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More vroom for used car dealers in Sharjah
More vroom for used car dealers in Sharjah Afkar Abdullah / 6 September 2013 The Directorate of Public Works (DPW) has completed 53 per cent of the infrastructure works of Al Roq’ah Al Hamra used-cars market project. The whole project is expected to be completed by next year. Shaikh Khaled bin Saqr Al Qassimi, Member of the Sharjah Executive Council, Chairman of DPW, emphasised that the works are going on steadily according to the approved timeline. Artist’s impression of the new market coming up at Al Roq’ah Al Hamra, between Sharjah and Ajman. — Supplied photo He said: “The vision of His Highness Shaikh Sultan bin Mohammed Al Qassimi, Member of the Supreme Council and Ruler of Sharjah, aims at providing the best services for locals and expatriates. The current used-car showrooms in the Abu Shagara area, which causes traffic congestion and discomfort for the residents of the area, will soon be shifted to Al Roq’ah Al Hamra area located between Sharjah and Ajman. The new location is strategically located close to the Shaikh Mohammed bin Zayed Road, Sharjah-Al Dhaid road and the Tasjeel Auto Village. “The internal design of the project was implemented after a thorough visibility study to consider the requirements of the current showroom owners,” said Shaikh Khaled. “The new location will provide suitable spaces for showrooms and other facilities according to the highest standards.” The project covers a total area of 420,000sqm, four times that of the current market in Abu Shagara. The project consists of used-car showrooms, auction area, computerised testing area, auto-wash workshops as well as other auto car facilities. “Road projects that connect the market to the main roads have been designed to accommodate future traffic increase. These roads provide three entrances to the market location — the first leads to Sharjah-Al Dhaid road, the second leads to Shaikh Mohammed bin Zayed Road, while the third entrance lies adjacent and leads to the Sharjah Shooting Club. The total cost of the project is Dh268 million, with Dh168 million being used for infrastructure works and the remaining Dh100 million for civil works. The project which began at the end of 2012 is expected to be completed by the first half of next year,” Shaikh Khaled added. Infrastructure works of the project will provide all facilities of high standards including a 6.5km internal road and 15,000 car parks, in addition to external and internal car parks with various spaces for car showrooms. The internal roads of the project will provide drainage network system, as well as a firefighting system. Shaikh Khaled added that rainwater and drainage networks will be competed in the next couple of months. He stressed that the DPW is keen on implementing the project according to the approved timeline and in a way that satisfies end-users, without any disturbance to the residents living near the project. DPW welcomes any suggestions or complaints via any of DPW’s contact channels, he added. Shaikh Khaled said that Al Roq’ah Al Hamra has already begun attracting several large auto car traders as they are assured of the benefits of modern infrastructure and facilities they will get in the new market. The project will add value to Sharjah’s prestigious position as the second biggest car market in the Middle East, he said. “The new used cars market in Al Roq’ah Al Hamra is aimed at solving the problems faced by the residents of Abu Shagara who have lodged several complaints on the traffic and parking woes they face daily,” he said. Residents of Abu Shagara have often expressed their dissatisfaction at the existing used car market. “The area is not good for living. Already, a large number of people have moved to other areas. It’s now very polluted, noisy, crowded and unsafe for families but after the moving of the show rooms, the situation will be changed,” said Suzan Salah, a resident of the area. Wafi Khalifa another resident said the new facility at Al Roq’ah Al Hamra definitely is great news as it would solve the suffering of the residents in the area. “We are fed up of the used cars companies insisting on occupying almost all parking spaces in the area,” said Khalifa. The owners of used cars show rooms have also welcomed the new project and have urged the authorities concerned to execute the project as quickly as possible, as it has already been delayed for two years. Mohammed Amjad, owner of Al Hikmah Used Cars showroom said the completion of the new used market is the only solution to protect his business. “This is a residential area where more than 500 used cars showrooms are doing business. The residents are suffering a lot and the owners of the showrooms are losing money. The municipality tows away cars and fines me Dh500 and Dh300 as recovery fee. I end up paying a lot of money. The cars were parked on the road since the space given to me by the municipality was not enough for display,” he said. Siddiqi Rahman, owner of Al Taqwa showroom, said: “We hope to shift as soon as possible . It’s very difficult for us to keep the business running in this situation, because the little profit we make goes in the payment of fines to the municipality which tows our cars away daily. – afkarali@khaleejtimes.com Continue reading
Upbeat economic data lifts world shares
Upbeat economic data lifts world shares (Reuters) / 5 September 2013 European government bond yields were at near 1-1/2 year highs on Thursday and the dollar clung close to six week peaks on a combination of a better global economic outlook, nervousness about Syria and pending central bank meetings. Russia and China, meanwhile, both warned the US ahead of the G23 meeting in St Petersburg that the end of the Federal Reserve’s bond-buying programme could have a profound impact on the global economy. The European Central Bank and Bank of England were both expected to leave interest rates unchanged, but investors were looking for statements reiterating pledges to keep rates low given recent stronger economic data. ECB President Mario Draghi “is going to want talk down the prospects of recovery a little bit and get people’s feet on the ground” said Will Hobbs, head of equities strategy at Barclays Wealth. European money market rates have been moving higher recently in response to stronger economic data and on expectations the Federal Reserve is set to begin unwinding its stimulus, possibly as soon as later this month. Analysts see little options for the bank other than just maintaining a soft tone in communication, sending German 10-year bond yields have raised to 1-1/2 year highs of 1.981 percent. Earlier the Bank of Japan voted unanimously to maintain its monetary stimulus, while declaring the world’s third-largest economy was on a recovery path, sending the yen briefly above 100 to the dollar, a six week low. In the emerging markets India’s new RBI began his tenure in spectacular fashion by unveiling measures to support the currency and the banking sector that sent the Nifty up 3.3 percent and boosting the rupee. The rupee rose to as high as 65.53 per US dollar, pulling well away from a record low around 68.85 set last week. The gain in Indian stocks and a slight rise in Tokyo’s shares after the BOJ decision helped lifted Asia equity prices by 0.6 percent, to near a three week high. European share markets were up 0.5 percent in early trade, gaining ground for the second day in a row and hitting its highest level since August 27. “People are waiting for cues from the central banks, and there is just no real trend on the market at the moment,” said Guillaume Dumans, co-head of research firm 2Bremans. The euro last traded at $1.3185, down slightly against the stronger dollar and not far from a six-week low of $1.3138. MSCI world equity index was up 0.1 percent following a second day of gains on Wall Street spurred by another set of upbeat USdata, which included the strongest monthly rise in car sales during August since October 2007. “Strong car sales in the US again lifted market confidence in the economy, and lifted expectations that the US Federal Reserve will start cutting back its stimulus this month,” said Isao Kubo, an equity strategist at Nissay Asset Management. Syria Action Markets remained cautious about Syria as a possible US military strike moved one step closer after a Senate committee voted in favour of action, clearing the way for a vote in the full Senate, likely next week. The possible military strike against Syria in reaction to its alleged use of chemical weapons and the Fed’s decision to reduce its stimulus were expected to dominate discussions at a meeting of leaders from the Group of 20 developed and developing economies in St Petersburg. In a note prepared for the meeting the IMF warned that emerging countries were particularly vulnerable to a tightening of US monetary policy. It urged strengthened global action to revitalise growth and better manage risks, adding some downside risks have become more prominent. US President Barack Obama meanwhile was expected to use the meeting to win international backing for a military strike against Syria and this was keeping a floor under oil markets Brent crude rose 56 cents to $115.47, while US oil was up 64 cents to $107.97. Continue reading
UAE makes steady progress on all global indices
UAE makes steady progress on all global indices Issac John / 5 September 2013 The UAE is making steady progress in terms of all global development indices issued by prestigious international corporations, His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said on Wednesday. Commenting on the UAE’s enhanced ranking on in the Global Competitiveness Report issued by the World Economic Forum for 2013-2014, Shaikh Mohammed said the nation is making steady progress under the leadership of the President His Highness Shaikh Khalifa bin Zayed Al Nahyan. In the latest WEF report, the UAE has advanced five positions in the total competitiveness of its economy in one year, from 25 th last year to the rank of 19 th this year out of 148 countries. Shaikh Mohammed said the UAE government is continually following up these indices issued by prestigious international corporations, “because retreat is not an option in our government.” “Thanks to the federal and local teams who are jointly working in line with a vision the term of which extends to the year 2021, as well as with agendas and plans that are continuously being revised and assessed as per our growing ambitions in all sectors,” Shaikh Mohammed added. “Our economy is continuously developing, and the indices for security and stability are the best globally. The welfare of our citizens is at the top of our priorities,” he said. On some key sub-indexes the UAE is among the top countries in the world. The WEF report lists 12 pillars of competitiveness as the driving factors explaining an economy’s growth potential and the UAE scores very high here. The ‘Basic Requirements’ rank of the UAE is five, with only Singapore, Switzerland, Hong Kong and Finland ahead on that scale. In ‘Infrastructure’ the UAE takes the 8 th spot and for ‘Macro-economic’ environment the Emirates is 12 th in the world. On the ‘Innovation and Sophistication’ scale the UAE is ranked 25 th in the world. For the fifth time in a row, Switzerland was named as the world’s most competitive economy, the only point of criticism being that the nation ought to improve university enrolment to become even more innovative. Singapore and Finland defended their positions at number two and three among the 148 countries analysed by the World Economic Forum, a Swiss non-profit foundation that aims to bring together business leaders and policy makers. Germany took fourth position in the WEF’s annual ranking of the world’s most competitive economies, just ahead of the US. US — the world’s largest economy — in fifth place for overall competitiveness, up from seventh last year. Among the biggest risers this year was Indonesia, which was able to climb 12 ranks to number 38. The WEF said the rapid progress was due to spending on infrastructure, a more efficient government and gains in the technology sector. India now ranks 60 th , continuing its downward trend that began in 2009. Moreover, the country has fared badly with respect to its Brics peers. Once ahead of Brazil and South Africa, it now trails them by several places and is behind China by a margin of 31 positions, while Russia (64 th ) has almost closed the gap. Some Middle East countries emerged as the biggest losers. Politically troubled Egypt, for instance, dropped 11 placed to 118, while Iran tumbled 16 ranks to come in at number 82 on the back of political instability and lack of financing in the sanctions-hit nation. issacjohn@khaleejtiems.com Continue reading
