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THE ECONOMY - BUSINESS

ADNOC renews gas venture

Posted on 01/04/2009

The Abu Dhabi National Oil Company (ADNOC) has renewed its joint venture with two foreign partners that processes much of the emirate's natural gas, according to WAM, the official news agency. Unlike Abu Dhabi's oil concessions, the Abu Dhabi Gas Industries (GASCO) contract, which has been renewed for 20 years, involves no ownership of hydrocarbon resources. The partner firms produce up to 2.2 billion cubic feet of gas per day in return for a fee and reimbursement for capital expenditure. The ...  >>MORE

Deals worth Dh 500 mn inked at DUPHAT

Posted on 01/04/2009

The Dubai International Pharmaceutical and Technologies conference and Exhibition concluded its fourteenth edition yesterday with a massive success and 20% increase in participants and visitors compared to last year, with the attendance of international speakers who came from all over the globe to present their latest theories, technologies, and practices in the field of Pharmacy. The number of attendance of the conference and exhibition reached up to 11.000 visitors, and the volume of ...  >>MORE

Dubai ranked most competitive in Middle East

Posted on 30/03/2009

Dubai has the most competitive economy in the Middle East and ranks higher for its competitiveness than Japan, Germany, France or New Zealand, according to a new study released on Sunday. The emirate ranked 16th out of 65 economies surveyed in the National Competitiveness Report 2009, published by the Institute for Industrial Policy Studies of the National University of Seoul, in South Korea. The study was commissioned by the Dubai Competitiveness Council, an arm of the Dubai Economic ...  >>MORE

Tamweel and Amlak to restart lending

Posted on 30/03/2009

The merger of the UAE's largest Islamic mortgage providers, Amlak Finance and Tamweel, can be considered a "done deal", and they could start lending in the "next few weeks", a top official from the company said. "The merger should be a done deal," Sheikh Khaled bin Zayed Al Nehayan, Chairman of Tamweel, told reporters on the sidelines of a Dubai Economic Council press conference yesterday. "The merger is a natural progression of things. It's a consolidation of the industry. Two weak entities ...  >>MORE

InterContinental Abu Dhabi & InterContinental Al Ain achieve good trading results in Q1

Posted on 29/03/2009

Simon W. Stamper the Area General Manager of InterContinental Abu Dhabi & InterContinental Al Ain commented in an interview to the Emirates News Agency that both InterContinental Abu Dhabi & InterContinental Al Ain, have achieved good results in the 1st quarter of 2009 higher than results achieved for the same period last year. There are a number of indicators showing challenges we will have to face in the near future. This has made us review our strategies. Amongst these strategies, is ...  >>MORE

GEM takes delivery of Korean shipbuilder's first Panamax

Posted on 29/03/2009

Gulf Energy Maritime (GEM) has taken delivery of the first ever Panamax built by Korean ship building giant, Hyundai Mipo Dockyard (HMD), marking a historic event in association with the Dubai-based carrier. The 75,000 dwt product oil carrier, Gulf Castle, is also the first of four new Panamax vessels scheduled for delivery this year from HMD, and is the fifth Panamax vessel in the fleet. Earlier this month GEM took delivery of the 47,000 dwt Gulf Muttrah, and with Gulf Castle, GEM's fleet ...  >>MORE

MGM's US$200m 'sign of good faith'

Posted on 29/03/2009

Dubai World describes a last-minute US$200m (Dh734.6m) payment by MGM Mirage for the CityCenter project in Las Vegas a "sign of good faith". The payment temporarily ensured that construction would continue on the US$8.8bn casino and property project, which has fallen victim to the global shortage of credit and a drop in gambling in the US. CityCenter is a 31-hectare project that includes several casinos, hotels, a new retail complex and other office and residential buildings on the Las Vegas ...  >>MORE

DP World reports 48 per cent jump in profit

Posted on 26/03/2009

DP World, the world's fourth biggest port operator, reported a 48 per cent jump in profits to US$621 million in 2008, up from US$420 million in 2007. Its revenue grew 20 per cent to US$3.23 billion last year, up from US$2.73 billion while consolidated throughput increased 15 per cent to 27.7 million twenty-feet-equivalent units (TEUs), up from 24 million TEUs recorded the previous year. Net cash from operating activities increased 12 per cent to US$1.06 billion, an increase from US$955 ...  >>MORE

Daimler wins contract for Dubai buses

Posted on 25/03/2009

Daimler Buses has won a contract to deliver 260 Mercedes-Benz Citaro city buses to the Dubai Roads and Transport Authority (RTA), the company said on Tuesday. The deal comes as other international suppliers say some large expected orders for the RTA have not eventuated. Dubai's bus plans were first announced in November 2007, when the RTA said it would buy 1,616 buses from five suppliers at a cost of US$2.34 billion (Dh8.59bn), in what was hailed as the world's largest one-off bus deal. The ...  >>MORE

Dubai World unit sues MGM Mirage

Posted on 24/03/2009

Dubai World subsidiary Infinity World is suing Las Vegas-based casino operator MGM Mirage for breach of contract over their $8.6-billion CityCenter joint-venture, amid mounting concerns about the US 
project's viability. The lawsuit, filed in the Delaware state Chancery Court in the US, aimed "to protect its rights and the best interests of the CityCenter project,” Dubai World said Monday. MGM Mirage is burdened with more than $13 billion in debts related to CityCenter, its largest ...  >>MORE

UAE plays increasingly significant role in world trade: Lubna

Posted on 22/03/2009

The UAE is playing an increasingly significant role in international trade despite the current financial crisis, stressed Minister of Foreign Trade Sheikha Lubna al-Qasimi. "The UAE ranks among the top 30 trading economies in the world and ranks first among Arab economies", al-Qasimi added in an interview with WAM. The interview is part of a plan for bolstering partnership among governmental entities in the UAE. The UAE Ministry of Foreign Trade has taken the lead in considering potential ...  >>MORE

ADCO awards US$805 gas compressors contract to South Korea's SK Engineering

Posted on 18/03/2009

Abu Dhabi Company for Onshore Operations (ADCO) has awarded a contract to install gas compressor units at its Bab oil field in Abu Dhabi to SK Engineering '&' Construction of South Korea. SK Engineering '&' Construction beat a stiff competition by seven other companies and consortia to win the engineering, procurement, and construction (EPC) contract, valued at US$ 805 million. The project is scheduled to be completed in 36 months. – Emirates News Agency, WAM ...  >>MORE

Damac to sign Dh2b deals for 10-tower development

Posted on 18/03/2009

Damac Properties, the largest private sector developer in the UAE, is expected to sign contracts worth Dh2 billion this year for the construction of 10 new towers as it benefits from the current low construction costs and overheads, a top official said. "Despite the economic downturn, we are going ahead with the projects that we have already announced," said Hussain Sajwani, chairman of Damac Holding, the parent company of Damac Properties. "By the end of this year, we will sign contracts ...  >>MORE

Mubadala and Occidental sign oil recovery deal with Bahrain

Posted on 17/03/2009

Mubadala Development and the US oil firm Occidental Petroleum have signed an agreement with the Bahraini government to help boost production at the kingdom's main hydrocarbon reservoir. Together with the National Oil and Gas Authority of Bahrain, the two companies will invest US$1.5 billion (Dh5.51bn) into development of the onshore Awali field to raise oil production to 100,000 barrels per day (bpd), from about 35,000 bpd. Gas production will be increased above the existing 1.5 billion cubic ...  >>MORE

Drake '&' Scull lists on DFM

Posted on 17/03/2009

Drake '&' Scull International PJSC (DSI) - the UAE service provider of mechanical, electrical and plumbing (MEP) contracting, infrastructure, water and power (IWP) and civil contracting - yesterday became the first specialised MEP company to list on the Dubai Financial Market (DFM) bourse. In July 2008, the company offered 55% of its shares with a value of Dh 1.2 Billion. The initial public offering (IPO) was 101 times oversubscribed with around 45,600 subscribers investing roughly Dh 124 ...  >>MORE

ADX Signs MoU with Libyan Stock Market

Posted on 16/03/2009

Abu Dhabi Securities Exchange (ADX) announced yesterday it has signed a Memorandum of Understanding (MoU) with the Libyan Stock Market (LSM) in a move that further cements ties between Abu Dhabi and other Arab exchanges. Other Arab stock exchanges ADX has recently signed agreements with include exchanges from Jordan, Qatar, Oman, Syria, Sudan and Egypt. The MoU commits ADX to providing LSM with consultancy and training services and the two exchanges agreed to share trading data and ...  >>MORE

Steering Committee to submit final report on Amlak, Tamweel

Posted on 11/03/2009

In a crucial step leading up to the strengthening of UAE's mortgage sector, the Steering Committee yesterday said it had completed its review of Amlak and Tamweel and will submit a comprehensive report to the Government on the country's largest mortgage lenders. The Cabinet-appointed Steering Committee, comprising experts from various ministries and regulatory bodies, was set up to assess the performances of Amlak and Tamweel in the light of the changing economic climate. Headed by H.E. Sultan ...  >>MORE

Gulf SWFs openness scores increase

Posted on 11/03/2009

As many as four of the 11 sovereign wealth funds of the oil-rich Gulf improved their transparency scores on the Linaburg-Maduell Transparency Index developed by the US-based Sovereign Wealth Fund Institute. The index rates SWF transparency using 10 principles, including the provision of information related to ownership percentage, portfolio market value, returns, ethical standards, investment policies and objectives. Abu Dhabi-based Mubadala Development Company and Bahrain's Mumtalakat shared ...  >>MORE

EMAL signs raw materials contract

Posted on 11/03/2009

Emirates Aluminium (EMAL), scheduled to start production in April 2010, has signed two raw material supply contracts as part of its preparations for the operational phase of its Taweelah-based aluminium smelter complex. The five-year contracts will supply liquid pitch and aluminium fluoride to EMAL via deals with Koppers Asia LLC, and with the Italian Company Fluorsid SpA, respectively. First shipments of the raw materials are planned in the fourth quarter of 2009. The EMAL smelter will ...  >>MORE

UAE took third slot as world's largest supplier of propane

Posted on 09/03/2009

The UAE has emerged as the world's third largest supplier of propane on the heel of other OPEC members Saudi Arabia and Algeria, according to a Saudi economic report. 'Saudi Arabia took the lead as the global key producer controlling 20.2 per cent of the world propane exports in 2007, followed by Algeria with 10.5 per cent and the UAE at 8.7 per cent,' said a report by the Chamber of Commerce and Industry of Saudi Arabia's Eastern Region. Total global propane exports in 2007 stood at US$ 22.1 ...  >>MORE

Office developments across the region top US$15.693 billion

Posted on 06/03/2009

Despite the global economic downturn, office developments worth US$15.7 billion are now underway across the GCC. According to a leading Dubai-based market research company Proleads, there are currently 156 office developments underway across the region, with 74 due for completion in 2009 and 82 due for completion in 2010. The UAE is home to 103 new office developments, the largest number in the region, worth US$10.620 billion in total. Fifty of these developments are due for completion in ...  >>MORE

SCA Signs Agreement with FSA in UK

Posted on 05/03/2009

Emirates Securities and Commodities Authority (SCA) and the UK Financial Services Authority (FSA) have signed in London an agreement that aims at boosting cooperation and setting up a number of collaborative mechanisms to serve the securities sector in both friendly countries. H.E. Abdullah Al-Turifi, the CEO of SCA, signed the agreement on behalf of the UAE, while Mr. Hector Sants, the CEO of FSA, signed the same on behalf of the UK. The agreement itself provides a string of mechanisms to ...  >>MORE

UAE's IPIC enters Papua New Guinea

Posted on 05/03/2009

International Petroleum Investment Company (IPIC) and the Papua New Guinea Government (PNG Government), through its nominee, Independent Public Business Corporation (IPBC) yesterday announced that they have signed an agreement under which, subject to certain conditions, IPIC will acquire IPBC's 17.6% interest in ASX-listed Oil Search Limited (Oil Search). The acquisition, which was announced in a press release, is structured by way of a five-year exchangeable bond (Bond) for US$1.68bn. "This ...  >>MORE

Drake and Scull to go public

Posted on 05/03/2009

Drake and Scull, a Dubai-based construction firm, will list on the Dubai Financial Market on 16 March, making it the first UAE company to launch an IPO this year. It is also the first mechanical, engineering and plumbing (MEP) contractor in the UAE to publicly list. Drake and Scull started the IPO process in July last year when it offered 55 per cent of the company to the public. The IPO was 101 times oversubscribed. Around 45,600 subscribers applied for shares, which were priced at Dh1 ...  >>MORE

Mubadala raises AMD stake

Posted on 04/03/2009

Mubadala Development has finalised a deal with Advanced Micro Devices (AMD) to take control of its semiconductor manufacturing operations and raise the state-owned firm's stake in the company. Advanced Technology Investment Company (ATIC), a unit of Mubadala, is now a 66 per cent owner of The Foundry Company, which manufactures microchips for AMD. Mubadala also raised its stake substantially with an investment of US$125 million (Dh459.1m) in AMD, which has been hard hit by the drop in demand ...  >>MORE

ADX to list ETF in April, start trading derivatives this year

Posted on 04/03/2009

The Abu Dhabi Securities Exchange (ADX) would list its first exchange-traded fund (ETF) in April within a long-term strategy to diversify investments and turn itself into a global market, its Chief Executive Tom Healy said. But Healy said he believed the UAE bourses would not recover from one of their worst periods unless global markets begin to improve and banking liquidity returns to its pre-crisis levels. He also expected ADX to begin trading in derivatives before the end of this year. ...  >>MORE

Abu Dhabi’s Aabar buys EU49.8 million UniCredit convertible bond

Posted on 03/03/2009

Aabar Investments PJSC, the Abu Dhabi-based investment company that agreed to buy American International Group Inc.'s private banking unit, paid 49.8 million euros (US$62.6 million) to purchase UniCredit SpA's convertible bonds. The bonds exchangeable into ordinary shares of UniCredit and maturing in 2050 will pay a quarterly coupon equal to the 3- month Euro Interbank Offered Rate plus 4.5 percent per year, Aabar said today in a statement to the Abu Dhabi bourse Web site. The initial ...  >>MORE

Dubai entities can access Bond fund

Posted on 26/02/2009

Dubai will utilise proceeds from the $20 billion (Dh73.4bn) sovereign bond issue to help government-linked entities meet their financial commitments and is working out a mechanism for disbursement of the fund, according to a top government official yesterday. "We understand that some entities might face difficulties in refinancing because of the global credit crisis. The times are challenging throughout the world and now it is up to us. And by protecting our major players, we are automatically ...  >>MORE

UAE Armed Forces mandate Waha Capital for Dh11 bn financing facility

Posted on 25/02/2009

The UAE Armed Forces announced yesterday that they have mandated Waha Capital PJSC, the Abu Dhabi-based investments holding company which is listed on Abu Dhabi Securities Exchange (ADX), to arrange and manage a financing program to purchase military aircraft worth Dh 11 billion. The deal includes the procurement of advanced 12 C-130J Super Hercules from Lockheed Martin along with four C17 military transportation jets from Boeing. HE Hussein Al Nowais, Chairman of Waha Capital, stated that ...  >>MORE

ADX signs investor relations agreement with Thomson Reuters

Posted on 24/02/2009

Abu Dhabi Securities Exchange (ADX) and Thomson Reuters announced yesterday they have signed an agreement which will promote the benefits of investor relations principles to all ADX listed companies. Investor relations involves effective financial and corporate communications between a listed company, its shareholders and the financial community, and is considered best practice for listed companies around the world. Commenting on the agreement, Tom Healy, Chief Executive of ADX, explained the ...  >>MORE

TAQA announces 10% share buyback programme

Posted on 19/02/2009

The Abu Dhabi National Energy Company PJSC ("TAQA"), a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), yesterday announced that it had secured approval from the Securities and Commodities Authority (SCA) for a new share repurchase program authorizing up to 10% (or 622.5 million shares) of the share capital of the firm to be repurchased. The company plans to fund the repurchases made under this programme from its available funds. The buyback programme was approved by the ...  >>MORE

IPIC planning to increase equity stake in Aabar

Posted on 19/02/2009

Abu Dhabi-listed Aabar Investment said that state-owned International Petroleum Investment Company (IPIC) is converting Dh1.5 billion of bonds into shares, giving it a 36 per cent stake in Aabar. "IPIC will attain 500 million new ordinary shares in Aabar, representing approximately 36 per cent of the enlarged share capital of Aabar," Aabar revealed in a statement on the planned equity move. In September, IPIC said it planned to take a majority stake in Aabar through buying Dh6.684 billion ...  >>MORE

IPIC MD holds talks with Vietnamese PM on energy investment

Posted on 17/02/2009

HE Khadem Al Qubaisi, Managing Director of International Petroleum Investment Company (IPIC), met yesterday visiting Vietnamese Prime Minister Nguyen Tan Dung. Al Qubaisi said the meeting had explored ways of cooperation between the Abu Dhabi-based company and oil, gas, chemicals and energy companies in Vietnam. The Vietnamese premier welcomed IPIC's intention to study a number of investment opportunities in energy sector in his country which he termed as 'vital'. The Vietnamese premier ...  >>MORE

Vietnam, ADCC sign MoU

Posted on 17/02/2009

The Abu Dhabi Chamber of Commerce and Industry signed yesterday the Memorandum of Understanding (MoU) with its Vietnamese counterpart to boost the economic and investment ties. As per this (MoU), the two sides will promote the industrial relations, exchange regular information on the markets, training, exchange of visits, and holding of fairs. Engineer Salah Salem bin Omair Al Shamsi, Chairman of the UAE Chambers of Commerce and Industry Federation, welcomed the visit paid by the Vietnamese ...  >>MORE

President issues law establishing Abu Dhabi National Chemicals Company

Posted on 16/02/2009

President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as the Ruler of Abu Dhabi, has issued a law setting up the Abu Dhabi National Chemicals Company, as a joint venture in which the International Petroleum Investment Company (IPIC) and Abu Dhabi Investment Council (ADIC) will have shares of 40 percent each and Abu Dhabi National Oil Company (ADNOC) will hold the remaining 20 percent stake, it was disclosed yesterday. IPIC made the announcement during a Board meeting ...  >>MORE

UAE banks largest debtors in GCC

Posted on 16/02/2009

UAE banks have remained the largest debtor in the oil-rich Gulf over the past few years because of a surge in borrowing from abroad to meet a sharp growth in demand for domestic credit, according to a key Western finance centre. The leap in UAE banks' debt by nearly four times in around three years was also a result of a rush by foreign banks to invest their funds in UAE banks in anticipation of an appreciation in the dirham against the US dollar, according to the Washington-based ...  >>MORE

Air Arabia records annual net profit of Dh 510 million, up 35.6 per cent

Posted on 16/02/2009

Air Arabia (PJSC), the Middle East and North Africa's first and largest low-cost carrier (LCC), announced yesterday its financial results for the year 2008. The company achieved a net profit of Dh 510 million for the financial year ending December 31, 2008, compared to a net profit of Dh 376 million in 2007, an increase of 35.6 per cent. The carrier posted a turnover of Dh 2.066 billion in 2008, up 61 per cent compared to Dh 1.283 billion in 2007. Passenger average load factor - passengers ...  >>MORE

EIB net profit increases 68% to Dh401 million

Posted on 15/02/2009

Emirates Islamic Bank yesterday said its net profit, excluding depositors' share, increased 68 per cent to Dh401 million last year against Dh239m for 2007. Total income for 2008 grew to Dh1.5 billion from Dh961m in previous year, an increase of 56 per cent. As for depositors' share of profit, it reached an outstanding amount of Dh634m. The Bank's total assets increased by 56 per cent to Dh26bn compared to the end of December 2007. The customers' accounts grew by 60 per cent to Dh23.7bn, ...  >>MORE

TAQA profits for 2008 grew by 89% to reach Dh 2 billion

Posted on 12/02/2009

Abu Dhabi National Energy Company PJSC, a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), reported preliminary financial results for the period ended 31 December 2008. These are unaudited preliminary results, subject to changes that may be caused from the final determination of certain accounting estimates, a company press release said yesterday. The company's preliminary profits for the year grew by 89% to reach Dh 2.0 billion in 2008. Preliminary revenues grew by ...  >>MORE

Emirates Post reports 30% profit increase in 2008

Posted on 11/02/2009

Emirates Post group announced a 30 per cent increase in net profits for last year. According to preliminary results, in 2008 the group's net profit rose to Dh247 million. Emirates Post, the federal postal services provider, has said it will increase the number of post offices to 113 by the end of the year, and upgrade existing facilities to cope with increased demand. "The increased revenues are indications that the postal business is buoyant, as witnessed in the rising volumes of postal ...  >>MORE

ZonesCorp Signs MoU with Abu Dhabi Chamber of Commerce

Posted on 10/02/2009

The Higher Corporation for Specialized Economic Zones (ZonesCorp) yesterday signed a Memorandum of Understanding (MoU) with the Abu Dhabi Chamber of Commerce and Industry (ADCCI). The MoU was signed at ZonesCorp by H.E. Eng. Jaber Hareb Al Khaili, CEO of ZonesCorp, and H.E. Eng. Mohamed Rashed Al Hameli, Director General of ADCCI. The MoU underlines the joint commitment of both parties to the development of an ideal industrial environment in Abu Dhabi and their cooperative effort in ...  >>MORE

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Quick List

ADNOC renews gas venture


Deals worth Dh 500 mn inked at DUPHAT


Dubai ranked most competitive in Middle East


Tamweel and Amlak to restart lending


InterContinental Abu Dhabi & InterContinental Al Ain achieve good trading results in Q1


GEM takes delivery of Korean shipbuilder's first Panamax


MGM's US$200m 'sign of good faith'


DP World reports 48 per cent jump in profit


Daimler wins contract for Dubai buses


Dubai World unit sues MGM Mirage


UAE plays increasingly significant role in world trade: Lubna


ADCO awards US$805 gas compressors contract to South Korea's SK Engineering


Damac to sign Dh2b deals for 10-tower development


Mubadala and Occidental sign oil recovery deal with Bahrain


Drake '&' Scull lists on DFM


ADX Signs MoU with Libyan Stock Market


Steering Committee to submit final report on Amlak, Tamweel


Gulf SWFs openness scores increase


EMAL signs raw materials contract


UAE took third slot as world's largest supplier of propane


Office developments across the region top US$15.693 billion


SCA Signs Agreement with FSA in UK


UAE's IPIC enters Papua New Guinea


Drake and Scull to go public


Mubadala raises AMD stake


ADX to list ETF in April, start trading derivatives this year


Abu Dhabi’s Aabar buys EU49.8 million UniCredit convertible bond


Dubai entities can access Bond fund


UAE Armed Forces mandate Waha Capital for Dh11 bn financing facility


ADX signs investor relations agreement with Thomson Reuters


TAQA announces 10% share buyback programme


IPIC planning to increase equity stake in Aabar


IPIC MD holds talks with Vietnamese PM on energy investment


Vietnam, ADCC sign MoU


President issues law establishing Abu Dhabi National Chemicals Company


UAE banks largest debtors in GCC


Air Arabia records annual net profit of Dh 510 million, up 35.6 per cent


EIB net profit increases 68% to Dh401 million


TAQA profits for 2008 grew by 89% to reach Dh 2 billion


Emirates Post reports 30% profit increase in 2008


ZonesCorp Signs MoU with Abu Dhabi Chamber of Commerce