Oman says uncovers UAE spy network while UAE denies

Oman said it had uncovered a UAE spy network in the Gulf Arab state that targeted its government and military, the state news agency of the U.S. ally in the Arabian Peninsula reported on Sunday.
“Security services uncovered a spying network belonging to the state security apparatus of the United Arab Emirates, targeting the ruling regime in Oman and the way its government and military work,” the agency said, quoting a security source.
The news agency gave few details. An Omani government source, speaking on condition of anonymity due to the sensitivity of the matter, said a number of Omani nationals had been arrested, including some who worked for the government.
There was no immediate comment from officials in the neighbouring United Arab Emirates, a regional financial and tourism hub that has typically had friendly relations with Oman.
The Omani official said the arrests dated back about two months, but gave no other details. Oman’s news agency said the suspects would be sent to court.
Theodore Karasik, director of research and development and research at the Dubai-based Institute for Near East and Gulf Military Analysis, said the arrests were puzzling.
“This is all very murky,” he said. “One possibility is that the UAE wants to know more about Iran-Oman relations because of Tehran and Muscat’s long ties in security and military cooperation.”
Oman maintains good relations with Iran and was instrumental in helping to negotiate the release of one of three U.S. hikers accused by Tehran of straying from Iraq into Iranian territory.
Oman’s Sultan Qaboos bin Said has pushed for a diplomatic solution to the international dispute over Iran’s nuclear programme.
The sultanate has strong military and diplomatic ties with the West, and U.S. and British forces have been stationed in Oman for years.

UAE denies link with spy network in Oman
The UAE said it is shocked and surprised at a report by the Omani News Agency on the uncovering of a UAE spy network in the Sultanate of Oman.
In statement issued by the UAE Ministry of Foreign Affairs, the UAE categorically denied any knowledge or link with the alleged network, and was surprised to its name was mentioned in such a report, contradicting the values and norms of the country’s dealings with friendly countries, especially with the Sultanate of Oman.
The statement said the UAE expressed its full willingness to cooperate with Oman in any investigation in order to uncover all relevant parties that attempt to mar the relations between the two countries.
The statement said the UAE is keen to foster ties with Oman, indicating that the security and stability of the Sultanate is the stability of the UAE.

(C) Emirates 24|7
(C) Yahoo Maktoob

National Bonds (NBC) announced profit rate for 2010

National Bonds Corporation PJSC’s has announced an annual profit rate of 3.78% on Mudraba fund for 2010 to be distributed for its bondholders
National Bonds Corporation PJSC, the investment company behind the first Sharia’a compliant saving scheme of its kind globally and the region’s biggest rewards program, announced today an annual profit rate of 3.78% on Mudraba fund for 2010 to be distributed for its bondholders, topping the market average of 0.46% on saving accounts and 2.40% on 12 months fixed deposit accounts. With this year results, the cumulative returns since inception reached 26.45%. The Profit Bonds for 2010 will be issued effective 1st January 2011.
In addition to the highly competitive return that beats any other offering in the market with the same low risk profile, National Bonds distributed over 200,000 prizes worth more than AED 51 million in 2010. Compared to 2009, the number of rewards from the Fund Manager’s (Mudareb’s) own funds increased by 49%. Thus Reinforcing National Bonds position as the richest reward scheme in the region.
A significant contribution to the company’s growth was the increase in the number of bondholders. Reaching 610,775 customers by the end of 2010, National Bonds surpassed a huge milestone and achieved an increase of 9% on the previous year – a direct translation of the company’s successful mission in changing behavior that encourages and rewards a healthier financial lifestyle based on regular and timely saving. In addition, 86% of bondholders now hold their money with National Bonds for more than a year, which is a substantial increase from 79% in 2009.
This positive growth was reflected across many different segments of the population, including women who increased by 11%, men up 12% and expats who grew 11%.
Another huge turnaround this year was in the level of institutional contribution to the scheme. The number of corporate customers increased by 23% as more and more companies invested with National Bonds. Companies have also started offering their employees value added services via the National Bonds Employee Saving Scheme. The initiative provides companies with the platform to empower their staff to take control of their finances by assisting them in taking the first step to prepare for their retirement.
The company has also been successful in executing its investment strategy which continues to generate healthy returns for bondholders. National Bonds’ investment unit applies a model of a highly-diversified balanced portfolio of low and low-to-medium risk Sharia’a compliant investments, as per the required liquidity associated with such a scheme, which has proved extremely efficient over the years.
During 2010, some other investments that contributed to the fund’s success included a corporate Sukuk investment portfolio that generated yields that exceeded all expectations. The Mudaraba fund also focused on higher weighted allocation towards liquid asset investments, a strategic move that allowed the portfolio to adapt to the extraordinary current market conditions.  
It came as no surprise that National Bonds was awarded the much coveted accolade of Best Retail Product for 2010. Another successful year is ahead, as the leading savings scheme promises a lot of surprises during 2011 as it celebrates its 5th anniversary.


(C) National Bonds

Dubai: Failure in paying housing fee !!!

Not paying housing fee? You have 6 months before Dubai Municipality finds you. Head of Housing Fee department says all residential units across emirate will be covered. Dubai Municipality will continue charging a housing fee for all non-freehold and freehold areas.

The entire emirate, in terms of units to be charged, will be covered in the next six months, a top government official told.

“The Municipality is continuing charging the housing fee as before… there is no change in it. We will be covering all the residential units across the entire emirate in the next six months,” said Abdulla Hashim Abdulghafoor, Head of Housing and Marketing Fees at the Dubai Municipality.

The housing fee has been imposed on all residents, except citizens.  Leasehold occupants (tenants) pay five per cent of the annual rent as housing fee, while freehold property owners need to pay five per cent of value as per the Rera rent index for that specific location.

He declined to comment on whether housing fee for freehold areas would be reviewed, saying: “There is no change in our policy.”

Residents of freehold areas have often complained of being charged twice for the same services by the master developer and the municipality.

Ahmad Al Matroushi, Managing Director, Emaar, Head of Dubai Real Estate, recently told Emarat Al Youm: "Real estate companies were surprised by municipality's decision to collect five per cent of the value of the lease contract [as fees]. They get the service charges for the same services provided by the developer. It is not logical to get a fee for municipal services.

“In case the municipality wants to impose housing fees for services in freehold areas, the developers should not be taking fees there," he added.

In August 2010, Abdulghafoor had told this website that owners will have to pay housing fee if they have a Dewa connection although the unit has not been rented.

(C) Emirates 24|7

Dubai: The World islands not washing away

Dubai developer Nakheel on Wednesday rejected reports that its 300 man-made islands shaped like a map of the world are washing away and said it is in talks to sell a remaining 30 percent of the delayed project.
"The World islands are definitely not sinking, washing away or eroding," Nakheel Chief Executive Chris O'Donnell told reporters.
The developer, whose debt troubles forced its parent company Dubai World to announce a shock debt delay in 2009, took journalists on an organised visit to a few of the islands on the 7 km (4.4 mile) -wide archipelago in the Gulf, but did not allow video cameras or photography.

'The World' is a series of man-made themed islands being developed by Nakheel off the coast of the affluent Gulf emirate of Dubai. On Wednesday the developer announced another two islands had been sold, at approximately $65 million each.


A tribunal set up for claims related to Dubai World's debt restructuring heard a case this month where Penguin Marine, a company hired by Nakheel to ferry construction goods and people, said the islands were falling back into the sea, media reports said.
Last year, Nakheel described media reports about the sinking of the islands as "wholly inaccurate".
Nakheel officials said there would be some minor erosion that may change the shape of the islands but this was not significant. Most developers have halted work on the islands after the Gulf Arab emirate's booming property sector was hit by the global downturn. Nakheel said development of the islands was the concern of the owners.

Nakheel said in December last year nearly three quarters of the islands on the World, made up of around 300 islands in the shape of a map of the world, had been sold.


"We delivered our commitment based on the contract and it is now up to the developer," said Nakheel Chairman Ali Rashid Lootah.
He said the company had sold 70 percent of the islands and was in talks to sell the remaining.

An aerial view of a new development in one of the islands. The World consists of over 300 man-made islands strategically positioned to form the shape of the world map, lying 4 km off the coast of Dubai. The World has been a casualty of the global financial crisis, with little development on any of the man-made islands within the last year.


(C) Reuters