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THE ECONOMY - BUSINESS

“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

UAE business confidence among highest in world

Posted on 17/12/2009

Confidence levels in the UAE have soared as business leaders agree signs of green shoots have been more apparent. A research by international law firm Eversheds show that respondents in the UAE is now more positive, with 69 per cent saying they are confident of their economic prospects over the coming year. The research shows confidence levels in Dubai were at 63 per cent. This is significantly higher than London's 22 per cent and New York's 35 per cent. The UAE is not very far off from ...  >>MORE

New bankruptcy law to be announced in the UAE within months

Posted on 16/12/2009

A comprehensive bankruptcy protection law is expected to be announced by the UAE Federal Government ‘within months', which will give adequate legal cover to companies under financial stress, a top Dubai Government official said. "The government is working on issuing a comprehensive bankruptcy/insolvency law that will protect businesses under financial stress and help them move forward," Hamad Bu Amim, director-general of the Dubai Chamber of Commerce and Industry told Gulf News. "This is in ...  >>MORE

Dubai Deputy Ruler receives CEO of J.P. Morgan

Posted on 11/12/2009

Deputy Ruler of Dubai and Chairman of Dubai International Financial Centre (DIFC) HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, received yesterday James Staley, CEO, Asset Management, of J.P. Morgan. At a meeting held at the Deputy Ruler's office, they reviewed the overall regional and global economic and financial situation. JP Moragan's regional office is based at the DIFC. Sheikh Maktoum discussed with Staley regional and international economic and financial developments. They ...  >>MORE

UAE has the fourth-best tax regime in the world

Posted on 09/12/2009

The UAE has the fourth-best tax regime in the world for businesses and this helped the country to continue to attract direct foreign investment during the global meltdown, according to a new study. The report Paying Taxes 2010 – The Global Picture places the UAE among the top 10 economies with the lowest total tax rates (TTR) and simplest compliance requirements for doing business. The study was produced jointly by the World Bank Group, PricewaterhouseCoopers (PwC) and the International ...  >>MORE

Al Mansouri: Debt restructuring is normal business response

Posted on 03/12/2009

HE Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, stated today that debt restructuring is a normal business response and the decision by Dubai World to tackle its debts is in the right track and proves the transparency of Dubai in addressing the concern. Al Mansouri said that Dubai economy has scored strategic achievements locally and internationally. "Dubai is an integral part of the United Arab Emirates, the second largest Arab economy," he said. On the media response to Dubai ...  >>MORE

UAE surpasses Southeast Asian tigers in business confidence

Posted on 22/11/2009

The UAE said yesterday it had surpassed the Southeast Asian economic tigers Singapore and Hong Kong in business confidence for two successive quarters this year. Minister of Foreign Trade Sheikha Lubna bint Khalid Al Qasimi said the UAE had started to recover from the global financial crisis and this would be demonstrated in a strong growth in the country's foreign trade this year. She was addressing the Federation of UAE Chambers of Commerce and Industry. – Emirates Business 24|7 ...  >>MORE

Lubna Al Qassimi urges Mexican companies to benefit from UAE markets

Posted on 01/10/2009

Minister of Foreign Trade HE Sheikha Lubna Bint Khalid Al Qassimi discussed yesterday with the Governor of the Mexican state of Veracruz, Fidel Herrera, a number of issues related to the development of bilateral cooperation between the UAE and Mexico, especially in the avenues of economy and commerce. The minister asserted UAE's keenness and interest in developing friendly relations with Mexico in all areas and underscored the importance of continued communication and promotion of meetings ...  >>MORE

NBAD to partner in US$1 b aviation fund

Posted on 28/09/2009

National Bank of Abu Dhabi and Germany's DVB Bank SE are forming a joint-venture to launch a US$1 billion investment fund to pay for purchases of commercial aircraft and jet engines. The fund, to be launched within the next 60 days, will finance the acquisition of assets that the banks will then lease out to international airlines, NBAD officials said on Sunday. The partners expect to purchase mainstream jetliners, primarily those manufactured by Boeing Co. and Airbus, they told Khaleej Times. ...  >>MORE

Credit Suisse raises target prices of six UAE banks

Posted on 24/09/2009

Credit Suisse has raised the target prices of six UAE banks and upgraded the Dubai Islamic Bank and the National Bank of Abu Dhabi to ‘neutral' from ‘underperform,' citing the banks' share prices have risen as investors are increasingly getting confident about their ability to recover from the 
liquidity crisis. Credit Suisse kept its ‘outperform' rating for its top picks — First Gulf Bank and Union National Bank. These two bank were favoured for their attractive valuations, high ...  >>MORE

Dubai Holding to pay off Sama Dubai's US$300m

Posted on 24/09/2009

Dubai Holding yesterday said it will pay off Sama Dubai's three-year US$300 million (Dh1.1 billion) loan facility, which matures on September 27. "Dubai Holding and its entities will meet their financial obligations in full and on the maturity date," a Dubai Holding spokesman told Reuters, referring to the loan facility. Sama Dubai is the property arm of Dubai Holding and is being merged with local companies Dubai Properties, leisure developer Tatweer, and Emaar Properties. Emirates Bank ...  >>MORE

Firm will target foreign investors for new US$500m MENA stock fund

Posted on 23/09/2009

The National Investor (TNI), an investment bank based in Abu Dhabi, yesterday announced plans to raise up to US$500 million (Dh1.83 billion) from local and international investors for a new fund targeting stocks in the Middle East and North Africa (MENA). TNI aims to attract a significant portion of the fund's assets from investors in Europe and the Far East, continuing a trend in which investment firms from the region have been looking increasingly to bring foreign capital to the GCC. Kashif ...  >>MORE

DIFC law updates to stimulate growth in niche sectors

Posted on 21/09/2009

Updates to the Dubai International Financial Centre's (DIFC) Companies Law and Insolvency Law enacted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, will provide enhanced security and confidence to the emirate's financial sector, analysts said. The updates in the Companies Law cover certain registration requirements specified by the DIFC Registrar of Companies, while the updates to the Insolvency Law incorporate changes ...  >>MORE

UAE among top global savers

Posted on 17/09/2009

The UAE and some of its Gulf neighbours are among countries that have topped global surplus savings according to data compiled by Standard Chartered Bank. The UAE's surplus savings between 2002 and 2008 are estimated at US$153 billion (Dh562.73 billion). Surplus savings, which are gross domestic savings less gross domestic investment, represent a country's current account balance. Savings as a percentage of the gross domestic product (GDP), the UAE's current account surplus at 16 per cent ...  >>MORE

UAE shines on wealth index

Posted on 16/09/2009

The UAE and Switzerland led the global wealth ranking with millionaire households accounting for 6.1 per cent of all households in both countries - almost nine times the global average, according to the latest Global Wealth report by Boston Consulting Group (BCG), issued on Tuesday. "The rise in oil prices has been a major driver of economic growth in the GCC region, but governments have also been diversifying their economies to develop sustainable income sources beyond the oil industry," the ...  >>MORE

Nasdaq Dubai market cap up 98% in crisis-ridden 2009

Posted on 16/09/2009

Defying local, regional and international trends, Nasdaq Dubai has seen the market capitalisation of its listed firms rise by an impressive 98 per cent this year. It rose from US$14.13 billion (Dh52.5bn) on Dec-ember 31, 2008, to US$28.14bn as of yesterday, Emirates Business research reveals. The Dubai-based international exchange, which has had its share of teething problems since it was first launched as the Dubai International Financial Exchange on September 26, 2005, has seen stock prices ...  >>MORE

UAE invites Japanese investors

Posted on 15/09/2009

Japanese companies have been urged to invest more in the UAE to take advantage of positive developments in the country's economy and rich opportunities in its markets. The call came from Sheikha Lubna bint Khalid Al Qasimi, the Minister of Foreign Trade, during a meeting with a Japanese trade delegation led by Takuma Hatano, Deputy CEO of Japanese firm Global Toyo. Sheikha Lubna highlighted the country's robust investment environment and sound legal framework. "The UAE has an excellent ...  >>MORE

Dubai Financial Market is in final stages of launching the new cutting-edge trading platform "X-Stream"

Posted on 14/09/2009

Dubai Financial Market (DFM) announced yesterday that it is in the final stages of launching the new state of the art trading system "X-Stream", one of the best trading systems in the world's financial markets. The new fully integrated trading platform is part of DFM's drive for modernizing since its very inception in the year 2000. DFM will be the first regional market in the GCC to adopt this highly sophisticated trading system. The launch date for this major development will be announced ...  >>MORE

D.E Shaw Group Opens Office in the DIFC

Posted on 13/09/2009

The D. E. Shaw group, a leading global investment firm, yesterday announced that the Dubai Financial Services Authority (DFSA) has granted D. E. Shaw '&' Co. MENA, Ltd. a license to operate in the Dubai International Financial Centre (DIFC). Established in 1988, the D. E. Shaw group has more than 1,600 employees and approximately US$29 billion in investment and committed capital as of July 1, 2009. The firm has been an active participant in the Middle East and North Africa (MENA) region's ...  >>MORE

Emirates Steel to raise US$600m in Q1

Posted on 03/09/2009

Emirates Steel, owned by the Government of Abu Dhabi, will tap markets for about US$600 million (Dh2.2 billion) in the first quarter of next year to fund expansion and consolidate debt, its chief financial officer said yesterday. The company, which is held by Abu Dhabi Basic Industries Corporation, also expects to complete a US$700m bridge loan extension by mid-October, pushing it back to next August. Emirates Steel took up the US$700m loan in May 2008 to fund the first phase of ...  >>MORE

Dubai Holding makes key appointment

Posted on 30/08/2009

Dubai Holding yesterday said it has appointed Hashim Al Dabbal as executive chairman of the newly created property vertical as part of the restructuring of its real estate assets ahead of a planned merger with Emaar Properties in October. Al Dabbal was the executive chairman of the Dubai Properties Group. Dubai Holding also appointed Khalid Al Malek, formerly the chief executive of Tatweer, as Group CEO of the property vertical. Dr Muhadditha Al Hashimi will now be acting CEO for Tatweer. ...  >>MORE

Abu Dhabi enforces business offences law

Posted on 23/08/2009

Abu Dhabi yesterday began enforcing a new law to curb fraud and other economic offences as part of the emirate's long-term development strategy intended to spur investment and ease reliance on volatile oil sales. The Abu Dhabi Department of Economic Development (DED) said law enforcers from various government offices would intensify inspections of economic and other business establishments in the emirate under the new law, which specifies heavy fines and jail terms for the offenders. The ...  >>MORE

Dubai Holding to streamline its operations

Posted on 17/08/2009

Dubai Holding announced yesterday that it is realigning its organisational structure to streamline its operations and ensure the continued delivery of projects and organisation's future growth. Building on its strengths and core competencies in four major operational specialisations, Dubai Holding is reorganising its businesses into property, business parks, hospitality and investments verticals. The realignment will deliver significant efficiencies as the group prepares for the economic ...  >>MORE

Dubai Department of Economic Development announces intent to move to Entrepreneur Business Village

Posted on 06/07/2009

The Department of Economic Development (DED) yesterday announced it will move its offices, and the offices of its four agencies, to the Entrepreneur Business Village, the emirate's first integrated hub dedicated to entrepreneurs and business innovation. The upcoming move, seen as indicator of continuing confidence and economic growth in the emirate, is part of DED's commitment to enriching and improving access to its customer services. The Entrepreneur Business Village, a brand new ...  >>MORE

UAE scores high among the world's best financial locations

Posted on 25/06/2009

The UAE has topped the table of the best financial locations in emerging markets for expatriates, according to an HSBC report, illustrating that wealth is moving east. In the bank's report, titled Expat Economics, it showed that the UAE was among the top five locations worldwide for expats in terms of finances. Economic powerhouse Saudi Arabia and fellow-GCC state Qatar were also in the top five, both ranked above the UAE . Russia won the number one spot while Hong Kong came in fourth. ...  >>MORE

Budding entrepreneurs in Dubai get a new address in Deira

Posted on 21/06/2009

Dubai's budding entrepreneurs will soon have a new address, Entrepreneur Business Village - a one million square foot cluster that will cater to the emirate's small and medium enterprises (SMEs). The Mohammad Bin Rashid Establishment for Young Business Leaders (MBRE) - an entity established by the Dubai Government in 2002 to promote entrepreneurship and SMEs - yesterday said it is inviting small, medium and large businesses and investors to be part of the Village. "Commercial space within ...  >>MORE

Chambers back 100% foreign ownership plan

Posted on 18/06/2009

The proposal to allow 100 per cent foreign ownership of companies has the support of the Federation of UAE Chambers of Commerce and Industry, said Chairman Salah Salem bin Omair Al Shamsi. "The federation will push towards 100 per cent foreign ownership of UAE companies, which would replace the current 51/49 per cent national/expatriate quota," he said after a meeting of the group's general assembly. "Such a rule would help to attract investors." Al Shamsi said the federation was acting as a ...  >>MORE

Dubai luxury good sales slump 45 per cent

Posted on 09/06/2009

Sales of luxury goods in Dubai have dropped about 45 per cent since the global economic crisis prompted local shoppers to tighten their purse strings and tourists to rethink spending sprees, a top retailer said. Speaking at a summit in Dubai, Tony Jashanmal, a Director of the 90-year old Jashanmal Group of Companies, said the worst of the first real downturn in the region's retail sector in about 17 years had passed. But the repercussions would linger as retailers scramble to sell excess ...  >>MORE

UAE family firms see future opportunities better than their US counterparts: study

Posted on 09/06/2009

CEOs and members in family businesses in the UAE have a higher perception of business opportunities in their sector of operations than their counterparts in the United States, according to a survey. Entitled Differing perceptions and challenges facing UAE family businesses: Implications for practice, The study released by the Dubai International Financial Centre (DIFC) research unit, was done with the support of the Walker Centre for Global Entrepreneurship at Thunderbird School of Global ...  >>MORE

UAE tops Arab competitive rankings

Posted on 08/06/2009

A new report entitled Responsible Competitiveness in the Arab World 2009, the results of which were released exclusively to Emirates Business, shows the UAE topping the Arab Responsible Competitiveness Index (see graph). The report, put together by Accountability, a non-profit global think-tank, contains analysis of Arab issues and opportunities and is published every two years. This time it has expanded its coverage to 15 Arab countries. It looks at responsible leadership within the ...  >>MORE

UAE to launch investment firm for women

Posted on 10/05/2009

The UAE will launch a company that will provide investment and asset management services for women and families within an ongoing programme to support female business, the project manager said yesterday. The Central Bank has already approved the company, which will be announced shortly as one of a handful of household investment services ventures in the region, said Fatima Al Jaber, Chief Executive Officer of Abu Dhabi-based Al Jaber Holdings. Al Jaber, who will head the new company, ...  >>MORE

Women investors advised to seek gold as a safe haven in tough times

Posted on 10/05/2009

The Abu Dhabi Business Women Council has called on women investors to invest in gold as a safe haven at the moment. Huda Abdul Rahman Al Matroushi, Executive Board Member of the council, was speaking to Emirates Business on the sidelines of the Empowering Women in Finance conference at Emirates Palace yesterday. She said the council felt it was the best time now to buy and invest in gold. The council's studies have shown that the price of an ounce of gold will go up from the current US$915 ...  >>MORE

DMCC's state-of-the-art vault begins operations from Sunday

Posted on 23/04/2009

Dubai Multi Commodities Centre (DMCC) yesterday announced its new vault will be operational from April 26. Situated in the heart of the Jumeirah Lakes Towers freezone community, the DMCC vault combines the advantages of a unique location together with the highest global security standards. The vault is intended for both short- and long-term storage of precious metals and other high-value products. The vault will be open to local and international banks, corporates, HNWIs and DMCC members and ...  >>MORE

Dewa posts Dh4.24b profit on lower costs

Posted on 13/04/2009

Dubai Electricity and Water Authority (Dewa), the emirate's sole utility provider that has billions of dirhams worth of investment commitments, made a profit of Dh4.24 billion last year compared with a loss of Dh744 million in 2007. Its revenue during the year increased by 52.5 per cent to Dh9.29 billion, while the cost of generation and distribution fell by about 32 per cent to Dh4.34 billion. Dewa's finance cost last year rose 46 per cent to Dh489 million as the utility's borrowings ...  >>MORE

SCA signs MoU with French counterpart

Posted on 09/04/2009

The Emirates Securities and Commodities Authority (SCA) has signed with its French counterpart a memorandum of understanding (MoU) on boosting and insuring investment, as well as sharing of experience and improving the performance of the two sides. SCA Executive Chairman, Abdullah Salim Al-Tareifi, signed the MoU for the UAE side, while the Jean Pierre Gueye, Chairman of the France Securities and Commodities Authority, signed for the French side in a short ceremony which was attended by UAE ...  >>MORE

Capitala not to expand overseas, remains focused on Abu Dhabi

Posted on 08/04/2009

Capitala, an Abu Dhabi-based master developer, has ruled out plans for any overseas expansion and will remain focused on developments in the capital, a top company executive said yesterday. "Our focus will be on Abu Dhabi. There are no plans to go outside the capital, as we need to be successful in our venture here," Peter Wilding, Deputy Chief Executive Officer, Capitala, told Emirates Business. The company is a joint venture between Mubadala Development and Singapore-based CapitaLand, where ...  >>MORE

DP World signs deal to improve fire safety at UAE terminals

Posted on 08/04/2009

DP World, the global terminal operating arm of Dubai World, has signed an agreement with Imdaad, an integrated facility management solutions provider, to provide comprehensive maintenance services for fire-fighting systems at DP World's UAE terminals in Dubai. According to the deal, Imdaad will be in charge of total maintenance of UAE region's fire-fighting systems that include fire extinguishers, fire pumps (electric and diesel), fire hydrants, sprinkler systems, hose reels, and concealed ...  >>MORE

GE Energy signs US$200 million service contract with Emirates Aluminium

Posted on 07/04/2009

GE Energy yesterday announced a multi-year Contractual Service Agreement (CSA) with Emirates Aluminium (EMAL) as it nears completion of what will become the world's largest single-site aluminum smelter complex. The CSA will support EMAL's recent investment in GE gas turbines and the long-term productivity and efficiency of the turbines. Under the CSA, GE Energy will supply a wide range of services for the gas turbines, which are equipped with its advanced emission control technologies to help ...  >>MORE

Nakheel, Amburaya to develop joint venture in Thailand

Posted on 05/04/2009

Nakheel, Dubai's master developer, has joined Thailand's Amburaya Hotels '&' Resorts to transform Thailand's idyllic Koh Samui Island with the launch of a stunning integrated resort development comprising 17 luxurious private residences and a 75-key all-villa hotel. The joint-venture project is positioned on an exclusive 27-acre headland site with 900 metres of private beachfront, approximately 15-minutes drive from Samui International Airport. The W Koh Samui Retreat '&' Residences will be ...  >>MORE

TDIC secures mortgage agreements with leading financial institutions

Posted on 02/04/2009

Tourism Development '&' Investment Company (TDIC) yesterday announced that it has secured a number of mortgage financing agreements, with some of the UAE's largest banks and leading financial institutions for real estate on Saadiyat Island, a natural island just 500 metres offshore Abu Dhabi City. Abu Dhabi Finance, Standard Chartered Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Mashreq Bank can now offer potential homeowners looking to buy real estate on Saadiyat with a ...  >>MORE

ADNOC renews gas venture

Posted on 01/04/2009

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

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Quick List

“Abu Dhabi –First” group wins ADCCI elections


UAE business confidence among highest in world


New bankruptcy law to be announced in the UAE within months


Dubai Deputy Ruler receives CEO of J.P. Morgan


UAE has the fourth-best tax regime in the world


Al Mansouri: Debt restructuring is normal business response


UAE surpasses Southeast Asian tigers in business confidence


Lubna Al Qassimi urges Mexican companies to benefit from UAE markets


NBAD to partner in US$1 b aviation fund


Credit Suisse raises target prices of six UAE banks


Dubai Holding to pay off Sama Dubai's US$300m


Firm will target foreign investors for new US$500m MENA stock fund


DIFC law updates to stimulate growth in niche sectors


UAE among top global savers


UAE shines on wealth index


Nasdaq Dubai market cap up 98% in crisis-ridden 2009


UAE invites Japanese investors


Dubai Financial Market is in final stages of launching the new cutting-edge trading platform "X-Stream"


D.E Shaw Group Opens Office in the DIFC


Emirates Steel to raise US$600m in Q1


Dubai Holding makes key appointment


Abu Dhabi enforces business offences law


Dubai Holding to streamline its operations


Dubai Department of Economic Development announces intent to move to Entrepreneur Business Village


UAE scores high among the world's best financial locations


Budding entrepreneurs in Dubai get a new address in Deira


Chambers back 100% foreign ownership plan


Dubai luxury good sales slump 45 per cent


UAE family firms see future opportunities better than their US counterparts: study


UAE tops Arab competitive rankings


UAE to launch investment firm for women


Women investors advised to seek gold as a safe haven in tough times


DMCC's state-of-the-art vault begins operations from Sunday


Dewa posts Dh4.24b profit on lower costs


SCA signs MoU with French counterpart


Capitala not to expand overseas, remains focused on Abu Dhabi


DP World signs deal to improve fire safety at UAE terminals


GE Energy signs US$200 million service contract with Emirates Aluminium


Nakheel, Amburaya to develop joint venture in Thailand


TDIC secures mortgage agreements with leading financial institutions


ADNOC renews gas venture