The GRC Gulf Business Weekly Report - Gulf Research Center ...

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poultry stores in various parts of the Kingdom," said Abdullah Bakar Qadi, chairman of the society.
Domestic investments worth more than Dh 30 billion are at a risk if steps are not taken to control poultry
imports, he said.
"The foreign exporters, especially those from Europe, are getting support from their governments in
various ways, and these include exemption of customs duties, programs for financing exports, extending
long-term loans at low-rate of interests and the like," said Qadi. He also drew attention to the laws, which
were passed by the Shura Council, and approved by the Council of Ministers, against the flooding of the
local market with foreign products. According to Qadi, the society is following up a petition lodged with
the concerned Permanent Committee on the Flooding of Products.
UAE
Last week, the International Monetary Fund (IMF) urged the six Gulf Cooperation Council (GCC)
countries to work for the creation of a sound fiscal statistics mechanism to ensure the success of their
planned monetary union. In a new study on monetary union, the IMF said the process of creating a strong
statistical system in the GCC would require professionalism and institution-building at the national and
union levels. It cited IMF Managing Director Rodrigo de Rato as saying that the GCC should consider
creating an institution along the lines of Eurostat in the European Union.
Peak oil theories are being taken seriously by some. Solar Technologies will invest Dh 50 million in a
facility in Dubai to develop solar energy products and solutions. The company will design and assemble
solar thermal power plants, solar thermal air conditioning solutions, and other solar thermal solutions for
medium and large projects. It will occupy a total land area of 400,000 square feet at Dubai Techno Park,
and will also feature a research and development center to design and build solar power plants. “The
increasing stress on various energy resources today has made it imperative to opt for alternate sources of
energy, and solar energy has proven to be extremely viable in this regard," said Abdullah Al Banna, vice
president for sales and marketing at Techno Park. The company will target municipalities, energy and
water distribution companies, telecommunication companies, metros, large real estate developments,
industrial facilities, and energy projects in the UAE, Oman, Qatar, Kuwait, and Bahrain.
Meanwhile, Dubai Healthcare City (DHCC) unveiled its second phase, an extension of the existing
healthcare community, with total investments of Dh 4 billion. The new phase covers a total area of 19
million square feet.
The stock markets did not look quite as healthy. Dubai’s stock market fell to its lowest level in more than
18 months on June 25, wiping out all gains from a surge in 2005.
The GRC Gulf Business Weekly Report Page 4 of 5