Zawya.com - UAE News

Chinese fair in Sharjah set to boost trade ties

Mon, 09 Nov 2009 13:43:01 GMT

The upcoming edition of Chinese Commodities Fair Sharjah will play a key role in strengthening the economic and trade co-operation between China and Middle East and neighbouring regions.

Germany's top three set their sights on Dubai event

Mon, 09 Nov 2009 13:41:42 GMT

BMW, Mercedes-Benz and Audi Sign Up for Middle East's Premier Automotive Event.

Burgeoning Interest in Abu Dhabi Real Estate and Investment Event 2010

Mon, 09 Nov 2009 13:36:21 GMT

International participation growing rapidly, with Spain, Morocco, UK, Lebanon and Egypt confirmed

Dubai To Pay Debts & Go Ahead With Projects: Ruler

Mon, 09 Nov 2009 13:30:02 GMT

Dubai will pay its massive debts and will go ahead with its ambitious development projects, the emirate's ruler Sheikh Mohammed bin Rashid al-Maktoum told an economic conference on Monday.

Record Surge In UAE Consumer Confidence

Mon, 09 Nov 2009 12:45:05 GMT

The UAE ranks as the eighth most optimistic country in the world in Q3 of 2009. At 102 points, the UAE enjoys more consumer confidence than the global average of 86 - representing a rise of 13 points over six months in the latest Nielsen Global Consumer Confidence Index, conducted in 54 markets during September and October 2009.

Dubai Will Stay The Course Of Progress: Sheikh Mohammed

Mon, 09 Nov 2009 12:43:33 GMT

The international financial crisis will never dissuade Dubai from going ahead with its development ambitions and will not dislocate it from its leadining position as an active player in the world economy, Vice President and Prime Minister of UAE and Ruler of Dubai H. H. Sheikh Mohammed bin Rashid Al Maktoum affirmed.

Abu Dhabi to host World Green Tourism Congress 2010

Mon, 09 Nov 2009 12:26:20 GMT

The Arabian Gulf emirate of Abu Dhabi - the largest of the seven which make up the United Arab Emirates (UAE) - is to host a major new international confex, World Green Tourism Congress (WGTC), in 2010.

flydubai starts service to Sudanese capital

Mon, 09 Nov 2009 12:20:51 GMT

flydubai, Dubai's first low cost airline, celebrated its eighth inaugural flight in less than six months last night when the airline's first flight to Sudan touched down at Khartoum International Airport.

Etihad Voted The World's Best Airline

Mon, 09 Nov 2009 12:18:03 GMT

Etihad Airways, the national airline of the UAE, has taken the top award at this year's World Travel Awards (WTA), being voted World's Leading Airline by more than 180,000 travel industry professionals from over 175 countries.

Dubai-based online retailer Nahel.com celebrates its official launch

Mon, 09 Nov 2009 10:28:46 GMT

Nahel.com, Dubai-based online retailer, officially opened its virtual doors for business this week. Unlimited by shelf space, the consumer-centric company offers over 10,000 products, with over 500 being added daily, and a product line spanning fashion, computers & office, electronics, health, beauty & perfume, watches, gaming & accessories.

Etihad & Aldar To Appeal $4.68M Force India Damages

Mon, 09 Nov 2009 08:54:48 GMT

Etihad Airways and Aldar Properties have decided to appeal a London High Court judgement that held the two firms liable to pay the Force India Formula One team $4.683 million (Dh17.20 million) in damages as compensation for a terminated sponsor deal.

Dubai Metro numbers beat expectations

Mon, 09 Nov 2009 08:04:27 GMT

Nearly three million passengers have used the Dubai Metro in its first two months at an average of 57,000 trips per day, about 40 per cent higher than the authority's pre-launch estimate, the Roads and Transport Authority said.

Imagenation are Street Dancing with Hyde Park

Mon, 09 Nov 2009 08:02:33 GMT

A joint venture between Abu Dhabi-based Imagenation and Ashok Amrtiraj's Hyde Park Entertainment Group is launching work on their latest venture called Street Dancing

Interior design firms see rise in project enquiries

Mon, 09 Nov 2009 08:00:20 GMT

There has been a tremendous increase in the number of project enquiries in the past two months from the interior design industry in Dubai as well as other GCC countries, according to a senior industry official.

Witness accuses ex-Tamweel staff

Mon, 09 Nov 2009 07:59:30 GMT

The Dubai Criminal Court heard new testimony in an ongoing case of financial wrongdoing in Tamweel yesterday, which showed that the five accused had revealed company secrets and accepted unauthorised payments.

Loan classification to be studied further in UAE

Mon, 09 Nov 2009 07:56:54 GMT

Even as the recession-hit developed markets are tightening banking regulations with a view to strengthening the capital base and risk management system in the banking industry, the Central Bank of UAE has proposed new regulations for wholesale banks, mortgage loans and protection of consumers.

Positive cues likely to keep UAE markets stable in Q4

Mon, 09 Nov 2009 07:49:57 GMT

A wave of good numbers from the domestic and international markets are expected to give momentum to the UAE stock markets in the fourth quarter, analysts believe.

Roller-coaster trading continues as DFM recovers

Mon, 09 Nov 2009 07:49:19 GMT

In the absence of any major fundamental trigger, the Dubai Financial Market (DFM) staged a recovery yesterday taking cues from a positive close in the US markets last weekend.

World Bank: Reform UAE Insolvency Laws

Mon, 09 Nov 2009 07:38:59 GMT

Creditors of companies that go bust in the Emirates are likely to be paid less than in most other Arab countries, creating a deterrent to investment, says a report from the World Bank.

RAK Airways Overhaul To Give UAE New Budget Carrier

Mon, 09 Nov 2009 07:37:10 GMT

The UAE will get its third budget carrier shortly as the now-defunct RAK Airways readies for an overhaul, Emirates Business has learnt.

Investor in row with BSEL over payment of interest

Mon, 09 Nov 2009 07:36:10 GMT

An investor in Ajman-based BSEL Infrastructure Realty's Pearl Tower is seeking 12 per cent interest on his principal amount as assured by the developer under his buyback offer.

Drei launches realty diploma programme

Mon, 09 Nov 2009 07:35:08 GMT

Dubai Real Estate Institute (Drei) has launched a qualification real estate diploma programme, which is a certificate approved by Real Estate Regulatory Authority (Rera).

Indians back in hunt for Dubai and London property

Mon, 09 Nov 2009 07:34:32 GMT

High net-worth Indians (HNIs) and non-resident Indians (NRIs) are again eyeing foreign shores for real estate investments as property prices in the niche segment in India are showing signs of robust recovery.

Majority pay back Al Tomooh funding

Mon, 09 Nov 2009 06:37:52 GMT

Al Tomooh Finance Scheme for Small National Businesses yesterday said as many as 57 national projects out of a total of 110 projects that it has financed so far have paid back their finances in full, showing a clear indication of their exceptional performance in the private sector.

Funding for UAE Educational System Upped by Dh200,000

Mon, 09 Nov 2009 06:35:50 GMT

Original research proposals addressing priority areas in the development of the UAE's educational system including those relevant to K-12 education, early childhood education and post secondary education will be given funding of up to Dh200,000 for up to 24 months by the Emirates Foundation for Philanthropy.

UAE Ministry of Health starts administering H1N1 vaccines

Mon, 09 Nov 2009 06:23:24 GMT

With an anticipated increase in H1N1 influenza cases during the winter season, the UAE now stands as the 21st country across the world to receive its first batch of H1N1 vaccine.

Dubai joins big league of global financial hubs

Mon, 09 Nov 2009 06:21:14 GMT

In the early stages of its development, sceptics dismissed the DIFC as another mammoth real-estate development. After five years in existence, the epic-scale DIFC project has proven its critics wrong.

DIFC Courts distinguish financial district

Mon, 09 Nov 2009 06:20:39 GMT

The DIFC Courts, the independent judicial system within the financial district, constitute a critical element of DIFC's offering to the financial industry.

UAE companies in full force at WTM

Mon, 09 Nov 2009 06:19:53 GMT

More than 400 exhibitors from the Middle East are participating in the World Travel Market (WTM) ? the world's second biggest travel and tourism gathering ? at London's ExCel that starts today and continues till November 12. London Mayor Boris Johnson is expected to inaugurate the event.

Mashreq Bank Restructures Its Asset Book

Mon, 09 Nov 2009 05:47:52 GMT

Mashreq, the largest private sector bank in Dubai, has restructured its asset book significantly by moving an additional Dh13.7 billion to the Central Bank and increasing loans to government and public sector entities byDh4.25bn, an analysis of the balance sheet said.

Dubai DSF 2010 To Kick Off On January 28

Mon, 09 Nov 2009 04:54:57 GMT

The DSF Office has announced dates for the 2010 edition of Dubai Shopping Festival and Dubai Summer Surprises as it presents a preview of DSF 2010 to a global audience at the World Travel Market 2009, which begins on November 9, and goes on till November 12 in London.

Unified Credit Reporting Body Set Up For ME

Mon, 09 Nov 2009 04:44:39 GMT

Credit bureaus based in the UAE, Bahrain, Oman and Pakistan on Sunday joined forces to set up the Middle East's first credit reporting association, an initiative that is expected to pave way to the formation of a unified credit bureau encompassing all countries ?of the region.

Dubai Repays $1 Billion Sukuk

Mon, 09 Nov 2009 04:38:31 GMT

The Government of Dubai's Department of Finance said yesterday that it has repaid in full the $1-billion (Dh3.67 billion) Dubai Civil Aviation Authority sukuk, which matured on November 4.

Abu Dhabi Finance Expands Its Reach To Rak Properties Clients In Abu Dhabi

Sun, 08 Nov 2009 13:26:24 GMT

Abu Dhabi Finance, the Emirate's fastest growing home finance provider, today established an agreement with RAK Properties to offer mortgages for all units in RAK Tower.

Half Of MENA Employers Likely To Hire In Next 3 Months

Sun, 08 Nov 2009 09:35:18 GMT

More than half of the region's employers, 52%, are planning to recruit over the next few months, as the region picks up following the global economic downturn- 26% definitely hiring and 26% probably hiring, according to the new Jobs Index study conducted by Bayt.com, in conjunction with YouGov Siraj.

Burooj Confirms Plans to Develop Projects for Middle Income Group

Sun, 08 Nov 2009 09:26:46 GMT

Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank, or ADIB, and the developer behind multiple realty projects in the UAE and Middle East, held its annual strategic planning workshop, focusing on the company's previous achievements and future plans in light of the current market conditions.

SICO: GCC Economics - The Numbers (08-Nov-09)

Sun, 08 Nov 2009 08:52:00 GMT

Attached is our monthly report "GCC Economics - The Numbers" providing a summary of the key GCC economic statistics reported by respective central banks. The report provides comparable data for all GCC countries so that the reader can compare and contrast the trends. The report also highlights some of the key trends and tries to identify relevant parameters on a regular basis. The report covers the following:

Broad Money Supply
GCC Banks' Asset, Equity, Deposits, Gross and Total Loans Extended
Banks' Net Foreign Asset and Central Banks FX Reserves
More than 1m UAE residents suffer from diabetes says expert

Sun, 08 Nov 2009 08:38:42 GMT
More than one million UAE residents suffer from diabetes despite better health services and better awareness, a senior doctor told a diabetes congress.

Dubai acts to boost trust in property sector

Sun, 08 Nov 2009 08:37:56 GMT
The Dubai government has set up a judicial committee that will settle cases involving bad cheques in the property sector, whether from a buyer or to pay rent, in a move that could offer assistance to tenants who are facing financial difficulties and boost confidence in the real-estate industry.

UAE Finalises H1N1 Plan for Haj

Sun, 08 Nov 2009 06:17:54 GMT
The UAE health ministry has finalised a comprehensive plan for pilgrims to deal with emergencies that may occur during Haj due to H1N1.

Danube Building Materials Launches Dh20m Retail Complex in Fujairah

Sun, 08 Nov 2009 06:15:10 GMT
Danube Building Materials has opened its new Dh20 million 'Danube Buildmart' retail complex in Fujairah. Located on the main shopping street in Fujairah, the 35,000 square feet facility is the fifth branch of Danube's retail complex concept in the UAE.

UAE: Raise in output not on agenda

Sun, 08 Nov 2009 06:13:28 GMT
UAE Oil Minister Mohammed Al Hamli said yesterday that raising oil production was not currently on the agenda for OPEC.

Normal fluctuation: DEWA

Sun, 08 Nov 2009 06:11:35 GMT
Soaring utility bills reported to 7DAYS by dozens of disgruntled readers have been blamed on "normal fluctuation" by Dubai Electricity and Water Authority (DEWA) despite some customers claiming a 200 per cent increase.

Job hunters fall prey to recruitment racket

Sun, 08 Nov 2009 06:07:10 GMT
A major recruitment racket run by swindlers, who falsely claim to represent leading UAE business groups and companies, is defrauding job hunters from around the world.

CBS faces police cases over bounced cheques

Sun, 08 Nov 2009 06:06:21 GMT
Some Burj Views apartment owners have filed police cases against Corporate Business Solutions (CBS) for bounced cheques, but they now face an arduous task of regaining possession of their apartments as they have been sub-leased to others by CBS, Emirates Business can reveal.

K&L Gates opens its first Middle East office at DIFC

Sun, 08 Nov 2009 06:03:46 GMT
Renowned global law firm K&L Gates LLP recently established its 33rd office worldwide - and the firm's first in the Middle East - following the granting of a licence to operate in the Dubai International Financial Centre (DIFC).

UAE banking indicators show solid growth signs

Sun, 08 Nov 2009 06:00:25 GMT
The UAE banking sector is treading its way to solid growth, banking indicators from the central bank and other government and private financial agencies show.

UAE remains a prime destination for FDI

Sun, 08 Nov 2009 05:59:21 GMT
The UAE has attracted more than $51 billion (Dh187bn) in foreign direct investment (FDI) in four years to maintain its position as the second largest FDI destination in the Arab region, according to official data.