we feel that we will not meet that deadline, we will announce it in due time’.
And finally, Dubai’s Al Bayan newspaper has an article on the continued efforts of the Labour Office in the Philippines to improve the lot of the considerable number of Filipino maids that choose to work abroad - many, of course, in the UAE and wider GCC area.
The Office has decided that the minimum age of housemaids who go to work outside the Philippines will be 25. This decision will enable housemaids to finish their schooling; they will also be given training into how to use household appliances and basic lessons in Arabic.
This comes a month or so after the Philippine government made a ruling on the minimum pay for maids working abroad. Imagine the shock and horror of recruitment agencies and rich expatriates when it was ruled that maids’ pay will double – to an extortionate $400 a month…
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