constructedusing theenergy-saving technologies.
Due to this fact, power consumptionwill be
reducedby65%during theoperationof the
building. Thewater saving ratewill double,
though theadequate level of comfort inwater
supplywill definitelybepreserved.
Southern facadeof the Lighthousewill be
decoratedwith4000 solar batteries, and the
upper part of thebuilding is to accommodate
in its design three29-meterswind turbines
with225 kWpower each.Water, electricity and
heat-saving systemswill be combinedwith
rational use and selectionof structuralmaterials.
The tower designers areplanning tominimize
adverseecological impact both in construction
andoperationphases of thebuilding.
Theareaof officepremises inLighthouse
towerwill beapproximately90000 squaremeters
andwill be fillednot onlywithofficesbut also
withatriumswithgardens, conferencecenters
and shops. Therefore, therewill beguaranteed
satisfactionof versatileneedsof the inhabitantsof
this architecturallyexclusivebuilding.
Ifwe step aside from thesemassiveprojects
lookingmore like JulesVerne fantasies rather
thandaily lifeof Dubai, we could contemplate
thequestion: whatmakesDubaimove forward
all the time? Probably itwas thegood start that
made this impulse. TheRuler of Dubai, Sheikh
Rashid realizedeven in the1980-s that oil
reserveswouldnot last long (since94%of the
country’s oil is located inAbuDhabi Emirate).
Therefore, proceeds fromoil exportwere
investednot into subsidies or savings programs
but rather in thedevelopment of economically
important infrastructure inDubai. Initially, Jebel
Ali portwas constructed andbecame the largest
port in the region. Inearly 80-s, Dubai began
its transformation into the regional center of
information technologies and finance.
It isworthnoticing that Dubai development
experience is replicatedbyother countries
today. For instance, Kazakhstan, regardless of the
optimisticprospects opening for the countrydue
to the increaseof oil production, already counts
on leadershippositions as International Financial
Center, hoping for activeparticipationof issuers
fromUkraine andRussia.
Incontrast to theUnitedArabEmirates,
therearenohopes for oil production increase in
Ukraine. (Unfortunately, theoil-bearing shelf of the
BlackSeaandoil deposits in thecenter ofUkraine
and inCarpathian regionarementionedmore
often inpolitical debates than inestimationsof
companiesprepared todo thedevelopment of
local resources). However, it hasbeenproven that
it isnot necessarilyoil that guarantees success.
Unfortunately, Ukrainehasnogood reasons to
hope for IT-sector achievements (notwithstanding
the fact that in1951, inKiev, the first computer in
Europewasput into operation).What prevents
Ukraine from realization of its ambitions? The
answer is well known to thosewho know the
cost of money inUkraine.
International experts believe that themain
deficiencyof business organization inUkraine
is high cost of capital and capital insufficiency.
This has anegative impact on competitive ability
of Ukraine’s economy. Therefore, to increase
competitive abilityof Ukrainiangoods and to
make capital cheaper, it is necessarynot only
to reform thebanking system, but also access
international finance and special financial
instruments, whichwouldbe seriouslyhelped
by establishment of an International Financial
Center inKiev (seeBusiness Emirates, issue13,
March-April, 2007: “IsUkraineGoing toBe a
Global Financial Center?”, Business Emirates, issue
14, “Increasing the financial Arsenal”andour
websitewww.ukrtrade.info).
The issueof development of financialmarket
inUkraine canonlybe resolvedon the condition
of political will expressednot just indeclarations
ofmarket assistancepreparedness but also in
specificpractical steps.
TODAY,DIFC
INVESTMENTS ISTHE
LARGESTOUTSIDE
SHAREHOLDER
OFDEUTSCHEB
ANK (GERMANY).
THISBECAME
TRUEAFTERTHE
PURCHASEOF2.2%
OFTHESHARESOF
THISWORLDWIDE-
KNOWNBANKBY
THE INVESTMENT
DIVISIONOFDUBAI
INTERNATIONAL
FINANCIALCENTER
SheikhNahayanMubarakAl Nahayan,Minister ofHigher EducationandScientific
ResearchofUAE; AnatoliyZlenko,Minister of ForeignAffairsofUkraine1990–1994, 2000
–2003, Advisor to thePrime-Minister ofUkraine; SergiyPasko, ChargeD’AffairsofUkraine
in theUAE; Sergii Pachkovskyi, DirectorGeneral ofUkraineTradeCenter
BUSINESS EMIRATES
94
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