10 August 2009 - 11:39

Dubai to construct real-time payments system

Dubai has enacted a new Payment System Settlement Finality (PSSF) Law that creates the legal foundation for building a regional transaction processing hub for local processing of payments and other ancillary services.

The first such legislation in the Gulf, the new PSSF Law paves the way for the launch of a Real-time Automated Payments platform (Rapid) in the Dubai International Financial Centre, to provide transaction processing services to banks and their customers both in DIFC and the wider Middle East and North Africa (MENA) region.

Omar Bin Sulaiman, governor of the DIFC says: "The enactment of the PSSF Law forms part of a comprehensive infrastructure that DIFC is creating to catalyse the development of the financial services industry in the region."

He says DIFC has adopted legal best practices from Europe, Hong Kong and New Zealand, among others, to ensure finality of designated payments.

The legislation will assist Gulf-based companies in conducting legally sound payments within the region instead of having to use offshore infrastructures which often do not settle within local operating hours.

http://www.finextra.com/fullstory.asp?id=20354

 

It looks like the World hub for settlement (the U.S.) is being challenged..

Any thoughts or America Bashing?

Be well, JW

Dubai,

Home to fake banks as well http://www.bancaremida.com/

See http://www.whatdotheyknow.com/request/banca_re_mida_and_the_somalia_in


The latest :

http://www.somaliainternationalfinancialcentre.com/institutionslist.aspx

JW,

Till they get all their stuff, camel traders included, settled.

It is still a ways to go.

Be Swell

will

What do you make of this :

http://www.bancaremida.com/en/CIS_EN.pdf


BANCA RE MIDA S.A.
Dubai Airport Free Zone, 3rd east Wing, PO Box 54620 Dubai (United Arab Emirates)
Fax:+ 971 (0)4 214 9501 - www.bancaremida.com
CLIENT INFORMATION SHEET
For compliance all of the following information a copy of Passport must be supplied along with the information.
Date:
By the present we (________________________________________________________________________________) request
to be a Client of Banca Re Mida. We would like to make a deposit in the amount of ___________________________,
immediately on (date) to an account that has the name of (Clients Name). The Bank coordinates are below, as the history of the
funds to be wired on the date above. All information will be treated and kept confidential for your benefit.
Personal
Name of account Signatory:
Nationality:
Passport Number:
Issue Date:
Home Address:
Home Phone No:
Home Fax No:
Personal Mobile Number:
E-Mail:
Business
Business Name:
Registered Office Address:
Business Phone:
Business Fax Number:
Business Website:
E-Mail:
Banking
Company Bank of Business:
Bank Address:
Account Name:
Account Number:
Account Signatory:
Bank Officer:
Bank Telephone Number:
Bank Fax Number:
E-Mail:
SWIFT Code:
Once received the present document BANCA RE MIDA will contact you as soon as possible to continue with your registration.
This entire document must be delivered in hard copy format with a live wet signature.
For and behalf of: (client)
_____________________________
Authorized Signatory: (print name)
Passport number:
Country:
Expiration Date:

Will, i've spent a fair bit of time in Dubai over the last few years but I wouldn't say i'm an expert on Dubai matters because everything is so complex!

However, having an "Airport Free Zone" address means they are basically unregulated. So i'd tread carefully.

Will

I am sure you are teasing us here?!

The reference to Somalia makes interesting reading!

Regards
Luxemburger

Guys,

It sure is a cool way to rip someone off.

Be on your toes.

Will

The Green Zone has only turst benefits.. In my honest opinion.. I have drawn lines around the subject going back for a while now.. I know that some of you here get what I am trying to say without saying it for the most part.. the passing of the trust from family or to a directed person seems to be straight forward by working accounts.. less than the legal opinions we all suffer... I posted a while back a real account of a passing of a trust from person to person in Dubai.. seemed to go well and was a straight forward process.. I would hope that my internet friends here could benefit from 1st hand intell minus the legal it will be all ok no worries create more billable hours jaded view point of our legal personalities..

 

My best to you all, JW

 

P.S. I am happy to go fishing in Africa... http://www.worldangler.com/Africa%20Fishing%20Lodges/mauritiu.htm anyone that thinks this looks fun sound off and maybe we can do group thing..

More info before you laugh to hard..

http://www.worldangler.com/Africa%20Fishing%20Lodges/gabon.htm

http://www.marlinmag.com/travel/international/a-sure-thing-17725.html

I will say if there are Fish there then there is a market to be developed.. Hotels, Airports and the like..

My best to you all, JW

LoL,

Seems unrelated but then again.......

http://uk.news.yahoo.com/5/20090814/tod-gulf-holiday-ad-borrows-dorset-landm-870a197.html

Gulf Holiday Ad 'Borrows Dorset Landmark'
8 hours 18 mins ago

© Sky News 2009
Buzz Up! Print StoryAn Arabian resort in the United Arab Emirates looks as if it has been caught borrowing a British landmark to help tempt tourists to its beaches.


Owners of Durdle Door in Dorset are bemused that a photograph of their Jurassic Coast beauty spot has turned up on a website advertising The Cove at Ras Al Khaimah.

They fear guests may travel thousands of miles to the UAE, only to find the picturesque setting was actually on their doorstep in the UK.

The Cove Rotana Resort in Ras Al Khaimah boasts 600 metres of sandy beach overlooking the Arabian Gulf.

But the picture on the banner across its website looks uncannily like the shingle beach on the South Coast.

The English site is popular with tourists and a valuable marketing tool for the Weld family's Lulworth Estate which owns and manages the coastline between White Nothe and Warbarrow Bay.

The natural limestone arch featured in the film Nanny McPhee and music videos including Cliff Richard's 1990 Christmas number one Saviour's Day.

Former Dorset residents living in Dubai spotted it on the website and accused the Cove of pillaging the Dorset coastline and passing it off as their own.

"We only heard about it yesterday, so we're still not quite sure what's going on," Claire Dutton from the Lulworth Estate told Sky News Online.

"Before then, we didn't know anything about it.

"The image has been used on postcards and people often come here and take pictures - in fact Google came down the other day and has taken pictures.

"But I don't think people realise that the landmark is actually in private grounds.

"We do have a licensing department but obviously we won't pick up everything."

James Weld, Lulworth Estate general manager, said: "It is not unusual to see Durdle Door being used by very many businesses to promote their own services ... the UAE is taking this to extremes and we hope that those visiting The Cove are aware of the real location.

"We would hate for people to travel thousands of miles abroad only to find this stunning landmark is on their doorstep."

The hotel later said the website was designed by an independent marketing company and was not their official website.

It is not the first time Durdle Door has moved off the Dorset map. It has also appeared in an article on Turkey, and for one on the US.

Will,

If you want paradise here.. I can provide.. the size of the fish on the otherside of the Atlantic are what have moved me to bring Africa tot he forefront of the conversation.. 1,000 lb plus (500 kilogram plus) are a regular..

But the Carribean.. is everything its supposed to be..

http://www.spanishcay.com/

The boats are there now..

http://www.frommers.com/destinations/walkerscay/H32331.html

Walkers is booked going out years.. in full they took down thier web site becuase they can not take on any new reservations..

I would stay across the water way at Rosie's.. better service and I have been going there since I could walk.. Rosie is great and the largest Bahamian I have ever seen or heard of.. and I am 6' 6' and 300lbs.. Giant, gentle and one of the most kind people I have ever had the pleasure to know.. 

http://www.vieques-island.com/

This little island is in the middle of everything and I would say one of the better kept secrets..

http://www.google.com/search?hl=en&q=cabo+rojo+puerto+rico&aq=0s&oq=cabo+roho&aqi=g-s10

on the big island of Puerto Rico (big is a joke).. but Cabo Rojo is a must.. the Tarpon fishing is great.

http://www.leparadisstlucia.com/

When Kirby gets this built I would reccomend going.. Great place.. Hawaii in the Carribean but smaller.. Volcanic island(s)..

If you are serious about finding some places no one else knows about.. I can email you those...

My best Will to you and yours, JW

 

JW,

I was in the Navy in the 70s and have done my fair share of

casting a line or two.

Methods differ but results speak for itself.

Rawai - A single 120 fantom line of half inch terylene rope with 250 hooks
using rotting shark meat as bait.

Yield 100+ fish, mainly groupas.

7 - inch garpple hook with 5 feet quater inch flexible steinless steel
wire rope with float using mutton as bait.

Yield 12 foot hammer head shark. What a fight.

4 inch garpple hook with 8 feet of black wire and octopus head as bait.

Yield, 650 KG Giant Groupa.

On another occasion, 370 KG Catfish.

All off the coast of Singapore, in the southern islands.

I guess knowing how plays a part, and I don't use a rod.

I used a winch drum and a davit.

Regards

will

Old school hand line fishing is what the old timers do in the Bahamas.. and they are catching Marlin and Wahoo (the fastest fish in the world)..

http://www.addictivefishing.com/NewGallery/ViewPhoto.aspx?photo=2107

Fly fishing for Tarpon..

 http://www.loopadventures.com/website2/1.0.2.0/122/1/

That one is Cuba but the fish will hold true to size..

Cuba is an off board talk though..

 

My best to you and yours Will, JW