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Nakheel Awards Dhs106m Contract For 90 Villas

The project will be within the developer’s Jumeirah Village Circle community. Work is expected to start immediately with an estimated completion date at the end of 2014.

For Banks In Cyber Heist, How To Get Their Money Back?

Bank of Muscat lost $40 million and UAE-based RAKBANK lost $5 million in the global heist.

Brazil Aims To Multiply Investments From UAE

The country is mainly eyeing investments in energy, logistics and infrastructure.

Abu Dhabi Tourism Company Loss Widens Amid Property Weakness

TDIC made a net loss of Dhs2.17 billion in 2012 due to impairments and depreciation compared with a loss of 1.27 billion in the previous year.

Emirates Airline Profit Up 52%

Dubai airline posts net profit of $622 million; Emirates Group profits up 34% to $845 million.

Dubai To Close Airport Runways For Upgrade In 2014

Flights will be diverted from Dubai International Airport to the new Dubai World Central during the 80-day period in May.

Dubai Financial Market Q1 Profit Slips 11.3%

DFM made a first quarter net profit of Dhs27.03 million.

Raffles Dubai Opens Dhs85,000-a-night Suite

Nine-seater cinema and private salon among striking features of Dhs85,000-a-night floor

Dubai’s Ruler Issues New Hotel Law

The new decree lays down regulations for the licensing and classifying of hotel establishments in Dubai.

UAE Central Bank Shuts Two Money Exchange Firms For Violations

The companies were identified as Al Hilal Exchange and Asia Exchange Centre.

Dubai Group Aims To Close $10bn Debt Deal By June 6

The proposed deal is the last big debt restructuring related to Dubai’s 2008-2009 financial crisis.

Intercontinental Hotels Group Targets Long-Stay Guests

IHG will open its first Staybridge Suites in Beirut in July and a contract should be signed in Dubai “pretty soon”.

Abu Dhabi’s TAQA Q1 Profit Falls 80%

The state-owned utility posted a net profit of Dhs106 million dirhams ($28.9 million) for the first quarter, compared with Dhs534 million for the year-ago period.

‘Rera Rental Calculators Need Updating’ – Lawyers

An updated and frequently monitored rent calculator can allay fears of eviction and regulate rents in the market.

Dubai Eyeing Alternate Plan For Debt Repayment

The emirate may issue another sovereign bond this year, says senior official.

Exclusive: Al Ghaith Says New Routes, New Planes For Flydubai

Speaking at Arabian Travel Market, al Ghaith revealed the carrier will welcome five new aircraft before the year is out.

Best Western Dubai Deal ‘In A Couple Of Weeks’

Last year Best Western opened its first hotels in Oman, Jordan and Saudi Arabia.

World Bank Unit Helping UAE Draft Law To Aid SME Lending

The new legislation will allow small and medium-sized firms to use machinery and other assets to back loans.

Tourists Spend $4.7bn On Visa Cards In UAE

The UK continues to be the top source market to the UAE with British Visa cardholders spending $540.4 million in 2012.

Emirates Plans 180 Destinations By 2020

The Dubai-based airline currently flies to over 120 destinations across six continents.

‘Emiratis Must Choose Career Progression Over Fat Salaries’, Experts Warn

Local leaders have urged Emiratis to prioritise knowledge and personality development over fancy job titles.

Aston Martin, Bentley Join Dubai Police Fleet

Not content with a Ferrari FF or Lamborghini Aventador, Dubai Police now use a rare Aston Martin One-77.

Arabian Travel Market 2013 – Day 1 Roundup

The most important news and announcements from the opening day of the region’s biggest travel event.

Emiratis Consider The Private Sector As Opportunities Dry Up

Young Emiratis still prefer government jobs but those are becoming scarcer. That fact is encouraging them to take a fresh look at opportunities in the private sector.

Etihad-South African Airways Become Codeshare & Interline Partners

The MoU between the two airlines makes provision for reciprocal ‘earn and burn’ with frequent flyer programs

Emirates-Qantas Deal Not A “Reaction” To Competition – Clark

Emirates president Tim Clark said the airlines were not influenced by Etihad’s partnership with Virgin Australia.

Commercial Bank Of Dubai Plans First Bond Issue

Gulf Arab banks have stepped up bond sales this year with over $5 billion of dollar-denominated bonds issued so far.

Emirates Islamic Bank Reports 101% Q1 Profit Jump

The bank recorded strong growth in net profit and net income compared to its first quarter in 2012

Dubai Says Repays $909m Bonds On Maturity

The repayment was part of a dual-tranche facility issued in April 2008.

Gulf Airlines Prepare For Boeing’s 777X Offering

Emirates and Qatar Airways are expected to be among the first and possibly biggest customers for Boeing’s latest aircraft.