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THE ECONOMY - BUSINESS

Mubadala launches Al Hikma Development Company

Posted on 21/02/2006

Mubadala Development, an Abu Dhabi Government-owned investment and development company, announced yesterday the launch of its subsidiary AI Hikma Development Company. The new company will develop a modern campus for the UAE University on a BOOT (Build Own Operate and Transfer) basis. The announcement was made in an event held at the Emirates Palace Hotel under the patronage and in presence of General Sheikh Mohammad bin Zayed AI Nahyan, Crown Prince of Abu Dhabi, Deputy supreme Commander of ...  >>MORE

UAE firms bag GMR marketing awards

Posted on 19/02/2006

UAE companies swept the board at the annual GMR Effectiveness in Marketing Awards (GEMAS) overtaking many global names to be named among the best marketers in the GCC. Masafi Mineral Water outshone all the other contestants winning in three categories: Sales Promotion and Best Marketing Campaign (Large Company) as well as garnering the most coveted award of the night, the GMR Gold Grand Prix, according to a press release. The Grand Prix is conferred by Gulf Marketing Review (GMR) and ...  >>MORE

UAE second largest investor in Pakistan

Posted on 17/02/2006

Islamabad - Mohammed bin Dhaen Al Hamili, Minister of Energy, who is currently leading a delegation on a visit to Pakistan, yesterday met with Federal Minister for Privatisation and Investment, Dr. Abdul Hafeez Sheikh and Minister of State for Investment Umar Ghumman. The meeting was attended by members of the delegation accompanying the minister and a number of officials at the two Pakistani ministries. Al Hamili said in keeping with the directives of President H.H. Sheikh Khalifa bin Zayed ...  >>MORE

Dubai gets its own business millionaires club

Posted on 11/02/2006

CEO Clubs UAE, a new business forum launched in Dubai, aims to become a magnet for millionaires keen to promote trade and investment in the region. The forum is a regional chapter of the US-based CEO Clubs and hopes to act as a networking platform for top Arab executives and their counterparts from other regions. "Ours is an exclusive club that will serve as a platform for exchanging ideas. We hope to enlist as members successful executives who want to explore business opportunities in the ...  >>MORE

Abu Dhabi is 'Emerging Global City'

Posted on 08/02/2006

New York - Forbes has included Abu Dhabi among the list of "Emerging Global Cities" for 2006. "As we enter the thick of 2006, a new crop of cities is rising as they assume their place among the world's pre-eminent business hubs," Forbes said. A kind of city-state in the mould of Singapore, this Arabian Gulf archipelago is pushing for more office and residential development, Forbes said. Key to realising Abu Dhabi's faster growth is the abundance of petrodollars and a new, energetic ...  >>MORE

World CEO Forum in Dubai brings together business leaders from five continents

Posted on 07/02/2006

The World CEO Forum, a high profile event that brings together Chief executive officers from around the globe, went on session today at Dubai's Jumeirah Beach Conference Centre. Business leaders from Australia, Canada, China, Greece, India, Pakistan, Russia, South Africa, Turkey, the USA and the UK, among others, are participating in the two-day event, backed by the CEO Clubs of the USA and China, plus the Academy for Chief Executives in the United Kingdom, and sponsored by Emaar and OPUS. ...  >>MORE

Loan agreement signed for DIP expansion

Posted on 07/02/2006

Dubai Investments Park Development Company (DIPDC), a wholly owned subsidiary of Dubai Investments, signed today a Dh250 million syndicated loan agreement for the expansion of Dubai Investments Park (DIP), one of the largest industrial-cum-residential developments in the region. The 3-year syndicated term loan facility is structured to finance infrastructure development at DIP. Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, signed contracts with 15 leading banks for the ...  >>MORE

UAE leads region's outdoor ads

Posted on 07/02/2006

The market for signage media and outdoor advertising in the UAE is growing rapidly as more and more international players seek to reap benefits from the country's economic boom. With the entry of popular consumer brands from all over the world, the demand for outdoor advertising in the region is accelerating rapidly. More than 25 per cent of the region's advertising spending is in signage media and outdoor advertising as well as digital printing. (Gulf News) ...  >>MORE

Fifty companies to build offices at Logistics City

Posted on 06/02/2006

Close to 50 companies have opted to build their own dedicated facilities at Dubai Logistics City (DLC), the first phase of the 140 square kilometre Jebel Ali Airport City aviation community. "Covering more than two million square metres of DLC land, these companies have started to design and plan their facilities, perfectly reflecting the diversity of the logistics business,” said Sheikh Ahmed bin Saeed Al Maktoum, President, Department of Civil Aviation, Government of Dubai and Chairman of ...  >>MORE

Abu Dhabi’s Mubadala to partner Shell in Algeria exploration foray

Posted on 28/01/2006

Abu Dhabi's Mubadala Development Company will partner Royal Dutch Shell, Europe's second-largest oil company, in exploring in Algeria, where the European company won exploration rights last year. Mubadala, an investment company, could take as much as a "20 per cent stake” in a venture with Shell, Mubadala Chief Executive Officer Khaldoon Al Mubarak said in an interview yesterday at the World Economic Forum in Davos, Switzerland. Algeria holds Africa's third largest crude-oil reserves after ...  >>MORE

DIC planning to set up US$15b investment fund

Posted on 28/01/2006

Dubai International Capital (DIC) is in talks with four other partners to set up a US$15 billion fund to make strategic international investments, said Sameer Al Ansari, chief executive of Dubai International Capital in Davos yesterday. Khaleej Times quoted Dubai International Capital, a part of Dubai Holding, as having said yesterday that the company is in talks with four other partners about setting up the fund as early as April this year. Earlier during the day, Dubai International ...  >>MORE

Dubai Holding and GE sign strategic deal

Posted on 25/01/2006

GE and Dubai Holding signed a non-exclusive Memorandum of Understanding (MOU) to cooperate in identifying and investing in high technology projects across the Middle East and North Africa. The partnership will focus its efforts on the development of regional infrastructure and industrial projects. According to the agreement, GE as part of its existing industrial activities will identify and source opportunities for investment in key regional infrastructure projects and Dubai Holding will ...  >>MORE

Lubna tells investors UAE is business hub

Posted on 21/01/2006

The UAE has become an international hub that attracts investment and trade from across the world thanks to its tax-free environment, Minister of Economy and Planning Sheikha Lubna Al Qasimi said yesterday. Speaking at the 12th Partnership Summit organised by the Confederation of Indian Industry (CII) in Kolkata, Sheikha Lubna said there is no policy in the UAE that denies foreign companies the freedom to practice their trade. The minister told the gathering of world leaders at the summit ...  >>MORE

DDIA inaugurates its first international office in Hong Kong

Posted on 17/01/2006

Hong Kong - Saeed Al Muntafiq, Dubai Development and Investment Authority (DDIA) Director General inaugurated the first DDIA international office in the Asian pacific region in Hong Kong which comes in line with the efforts of UAE and Dubai to open up new investment opportunities based on strategic plans targeting millions of investors capable of contributing to the economic and investment movement in the UAE. Al Muntafiq said, "The opening of this office comes within DDIA's strategic vision ...  >>MORE

Abu Dhabi ranked as top ME business destination

Posted on 16/01/2006

Local businessmen have trumpeted Abu Dhabi as a destination for trips from overseas, though warning that it has plenty to do to gain the reputation of the world's more celebrated cities. New research by Britain's Economist magazine has revealed the capital to be the top potential place for business visits to the Middle East. In a 127-strong ranking, Abu Dhabi came 70th worldwide, beating London (72nd) and Dubai (73rd) as a desirable stop. Jordan's capital Amman and Bahrain were close ...  >>MORE

Abu Dhabi Investment unveils US$160m private placement issue to fund Beirut Gate

Posted on 15/01/2006

Abu Dhabi Investment House (ADIH) yesterday launched a US$160 million private placement to fund the first phase of Beirut Gate, an integrated sea view project in the Lebanese capital. This is ADIH's third investment instrument since its inception last year. Company officials said the placement is an ideal opportunity for regional investors to maximise returns on investments leveraging the growth of the real estate sector in Lebanon. "Lebanon's real estate market is one of the leading ...  >>MORE

Abu Dhabi 'best Arab business city'

Posted on 08/01/2006

The UAE capital city of Abu Dhabi is regarded as the best business city in the Arab world. This is according to the annual survey conducted by the Economist Intelligence Unit (EIU), which is part of The Economist Group, according to a special report in Gulf News. The EIU's Business Trip Index for 2006 covered a total of 127 cities worldwide. The survey found the city of Vancouver in Canada as the best city for business travel. Three other Canadian cities, namely Calgary, Toronto and ...  >>MORE

Istithmar buys Inchcape Shipping in US$285m deal

Posted on 04/01/2006

Istithmar, the acquisitive UAE-based investment company, has bought Inchcape Shipping Services (ISS) in a deal reported to be worth US$285 million (Dh1.04 billion). Sources close to the company said Istithmar planned to release full details of the acquisition today, following earlier media reports on the deal. ISS is currently owned by UK investment vehicle Electra Investment Trust, a publicly listed entity whose shares are listed on the London Stock Exchange. Electra is expected to receive ...  >>MORE

EMAAR commences construction at 'King Abdullah Economic City'

Posted on 31/12/2005

Following the launch of 'King Abdullah Economic City', the largest single private sector investment in Saudi Arabia, groundwork on the project got underway as bulldozers moved in on the 55 million sq m of greenfield site, north of Jeddah. The overall project will be done in stages with the first batch of businesses and residents moving into the City in a period of 24 to 36 months. The project consists of six distinct components - a modern world-class Seaport, Industrial District, Financial ...  >>MORE

Mubadala, SNC-Lavalin winning bidder

Posted on 27/12/2005

Abu Dhabi-based Mubadala Development Company has entered into a Joint Bidding Agreement (JBA) with SNC-Lavalin Inc., the preferred bidder for a project to build, own and operate a 1,200 Megawatt power generation plant at Hadjret Ennous in western Algeria. The project's total value is estimated at US$900 million (approximately Dh3.3 billion). On December 17, SNC-Lavalin was announced as the winning bidder for the Independent Power Project (IPP). Following the announcement, a protocol ...  >>MORE

Istithmar raises stake in SpiceJet to US$50 million

Posted on 21/12/2005

Istithmar has announced that it has raised its stake in SpiceJet, the low-cost Indian carrier, to US$50 million. Earlier this year, Istithmar invested US$12.5 million in SpiceJet. The stake rise comes through SpiceJet's recent issue of Foreign currency Convertible Bonds (FCCB). Istithmar's investment in SpiceJet, its first in India, reflects the group's long term plans in the burgeoning aviation industry in India. The investment is in line with the group's strategy of identifying projects ...  >>MORE

Dubai Holding sets up new company

Posted on 20/12/2005

Government-owned Dubai Holding set up a company called Tatweer on Monday to manage some of its biggest investments in leisure, energy and industry, the company said in a statement. Tatweer, a wholly owned subsidiary of Dubai Holding, will be headed by Saeed Al Muntafiq who is also director general of the Dubai Development and Investment Authority. "As a corporate centre, Tatweer will create value by capitalising on new market opportunities that complement its portfolio...," Mohammad Al ...  >>MORE

ADIC buys majority of Al Wathba

Posted on 24/11/2005

Abu Dhabi Investment Company (ADIC) yesterday announced that it acquired 51 per cent of Al Wathba Central Services Company from Abu Dhabi Water and Electricity Authority (ADWEA) which will keep the remaining 49 per cent. ADIC confirmed in a statement that the deal is the beginning of a long-term partnership between the two sides, and will expand cooperation between them. Al Wathba Central Services owns assets which can be developed in cooperation with ADIC to become one of the most important ...  >>MORE

Rolls-Royce and Mubadala sign MOU to form strategic alliance

Posted on 22/11/2005

Rolls-Royce plc and Mubadala Development Company, the wholly-owned investment and development vehicle of the Government of Abu Dhabi, yesterday signed a Memorandum of Understanding (MoU) to jointly identify and deploy commercial opportunities in aerospace, marine, industrial and renewable energies sectors. The agreement was signed at Mubadala's Headquarters in Abu Dhabi, the UAE capital, by Khaldoon Khalifa Al Mubarak, Chief Executive Officer of Mubadala, and Sir John Rose, Chief Executive ...  >>MORE

Mubadala Development acquires 17 percent stake in Spyker Cars NV

Posted on 15/11/2005

In a ceremony held at the Emirates Palace Hotel in Abu Dhabi on 13 November 2005 and witnessed by Dr Jan Peter Balkenende, the Prime Minister of the Kingdom of the Netherlands and Minister of General Affairs, Spyker Cars NV (Spyker), manufacturer of high-quality exclusive sports cars and Mubadala Development Company (Mubadala), a principal investment company wholly owned by the Government of Abu Dhabi, have announced their strategic alliance whereby Mubadala shall acquire 625.000 newly issued ...  >>MORE

Dubai International Properties to build Dh2b resort in Manama

Posted on 15/11/2005

International Properties has announced a Dh2 billion Salam Beach Resort and Spa project in Manama. "The announcement of the project in Bahrain following soon after vast developments in Qatar, Oman, Morocco and Turkey makes Dubai International Properties one of the fastest growing major real estate developers in the region," said Mohammad Al Gergawi, Executive Chairman of Dubai Holding, the parent firm of Dubai International Properties. Salam Beach Resort and Spa Bahrain will be the second ...  >>MORE

UAE and Saudi investors set up joint company with Dh2.5b capital

Posted on 12/11/2005

The UAE and Saudi investors have established a private joint stock company called Escan Properties with a capital of Dh2.5 billion. The company will be based in Abu Dhabi, said Hamad Salem Al Nuaimi, chairman of the founding committee. Escan will eventually launch property projects worth more than Dh10 billion across a range of sectors but will initially focus on tourism and entertainment projects in Fujairah, the home of its first project, Fujairah Paradise. Fujairah Paradise will be ready ...  >>MORE

Istithmar buys New York landmark

Posted on 11/11/2005

Istithmar, the UAE investment holding company, has acquired one of New York's most famous landmark buildings in a US$705 million deal. The company announced on Thursday that it had bought 230 Park Avenue in Manhattan, also known as the Helmsley Building, a 34-storey gold-domed office block which sits at the top of Park Avenue. Sultan Ahmad Bin Sulayem, Istithmar's chairman, who was in Manhattan to announce the acquisition, said the deal underscored Istithmar's strategy of investing in ...  >>MORE

Ahmed, Alabbar, Gergawi among achievers

Posted on 07/11/2005

The French Amwal magazine recently chose Emirates Chairman Sheikh Ahmed Bin Saeed Al Maktoum, EMAAR Chairman Mohammed Ali Alabbar and Dubai Holdings Chief Executive Mohammed Al Gergawi among the top businessmen in GCC countries. The magazine selected the Gulf businessmen based on their activities in six main sectors: Telecommunications, real estate, banking, media, industry and energy. The selection was made considering the market share, capital and market value of their companies. The ...  >>MORE

Abu Dhabi leads Emirates in attracting investments

Posted on 10/10/2005

Abu Dhabi is the country's biggest investment magnet compared to other emirates, according to a representative of the Abu Dhabi Chamber of Commerce and Industry's Info Centre division. Investments in Abu Dhabi touched Dh34.3 billion last year, compared to Dh3.5 billion in 2000 – a remarkable growth of 872 per cent. Overall, industrial investments in the UAE have grown significantly by 166 per cent in the past four years, with the number of industrial firms rising from 2,153 in 2000 to ...  >>MORE

Istithmar buys London's One Trafalgar Square for Dh988m

Posted on 07/10/2005

Istithmar, an investment holding company indirectly owned by the Government of Dubai, has acquired London's One Trafalgar Square for 155million Pound Sterling (Dh988.9 million), major UAE dailies reported today. The acquisition financing bank is Barclays Capital. "This acquisition represents a key step forward for us as we are engaged in positioning our portfolio to focus on developing markets and international gateway cities such as London. One Trafalgar Square is a premier property in one ...  >>MORE

Abu Dhabi Investment House launches US$75m fund

Posted on 02/10/2005

The recently formed Abu Dhabi Investment House (ADIH) has announced the launch of its first investment product the US$75 million Al Arabi Private Equity Fund. ADIH claim the fund will allow investors to participate in the "tremendous growth opportunities offered by the burgeoning private sector across the Gulf." "The global market for private equity, valued at US$107 billion, is witnessing rapid growth both in terms of the number of deals as well as deal size, commented Rashad Yousuf ...  >>MORE

UAE business procedures 'highly streamlined'

Posted on 13/09/2005

It takes six documents, three signatures and 18 days in the UAE to move imported goods from ports to warehouse, which according to the latest World Bank report makes the country one of the most competitive in the Middle East. The annual Doing Business in 2006 report released yesterday and obtained in advance by Gulf News also shows that it takes a business only 12 hours to comply with all tax regulations in the UAE. The cost of obtaining a licence is just 2.1 per cent of the country's per ...  >>MORE

New financial institution gets green light

Posted on 05/09/2005

The UAE Central Bank has given its approval to set up a new financial institution the Abu Dhabi Investment House with a paid-up capital of Dh200 million. A statement from the promoters of the new company said the Abu Dhabi Investment House (ADIH) has been promoted by a group of prominent businessmen, leading institutions and investors from the UAE and the Gulf to focus on the existing and emerging potential for investments in private equity, capital markets, asset management and investment ...  >>MORE

Tejari will form a joint venture with Omantel

Posted on 04/09/2005

Tejari.com and Oman Telecommunications Company (Omantel) yesterday agreed to launch a joint venture project, Tejari-Oman, to offer interests on electronic purchases in Oman. The partnership will enable government sectors and private establishments to get their requirements of goods and services via the electronic commerce initiative. It will enhance transparency and will cost less than conventional purchases based on paper transactions. Tejari-Oman will begin its operations this year after the ...  >>MORE

EMAAR launches Burj Dubai Business Hub

Posted on 04/09/2005

EMAAR Properties, the world's leading real estate company by market capitalisation, has unveiled the Burj Dubai Business Hub its second major offering for Dubai's booming corporate sector. The Business Hub, which is available for lease from today, is set to become a top draw for global corporations setting up headquarters in Dubai. With 100,000 square metres of office space, the Business Hub offers state-of-the-art facilities. An additional 50,000 square metres of retail, food courts and ...  >>MORE

Abu Dhabi Group to invest Dh7.3b in Bangladesh

Posted on 03/09/2005

The Abu Dhabi Group has pledged investments totalling Dh7.3 billion (US$2 billion) in Bangladesh's telecommunications, power, tourism, construction, healthcare and transportation sectors. Current negotiations centre on investments worth Dh3.67 billion (US$1 billion). Sheikh Nahyan Bin Mubarak Al Nahyan, UAE Minister of Education and chairman of the group, signed a Memorandum of Understanding with Bangladesh's state-run Board of Investment (BoI) during a two-day visit starting Wednesday. He ...  >>MORE

Abu Dhabi Group to push for projects in Bangladesh

Posted on 27/08/2005

Abu Dhabi Group, which is to invest nearly Dh7.3 billion (US$2 billion) in Bangladesh's telecom, power, tourism, construction and healthcare sectors, will hold extensive meetings with Bangladesh leaders next week on projects it had identified earlier, an official said. Sheikh Nahyan Bin Mubarak Al Nahyan, UAE Minister of Education and chairman of the Abu Dhabi Group, will lead a team to Dhaka to push the projects forward. This will be his second visit to Bangladesh in six months. He will ...  >>MORE

Sharjah is among top10 business cities in Gulf

Posted on 10/08/2005

Sharjah is among the top ten business cities in the Gulf region and achieved 8th position in a survey conducted by Economist Intelligence Unit. The survey was based on the growth the emirate achieved in the recent years due to its excellent seaport, airport, free zones, industries and tourism. According to report issued by Sharjah Chamber of Commerce and Industry, the value of Sharjah exports and re-exports reached Dh4.4 billion in the first half of this year compared to Dh 2.8 billion ...  >>MORE

Mubadala, Ferrari in new alliance

Posted on 30/07/2005

Maranello, Italy - Ferrari and Mubadala Development Company - a principal investment company wholly owned by the Government of Abu Dhabi - have announced the purchase of a five percent stake in Ferrari by Mubadala from Mediobanca. The deal sees Mubadala pay 114 million Euros to purchase five percent of Ferrari from Mediobanca, valuing Ferrari at a total of 2.28 billion Euros. The agreement provides also for an earn out in favour of Mediobanca in case the IPO of Ferrari is completed within the ...  >>MORE

Dubai Investments reports an impressive 450% increase in net income for first half of 2005

Posted on 30/07/2005

Dubai Investments Group has reported impressive results for the first half of 2005, with a 450 per cent increase in consolidated net income over the same period last year. Consolidated net income as of June 30, 2005 stood at Dh253 million compared to Dh46 million for the same period last year and Dh309 million for the full year 2004, reflecting continued and sustained growth of all companies within the Group. Consolidated Group total income for the first half of this year stood at Dh637 ...  >>MORE

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Quick List

Mubadala launches Al Hikma Development Company


UAE firms bag GMR marketing awards


UAE second largest investor in Pakistan


Dubai gets its own business millionaires club


Abu Dhabi is 'Emerging Global City'


World CEO Forum in Dubai brings together business leaders from five continents


Loan agreement signed for DIP expansion


UAE leads region's outdoor ads


Fifty companies to build offices at Logistics City


Abu Dhabi’s Mubadala to partner Shell in Algeria exploration foray


DIC planning to set up US$15b investment fund


Dubai Holding and GE sign strategic deal


Lubna tells investors UAE is business hub


DDIA inaugurates its first international office in Hong Kong


Abu Dhabi ranked as top ME business destination


Abu Dhabi Investment unveils US$160m private placement issue to fund Beirut Gate


Abu Dhabi 'best Arab business city'


Istithmar buys Inchcape Shipping in US$285m deal


EMAAR commences construction at 'King Abdullah Economic City'


Mubadala, SNC-Lavalin winning bidder


Istithmar raises stake in SpiceJet to US$50 million


Dubai Holding sets up new company


ADIC buys majority of Al Wathba


Rolls-Royce and Mubadala sign MOU to form strategic alliance


Mubadala Development acquires 17 percent stake in Spyker Cars NV


Dubai International Properties to build Dh2b resort in Manama


UAE and Saudi investors set up joint company with Dh2.5b capital


Istithmar buys New York landmark


Ahmed, Alabbar, Gergawi among achievers


Abu Dhabi leads Emirates in attracting investments


Istithmar buys London's One Trafalgar Square for Dh988m


Abu Dhabi Investment House launches US$75m fund


UAE business procedures 'highly streamlined'


New financial institution gets green light


Tejari will form a joint venture with Omantel


EMAAR launches Burj Dubai Business Hub


Abu Dhabi Group to invest Dh7.3b in Bangladesh


Abu Dhabi Group to push for projects in Bangladesh


Sharjah is among top10 business cities in Gulf


Mubadala, Ferrari in new alliance


Dubai Investments reports an impressive 450% increase in net income for first half of 2005