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THE ECONOMY - BUSINESS

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 & ...  >>MORE

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 ...  >>MORE

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' ...  >>MORE

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 ...  >>MORE

Abu Dhabi wealth fund eyes U.S. bargains

Posted on 23/09/2008

Abu Dhabi Investment Company (ADIC) is considering acquiring U.S. assets that are looking attractive due to financial turmoil and the surging dollar, the state-owned group's chief executive told Reuters. But ADIC, flush with cash from oil revenues, will be cautious about investing in Europe where regulators are not as active as in the United States in containing the crisis, he said. "We think U.S. assets are getting very very attractive vis-a-vis other G7 assets," Nazem Al Kudsi said in a ...  >>MORE

Abu Dhabi's IPIC eyes Mediterranean investments

Posted on 23/09/2008

Abu Dhabi government-owned International Petroleum Investment Co (IPIC) discussed in a meeting late on Sunday potential investment opportunities in North Africa and the Mediterranean region. IPIC, which told Reuters earlier this month that it was aiming to double its investment portfolio to US$40 billion in the next five years, did not give details of planned acquisitions. "The board looked at the first half results of the company and the implementation of its projects as well as the ...  >>MORE

TAQA to invest US$2-2.5b into North Sea E&P Business

Posted on 23/09/2008

Abu Dhabi National Energy Company (TAQA) plans to invest US$2-2.5 billion over next 4-5 years to increase its production and buy oil and gas reserves in the north sea. "At present, we have oil and gas assets worth US$5 billion in the north sea, which we intend to expand to US$20 billion by 2016”, said Peter Barker-Homek, chief executive officer of TAQA while talking to reporters on Monday. He said that TAQA's investment aims at increasing the offshore oil output by 50 per cent to 82000 by ...  >>MORE

Dubai World pulls out of Russian OGK-1 deal-source

Posted on 23/09/2008

The Dubai government's sovereign wealth fund, Dubai World, has pulled out of a US$5.3 billion deal to buy control of Russian power firm OGK-1 due to poor market conditions, a source close to the deal said on Monday. "The investor (Dubai World) is not ready to put in money under the market conditions we're seeing now," the source said. Dubai World spokeswoman Sana Maadad said the company, which guaranteed US$100 million in July towards the acquisition of the electricity generator, could not ...  >>MORE

Dubai Group to acquire up to 18 per cent
stake in Citigold Corporation

Posted on 23/09/2008

Dubai Group announced on Monday that it intends to acquire up to 18 per cent stake in Citigold Corporation Limited (Citigold). The placement will make Dubai Group a strategic investor on Citigold's share register. The investment, which was made through its subsidiary Dubai Ventures Group, marks Dubai Group's entry into the Australian market. Citigold, listed on the Australian Stock Exchange (ASX) and the Dubai International Financial Exchange (DIFX), is a gold mining company with an ...  >>MORE

Jumeirah to manage Virgin Islands resort

Posted on 23/09/2008

Luxury international hospitality management group, Jumeirah, has been appointed to manage a luxury multi-use resort in the Virgin Islands in the United States, occupying the entire western tip of St Thomas, the group said yesterday. The Jumeirah Botany Bay Resort, formerly known as The Preserve at Botany Bay, is scheduled to open in 2011. The 400-acre resort will include 30 fractional residences, 30 whole ownership villas and up to 20 grand estates, and will be located 15 minutes away from the ...  >>MORE

Steel prices drop 15% after first-half surge

Posted on 22/09/2008

Steel prices in Abu Dhabi dropped by up to 15 per cent in August after jumping by at least 90 per cent in the first half of this year because of an upsurge in the construction sector, an official report said yesterday. Cement prices increased slightly last month but there was a decline or relative stability in the prices of wood and other building materials, said the report by the Abu Dhabi Department of Planning and Economy (DPE). From Dh6,150 per tonne in July, the price of Turkish steel ...  >>MORE

ADFD and Al-Hilal Islamic Bank sign MoU

Posted on 22/09/2008

Abu Dhabi Fund for Development (ADFD) and Al-Hilal Bank have signed a memorandum of understanding to enhance mutual cooperation through a strategic partnership to provide mutual support, achieve cooperation in projects to which the Fund is a party and exchange technical expertise. The move comes in line with the directives of HH Sheikh Mansour bin Zayed Al Nahyan, Chairman of Abu Dhabi Fund for Development and in support to the welfare policy of Abu Dhabi government that aims at providing ...  >>MORE

UAE banks' capital rises by Dh35bn in first half

Posted on 21/09/2008

An ongoing drive by UAE banks to strengthen their financial position to face a surge in domestic demand boosted their combined shareholders equity by around Dh35billion in the first half of 2008, official figures showed yesterday. The increase was the biggest half-yearly growth in the capital and reserves of the country's 24 national banks and 28 foreign units allowed the UAE to maintain its position as having the largest banking sector in the Arab World. Central Bank figures showed the ...  >>MORE

UAE's aluminium smelters target Europe

Posted on 21/09/2008

Dubai Aluminium Company Limited (Dubal) and Emirates Aluminium (Emal) will present a united front to the global aluminium industry at the 7th World Trade Fair and Conference which takes place in Messe Essen, Germany, from Sept.23 to 25. The combined exhibit will showcase the world-class stature and standards upheld by the two operations in the United Arab Emirates, while providing the opportunity to demonstrate the capacity of the companies' total production volumes to meet the growing demand ...  >>MORE

Dubai Group plans new fund for US and European markets

Posted on 21/09/2008

Dubai is moving quickly to seize opportunities created by the turmoil in the US real estate and banking sectors. Financial services giant Dubai Group, part of Dubai Holding, is planning to launch a fund of funds in the first half of 2009 to invest in the US and European markets, said Chief Executive Tom Volpe. "We're gearing ourselves up to expand our business in the US," he said. "The fund will invest in real estate and equity and will have a private equity component." Dubai Group, whose ...  >>MORE

GGICO unit joins German Group

Posted on 21/09/2008

Gulf General Investment Co. (GGICO) has announced the merger of their brokerage arm, M/s. Stock Securities with German Group, Baader Bank. The new merged company will be known as Gulf Baader Capital Market. Stock Securities, a share brokerage house based in Dubai established in 2004, has wide experience in brokerage, trading in the Dubai Financial Market and the Abu Dhabi Securities Market. "Stock Securities, plans major expansion through this merger and will be widening its range of ...  >>MORE

Mohammed bin Rashid meets with heads of international firms, business tycoons

Posted on 18/09/2008

Vice President and Prime Minister of UAE and Ruler of Dubai, H.H. Sheikh Mohammed bin Rashid Al Maktoum, met last night at the Za'abeel palace with heads of international firms in the UAE and business tycoons, who came to offer him Ramadan greetings and to thank him for granting them audience and direct interaction with him on issues related to business and economy. During the meeting which was held in the presence of Dubai Deputy Ruler, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, ...  >>MORE

DIB-led group buys 52% in IDB

Posted on 18/09/2008

A consortium led by Dubai Islamic Bank (DIB) has completed the acquisition of 52 per cent stake in Jordan-based Industrial Development Bank (IDB) – which has been rebranded as Jordan Dubai Islamic Bank (JDIB). The alliance consists of Dubai International Capital (DIC), DIB, and Jordan Dubai Financial (JDF), the investment arm of JD Capital and the largest contributor to the investment in this venture, which is considered to be its third and biggest investment to date. Samir Z Al Rifa'i, CEO ...  >>MORE

Mubadala gets positive ratings from three agencies

Posted on 17/09/2008

Mubadala Development Company yesterday got good ratings from Standard & Poor's, Fitch and Moody's. S&P's Rating Services has assigned its AA long-term and A-1+ short-term corporate credit ratings to the company with a stable outlook. Moody's Investors Service issued ratings of Aa2 with a stable outlook. This is the first time that Fitch Ratings has assigned Mubadala issuer default and senior unsecured ratings of AA with a stable outlook and a short-term rating of F1+. "The ratings on ...  >>MORE

Taqa to finalize energy stake deal with Sumitomo soon

Posted on 17/09/2008

The Abu Dhabi National Energy Company (Taqa) has said it would soon finalize a deal with Japan's Sumitomo Corporation to sell its stake in a power company in the UAE and reported another minor deal with a Dutch firm. The government-controlled Taqa, one of the largest energy investment firms in the Middle East, said it had not unveiled details of its recent deal with Sumitomo in line with an agreement between the two sides. "Please be informed that Taqa has signed an agreement with Sumitomo ...  >>MORE

DFSA and DME stop Lehman's activities

Posted on 17/09/2008

The Dubai Financial Services Authority (DFSA) yesterday said it had precluded Lehman Brother's branch in DIFC from conducting business while the Dubai Mercantile Exchange (DME) said it had suspended the membership of Lehman Brothers' Dubai unit. "Lehman's was placed under administration in the United Kingdom. The effect of that action was to place control of Lehman's and all its operations, including its DIFC branch operation, under control of the administrators, PriceWaterhouseCoopers. Until ...  >>MORE

DFM and Deutsche Bank sign custody agreement

Posted on 17/09/2008

Dubai Financial Market (DFM) and Deutsche Bank have announced that they have signed a Depository Participant Agreement (DPA). The agreement will enable Deutsche Bank to provide custody of DFM-listed securities to institutional and international clients, thus helping to broaden the Market's investor base. With the signing of this agreement, Deutsche Bank is now able to offer custody services across the UAE's on-shore and off-shore exchanges. By acting as a depository participant Deutsche Bank ...  >>MORE

Sama Dubai gets green signal for Dh91b Tunisia project

Posted on 15/09/2008

Sama Dubai has received approvals to develop a Dh91 billion (US$25 billion) mixed-use project - Mediterranean Gate - in Tunisia, in partnership with the Tunisian Government, a top official said. Farhan Faraidooni, Executive Chairman of Sama Dubai, said in an exclusive interview that the move reflects a strong partnership with the Tunisian Government. – Gulf News ...  >>MORE

DIC buys 45% stake in KEF

Posted on 11/09/2008

Dubai International Capital (DIC), the international investment arm of Dubai Holding, yesterday announced the acquisition of a 45 per cent stake in UAE-based KEF Holding by its emerging markets division. "Today's acquisition of KEF Holding reinforces DIC's commitment to investing in outstanding Middle East businesses that combine strong growth potential with an experienced management team," Sameer Al Ansari, Executive Chairman and CEO of DIC, said in a statement. KEF is an international ...  >>MORE

ADX ropes in Deutsche Bank as custodian

Posted on 10/09/2008

The Abu Dhabi Securities Exchange (ADX) and Deutsche Bank have signed a custody agreement under which Deutsche Bank will provide custody of ADX-listed shares to institutional investor clients. This agreement is expected to encourage and facilitate international investment in Abu Dhabi, which will lead to a broadening of the exchange's international investor base, ADX said in a statement. Abu Dhabi is a rapidly growing economy and ADX is responding to investor demands to diversify the ...  >>MORE

Family-owned businesses urged to open DIFC offices

Posted on 03/09/2008

The Dubai International Financial Centre (DIFC) yesterday announced new regulations to encourage family businesses to establish Single Family Offices (SFOs) at DIFC. Created in consultation with the DFSA, the DIFC Single Family Office (SFO) regulations specifically address the needs of family-run institutions and create a platform for wealthy families to set up holding companies at DIFC to manage private family wealth and family structures anywhere in the world. Dr Omar bin Sulaiman, ...  >>MORE

UAE leads Gulf region in Corporate Communication

Posted on 02/09/2008

Listed companies in the younger and smaller stock markets in the UAE led those in other Gulf countries in communicating important information to the investing community, giving more hope for cultural changes in a secretive but progressive Arab country. Corporate communication, such as the availability of a company website and details of investor relations officer, is one of the three main categories in a yardstick used by Back to BASICs: An Alternative Look at Liquidity, Volatility and ...  >>MORE

Dubai as regional and world business hub: The Report: Dubai 2007

Posted on 25/08/2008

Since Dubai oil production peaked in 1991, the central question concerning energy matters has not been about production, but how much it needs to fuel its robust economy, says The Report: Dubai 2007, the emirate's leading foreign direct investment guide published by the authoritative UK-based publishing, research and consultancy organisation, Oxford Business Group (OBG). This switch is demonstrated by the fact that, whereas in the 1980s the oil sector accounted for around half of Dubai's GDP, ...  >>MORE

Daman Investments launches Dh200 million Daman speculator fund

Posted on 01/07/2008

Daman Investments PSC, the leading UAE-based fund managers, yesterday announced the launch of The Daman Speculator Fund, a trendsetting Dh200 million fund, which focuses on the dynamic and vibrant nature of the UAE and GCC equity markets. The offer period for the new fund will begin on July 1 and ends on July 31, 2008. The Daman Speculator Fund is a UAE-registered investment vehicle regulated by the United Arab Emirates Central Bank, with an initial unit offer price of Dh100/per share. The ...  >>MORE

RAK Commercial Arbitration Centre to be set up

Posted on 30/06/2008

H.H. Sheikh Saqr bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, has issued Amiri Decree No 17/2008 for setting up the Ras Al Khaimah Commercial Arbitration Centre. The centre would provide conciliation and arbitration services to business and commercial sectors in the emirate and outside. According to the decree, the Ras Al Khaimah Chamber of Commerce and Industry (RAKCCI) shall upon the approval of its board, draw up the administrative structure and the ...  >>MORE

UAE companies may report higher quarterly profit: Week Ahead

Posted on 30/06/2008

United Arab Emirates companies may report rising second-quarter earnings this week, led by banks as economic growth boosts demand for financial services in the second-biggest Arab economy. Net income at U.A.E. companies will rise an average 14 percent, according to estimates from Global Investment House KSCC, Kuwait's biggest investment bank. Profit growth at banks may be 24 percent, the best industry performance. ``The macro-economic backdrop is very strong,' Amr Abol- Enein, head of equity ...  >>MORE

DIFC to become hub for family offices

Posted on 18/06/2008

The Dubai International Financial Centre (DIFC) yesterday announced new regulations to encourage ultra-wealthy families to establish Single Family Offices (SFOs) at the DIFC. Created in consultation with the DFSA, the new regulations specifically address the needs of family run institutions and create a platform for wealthy families to set up holding companies at the DIFC to manage private family wealth and family structures anywhere in the world, said a statement from DIFC. HE Dr Omar Bin ...  >>MORE

Khalifa Fund gets capital hike

Posted on 11/06/2008

The Sheikh Khalifa Fund for Support and Development of Small and Medium Enterprises has been given a major boost as its capital of Dh300 million has been hiked to Dh1 billion, thanks to the generosity of President H.H. Sheikh Khalifa bin Zayed Al Nahyan. Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, General Sheikh Mohammed bin Zayed Al Nahyan, ordered the increase in the capital of the fund in line with the directives of the UAE President. Sheikh Mohammed ...  >>MORE

FCCI reviews UAE's investment opportunities

Posted on 11/06/2008

Secretary general of Federation of the UAE Chambers of Commerce and Industries (FCCI) Abdullah Sultan Al Ameen and senior officials from the Indonesian Trade Promotion Centre (ITPC) at a meeting ways to join the list of global corporations which has become UAE-based as well as to tap investment opportunities offered by the UAE booming economy. He cited exemption from tax, freedom of capital movement, advanced banking and financial services among facilities and advantages offered by the UAE for ...  >>MORE

DTCM directed to exempt SMEs from bank guarantees

Posted on 08/06/2008

Extending a strong support to small and medium enterprises (SMEs) in the UAE, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has directed the Department of Tourism and Commerce Marketing (DTCM) in Dubai to offer up to 50 per cent exemption in bank guarantees charged to members of the Mohammed bin Rashid Al Maktoum Establishment for Young Business Leaders. Applicable to members of the Establishment who own or operate tourism ...  >>MORE

Etisalat signs MoU with Khalifa Fund

Posted on 29/05/2008

At MECOM 2008, etisalat, yesterday signed a Memorandum of Understanding (MoU) with Khalifa Fund to support the development of small and medium businesses (SMBs) in the UAE. This MOU will leverage the combined strengths of both entities to create a strategic platform for supporting SMBs through mutual training, exchanging expertise and creating a superior technology infrastructure. The Khalifa Fund was established with the objective of offering business opportunities to Emirati entrepreneurs ...  >>MORE

UAE and Syria to establish a holding company

Posted on 27/05/2008

UAE and Syria have agreed to establish a UAE-Syrian holding company to conduct a number of important development projects in fields of ports, real estate and free zones development. This was announced in a meeting that gathered Mohammed Naji Al Etri, Syrian prime minister, and Jamal Majid bin Thania, Chairman of Dubai World. The two sides discussed also cooperation and ways to develop the sectors of transport, tourism, ports and free and industrial zones. – Emirates News Agency, WAM ...  >>MORE

Lubna Al Qasimi, German official break ground for German Business Park

Posted on 26/05/2008

UAE Foreign Trade Minister Sheikha Lubna Al Qasimi and German Consul General to Dubai, Johann-Adolf Cohausz, broke ground of German Business Park, a large mixed-use development in Dubai Silicon Oasis that will serve as a hub for German business in the UAE and wider GCC region. The ceremony was held Saturday in the Headquarter Building of Dubai Silicon Oasis. German Business Park, a joint venture between the Dubai Silicon Oasis Authority and the Bin Jabr Group of Abu Dhabi, is slated to ...  >>MORE

Dh2.2b Emarati-Libyan firm set up

Posted on 21/05/2008

An agreement was signed yesterday to establish the Libyan-Emarati Holding Company (LEHC) at a total capital of US$600 million (Dh2.2 billion). The agreement was signed by HH Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs and Hamid Al Hudairi, Secretary General of the Libyan Social and Economic Development Fund (SEDF). The new company will focus on developing various projects covering real estate, tourism, oil '&' gas and energy. Its maiden project will be Marsa Tarablus ...  >>MORE

GEM Report 2007 ranks UAE higher for promoting enabling env. for start-up businesses

Posted on 20/05/2008

The UAE has achieved remarkable progress in promoting an enabling environment for start-up businesses and entrepreneurial activities, ranking 25th among 42 countries, up from 41st position last year, according to the UAE-Global Entrepreneurship Monitor (GEM) 2007 Report that was released in Dubai Monday. The UAE is rated first as well among 42 countries for hosting start-ups that have 25 per cent to 75 per cent of customers from overseas markets (export or re-export). The country has also ...  >>MORE

UAE to participate in Palestine Investment Conference: Abdullah

Posted on 16/04/2008

Public and Private sectors in the UAE will participate in the Palestine Investment Conference (PIC-Palestine) which will be held in Bethlehem from May 21-23, UAE Foreign Minister HH Sheikh Abdullah bin Zayed Al Nahyan announced Tuesday. Sheikh Abdullah urged during a consultative meeting on the event Palestinian businessmen in the UAE to take part in the conference which aims to highlight investment opportunities in the Palestinian economy. It is a platform to share innovative business ...  >>MORE

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Quick List

UAE’s cross-border M&A deals at US$27.4b


Dubai ranked No1 for potential


GCC states to invest US$120 billion in power in the next 10 years


Khalifa Fund and DPE sign agreement


Abu Dhabi wealth fund eyes U.S. bargains


Abu Dhabi's IPIC eyes Mediterranean investments


TAQA to invest US$2-2.5b into North Sea E&P Business


Dubai World pulls out of Russian OGK-1 deal-source


Dubai Group to acquire up to 18 per cent
stake in Citigold Corporation


Jumeirah to manage Virgin Islands resort


Steel prices drop 15% after first-half surge


ADFD and Al-Hilal Islamic Bank sign MoU


UAE banks' capital rises by Dh35bn in first half


UAE's aluminium smelters target Europe


Dubai Group plans new fund for US and European markets


GGICO unit joins German Group


Mohammed bin Rashid meets with heads of international firms, business tycoons


DIB-led group buys 52% in IDB


Mubadala gets positive ratings from three agencies


Taqa to finalize energy stake deal with Sumitomo soon


DFSA and DME stop Lehman's activities


DFM and Deutsche Bank sign custody agreement


Sama Dubai gets green signal for Dh91b Tunisia project


DIC buys 45% stake in KEF


ADX ropes in Deutsche Bank as custodian


Family-owned businesses urged to open DIFC offices


UAE leads Gulf region in Corporate Communication


Dubai as regional and world business hub: The Report: Dubai 2007


Daman Investments launches Dh200 million Daman speculator fund


RAK Commercial Arbitration Centre to be set up


UAE companies may report higher quarterly profit: Week Ahead


DIFC to become hub for family offices


Khalifa Fund gets capital hike


FCCI reviews UAE's investment opportunities


DTCM directed to exempt SMEs from bank guarantees


Etisalat signs MoU with Khalifa Fund


UAE and Syria to establish a holding company


Lubna Al Qasimi, German official break ground for German Business Park


Dh2.2b Emarati-Libyan firm set up


GEM Report 2007 ranks UAE higher for promoting enabling env. for start-up businesses


UAE to participate in Palestine Investment Conference: Abdullah