Jeff Mannering, Managing Director of Audi Middle East states “Diesel engines are not as common in the Middle East, but have great potential for efficiency, higher torque and lower CO2 emissions. Customers increasingly ask for this option, so we have decided to start releasing them for the GCC.”

Diesel engines combine great propulsive power and exemplary fuel efficiency, and demonstrate that this technology also holds great potential for the future. The TDI from Audi had put an end once and for all to the old diesel image as “lame, loud, and dirty” and turned it into the opposite. Today nearly every automaker includes this technology in its program.

Audi has been building diesel engines for over 30 years and since pioneering TDI in 1989, Audi has produced over five million TDI engines and more recently claimed fame as the first manufacturer to win the 24 hours of Le Mans endurance race with a diesel driven race car.

The abbreviation TDI combines turbocharging, direct injection and totally electronic engine management. In addition to the engines, further engineering features, from recuperation systems over lightweight aluminum body design, LED lights and highly efficient air conditioning systems to economical route guidance in the navigation systems, contribute to the high efficiency of the vehicles.

To start with, Etisalat will be extending its UAE local MPLS network upto US, UK & to Egypt, KSA, and Kuwait on its own backbone, whereas the connectivity at the distant end will be provided by local partners.

With the setting up of these new nodes, Etisalat will offer secure IP/MPLS links to carry data traffic on its own network. This will also translate into pricing advantages which will be passed on to customers since Etisalat will manage its own network from end-to-end in a seamless manner.

According to Abdulla Hashim, Sr.VP, Business Solutions, Etisalat, “This initiative is a major milestone for Etisalat and is part of a comprehensive strategy to follow our customers and offer them a secure network for connectivity solutions with advantages like single point of contact and price guarantees. Having our own nodes is a major differentiator in UAE and in the Middle East and we remain committed to offering our customers a truly world class connectivity solution with advantages like reliable quality of service & network manageability for customers.”

He added, “We will continue to expand our own network and we will follow this up with the launch of further new nodes globally as part of a phased approach. “

UAE based companies who want to communicate with their partners and offices abroad will now have a single point of contact for all their operational and customer service needs thereby making it very convenient for them to deal directly with Etisalat. Etisalat is also offering Managed services for International connectivity so that customers can outsource all their network operational & management activities thereby reducing their operational costs.

Global IPVPN offers customers the flexibility to communicate across multiple offices on their private network with an ability to run applications with guaranteed performance for each type of application. Customers can also take advantage of scalable bandwidth so that they can quickly add new sites on the network.

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His Excellency Sheikh Sultan Bin Tahnoon Al Nahyan, Chairman of TDIC, said: “The remarkable interest in TDIC’s sukuk programme clearly demonstrates the confidence and trust of the international capital markets in the position of Abu Dhabi. We are pleased that we have achieved this great success during the sukuk issuance as this comes shortly after we issued our inaugural bond earlier this year. In line with Abu Dhabi’s 2030 economic plan, TDIC has a long-term strategic vision to support developing Abu Dhabi into a world-class tourism destination.”

With TDIC’s Aa2/AA/AA credit ratings from Moodys, S&P and Fitch, highly experienced management and a unique role within the Abu Dhabi 2030 plan, the TDIC sukuk transaction was extremely well received globally and generated the largest order book for a global sukuk issuance in 2009, with 210 investors placing orders in excess of US$6.7bn.

Lee Tabler, CEO of TDIC, also commented: “TDIC has made a significant impression among global investors. This further reinforces TDIC’s role as a key player in the evolution of Abu Dhabi as it becomes a leading tourism and cultural destination.”

TDIC was able to price the fixed rate sukuk to yield 4.949%, representing a spread of 230bps over 5 year mid-swaps and 20bps tighter than initial price guidance during the roadshow process. In line with TDIC’s strategy of tapping Islamic investors as part of its overall funding base, 60% of the sukuk were allocated to investors in the Middle East, 20% to investors in Asia and 20% to investors in Europe. The investors comprised of banks (48%), asset managers and funds (21%), central banks and agencies (15%), private banks (14%) and 2% to other investors.

Abu Dhabi Commercial Bank, HSBC and Standard Chartered Bank were mandated as Joint Lead Managers/Bookrunners of the transaction and were joined by Co Managers Abu Dhabi Islamic Bank, Dubai Islamic Bank, First Energy Bank, Islamic Development Bank and Qatar Islamic Bank. Allied Investment Partners acted as the General Financial Adviser to TDIC.

The seminar programme, organised by the Trade Commission of Chile (ProChile) with the support of the Department of Economic Development in Dubai, will be part of the ‘Chilean Week 2009’, a display of the unique economic and cultural landscape in Chile, being held in Dubai from 17th to 24th October.

The ‘Chilean Week 2009’ will also mark the opening of the embassy of Chile in the UAE, the first diplomatic mission of the Latin American republic in the GCC.

Designed to introduce the vast opportunities for trade and investment in Chile, the two-day seminar programme will have three different sessions focusing on investment, logistics and engineering services. Each of the sessions will highlight key areas where businesses and entrepreneurs in the UAE can take advantage of Chile’s position as a thriving export market and investment destination.

Critical sectors in which Chile has been successfully pursuing foreign investment are its agri-business and infrastructure. Speakers at the seminar will also present the world-class construction, engineering and architectural expertise in Chile, renowned for its emphasis on lower costs and renewable energy.

Commenting on the seminar programme, Mr. Carlos Salas, Trade Commissioner of Chile in the UAE, said that Chile can provide the right solutions and opportunities for expanding economies like the UAE and other Gulf nations.

“Political and economic stability, along with a highly skilled workforce, have helped Chile to develop a sustainable economic model. The country has productive partnerships with all major trading blocs and consumer markets, accounting for 90% of world’s GDP. It also has the most competitive business environment in South America,” said Mr. Salas.

Latest rankings from organisations such as the IMF, World Bank and the Organisation for Economic Co-operation and Development (OECD) recognise Chile as the most stable, safest country in South America and a good business partner. Chile also ranked first in Latin America in the most recent Global Competitiveness Index published by the World Economic Forum (WEF).

“Foreign direct investment (FDI) in Chile exceeded US$12 billion in 2008. Currently there are over 4,000 foreign companies, from at least 60 countries, operating in Chile. The government has succeeded in promoting investor confidence through risk minimisation and ensuring legal guarantees on investment,” Mr. Salas concluded.

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