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| A comprehensive guide
to current and future events and exhibitions in the UAE |
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Valuable concise reference source on the UAE,
covering political system, economy, business, history and heritage,
education, women, healthcare, tourism and environment. |
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Natural history of the UAE,
covering all animals and plants recorded in the Emirates. |
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Report by National US Arab Chamber of Commerce on the UAE. Vol XV, No 3, June 2007. Includes analysis of UAE economy. |
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THE ECONOMY - BUSINESS
![]() Non-oil sector to drive UAE GDP growth at 6% in 2009
Posted on 09/10/2008
The UAE economy will grow at a healthy pace of about six per cent in 2009 despite the global credit crunch, says a new report. This growth is mainly attributed to the good performance of the country's non-oil sector.
Gross domestic product (GDP) has grown at an average annual real rate of about nine per cent since 2003. GDP per capita has increased by about 130 per cent since 2003, reaching an estimated US$57,000 (Dh209, 190) in 2008, according to figures released yesterday by investment bank
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![]() UAE can weather liquidity crisis, says Standard & Poor’s report
Posted on 09/10/2008
The UAE has the resources to ease liquidity constraints at short notice if the current cash crunch starts to bite too hard, Standard & Poor's (S&P's), a leading global credit rating agency said on Wednesday.
UAE's liquidity crisis is not sparked by the global credit crunch, but driven by some country-specific factors, including speculative investor activity surrounding the dirham's peg to the dollar, a new report by S&P's said. "Other factors include rapid domestic growth in recent years, and
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 DFSA signs MoUs with regulators in China and Singapore
Posted on 09/10/2008
The Dubai Financial Services Authority (DFSA) has entered into agreements with two of Asia's leading regulators, the China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS).
These Memoranda of Understanding, which were signed last week, commit the DFSA and the CSRC to information sharing and co-operation in the supervision of their securities markets and, in the case of MAS, which, like the DFSA is an integrated regulator, the commitment to information
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 Emirates Lebanon Bank confirms acquisition of the operations of BNPI
Posted on 09/10/2008
Bank of Sharjah announced yesterday that its Lebanese subsidiary, Emirates Lebanon Bank S.A.L. has received the final approval from Central Bank of Lebanon on the acquisition of the operations of the Lebanese branches of Banque Nationale de Paris Intercontinentale as at 30 September 2008.
Bank of Sharjah raised earlier the share capital of Emirates Lebanon Bank S.A.L. to USD 50 million while injecting a cash contribution of capital of USD 100 million in order to boost equity to USD 150
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![]() AMD, ATIC to create new semiconductor manufacturing company
Posted on 08/10/2008
AMD [NYSE: AMD] and the Advanced Technology Investment Company (ATIC) of Abu Dhabi yesterday announced the creation of a U.S.-headquartered, leading-edge semiconductor manufacturing company to address growing demand for independent, leading-edge foundry production capabilities. The new global company, to be temporarily called "The Foundry Company", will serve this need by combining advanced process technology, industry-leading manufacturing facilities and aggressive plans to expand its global
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![]() Veolia Environment, Mubadala to launch joint venture company
Posted on 08/10/2008
to build a strategic partnership in MENA region
Mubadala Development Company (Mubadala) and Veolia Water yesterday signed agreements to create a joint-venture company that will focus on water production and waste water collection and treatment in the Middle East and North Africa (MENA) region.
The announcement follows a decision by Abu Dhabi business development and investment company, Mubadala, and Veolia Water, the water and wastewater services subsidiary of Veolia Environment, to work
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 KazmunayGas, ConocoPhillips and Mubadala sign MoU for "N" block offshore Kazakhstan
Posted on 06/10/2008
JSC National Company KazMunayGas, ConocoPhillips [NYSE: COP] and Mubadala Development Company PJSC (Mubadala) announced yesterday that they have signed a Memorandum of Understanding to negotiate terms for the exploration and development of the "N" Block, located in offshore Kazakhstan, under a new subsoil use contract. The parties will now have until December 31 2008 to negotiate the definitive agreements for the assignment by KMG of a 49% interest in the subsoil use contract to be shared
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 Taqa to acquire 'green' firms
Posted on 06/10/2008
The Abu Dhabi National Energy Co (Taqa) plans to acquire multiple renewable energy firms as part of plans to make 50 per cent of its operations 'green' by 2023.
"We are currently looking at two [renewable energy] firms, one European and one North American," Taqa's Chief Executive Peter Barker-Homek told Emirates Business. While declining to name the acquisition targets, Barker-Homek said that the two firms in question have been hit by the lack of ready project finance due to the global credit
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![]() Dubai World forms Dubai Natural Resources World
Posted on 06/10/2008
In response to tremendous growth opportunities in global natural resources business sector, Dubai World yesterday announced the formation of a new business unit, Dubai Natural Resources World, designed to explore new long-term investment avenues, while contributing positively towards sustainable development.
Dubai Natural Resources World will drive the growth of the Group's interests across the entire natural resources value chain, including oil and gas, alternative energy, mining and
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![]() Amlak Finance Nine Months Net Profit up by 157%
Posted on 06/10/2008
Amlak Finance announced yesterday its preliminary financial results for the first nine months of 2008. At the end of September 2008, Amlak's net profit for the nine months rose to Dh444 million, an increase of 157 per cent compared to Dh 173 million for the same period of 2007. Amlak's revenue for the nine months that ended in September 2008 was posted at Dh963 million, up 112 per cent against the same period of 2007, with the company's property financing activities contributing 71 per cent of
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 UAE's Emaar, Saudi's Al-Shoala ink SR27bn joint venture
Posted on 05/10/2008
UAE's Emaar Properties and Saudi's Al-Shoala Group Establishment yesterday inked a SR27bn joint venture project to develop a 31 million sqm master-planned community, Rawabi Rumah, located near Riyadh.
Rawabi Rumah will allocate around 60% of the master plan for residential developments including villas, town houses and apartments.
Emaar, a global property developer, will share its core competencies in integrated mega-project development by creating a vibrant community featuring luxury homes
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![]() UAE’s cross-border M&A deals at US$27.4b
Posted on 28/09/2008
At a time when global financial crisis is hurting big economies of the world, the UAE managed to conclude a significant number of cross-border Mergers & Acquisitions (M&A) deals worth US$27.45 billion up to June this year which reflects investors' confidence in the UAE economic prospects.
According to a United Nations report, the UAE topped the list of GCC bloc countries with a total of 63 cross-border deals. World Investment Report, released by the United Nations Conference on Trade &
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 Dubai ranked No1 for potential
Posted on 28/09/2008
Dubai is the financial centre with the most potential among world cities, and the number one location for companies to open new offices, according to an influential survey.
Dubai led the charge for the Middle East in the Global Financial Centres Index, which ranked the emirate ahead of Qatar and Bahrain as cities most likely to become more significant on the world stage in future. Singapore, Shanghai and Mumbai also did well on this score.
Dubai beat Geneva, New York, Mumbai and London as
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 GCC states to invest US$120 billion in power in the next 10 years
Posted on 28/09/2008
Following a hugely successful event in 2008, POWER-GEN Middle East will see a welcome return to the hospitality of the Kingdom of Bahrain for the region's premier conference and exhibition for the power generation, transmission '&' distribution and water industries.
POWER-GEN Middle East has announced that the 2009 event will be hosted at the Bahrain International Exhibition Centre, Manama, Kingdom of Bahrain, from 17th to 19th February, for the 3 day conference and exhibition.
This years'
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 Khalifa Fund and DPE sign agreement
Posted on 24/09/2008
The Department of Planning and Economy in Abu Dhabi concluded a collaboration agreement with the Khalifa Fund to support and develop Small and Medium Enterprises, aimed at facilitating the licensing procedure for the projects supported by Khalifa Fund and their exemption from any fees due.
The agreement was signed at the Department of Planning and Economy (DPE) by Ahmed bin Nasser Al-Suweidi, Chairman of DPE and Husain Jassem Al Nuwais, Chairman of the Khalifa Fund in the presence of a number
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