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THE ECONOMY - BUSINESS

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

Dubai gold trade up 53% to US$29bn

Posted on 10/02/2009

Gold trade through Dubai rose 53 per cent to US$29 billion (Dh106bn) in 2008 against US$19bn in the previous year with India and Switzerland topping the list of the emirate's export partners. Gold exports from Dubai reached 371 tonnes in 2008, an increase of 29 per cent compared to 287 tonnes in the previous year, according to statistics released by Dubai Multi Commodities Centre (DMCC). For the 12 months ending December 31, 2008, about 674 tonnes of gold was imported into Dubai, up 21 per ...  >>MORE

UAE faces no systemic risks: IMF

Posted on 09/02/2009

The International Monetary Fund (IMF) on Sunday ruled out any systemic risk to the UAE, but said the country needed to use its policy responses to the current financial turmoil more forcefully before the end of the year. "UAE's policy responses, including fiscal, monetary and financial measures are well on track to address the situation,” said Masood Ahmed, Director of the IMF's Middle East and Central Asia Department. "However, more action need to be taken as the country passes through an ...  >>MORE

Du reports first annual profit

Posted on 09/02/2009

Dubai-based telecom firm du earned Dh78 million in the fourth quarter, at the upper end of expectations, pushing the group to its first full year profit since launching mobile services in February 2007. Du posted a 2008 full year net profit of Dh4.124 million in 2008, compared with a loss of Dh885.27 million in 2007. Quarterly revenue rose to Dh1.23 billion, nearly double compared to the same period last year, the company said in a statement on Monday. The telecom firm also said it had ...  >>MORE

Report: UAE healthcare market to reach Dh43.7 billion in 2015

Posted on 08/02/2009

The value of the healthcare market in the UAE alone is expected to rise to US$11.9 billion in 2015, from US$3.2 billion in 2005, according to a recent report. "At present, almost US$14 billion worth of healthcare-related projects are underway across the Gulf region, with Saudi Arabia alone spending more than US$6.6 billion on a total of 83 projects, and the UAE and Qatar spending a respective US$2.9 billion and US$2.8 billion", said the report which was released by UAE-headquartered Crescent ...  >>MORE

Government of Abu Dhabi announces plans to inject Tier I capital into Abu Dhabi Financial Institutions

Posted on 05/02/2009

Following a comprehensive review of the growth strategy of the Abu Dhabi banking sector, and in view of the economic ambitions of the Emirate of Abu Dhabi, the Government of Abu Dhabi, at its initiative, has decided to implement an action plan under which it will inject additional capital into the following Abu Dhabi financial institutions: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi and Union National Bank. Given current global economic ...  >>MORE

Dubai sales reach Dh451bn

Posted on 05/02/2009

The total number of sale transactions in Dubai touched 145,770, worth Dh451 billion, from 1963 till 2008, according to Dubai Land Department statistics. The real estate boom in Dubai began with the decision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to grant property ownership rights to foreigners in 2002, which took the total value of sales after 2002 to Dh168bn compared to Dh212bn for the whole period since 1963. ...  >>MORE

429 business licences issued in two weeks

Posted on 04/02/2009

More than 429 business licences were issued in Dubai in the first two weeks of 2009, the state news agency WAM reported. The Dubai Department of Economic Development said the figures showed the emirate's economy remained sound despite the global economic downturn. It also reported modest growth in the number of licences issued in the fourth quarter of last year. There were 3,503 licences issued from October to December last year, an increase of 3.3 per cent over the comparable period in ...  >>MORE

Monthly household income is Dh18,248.60

Posted on 03/02/2009

The UAE Ministry of Economy has announced the results of the household expenditure and income survey undertaken in association with the Dubai Statistics Centre, Department of Planning and Economy in Abu Dhabi, Sharjah Information Systems Department and other local and Federal Government entities. According to the survey, the average monthly household income of UAE residents is Dh18,248.60 and expenditure is DhD11,241.20. The percentage of expenditure on housing and utility is 39.4 per cent of ...  >>MORE

Aldar profit soars 78% on land sales

Posted on 29/01/2009

Aldar Properties PJSC, the developer of Warner Bros-branded theme parks in Abu Dhabi, said full-year profit soared 78 per cent on sales of land and residential units. Net income rose to Dh3.45 billion from Dh1.94 billion in the year-earlier period, according to an e-mailed statement yesterday. Aldar's share prices jumped as much as 10 per cent ahead of the result announcement. "Investors' eyes are fixed on Aldar right now," said Motaz Herzallah, senior broker at Emirates Securities LLC in ...  >>MORE

DP World increases throughput by 15 per cent to 27.7m TEU

Posted on 27/01/2009

Global marine terminal operator DP World yesterday announced it handled more than 27.7 million TEU (twenty-foot equivalent container units) across its consolidated terminals - an increase of 15% on last year. Excluding the contribution from new terminals which joined the portfolio during 2008, volume growth was 6%. Across total portfolio of 46 operational terminals during 2008 we handled 46.8m TEU, an increase of 8% over 2007. Whilst volume growth was very strong in the first half, the ...  >>MORE

ADCO awards EPC contracts for development of three fields

Posted on 26/01/2009

The Abu Dhabi Company for Onshore Oil operations (ADCO) has proceeded with its approved plans and has awarded two Engineering, Procurement and Construction (EPC) contracts for the development of its Sahil, Asab and Shah Fields. The Asab Field Development Project has been awarded to Petrofac International Ltd. at a lump sum price of US$2.3 billion while the Sahil and Shah Fields Development Project has been awarded to a consortium of Tecnicas Reunidas and CCC at a lump sum price of US$1.2 ...  >>MORE

Deyaar 2008 profit doubles to Dh1.1bn

Posted on 26/01/2009

Deyaar Development, a Dubai-based developer, said yesterday its full-year net profit for 2008 more than doubled to Dh1.1 billion from Dh540 million in 2007 despite a slowdown in the global property market. Revenues jumped 136 per cent to Dh2.973bn compared to Dh1.259bn in the previous year. Net profit for the fourth quarter rose 59 per cent to Dh343m from Dh216m, while revenues rose 10 per cent to Dh676m from Dh617m during the same period in 2007. Deyaar shares closed high on the Dubai ...  >>MORE

ADCB to continue lending for infrastructure projects

Posted on 25/01/2009

Abu Dhabi Commercial Bank (ADCB), one of the UAE's largest banks, will continue lending for infrastructure projects in Abu Dhabi despite the global economic slowdown, ADCB's CEO said. "We haven't stopped lending. We will continue to support infrastructure and priority projects of the government of Abu Dhabi," Eirvin Knox told Gulf News in an interview. Asked about the impact of the global liquidity crunch on ADCB, Knox said: "The liquidity crisis globally does have an impact here. But there's ...  >>MORE

NBC Declares 7.07pc Annual Profit

Posted on 25/01/2009

National Bonds Corporation, a Shariah-compliant national savings scheme, announced on Saturday 7.07 per cent annual profit rate, the highest in the UAE on saving schemes, for its bond holders for a second consecutive year in 2008. In spite of a gloomy global economic outlook, National Bonds has succeeded in achieving the highest returns for 2008 compared to the annual profit rate of 6.03 per cent achieved at the end of its first financial year in 2007, said a statement of the corporation. ...  >>MORE

UAE tops global fiscal freedom

Posted on 14/01/2009

The UAE continues to make headway up the charts when it comes to nation-wise economic surveys. In a latest survey measuring economic freedom, the country scored the maximum points for fiscal freedom (99.9) and gained 2.2 points overall from last year to climb to the 54th position. The Annual Index of Economic Freedom, published by the Heritage Foundation and Wall Street Journal, ranked 179 countries across 10 areas of economic freedom – business freedom, trade freedom, fiscal freedom, ...  >>MORE

DFSA amends policy on licence notification

Posted on 14/01/2009

The Dubai Financial Services Authority ("DFSA") today announced that it will no longer issue public announcements regarding licenses granted to, or withdrawn from, Authorised Firms, Ancillary Service Providers and Registered Auditors, operating in the Dubai International Financial Centre ("DIFC"). DFSA's Chief Executive, Paul Koster, said: "The DFSA has amended this policy so as to bring the DFSA more closely in line with the usual means employed by international regulators to provide that ...  >>MORE

Adib to provide Dh1.4bn to Al Habtoor for Zayed University project

Posted on 14/01/2009

The Abu Dhabi Islamic Bank (Adib) yesterday said it will provide a finance facility of Dh1.45 billion to Al Habtoor Engineering Enterprises in what analysts believe signals a revival of credit in the region. The financing is for a joint venture between Al Habtoor Engineering and Murray and Roberts Contractors to support the development and expansion of the Zayed University campus in Abu Dhabi. "At Abu Dhabi Islamic Bank, similar transactions will follow this year," Ibrahim Abdullah Al Sane, ...  >>MORE

ADX to List First ETF in March; Offer Derivatives by Year-end

Posted on 14/01/2009

Abu Dhabi Securities Exchange (ADX) will list its first Exchange Traded Funds (ETFs) in March, and will offer derivatives contracts by year-end, said its chief executiveTom Healy. In an interview with Khaleej Times, Tom Healy said Abu Dhabi Securities Exchange would be the first bourse in the Middle East to offer an asset-backed product that would expand choices and opportunities to investors. He said the ADX has received a tremendous response to its ambitious ETFs programme. Strong interest ...  >>MORE

2009 Budget reaffirms Dubai's commitment to sectors facing challenges amid global constraints

Posted on 11/01/2009

Reaffirming the fiscal soundness of the nation's economy and the emirate of Dubai, H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai yesterday issued, in his capacity as Ruler of Dubai, Decree number (1) for 2009, for announcing the annual budget for the emirate of Dubai. The budget has been formulated in line with the commitment of the government of Dubai to pursue a progressive fiscal programme aimed at supporting all sectors of the ...  >>MORE

ADNIF arranges Dh334m facility for SinoGulf Commercial Tower

Posted on 11/01/2009

Abu Dhabi National Islamic Finance (ADNIF), the Islamic banking division of National Bank of Abu Dhabi (NBAD), recently arranged Dh 334m facility for SinoGulf Investments' commercial tower project in Capital Centre. SinoGulf Investments' commercial tower project in Capital Centre, C.18 is the largest plot within the Capital Centre development designated for commercial and retail use. The project commenced in Q1 2008 and shall be completed in Q4 2010. Moawia El Amin, Head of Corporate and ...  >>MORE

Dubai Leads in Islamic Finance with New Shariah Hedge Fund Index

Posted on 08/01/2009

The Dubai Multi Commodities Centre Authority (DMCCA) and Shariah Capital, Inc. (SCAP.L) yesterday announced the Dubai Shariah Hedge Fund Index, the first internationally-recognised index comprised exclusively of Shariah compliant hedge funds. The Dubai Shariah Hedge Fund Index will be calculated and reported by Thomson Reuters (NYSE:TRI), the global news and financial information organisation. The Index reflects the performance of the DSAM Kauthar Commodity Fund, Ltd. ("DKCF"). DKCF is an ...  >>MORE

2008 milestone year for Dubai Duty Free as it crosses US$1b sales mark

Posted on 06/01/2009

Award winning Dubai Duty Free (DDF) has set a new retailing benchmark, when it announced a record annual sales of Dh 3.950 million (US$1.1 billion), representing 23 per cent increase over 2007. In addition to remarkable sales, 2008 provided DDF with major milestones in terms of growth and expansion. In the summer, the operation opened its purpose-built Head Office and Distribution Centre in Ramoul, which provides 6,000 square metres of office space and 27,000 square metres of warehousing. ...  >>MORE

First Gulf Bank inks US$323m finance deal with Mubadala

Posted on 05/01/2009

First Gulf bank (FGB) has signed along with five other leading regional and international banks a US$323m syndicated loan with Mubadala Development Company (Mubadala). The twenty year loan will be used to finance the new campus of Paris Sorbonne University Abu Dhabi. FGB will act as the mandated lead arranger providing 25% of the total project value, as well as the Onshore Security Agent and the Onshore Accounts Bank. 'His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the UAE President and ...  >>MORE

IPO possible, but not soon: Nakheel

Posted on 05/01/2009

UAE's leading property developer, Nakheel said on Sunday that a reported US$15 billion public issue was one of the options to raise capital, but may not be imminent. The state owned developer of Dubai's Palm Islands was responding to a report in London's Sunday Telegraph, which stated that the company was considering a dual listing on Nasdaq Dubai and in London. "Nakheel is constantly looking at capital raising opportunities and an Initial Public Offering (IPO) is one such option, but this ...  >>MORE

Moody's UAE ratings top despite weak oil

Posted on 31/12/2008

International credit ratings agency Moody's yesterday assigned its top sovereign rating for the UAE despite the recent steep decline in international oil prices. The rating agency has retained long-term foreign and local currency issuer ratings of the UAE federal government at Aa2 with a stable outlook in its latest annual credit report. "Our determination of government bond ratings reflects four primary rating factors: economic strength, institutional strength, government financial ...  >>MORE

KFSME provided Dh246m fund to 154 projects in 08

Posted on 30/12/2008

The Khalifa Fund to Support and Develop Small '&' Medium Enterprises (KFSME) has granted a total of Dh 246 million in funds for 154 projects during the year 2008. A report released by the Fund yesterday said that the year 2008 saw a gesture by General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, who issued directives to raise the Fund's capital from Dh 300 million to Dh 1 billion. After its inception in June 2007, the KFSME ...  >>MORE

ADMA OPCO awards US$21m contract to Metito

Posted on 30/12/2008

Abu Dhabi Marine Operating Company (ADMA OPCO) yesterday said it has awarded an engineering, procurement and construction (EPC) contract on Das Island worth US$21 million to Metito. Das Island is the centre of the UAE's offshore oil industry, lying in the heart of the Arabian Gulf, approximately 140 km north-west of Abu Dhabi. The island serves as the export terminal for ADMA OPCO's oil from their offshore fields and for liquefied natural gas produced by the Abu Dhabi Gas Liquefaction Company ...  >>MORE

UAE's facilities management sector value expected to cross US$ 10 billion by 2012

Posted on 25/12/2008

Sungwon OBO, a member of Makateb Holding, the first Office Building Operator Company in the world, has announced that it continues to generate strong business leads as the facilities management (FM) industry in the UAE remains upbeat with a projected value exceeding US$10 billion by 2012 despite the current global financial crisis. Leveraging the healthy growth prospects, Sungwon OBO announced that it aims to achieve a growth of between 15% to 20% within the next 3 years, pointing out that ...  >>MORE

Tariq Al Qasimi discusses business cooperation with Texas Governor

Posted on 25/12/2008

On a visit to Texas, Sheikh Tariq Bin Faisal Al Qasimi, Chairman of Emirates Investments Group (EIG), has received a certificate of appreciation from Andy Wambsganss, Mayor of Southlake, Texas, in recognition of his outstanding business contribution on the international level. A meeting was also held between Texas Governor Rick Perry and Sheikh Tariq Bin Faisal Al Qasimi, during which they discussed existing investment opportunities in the state and the potential for bilateral cooperation. ...  >>MORE

Mubadala, ADEC completes PPP project

Posted on 24/12/2008

Mubadala Development Company and the Abu Dhabi Education Council (ADEC) announced that they have completed the non-recourse financing of the Paris-Sorbonne University Abu Dhabi public-private partnership (PPP) project. A syndicate of international and regional banks is providing US$323 million debt package with 20-year tenure to this PPP project. The transaction successfully closed oversubscribed through mandated lead arrangers First Gulf Bank, Bank of Tokyo-Mitsubishi, BNP Paribas, Calyon, ...  >>MORE

Aldar’s war chest to see it through

Posted on 24/12/2008

With access to a Dh30bn (US$8.1bn) war chest, Abu Dhabi's Aldar Properties said it is committed to delivering key projects over the next few years, even as it reviews future developments with an eye toward market conditions. Construction is progressing on projects including Yas Island, where the Formula 1 racetrack is expected to be ready in time for the Abu Dhabi Grand Prix next November. Several commercial towers will completed over the next two to four years, including at least three on ...  >>MORE

Ducab customers to benefit from lower prices in 2009

Posted on 24/12/2008

Customers who place new orders for their projects will benefit from lowered prices in 2009, said a senior official at Ducab. "Though copper prices have gone down, we have to manage prices on the way down as we did when they went up. But these prices will translate into cheaper cable prices. So for people who are still building, they will get new prices when they place new orders," said Andrew Shaw, Managing Director at Ducab. A private limited cable manufacturing company, Ducab is jointly ...  >>MORE

UAE economy remains sound: VP

Posted on 16/12/2008

The UAE economy has been and is still sound and the government and other competent authorities are handling the fall out of the global financial crisis with patience and wisdom, Vice President and Prime Minister of the UAE and Ruler of Dubai H. H. Sheikh Mohammed bin Rashid Al Maktoum affirmed yesterday. Sheikh Mohammed considered during talks with visiting Chairman of the US Senate Finance Committee Senator Max Baucus the world financial order as 'integral' and 'one spirit in one body'. He ...  >>MORE

UAE has no liquidity problems, says Al Suweidi

Posted on 16/12/2008

The UAE has no liquidity problems, said Sultan bin Nasser Al Suweidi, Governor of the UAE Central Bank. The UAE Central Bank chief attributed the current global credit crisis to high inter-banks lending rates. Al Suweidi predicted a slight decline in UAE's economic growth as compared to high growth rates in the previous years. "The impact of the current global financial crisis will be felt severely next year across the globe", Al Suweidi told reporters here today. Al Suweidi said that the ...  >>MORE

Dubai gets US$8b finance from Citi

Posted on 15/12/2008

Citigroup Incorporated has arranged more than US$8 billion (Dh29.3 billion) finance for various Dubai government entities in recent months, the global banking group said. "This is in line with our commitment to the UAE market in general, and reflects our positive outlook on Dubai in particular," said Citi's chairman, Sir Win Bischoff in a statement. Officials familiar with Citi's recent deals with Dubai entities said the amount is an aggregate of about half a dozen deals Citi did with ...  >>MORE

UAE is Japan's second largest crude supplier

Posted on 01/12/2008

Japan's imports of UAE crude oil reached 26.6 million barrels during last October, representing 22.4 percent of the country's total imports of crude oil. According to a statistical report released by Japanese Ministry of Economy, Trade '&' industry, Saudi Arabia emerged as Japan's largest crude supplier during October with 38 million barrels, followed by the UAE, Iran, Qatar and Kuwait respectively. The report said that Japan's crude imports dropped during that month to 118.9 million barrels, ...  >>MORE

Chinese investors channel over US$ 36 million into Dubai real estate market in first three quarters of 2008

Posted on 01/12/2008

Chinese investors have channelled over US$ 36 million (Dh 132 million) into the real estate sector in Dubai in the first three quarters of 2008, according to REIDIN.com. With the aim of highlighting the emergence of Chinese and other Asian investors, REIDIN.com has recently hosted a high-profile 'Investment Seminar' as a part of its participation at MIPIM Asia, the world's premier real estate summit. Charlie Nixon, Regional Manager Asia, REIDIN.com delivered a keynote presentation focusing on ...  >>MORE

Nakheel scaling back some projects; cuts 15% staff

Posted on 01/12/2008

Dubai's master developer, Nakheel, announced yesterday that it was scaling back work on some of its projects and that it has adjusted it staffing requirements accordingly to accommodate the current easing market conditions. Approximately 15 per cent of the total workforce, which amounts to 500 employees, was made redundant, said a Nakheel spokesperson, who described the decision as a responsible action in light of the current global market conditions. "We have the responsibility to adjust ...  >>MORE

Abu Dhabi Finance focuses on home loan market in capital

Posted on 27/11/2008

Abu Dhabi Finance, the newly-formed mortgage company with a capital of Dh 500 million, will be offering home loans for properties in Dubai and other emirates, but in the long-term, a top company executive said. "Our initial focus will be on Abu Dhabi as we believe there is more than enough demand for mortgage finance to allow us to meet our short-term targets. Over the long-term, we would expect to offer loans on Dubai properties and the UAE," Ali Eid Al Mehairi, Chairman, Abu Dhabi Finance, ...  >>MORE

Dubai clears Dh2.4bn debt

Posted on 27/11/2008

Dubai Holding Commercial Operations Group yesterday said it has repaid Dh2.4 billion of maturing bonds and loans this month, in a move economists say will reassure investors about Dubai's ability to meet its debt commitments. DHCOG, the holding company of Dubai Holding's real estate, tourism, infrastructure and telecommunications subsidiaries, said it settled a Dh1bn Eurobond after also repaying Dh1.4bn in bank loans earlier this month. The money was originally raised in January 2007 and the ...  >>MORE

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Quick List

ZonesCorp Signs MoU with Abu Dhabi Chamber of Commerce


Dubai gold trade up 53% to US$29bn


UAE faces no systemic risks: IMF


Du reports first annual profit


Report: UAE healthcare market to reach Dh43.7 billion in 2015


Government of Abu Dhabi announces plans to inject Tier I capital into Abu Dhabi Financial Institutions


Dubai sales reach Dh451bn


429 business licences issued in two weeks


Monthly household income is Dh18,248.60


Aldar profit soars 78% on land sales


DP World increases throughput by 15 per cent to 27.7m TEU


ADCO awards EPC contracts for development of three fields


Deyaar 2008 profit doubles to Dh1.1bn


ADCB to continue lending for infrastructure projects


NBC Declares 7.07pc Annual Profit


UAE tops global fiscal freedom


DFSA amends policy on licence notification


Adib to provide Dh1.4bn to Al Habtoor for Zayed University project


ADX to List First ETF in March; Offer Derivatives by Year-end


2009 Budget reaffirms Dubai's commitment to sectors facing challenges amid global constraints


ADNIF arranges Dh334m facility for SinoGulf Commercial Tower


Dubai Leads in Islamic Finance with New Shariah Hedge Fund Index


2008 milestone year for Dubai Duty Free as it crosses US$1b sales mark


First Gulf Bank inks US$323m finance deal with Mubadala


IPO possible, but not soon: Nakheel


Moody's UAE ratings top despite weak oil


KFSME provided Dh246m fund to 154 projects in 08


ADMA OPCO awards US$21m contract to Metito


UAE's facilities management sector value expected to cross US$ 10 billion by 2012


Tariq Al Qasimi discusses business cooperation with Texas Governor


Mubadala, ADEC completes PPP project


Aldar’s war chest to see it through


Ducab customers to benefit from lower prices in 2009


UAE economy remains sound: VP


UAE has no liquidity problems, says Al Suweidi


Dubai gets US$8b finance from Citi


UAE is Japan's second largest crude supplier


Chinese investors channel over US$ 36 million into Dubai real estate market in first three quarters of 2008


Nakheel scaling back some projects; cuts 15% staff


Abu Dhabi Finance focuses on home loan market in capital


Dubai clears Dh2.4bn debt