Monday, Nov 09, 2009
The following is a list of top 10 business stories published by Zawya Dow Jones on Monday at 1315 GMT.
1.DUBAI RULER TELLS CRITICS TO "SHUT UP", ASSERTS UNITY
Dubai's ruler stressed Monday unity with the sheikdom's oil-rich neighbor Abu Dhabi and told critics to "shut up" amid ongoing concern over its ability to meet its financial commitments.
In one of his strongest statements on national unity between the seven member federation of emirates Sheik Mohammed bin Rashid Al Maktoum said "so to the people of you who nag over Dubai and Abu Dhabi, shut up!"
"There is no Dubai or Abu Dhabi," Sheik Mohammed, who is also Prime Minister of the United Arab Emirates, said. "We're one country." His comments weren't scripted as part of a speech given in Arabic at an investor conference in Dubai organized by Bank of America Merrill Lynch.
By Andrew Critchlow
2.DEWA GETS 5 BIDS FOR AED10B HASSYAN PWR,DESAL PROJ
State-utility Dubai Electricity and Water Authority, or Dewa, said Monday it received five bids for contracts to build an estimated 10 billion United Arab Emirates dirham ($2.7 billion) power and desalination plant that will help meet rising domestic electricity and water demand.
Doosan Heavy Industries and Construction Co. (034020.SE), Iberdrola S.A. (IBE.MC) and Saipem S.A. (SPM.MI) are among the companies that submitted bids for two packages being tendered by Dewa as part of the Hassyan power and seawater desalination project, according to an official announcement published by the state utility.
By Oliver Klaus
3.ABU DHABI PLANS CHIP FOUNDRY IN 4 YRS, EYES TOP SPOT
Abu Dhabi government-owned Advanced Technology Investment Co., or ATIC, will set up a foundry to produce semiconductors in Abu Dhabi in about four years, enabling its drive to compete with Taiwan Semiconductor Manufacturing Co., or TSMC (2330.TW) to become a leading global contract chipmaker, its chairman said Monday.
"In four years, you're going to see the first foundry here in Abu Dhabi," the capital of the United Arab Emirates, said Waleed Al Muhairi, chairman of ATIC and chief operating officer of government firm Mubadala Development Co.
By Nour Malas
4.MUBADALA TO LAUNCH AEROSPACE PARTS MANUFACTURING CO
Mubadala Development Co. will next week announce the formation of a company to manufacture parts for Airbus and Boeing aircraft as part of the Abu Dhabi government investment firm's diversification plans, its chief operating officer said Monday.
"Next week, we're announcing Strata, the first company that comes out of this initiative," Waleed Al Muhairi told a forum in Abu Dhabi.
"We've signed contracts with Airbus and Boeing and we'll be producing out of composite--so, advanced materials--pieces for the (Airbus) 380s, the 340s and the 330s," Al Muhairi said.
By Nour Malas
5.EMAL ALUMINUM SMELTER TO BEGIN PRODUCTION IN 4 WKS
Emirates Aluminium Co. Ltd. PJSC, or Emal, the joint venture between Abu Dhabi's Mubadala Development Co. and Dubai Aluminum Co., will begin producing aluminum in one month from what is set to be the world's largest single-site smelter, a Mubadala executive said Monday.
"We will be producing our first metal very, very, soon - in about four weeks," Waleed Al Muhairi, Mubadala's chief operating officer, told a forum in Abu Dhabi. "It's currently coming out of the ground, it's virtually finished."
By Nour Malas
6.IRAQ FIN MIN:CHINA AGREES TO ERASE 80% OF IRAQ DEBT
The Chinese government has agreed to write off 80% of the $8.47 billion debt Iraq owes the communist country, Iraq's finance minister Bayan Jabor said Monday.
In a copy of a statement obtained by Dow Jones Newswires, Jabor said that an Iraqi delegation headed by his advisor Aziz Jaafar recently signed an initial agreement to write off the debts which date back to former Iraqi leader Saddam Hussein.
By Hassan Hafidh
7.ETIHAD AIMS FOR PROFIT IN '11 AFTER '10 TARGET SLIPS
Etihad Airways, the national carrier of the United Arab Emirates, will focus on achieving profitability in 2011 after its original target of 2010 slipped, the carrier's chief executive said Monday.
"As we move into 2010, we intend to cement our place as the world's best airline, opening up new routes, taking delivery of new aircraft, investing in new products in the air and on the ground," James Hogan said in an emailed statement.
By Stefania Bianchi
8.VENTURE CAP CO TVM LAUNCHES $300 MLN EMIRATES FUND
TVM, Germany's leading venture capital firm, has launched a $300 million fund to help European companies invest in technology in the United Arab Emirates and across the Persian Gulf, the fund's director said Monday.
"We are investing in the 'hidden champions' of Germany, Austria, and Switzerland...in the growth of these companies coming to the U.A.E. and GCC," or Gulf Cooperation Council countries, said Reza Shaybani, TVM Emirates' managing director.
By Nour Malas
9.BAHRAIN CTL BK TO ISSUE DEVELOPMENT BONDS WORTH BHD55M
Bahrain's Central Bank said Monday the country will issue its first "development bonds" worth 55 million dinars ($145.9 million).
The bonds will be issued Nov. 12, 2009 by the country's main regulator on behalf of the government, the central bank said in a statement. The issue matures in two years and carries an interest rate of 2.75%.
By Maria Abi-Habib
10.GULF INTL BK SELLS SAR2B BOND AT 127.5 BPS OVER SIBOR
Bahrain-based Gulf International Bank said Monday it raised 2 billion Saudi riyals ($530 million) through the sale of a bond, priced at 127.5 basis points over the Saudi interbank offered rate.
The bank, which is majority owned by the Saudi Arabian Monetary Agency, received orders for more than SAR5 billion for what was originally a SAR1.5 billion bond issue, it said in an emailed statement.
By Mirna Sleiman
-Dubai Bureau, Dow Jones Newswires; +9714 3748044; djnews.dubai@dowjones.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
09-11-09 1316GMT
