WadiOnline News - Grand Belle Vue Opens In TECOM

Grand Belle Vue Opens in TECOM

Publish Date: 2010-02-03 11:00:12 Story Code: 24977

DUBAI � Dubai is the latest frontier for Jordan-based hotel management group Amlak Hotels & Tourism Investment Company, which launched its second hotel in the Middle East�Grand Belle Vue Hotel Apartments�earlier this week in the heart of Dubai�s burgeoning TECOM area on Shaikh Zayed Road. The company invested Dh250 million in the project.

Belle Vue Hotels was established in Amman, Jordan, in 2000 as one of the first Shariah-compliant hotel management companies in the region. The hotel is the latest luxury establishment to be developed in the TECOM technology district, one of Dubai’s fastest growing business centres.

“Middle East tourism in general is seeing rapid growth, and the Dubai market still holds a lot of value for hospitality investment as an international commercial and tourism hub,” comments Mr. Naji Alia, CEO of Belle Vue Hotels.� “Grand Belle Vue is introducing new standards in hospitality and customer service, and it is these services that set us apart from other hotels in Dubai.”� In addition to launching Grand Belle Vue in Dubai, Amlak has already announced plans for another expansion in Dammam, Saudi Arabia. — business@khaleejtimes.com

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Islamic Banking, Finance at the AUS

DUBAI — A center for Islamic banking and finance will be established at American University of Sharjah (AUS) as a result of an Dh 30 million endowment given by Sharjah Islamic Bank (SIB), according to a Memorandum of Understanding (MOU) signed between the two organizations at a special ceremony held today February 2 at the AUS campus.

Based at the AUS School of Business and Management (SBM), the Sharjah Islamic Bank Center for Islamic Banking and Finance (SIBCIBF) is envisaged as a center of excellence that will serve as a focal point for instruction, research and outreach activities in this field at both the regional and international level.— business@khaleejtimes.com

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Bank Sohar Swings to Profit in 2009

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DUBAI — Bank Sohar, the youngest local bank in Oman, bounced back from losses in 2008 and reported a net profit of 8.02mn rials for 2009 against a net loss of 2.26mn rials the previous year.

The bank, which started its operations in April 2007, has focused on improving the yield on assets, controlling the cost of funds and operating expenses and protecting the lending portfolio from impairment.

Mohamed Abdulaziz Kalmoor, CEO, said, “Bank Sohar has been able to attract new customers in the target segments despite tough economic conditions and public’s trust in banks had been at a low. Our numbers reflect the vigour with which we went about our business in what was an extremely challenging year.” — Our Correpondent

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NOCs’� to Benefit from Costs of Risk

ABU DHABI — The world’s national oil companies or NOCs could be in a position to benefit from lower overall costs of risk over the next few years, according to Marsh, an insurance broker and risk adviser.

Based on a lack of natural catastrophes, plentiful insurance capacity and more sophisticated risk management techniques, NOC’s insurance costs could be up to 20 per cent less for both the refining and exploration & production sides of the businesses. Companies involved in both onshore and offshore energy construction projects also stand to benefit from current market conditions.�— haseeb@khaleejtimes.com

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GCC Airlines Resume Flights to� Peshawar

KARACHI — Airlines of Gulf Cooperative Council, or� GCC, countries have resumed commercial flights to Peshawar after suspension last year due to security fears.�Five of the GCC carriers decided to suspend operations to Peshawar late last year after a bomb blast at city’s only four-star hotel and due to increase in militancy and almost everyday bomb blasts in the NWFP provincial capital.

Citing security concerns the GCC carriers diverted their flights to Islamabad Airport leaving Pakistan’s national airline PIA and two domestic operators continued operations.� It is also reported the resumption of GCC carriers flight to Peshawar was undertaken following from Ministry of Defence and Civil Aviation Authority, or CAA’s warning to operate flights to the provincial capital or closed their operations permanently.�� —�

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Source: Khaleej Times
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