Jordan release second group of Salafist prisoners

Agence France-Presse

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AMMAN // Jordan released 22 Salafists today accused of terrorism and fomenting unrest after clashes in the northern city of Zarqa in April.

The state security court is considering releasing more than 90 Salafist, a legal source said.

The Salafists clashed with security forces on April 15 leaving 91 people wounded.

An investigation later found demonstrators had carried out attacks on police armed with weapons including swords, axes and iron bars.

Unlike other protests calling for reform in recent months, the Salafists demanded the release of Islamist prisoners.

Among those they wanted freed was Abu Mohammed Al Maqdessi, the one time mentor of Abu Musab Al Zarqawi, the now dead Al Qaeda in Iraq leader, who came from Zarqa.

Arrested in September 2010, Maqdessi was charged for recruiting fighters to fight alongside the Taliban in Afghanistan.

The decision to release the Salafists follows commitments made by Jordan's new prime minister, Awn Khasawneh, to re-examine cases against political prisoners.

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Jordan released 22 Salafists today accused of terrorism and fomenting unrest after clashes in the northern city of Zarqa in April.

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Sharjah To Host The Second International Forum On Technology Transfer In The Arab Region

Dr. Abdalla Alnajjar, President of the Arab Science and Technology Foundation (ASTF) said that under the auspices of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member of the UAE and Ruler of Sharjah, and the Honorary President of the Arab Science and Technology Foundation, ASTF is organizing in cooperation with the Licensing Executives Society -Arab Countries (LES-AC), the second international annual Forum on patents licensing and technology transfer in the Arab region on November 28-29, 2011, in Sharjah, in the United Arab Emirates.

The theme for this year’s Forum will be the "Opportunities for Protecting and Marketing Inventions 2011". Among the main participants in the Forum are: the Federation of GCC Chambers of Commerce, Industry and Agriculture, Talal Abu-Ghazaleh Organization, and the United Nations Economic and Social Commission for Western Asia (ESCWA).

Dr. Abdalla Alnajjar added that the Forum, at its second session this year, will seek through a group of experts, jurists, economists, industrialists, businessmen, academics, and representatives of venture capital and risk funds and companies, to link inventions to the needs for them in the Arab societies, particularly to the economic needs, and mainly in the area of industry and investment.

Dr. Abdalla Alnajjar, President of the Arab Science and Technology Foundation, stressed that the creative Arab minds are able to contribute to the production of knowledge and economic development, and are not limited to importing technology entirely from the West. He praised the role played by the LES-AC in partnership with the Foundation in this area. He stressed that the best way to invest and make use of the invention, is not to protect it through obtaining the patent only; yet the real success for any invention lies in its investment at the industrial level, Stating that the existing inventions should come out of the "Valley of Death"- from the drawers, laboratories and offices- to be invested in the "Valley of Technology," for they are now dead treasures that are not yet invested to serve Arab economies and societies.

Dr. Abdalla Alnajjar added that the invention is a commercial and investment opportunity, and very often its owner does not appreciate its value, and therefore the need emerges for specialists. He underlined the leading role of the Forum that aims to provide the right climate for marketing inventions, through an Arab observatory for their marketing, to be administered by the Foundation in cooperation with LES-AC, to evaluate the viable investment value of inventions’ patents, and to present them to bold venture capital funds and companies, while preserving the property rights to their holders.

On his part, Dr. Talal Abu-Ghazaleh, LES-AC Chairman, stressed the importance of partnership between the Society and the Arab Foundation, which comes in line with the professional responsibility of each of them, in connection with the dissemination of awareness among Arab industrialists, businessmen, technology developers, inventors and investors, regarding the protection and marketing of inventions, and strengthening of cooperation between the academic institutions and the economic and industrial sectors.

Dr. Abu-Ghazaleh added that the Forum’s agenda this year covers the various legal and strategic aspects for the protection and investment of inventions, in an attempt to transform the invention into a realistic product available in the market that provides a new technology, so as to offer a new product for the Arab consumer, or to develop an existing product in the market, in terms of quality and price.

He also stressed that this Forum represents a form of support for economic development in the Arab countries through strengthening the Arab experts’ capacities, providing a catalyst climate to link the industrial companies, industries and the universities in the Arab countries and to achieve economic growth.

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Shuaa Reports Second Quarter 2011 Profit Of Dhs0.6m

Shuaa Capital reported results for the second quarter 2011. Despite challenging markets for the financial industry the second quarter results saw revenues increase to Dhs35.7m (2Q 2010: Dhs33.0m). The bottom line recovered to a net profit of Dhs0.6m up from a second quarter loss last year of Dhs56.6m and also up from the first quarter 2011 loss of Dhs26.3m.

Earnings per share were Dhs0.001, compared with a loss per share of Dhs0.053 in 2Q 2010. Book value at Dhs1.37 per share represents a substantial premium to the current share price levels of around Dhs1.00.

Sheikh Maktoum bin Hasher Al Maktoum, Chairman of Shuaa Capital, said, "In the last quarter, Shuaa Capital has been working hard to strengthen its existing business and improve its bottom line. The break even result in the second quarter gives us reason to be cautiously optimistic for the future but we realize that more work needs to be done. Our strong balance sheet places us in a strong position to weather the current market environment and take advantage of an upturn when it comes." Sameer Al Ansari, Chief Executive Officer of Shuaa Capital, commented, "The second quarter’s performance demonstrates that Shuaa has a more solid foundation. Asset Management, Finance and Private Equity reported a profit, while Brokerage and Investment Banking continue to suffer from subdued market activity. We further strengthened our balance sheet, ending the second quarter with Dhs1.9bn in assets, including Dhs412m in cash, against liabilities of Dhs422m. This gives us the flexibility to invest in organic as well as inorganic growth, playing a consolidator role when opportunities arise." Al Ansari said, "In the second quarter, we made further operational progress in some of our key business areas. The Asset Management business recorded a 48% increase in assets under management compared to the prior-year quarter. Finance generated Dhs138m of new business, a 133% increase on the comparable period in 2010." He added, "The conservative management decisions that we took early on to fix legacy issues, de-risk our balance sheet, and build a world class corporate governance framework, are helping us stand out as a credible partner for clients seeking financial stability in today’s turbulent environment. It is reasonable to expect that with an improvement in market conditions, we will generate further momentum with our clients, build market share and start executing investment banking mandates." Shuaa Capital maintained a strong balance sheet with a solid asset base and minimal debt. Total assets were Dhs1.9bn at the end of June 2011, including Dhs412m in cash, against total liabilities of Dhs422m. Total shareholder’s equity stands at Dhs1.5bn.

Non-core assets stood at Dhs397m, Dhs78.1m lower than at the end of the first quarter of 2011. This includes Dhs194.5m of investments in third party associates, Dhs19.2m of investment in third party funds, Dhs10.0m in equities, Dhs16.0m in bonds, Dhs149.4m of investments available for sale and 7.5 million of investments held to maturity.

Treasury deployed excess cash in the second quarter which included fixed income securities of Dhs59.1m and placed Dhs15.4m with Shuaa Asset Management to enhance yield.

Total investments in Shuaa managed funds increased by Dhs19.9m to Dhs204.8m up from Dhs184.9m in the first quarter 2011.

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Sahara Centre Wins Sharjah Tourism Excellence Award For Second Consecutive Year

Sahara Centre - the leading family shopping destination in the UAE – last 27th April won the Sharjah Tourism Excellence Award for the second consecutive year, this time for offering the ‘Best Shopping Experience.’ Last year, Sahara Centre was conferred the Sharjah Tourism Excellence Award as the ‘Best Shopping Mall.’

Held under the patronage of HH Sheikh Sultan Bin Mohammed Bin Sultan Al Qassimi, Crown Prince and Deputy Ruler of Sharjah, the Sharjah Tourism Excellence Awards were handed over by the Sharjah Commerce and Tourism Development Authority [SCTDA] at a glittering ceremony held at the Sharjah Chamber of Commerce & Industry premises. Mr Akram Ammar, General Manager of Sahara Centre, received the award from Sheikh Sultan bin Ahmad Al Qasimi, SCTDA Chairman.

The Best Shopping Experience Award recognizes shopping establishments which provide customers with memorable shopping experience through their services, facilities, products and environment, thus promoting Sharjah as a great family destination.

“We are extremely thrilled to receive this prestigious recognition from SCTDA for the second year running. Sahara Centre aims to play a pivotal role in boosting the local and regional appeal of Sharjah and revolutionize the retail and entertainment avenues on offer in the Emirate. Our mandate has always centered on offering the very best shopping experience to our customers, and thus contribute to the economy and tourism potential of Sharjah. We are confident that this award will help our resolve to move ahead aggressively on our growth path,” said Mr Ammar.

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