Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, yesterday toured the Cityscape Global exhibition that is under way at the Dubai International Exhibition and Convention Centre.

Shaikh Mohammad was accompanied by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, and the visiting chief of the Royal Court in Bahrain, Shaikh Khalid Bin Ahmad Al Khalifa.

Shaikh Mohammad visited various stands, including those of Dubai Municipality, Dubai World Central and Meraas.

At Meraas’ stand, Shaikh Mohammad met with a Chinese delegation where he was briefed by Abdullah Ahmad Al Habbai, chairman of Meraas Holding, on the Dh2 billion project that the company is implementing near the existing Dragon Mart in conjunction with China Longines investment Company.

Ambitious development

The project, called Phoenix, will be completed in 30 months, and will be three times as large as Dragon Mart, spanning an area of 8 million square metres. The Phoenix project will include various shops, a five star hotel, a car parking, and other facilities. Shaikh Mohammad congratulated Meraas on the joint investment project between the UAE and a global Chinese company. He said that the joint project is a new step forward in increasing joint investments between the two countries, especially in the private sector.

Addressing the Chinese delegation, Shaikh Mohammad described Dragon Mart as a window for China and a portal for Chinese companies into the region’s markets. He praised the strong bilateral and historic relations between China and the UAE, which he said were further strengthened by extending bridges of trade, tourism and cultural cooperation, in addition to increased joint investments which benefits both countries and peoples.

Shaikh Mohammad also received an overview of the Dragon Mart expansion project, located in Al Warqa, which will be completed in late 2012. The project will include additional shops, restaurants, and service facilities, as well as a five-star hotel and a parking lot.

Shaikh Mohammad was also briefed on The Avenue project, carried out by Meraas Holding in Al Safa street in Jumeirah.

Dubai: Dubai Duty Free (DDF), the world’s largest travel retail operation, will part-finance the development of a new concourse and terminal, part of the Dh28 billion expansion of Dubai International Airport, the world’s fourth biggest international passenger hub, a top official said.

“I am glad to say that Dubai Duty Free and Dubai Airports will mainly finance the development of Concourse 4 at Dubai International Airport,” Colm McLoughlin, Executive Vice-Chairman of Dubai Duty Free, told Gulf News in an exclusive interview.

This would be the first major investment by Dubai Duty Free in a large infrastructure project following the construction of its Dh500 million headquarters and central storage at Al Ramool and the new five-star 293-room luxury hotel at the Aviation Club.

The Dubai Government-owned entity has set up Dubai Duty Free Leisure — as a separate division to look after its leisure projects — including the Irish Village, the Century Village and the Dubai Tennis Stadium — owned by Dubai Duty Free.

Jumeirah Group will manage the hotel once it’s completed later this year.

The complex is located near a set of aircraft simulators at the Emirates Trainning College and cabin crew training facility owned by Emirates Group.

The Dubai Government last month unveiled a Dh28.8 billion plan to expand its airport that will add a fourth concourse and a terminal at Dubai International Airport’s existing 14-square kilometre site to boost its capacity to 90 million passengers per annum by 2018.

In 2010, Dubai International handled a record 47.2 million passengers, a 15.4 per cent increase over 2009. This made it the 13th busiest airport in the world by passenger traffic and the fourth busiest airport in the world by international passenger traffic.

Dubai Duty Free, which last year reported sales revenues of $1.27 billion, operates on 18,000 square metres of space at Dubai International.

It will launch operations at Dubai World Central — Al Maktoum International Airport (DWC-AMIA) — the world’s largest Greenfield airport development being developed at a 140-square kilometre patch of land in Jebel Ali, when commercial passenger flights starts operation.

It has set up a 2,500 square metres duty free operations at DWC-AMIA, ready to start.

“Besides, we will add a further 8,000 square metres of retail space in Concourse 3 when it opens in 2013 and a further 8,000 to 9,000 square metres of space at Concourse 4, that will more than double the size of our current operations,” he said.

“At the DWC-AMIA, our operations will occupy 64,000 square metres of space across two mega terminals and five concourses, when completed.”

Dubai Duty Free, the sole operator of duty free travel retail within the emirate of Dubai, was set up by the Department of Civil Aviation (DCA) with the help of a group of Irish travel retail consultants from Shannon Airport in 1983.

Colm McLoughlin was the leading member of the Irish team.

Following the six-month contract, he was requested by DCA to run the operation.

Dubai Duty Free started on December 20, 1983 with 100 employees with first-day sales reaching $44,000. The rest is history.

About 28 years later, it registers 60,000 transactions a day and sells 71 million items of merchandise every year.

“At the end of the first year of operations, our sales revenue was $20 million, slightly higher than our record-high daily sale of $18 million on December 20, 2010,” McLoughlin says.

In 2009, the ownership of DDF was transferred to the Investment Corporation (ICD) of Dubai by a Royal Decree.

Although Dubai Duty Free does not declare profits, McLoughlin said, it remains a profitable operation.

“Yes, we are a very profitable organisation,” he said.

Generally, travel retailers command about ten per cent profit on sales revenues industry-wide.

However, in countries where direct taxes are not imposed and labour costs come cheap, operational margins could be much higher.

DDF last month reported a 16.6 per cent increase in its half-year sales at $698 million (Dh2.56 billion) between January to June this year, over the same period last year.

During the first half of this year, it sold 1.34 million bottles of perfumes, 2.08 million cartons of cigarettes, 528,842 kilogrammes of Nido milk powder, 791,306 kilogrammes of Tang, 78,055 mobile handsets, 109,741 watches, 1,463 kilogrammes of gold and 512,981 kilogrammes of nuts.

About 41 per cent of the sales at DDF are conducted by credit card.

“This year, we expect to record sales around $1.45 billion and double the current level of revenues in five years,” McLoughlin said.

“We usually double our revenues every five years. Within the next five years, the Concourse 3 will become operational — which will be the biggest terminal for Airbus A380s.”

As part of its 10-year, growth projections, sales at Dubai Duty Free are expected to hit $2.5 billion mark by 2017. It has a strong corporate social responsibility arm, supporting major events.

Doing his Duty Free

Colm McLoughlin was born in Ballinasloe, Co. Galway, Ireland in 1943. Colm began his retailing career in London in the 1960′s working for the popular high-street chain of Woolworths, before moving back to Ireland to work for Shannon Duty Free. As General Manager of Shannon Duty Free, Colm was one of a team of 10 from Aer Rianta (the Irish Airport Authority) who moved to Dubai in 1983 at the request of the Dubai Government, to set up Dubai Duty Free.

Following the successful opening of Dubai Duty Free in 1983, Colm was asked to remain as General Manager of the start-up operation. Colm later became its Managing Director. Dubai Duty Free is widely regarded for having set the benchmark for the duty free industry in the region.

In July 2011, Colm was named Executive Vice Chairman of Dubai Duty Free and its subsidiary businesses, which include The Aviation Club, The Irish Village, The Century Village and the Dubai Tennis Stadium; home to the Dubai Duty Free Tennis Championships. Colm’s remit also includes the soon-to-open Jumeirah Creekside Hotel.

Under Colm’s direction Dubai Duty Free has become a retailing giant and the recipient of some 200 industry awards. During the course of his 42 years in the duty free industry, Colm himself has been honoured with several personal awards.

Colm is married to wife Breeda, and has three adult children and one grandchild.

Travel retail sales rise

Global duty free and travel retail sales grew 13 per cent to $39 billion last year, according to Generation Research, with airports accounting for $23.30 billion (59.8 per cent market share). Duty Free operations in other shops reported $10.80 billion (27.7 per cent); airlines owning travel retail operations reported $2.62 billion; (6.7 per cent); and ferries making the rest $2.26 billion (5.8 per cent).

Duty free sales at the Dubai International Airport represent nearly half of the total duty free sales in the Middle East and North Africa that last year reached $2.4 billion.

The top four duty free and travel retail locations above $1 billion in sales in 2010 were Dubai International Airport, followed by Seoul Incheon International Airport, London Heathrow and Singapore Changi.

Despite their current sizable orderbooks, the growth of leading Middle East airlines is likely to slow down gradually, according to a senior Boeing executive.

“What is happening is that the airlines in this region — especially the big three [Emirates, Etihad and Qatar Airways] — have been growing at a rate of about 20 per cent,” said Dr Fariba Al Amdari, Vice-President of Marketing and Value Analysis at Boeing Commercial Airplanes. “And as we go in the future, they certainly will grow, but I don’t think that they can continue to grow at that rate. They are more likely to grow at an average of 10 per cent over the next 10 to 15 years rather than the 20 per cent that we have seen historically.”

On whether the capacity of regional airlines is in line with demand, Al Amdari said: “Overall, the capacity seems a lot, but the airlines are in a good position because they offer a really high-quality product at competitive prices.”

Market share

While regional carriers will “stimulate some demand”, they will [also] take away market share from European, Asian and some American airlines,” she added. “And that’s why some of the airlines in those markets are becoming a bit uptight about allowing their respective governments giving too much access to this region’s airlines, especially Emirates.”

Emirates is facing stiff opposition in Europe, Canada and Australia with their governments — threatened by its strong growth — denying the Dubai carrier more landing rights. “For other airlines to compete on products and prices [of Gulf carriers] is very hard,” said Al Amdari. “That’s why they just want to stop them from growing in their respective countries.”

The Dreamliner 787, Boeing’s long-haul aircraft, which appeared at last week’s Paris Air Show, will make its regional debut in Qatar Airways livery next February through a pair of Dreamliners.

“The 787 is a very different type of aeroplane; it’s a medium-sized plane with a long-range capability,” added Al Amdari.

“And it provides huge flexibility to airlines because you can deploy it on many routes… unlike the A380 which has to be long-haul and very dense. Besides, airports need to have the capability to receive it. That’s why the 787 is so popular, efficient and versatile.” Al Amdari said low-cost carriers “have the potential to grow here as we have seen the business model being successful in the US, Europe and Asia.

Making sense

“But there are some constraints. One is lack of liberalisation, or openness of the market, so they can’t operate to anywhere that they think commercially makes sense. They cannot do that as they have issues getting the bilateral rights to have access to other countries.” The other issue is airspace compatibility. “Although there has been a lot of investment in infrastructure development – approximately $45 billion (Dh165 billion) is committed over the three decades to the region’s airport projects — the airspace is not compatible with what’s been invested on the ground, in terms of capacity,” she said, adding that is because so much is “devoted to the military operations.”

On how these issues can be tackled, Al Amdari said: “One is the recognition that there is an issue.”

While global carriers are moving towards consolidation, the Middle East ones are not even looking in that direction.

Whether resisting consolidation posed a hindrance to growth, Al Amdari said: “If you look at the structure in the region, there are four types of business models: the big three airlines focused on connecting passengers; low-cost carriers at the far end; and two types in the middle — larger network carriers like Egypt Air, Saudi Arabian Airlines and medium-sized carriers such as Oman Air and Royal Jordanian. “I don’t see many alliances or mergers happening at the top. In the middle [segment], it’s very likely because it’s not a very comfortable position as bigger airlines can eat into your market share.”

Emirates airline has zeroed in on four banks — Deutsche Bank, Emirates NBD, HSBC and Morgan Stanley – for a potential dollar-dominated bond issue, the Dubai-based carrier said yesterday.

“Emirates can confirm the appointment of the joint lead managers and our intention to go on a roadshow, with a view to launching a bond if market conditions, including pricing, are favourable,” an Emirates spokesperson said.

When asked about the possible timeframe for the airline to issue the bond, Gary Chapman, Emirates Group President for Group Services and dnata, told Gulf News: “We are not under any pressure to do so. Everything is about opportunity and when we consider the market conditions to be best.”

The roadshows for the bond reportedly will start in Hong Kong on May 23 and end in Zurich on May 30, with the meetings also to be held in Dubai, Abu Dhabi, Singapore, London and Geneva. “We will see what response we get from the roadshows and the issuing of a bond is going to be in line with what we get,” said Chapman.

The news comes just 10 days after Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group, said the airline had postponed plans to issue a bond owing to unsuitable prices in the market. He said Emirates Group’s cash balance of $4.4 billion (Dh16 billion) is providing a “good cushion” to the airline.

Commenting on the airline’s timing to issue the bond, Mohieddine Kronfol, chief investment officer for Fixed Income/Sukuk at Franklin Templeton Investment (Middle East), told Gulf News: “Emirates can tap debt capital markets and probably should do so now. The environment now is conducive to get good pricing given spreads for the UAE and the general liquidity situation.” He added that it allows Emirates “longer-term and diversified funding, good reasons for other companies in the region to follow suit as well”. Asked if Emirates would look at Southeast Asian markets, such as China especially, Aerospace and Defence Analyst at Frost and Sullivan, said: “The South-east Asian market is one of the profitable markets along with Europe for Emirates. Flying to South-east Asian markets can help the airline raise money for this bond.”

Orderbook

While Emirates must raise funds for 193 aircraft worth $66 billion it has on order from Boeing and Airbus, it also experienced a challenging first few months this year. It was forced to scale back flights following the geo-political unrest in the Middle East and North Africa and the natural disaster in Japan, besides having had to deal with the volatile oil prices.

The airline, which posted a profit of $1.5 billion for 2010-11 (up 52 per cent from the previous year), in March, fully repaid a $500-million bond that was listed on the Luxembourg Stock Exchange in 2004.

Business registration in Dubai has increased since the beginning of the year, although it is unclear if the recent uncertainities in the Middle East have anything to do with it.

There are, however, talks of capital inflow from toubled Arab economies such as Egypt, Tunisia, Libya, Syria and Yemen that could boost the UAE economy, especially Dubai due to its competitive advantage.

“We don’t have clear indicators with regards to this specific issue, but we can say that our membership has increased since the start of the year. Whether this is a direct influence of the political upheavals in other Middle Eastern countries is unknown,” Abdul Rahman Saif Al Ghurair, Chairman of the Dubai Chamber of Commerce and Industry, said in an interview with Gulf News.

“Historically, Dubai has been and will continue to be a safe and stable environment for businesses to prosper. The city offers a number of investment opportunities locally and is also strategically placed to offer a gateway to other markets across the Middle East, Africa and Asia. As such it is an attractive place for companies to base their operations.

“During the first quarter of 2011, more than 2,500 new members joined the Chamber, which means that there are at least as many new companies operating in Dubai. This took our membership over the 120,000 mark. In percentage terms, this was an increase of 4 per cent over the same period last year.”

He elaborated his thoughts on the economy in this interview.

Gulf News: What is your overall view on Dubai’s economy? Which sectors are picking up growth the most and why?

Abdul Rahman Saif Al Ghurair: Dubai’s economy is picking up pace and all signals point to stable and sustainable growth this year of between 3 per cent and 5 per cent. This is positive news considering uncertainty still exists globally and proves that Dubai’s economy is robust.

The main sectors driving growth are trade, tourism and financial services. These sectors emerged as the main engines of the economy post crisis as the focus shifted away from construction and real estate sectors. However, trade has always been a major contributing factor to Dubai’s economy so it is not surprising that this sector has continued to see growth throughout the recovery and beyond. Tourism is seeing robust growth with passenger numbers are up at Dubai International Airport with very strong projections for the next decade. Meanwhile, developments in the banking sector are encouraging more responsible lending practices which will have a positive long-term impact on the financial sector and help increase investor confidence in Dubai.

What are the challenges faced by the economy this year?

With sustainable growth predicted this year, Dubai’s economy is on the right track. Rebuilding investor confidence is one challenge that we face, however steps are already being taken to address this issue and we are seeing a renewed interest from overseas and expect foreign direct investments to increase this year.

When do you see the real estate and construction sector picking up?

Property prices are beginning to stabilise across Dubai with the latest data showing just slight declines in certain areas. This is positive news for the industry as prices are levelling out and some properties, especially villas, are holding their value despite new stock coming on stream. I think the real estate sector will continue to see static prices for the rest of the year, but moving on from that prices will begin to rise again, just not at the pace seen pre-crisis. As for the construction sector, while it has certainly slowed, it still accounts for at least 10 per cent of Dubai’s GDP. Work is continuing on the majority of projects and the government is still spending on infrastructure projects.

When do you see employment gaining momentum?

The employment market is already seeing improvements. A lot of firms are already recruiting, while many others planning to do so in the next few months. The mood amongst our members is positive and I think that is reflective of the business community as a whole.

What policies should the government take to accelerate growth?

The government’s continued investment in infrastructure, services and education will help accelerate growth. The Companies Law and Competition Law, which are currently being drafted, will also give a boost to the business community and improve investor confidence in Dubai.

How many members does Dubai Chamber have?

We now have more than 120,000 members.

How do you evaluate export and re-export performance during the first quarter of 2011 and how do you expect it to perform throughout the rest of the year?

Trade is one of the main pillars of Dubai’s economy, having recorded continuous growth throughout 2010 and into the first quarter of 2011. Our members’ exports and re-exports in the first quarter were valued at Dh58.7 billion, compared to Dh50.8 billion for the same period in 2010. This is a year-on-year growth of 15.6 per cent, which is a positive indicator for the sector going forward.

Do you have an increase in the number of certificates of origin during the quarter?

If exports and re-exports increase then so do the number of certificates of origin because they are both directly related to one another. According to our figures, the number of certificates of origin increased by 10 per cent during the first quarter of 2011, compared to the first quarter of 2010. A total of 168,558 certificates of origin were issued during the first three months of this year, compared to 153,330 during the same period last year.

What are the new initiatives that you are providing to the business community to enhance competitiveness?

Our Economic Research Department works hard to ensure our members are provided with the most up-to-date information on current market conditions. For example, we are able to provide indicators of the competitiveness of Dubai’s exports in major markets through Reveal Comparative Advantage (RCA) analysis, while we have also developed new indices and databases to examine Dubai’s import vulnerability.

How do you evaluate the legal environment in Dubai and what are your activities in this profession?

Dubai’s legal sector is known for its transparency and clarity. At the Chamber, we also invest a lot in our legal services and provision.

What are your expectations for the economy for the rest of this year?

With stable growth recorded during 2010 and positive figures for the first quarter of 2011 my expectations for the economy are positive. If you also take into account Dubai’s stable investment environment, range of international conferences and increased investor confidence the economy is well supported to record growth of 3-5 per cent in 2011.

Major event

The IBA Annual Conference will be held in Dubai from October 30 to November 4.

It is the first time the conference will be held in the Middle East and it will offer the region’s legal profession the chance to network with more than 4,500 international counterparts. Dubai Chamber is the host in collaboration with the IBA. With a membership of more than 30,000 lawyers and 200 bar associations, the IBA is the world’s leading organisation of international legal practitioners, bar associations and law societies. It influences the development of international law reform.

Coinciding with World Heritage Day, Dubai is organising a Heritage Week to celebrate UAE culture under the theme ‘Dubai: Live Your Heritage’.

The Dubai Culture and Arts Authority, under the patronage of Shaikh Majid Bin Mohammad Bin Rashid Al Maktoum, Chairman of Dubai Culture, will organise a series of programmes and activities on Emirati heritage from April 17 to 21.

Building on World Heritage Day to be celebrated on Monday, Heritage Week will offer a unique opportunity for residents and visitors to experience facets of Emirati heritage. In line with the founding theme of the World Heritage Day to celebrate one’s national monuments and cultural sites, Heritage Week activities will be held at key cultural destinations of Dubai in addition to activities at other prominent locations across the city.

The activities will provide insights on the history and traditions of the UAE and serve as an educational window on the country’s heritage.

Way of life

Some of the activities are free, and will offer rich insights into the cultural fabric of the country, its customs, traditions and way of life of the Emirati people.

Saeed Al Naboudah, Acting Director-General, Dubai Culture and Arts Authority, said: “Understanding our rich heritage is crucial to further appreciating the Emirati identity, and central to strengthening our cultural outlook.

“In today’s fast-paced life, it is important that we sit back, reconnect with our roots and draw from the strengths of one’s cultural heritage.” He said residents and visitors will get a glimpse into traditions and customs.

In addition to featuring an open air market with traditional Emirati trinkets and artefacts, documentary films will be screened at Al Bastakiya. The films will depict the various aspects of the country’s rich cultural heritage.

Schedule

The Heritage Week will be held from April 17 to 21. The historic Al Bastakiya will be one of the key event destinations in addition to the Dubai Public Library.

Programmes will also be held at the Dubai Culture and Scientific Association, Hatta National Arts and Cultural Association, Dubai International Airport, Dubai Mall and Dubai Women’s Association.

Ministry of Finance, Dubal and Jebel Ali Freezone among 35 government departments and private companies honoured

As many as 35 government departments, private companies and individuals were honoured in the latest round of Business Excellence Awards that included the 2010 cycle of the Dubai Quality Award, Dubai Human Development Award and the Dubai Service Excellence Scheme.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, attended the event where Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, presented the awards to winners.

The Ministry of Finance, Dubal, Jebel Ali Freezone, du, Dubai Taxi Corporation, Al Yousuf Electronics, Al Jaber Opticals, Sharjah Islamic Bank, UAE Exchange and Dubai Airport Free Zone Authority were among the winners.

“Excellence should be consolidated amongst the community and business as a culture, behaviour and practice that reflect positively on the work environment in terms of confidence-building between companies and consumers and activation of a trade, tourist, urban and cultural movement,” Shaikh Mohammad said.

Sami Al Qamzi, Director-General of the Department of Economic Development, said: “We did not rest by simply creating economic and job opportunities for the Emirati workforce. We continuously invested in their growth, development and career progression.”

Dubai launched these award schemes about a decade ago to raise private sector services to the international level.

Emirati policeman accused of stealing the DVD from Duty Free and hiding it under his jacket

A policeman landed in court on Wednesday for stealing a DVD of the science-fiction action movie of Avatar from Dubai International Airport’s Duty Free Section.

Prosecutors accused the 23-year-old Emirati policeman of stealing the AvatarDVD and hiding it under his jacket before leaving his post as a duty policeman at the Airport.

The suspect failed to attend Wednesday’s hearing at the Dubai Court of First Instance.

Presiding Judge Fahmi Mounir Fahmi adjourned the case until the defendant is legally notified about next hearing’s date on April 20.

According to the charges sheet, prosecutors said the suspect, M.N., went to the Duty Free, took the DVD from the shelf and hid it his jacket before walking away without paying for the item.

An Indian sales attendant, who works at the Duty Free, claimed to prosecutors that she spotted the defendant taking the DVD and hiding it in his jacket.

“I headed to the nearest guardsman and informed him what I saw. Then I told my supervisor at work,” the Indian claimed.

An Emirati police corporal claimed in his prosecution statement: “M.N. works under my supervision. Dubai Police’s criminal records unit informed me that M.N. should report to them immediately. The suspect was off for one week… when he returned, I asked him to visit the aforesaid unit. Later we discovered that he was wanted for reportedly taking the DVD. Preliminary investigations revealed that he was spotted on the surveillance cameras taking the DVD.”

Prosecution records said the defendant admitted that he took the DVD.

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The Dubai Airport Freezone Authority said it registered a 23 per cent increase in sales in 2010 over the previous year.

Dubai Airport Free Zone

The growth was driven by the increasing number of new companies and expansion by existing companies working in the freezone.

Out of the 102 new companies registered in 2010, 28 per cent are from Europe, 27 per cent from the Middle East, 21 per cent from Asia and the rest from the US, Japan and other countries.

Aviation companies form the largest segment in the freezone with 14 per cent, followed by electronics with 11 per cent, followed by engineering, computer, cargo advisory services and consultancy companies.

The activities of the companies are segmented into two major areas including trade which represents 68 per cent and services sector representing 32 per cent, which comes in line with the mechanics of the global economy in which trade plays the biggest part.

Sustained performance

Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation, Chairman and Chief Executive of Emirates airline and Group and Chairman of Dubai Airport Freezone, said, “The achievements in the past years are part of the unique strategy of the freezone. The freezone will continue to sustain performance, quality and development, helping it to enter the foreign markets in future, which is one of the objectives and priorities. We aim to achieve 20 per cent growth in sales by the end of this year as compared to last year,” he said.

Shaikh Ahmad added the Dubai Airport Freezone has made Emiratisation one of its priorities in order to give opportunities for national cadres to run the institution.

Last year the freezone recruited 125 national staff, bringing the total number of UAE national employees to 201.

Emiratis currently hold 100 per cent of the top management positions at the freezone, while 74 per cent of the middle management are also nationals.

“Dubai Airport Freezone is committed to selecting staff with the high competencies and expertise and pays attention to quality human resources, as they are the most important elements of the production process. We will develop our human resources and implement a motivational system for our employees,” Shaikh Ahmad said. “Twenty-three per cent growth in sales of leasable space in 2010 for the European, Gulf and Asian companies in different sectors is a positive result which can be built on in the current year. This necessitates focusing on the industrial markets to attract more foreign investments,” Shaikh Ahmad added.

“Registering 102 new companies last year was excellent, given the current global economic conditions. We will redouble our efforts to increase the number of investors through promotional programs that suit the needs of the targeted markets, meet customer requirements and exceed their expectations in terms of service delivery and streamlined procedures.”