BUSINESSTUESDAY, NOVEMBER 10, 2015

3REGIONBIHAR DRUBBING WILL NOT IMPACT REFORMS: JAITLEY 4

INTERNATIONALGERMAN TRADE PUSHES UP 6 16

VIEWPOINTUTAH BANKS ON SHIPPING SECTOR

DUBAI AIRSHOWCOLOURFUL DUBAI AIRSHOW 2015 THRILLS EMIRATIS

MARKETSAT A GLANCE

ABU DHABI DUBAI

4,225.47

0.75%

0.99%

INDICES CLOSE ...... UP/DOWN

BOMBAY .............26,121.40 .......t ....... 143.84

KARACHI ............34,350.99 .......t ......... 75.76

PHILIPPINES .........7,070.19 .......t ......... 48.01

NIKKEI 225 ........19,642.74 .......s ....... 377.14

CURRENCIES/DIRHAM

US S ..........................3.673 .................... 3.6731

British £ ..................5.4213 .................... 5.4228

Euro ........................3.8912 .................... 3.8922

Yen (Taka) ................0.0302 .................... 0.0312

GOLD CLOSE CHANGE

Dubai 131.50 t 2.50

Mumbai (24c/10) 27,240 t 11.00

Karachi (24c/10) 38,828 t 557.00

London (24c/Oz) 1,107.20 t 00.00

DRAFT RATESIndia (Rs) 17.75

Pakistan (Rs) 28.37

Bangladesh (Taka) 21.22

Sri Lanka (Rs) 38.19

BUY SELL

Currencies: EBI | Draft Rate: UAE Exchange | Gold: Atlas Jewllery

3,380.24

ADIPEC 2015 BACK WITH A BANGWorld’s leading oil and gas exhibition attracts around 2,050 exhibiting companies including more than 600 speakers, 7,000 delegates and 85,000 attendees from over 120 countries BY OUR BUSINESS BUREAU

ABU DHABI: The world’s most important oil and gas exhibition and conference – Adipec 2015 – opened its doors on Monday after Sheikh Hamed Bin Zayed Al Nahy-an, Chief of the Abu Dhabi Crown Prince’s Court and member of the Abu Dhabi Executive Council, for-mally inaugurated the show.

Held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates, the larg-est ever Abu Dhabi International Petroleum Exhibition and Confer-ence (Adipec), began the industry-related discussions and activities and brought leading international and regional decision makers under one roof to set the agenda for accept-ing the growing challenges in the industry and meeting the global demand for energy.

The inauguration was followed by the speeches by Suhail Al Maz-rouei, Minister of Energy, UAE; Abdulla Nasser Al Suwaidi, Direc-tor General of Adnoc; Ali Khalifa Al Shamsi, Strategy and Coordination Director, Adnoc and Adipec 2015 Chairman.

Abdulla Nasser Al Suwaidi, Director General of Adnoc, said: “Industry leaders, decision mak-ers, and stakeholders have all gath-ered in Abu Dhabi today to focus on innovation by using Adipec as a knowledge-sharing platform for driving industry change. Together, we can advance the energy sector and develop creative solutions for meeting the world’s energy needs. At Adnoc, through the guidance and support of the Supreme Petroleum Council, we are still on track to reach a total oil output capacity of 3.5

billion barrels per day in the UAE within the next two to three years.”

Ali Khalifa Al Shamsi, Strategy and Coordination Director, Adnoc and Adipec 2015 Chairman, said: “Adipec has been an integral part of Abu Dhabi’s hydrocarbon industry since it was established in 1984, and has transformed over the years to become one of the world’s largest oil and gas events. With growing global recognition and interest from both major industry players, and emerging markets, Adipec will con-tinue to raise Abu Dhabi’s profile as a global knowledge hub for the energy sector.”

Held under the theme “Innova-tion and Sustainability in a New

Energy World”, Adipec 2015 marks its 18th edition by breaking its pre-vious records with the largest event to date, bringing together 2,050 exhibiting companies, including the world’s leading national and international companies, more than 600 speakers, 7,000 delegates, and 85,000 attendees from more than 120 countries.

The first day of Adipec 2015 con-cluded with the announcement of this year’s winners of the Adipec Awards at the ceremonial Gala Din-ner, which is hosted by Adnoc and held at the Emirates Palace Hotel. The Adipec 2015 Awards, which celebrate excellence in energy and recognise innovation in the Middle

East, welcomed a record 501 sub-missions this year, featuring some of the most innovative people, com-panies, and projects in the region.

The show is supported by the UAE Ministry of Energy, the Abu Dhabi National Oil Company (Adnoc), the Abu Dhabi Cham-ber, and the Abu Dhabi Tourism Authority (TCA Abu Dhabi), and is organised by dmg events.

“Bringing together global, regional, and local industry leaders and decision makers to reflect on key industry topics, Adipec serves as a platform where innovation, best practice and latest develop-ments are shared from all corners of the globe.

SELTECSelTec, a leading regional

distributor of industrial sup-plies and turnkey project man-agement services has partnered with Walther-Präzision, a global leader and manufacturer of high quality quick coupling systems from Germany to showcase their products and services at Adipec 2015.

Commenting at the exhibition, Susan Thomas - Partner, SelTec said, “Demand for Industrial prod-ucts has been on the rise in the last few years as many brands are set-ting up their manufacturing units in the region. ADIPEC gives us an opportunity to connect with our existing and potential customers and allows us to acquire the rights, helping us represent more brands and deliver a complete range of solutions.

Walther-Präzision, has lead the industrial coupling market since 1951 by offering highest standards of quality and safely and developing environment friendly products. Their product range of mono-couplings, multi-couplings and docking systems have helped industrial clients by making transfer of liquids, steam, gases, electrical or opti-cal signals and electrical power seamless and safe.

“We have found a great partner in SelTec and we are confident that our product will be able to fulfil the diverse requirements of the Middle-Eastern markets and SelTec customers. Jointly, our highest standards of quality and service excellence will help the fast growing industries in the region,” said Jürgen Becker, Export Direc-tor, Walther-Präzision.

Sheikh Hamed takes a round after inaugurating Adipec 2015 at Abu Dhabi National Exhibition Centre on Monday.

Dubai International Motor Show opens todayBY WILLIAM FARIA

DUBAI: Over the years, the Dubai International Motor Show (DIMS 2015), the region’s largest and most influential automotive event which opens its doors to the public today (Tuesday), had witnessed regional automotive launches, but this year the biennial event will also feature global launches, as several car dealers will be unveiling the newest brands in the market for the first time.

Dubai continues to be the global launch pad for some of the leading brands in the automotive industry, say manufacturers. The five-day event being held at the Dubai World Trade Centre will also feature the new Motoring Nostalgia Museum, which offers a collection of iconic cars from through the ages. Classic car aficionados will be spoilt for choice with 80 of the rarest and most desir-able cars from the 1950s through to the 1980s gathered under one roof.

At least 18 plus global premieres, 139 plus regional debuts and 16 plus concept cars are to be unveiled dur-ing the event.

Over 600 cars will be on display at various halls at the Trade Centre.

Many new additions have been introduced to this year’s showpiece event. There will be several other activities running alongside the event that will include the Bikers Arena on Friday. The King of Cus-toms that will include the latest tuning and style upgrades, while expert engineers create custom cars live on stage.

In the Take the Challenge event, you put your driving skills to the test with the Land Rover Experience, Toyota 4x4 Challenge, MG Preci-sion driving and more. International drifting superstars and legendary viral video makers will also be in the drifting session.

Besides viewing some of the most extraordinary cars on dis-play this year, the event promises to be action- packed with ample of activities for the visitors. They will also be able to take guided tours from resident experts, enjoy street food cuisine, retro music that takes enthusiasts back to the golden age from the 1950s to the Swinging Six-ties and beyond as well as a chance to take part in onsite competitions, forums and watch master craftsmen at work on a number of projects over the show’s duration.

MORE: B11

Eurozone likely to deny Greece bailout cash

BRUSSELS: Eurozone finance ministers were set to withhold two billion euros from Greece’s huge bailout at a meeting on Monday, European sources said, as tensions resurfaced just months after Ath-ens narrowly avoided a euro exit.

Athens has failed to meet strict reform commitments, with differences over foreclosure rules as the leftist government of Prime Minister Alexis Tsipras insists on protections for low-income home-owners, officials said.

Creditors the European Union, the European Central Bank (ECB) and the International Monetary Fund (IMF) agreed an 86-billion-euro ($96 billion) debt rescue on July 13 but set tough conditions requiring Athens to cut spend-ing, raise taxes and modernise the economy.

“There will be no deal on Mon-day on the two billion payment,” a senior European source told AFP, hours after senior eurozone offi-cials failed to forge a compromise in preparation for the meeting of 19 eurozone finance ministers.

Two European sources added that a decision was likely later this week when senior eurozone officials hold a teleconference.

However France, which has backed Greece throughout the torrid bailout process, said earlier that, despite the disagreements, a deal to unlock the payment was still within reach on Monday.

“Greece has made consider-able efforts (that are) all within the bailout agreement of July 13”, French Finance Minister Michel Sapin told reporters in Paris as he headed for the talks.

“I understand the worries of the Greek government,” Sapin said, adding that France and Germany also had laws to limit bank seizures. “It’s a bit strange that we’re always asking more of Greece than what exists in credi-tor countries.”

The renewed tensions hit the financial markets on Monday with Paris and Frankfurt stocks both down 0.20 percent amid worries about Greece’s banks.

Greece’s two earlier bailouts, in 2010 and 2012, totalled 240 bil-lion euros and more than 100 bil-lion more in a private sector debt write-off, but Athens struggled to meet the stringent austerity and reform conditions.

Agencies

US rate hike talk dominates marketsLONDON: Rising expectations that the United States will raise interest rates in December for the first time in nine years dominated world financial markets Monday, boosting the dollar while capping gains for stocks.

A forecast-busting surge in US jobs last month, revealed in official data on Friday, sent the dollar soaring against the euro and emerging market currencies as traders banked on a US rate

rise next month. European stock markets were lower in afternoon trading as brokers pondered the impact of higher US rates.

London’s FTSE dipped 0.2 per cent, Frankfurt’s DAX 30 eased 0.3 per cent and Paris’ CAC 40 dropped 0.6 per cent.

Stock markets across in Asia had a fairly solid showing despite further weak trade data out of China, while US markets opened lower.

“European equities are trading little changed to slightly lower...

in the aftermath of much bet-ter than expected US non-farm payroll (unemployment) data last Friday, which pretty much made it a given that a US rate hike will take place after all in 2015,” said Markus Huber, senior analyst at broker Peregrine & Black.

Financial markets have for months speculated about when the US Federal Reserve will start

to raise interest rates from record-low levels.

The likelihood of an increase in December has lifted the dollar in anticipation of higher returns for those investing in the US currency.

In Asian trading hours Mon-day, the European single currency slumped to $1.0707 − the lowest level since the end of April.

It later rebounded in European deals.

Agencies

Emirates signs $16b deal with GE AviationBY WILLIAM FARIA

DUBAI: Several new deals and announcements were made dur-ing the Dubai International Air-show’s 14th session as it entered its second day on Monday at the Al Maktoum International Airport, adjacent to the proposed site of the World Expo 2020.

The major deals signed includes Dubai-based carrier Emirates 12-year services contract worth $16 billion (Dhs59 billion) with GE Aviation at the sideline of the Airshow that is taking place until Thursday.

The agreement will also see the maintenance, repair and overhaul (MRO) GE9x engines that will power the airline’s fleet of 150 Boeing 777X aircraft.

This agreement is believed to be Emirates airline’s largest engine MRO contract to date.

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group said: “Operating a modern and efficient fleet is at the foun-dation of Emirates’ success. Air-craft and engine purchases are long-term investments. It is also a commitment that involves many other related services over the life-span of the aircraft, generating and sustaining jobs throughout the aviation supply chain.

“Emirates currently operates GE engines on over 100 Boeing 777 in our fleet. Over the years, we have built a successful relationship with the GE team, and we cooperate in many areas including technology and innovation sharing, and also at our state of the art engine maintenance centre in Dubai. We look forward to extending this partnership to our GE9X-powered Boeing 777X fleet.”

During the last Airshow held in 2013, the Dubai based carrier and the world’s largest announced it was purchasing 300 units of the

engines, valued at $16 billion.At the same time, Canadian

headquartered Bombardier, the world’s leading manufacturer of both planes and trains also announced on Monday that it has signed a Memorandum of Under-standing (MoU) and is in discus-sions with Abu Dhabi Aviation, the largest commercial helicopter operator in the Middle East to work towards the establishment of Abu Dhabi Aviation as an Authorized Service Facility (ASF) for Q Series aircraft.

Sources within Bombardier say that the final agreement between Bombardier and Abu Dhabi Avia-tion is subject to acceptance of com-mercial terms and a final technical audit.

When a final agreement is reached, Abu Dhabi Aviation will become the first ASF for Q Series aircraft in the Middle East and will offer line and base maintenance services. The company would also support operators in surrounding regions.

“As the fleet of commercial aircraft continues to grow in the Middle East, we are pleased to be working with Bombardier to extend our MRO activities to cover the Q Series turboprops,” said Nadir Al Hammadi, Chairman, Abu Dhabi Aviation. “Q Series turboprops have proven to be rugged and reliable aircraft in our hot desert environment and perform admira-bly at the most challenging airports in the region, so we look forward to

adding them to our maintenance portfolio and increasing our sup-port to operators in the region.”

DC Aviation Al-Futtaim, a joint venture between Dubai-based Al-Futtaim group and Germany’s DC Aviation, made an announcement that it has signed Ground Han-dling Agreements (GHA) with some of the leading operators and flight support companies in the industry.

The GHA’s were signed with TAG Aviation and AMAC Aero-space and flight support companies including HADID, Palm Aviation, Avjet Routing, RamJet, Aviation Services Management, Skyplan Services and World Fuel l Colt / Spire Flight Solutions.

MORE: B5

Visitors look at aircraft on display on the second day of the Dubai Airshow on Monday. Bloomberg