ECONOMIC DEVELOPMENT - UAE Interact

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156UNITED ARAB EMIRATES YEARBOOK 2006equity investor in energy and energy-related projects and companies outside theEmirate of Abu Dhabi, and current investments include substantial stakes inHyundai Oilbank Company in South Korea, Gulf Energy Maritime in Dubai, CEPSAin Spain, Pak-Arab Refinery Ltd, Pak-Arab Fertilizers Ltd in Pakistan and SUMED inEgypt. The acquisition of the Borealis stake was the third addition to its portfolio in2005, following its purchase of a 50 per cent holding in AMI Melamine InternationalGmbH and 20 per cent in the Oman Polypropylene Project in Oman.DubaiDubai’s first fertiliser plant, a joint venture between Kemira Agro Øy of Finland(49 per cent) and the local firm Union Agricultural Group (51 per cent), can produce6000 t/y of water-soluble compound fertilisers. A second fertiliser plant developedby the same group, and called the Kemira Emirates Fertiliser Company (KEFCO),produces around 60,000 t/y of phosphate and nitrogenous fertilisers, and wasbrought on-stream in 2001 in the Jebel Ali Free Zone.A much larger plant (developed by Spic Fertilisers and Chemicals) with a capacityto produce 600,000 t/y of ammonia and 440,000 t/y of granular urea came onstreamin mid-2005. The plant is being supplied with 40,000 million btu/day ofnatural gas feedstock by Dubai Supply Authority (Dusup) and exports all its outputto India. Spic Fertilisers and Chemicals signed a separate agreement with DEL inMarch 2004, also for supply of Qatari gas.Meanwhile, a 500,000 t/y Methyl Tertiary Butyl Ether (MTBE) plant, established in1995, utilises the butane isomerisation process of Lummus, the Catofindehydrogenation process, and CD MTBE synthesis technology for convertingbutane into MTBE.TOURISMPlans, laid in the late 1980s and early 1990s, to create an entirely new tourismindustry have exceeded expectations. Tourism is now worth more to Dubai thanits income from oil. Abu Dhabi has also invested in developing a tourism industryand has announced a number of ambitious projects in this field. All the otheremirates consider tourism as an important factor in their future growth andprosperity. With the wisdom of hindsight, all of this makes sense. The UAE haswarm shallow seas, rich in marine life, long fine sand beaches perfect for sunbathingand relaxation, a climate that delights for much of the year and theresources to mitigate against the discomfort of excessive heat through innovativeconstruction and cooling projects. It is the ‘right flying distance’ from some ofthe world’s most populous markets, from the Middle East and Western Asia toEurope, and it has excellent airports and seaports. Its natural and cultural heritageis rich and varied and its people are educated, friendly and hospitable. It is a long-
158UNITED ARAB EMIRATES YEARBOOK 2006standing melting pot of cultures where foreigners feel at ease. Emiratis have alwayswelcomed visitors: it is not the nature, but the scale of things that has changed.Tourism growth in the Emirates has impressed and perhaps surprised manyanalysts and commentators. The country is leading the whole region in developingtop-class tourism facilities and attracting visitors: 11,922 new rooms are due tobecome available between 2005 and 2008 (with 9628 in Dubai alone). Abu Dhabi’ssupply of new luxury hotels includes the landmark Kempinski-operated EmiratesPalace Hotel and Conference Centre, while Fujairah’s four confirmed hoteldevelopments include the five-star Kempinski Fujairah Resort and the RobinsonClub. Dubai’s first major offshore tourism development, The Palm, Jumeirah, willhave 30 to 40 hotels when it is completed. Nine of these were already confirmedby mid-2005. The other ‘Palms’ will also create numerous sites for hotels. Aconcentration of land-based hotels along the Sheikh Zayed Road/Al Barsha roadincludes at least 12 future projects that will add 2948 rooms. Among these is thefive-star, 250-room Armani Hotel in the Burj Dubai development, due to open in2008, and the five-star, 400-room Kempinski Hotel in the Mall of the Emirates,due to open in November 2005. Meanwhile, new developments on Dubai’sJumeirah coast involve at least seven hotel and resort developments and thecoastline north of Dubai Creek is also receiving attention with six confirmed hotelsand resorts.Good planning has been the key to growth of tourism in the UAE. It is not justabout building hotel rooms but about creating multi-faceted attractions, providingworld-class infrastructure and ensuring that the very elements that attract visitorsare respected and protected. All this requires coordination and management. Eachemirate has its own dedicated tourism development authority or department. Inrecent years these have grown in size and capability.Dubai’s growth manager in the hotel and tourism sector is Dubai Tourism andCommerce Marketing Department (DTCM), which oversees the licensing of hotels,hotel apartments, tour operators, and tour guides, and promotes and marketsDubai through a network of 14 Overseas Representation (OR) offices. DTCM hasplayed a key role in achieving the impressive figure of 5.42 million guests at372 hotels and hotel apartments in 2004. The UK is the largest source marketof visitors to Dubai with 605,240 people travelling there from the UK in 2004,a 32 per cent increase from 458,451 in 2003. Other important non-Arab marketsfor UAE tourism are Germany, France, Italy and China. DTCM also managesheritage sites and the region’s first and only dedicated cruise terminal. The3300-square-metre facility is the world’s first ISO-certified cruise terminal operatedby a government tourism department. It was expected to receive 16 cruise shipsin 2005 and experience a 33 per cent increase in cruise tourists over the 8000arrivals in 2004.
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