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Emirates’ 2nd daily A380 to Sydney in June

Emirates, one of the world’s fastest-growing airlines, announced on Tuesday that it will add a second Airbus A380 service on the Dubai–Sydney route from June 1.

The second A380 will operate on the early morning service and demonstrates the airline’s commitment to New South Wales and demand for the flagship aircraft.

Currently served by a Boeing 777-300ER, deploying the Airbus A380 on Emirates’ flights EK414 and EK415 will see an increase in capacity of 1,890 seats per week.

Hamriyah FZ woos Turkish investors

A delegation from the Hamriyah Free Zone Authority, headed by director of Commercial Affairs Saud Salim Al Mazrouei, organised three seminars in the Turkish cities of Istanbul, Ankara and Konya.

It also visited Bursa and Sakarya with government officials and businessmen. The highlight of the events was the free zone’s key incentives and opportunities that Turkish investors can avail from the Hamriyah Free Zone to expand their market reach into the Middle East and Mena region.

The potential investors were impressed by the free zone’s track record of over 5,000 investors from 149 countries with an investment exceeding $2 billion.

Bank Muscat hit by $39m prepaid fraud

Bank Muscat, Oman’s largest lender, will take an impairment charge of up to OR15 million ($39 million) after a small number of prepaid travel cards were hit by fraud, it said on Tuesday.

The bank said its board met on Monday after 12 prepaid travel cards were compromised outside of Oman. The cards allow users to carry currencies abroad rather than using their debit or credit cards in foreign countries, which can be expensive.

No other customers have been affected by the fraud.

Bank Nizwa eyes 5% of Oman market

Omani lender Bank Nizwa, the sultanate’s first full-fledged Islamic bank, plans a steady expansion of its retail network with a view to capturing a five per cent share of the total banking market, according to its chief executive.

The country’s two new Islamic banks, Bank Nizwa and Al Izz Islamic Bank, obtained operating licences late last year.

“We believe that probably the Islamic industry will be 15 to 20 per cent of the total banking sector. Our share of that, being a full-fledged Islamic bank, well-capitalised, well-staffed, I think it should be 30 to 50 per cent,” Jamil Al Jaroudi told Reuters. “We could end up having five per cent of the total market.”

Food safety initiatives reviewed

Shaikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of Dubai Municipality, has reviewed the food safety initiatives of the civic body.

This came during his visit to DM pavilion within Gulfood 2013, which is being held at Dubai International Convention and Exhibition Centre.

Shaikh Hamdan was briefed about the participation of muncipality in the expo and its role in the application of global rules and requirements adopted in food safety.

He was also briefed about the efforts of municipality in the field of food trade and monitoring of ports as well as importing and exporting in line with globally adopted laws and regulations.

The systems of registration, inspection, monitoring and certificates of international recognition were exhibited.

Lubna meets Australian ministers

UAE Foreign Trade Minister Shaikha Lubna Al Qasimi, on Tuesday met Australian Minister for Innovation, Services and Small Business Louise Asher and Australian State of Victoria Minister for Agriculture, Food Security and Water Peter Walsh on at the sideline of Gulfood exhibition.

The two sides discussed ways to boost joint investments in vital sectors such as the food and water security, as well as support of Small and Medium Enterprises. During the meeting, they outlined the ways to overcome impediments that hamper investors in both countries.

Receiving the two ministers, Shaikha Lubna stressed the importance of boosting the cooperation between the UAE and Australia, noting that Australia is the major exporter of meat and its products to the UAE.

For his part, Asher said there is wider opportunities for partnership between the UAE and Australia, citing the huge progress scored by the UAE economy in the areas of diversification policy and SME. She proposed more ideas for developing joint projects.

Walsh expressed the admiration of Australia of the huge success registered by the UAE in water consumption guide, citing holding of Water, Energy Technology and Environment Exhibition (WETEX) in the UAE.

The trade between the two countries stood at Dh6.4 billion in the eight months of 2012, while the volume of the UAE free trade zones with Australia stood at Dh554 million over the first six months of the same year.

‘Ministers Meet’ tackles food security

Under the theme “Aligning the global food industry with food security and food safety needs”, government ministers and heads of international trade delegations from over 20 countries conducted roundtable talks at the Gulfood 2013 Ministers Meet on Monday.

Rashid Ahmed Bin Fahad, UAE Minister of Environment and Water, was joined by government ministers and heads of international trade delegations from Argentina, New Zealand, Turkey, UAE and the United Kingdom. The programme focused on current and future food needs, identifying regional food security and food safety objectives and discussing how the global food supply chain can support them.

Compiled from Wam and staff report