| Chairman's Message |
GCC economic fundamentals are not all that bad...
As we enter 2009, the world economy is caught between sharply slowing demand in many
advanced economies and rising inflation everywhere, notably in emerging and developing
economies. I feel that economic recovery will be driven by the bottoming out of the
U.S. housing sector, coupled with robust domestic demand in many emerging economies,
and the unwinding in 2009 of the adverse terms-of-trade effects of the high oil prices seen
during the 2008 fiscal year.
In the GCC, however, apart from the inflationary pressures that are gaining steam from
accommodating macroeconomics and loose monetary policies, among other factors,
economic fundamentals are not all that bad. I believe that we will witness steady growth
for a while as people count their losses and begin digging deep to find out exactly what
went wrong. This will be followed by a sharp improvement, which could revive the fear of
people buying things without really understanding what they are getting into.
My first recovery bet would be Qatar, which will benefit from its strong planning outlook.
Despite some occasional and unnecessary political controversy, the landscape is still virgin
when it comes to high quality and superior services. I believe that more people will flock
to Qatar in the immediate future, living, eating, sending their kids to school, and making
use of healthcare services, all of which will boost the country’s economy.
Abu Dhabi would be my second bet, though I feel they will be very careful with spending
the available liquidity and short-term investment, as they have many issues to take care of
outside Abu Dhabi itself. It is not so long ago that we saw top American and British banks
queuing up in Abu Dhabi seeking cash injections. We are likely to see the same happening
with various Muslim and Arab countries, who will head to Abu Dhabi seeking some sort of
financial help to deal with the crisis.
However the scenarios play out in 2009, the year will be a tough one. Yet, the difficult times
ahead present a good opportunity for SAHARA Communications and our clients to work
together to strengthen the foundations on which we will build as the economy rights
itself, and will give us all the opportunity to prepare for what I believe will be a strong business
year in 2010.
I wish you all a good 2009.
GCC economic fundamentals are not all that bad... |
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| SHARJAH
The other Land of the Rising Sun |
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Even from a cursory browse through the
Sharjah Commerce Tourism Development
Authority (SCTDA) website, it is
clear that Sharjah has a great deal to offer.
Even a mild cynic might observe that
such an organisation would be unlikely to
say anything else; its raison d’être, after
all, being to sell the Emirate to the rest of
the world. But Sharjah really does have a
lot going for it and offers a different experience
to its two larger ‘cousins’, Abu
Dhabi and Dubai. This is especially true
for the more discerning and culturallyminded
European visitor, but it also
caters for those in search of fun in the
modern context and outstanding water
sports: In short, something for everyone.
Where are the Brits?
But whilst it has become a popular destination
for Germans, for example, after
considerable effort had been put into
promoting the Emirate in the media, at
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tourism trade fairs and by other means
(and Europeans in general currently
account for some 35% of Sharjah’s tourist
trade),it would be fair to say that little is
known of, or has been written about,
Sharjah in the UK.
Indeed, the general level of understanding
of the United Arab Emirates (UAE) as a
whole in Britain might be described as
remarkably low, particularly in view of
the fact that the Union was formed under
the auspices and with the assistance of
Her Majesty’s Government in December
1971.
The UAE & Sharjah
So, first a little background. The seven
Emirates that comprise the UAE are Abu
Dhabi, Dubai, Sharjah, Ras Al Khaimah,
Fujairah, Ajman and Umm Al Quwain. The
first three of these are comfortably the
largest components, with Abu Dhabi
being the home of the President and
political capital, Dubai the commercial
centre and Sharjah, the cultural heart of
the UAE. This is no idle boast; in 1998
Sharjah, which means ‘Rising Sun’, was
declared Cultural Capital of the Arab
World by UNESCO in recognition of its
commitment to art, culture and the
preservation of its 5,000 year old
heritage.
Sharjah’s reputation for artistic excellence
spans the Gulf and beyond and there is
much to see in the Emirate’s many museums
of which, at the last count, there
were more than fifteen. For those who
like the exhibits to be a bit more active,
there is also an impressive aquarium
as well as a centre for Arabian wildlife.
Not surprisingly, the Emirate has become
a leading centre of education in the
Middle East, but, in common with other
members of the UAE, also offers a wide
range of top shopping, sports, leisure and
dining facilities.
Sharjah has a plethora of smart shops,
modern malls, souqs, markets, boutiques
and bazaars. There are many separate
shopping areas in the city as well as
SHARJAH
furniture and craft warehouses dotted
around town. The variety of products
available is impressive and retail prices
tend to be reasonable as shopping is tax
free. Prices are fixed in the malls and the
department stores, of course, but
haggling is a great tradition in the souqs
and bazaars and provided it remains
good humoured, will not offend. All
major credit cards and travellers cheques
are accepted in the major stores; smaller
outlets may only deal in cash.
Coastal Pleasures
Once the cultural delights have been
absorbed and the retail therapy has
worked its magic, many visitors hear the
call of the sea. Sharjah is the only Emirate
with territory on both the Arabian and
Omani Gulf coasts, so those in pursuit of
water sports, or who simply want to lie on
the beach and soak up the sun, are spoilt
for choice. If the chance to go diving
appeals, the waters off the east coast can
provide a memorable experience, as they
contain some of the most spectacular
underwater scenery to be found in the
Emirates.
The water is crystal clear, giving the
opportunity to see beautiful coral reefs
and plenty of tropical sea life, including
turtles, shark and moray eels. There are
several dive sites just off the coast of
Khorfakkan, and others that are accessed
from the town of Dibba. Popular places
include Martini Rock, Shark Island (off
Khorfakkan), Sandy Beach, Dibba Rock
and Lima.
Eating and (not) Drinking
Being an important centre for Islam,
which is a way of life as much as one of
the Great Religions, the visitor is treated
to an authentic Arab experience that
many people appreciate in our increasingly
homogenised, global society.
SHARJAH
Ofcourse, this means that alcohol is not
permitted in Sharjah, but (outside the
rush hour) it is only a fifteen to twenty
minute road trip to Dubai, where drink is
widely available in hotel bars. However,
in common with many countries, Dubai
maintains a zero tolerance policy
towards drink driving, which is strictly
enforced, so it is advisable either to take a
taxi, or draw straws to determine who is
sticking to fruit juice.
Back in Sharjah, an extensive range of
cuisine is available, from local to international
dishes and of course, the coffee
shop and fast food names with which the
global population is now familiar are to
be found here too.
Accommodation
The many hotels and furnished apartments
in Sharjah provide a range of
facilities for tourists and other visitors to
suit all pockets. The beach resort hotels
are mainly to be found along Al Khan
beach and on the East Coast, the Oceanic
Hotel offers beachfront accommodation
in Khor Fakkan. There are city hotels all
around Sharjah if preferred. Many
European visitors find the sunny winter
months attractive, but there is nothing to
prevent a summer visit for those who
enjoy serious, sweltering heat.
Tours & Excursions
Tour Operators offer tailor-made services
to help visitors make the most of Sharjah.
Organised tours ranging from a half day
trip to one or even two night desert and
mountain safaris, plus daily programmes
for exhilarating 4X4 desert driving, shopping
tours, camel riding, canoe trips,
sand boarding, sand skiing, dune buggy
driving, theme and water parks and trips
to other emirates are all available. Orient
Tours, SNTTA and SATA are three of the
main tour operators in Sharjah (contact
details for these companies and leading
travel agencies can be found on the
SCTDA web site). Most hotels in Sharjah
also have special packages during the
summer and the Holy month of Ramadan.
Value-for- Money Deals
Although growth in the Sharjah travel
trade has been exponential and rapid, in
the current economic climate special
offers and off-peak deals could well be
made available, so it would be advisable
to keep a weather eye out for any money
saving opportunities. These may also be
promoted at some of the major tourism
trade fairs in the UK in the near future.
General Tips
A visa is required to enter Sharjah, but
British citizens, among other nationalities,
are eligible for a single entry, Free
Visit Visa, which is issued on arrival at the
port of entry and is valid for 60 days,
more than plenty for most tourists. However,
if required, it is renewable for a
further 30 days at a cost of 500 dirham,
(approximately £95 at the current rate of
exchange).
obtained in order to validate any subsequent
insurance claim. The roads are
generally well sign-posted in both Arabic
and English.
In common with many countries in the
region, passports must have at least two
years to run at the date of entry. Visitors
may not wish to carry their passports
with them at all times, in fact it is probably
inadvisable. But it may be wise to
have photocopies to hand of the page
containing the bearer’s details and
photograph, and if possible, the one
bearing the stamp issued on entry at
Passport Control, for identification if
requested.
Crime rates are comparatively low
throughout the UAE, but particularly in
Sharjah.
The SCTDA web site is a valuable source
of information and can be foufound at www.sharjahtourism.ae |
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| SAHARA Communications-New Accounts |
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Despite – or perhaps because of – difficult market conditions, companies turned to SAHARA Communications, selecting the company as their partner of choice to weather the tough times that are ahead, and reiterating their confidence in SAHARA’s ability to provide valuable information and services in hard times as well as good ones. SAHARA Communications acquired a number of new clients in 2008, who were looking to take advantage of the company’s superior services and we are delighted to welcome them to the fold. |
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Founded in 1971, the UAE’s Ministry of Foreign Affairs represents a direct link between the UAE’s visionary leadership and the people of the world, and acts as the voice of the state on Arabic, Islamic and International issues. The Ministry’s goal is to strengthen friendly ties and cooperation between the UAE and other countries. Its duties and responsibilities include overseeing foreign relations;
protecting the interests of the UAE and its people abroad; include, among others, collecting, analyzing and evaluating political and economic information; organizing communication between the state’s ministries, their departments and subsidiaries, and governments and organizations; and promoting the country and its cultural values and policies. |
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Another new company that has joined the SAHARA fold is Cornerstone Real Estate. Established in 2004 by a group of experts and specialists with diverse and rich backgrounds in banking, finance, and marketing communications, Cornerstone offers a comprehensive service package, including sales, leasing, property and facilities management, and project sales management, as well as specialised investment services, including consulting, valuation, research, and portfolio management. Cornerstone aims to provide its customers with an international network of buyers and sellers through its extensive database, and its wide portfolio of properties caters to the needs, aspirations and dreams of most property buyers, sellers and developers in the UAE. |
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In its first foray into the medical field, SAHARA took on Clinical Pathology Services (CPS), which is a Dubai-based company with the only purpose-built, stand-alone, reference medical laboratory for human pathology testing in the UAE, and offers the highest achievable quality analysis. CPS runs the largest diagnostic centre in Iraq, and its facility in Dubai is currently the first and only laboratory outside the European Union to have achieved CPA (UK) accreditation. CPS aims to become the leading pathology service in the region and to provide internationally accredited laboratory services to hospitals, medical practices and the community who rely on those services for their health and well-being.
Established in 1997, Rikaz Properties operates in the fields of development and investment. Since its inception, the firm has developed over 12 million square feet and invested over SR3.5bn in numerous developments, ranging from raw plots for development to integrated residential districts, marine resorts, light industry and storage areas, office and residential towers, and shopping centres. |
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| The effect of Meydan project cancelation’s on Arabtec’s bottom line |
| Analysis by : SHUAA Research Department
SAHARA is the communication partner for both Arabtec & SHUAA Capital |
(Dubai government arm cancels Arabtec Holding contract: Meydaan LLC (Meydan), the developer of Dubai's Nad Al Sheba Horse Race Course announced earlier that it had cancelled its contract with the contractor joint venture between Dubai's Arabtec Holding (Arabtec) and Malaysia's WCT Engineering Bhd (WCT) because they "failed to abide by the time schedule for completion".) 20th Feb 09.
The planned race course which has a one kilometre grandstand with a capacity of around 60,000 spectators, covered parking for 10,000 cars and a five-star hotel was |
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Meydan Project to be home to the Dubai Worldcup 2010 during the
city tour |
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due for completion on the 7th of October 2009 and is meant to be home to the Dubai World Cup in early 2010, the world's richest horse race. It is important to note that we are at least nine months from the agreed completion date and almost 15 months from the race day. Around AED 1.2 bn chipped off backlog: For Arabtec the total contract value was/is AED 2.05 bn, with an estimated AED 1.0-1.2 bn of contract work left as of 2008 year end. Based on an equity adjusted backlog (including letter's of intent) of AED 44.3 bn at the end of Q3 08 and an estimated AED 2.1 bn of contract work completed in Q4 08 the new backlog figure would be AED 42.2 bn before adjustment for the contract cancellation. As a result, this contract cancellation reduces the backlog by around 2.7% to reach AED 41.0 bn.
Immediate impact:
This piece of news was bound to have a negative impact, on Arabtec and WCT; both stocks went down, with trading halted on the latter after it dipped nearly 30% to reach the lowest levels since 1995. Arabtec closed at AED 2.34 per share, limit down. The stock may decline further, but we have to keep in mind that the current market price has already factored in over twenty times the AED 1.0-1.2 bn that the Meydan contract cancellation is worth in remaining work, in additional cancellations. In fact, in our doomsday scenario note on Arabtec Holding dated 11th of November 2008 we indicated that we expect some of the company's backlog in Dubai to be cancelled.
Furthermore, our analysis indicated that even if we assume the very unlikely event that all Dubai contracts and even the Russian contract would be cancelled coupled with a 40% dip in EBITDA margins and assume a higher WACC, the company would still be worth AED 2.50 a share (adjusted for the recent bonus share issue). The bad news the market has priced in over the past 4-5 months is actually starting to materialize, but we are a long way from the unlikely cancellation of all Dubai contracts. Nevertheless, we do admit that this particular contract would normally not have been included in any sort of base case scenario assumption of contract cancellations, because it was at such an advanced stage of the construction process and the fact that it is so strongly linked to the government of Dubai.
Earnings impact:
If this cancellation stands, the loss of the AED 1.0-1.2 bn of the contract value expected to turn into a 2009 revenue contribution could erase Arabtec's hopes for earning growth next year. The maximum bottom-line contribution would have been AED 120-144 year. The maximum bottom-line contribution would have been AED 120-144 mn, which in our view would be most of the 15% growth expected for next year. Assuming flat earning growth in 2009, the P/E would be 2.8x representing a discount of 70%, 82% and 56% to the global, China and India sector P/E's respectively. We are also assuming here that Meydaan will pay any money it owes Arabtec for work completed to date and that Arabtec will not be paid any compensation for the cancellation of the remaining contract.
WCT battle ready vs. Arabtec's containment: While WCT appears to have opted to go head-on with Meydan by calling the cancellation a "breach" and announcing that it was considering all options. Arabtec's initial silence and after market press release today, which confirms the cancellation and expresses "regret for this decision by Meydan", appears to indicate that the company has adopted the more `quite' approach, typical in dispute management in the GCC region:
1) absorb the initial shock, 2) keep communication channels open 3) lobby with other indirect stake holders and 4) avoid publicity and being dragged by the counterparty/opponent into open battle, something that could easily leave a negative
mark on Arabtec, especially if the dispute escalates, given that battle, something that could easily leave a negative mark on Arabtec, especially if the dispute escalates, given that Meydaan is a government sponsored entity (major source of business). Meydan is a government sponsored entity (major source of business).
Is the final word said
While Meydan is cancelling this contract with the intention of finding other contactors who can wrap-up the project before race day, the current contractors seem confident that they will deliver on time and are surprised by this escalation. If being ready for race day without Arabtec and WCT who "failed to abide by the time schedule for completion" is the intention, then Meydan needs to find a contractor that can/is willing to: 1) take on a contract with a potential legal cloud hanging over it, 2) mobilise the required resources on such short notice, 3) finalise hand over (from Atrabtec & WCT) and 4) wrap up the construction faster than the Arabtec & WCT joint venture. We are not sure that this is the simplest of tasks in the current environment. If this decision is a tactic move in order to gain higher ground in negotiations with Arabtec and WCT on pricing and other contract conditions, then this could work for both and we could see a reversal of the decision. The coming days will tell us whether this move is a hunt for a winning horse, a better deal, or a search for nickel and dimes in a world where cash is more king than ever.
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| SCTDA |
| Sharjah Tourism Authority visits Turkey |
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| Al Noman Receive a gift from SAHARA Turkey Office |
| Touring the Islamic Museum with the General Manager of the Museum |
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| Meeting with The Director of Culture and Tourism Ministry (centre) |
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SAHARA, organised a VIP road show for one of its clients (SCTDA). During the visit , SCTDA Director General, Mohamed A. Al Noman, led the delegation in a visit to Turkey in February 2009, to participate in EMITT 2009 in Istanbul. Al Noman met Istanbul Mayor, Muammer Guler, and the Director of Culture and Tourism Ministry, Professor Ahmet Emre Bilgili, to discuss strategies for strengthening tourism relations and facilitati;ng tourist exchange. |
| Al Noman receives a gift from the Islamic Museum. |
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| Al Noman Present SCTDA gift to the Mayor of Istanbul |
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| Imad Nauimi SAHARA’s Scandinavian
office Manager with Ibrahim Azawi, Head
of International Logistic Committe at
SAHARA. |
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| Al Noman receives a gift from the Islamic Museum. |
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| Al Noman, Mayor of Istanbul and
Mahmoud Arkawi SAHARA
Istanbul office Manager |
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An official welcoming for
Al Noman at the Mayor’s office |
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| Clinical Pathology Services Accredited by CPA (UK)-First Medical laboratory outside the EU. |
| Dubai achieves UK’s most stringent medical lab standards |
In an achievement that is the first for a pathology service laboratory outside the European Union, a Dubai-based lab has received approval for accreditation by Clinical Pathology Accreditation in the United Kingdom – CPA (UK).
Clinical Pathology Services (CPS), located in Al Barsha, was confirmed for the scheme after an extensive on-site visit from CPA(UK) assessment teams, making it the first medical laboratory outside the European Union to achieve this accolade. The CPA(UK) standard is considered the most rigorous in the world, with a current pass rate of 53% in the UK.
Dr Mashal Al-Nawab, Head of Services at CPS, expressed his delight at this accomplishment for the UAE’s healthcare sector. “This is a new day for healthcare provision in the UAE. CPS is proud to play its part in meeting international standards set for the global medical community, as directed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.”
CPS will receive its accreditation certificate from Paul Stennett, Chief Executive of both CPA(UK) and the United Kingdom Accreditation Service (UKAS), as part of a visit Mr Stennett made to Dubai to speak at the Arab Health 2009 conference.
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Dr Mashal Al-Nawab,
Head of Services at CPS |
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According to Dr Al-Nawab, if medical laboratories in the UAE want to advance, accreditation is a must. “Laboratory services are one of the most important diagnostic tools in modern medicine, allowing doctors and hospitals to diagnose and treat disease closer to the point of origin, thereby permitting more effective treatment. The credibility of medical laboratories is paramount to the health and safety of the patients relying on the testing services provided by these labs,” he explains, “and the only way to establish the credibility of any laboratory beyond question is for it to be internationally accredited, as this assures that it meets
certain internationally accepted minimum standards of operation.”
“Accreditation also cuts down on unnecessary re-testing if patients move from one hospital – or even one country – to another,” Dr Al-Nawab adds. “If patients need to go abroad to obtain treatment for any reason and their tests were performed at an accredited laboratory. The results obtained can be accepted, whereas if the results come from an unaccredited laboratory, there is no way of knowing whether the test results are valid or to what standards the tests were performed, so they need to be redone, which can prove costly.”
As of 1 September 2008, the Dubai Department of Health and Medical Services (DOHMS) and the Dubai Health Authority (DHA) have required all medical laboratories to adhere to strict standards published by DOHMS in September 2007. Dr Al-Nawab, who is a member of the task force that set the standards, explained that they are based on ISO 15189, which is the guiding standard for all medical laboratories worldwide.
“This bold move by the Dubai Government stems from the UAE leadership’s recognition that pathology services form the
infrastructure on which all medical management is based, and accordingly its strength reflects the strength of all healthcare in any country,” he concluded.
CPS (Clinical Pathology Services L.L.C.) is a recently formed Dubai-based company with the only purpose-built, privately owned, stand-alone, reference medical laboratory for human pathology testing in the United Arab Emirates. CPS is affiliated with Guy's and St. Thomas ' NHS Trust in the United Kingdom. Its facility in Dubai is currently is the first and only laboratory that has achieved CPA(UK) accreditation outside the European Union.
CPS aims to become the leading pathology service in the region and to provide internationally accredited laboratory services to hospitals, medical practices and the community who rely on those services for their health and well-being.
CPS offers the highest achievable quality analysis in the disciplines of histopathology, cytopathology, serology, haematology, biochemistry and microbiology. In addition, CPS currently runs the largest diagnostic centre in Iraq. |
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| Client's News |
| Al Mazaya develops ‘Clover Clinics’ project with healthcare centre in Kuwait |
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| Clover Clinics Project |
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Al Mazaya Holdiings, one of the regions property developers, recently moved into the healthcarem market through the development of its ‘Clover Clinics’ project. Cited in the Al Jabriya district of Kuwait, the main development comprises 4,000 sq meters, arranged over 21 floors, with an additional seven floor adjacent building, which the company has specified will provide a ‘Boutique Clinic’ service. Al Mazaya’s investment in the healthcare market is part of its strategy to increase and diversify its portfolio and strengthen its position in Kuwait, which, studies have shown, lacks specialised facilities in a number of disciplines, including healthcare.
Engineer Salwa Malhas, Executive Vice President at Al Mazaya, observed that many healthcare facilities in Kuwait have been converted from other uses, rather than being purpose-built. Clover Clinics, on the other hand, will have numerous features that cater specifically for the needs of healthcare specialists and be equipped with the latest technology and medical equipment. An extensive marketing campaign for Clover Clinics will be undertaken, both in Kuwait and further afield. Al Mazaya will be meeting potential investors in the KD7m Al Jabriya development in May to showcase Clover Clinics Project case the project.
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| Nakheel’s Marina Residences set for handover Development on Palm Jumeirah more than 90% complete |
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| Nakheel Marina Residences |
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The handover of more than 900 homes on its exclusive Marina Residences development is set to commence in April 2009. The project has made rapid progress; groundwork only started in September 2006.
Johann Schumacher, Managing Director, Palm Jumeirah, said:
“Homeowners at Marina Residences will benefit from an exclusive address at an iconic development, Palm Jumeirah. |
Here they can enjoy the wealth of tourism and leisure facilities which are on offer...and benefit from having one of Dubai’s largest marinas, Anchor Marina, (which has berths for over 500 vessels) on their doorstep”.
Marina Residences, already one of the most sought-after residential locations in Dubai, is a stunning residential complex located at the tip of the trunk on Palm Jumeirah, one of the world’s largest man-made islands. The high end, high-rise development consists of six residential towers that rest on landscaped podiums faced with marinas.
The towers contain 940 apartments and penthouses; a further 40 units, townhouses, rest on a marina-fronted promenade.
Nakheel expects to hand over some 2,200 villas and townhouses during the course of the year and has already started the process at Jumeirah Village. |
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| Dana Gas Chairman meets Egyptian Prime Minister and introduces Gas Cities at Cairo Business Roundtable |
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Hamid Jafar, and Dr. Ahmed Nazif, the Prime Minister of Egypt, at Sixth Business
Roundtable |
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Dr. Ahmed Nazif, the Egyptian Prime Minister, met Mr Hamid Jafar, Executive Chairman of Dana Gas, on 16 February at the Economist Conference’s Sixth Business Roundtable of which Dana Gas was the lead sponsor.
The Roundtable, attended by the Prime Minister and nine members of his Cabinet, brought together leading businessmen, investors and key decision makers to discuss issues pertaining to the current economic situation in Egypt.
During their discussion, Mr Jafar outlined Dana Gas’s commitment to its Egyptian operations to the Prime Minister and apprised him of the rapid results being achieved, including discoveries made during the past few months.
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Mr Jafar also met Egypt’s Minster of Petroleum, Eng.Sameh Fahmy to discuss Energy issues, specifically the country’s future requirements as well as Dana Gas’s plans for its operations in Egypt. Dana Gas also presented its Gas Cities concept to the Conference, which it believes to be the optimum energy solution for the region. The company is committed to establishing Gas City Egypt, similar to the Kurdistan Gas City in Iraq.
Following the presentation, Mr Jafar said: “Despite the challenges of being the most populous country in the MENASA Region, Egypt has made huge strides in the gas sector through the progressive policy of the Petroleum Ministry that both encourages investment and maximizes local benefit. Egypt has doubled its gas reserves in the past 5 years, and is meeting the needs of the large domestic market while also exporting gas.
“Dana Gas marked its entry to the Egyptian energy sector with a US$1.1 billion acquisition in 2007 and has since made substantial investments in exploration and development, which have yielded positive results.
“We have doubled our reserves in Egypt, and announced our latest discovery just this morning. In addition, we are making investments in a new LPG plant in the Gulf of Suez. “As a regional company, we are focused on local use and benefit from gas, and in this context are proud to be jointly developing with the Government the Egypt Gas City Project.”
Dana Gas is the sixth largest gas producer in Egypt and the only private sector company from the region to make significant hydrocarbon discoveries there in 2008. The company also made a commercial oil discovery in Southern Egypt.
For more information about Gas Cities, please go to: www.danagas.ae |
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| SAHARA Activities |
| SAHARA Group Bowling Competition |
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| ok guys, nice biceps... |
| Omar, crossing the line as usual. |
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| Marrakech gets into the swing of things |
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As part of its corporate social activities SAHARA Communications invited all its employees and their families on Saturday February the 14th 2009 to participate in a bowling competition. They played for a grand prize (one night fully paid room in one of the most luxurious hotels in Burj Dubai area).
SAHARA puts great emphasis on social activities and believes they strengthen the relationships between employees and create a better working environment, which is directly reflected in the services we provide to our clients. In order to continue to develop such a healthy and athletic atmosphere, SAHARA continuously creates and promotes them among its employees. |
| Maryam trying her luck with an orange ball this time! |
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| SAHARA sponsors ICM |
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| H.E Sheikh Sultan bin Ahmed Al Qassimi, SCTDA Chairman, presents honorary award to Mr Bassam N.Dean, SAHARA Branch Manager. |
In line with SAHARA group’s vision of
supporting scientific and engineering
activities in the UAE, SAHARA Group
received an honorary award for sponsoring
the 20th International Conference on
Microelectronics (ICM). The conference
was held at the University of Sharjah’s
College of Engineering between the 15th
to 17th of December 2008. The award was presented by H.E. Sheikh Sultan bin
Ahmed Al Qassimi, Chairman of the
Sharjah Commerce and Tourism Development
Authority (SCTDA), on behalf of
H.H. Dr Sheikh Sultan bin Mohammed Al
Qassimi, Member of the Supreme Council
and Ruler of Sharjah.
The award was
received by SAHARA Branch Manager
Mr. Bassam N.Dean Al Naimi who
commented by saying “We are proud to
receive this award, as it confirms to us
that our vision of using all possible means
to spread knowledge throughout Arab
communities is a sound one. The award
encourages us to continue with our
efforts, and we look forward to sponsoring
similar cultural and educational
conferences and activities in the future,”
Mr. Al Naimi added ”sponsorship of this
event is intended to develop the skills of
those working in the fields of electrical
and electronic engineering, as well as
other related fields.
We are also focused
on staying up to date with the latest
developments in engineering and
engineering and technology, which are
key to the growth of a variety of
economic sectors and allow companies
to accomplish their work in an efficient,
cost-effective manner, with minimum
negative effects on the environment.”
At SAHARA, the environment is very
much on our mind; we are always thinking
of ways to reduce our carbon foot
print. Every effort counts and undoubtedly
contributes to saving our precious
environment. We have taken steps are
planning more to increase our positive
contribution. We have switched to
environment friendly products, and are
moving towards a paperless society to
save the precious rain forest trees. |
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| SAHARA Network |
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