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.
Bank of Muscat lost $40 million and UAE-based RAKBANK lost $5 million in the global heist.
The country is mainly eyeing investments in energy, logistics and infrastructure.
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.
Dubai airline posts net profit of $622 million; Emirates Group profits up 34% to $845 million.
Flights will be diverted from Dubai International Airport to the new Dubai World Central during the 80-day period in May.
DFM made a first quarter net profit of Dhs27.03 million.
Nine-seater cinema and private salon among striking features of Dhs85,000-a-night floor
The new decree lays down regulations for the licensing and classifying of hotel establishments in Dubai.
The companies were identified as Al Hilal Exchange and Asia Exchange Centre.
The proposed deal is the last big debt restructuring related to Dubai’s 2008-2009 financial crisis.
IHG will open its first Staybridge Suites in Beirut in July and a contract should be signed in Dubai “pretty soon”.
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.
An updated and frequently monitored rent calculator can allay fears of eviction and regulate rents in the market.
The emirate may issue another sovereign bond this year, says senior official.
Speaking at Arabian Travel Market, al Ghaith revealed the carrier will welcome five new aircraft before the year is out.
Last year Best Western opened its first hotels in Oman, Jordan and Saudi Arabia.
The new legislation will allow small and medium-sized firms to use machinery and other assets to back loans.
The UK continues to be the top source market to the UAE with British Visa cardholders spending $540.4 million in 2012.
The Dubai-based airline currently flies to over 120 destinations across six continents.
Local leaders have urged Emiratis to prioritise knowledge and personality development over fancy job titles.
Not content with a Ferrari FF or Lamborghini Aventador, Dubai Police now use a rare Aston Martin One-77.
The most important news and announcements from the opening day of the region’s biggest travel event.
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.
The MoU between the two airlines makes provision for reciprocal ‘earn and burn’ with frequent flyer programs
Emirates president Tim Clark said the airlines were not influenced by Etihad’s partnership with Virgin Australia.
Gulf Arab banks have stepped up bond sales this year with over $5 billion of dollar-denominated bonds issued so far.
The bank recorded strong growth in net profit and net income compared to its first quarter in 2012
The repayment was part of a dual-tranche facility issued in April 2008.
Emirates and Qatar Airways are expected to be among the first and possibly biggest customers for Boeing’s latest aircraft.