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Net profits at DP World up 52% to $420m

April 7, 2008 10:00 by

Net profits at DP World up 52% to $420m
DP World has recorded a 52 per cent increase in its net profits after taxes, reaching to $420 million (Dh1.5 billion) in 2007. Its total earnings before interest, tax, depreciation and amortisation (EBITDA) also jumped to around $1.150bn, a 95 per cent increase.

Sultan Ahmed bin Sulayem, Chairman of DP World, the world’s fourth-largest container port operator, told Emirates Business the company would distribute a 20 per cent cash dividend, or 1.33 cent per share.

Its flagship port, DP World Jebel Ali, grew to become the world’s seventh largest port, handling a record 10 million containers. Jebel Ali operations represented around 30 per cent of the total DP World operations.

Less than 4% of workforce Emirati by 2020
Emiratis will make up less than 4% of the UAE’s workforce by 2020 unless urgent action is taken, Arabian Business reports. Human resources executive Jassim Ahmed Al Ali said a study by the municipality found 99% of employees in the private sector and 91% in the public sector were expatriates, a trend that would only get worse in the coming years, he said.

“According to official figures, by 2009 UAE nationals will account for less than 8% of the workforce, and by the 2020 UAE nationals will account for less than 4%,” Al Ali said.

Expatriates accounted for around 85% of the 5.6 million people living in the UAE at the end of 2006, according to a Federal National Council (FNC) study.

Abu Dhabi launches $7bn Style City
The Abu Dhabi Investment House (ADIH) has launched a Dh26 billion ($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 concept will be implemented in Abu Dhabi, Qatar, Morocco, Tunisia and India.

Style City 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.

“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. We want to help provide them environments where they can nurture their chosen but be given the chance to stay close to the markets and consumers they serve,” said Rashad Janahi, ADIH managing director.

Official: Burj Dubai becomes world’s tallest structure (for now)
The Burj Dubai tower under construction in the United Arab Emirates has surpassed the 629 metre (2,063 foot) KVLY-TV mast in the United States to become the world’s tallest man-made structure, its builders announced on Monday. The KVLY-TV mast in Blanchard, North Dakota, had held the record for most of the 45 years since its construction, although it was topped between 1974 and 1991 by a radio mast in Poland that later fell down.

Inter Milan to launch UAE football academy
Italian soccer giants Inter Milan are to launch a football academy in Abu Dhabi. The current Serie A champions are in final negotiations with Hydra Properties to build a special academy in the Hydra City development in the UAE capital, which also includes the Golf Walk project, Arabian Business reports

Under the terms of the deal, it is believed that young soccer players from all UAE clubs would have the chance to enter the academy - and be sent to Inter Milan for part of their training. Inter Milan superstars such as Patrick Vierra, Luís Figo and Zlatan Ibrahimović are expected to make visits to the academy as part of the training programme for UAE youngsters.

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