UK minister encouraged by signs of progress



The UK trade minister yesterday pointed to signs of progress on Dubai World's US$26 billion (Dh95.49bn) debt restructuring. The comments by Lord Davies followed earlier warnings by British officials that a quick and fair resolution was necessary to maintain Dubai's international reputation. "There are signs that some progress is being made, from what I hear from banks, and I am hopeful that that process can continue," said Lord Davies, who is touring the region with a delegation representing 70 small British businesses.

Earlier this week, Aidan Birkett, the chief restructuring officer for Dubai World, met British banks in London that are estimated to be owed $5bn by the Dubai Government-owned group. The main UK banks involved in the restructuring are Royal Bank of Scotland, HSBC, Standard Chartered and Lloyds. Lord Davies said the resolve of those banks "has been tested in the short term" by the financial problems at Dubai World, but that their troubles with the indebted conglomerate would not jeopardise their long-term commitment to the region. "They have been here for a long time and are here to stay for the long term," he said.

Lord Mandelson, the UK business secretary, last month urged Dubai World to quickly conclude a deal with its creditors during a visit to the UAE. He said the restructuring would shape the outside world's view of Dubai and affect its ability to attract investment in the future. Lord Davies said the crisis had harmed Dubai's reputation among British companies and contractors, many of whom had not been paid for their work.

"In the short term this has hit their confidence," he said. "But in the long term will the businesses pull out? No." A significant number of UK contractors have been unpaid for many months after the financial crisis sent property prices in free fall, sapped the region of liquidity and left companies such as Nakheel, a unit of Dubai World and the developer of the Palm islands, heavily indebted. "Clearly, the companies and consultants are keen for their fees to be repaid, but they are also absolutely committed in the short, medium and long term to Dubai," said Edward Oakden, the British ambassador to Abu Dhabi.

Asked whether the British firms with outstanding dues had made any progress towards being paid, he said: "Over the last nine months there has been a period of taking stock by the Dubai authorities as to what was the best way forward. This process is moving forward rather than backward. There is a dialogue between the Dubai authorities and those owed money." In July, Lord Davies urged Dubai-based companies to repay British contractors and suppliers. According to an analyst cited by the New Civil Engineer, a UK trade journal, British consultants in Dubai alone were owed Dh2.2bn early last year. He stressed the potential opportunities for small businesses to trade with the UAE, particularly as it invested heavily in infrastructure.

@Email:uharnischfeger@thenational.ae

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
EXPATS
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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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The specs

Engine: 2.0-litre 4-cylinder turbo hybrid

Transmission: eight-speed automatic

Power: 390bhp

Torque: 400Nm

Price: Dh340,000 ($92,579

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Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

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How to protect yourself when air quality drops

Install an air filter in your home.

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Stay indoors when conditions are particularly poor.

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
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Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
​​​​​​​Penguin 

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In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site

 

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COMPANY%20PROFILE
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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Company%20Profile
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The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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FIXTURES

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Playing September 30

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