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THE ECONOMY - BUSINESS

UAE top ME acquirer in 2010

Posted on 11/10/2010

The UAE is "the most acquisitive Middle Eastern country” during the first nine months of 2010 by accounting for 57.8 per cent of the total mergers and acquisition (M&A) activity in the region, the latest Thomson Reuters Middle East Investment Banking Analysis said on Sunday. Kuwaiti companies are the most attractive to Middle Eastern acquirers, with 37 per cent of the activity, the report said. The UAE is followed by Qatar, Saudi Arabia, Egypt, Bahrain, Kuwait, Lebanon, Iran and Oman, as ...  >>MORE

DME achieves new record in open interest

Posted on 07/10/2010

The Dubai Mercantile Exchange Limited (DME) yesterday announced that it has achieved the highest level of open interest for its benchmark Oman Crude Oil Futures Contract (DME Oman) since the commencement of trading on the Exchange on June 1, 2007. As of September 30, open interest in the DME stood at 21,797 contracts. Open interest is the total number of outstanding futures contracts held by market participants and is regarded as a leading performance indicator in the industry. Open interest ...  >>MORE

UAE business activity hits 10-month high

Posted on 05/10/2010

Private sector business activity in the UAE hit a 10-month high in September and the outlook was boosted by Dubai World's recent restructuring deal, a purchasing managers' survey showed on Tuesday. The HSBC UAE Purchasing Managers' Index (PMI), which measures the performance of the Opec member's manufacturing sector, rose to 52.6 points in September, holding above the 50 point level separates growth from contraction and up from 52.1 in August. "The headline index is at its highest since ...  >>MORE

Abu Dhabi National Leasing to close Dh4.1bn in deals

Posted on 06/09/2010

Abu Dhabi National Leasing (ADNL) expects to close Dh4.1 billion (US$1.1bn) worth of aircraft, shipping and heavy equipment deals in the next six months. They will be primarily with Abu Dhabi and other UAE companies with state backing, reflecting a preference for locally based companies that are tied to the country's economic development plans, including Abu Dhabi's 2030 Vision, said Yousef Abdulla Yousef, the managing director of ADNL. The planned spate of deals contrasts markedly with ...  >>MORE

UAE is full of investment opportunities for Dutch and international companies

Posted on 01/09/2010

Gilles Beschoor Plug, Director of the Middle East Department at the Dutch Foreign Ministry, confirmed his country's keenness to develop relations of friendship and cooperation with the UAE in various fields. Plug, a former Netherlands ambassador to the UAE, said in an interview with Emirates news agency "WAM" that the formation of the new Dutch government will give new an impetus to the promotion of economic and political cooperation with UAE, stressing that UAE is full of investment ...  >>MORE

Ministry is working on clearly defining SMEs, Al Mansoori

Posted on 12/08/2010

Ministry of Economy is working on clearly defining small and medium enterprises (SMEs) as part of streamlining this sector, which is a major contributor to the national economy. Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, told this to a visiting South Korean delegation. The visit of the delegation comes in line with the ongoing efforts of South Korea to strengthen relations and cooperation with the UAE on all levels as it represents a strategic gateway to the Middle East and ...  >>MORE

Investors looking to Dubai as the preferred FDI destination in the MENA region

Posted on 30/06/2010

The recent release of the 2010 A.T. Kearney FDI Confidence Index report ranked UAE as the 11th global FDI destination. Dubai was ranked as the preferred destination of choice in the MENA region for future Foreign Direct Investment (FDI) serving as a major gateway for fortune 1000 global investors. Fahad Al Gergawi, CEO of Foreign Investment Office, part of the Dubai Department of Economic Development, believes that the results will support the emirate to maintain and eventually improve ...  >>MORE

UAE will see subdued growth in medium term

Posted on 28/06/2010

The UAE economy expanded by around 1.3 per cent in 2009 and growth is projected to remain subdued in the short and medium term, although it could be better than in many other countries, the Ministry of Economy has said. Stronger oil prices and a surge in public spending to an all-time high in 2009 kept the Arab World's second largest economy on track in 2009 and growth this year will largely depend on the level of crude prices and the UAE's oil output. In a 100-page report analysing the ...  >>MORE

Al Tayer heads UAE delegation to 35th IDB Board of Governors meeting in Azerbaijan

Posted on 24/06/2010

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, heads the UAE delegation to the 35th Annual Meeting of the Islamic Development Bank (IDB) Board of Governors to be held on 23rd and 24th June 2010, Baku, Azerbaijan. The delegation includes Younis Haji Al Khoori, Director General of the Ministry of Finance, Khalid Ali Al Bustani, Executive Director of International Financial Relations Sector, Al Hamdan Ahmed, Director of the International '&' Regional Financial Organisations ...  >>MORE

UAE business confidence up 12%

Posted on 22/06/2010

Confidence among the UAE's business community has jumped 12.3 per cent since December 2009, the highest among the six GCC countries, HSBC said in its June 2010 Gulf Business Confidence Index. According to HSBC's data, in line with the Q1 results, confidence levels in the region's major economies continues to gain positive momentum. - Reuters ...  >>MORE

Top Dubai firms slice costs by over 10%

Posted on 16/06/2010

Rigorous cost-cutting measures helped the top three listed companies in Dubai reduce their operating cost by more than 10 per cent in the first quarter this year compared with the same period of 2009, Emirates Business research shows. Between them, the top three companies on the Dubai Financial Market – Emaar Properties, Emirates NBD and Mashreq – spent Dh194 million less on SG&A (selling, general and administrative expenses), which includes salaries, commissions and travel expenses for ...  >>MORE

Sharjah businesses move to boost performance

Posted on 14/06/2010

The Sharjah Chamber of Commerce and Industry (SCCI) has called upon business groups to hold their general assembly meetings to discuss post-crisis challenges with a large segment of businessmen. During a meeting with representatives of the different business groups, which have been formed by the chamber early this year, chamber Director-General Hussain Mohammed Al Mahmoudi said it is of paramount importance to identify obstacles and suggest solutions that suit all. He also called upon the ...  >>MORE

UAE firms lead Gulf corporate earnings growth

Posted on 10/06/2010

UAE corporates led earnings growth in the GCC with a quarter-on-quarter jump of a staggering 17 times to US$3 billion (Dh11bn) in Q1 2010 over Q4 2009, a new report reveals. With their combined earnings jumping to US$1.4bn in the first quarter of 2010, UAE banks and financial services companies were key growth drivers, the report by Kuwait Financial Centre (Markaz) states. With a 177 per cent q-o-q jump, Omani companies follow UAE earnings growth, with Saudi earnings up just 28 per cent and ...  >>MORE

Etihad signs strings as brand ambassador

Posted on 06/06/2010

Etihad Airways, the national airline of the United Arab Emirates, announced today the signing of the internationally acclaimed pop-rock band from Pakistan, Strings, as the airline's new brand ambassador. Having won numerous national and international awards, Strings have spent over two decades promoting their music in Pakistan and across the world, acquiring a huge fan following. Peter Baumgartner, Etihad Airways' Chief Commercial Officer, said: "I am personally looking forward to ...  >>MORE

Dubai Holding’s unit generates Dh9.5b revenue

Posted on 02/06/2010

Dubai Holding's main unit, which declared a US$6.2 billion loss and Dh9.5 billion revenues for 2009 on Tuesday, expects to complete and handover approximately 21,000 units by 2012. The company, Dubai Holding Commercial Operations Group (DHCOG), also expect that the real estate market will stabilise this year and then steadily recover from 2011. DHCOG revenues fell by 28 per cent to Dh9.5 billion for the year ended December 31, 2009, compared to Dh13.2 billion it recorded in 2008, the ...  >>MORE

Ajman has 210% more new companies

Posted on 25/05/2010

A total of 761 new companies have been set up in Ajman during the first quarter of this year, registering a 210.61 per cent growth rate compared to the same period in 2009. The significant increase reflects the economic growth in the emirate that has come on the back of building and infrastructural developments, said Mohammed Al Marzouqi, Director of Economic Licensing Department of Ajman Municipality and Planning Department. On other hand, Al Marzouqi attributed the lure of investments ...  >>MORE

Emirates A380 will return to New York from October

Posted on 20/05/2010

Emirates' A380 superjumbo will make a much-anticipated return to New York on 31st October, the airline has announced. The aircraft's reinstatement on one of Emirates' double daily JFK routes comes as the carrier reported a significant increase in revenue for the Americas in 2009-10, representing a year-on-year rise of 8.1 percent. Growth in the Americas helped steer the airline to a net profit of AED 3.5 billion (US$ 964 million), while 27.5 million passengers flew with Emirates over the ...  >>MORE

Investors name Dubai as top Mideast FDI hub

Posted on 19/05/2010

Global investors put their faith in Dubai's economy, making the emirate the first and most-preferred choice for future investments in the Middle East, according to an international survey released yesterday. The survey by global management consulting firm AT Kearney said about 28 per cent of investors prefer to invest in Dubai, followed by Abu Dhabi (18 per cent), Egypt (15 per cent), Oman (eight per cent) and other Middle East states. "Investors express confidence in Dubai's ease of doing ...  >>MORE

UAE leads region in capital access index

Posted on 05/05/2010

For the third year in a row, the UAE has emerged as the regional leader in the Milken Institute Capital Access Index, an annual ranking of entrepreneurial access to capital around the world. The UAE is ranked 22nd globally out of 122 countries on six continents analysed by The 2009 Capital Access Index, which captures the data and analysis of the global capital markets in the previous year, during one of the worst credit crunches for businesses. The index helps businesses and entrepreneurs ...  >>MORE

New firms show Ajman strength

Posted on 21/04/2010

More than 300 new companies have opened in Ajman during Q1 of this year, reflecting high confidence in the emirate's economy. Mohammed Abdullah Al Hamrani, Director-General of the Ajman Chamber of Commerce and Industry, told Emirates Business that this figure is significant in light of the global economic downturn. "The emirate has seen a little reduction in the companies opening in the emirate, especially from December 2008 to January 2009. However, the figures showed steady increases ...  >>MORE

Dubai repays Ijara tranche

Posted on 14/04/2010

The Dubai Government on Tuesday repaid the Dh840 million on the Dubai Civil Aviation Ijara facility. The amount is the first of three equal instalments of a US$635 million (Dh2.33 billion) Dubai Civil Aviation multi-currency Ijara facility maturing in April 2011, the Dubai Government Media Office said in a statement on Tuesday. Commenting on the payment of the Sharia-based loan, Abdul Rahman Al Saleh, Director-General of the Department of Finance in Dubai, said in statement that the move ...  >>MORE

Dubai Department of Economic Development issues 30% more licences in first quarter

Posted on 14/04/2010

The Dubai Department of Economic Development (DED) issued 3,584 licences for several types of businesses in the emirate in the first quarter of 2010, recording a 30 per cent increase from the first quarter of 2009. Most of the licences were issued in the commercial sector (2752), followed by the professional sector (749), tourism (42) and industry (41). Readymade garments led the list of the top 10 licensed activities in the commercial category with 465 licences issued, followed by perfumes ...  >>MORE

Private shareholding companies added Dh1.338 billion to total capital in 2009

Posted on 09/04/2010

The number of private shareholding companies in the UAE reached 134 as of December 31, 2009, according to statistics issued by the Ministry of Economy. A total of 15 private shareholding companies were newly registered in the country last year, indicating robust economic activity and continuing confidence in the local business environment. Nine of these new entities are investment companies while two each are from real estate and finance and the remaining one from the services sector. ...  >>MORE

UAE corporate profits set to rise

Posted on 01/04/2010

The financial performance of UAE corporate entities will strengthen this year as the economy emerges from the downturn and profitability, which eluded key sectors last year, returns on the back of gross domestic product (GDP) growth. According to Minister of Economy Sultan Bin Saeed Al Mansouri, economic growth will more than double this year to 3.2 per cent as oil prices strengthen and business activity increases. The government is taking steps to ensure growth, including an update of the ...  >>MORE

Emaar's Burj Khalifa to boost 2010 revenues

Posted on 01/04/2010

Dubai's Emaar Properties said on Thursday that revenues stemming from the sale of units at Burj Khalifa, the recently-opened, world's tallest tower, will boost the company's 2010 revenues. Emaar, 31.2 per cent owned by the Dubai government, is the Arab world's largest listed developer. It posted third-quarter revenue of Dh1.95 billion. "As Emaar recognises revenue and profits on delivery of the project, the revenue relating to the units sold in Burj Khalifa will be recognised in 2010 on ...  >>MORE

Ali Rashed Ahmed Lootah appointed Chairman of Nakheel

Posted on 31/03/2010

The Supreme Committee supervising Dubai World and its subsidiaries announced yesterday, the formation of a Board of Directors for Nakheel. The board will be chaired by Ali Rashed Ahmed Lootah, and its members include: Khalid Mohamed Salem Bakheet, Khalil Issa Ahmed Awad, Adel Khalifa Al-Shair, and Ibrahim Hussein Al-Fardan. The board of Directors will immediately start working on enhancing Nakheel's abilities to implement the proposed restructuring plan unveiled last Friday. The Board ...  >>MORE

Number of DED licences issued in Feb shows Dubai’s resilience

Posted on 28/03/2010

Dubai continued to attract foreign investment as the licences issued by the emirate recorded a 34 per cent rise in February compared to the same month last year, a clear indication of the continued resilience of the economy of the emirate and improving investor confidence. The Dubai Department of Economic Development, or DED, issued 1,151 licences for various types of businesses in February 2010, a 34 per cent increase from February 2009. A majority of the licences was issued in the ...  >>MORE

Nakheel launches comprehensive recapitalisation plan

Posted on 26/03/2010

Nakheel yesterday announced a comprehensive recapitalisation plan of its debt and liabilities. The plan enables Nakheel to offer creditors 100 percent of agreed amounts owed and to fulfill its obligations to customers through the prompt completion of near term projects. Under this proposal, the Government of Dubai, through the Dubai Financial Support Fund ("DFSF"), will commit to providing approximately $8 billion of new money directly to Nakheel to fund operations and settle liabilities. In ...  >>MORE

UAE official rules out full foreign business ownership outside free zones

Posted on 24/03/2010

A new companies law will allow majority, but not full, foreign ownership in "some sectors," a senior Abu Dhabi Government official said Tuesday. "The new companies law will give some relaxation to foreign ownership," Mohammad Omar Abdullah, undersecretary of the Department of Economic Development, said on the sidelines of an investment conference. "But it will not be to the extent of 100 per cent." Abdullah added the Ministry of Economy is preparing the final draft of the law ahead of its ...  >>MORE

Luxury yachting destination to open on The World

Posted on 12/03/2010

As the yachting world descends on Dubai for the 18th Dubai International Boat Show this week, Kleindienst Group has announced the launch of Monte Carlo Island, the first dedicated luxury entertainment resort on The World islands project in Dubai, and an exciting new yachting destination for the region. One of the six islands making up The Heart of Europe project, the 415,000 square foot Monte Carlo Island is set to become the perfect playground for luxury boat owners, the fashion set and the ...  >>MORE

UAE's DPG becomes member of UN Global Compact

Posted on 08/02/2010

Dubai Properties Group (DPG), a member of Dubai Holding, yesterday announced it has become a member of the United Nations Global Compact (UNGC), an initiative that encourages businesses worldwide to adopt sustainable and socially responsible policies. With the UNGC membership, Dubai Properties Group joins an elite list of over 5,500 business participants and other stakeholders from more than 130 countries. Launched in July 2000, the UN Global Compact acts as a policy platform and a ...  >>MORE

UAE Government is among most trusted entities, says survey

Posted on 27/01/2010

Edelman's global survey released annually at the World Economic Forum (WEF) in Davos, Switzerland, has revealed UAE opinion-formers have relatively high levels of trust across most institutions, including government, business and media. Trust in government in the UAE is among the highest in the world at 67 per cent, while trust in banks is high at 75 per cent, compared to levels as low as 29 per cent in the United States and 19 per cent in Germany. As is common across the world, technology ...  >>MORE

UAE scores high in economic freedom

Posted on 24/01/2010

Economic freedom – ease of doing business – improved further in the UAE last year, as its overall score was higher than the global and regional averages, reflecting improved sentiments particularly in business freedom, investment freedom and property rights, said a survey. The 2010 Index of Economic Freedom published by Washington-based Heritage Foundation and the Wall Street Journal has ranked the UAE as the 46th most economically free country, registering an increase of 2.6 points to 67.3 ...  >>MORE

Greek Daily: UAE has overcome global financial crisis

Posted on 10/01/2010

A widely circulated Greek newspaper said that the United Arab Emirates has overcome the global financial crisis triumphantly, thanks to its wise leadership and the strength of its economy, rich with opportunities and based on solid foundations to resist tremors experienced by global markets. A wide-ranging article written by its journalist Nicholas Zergani, Greece's powerful newspaper ‘Eleftherotypia' shed light on the thriving economy and civilisation in the UAE. The writer was in UAE to ...  >>MORE

Mohammed exempts companies from fines of renewal of licences

Posted on 07/01/2010

Vice President and Prime Minister of the UAE H. H. Sheikh Mohammed bin Rashid Al Maktoum issued in his capacity as Ruler of Dubai a decree exempting companies operating in Dubai from all fines imposed on them for not renewing their licences of practicing the profession on time. The exemption will also include companies operating in special development districts and free zones. Only companies who will rectify their status before the grace period ending June 2010 will benefit from this ...  >>MORE

Ajman to create 1,500 activities

Posted on 03/01/2010

Sheikh Rashid bin Humaid Al Nuaimi, Chairman of Ajman Municipality and Planning Department (AMPD), has instructed to create 1,500 new trade activities in the fields of public health and foods, according to results monitored by annual report 2009. This comes as a result of confidence between AMPD and people dealing with it as well as big demand for investment in emirate's market because of laws and facilities presented to such activities and noticeable increase of import and export in this ...  >>MORE

Registrations of foreign companies rise in UAE

Posted on 31/12/2009

The number of foreign companies registered in the UAE increased in 2009 despite the international financial crisis, the Ministry of Economy (MoE) has revealed. "There has been a large increase in the number of foreign firms registered with the ministry since the beginning of the crisis," Mariam Shamlan Issa, Head of the Foreign Companies Registration Section at the MoE's Commercial Registration Department, told Emirates Business. "The number of foreign companies registered in the country ...  >>MORE

National plan to develop small and medium businesses: Al Mansouri

Posted on 30/12/2009

His Excellency Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said the Ministry will be the federal authority responsible for developing the small and medium business sector in the UAE, following an official request from the Cabinet. He said the Ministry is working a national plan to drive economic development by enhancing the role of SMEs and in coordination with concerned government departments in the UAE. He was chairing the sixth meeting of the Coordination and Economic ...  >>MORE

Dubai to emerge stronger in post crisis era

Posted on 30/12/2009

Dubai will emerge stronger in the post global economic crisis era, according to Abdul Rahman Al Saleh, Director General of Dubai's Department of Finance. Addressing the The Emirates Bankers Forum, which is a monthly gathering organised by Sulaiman Al Mazroui, president of the forum, Al Saleh said Dubai is a fundamentally strong economy which can withstand the global crisis. "As we are all aware, Dubai has been hit by the crisis as have all economies around the world. Dubai is working ...  >>MORE

RAKIA introduces themed industry cluster concept

Posted on 29/12/2009

Ras Al Khaimah Investment Authority (RAKIA) has announced that it is planning to launch an elaborate concept of themed industry zones to create a world-class manufacture clustering with a high-quality business and industrial environment. Ras Al Khaimah is ideally situated to become an industrial centre in the region and has already emerged as an import and export hub servicing the global market in a number of industries like ceramic, cement and glass. With RAKIA's new cluster concept Ras Al ...  >>MORE

“Abu Dhabi –First” group wins ADCCI elections

Posted on 22/12/2009

H.E Ahmed Ibrahim Al Za'abi, head of elections committee of Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced today that the 'Abu Dhabi - First' alliance has swept the second leg of elections, winning the all 15 seats of the board for the term 2010- 2014. The group has won the highest number of votes cast with Fatima Obeid Al Jaber came in the first position, followed by Sheikh Mubarak bin Ham the second and the Khalfan Saeed Al Ka'abi taking the second and third places ...  >>MORE

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Quick List

UAE top ME acquirer in 2010


DME achieves new record in open interest


UAE business activity hits 10-month high


Abu Dhabi National Leasing to close Dh4.1bn in deals


UAE is full of investment opportunities for Dutch and international companies


Ministry is working on clearly defining SMEs, Al Mansoori


Investors looking to Dubai as the preferred FDI destination in the MENA region


UAE will see subdued growth in medium term


Al Tayer heads UAE delegation to 35th IDB Board of Governors meeting in Azerbaijan


UAE business confidence up 12%


Top Dubai firms slice costs by over 10%


Sharjah businesses move to boost performance


UAE firms lead Gulf corporate earnings growth


Etihad signs strings as brand ambassador


Dubai Holding’s unit generates Dh9.5b revenue


Ajman has 210% more new companies


Emirates A380 will return to New York from October


Investors name Dubai as top Mideast FDI hub


UAE leads region in capital access index


New firms show Ajman strength


Dubai repays Ijara tranche


Dubai Department of Economic Development issues 30% more licences in first quarter


Private shareholding companies added Dh1.338 billion to total capital in 2009


UAE corporate profits set to rise


Emaar's Burj Khalifa to boost 2010 revenues


Ali Rashed Ahmed Lootah appointed Chairman of Nakheel


Number of DED licences issued in Feb shows Dubai’s resilience


Nakheel launches comprehensive recapitalisation plan


UAE official rules out full foreign business ownership outside free zones


Luxury yachting destination to open on The World


UAE's DPG becomes member of UN Global Compact


UAE Government is among most trusted entities, says survey


UAE scores high in economic freedom


Greek Daily: UAE has overcome global financial crisis


Mohammed exempts companies from fines of renewal of licences


Ajman to create 1,500 activities


Registrations of foreign companies rise in UAE


National plan to develop small and medium businesses: Al Mansouri


Dubai to emerge stronger in post crisis era


RAKIA introduces themed industry cluster concept


“Abu Dhabi –First” group wins ADCCI elections