Emirates Integrated Telecommunications Company PJSC (Du) today announced full year results to 31 December 2009, recording another successful year of growth with net profit before royalty at record highs reaching Dhs528m. Highlights for the full year: • 1,011,200 active mobile customers acquired,... (Continue reading)
Dubai has discovered an offshore oil field, the office of Dubai’s ruler said today in a statement. The small oil producer Dubai was evaluating the size of the field and potential production, the statement is saying. The ruler’s office was... (Continue reading)
Etisalat announced on Sunday net profits of AED 8.8bn ($ 2.4 bn) for 2009. The year before (2008) Etisalat made AED 8.5bn in net profit. The company said in a statement that it had achieved revenues of AED 30.8 bn,... (Continue reading)
The biggest investment company on the Dubai Financial Market, Dubai Investments PJSC, announced a net profit of AED 963 Million as the preliminary results for last year 2009. Dubai Investments reported a consolidated total income of Dhs3.67 Billion for the... (Continue reading)
Dubai was planning to move the Queen Elizabeth 2 (ex)cruise liner to South Africa. You may have heard about a UAE company called Dubai World? Of course you have. They are the owner of the QE 2 (via their investment... (Continue reading)
Together with plunging values, missed home loan payments and abandoned properties, Dubai’s property market is a lot like others around the world. Apart from the fact that there have been no foreclosures in the emirate until now. Barclays recently won Dubai’s... (Continue reading)
Nakheel, the Dubai based property developer and part of Dubai World, has to pay back part of a 750 million US$ bond in 7 days. Dubai World, Nakheel’s parent company, is looking for a standstill of it’s 22 billion US$... (Continue reading)
The moment we’ve all been waiting for is here… There was a mad rush of traffic that started early in the day as residents of the city rushed to the Down Town Burj Dubai area for what promised to be... (Continue reading)
Rent increases will be contained in 2010, according to a decree issued on Wednesday, which says that rent can only rise if it is at least a quarter below market values. His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President... (Continue reading)
Even though it was expected from Dubai World’s creditors, the company did not ask for a standstill on its debts in today’s meeting in Dubai. It was the first face to face meeting of Dubai World officials with their creditors... (Continue reading)
In a dramatic U-turn, Dubai today announced that it has received a $10bn bail-out from the neighboring Emirate Abu Dhabi that will enable it to pay off the immediate debts of its most troubled state-run companies. Confirmation that the government... (Continue reading)
Today the Dubai Stock Market DFM rebounded from it’s low yesterday on a relatively high turnover. The last few days since the shocking announcement of Dubai World had obviously an impact on the stock markets of the United Arab Emirates.... (Continue reading)
Yesterday a television station reported that Dubai Group, a unit of Dubai Holding, has sold its stake in EFG-Hermes, the Egyptian Investment Bank, for $120 Million. Rumors are rife about who the buyer may be. According to news reports on the... (Continue reading)
A week ago, Dubai announced to the world that one of its largest entities, Dubai World, will be seeking a moratorium on its debt, believed to be somewhere in the range of $60 Billion. Soon after, various holidays around the world... (Continue reading)
Dubai’s government said it hasn’t guaranteed the debt of Dubai World, the state-controlled holding company struggling with $59 billion in liabilities, and that creditors must help it restructure. “It is correct that the government owns Dubai World, but the decision... (Continue reading)
Dubai bourse slumped 7.30 per cent at end of trading session today while Abu Dhabi dropped 8.24 per cent to 2,670 as market sentiments remained down on Dubai World restructuring news. The Dubai bourse closed 7.30 per cent lower at... (Continue reading)
Dubai has made it into the international news again. This time it’s all about one of Dubai’s biggest companies – DUBAI WORLD. The news read like: Indian stock markets joined the tumble in bourses around the world on Friday after Dubai... (Continue reading)
The head of the Dubai International Financial Centre (DIFC) has been replaced in what is being described as a strategic re-positioning related to continuing financial issues in the emirate. , who has been governor of the centre since it opened its... (Continue reading)
The Dubai Airshow opened on a reassuring note on Sunday, with Airbus, Rolls-Royce and other aviation companies trumpeting combined orders worth several billion dollars. The announcements set an uplifting tone for a show that takes place amid a severe downturn... (Continue reading)
Dubai property prices rose in the third quarter for the first time since the emirate’s property market crashed late last year, but are still almost 50% lower than a year earlier, U.K.-based real estate consultancy Colliers International said Tuesday. Prices... (Continue reading)