India will be among five countries to have ‘Style City’April 8th, 2008 - 7:21 pm ICT by admin
(Gulf Business Capsule)
Dubai, April 8 (IANS) India is among five countries where a leading United Arab Emirates (UAE)-based investment institution plans to set up a new Style City project. The Abu Dhabi Investment House (ADIH) has announced the launch of 26 billion dirham ($7 billion) Style City, a project that will seek to attract international brand names in the style, design of fashion, jewellery, furniture and luxury living, the Gulf News reported.
Besides India, the Style City concept will be launched in Abu Dhabi in the UAE, Qatar, Morocco and Tunisia as part of a series of agreements ADIH has signed with major developers in these countries.
“There are many talented young designers in the region who are traditionally drawn to cities such as London, Paris, New York and Milan to develop their skills,” ADIH managing director Rashad Janahi was quoted as saying.
“We want to help provide them environments where they can nurture their chosen profession in the world of style, design and fashion but be given the chance to stay close to the markets and consumers they serve,” he added.
First of its kind, Style City, is a mixed-use development, comprising residential and retail components while focusing on fashion and style, according to the report.
It will feature a grand fashion district comprising premium and luxury brands in the fashion, jewellery and interior design fields, an educational district comprising institutions as well as museums and exhibition centres, and a residential and leisure district with townhouses, studios, luxury villas, cafes, restaurants and renowned boutique hotels and spas.
ADIH has also signed two pacts with Gulf Finance House (GFH), to establish Porta Moda, the commercial brand name for the Style City, in GFH’s North African developments that are under way in Morocco and Tunisia.
Qatar Entertainment City and India Entertainment City in Navi Mumbai, which are being developed by ADIH, will be the locations of Porta Moda Qatar and Porta Moda India respectively.
UAE port operator posts 52 percent rise in profit
Dubai-based global maritime terminal operator DP World has reported a profit of $420 million for 2007, a rise of 52 percent from the previous year.
The company, which is the world’s fourth largest port operator, said its revenue from 42 terminals in 22 countries last year increased 32 percent to $2.7 billion.
“This is an excellent set of results driven by DP World’s well positioned portfolio which benefits from the strong Asia to European trade routes and the growth of container cargo in the faster growing economies of the emerging markets,” reports here quoted DP World chairman Sultan Ahmad Bin Sulayem as saying.
“This is a trend we expect to continue.”
DP World raised $4.96 billion by selling 23 percent of the company in the region’s biggest initial public offering (IPO) last year and listed the shares on the Dubai International Financial Exchange (DIFX) in November.
Saudi Arabia’s nominal GDP in 2008 projected at $465 bn
Saudi Arabia’s nominal gross domestic product (GDP) is expected to be around $465 billion this year, according to a new report.
The nominal GDP, which was $309.9 billion in 2005, is expected to grow to $517.3 billion in 2009, the Khaleej Times reported, citing a report by the Riyadh-based Samba Financial Group.
The report, titled ‘The Saudi Economy: Recent Performance and Prospects for 2008-09′, states that the country’s economy is now on par with that of Switzerland and accounts for a little more than half of the total output of the Gulf Cooperation Council (GCC) and is twice the size of the second largest GCC economy, the UAE.
The real GDP was 6.1 percent in 2005 and fell to 4.3 percent in 2006 and 3.7 percent in 2007. GDP growth is expected to gather pace this year, reaching 6.7 percent in real terms.
According to the report, the surge in Saudi oil revenue will support further brisk growth in government spending. Much of this will be directed towards basic infrastructure, but spending on salaries and other benefits, as well as subsidies, will also be raised in a bid to offset the social cost of rising inflation.
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