A key player in Dubai 's growing facilities management market is predicting that the Facilties Management industry will outstrip the emirate's booming construction business in the next few years. Edward Sanders, of Dubai-based Drake & Scull Facilities Management, said that while the pace of building work in the city will eventually begin to slow, the need for companies to maintain and manage the completed resorts, buildings and facilities will increase at a rapid pace.

He said that currently US$36 billion was invested in construction and infrastructure works in Dubai , putting the life cycle cost of managing all of these upcoming facilities at around US$ 144 billion according to this 20 / 80 per cent estimate. Drake & Scull Facilities Management is part of the EMCOR Group of the UK and USA , a leading facilities and engineering company servicing over 1 billion square feet worldwide with annual turnover in excess of US$4.7 billion.
 

MedZone to put up manufacturing facility at Dubai Techno Park

MedZone, a leading regional manufacturer of medical equipment and testing devices, has signed an agreement with Dubai Techno Park , the largest technology hub in the Middle East , to set up its new AED 3 million facility at the Park. Abdalla Al Banna, Senior Manager, Sales & Marketing, Dubai Techno Park and Tareque Pirzada, CEO, MedZone signed the agreement.

Covering a total land area of 10,000 square meters, the R&D and manufacturing facility will be fully functional within two years. MedZone manufactures medical equipment and testing devices for various illnesses, as well as high-tech devices such as bluetooth ECG machines and USB-based medical devices. From its Techno Park base, MedZone will target wholesalers and distributors of medical equipment and healthcare products throughout the world.
 

P&T Architects and Engineers Ltd. (Dubai Branch) recently announced the enhancement of their current offering with the addition of Structural and MEP Engineering to their practice, complementing their Architectural services and providing high quality results for their clients. William Yuen, Director of P&T in Dubai said that Structural and MEP Engineering is an integral part of the larger P&T Group and considers it a mark of their success in the region that they are now able to offer the full range of services from the Dubai office.

The Structural and MEP Engineering expertise covers the full range of both high-rise and low-rise building engineering consultancy from concept design, through construction supervision, to completion.
 

First Gulf Bank First Quarter 2006 Profits Soar to AED 377 million

Abu Dhabi-based First Gulf Bank has announced outstanding financial results for the first three months of 2006, achieving AED377 million in net profits. The preliminary financial results indicate a remarkable increase of 252% compared to the corresponding period last year.

According to acting CEO, Andre Sayegh, the banks' growth is a result of FGB being well positioned to take advantage of the growth in various sectors of the economy, a reflection of their commitment to achieve their strategic and long-term objectives, and has been achieved by dedicated and experienced professionals. He added that FGB has focused on expansion and growth of its core businesses - i.e. corporate, treasury and investment, retail, and other ancillary businesses.
 

Islamic Investment Bank to open office at DIFC

Injazat Capital, the pioneering Islamic Investment Bank in the Middle East and North Africa region, has been granted a licence by the Dubai Financial Services Authority (DFSA) to operate as an authorised firm in the Dubai International Financial Centre (DIFC). Dr Omar Bin Sulaiman, Director General of DIFC Authority welcomed the new firm who was represented by Hussein Rifai, Managing Director of Injazat Capital.

Injazat Capital is one of the region's leading and experienced investment bank, operating in compliance with Shari'ah principles and specialising in private equity, venture capital and sophisticated Islamic transactions. Injazat Capital manages two funds — the US$ 50 million venture capital Technology Fund which targets technology, media and communications companies; and the US$ 100 million Shefa Healthcare Fund which invests in healthcare providers and ancillary services across the MENA region.