Search Results for: UAE

BY PAUL COCHRANE, in Beirut

THE COSMETICS and toiletries market in the Middle East is booming with 12% growth expected this year in a US$2.1 billion sector. Market trends differ from country to country, but the general trend is rising demand for European cosmetics over local products in the wealthier Arab countries, largely due to aggressive marketing campaigns by the major brands, and high demand for unregistered, fake brand name perfumes in countries with sizeable low-income populaces, such as Egypt, Lebanon and Syria.…

BY PAUL COCHRANE, in Cairo

WITH the fight against money laundering and counter terrorism financing relatively new to the Middle East (the first plenary session of the Middle East and North Africa Financial Action Task Force

– MENA-FATF – was only held last year), financial institutions from the US and MENA met in Cairo for a Private Sector Dialogue (PSD) conference to discuss the implementation of international regulations in the region.…

BY KEITH NUTHALL
SUGAR, honey and biscuit supply companies paid together hundreds-of-thousands of dollars in kickbacks to the toppled Saddam Hussein regime, the Independent Inquiry Committee into the UN Iraq Oil for Food programme scandal has claimed. There were 79 suppliers of these confectionary-related products (76 supplied sugar) named in a report, who paid Iraq to secure humanitarian supply contracts under the scheme, out of 2,200 companies overall.…

BY KEITH NUTHALL
PAINT and coating supplies companies paid together tens-of-thousands of dollars in kickbacks to the toppled Saddam Hussein regime, the Independent Inquiry Committee into the UN Iraq Oil for Food programme scandal has claimed. A report said they paid Iraq to secure humanitarian supply contracts under the scheme, out of 2,200 companies overall.…

BY KEITH NUTHALL
AN ARAB sheik and his camel, riding the desert with a trained falcon, hunting for bustard migrating south to Africa; with skill and tenacity, he could catch 10 plump prey, a feast in a land where little grows.…

BY KEITH NUTHALL
UNITED Arab Emirates (UAE) knitted clothing exports to the United States are expected to be boosted in the future by a new Trade and Investment Framework Agreement signed by the two countries. The US imported US$1.1 billion million in UAE goods in 2003, with knitted apparel a key component of this commerce, (along with woven clothes and oil).…

BY KEITH NUTHALL
Fast food restaurants in the United Arab Emirates (UAE) are expecting a drop in business following a recent decision by the government there to ban beef products from U.S, according to trade sources. The country imports about 1,387 metric tons of beef each year.…

BY KEITH NUTHALL
THE EUROPEAN Union’s (EU) anti-fraud unit OLAF has claimed that EU treasuries were cheated of Euro 6 million because of a rules of origin scam involving steel wire, which has now been uncovered.

In its 2001-2002 annual report on the fight against fraud in the EU, OLAF tells of inquiries into information provided by British customs officers about an apparent increase in trade between India and the United Arab Emirates in steel wire.…

BY MARK ROWE
THE INTERNATIONAL Monetary Fund is to help set up an Islamic Financial Services Board to regulate and lay down standards for financial transactions throughout the Islamic world. A key aim of the project is to incorporate the special insurance tenets that exist in the Islamic business world into the wider capitalist system.…