Dubai Maritime City
Dubai Maritime City is a multipurpose maritime zone. It is a member of the Dubai World group of companies. Maritime city was expected to be operational by 2012; the 2.27 million square metre Dubai Maritime City is divided into the Maritime Centre, the Industrial Precinct, The Academic Quarter, the Marina District, the Harbour Residence, the Harbour Offices. The Maritime Centre District is the centrepiece of Dubai Maritime City. Created as an urban corporate park, the District comprises eight waterfront and three interior parcels organized around a central boulevard; the Maritime Centre comprises a cluster of five high-rise towers called the Creek Towers and Plaza, Landmark Tower located at the head of the man-made peninsula, seven plots reserved for potential developers planning to construct their own towers. The Centre will feature a 5-star business hotel and premium service apartments; this sector is a hub for ship repair facilities, yacht charter, yacht repair and manufacturing, as well as workshop units.
The precinct will be overseen by the management of Jadaf Dubai. A 1,270-meter stretch of wet berthing has been made available in this precinct, alongside 42 dry berths of various sizes; the large number of berthing spaces available here alleviates a space crunch for boats in Dubai. The area contains 19 ship repair plots and two ship lifts capable of lifting 3,000 and 6,000 tons each. More than 100 workshops and warehouses complete the industrial precinct; the Dubai Maritime City Campus is located in the middle of Dubai Maritime City. The institutions here offers a syllabus encompassing marine engineering, marine transportation, naval science, among others; the academy has the capabilities to provide for 1,300 students. The area contains many other buildings such as a mosque, 500-room business hotel, seafarers club, convention center, two-story library; the Maritime Center is the core of Dubai Maritime City. It consists of eight waterfront and three interior parcels, which will serve as an international hub for maritime businesses.
Under construction in the area is the 45-story 229 metres tall Landmark Tower, which will function as a 5-star business hotel upon completion. Many other projects are planned such as the Swiftship Towers, 200 metres IRIS Mist hotel, Kensington Krystal hotel, Senali Aquamarine apartments, the Creek Towers office center, a unnamed six-star hotel; the gateway to Dubai Maritime City contains 19 development plots offered for office tower development. This zone overlooks the harbor and is the nearest precinct to the causeway linking the project to the rest of Dubai; the district includes a group of mixed-use activity areas which cater to yacht owners and houses restaurants, retail outlets and entertainment facilities. There are 14 plots available for construction of high-rise residential towers. Dubai Maritime City lies in a northerly direction near the creek area business district, between Port Rashid and Dubai Dry Docks. Dubai Maritime city is located at a strategic position located just 1 km from jumeirah beach road, 1.5 km from Bur Dubai, 2.5 km from Shindaga tunnel in Deira, 10 km from Dubai International Airport and 3 km from Sheikh Zayed Road.
The site is connected by a causeway to the wider road network, providing access to all of Dubai’s principle expressways including Sheikh Zayed Road. When completed, Dubai Maritime City will be a mixed use development for the maritime industry, comprising industrial, commercial and leisure facilities housed on a man-made peninsula by reclamation of land between Port Rashid and Dubai Dry Docks; as a peninsula development. Upon completion, it will feature the country’s first National Maritime Museum and ship repair and maintenance facilities; the Dubai Maritime City Campus incorporates education and research in a maritime complex accommodating over 1300 students in-training to support maritime businesses and services. As of March 2009, the first phase of Dubai Maritime city of constructing 1000 berth marina has been completed, however construction has been halted in 2010 due to financial crises in Dubai; the entirety of the first phase of construction consisting of 96 low and high rise towers was completed in March 2012.
Phase 2 and 3 focus on finalizing the area and adding additional commercial towers and infrastructure. The entire project is expected to be completed by 2014. IRIS Mist Palm Islands Dubai Promenade The world Islands Dubai Maritime City official website DMCA Authority Nubricks.com Gowealthy.com Arabianbusiness.com
The Persian Gulf is a mediterranean sea in Western Asia. The body of water is an extension of the Indian Ocean through the Strait of Hormuz and lies between Iran to the northeast and the Arabian Peninsula to the southwest; the Shatt al-Arab river delta forms the northwest shoreline. The body of water is and internationally known as the "Persian Gulf"; some Arab governments refer to it as the "Arabian Gulf" or "The Gulf", but neither term is recognized internationally. The name "Gulf of Iran" is used by the International Hydrographic Organization; the Persian Gulf was a battlefield of the 1980–1988 Iran–Iraq War, in which each side attacked the other's oil tankers. It is the namesake of the 1991 Gulf War, the air- and land-based conflict that followed Iraq's invasion of Kuwait; the gulf has many fishing grounds, extensive reefs, abundant pearl oysters, but its ecology has been damaged by industrialization and oil spills. The Persian Gulf resides in the Persian Gulf Basin, of Cenozoic origin and related to the subduction of the Arabian Plate under the Zagros Mountains.
The current flooding of the basin started 15,000 years ago due to rising sea levels of the Holocene glacial retreat. This inland sea of some 251,000 square kilometres is connected to the Gulf of Oman in the east by the Strait of Hormuz. In Iran this is called "Arvand Rood", where "Rood" means "river", its length is 989 kilometres, with Iran covering most of the northern coast and Saudi Arabia most of the southern coast. The Persian Gulf is about 56 km wide in the Strait of Hormuz; the waters are overall shallow, with a maximum depth of 90 metres and an average depth of 50 metres. Countries with a coastline on the Persian Gulf are: Iran. Various small islands lie within the Persian Gulf, some of which are the subject of territorial disputes between the states of the region; the International Hydrographic Organization defines the Persian Gulf's southern limit as "The Northwestern limit of Gulf of Oman". This limit is defined as "A line joining Ràs Limah on the coast of Arabia and Ràs al Kuh on the coast of Iran".
The gulf is connected to Indian Ocean through Strait of Hormuz. Writing the water balance budget for the Persian Gulf, the inputs are river discharges from Iran and Iraq, as well as precipitation over the sea, around 180mm/year in Qeshm Island; the evaporation of the sea is high, so that after considering river discharge and rain contributions, there is still a deficit of 416 cubic kilometers per year. This difference is supplied by currents at the Strait of Hormuz; the water from the Gulf has a higher salinity, therefore exits from the bottom of the Strait, while ocean water with less salinity flows in through the top. Another study revealed the following numbers for water exchanges for the Gulf: evaporation = -1.84m/year, precipitation = 0.08m/year, inflow from the Strait = 33.66m/year, outflow from the Strait = -32.11m/year, the balance is 0m/year. Data from different 3D computational fluid mechanics models with spatial resolution of 3 kilometers and depth each element equal to 1–10 meters are predominantly used in computer models.
The Persian Gulf and its coastal areas are the world's largest single source of crude oil, related industries dominate the region. Safaniya Oil Field, the world's largest offshore oilfield, is located in the Persian Gulf. Large gas finds have been made, with Qatar and Iran sharing a giant field across the territorial median line. Using this gas, Qatar has built up a substantial liquefied natural petrochemical industry. In 2002, the Persian Gulf nations of Bahrain, Iraq, Qatar, Saudi Arabia, the UAE produced about 25% of the world's oil, held nearly two-thirds of the world's crude oil reserves, about 35% of the world's natural gas reserves; the oil-rich countries that have a coastline on the Persian Gulf are referred to as the Persian Gulf States. Iraq's egress to the gulf is narrow and blockaded consisting of the marshy river delta of the Shatt al-Arab, which carries the waters of the Euphrates and the Tigris rivers, where the east bank is held by Iran. In 550 BC, the Achaemenid Empire established the first ancient empire in Persis, in the southwestern region of the Iranian plateau.
In the Greek sources, the body of water that bordered this province came to be known as the "Persian Gulf". During the years 550 to 330 BC, coinciding with the sovereignty of the Achaemenid Persian Empire over the Middle East area the whole part of the Persian Gulf and some parts of the Arabian Peninsula, the name of "Pars Sea" is found in the compiled written texts. In the travel account of Pythagoras, several chapters are related to description of his travels accompanied by the Achaemenid king Darius the Great, to Susa and Persepolis, the area is described. From among the writings of others in the same period, there is the inscription and engraving of Darius the Great, installed at junction of waters of Red Sea and the Nile river and the Rome river which belongs to t
Istithmar World is an investment firm based in Dubai, United Arab Emirates. This company is a state-run business owned by Dubai World, a Dubai government-owned company, was established in 2003. Known as "Istithmar," the company was renamed as "Istithmar World" in 2008. Istithmar World, created in 2003 as the investment arm of Dubai World specializes in private equity and alternative investment opportunities globally. In the five years since its inception, Istithmar World has built a portfolio of investments in markets ranging from North America and Europe to Asia and the Middle East, across a variety of sectors, including consumer, financial services and real estate. An analysis of Istithmar's investment portfolio which included the investment of $3.8 billion with an associated $14 billion of debt, has not performed positively. In a number of cases, Istithmar has sold at a loss; as a subsidiary of Dubai World, the company has been mentioned in numerous press reports related to the high debt levels of its parent.
Since late 2009, the company has seen numerous departures of high-profile executives. Headquartered in Dubai, UAE, with offices in Shanghai and New York, United States, Istithmar World invests through its three separately-managed divisions: Istithmar World Capital, Istithmar World Aviation and Istithmar World Ventures. Istithmar World Capital is the private equity and alternative investment arm of Istithmar World. Since inception, IWC has made over 35 investments. Istithmar World Aviation invests in fast-growing sectors of the aviation and aerospace industry, including airlines, manufacturing and financing. Istithmar World Ventures is a venture capital platform that provides promising start-ups and greenfield ventures with the necessary financial and managerial resources; the Board of Istithmar is led by HH Sheikh Ahmed bin Saeed Al Maktoum. Other Board Members include Mohammad Ibrahim Al Shaibani, Abdul Rahman Saleh Al Saleh, Hamad Mubarak Bu Amim, Sa’adi Abdul Rahim Hassan Al Rais and Sun Yong Chang.
Each of the divisions had its own management teams until a re-organisation was enacted at the end of 2009 and in early 2010. Istithmar World Capital saw the departure of its co-CIOs, John Amato and Felix Herlihy, who had joined the firm in 2006, who announced their departure in September 2009. On 20 January 2010, the CEO of Istithmar World Capital, David Jackson announced that he would be leaving the firm. Andy Watson, promoted from CIO of Nakheel to CIO of Istithmar became acting CEO. In July 2012, the board of Istithmar was reshuffled by chairman Sultan Ahmed Bin Sulayem, before being replaced a few hours on the instructions of Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, by the board of Dubai World. On 26 November 2009, the Wall Street Journal reported that Dubai World was seeking to sign a 6-month debt standstill agreement with its creditors. In response to the announcement Moody's and Standard & Poor's downgraded the debt of various Dubai government-related entities, with Moody's downgrading the affected agencies to sub-investment grade status.
The effect of the announcement was widespread fear in the global financial markets with a negative impact of equities markets around the world and a significant increase in the cost of insuring debt issued by Dubai related entities. On 30 November 2009, Dubai World made a statement in an attempt to counter rumours and mis-understanding. In the statement, Dubai World indicated that Istithmar would not be part of the proposed restructuring process. Instead the restructuring process would focus on several property related subsidiaries, most notably Nakheel; the statement noted. Istithmar World Capital states on its website that it has deployed $3.5 billion of capital in 35 investments across the globe. In an interview with the Financial Times in March 2009, the CEO, David Jackson indicated that total assets under management by Istithmar had declined due to the global financial crisis and were $9 billion by the end of 2008. In the article, Jackson indicated that Istithmar had delivered returns of 10% since its foundation.
According to The Times in an article on 7 February 2010, Istithmar invested a total of $3.8 billion of its own capital from its foundation and took on an additional $14 billion of debt. Existing and historic investments include: Hyflux, a Singapore base water utility. Istithmar bought a 20% stake in July 2004 for S$25 million. Istithmar sold it stake in early 2009. In January 2010, Istithmar entered into a legal dispute with Hyflux over the potential exercise of warrants. Time Warner, the US media company. Istithmar bought a 2.4% stake in February 2006, hired Carl Icahn to work with them on the investment. In early 2006, Time Warner's stock price traded above $50 a share. Jackson disclosed the stake was sold in the second half of 2008, when the stock price was trading below $50 a share. InterContinental Hotels Group. Bought in Sept 2007 and sold toward end of 2009. Jackson indicated. Barneys New York, a retailer. Purchased for $825m in June 2008. In September 2009, Istithmar released a statement to counter rumours of a bankruptcy filing by Barney's.
Despite Istithmar's wish to dispel rumours about the financial health of Barneys, the Wall Street Journal reported that US billionaire Ronald Burkle, who owns some of Barneys debt offered to convert his debt and an injection of an additional $50 million into Barneys in return
United Arab Emirates
The United Arab Emirates, sometimes called the Emirates, is a country in Western Asia at the southeast end of the Arabian Peninsula on the Persian Gulf, bordering Oman to the east and Saudi Arabia to the south, as well as sharing maritime borders with Qatar to the west and Iran to the north. The sovereign constitutional monarchy is a federation of seven emirates consisting of Abu Dhabi, Dubai, Ras Al Khaimah and Umm Al Quwain, their boundaries are complex, with numerous enclaves within the various emirates. Each emirate is governed by a ruler. One of the rulers serves as the President of the United Arab Emirates. In 2013, the UAE's population was 9.2 million, of which 1.4 million are Emirati citizens and 7.8 million are expatriates. Human occupation of the present UAE has been traced back to the emergence of anatomically modern humans from Africa some 125,000 BCE through finds at the Faya-1 site in Mleiha, Sharjah. Burial sites dating back to the Neolithic Age and the Bronze Age include the oldest known such inland site at Jebel Buhais.
Known as Magan to the Sumerians, the area was home to a prosperous Bronze Age trading culture during the Umm Al Nar period, which traded between the Indus Valley and Mesopotamia as well as Iran and the Levant. The ensuing Wadi Suq period and three Iron Ages saw the emergence of nomadism as well as the development of water management and irrigation systems supporting human settlement in both the coast and interior; the Islamic age of the UAE dates back to the expulsion of the Sasanians and the subsequent Battle of Dibba. The UAE's long history of trade led to the emergence of Julfar, in the present day emirate of Ras Al Khaimah, as a major regional trading and maritime hub in the area; the maritime dominance of the Persian Gulf by Emirati traders led to conflicts with European powers, including the Portuguese and British. Following decades of maritime conflict, the coastal emirates became known as the Trucial States with the signing of a Perpetual Treaty of Maritime Peace with the British in 1819, which established the Trucial States as a British Protectorate.
This arrangement ended with independence and the establishment of the United Arab Emirates on 2 December 1971 following the British withdrawal from its treaty obligations. Six emirates joined the UAE in 1971, the seventh, Ras Al Khaimah, joined the federation on 10 February 1972. Islam is the official religion and Arabic is the official language of the UAE; the UAE's oil reserves are the seventh-largest in the world while its natural gas reserves are the world's seventeenth-largest. Sheikh Zayed, ruler of Abu Dhabi and the first President of the UAE, oversaw the development of the Emirates and steered oil revenues into healthcare and infrastructure; the UAE's economy is the most diversified in the Gulf Cooperation Council, while its most populous city of Dubai is an important global city and an international aviation and maritime trade hub. The country is much less reliant on oil and gas than in previous years and is economically focusing on tourism and business; the UAE government does not levy income tax although there is a system of corporate tax in place and value added tax was established in 2018 at 5%.
The UAE's rising international profile has led to it being recognised as a regional and a middle power. It is a member of the United Nations, the Arab League, the Organisation of Islamic Cooperation, OPEC, the Non-Aligned Movement and the Gulf Cooperation Council; the land of the Emirates has been occupied for thousands of years. Stone tools recovered from Jebel Faya in the emirate of Sharjah reveal a settlement of people from Africa some 127,000 years ago and a stone tool used for butchering animals discovered at Jebel Barakah on the Arabian coast suggests an older habitation from 130,000 years ago. There is no proof of contact with the outside world at that stage, although in time lively trading links developed with civilisations in Mesopotamia and the Harappan culture of the Indus Valley; this contact persisted and became wide-ranging motivated by the trade in copper from the Hajar Mountains, which commenced around 3,000 BCE. Sumerian sources talk of the UAE as home to Magan people. There are six major periods of human settlement with distinctive behaviours in the pre-Islamic UAE, which includes the Hafit period from 3,200-2,600 BCE.
From 1,200 BC to the advent of Islam in Eastern Arabia, through three distinctive Iron Ages and the Mleiha period, the area was variously occupied by Achaemenid and other forces and saw the construction of fortified settlements and extensive husbandry thanks to the development of the falaj irrigation system. In ancient times, Al Hasa adjoined Greater Oman. From the second century AD, there was a movement of tribes from Al Bahreyn towards the lower Gulf, together with a migration among the Azdite Qahtani and Quda'ah tribal groups from south-west Arabia towards central Oman; the spread of Islam to the North Eastern tip of the Arabian Peninsula is thought to have followed directly from a letter sent by the Islamic prophet, Muhammad, to the rulers of Oman in 630 AD, nine years after the hijrah. This led to a group of rulers travelling to Medina, converting to Islam and subsequently driving a successful u
P&O Ferries is a British-based company that operates ferries from the United Kingdom to Ireland and Continental Europe. These were operated at different times as separate subsidiaries of P&O:- Pandoro Ltd, Ferrymasters Ltd, P&O European Ferries, P&O Portsmouth, P&O North Sea Ferries, P&O Irish Sea, P&O Stena Line. P&O established ferry services in the United Kingdom in the late 1960s in the North Sea and the English Channel. In the late 1970s P&O was affected by a reduction in traditional shipping activities which saw the sale of a number of its businesses and assets; this continued into 1985 with the sale of its cross-channel ferry activities to European Ferries, which at the time consisted of services on the Port of Dover–Boulogne and Southampton–Le Havre routes. In January the following year, P&O purchased a 50.01% interest in European Financial Holdings Ltd, which held 20.8% of shares in European Ferries, followed in 1987 with the purchase of the remaining shares of the European Ferries Group whose ferry services were trading as Townsend Thoresen.
Following the Herald of Free Enterprise disaster in March 1987, the operations of Townsend Thoresen were renamed P&O European Ferries on 22 October 1987, with operations from Portsmouth and Dover. Following a consultation with the Competition Commission beginning 28 November 1996, P&O European Ferries split into three separate subsidiaries: P&O Portsmouth, P&O North Sea and the creation of a joint venture between P&O and the Swedish ferry company Stena Line's UK subsidiary Stena Line Ltd to create P&O Stena Line in Dover. In April 2002, P&O announced its intention to purchase Stena Line's 40% share of the joint venture; the purchase was completed by August, in October 2002 the Portsmouth and North Sea operations were merged with the Dover operations to create P&O Ferries Ltd, jointly managing all services from its head office, Channel House in Dover. In September 2004, P&O Ferries Ltd conducted a business review that concluded with the announcement of closure of several of its long-term Portsmouth-based routes, leaving only the Portsmouth – Bilbao route in operation.
These closures were predominantly blamed on the expansion of low-cost airlines and the increasing usage of the Channel Tunnel as a faster alternative to ferry operations. In 2006, the P&O Group, including P&O Ferries was sold to Dubai-based DP World. Shortly afterwards it was taken over by Dubai World. On 15 January 2010, P&O Ferries announced that it would be closing the Portsmouth–Bilbao route by the end of September to coincide with the end of its existing charter for Pride of Bilbao; this meant the closure of the final route served by P&O Ferries in Portsmouth. In January 2018, Janette Bell replaced Helen Deeble as CEO. Nine vessels in the fleet, including all six Dover-Calais vessels, are to have their duty-free shops outsourced. In January 2019 P&O Ferries announced that its UK fleet would be reflagged from Dover, UK to Limassol, Cyprus in response to the United Kingdom's exit from the European Union in 2019 "For operational and accounting reasons". Cyprus is a flag of convenience. According to the Rail and Transport union, the reflagging is "pure opportunism", saying that the firm's "long-term aim has always been to switch the UK fleet to a tax haven register".
On 20 February 2019, DP World announced it had repurchased P&O Ferries from Dubai World in a £322m deal. Throughout its history, P&O Ferries has operated in five main areas, centred around Dover, Southampton, the Irish Sea and the North Sea. P&O began ferry operations in Dover in the 1960s with a route to Boulogne in France under the Normandy Ferries brand; this route was sold to European Ferries on 4 January 1985 which rebranded them, along with its Southampton–Le Havre route, as Normandy Ferries Ltd. Following the purchase of European Ferries, P&O operated routes from Dover to Calais in France and Zeebrugge in Belgium trading under the Townsend Thoresen brand. Prior to the acquisition, European Ferries had ordered two purpose-built vessels for the Dover–Calais route; these were delivered in June and December 1987 as Pride of Dover and Pride of Calais, taking on the role of flagships for P&O European Ferries. P&O's Dover operations remained unchanged until 1998 when they were merged with Stena Lines Dover and Newhaven operations to form P&O Stena Line in response to the increased competition from the Channel Tunnel which opened in 1994 and the coming end to duty-free shopping within the EU in July 1999.
As a result, vessels were renamed from the recognisable Pride of prefix to instead be prefixed with P&OSL in 1999. P&OSL operated eleven vessels, eight of which provided a freight and passenger service on the Dover–Calais route and the remaining three a freight service on the Dover–Zeebrugge route. In August 2002, P&O acquired Stena Line's 40% share of P&OSL, which were re-merged with the Portsmouth and North Sea operations under the P&O Ferries brand. In December 2002, the Dover–Zeebrugge route closed, leaving only the Dover–Calais route remaining. Vessel prefixes were again changed to PO before they were repainted into a new livery and resuming the use of the Pride of prefix in 2003. On 8 August 2008, P&O Ferries announced it had placed a €360 million order with STX Europe for two new ships to replace the ageing Pride of Dover and Pride of Calais; the two new vessels, Spirit of Britain and Spirit of France, are 49,000 gross tonnes and 210 metr
DP World Tour Championship, Dubai
The DP World Tour Championship, Dubai is a golf tournament on the European Tour and is the climax of the European Tour Race to Dubai. It is contested on the Earth course at the Jumeirah Golf Estates in United Arab Emirates; the title sponsor is a shipping company based in Dubai. The tournament was first held in 2009, it is contested by the leading 60 players in the Race to Dubai at the start of the tournament. It is the replacement for the Volvo Masters, a similar event for the leading 60 money winners on the Order of Merit; the tournament was to have a record prize fund of $10,000,000, of which the winner's share would be $1,666,660, however in September 2009 it was announced that there would be a 25% reduction in both the overall prize fund and the winners cheque. The prize fund was increased to $8,000,000 in 2012; the tournament determines the Race to Dubai Bonus Pool, which goes to the top golfers on the Race to Dubai after the tournament. It was original set at $10,000,000 but reduced to $7,500,000 paid to the top 15 players with the Race to Dubai winner getting $1.5 million.
In 2012 the bonus pool was cut in half to $3.75 million and reduced to the top 10 golfers, with the winner getting $1.0 million. The 2013 DP World Tour Championship at Jumeirah Golf Estates delivered a US$44 million gross economic benefit to Dubai, according to independent research commissioned by tournament organisers, The European Tour as stated in Vision magazine. Official website Coverage on the European Tour's official site
Port Rashid referred to as Mina Rashid, is a man made, commercial port in Dubai, United Arab Emirates. Named after Sheikh Rashid bin Saeed Al Maktoum, the port opened in 1972. At the time the port only had a capacity of less than 100,000 TEUs. In 1978, the port was expanded to include 35 berths. Today, the port has a capacity of 1,500,000 TEUs. Today, Port Rashid provides berths for RoRo and passenger vessels. In the early 1980s, Port Rashid was supplemented by Port of Jebel Ali, further from the commercial centre of Dubai near the Abu Dhabi border. Adjacent to the port are Dubai Maritime City. Both of these facilities were built due to Port Rashid's proximity. But, in January 2008, it was announced. All cargo operations will move to Jebel Ali Port by the end of March 2018. Port Rashid will turn into a cruise terminal. Part of the port will be reclaimed by Nakheel to create "a vibrant mixed use urban waterfront" that will house 200,000 residents. Port Rashid is the current location of the former Cunard Ocean Liner Queen Elizabeth 2 which arrived there on November 26, 2008 at the end of her final voyage for the company before being handed over to her new owners.
In March, 2017, a Dubai-based construction company announced it had been contracted to refurbish the ship. The restored QE2 opened to visitors on 18 April 2018, with a soft opening, with discounted rates and only five of the planned 13 restaurants and bars completed; the grand opening is set for October 2018. Port Rashid interactive satellite map