Jazeera Airways reports $8.5 mn net profit

By IANS

Dubai : Kuwait-based budget airline Jazeera Airways has reported a net profit of 2.29 million Kuwaiti dinars ($8.5 million) on operating revenues of KD34.7 million ($130.2 million) in 2007, an increase of 61.2 percent over operating revenues of KD21.5 million ($80.6 million) the previous year.


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“The year 2007 was one of rapid growth for Jazeera Airways,” the airline said in a statement.

“In April it launched its second hub in Dubai, enabling it to cater to Dubai residents by offering non-stop flights to high demand destinations such as Bahrain, Kochi, Mumbai, Delhi, Salalah, Muscat, the Maldives and Beirut.”

The airline flew 1.2 million passengers by the end of the year, doubling the number of passengers from 2006, at a load factor of 74 percent, an increase of 12 percent.

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Abu Dhabi market in deal with NYSE Euronext

The Abu Dhabi Securities market (ADSM) has entered into a cooperation agreement with the New York Stock Exchange (NYSE) Euronext to jointly explore and develop new opportunities in trading systems, investor and issuer services and investment products.

As part of the alliance, NYSE Euronext will provide ADSM with state-of-the-art information by the end of this year and market infrastructure systems and technology to host all financial instruments admitted to trading in ADSM.

“Our partnership with NYSE Euronext is a strategic one, as the exchange accounts for an average of $140 billion or more than one-third of daily market transactions worldwide, and this agreement will help us to attract foreign investments to the GCC (Gulf Cooperation Council) through ADSM,” said Khalil Fouladi, deputy chairman of ADSM.

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UAE insurance premium pool to reach $20 billion

The insurance premium pool in the United Arab Emirates (UAE), the largest insurance market in the Gulf, is expected to reach $20 billion in the next two to 10 years, according to the country’s Minister for Foreign Trade Sheikha Lubna Al Qassimi.

This, she said, was due to increasing demand for automobile insurance, greater health awareness and more respect for natural calamities, she said.

“However, the Gulf market also faces its own unique challenges, such as undercapitalisation, minimal penetration, and low public awareness on the benefits of insurance,” Al Qassimi said speaking at the World Insurance Forum here.

The insurance sector in the Middle East is relatively untapped with a premium turnover of $12 billion a year. Premium per capita is $25, representing only one per cent of the GDP in the Arab world, she said.

“Our region’s markets are generally characterized by several small and often specialized insurers, and are still growing in terms of per capita spending on insurance and density. The Middle East is thus poised for significant expansion and offers vast opportunities for regional and global providers,” she said.

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Starwood to open four hotels in Middle East

Premium hotel management chain Starwood Hotels and Resorts Worldwide will open four new hotels in the Middle East this year.

The new hotels are the Four Points by Sheraton and Westin in Dubai, W in Doha, Qatar, and Le Meridien Makkah Towers in Saudi Arabia.

“The Middle East makes for about 8-10 percent of global revenues,” the Gulf News quoted Starwood vice-president for sales Kip Horton as saying.

The company, which manages nine hotel brands, currently has 48 properties across the Middle East.

According to the Gulf News report, Starwood would bring the W hotels to the Festival City and the Palm here in Dubai by 2011. Their new brand Luxury Collection will open a hotel in the emirate of Ras Al Khaimah in 2011.

It will also bring the Aloft Hotel to Abu Dhabi in 2010.

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