クイーン・エリザベス2世号(Queen Elizabeth II、QE2)

パーム・ジュメイラ(Palm Jumeirah)中央部に、豪華客船クイーンエリザベスII号を改造、設置した海上ホテル。

ドバイワールド傘下のIstithmar社 は、今日の豪華客船の先駆的な存在でもあり世界でも最も有名な客船クイーンエリザベスIIを2007年6月18日に1億ドルで英クナード・ラインから買収。2008年11月引き渡しの後、ドバイにて改装され、パーム・ジュメイラにてフローティングホテルとして2009年初頭から営業開始予定。


引き渡し後のQE2は、就航時に設計を行ったDennis Lennonのチームの手に拠りインテリアなどの雰囲気を残しながらフローティングホテルや博物館として利用できるよう改装される。客室は200室がホテル用に保存転用され、内10%はスイートと成る予定。









改装後のQE2はパーム・ジュメイラの幹部分 マリーナ複合商業施設の中心と成る。橋梁で固定されたQE2の周囲にはミシュラン3星シェフMichel Rouxが監修するレストラン、ホテル、民家が取り巻く。ホテル内には500席を持つ劇場が設営され、ロンドンのWest EndやNYのBroadway公演を招聘。又、QE2に関する博物館も建設予定。




拠点港の英サウサンプトン(Southampton)港から出港したQE2は、2008年11月26日、最後の航海を終えドバイに到着。

シェイク ムハンマド(Mohammad bin Rashed al-Maktoum)首長が所有する巨大ヨット「マイ・ドバイ(My Dubai)」号をはじめとする、個人所有のボートの群れの歓迎を受けた。 夜には花火の打ち上げての歓迎式典を持って、到着を祝った。



1967年9月に就航したQE2は、全長294メートル、乗客定員1778人。25回の世界一周航海、800回以上大西洋横断、総乗船客数 計200万人以上で、旧オーナーCurnard社の運航実績の中でも最長の40年を誇る。総航行距離 550万海里は、地球と月を13回往復相当。

ドバイ国際金融センター(Dubai International Financial Centre)

Dubai International Financial Centre(DIFC, ドバイ国際金融センター)は世界有数の大規模金融センター。 ドバイ及びUAE、全中東地域への投資促進を意図してドバイ政府が2004年設立した金融フリーゾーン。設立以来4年で約750社が登録している。

香港、ロンドンおよびニューヨークなど既存の市場に対抗できる世界レベルの国際的な金融のハブを創設する為、UAE・ドバイ法とは別個に独立性、透明性、投資機会を保障するDIFC法案を制定。 DIFCの財務上・経営上の独立性を公的に確立した。

進出企業に魅力的な投資環境を提供する為、DIFCでは「外資100%可」「利益配当送金の自由」「法人個人とも50年間無税」「外国人雇用の自由」など、様々なインセンティブを提供。本格的なOnshoreの資本市場である。DIFCでは海外企業に6分野の金融業務参入を認めている。
1)銀行業
2)証券業
3)資産運用業務(ファンド運営含む)
4)保険・再保険
5)イスラム金融
6)これらに付随するバックオフィス業務。

<経営陣>
Shakh Maktoum bin Mohhammad bin Rashid - President
David Eldon - Chairman

監督官庁は(DFSA)。
初代DIFC総裁はドバイ皇太子・UAE国防大臣(当時、現首長)のシェイク・モハメッドが務めた。

<備考>
現在のDIFC地区のランドマーク 「ゲート」ビル隣接して、高さ400メートルのDIFC ライト・ハウス タワー(Lighthouse tower)を ゲート・ビルの隣に建設中。

DIFCは2007年、現在ニューヨーク証券取引所(NYSE; New York Stock Exchange)が所有するヨーロッパの証券取引所運営会社ユーロネクスト(Euronext)株式の3.5%を取得。

2008年に、DIFC投資部門のDIFCインベストメンツ(DIFC Investments)を通じて、ドイツ銀行(Deutsche Bank)株式の2.2%(18億ドル相当)を取得。

Nasdaq Dubai 国際証券取引所 (旧DIFX)

Nasdaq Dubai (旧名Dubai International Financial Exchange、DIFX、国際証券取引所)はドバイ政府の所有する2つの証券取引所の一つ。 2005年9月に設立、2008年11月Nasdaq Dubai と改名した。

ドバイ政府 持株会社Borse Dubaiの100%子会社だったが、同社Nasdaq株式取得と交換に、NASDAQ OMXは同社より株式の1/3を買収。現在、Nasdaq Dubaiは両社の傘下にあると同時に、ドバイ金融監督庁(DFSA; Dubai Financial Services Authority)の規制を受ける。

Nasdaq Dubai はDIFC の中にある。DFMやADSMとは違うNasdaq Dubai の特徴としては、
●取引時間が月~金曜日の11:45AM~4:45PMである(DFMは日~木曜日の10:00AM~1:00PM)
●上場企業数がまだ20社程度である。
●取引通貨が米ドル建て。(DFMはAED建て)
●手数料が約定の1.15%。(DFM0.275%)
●サウジ、南ア、レバノン、スイス、バーレーン企業が上場。(DFMはUAEのローカル企業が上場)

ボーズ・ドバイ 証券取引所持株会社(Borse Dubai)

ドバイ政府が、その所有する以下の2つの証券取引所を一元管理する目的で2007年に設立した持株会社。

DFM Nasdaq Dubai は、 引き続きそれそれドバイ金融監督庁(DFSA; Dubai Financial Services Authority)とUAE証券・商品委員会(Esca; Emirates Securities and Commodities Authority)の規制を受けるため、両取引所の法的地位は変わらない。

Borse Dubai設立は、「UAEを多様化する経済の国際的ハブとして確立する」とのドバイ戦略計画2015(Dubai Strategic Plan 2015)にて策定目標に沿うもの。Borse Dubaiの設立は、ドバイの証券取引所が国際的に拡大するための共通のプラットフォームをつくる役割をもつ。具体的な検討案件は以下の通り。


<海外展開>
2007 年 9月 Borse Dubaiは先ずStockholmを始めとする、北欧の複数証券市場を運営するOMX Group の買収に乗り出した。OMXは北欧の複数証券市場を運営すると同時に、世界の証券取引所60箇所にて使用されている取引ソフトウェアを開発。対センスFeeを徴収している。先行していたNasdaq よりも高値の買収金額($4 billion)を提示してを手中に収めた。Borse Dubaiは北欧OMX Groupに現金 $4bnを提示を提示。2007年10月 Nasdaqが現金 $3.7bn cash+同社株式を提示。

2007年9月20日 Borse Dubaiは米Nasdaqと協議の結果、Nasdaqが保有するロンドン証券取引所株31%のうち28%もBorse Dubaiが買い取りに合意。結果としてQatarを退けた。
又、NasdaqはBorse Dubaiへの出資すると同時に、Borse DubaiはNordic bourse OMXへの応札を取りやめる事と成った。同時にBorse Dubaiは米Nasdaqの株式19.99 %を取得する。 (但し、議決権は5%のみ)

競争相手であるカタール投資庁の競争買い付けを妨げるように、ナスダックとボースドバイは北欧やバルト諸国証取を経営するOMX ABに対しての共同買い付け額を15%(48.9億ドルまで)上昇した。

ボース・ドバイ社は、ロンドン証券取引所、米国ナスダック、そして北欧OMXの筆頭株主となり、いまドバイが中心となって世界の証券取引所をネットワーク化を図っている。

又、ボース・ドバイ社は、パキスタン最大の証券取引所であるカラチ証券取引所KSEの民営化に際し、最大で40%の株式を取得する意向を表明している。現在パキスタンでは、KSE民営化への法整備を進めつつあり、新法成立とともに株式の40%を戦略的に売り出す予定。KSEには、2007年末の時点で654社が上場、時価総額は約700億ドル。

台湾証券取引所(TSE)は、2009年上旬に株式公開を行い、最大で株式の25%を海外の証券取引所に売却する計画を発表。TSEは、既に、ニューヨーク証券取引所、ドイツ証券取引所、CMEグループ、ナスダックOMXと昨年12月に協議を行っており、ボース・ドバイ社とも初交渉を終え、両者は覚書を締結している。





UAE bourses plan for the long term

* Published: 28 November 2008 14:58 GMT
* Author: Paul Melly
* More by this Author
* Last Updated: 30 November 2008 13:01

Emirates Towers, Dubai

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The UAE's financial exchanges are developing specialisms such as derivatives trading in preparation for when the global downturn ends and confidence returns.

At a time of intense competition between rival Arabian bourses and a downturn in the global economy, driving steady growth, developing specialist skills and preparing for the day when the Gulf develops an integrated regional financial market are the defining themes for the UAE's bourses.

Amid the international financial uncertainties, managers at the Nasdaq Dubai, Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) are making sure their exchanges are ready for substantial expansion once the economic recovery begins.

Brokers say there are 40 companies that are waiting to list on the ADX once the markets have settled down and the regulatory framework is right.

The Emirati authorities can do little about the wider investment climate. Its recovery will be largely down to global economic trends.

But in the meantime, regulators at the Emirates' Securities & Commodities Authority (SCA) are pressing ahead with an overhaul of the rules and legal framework under which business is done. In doing so, they are trying to maximise the appeal of the UAE's exchanges as a forum for companies and funds to list.
Overhauling regulation

Discussing a phased overhaul of corporate governance rules, Tom Healy, chief executive officer (CEO) of the ADX, stresses the importance of standards and quality, even if this puts a brake on rapid expansion.

"The emirate of Abu Dhabi is very clear: do things carefully and thoroughly, and if that means growing more slowly, that is fine," says Healy. "If we need to choose between growth now in the market or taking time to grow while upgrading regulations, we will choose the latter."

Of course, the SCA is a federal UAE state body, so when it changes bourse regulations, it has an impact across all the country's markets. But there could be particular benefits for the Abu Dhabi exchange because of the stage of development it has reached and the structure of the economy in the emirate. Oil is the principal driver of the Abu Dhabi economy, whereas Dubai's wealth is based on a more diverse portfolio of trade, finance and real estate, and the emirate is also home to the federal government.

Abu Dhabi has strong traditions of public sector involvement, not just in service and infrastructure provision but also in the development of productive sectors, particularly specialist industries such as shipbuilding, and now aerospace. "A lot of new companies are capitalised by government," says Healy.

Now, Abu Dhabi is seeking to broaden its economic base and the spread of investment and ownership.

In the longer term, the stock market will offer a route through which private investors can become more involved in the hi-tech sectors that are being promoted by the state. But currently, the ADX provides a means for existing local private sector companies to go public in the search for new capital.

If even a third of the 40 companies thought to be interested in going down this path were to list, it would make a valuable contribution to the diversity of the market and enhance its attraction for portfolio investors seeking to spread their risk exposure.
Listing requirements

With this queue of potential initial public offerings (IPOs) in mind, the SCA has instigated a crucial rule change, lowering to 30 per cent the minimum proportion of equity that new private sector entrants must list on flotation.

Before this change, businesses were required to offer at least 50 per cent of their equity, which was a big disincentive to the Gulf's traditional family enterprises, whose owners want to retain control.

Healy says that in practice, it is possible to exercise control while retaining a large minority holding, but that this point is not easily demonstrated. As a result, Emirati family owners want to be absolutely clear that they will remain in charge. The reduction of the share float requirement will be critical because it will persuade many more private sector firms to list.

There is still uncertainty over when the rules will be changed. Maryam Buti al-Suwaidi, acting deputy CEO of the SCA, says the formal change has taken place. However, it could be a while before the new arrangement is put into operation. In the current international investment climate, it would not make sense for any company to launch an IPO, making the implementation timetable less urgent.

When conditions become more favourable, new listings resulting from the rule change should enjoy a favourable reception. "Shareholder culture is highly evolved," says Healy. "The majority of Emirati citizens own shares."

Across the UAE, privatisation has been deployed as a means of distributing wealth to the population as a whole. In a booming economy, investing in shares was highly attractive.

"Until the recent crisis, there would have been a perception that anything would be a one-way bet," says Healy.

But of course, we are now in leaner times, and in some sectors such as banking, competition is intense, while high earnings are no longer guaranteed in the finance and real estate sectors that have previously dominated the exchanges in Abu Dhabi and Dubai.

But as more of the traditional private sector lists, it should create greater diversity and security for potential purchasers of stock.

The ADX has identified exchange-traded funds (ETFs) as a useful tool for attracting foreign investors who may lack the detailed local company knowledge required to buy shares in individual companies. ETFs will allow such non-specialists to buy into a portfolio of risk across a sector or sub-sector, with individual company and national economic risks counter-balanced in an overall package.

The Kuwait Stock Exchange (KSE) led the Gulf in allowing the trading of ETFs, while Cairo followed suit at the beginning of 2008. Nasdaq Dubai also announced ETF trading plans in January this year.

"The DIFX is preparing to list new asset classes such as ETFs...to radically widen the range of investment opportunities," Per Larsson, CEO of Nasdaq Dubai said in January. For its part, Healy says the ADX has a chance to establish itself as the pre-eminent Gulf centre for ETF business. "We are going to try very hard for it," says Healy. "I suspect that whoever achieves an early lead could well win the prize."
"Abu Dhabi is very clear: do things carefully and thoroughly, and if that means growing more slowly, that is fine"

Tom Healy, chief executive officer, ADX
Derivatives trading

The other specialist area where Abu Dhabi hopes to carve out a niche is in the trading of financial derivatives. But this will not happen before late 2009 or even early 2010.

"The investor base here is large private investors," says Healy. "If you introduce a radical new product like a derivative, you have to be careful that it is introduced with care and seen for what it is. So we are going to have to put a lot of effort into educating the broking community, and the investors."

The focus on financial derivatives will complement the new market in oil and gas derivatives that is envisaged for the Doha Securities Market, where Euro-American exchange group NYSE-Euro-next is taking a 25 per cent stake.

The ADX also has links with NYSE-Euro-next. However, in contrast to Doha – or Borse Dubai's investment in Nasdaq – it does not have any plans for a shareholding tie-up. Abu Dhabi and NYSE-Euronext have an agreement to co-operate across a range of issues, including trading platform technology, but that is as far as things go.

Healy points out that being owned by the government of Abu Dhabi, the ADX already benefits from a strong supportive shareholder who is prepared to give the exchange the time required to build strategy over the long term rather than hurry to produce early results.

"Abu Dhabi has a very ambitious development programme," he says. "But we are not under pressure to deliver dividends today, so we can devote the resources to development."

Healy is particularly well placed to assess the regional outlook. He arrived at ADX from the Irish Stock Exchange, where he was present for the launch of the euro single currency and had to maintain the position of a medium-sized exchange in a competitive and diverse European market.

Drawing on this experience, he sees major attractions in the development of a single Gulf capital market, and argues that this can happen without the need for individual exchanges to merge or even harmonise their rules and systems to the extent that has already happened across the EU.

For the GCC, the key requirement would be a limited harmonisation in trading and settlement systems, in requirements for the disclosure of company information and in the rules for licensing brokers, so that a firm approved to operate locally in one market would also be accepted as entitled to act as broker for trans-actions on the other exchanges.
Similar markets

In many respects, arrangements in the indi-vidual Gulf markets are already aligned using similar trading technology, thanks in part to NYSE-Euro-next's investments in Gulf exchanges.

The planned creation of a single currency will help, because it will make it easier to compare the pricing of stock and costs across various member markets. But Healy says that, as in Europe, the survival of individual bourses in different countries or cities maintains competition, forcing all participants to improve their services and hold down their prices.

The ADX is in the unusual position of being one of three bourses in a single Gulf state. However, the DIFX is focused on international stocks – in February last year, the first US company listed on the exchange, the $100m IPO of NanoDynamics. Meanwhile, the DFM and ADX complement each other as the two markets share a common broking community.

Over the past 12 months, the DFM has lost the most value of the Gulf exchanges, with a drop of 65 per cent, compared with the ADX's 37 per cent loss. Dubai's greater exposure to the global financial crisis has resulted in its exchange being hit harder – trading volumes are significantly lower on the ADX. In the past month, the DFM has lost 30 per cent of its value – again, the greatest loss of any Gulf exchange. By comparison, the ADX lost 13 per cent of its value from the end of October to 20 November, the Saudi Tadawul lost 17 per cent and the KSE lost 10 per cent.

"The relatively moderate decline of the ADX is a reflection of the fact that the local economy did not experience Dubai-scale levels of boom development over the past two years," says Healy. "Daily activity on the ADX tends to be less than in the rest of the region. It does not fall by as much in a day, nor does it jump as much in a day."

Abu Dhabi can afford to take the long view as investor appetite for equities remains suppressed. But its trading volumes will have to rise once the financial recovery begins, if it is to compete with Dubai.
Fast fact

The minimum proportion of equity companies must list on flotation on UAE bourses - 30 %

DFM 国内証券取引所 (Dubai Finantial Market)

ドバイ2大証券取引所の一つ。DFMはUAE国内株式取引市場、主要60銘柄が取引、ドバイ金融監督庁(DFSA; Dubai Financial Services Authority)の管理下にある。 2000年3月に設立、ドバイ政府 証券取引所用 持株会社Borse Dubai傘下に統合された。

取引時間 日~木曜 10am~2pm。
ドバイ企業法が自国民51%を義務化している為、外国人保有可能枠は0~49%。

Nakheel Waterfront地区 植物苗床

政府系デベロッパー ナキール (Nakheel)ウォータフロント地区に400万本規模の植物苗床を建設。現在は50 ha苗床で156,000本を育成中。育成された植物はウォータフロント地区Palm JebelAli地区での植樹に活用されている。

総面積50 ha苗床の内、20 haは土壌栽培用で、7.5haは栽培済み。灌漑用水にはOmran Workforce Accommodationの下水処理水を利用している。

この苗床ではナキール (Nakheel)の既存施設からの伐採残渣をコンポストに再利用する等、廃棄物再活用が活発に進められて居り、同社の推進する廃棄物リサイクルや廃棄物処理コスト削減に寄与している。

これら苗床で育成された植物には、ウォータフロント地区 Badrah計画やPalm Jumeirah人工島の施設からも引合いを受けている。 これら苗床はナキール (Nakheel)が推進するウォータフロント地区でのsustainability initiativesの一環。これら以外にもナキール (Nakheel)はMouchel及びGE Solar合弁を組んで大規模太陽光発電設備の実験を開始している。

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