DOCSLIB.ORG

Download PDF (861.9

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Download PDF (861.9 5 Figure I.1. Dubai Inc. Ruler of Dubai Government of Dubai 100% 100% 100% 100% Dubai International Investment Dubai Holding Financial Centre Dubai World Corporation of Dubai Authority 100% 100% 100% 70% 100% 100% Dubai Holding Dubai Holding DIFC Investments Drydocks World 20% Borse Dubai Emirates Group Commercial Investment Group Operations Group 10% 80% 100% 100% 100% 100% Dubai Properties Dubai Financial Dubai Group Istithmar World Emirates Airline Group Market 100% 70% 100% 20% 56% Commercial Bank of Jumeirah Group Dubai Banking Group Nakheel Emirates NBD Dubai 30% 100% 100% 70% 12% 100% Emirates Islamic Tatweer Dubai Bank Limitless Dubai Investments Bank 100% 48% 100% 30% 48% Port and Free Zone TECOM Investments SHUAA Capital Dubai Islamic Bank Union Properties World 20% Emirates Integrated 100% 80% 43%Emirates 20% Deyaar Development Telecommunications Dubai Financial Group DP World Refreshements Company Company Company 100% 100% 57% 10% Dubai International National Bank of Dubai Maritime City Tamweel Capital Fujairah 100% 31% Economic Zones Emaar Properties World 48% Amlak Finance Source: Zawya. 6 3. Looking forward, GREs will likely continue to pose significant risks to the sovereign balance sheet and the financial system. Although little information is available on the financial situation of most GREs, with an estimated US$60 billion of debt due in 2011–12, the U.A.E. face rollover risk and would need to manage this carefully in light of continued turmoil in global markets. Moreover, with the restructuring of Dubai Inc., a significant amount of debt has been shifted to the medium term with potential bunching risks in 2014–15. The overhang in the real estate sector means that these risks can affect the sovereign balance sheet as contingent liabilities may materialize; they can affect local banks that hold GRE debt; and they can have broader implications for capital markets through higher cost of borrowing. 4. The objective of this paper is to identify the risks posed by financially underperforming GREs. The note will assess the impact of the Dubai debt restructuring on capital markets, the sovereign balance sheet, and the banking sector, and it will identify future potential risks, particularly in terms of contingent liabilities for the government. B. Which Types of Risks Emerged in the Context of Dubai’s Debt Restructuring? Market risk 5. Following the DW debt standstill announcement conditions in secondary markets deteriorated rapidly. Yields on both conventional and Sukuk bonds immediately shot up by several hundreds of basis points. The extension of a US$10 billion loan from the GD to DW had only a temporary impact and Dubai government bonds kept selling off through most of the first quarter of 2010 with yields peaking at over 10 percent. It was only with the submission of the restructuring plan in March 2010 and the subsequent agreement among a large number of creditors that yields entered a sustained downward trend, although they remain somewhat above pre-crisis levels (Figure I.2). 11 Figure I.2. Dubai Government Bonds 11/25/09: DW (Yield to maturity, in percent) DUBAI 4.25 04/13 announces SUKUK 6.396 11/14 standstill 11/16/10: GD 10 agreement 03/25/10: DW 12/14/09: GD submits injects $2 bn 05/20/10: 7 extends restructuring in DH, which largest banks $10 bn loan plan 09/09/10: 99% announces to DW agree on of creditors plan plan 9 agree on plan 8 7 6 5 11/2/2009 1/2/2010 3/2/2010 5/2/2010 7/2/2010 9/2/2010 11/2/2010 Source: Bloomberg. 7 6. Market access for the sovereign and the GREs themselves were significantly affected. Only, in September 2010, the GD regained market access, though at higher costs than its peers. In the post-DW issues, Dubai paid more than 120 basis points (over benchmark) compared to the same period a year earlier. Comparisons with peers indicate that Dubai issued at spreads comparable with sovereigns in the single B rating category, such as Ukraine (B+/B2/B), as highlighted in Table I.1. As for the GREs, in April 2010, the Dubai Electricity & Water Authority (DEWA) had been the first Dubai’s GRE to regain market access after the DW’s announcement, but it had funded at over 8.6 percent on a US$1 billion issue, to the tune of 300 basis points above similarly rated emerging market corporate issuers. Most Dubai’s GREs have not still re-entered capital markets. Table I.1. 2010 Select Sovereign Issues Spread to Value S&P Fitch Years to Yield to Currency Moodys USD Sovereign Date (US$ Issuer Issuer Maturity Maturity (%) Code Rating Benchmark million) Rating Rating (bps) Belarus (B+) 26-Jul-10 600 5 9.21 USD B+ B1 727 Dubai 29-Sep-10 500 5 6.81 USD 543 Ukraine (B+) 16-Sep-10 500 5 6.99 USD B+ B2 B 541 Dubai 29-Sep-10 750 10 7.90 USD 527 Ukraine (B+) 16-Sep-10 1,500 10 7.90 USD B+ B2 B 499 Barbados (BBB) 27-Jul-10 200 12 7.33 USD BBB Baa3 416 Lithuania (BBB) 4-Feb-10 2,000 10 7.77 USD BBB Baa1 BBB 402 Croatia (BBB) 6-Jul-10 1,250 10 6.87 USD BBB Baa3 BBB- 381 Dominican Republic (B) 29-Apr-10 750 11 7.64 USD B B1 B 377 Sri Lanka (B+) 27-Sep-10 1,000 10 6.35 USD B+ B+ 373 Vietnam (BB) 26-Jan-10 1,000 10 7.07 USD BB Ba3 BB- 333 Lithuania (BBB) 7-Sep-10 750 7 5.32 USD BBB Baa1 BBB 320 Jordan (BB) 8-Nov-10 750 5 4.17 USD BB Ba2 301 Source: Dealogic. Fiscal risk 7. The DW debt restructuring translated into higher sovereign debt. The Central Bank of the U.A.E. (CBU) extended a five year US$10 billion loan to the GD in March 2009; the GAD extended a further US$6.3 billion in December 2009 following the DW debt standstill. Our estimate of Dubai’s government and government guaranteed debt stands at US$36 billion at end-2010 (34 percent of 2010 Dubai and northern emirates GDP), up from US$12.2 billion at the end of 2008 (Figure I.3). 8 Figure I.3. Dubai: Total Debt Stock, 2007, 2010 Dubai Debt Stock, 2010 Dubai Debt Stock, 2007 GREs Govt. 92% 8% GREs 68% Govt. 32% Source: Dealogic. Financial risk via local banks 8. Dubai banks were affected by their exposure to GREs. The banking system’s overall lending to Dubai GREs is estimated at 9 percent of total loans, and 16 percent of loans for Dubai banks. For DW, local banks were owed 40 percent of the debt subject to restructuring (US$14.4 billion), of which 60 percent is concentrated in Dubai banks. Provisions on DW restructured loans have been completed and amount to US$500 million, implying an average haircut of 9 percent. For Dubai Holding, the limited information available suggests that local banks are owed over 50 percent of the debt to be restructured (i.e. US$5.2 billion), of which 90 percent is with Dubai banks. C. What Are the Main Risks Posed by the GREs Going Forward? 9. Sovereign debt is low both in Dubai and Abu Dhabi, but a large share of public debt stems from GREs. Dubai’s publicly-held debt stands at US$113 billion (102.5 percent of Dubai and northern emirates GDP). The bulk of this debt is from Dubai Inc. which accounts for US$89.4 billion (Figure I.4) or 81.2 percent of Dubai and northern emirates GDP. Abu Dhabi’s debt amounts to US$104 billion (54.8 percent of Abu Dhabi GDP), and although the expansion of GREs started more recently, most of it also stems from GRE debt (US$92.4 billion or 48.6 percent of Abu Dhabi GDP). 9 120.0 Figure I.4. Total Gross Debt, 2010 (General Government + GRE Debt) (in percent of GDP) 100.0 GRE Debt (in percent of GDP) Sovereign Debt (in percent of GDP) 80.0 60.0 40.0 20.0 0.0 Dubai UAE Abu Dhabi Sources: World Economic Outlook ; Dealogic. 10. GRE debt is large by international comparisons. The size of Abu Dhabi’s publicly-held sovereign debt is rather small (6.1 percent of Abu Dhabi GDP); Dubai faces a sovereign debt (excluding guarantees) of 21.4 percent of Dubai and northern emirates GDP, also far from large by international comparisons. It is only when the debt of the GREs is accounted for (Figure I.5) that the full scale of the problem becomes visible. On this metric, Abu Dhabi’s debt rises to 54.8 percent of Abu Dhabi’s GDP and Dubai’s climbs to as much as 102.5 percent of GDP (Figure I.6). 100.0 Figure I.5. GRE Gross Debt, 2010 (in percent of GDP) 80.0 60.0 40.0 20.0 0.0 Sources: World Economic Outlook; Dealogic. 10 250.0 Figure I.6. Total Gross Debt: Cross-Country Comparison, 2010 (General Government +GRE Debt) (in percent of GDP) 200.0 150.0 100.0 50.0 0.0 Italy UAE India Brazil Spain Dubai China Japan Turkey Ireland Russia Austria France Mexico Greece Canada Belgium Portugal Australia Germany Argentina Indonesia Abu Dhabi Abu South Africa Netherlands South Korea Saudi Arabia Saudi United States United United Kingdom United Sources: World Economic Outlook ; Dealogic. 11. With US$60 billion maturing in 2011-12, both Dubai and Abu Dhabi face short- term rollover risk.
Load more

Recommended publications
  • Dubai Review 2020 – 2021 Outlook
    Dubai Review Outlook www.valustrat.com ValuStrat Price Index – VPI Dubai Residential Base: January 2014=100 ValuStrat Price Index – VPI Dubai Office Base: January 2015=100 All prices are quoted in UAE Dirhams unless otherwise stated Sales and Rent performance are measured on a quarterly basis while hotel performance are on yearly basis 2020 Review FIRST QUARTER REVIEW 2020 VPI Residential VPI Residential VPI Office Capital Values Rental Values Capital Values 73.3 69.6 63.1 -10.1% -8.9% -14.7% Y-o-Y Y-o-Y Y-o-Y Residential Ready Residential Ready Ticket Size Sales Volume 1.71m 3,491 AED Transactions 0.6% -0.3% Q-o-Q Q-o-Q Residential Off-Plan Residential Off-Plan Ticket Size Sales Volume 1.45m 5,224 AED Transactions -8.6% -26.3% Q-o-Q Q-o-Q Office Sales Office Sales Office Ticket Size Volume Rent 0.92m 269 863 per sq m AED Transactions AED -17.9% 11.2% -5.2% Q-o-Q Q-o-Q Q-o-Q Jan COVID - 19 PANDEMIC • The VPI – residential capital values for Dubai as of March 2020 stood at 73.3 points, dipping 0.9% since February, -10% annually. 1W • First confirmed case in the UAE recorded on 29th January • The Dubai VPI for residential rental values during Q1 2020 stood at 69.6 points, • Suspension of all flights except cargo, halting operation of major public mass declining 1.7% quarterly and 8.9% annually. On an annual basis, apartment and transport (Dubai Metro and Tram) villa asking rents fell 9.4% and 8% respectively • Countrywide curfew and disinfection drive started • VPI for Dubai’s office capital values stood at 63.1 points, suggesting that
    [Show full text]
  • Urban Megaprojects-Based Approach in Urban Planning: from Isolated Objects to Shaping the City the Case of Dubai
    Université de Liège Faculty of Applied Sciences Urban Megaprojects-based Approach in Urban Planning: From Isolated Objects to Shaping the City The Case of Dubai PHD Thesis Dissertation Presented by Oula AOUN Submission Date: March 2016 Thesis Director: Jacques TELLER, Professor, Université de Liège Jury: Mario COOLS, Professor, Université de Liège Bernard DECLEVE, Professor, Université Catholique de Louvain Robert SALIBA, Professor, American University of Beirut Eric VERDEIL, Researcher, Université Paris-Est CNRS Kevin WARD, Professor, University of Manchester ii To Henry iii iv ACKNOWLEDGMENTS My acknowledgments go first to Professor Jacques Teller, for his support and guidance. I was very lucky during these years to have you as a thesis director. Your assistance was very enlightening and is greatly appreciated. Thank you for your daily comments and help, and most of all thank you for your friendship, and your support to my little family. I would like also to thank the members of my thesis committee, Dr Eric Verdeil and Professor Bernard Declève, for guiding me during these last four years. Thank you for taking so much interest in my research work, for your encouragement and valuable comments, and thank you as well for all the travel you undertook for those committee meetings. This research owes a lot to Université de Liège, and the Non-Fria grant that I was very lucky to have. Without this funding, this research work, and my trips to UAE, would not have been possible. My acknowledgments go also to Université de Liège for funding several travels giving me the chance to participate in many international seminars and conferences.
    [Show full text]
  • The World at Your Feet. Info@Messe–Me.Com Tel
    The venue The Dubai International Convention and Exhibition Centre has become the most successful venue in the Middle East. With its state of the art facilities, its easy access to and from the airport, shops, restaurants and hotels, it is the ideal setting for the DOMOTEX middle east 2006 carpets and floor coverings exhibition. Dubai - Centre of industrial development The development of the first Free Zone 20 years ago was an important step in creating the future of Dubai. Today, the Jebel Ali Free Zone is the biggest Free Zone in the Middle East with more than 8,000 registered companies. Newer Free Zones such as Media City, Internet City and Knowledge Village are rapidly growing due to the increase in demand from the outside world. Soon, Dubai will develop Free Zones for publishing, printing, manufacturing and Bio-technology to meet the needs of its consumers as well as to maintain its key position amongst rest of the world. The city has a healthy mixture of small and middle-sized businesses as well as wholesale and retail on many different levels. Dubai actually hosts more than one million people from over 130 different countries, with an expatriate rate of more than 70 percent. What has assisted in the region's growth is a newly formed law, enabling expatriates to purchase their own property. This has increased the number of investors and expatriates establishing their private homes here in the UAE, from all over the world. Booking details Space only – USD $315 per square metre. Shell Scheme – USD $365 per square metre.
    [Show full text]
  • Dubai, UAE Fact Sheet Vision Without Action Is Merely a Dream
    Dubai, UAE Fact Sheet Vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world. – Joel Barker Did you know that…? ♦ Dubai is on target for 11% annual growth in 2007 ♦ Dubai is strategically placed between key financial hubs in Asia with Hong Kong to the East and Europe to the West ♦ Dubai is roughly the same size as Rhode Island ♦ Two UAE women executives feature in the top ten most powerful Arab businesswomen, according to a Forbes survey ♦ Emirates Airlines is Boeing’s biggest customer and will become the world’s largest long‐haul carrier by 2012 ♦ The UAE posts the lowest software piracy rate in the region for the past 10 years ♦ Emaar Properties is the largest real‐estate company in the world in terms of market capitalization ♦ Dubai contains an 80‐meter indoor ski slope in the middle of the desert ♦ Dubai opened the first gold exchange in the Middle East ♦ More than 40 television stations broadcast from UAE ♦ The UAE‐USA Defense Cooperation Agreement was enacted in 1994 ♦ UAE Ports host more US Navy Ships than any port outside the USA ♦ Emaar’s Burj Dubai will be the world’s tallest building at 2,300 ft. when completed ♦ The spacious luxury of Jumeirah’s Burj al‐Arab’s 27 double‐height stories make it the world’s tallest hotel and the world’s only “seven‐star” hotel ♦ UAE boasts the highest travel and tourism economic activity per capita in the world ♦ At 78 years, life expectancy has reached levels comparable to Europe and North America ♦ Dubai contains extravagant
    [Show full text]
  • However the Ugly Face of the So Called "Dubai Model" Which Was Based Upon Debt and Speculation, Was Hiding Somewhere in the Breakneck Boom
    What is Dubai Crisis? y The Dubai Debt Crisis 2009 has been called by economists a consequence of real estate bubble burst when on November 26, 2009 vaDubai proposed to delay repayment of its debt which includes delay in the payment of $ 59 Billion debt on Dubai World, the investment vehicle for the emirates for 6 months. Dubai's Economy: y Dubai has one of the most unique and unusual economies in the world. Dubai has numerous free zones including Jebel Ali free zone, Dubai Maritime City, Dubai Internet City, and Dubai Media City. y Contrary to the general assumption that Dubai's economy is totally driven by oil and gas,It is a fact that oil sector only comprises less than 6% of the economy of Dubai. y In fact, Dubai's portion of natural gas revenues in the United Arab Emirates is only about 2%. Dubai's oil production is estimated to be about 240,000 barrels per day. y It is true that Dubai's economy was built on the back of Oil Money but Dubai's oil reserves have diminished significantly and are expected to be exhausted in 20 years. y The other largest contributing sectors of Dubai economy are Real estate and construction (22.6%), trade (16%), (15%) and financial services (11%) (all are 2007 figures). Diversifying to Real Estate: y In 2000, Dubai Financial Market (DFM) was established. It was established as a secondary market for trading securities and bonds, both local and foreign. During that time the Government decided to diversify Dubai's economy from a trade-based, but oil-reliant, economy to one that is service and tourism-oriented has made real estate more valuable.
    [Show full text]
  • Implementing Sustainable Construction Practices in Dubai – a Policy Instrument Assessment
    Master Thesis in Built Environment (15 credits) Implementing Sustainable Construction Practices in Dubai – a policy instrument assessment Marco Maguina Academic Supervisor: Catarina Thormark Spring Semester 2011 Master Thesis in Built Environment Implementing Sustainable Construction Practices in Dubai – a policy instrument assessment Author: Marco Maguina Faculty: Culture and Society School: Malmö University Master Thesis: 15 credits Academic Supervisor: Catarina Thormark Examiner: Johnny Kronvall Maguina, Marco 2 Master Thesis in Built Environment SUMMARY Recognized as one of the main obstacles to sustainable development, climate change is caused and accelerated by the greenhouse gas (GHG) emissions generated from all energy end-user sectors. The building sector alone consumes around 40% of all produced energy worldwide. Reducing this sector’s energy consumption has therefore come into focus as one of the key issues to address in order to meet the climate change challenge. Implementing sustainable construction practices, such as LEED, can significantly reduce the building’s energy and water consumption. Prescribing these practices may however encounter several barriers that can produce other than intended results. Since the beginning of 2008 Dubai mandates a LEED certification for the better part of all new constructions developed within the emirate, nevertheless the success of this regulation is debatable. This thesis identifies the barriers the introduction of the sustainable construction practices in Dubai faced and analyses the reasons why the regulatory and voluntary policy instruments were not effective in dealing with these barriers. Understanding these barriers as well as the merits and weaknesses of the policy instruments will help future attempts to introduce sustainable construction practices. To put the research into context a literature review of relevant printed and internet sources has been performed.
    [Show full text]
  • Sovereign Wealth Funds Quarterly Newsletter
    Sovereign Wealth Funds Quarterly Newsletter From the collaboration between Bocconi’s Sovereign Investment Lab and The Boston Consulting Group The Leviathan Corner 03 Global outlook for SWF investments 05 Q4 2017 – Q1 2018 Deal Activity Summary 06 Key Trends 11 Sovereign Wealth Funds, Assets under management 13 with the scientific support of Foreword The global macroeconomic outlook has been favorable the increase domestic demand will generate inflationary for SWF over the period: Asian economies boomed with pressures and interest rate hikes, which have already the resumption of global trade, and the oil price rally taken place, curbing equity prices. Absent geopolitical relieved the hard-pressed public finances of producing events, the engines of SWF growth, oil prices, trade nations. FX reserves in EM grew in Asia, while in surplus, and strong equity markets will be a spent force MENA (Qatar apart) decreased at a slower pace. But in the foreseeable future. Furthermore, governments in we are most likely at a turning point, which will have emerging markets (especially energy producing nations) very deep implications in future SWF behavior. The will try to tap the SWF assets to equalize lost revenues protectionist tide is mounting under Trump policies and stabilize their domestic economies. The shut down of in USA, a country becoming this year the largest oil the Russian Reserve Fund and the change in strategy and producer and thus “energy independent”. A reduction in reornanization taking place in some GCC are the opening the US trade deficit
    [Show full text]
  • ICD Buys Atlantis Dubai State Fund Buys Hotel from Debt-Laden Peer
    Business21 FRIDAY, DECEMBER 6, 2013 China bars banks from bitcoin transactions SHANGHAI: China’s government banned predicting the price could halve in the central bank. The PBOC may have cause to telecommunications authorities, it said. financial institutions from trading in bit- short-term. Digital currencies are generally be concerned about bitcoins, which are The notice was issued jointly by the PBOC, coin yesterday, in what analysts said was a highly volatile. anonymous, untraceable, and can be car- the Ministry of Industry and Information restrained first step towards regulating the Bitcoins have seen their value relative ried on memory sticks or transmitted elec- Technology, the China Banking Regulatory digital currency that has exploded in pop- to the dollar skyrocket some 800 percent tronically, because they represent a poten- Commission and the China Securities ularity in China and soared in value in in the past two months as speculators tial hole in the country’s capital controls. Regulatory Commission and China recent months. A statement by the central have piled into the currency, according to However, analysts point out that, given the Insurance Regulatory Commission. bank and four other agencies said that, bitcoinity.org. While there is no official tiny value of the total bitcoins in circula- “This is an industry that will need to be while the computer-generated currency data available, bitcoin market operators tion relative to other currencies, it is governed or regulated. The safety and the does not yet pose a threat to China’s finan- say Chinese nationals are major partici- unlikely to have much impact on the wider well-being of the common user has to be cial system, it carries risks.
    [Show full text]
  • Media Industry in Dubai
    An Agency of the Department of Economic Development – Government of Dubai A SMALL AND MEDIUM ENTERPRISES DEVELOPMENT PERSPECTIVE OF THE MEDIA INDUSTRY IN DUBAI The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be violation of applicable law. Dubai SME encourages the dissemination of its work and will grant permission to reproduce portions of the work promptly. All queries should be addressed to Dubai SME at [email protected] (P.O. Box 66166, Tel:+971 4361 3000, www.sme.ae ) DUBAI SME © 2010 CONTENTS 1. EXECUTIVE SUMMARY..................................................................................................................................... 3 2. INTRODUCTION TO THE REPORT ................................................................................................................. 8 INDUSTRY DESCRIPTION .................................................................................................................................................. 8 INDUSTRY STRUCTURE (KEY STAKEHOLDERS) .................................................................................................................... 10 KEY INDUSTRY DRIVERS ................................................................................................................................................ 12 3. MEDIA INDUSTRY IN DUBAI – AN OVERVIEW......................................................................................... 13 (A) GOVERNEMENT PLAN ......................................................................................................................................
    [Show full text]
  • Emaar-Sukuk-Certificate 1..264
    BASE PROSPECTUS EMAAR SUKUK LIMITED (incorporated as an exempted company in the Cayman Islands with limited liability) U.S.$2,000,000,000 Trust Certificate Issuance Programme Under the trust certificate issuance programme described in this Base Prospectus (the Programme), Emaar Sukuk Limited (in its capacity as issuer, the Issuer and, in its capacity as trustee, the Trustee), subject to compliance with all relevant laws, regulations and directives, may from time to time issue trust certificates (the Trust Certificates) in any currency agreed between the Issuer and the relevant Dealer (as defined below). Trust Certificates may only be issued in registered form. The maximum aggregate face amount of all Trust Certificates from time to time outstanding under the Programme will not exceed U.S.$2,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Trust Certificates may be issued on a continuing basis to one or more of the Dealers (each a Dealer and together the Dealers) specified under “General Description of the Programme” and any additional Dealer appointed under the Programme from time to time by the Issuer, which appointment may be for a specific issue or on an ongoing basis. References in this Base Prospectus to the relevant Dealer shall, in the case of an issue of Trust Certificates being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Trust Certificates. The Trust Certificates will be limited recourse obligations of the Issuer. An investment in Trust Certificates issued under the Programme involves certain risks.
    [Show full text]
  • Dubai Knowledge Economy 2003 ~ 2008
    SPECIAL Dubai Knowledge Economy 2003 ~ 2008 Volume II Greater Dubai - 2014 ● ICT Infrastructure in New Dubai Hospitality Industry ● Banking and Finance Media ● IT Labor Market ● EIM Case Study Premium Sponsor 8.5, Dhs 37 \ US$ 10, +hp How to start your presentation without excuses. From now on, it’s show time, in no time. Today, business people on the move have no excuses but to perform to their best – thanks to HP’s remarkable range of compact, incredibly reliable digital mobile projectors. So, from now on you don’t have to face the nightmare of the resident projector letting you down. You simply produce your own lightweight HP digital projector and it’s show time, in no time. All models are simple to set up, featuring auto-everything. More importantly, they make you look good, too. And thanks to superior DLPTM technology, by Texas Instruments, HP mobile projectors give you crystal clear images with sharper quality and significantly longer picture reliability compared with LCD projectors*. So why compromise? HP DIGITAL PROJECTOR XB31 HP DIGITAL PROJECTOR SB21 - Weighs only 1.6 kg - Ultra portable, weighs an incredibly low 1.0 kg - 1500 lumens – high brightness for even the brightest of rooms - 1000 lumens Crisp, sharp XGA resolution (1024 x 768) SVGA resolution (800 x 600) - - Outstanding contrast ratio of 1800:1 for detailed images Outstanding contrast ratio of 1800:1 for detailed images - through latest DLP TM technology - through latest DLP TM technology HP DIGITAL PROJECTOR HP DIGITAL PROJECTOR VP6111 MP3130 - NEW - 3 kg - Weight
    [Show full text]
  • Press Release Dubai World Backs Sindicatum in the Climate Change
    Press Release Dubai World backs Sindicatum in the climate change space Invests $150 million in the Istithmar & Sindicatum Climate Change Partnership Bali- December 5, 2007 Istithmar World Ventures LLC, which is part of Istithmar World, a major investment house owned by Dubai World, today (December 5) signed a Memorandum of Understanding with Sindicatum Carbon Capital Holdings Limited (“SCC”), a leading turnkey developer of Greenhouse Gas (“GHG”) abatement projects globally. Istithmar World Ventures has committed US$150,000,000 to the Istithmar & Sindicatum Climate Change Partnership, L.P, (“ISCCP”) a co-investment vehicle established by Istithmar World Ventures and SCC. This commitment provides SCC and ISCCP with a strong anchor and capital base to enhance climate change mitigation projects worldwide via the implementation of best of class technology wherever pollution from greenhouse gases can be abated. ISCCP will be raising a total of US$ 600,000,000 and expects to complete a first close in the first quarter of 2008. SCC is a specialist climate change mitigation company which uses capital and technology to convert GHG emissions into long-term sources of revenue in this rapidly emerging market. SCC will use its significant pool of co-investment capital to expand the development of its GHG reduction projects, investment in new and emerging technologies, and acquisition of infrastructure assets in both emerging markets globally and in the United States. H.E. Sultan Ahmed Bin Sulayem, Chairman of Dubai World and Chairman of Istithmar World, said: “Our investment in the Istithmar & Sindicatum Climate Change Partnership underscores the Government of Dubai’s continued commitment to the environment and its concern about the rapid climate change.
    [Show full text]