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Abu Dhabi: The largest space centre in the Middle East and North Africa (MENA) will soon be set up in Abu Dhabi and will receive, analyse and utilise data from satellites orbiting the earth, it was announced at the region's largest defence exhibition on Tuesday.

A cluster of four satellites will also be launched by 2013, with two of them being operational by 2012, industry executives told the International Defence Exhibition (Idex).

The 4C GEOC will be developed in a collaborative venture between United States public company 4C Controls Incorporated, and Abu Dhabi based Hydra Trading LLC. It will cover a surface area of approximately 10,000 square metres, said Major-General Khalid Abdulla Mubarak Al Buainnain, the executive vice president of Middle East Military and Defence Projects at 4C Controls Incorporated.

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Dubai: Universal Studios Dubailand, a member of Tatweer Dubai, announced that it has signed a strategic agreement with Sesame Workshop, creators and producers of the award-winning global children's television series Sesame Street, to develop and build three unique Sesame Street-themed entertainment venues for the first Universal Studios theme park in the Middle East.
 
The alliance demonstrates the commitment of Universal Studios Dubailand to partner with the industry's leading companies to bring world-class family entertainment to the region.

   

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Dubai: While 2009 is a year of real estate correction, market stability will come in 2010 before rentals and property prices start recovering in 2011, a report shows.

As late as last October, more and more developers were launching increasingly ambitious projects. Even master developer Nakheel joined the competition by launching their kilometre-tall tower.

Most of these plans have either been cancelled or severely delayed after liquidity and end-user demand dried up quickly.

Banks in Dubai have put the brakes on lending and with a lack of mortgage and home financing options, many people are being priced out of the market.

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ABU DHABI // A federal law granting residency visas to owners of freehold property will be introduced within the year, a senior government official has disclosed.

The proposal, welcomed by property developers, will allow the owners to obtain a six-month renewable residency visa, regardless of their nationality or the size and value of the property, said Brig Gen Nasser al Minhali, the acting director general of the federal Department of Naturalisation and Residency (DNR).

Brig Gen Minhali said the aim was to create a unified visa system related to home purchases.

HH Dr Sheikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has issued a decree setting up Sharjah Investment and Development Authority (Shorouq) to encourage investment and achieve economic diversity in the emirate. The body will be a fully independent financial and administrative corporate entity with complete legal competence to assume its activities. Sheikha Budoor Bint Sultan Bin Mohammad Al Qasimi will be the chairperson of the investment authority.

Based in Sharjah, the newly established authority will have the right to set up branches and offices within and outside the emirate. It aims to create an attractive investment environment in Sharjah where it will have to evaluate infrastructure projects in real estate, investment, tourism and heritage sectors. It will set the necessary programmes and overcome obstacles that hinder investment activities in Sharjah.

The authority is a profitable entity whose profits come from self-generated income, service fees, government grants and others as approved by the chairperson. It has the right to own properties and practice property investment, develop empty lands and execute constructions.

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