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UAE Oil Firm Lamprell Fined Dhs13.3m By London Regulator

The UK’s Financial Services Authority said Lamprell failed to inform the market of its deteriorating financial position on time.

Dubai’s DP World Posts 21% Profit Growth For 2012

The company’s profit was boosted by a $249 million gain from sale of non-core assets.

Dubai-Based GFH Capital In Talks To Sell Leeds United Soccer Club

GFH Capital purchased the club from majority shareholder Ken Bates at the end of last year.

Abu Dhabi’s Kizad On Track To Generate 150,000 Jobs

Khalifa Industrial Zone Abu Dhabi has signed deals with 50 local and international companies, says CEO.

New Sri Lankan Airport Takes Flight With UAE Low-cost Carriers

New airport aims to boost business development along eastern and southern coasts and take pressure off Colombo

Abu Dhabi’s Al Hilal Bank To Issue Sukuk In Q3

The lender expects to obtain a credit rating in the coming two or three months.

Drake And Scull Wins Saudi, UAE Contracts Worth $100m

The contracts include Dhs287 million worth of work awarded by Al Rajhi Bank to construct facilities in Riyadh.

Dubai’s ICD Launches $2bn Loan Refinancing

The five-year senior unsecured financing will replace the remaining $2 billion five-year tranche of an original $6 billion loan.

Exclusive: Starwood Eyes Rocco Forte Hotel Abu Dhabi

Starwood confirms discussions are ongoing as market speculation increases that the striking hotel will soon be converted to a Sheraton

Ramadan In UAE To Start On July 10

The crescent moon will be seen on July 9, signaling the start of Ramadan the next day. Eid Al Fitr holiday will commence on August 9.

Trade Between Arab Region, Brazil Hits $26bn In 2012

Trade flows between the regions increased by 3.26 per cent in 2012 compared to the previous year.

Air Seychelles Records $1 Million Profit

Etihad’s 40 per cent stake in the airline a year ago has produced a financial turnaround

Dubai Developer Emaar’s 2012 Apartment Sales Double

Emaar made a revenue of Dhs2.5 billion from apartment sales last year, compared to Dhs1.1 billion in 2011.

Libya Halts Telco Management Contract – Etisalat CEO

Etisalat is keen on winning the contract to run state-owned Libyan Post, Telecommunication and Information Technology Co.

UAE Opens World’s Largest Concentrated Solar Power Plant

The 100-megawatt, grid connected power plant, Shams 1, will generate clean energy to power 20,000 homes in the UAE.

Dubai’s First Al-Sufouh Tram To Arrive In December

About 52 per cent of the overall project has been completed so far, say officials.

UAE Central Bank Orders Speedy Mortgage Review

The central bank has previously backed off from enforcing regulations after complaints from the banks.

How To Set Up A Pension Fund In The UAE

Start saving for your future as soon as you begin earning, advises Jahangir Aka, head of SEI Investments Middle East.

Locals Venture Into Business In Changing UAE

Is the government finally succeeding in persuading a significant number of local citizens to start their own firms?

UAE’s Dana Gas Sukuk Restructuring Vote Postponed To March 21

Abu Dhabi-listed energy company Dana missed repayment of its $920 million sukuk that matured in October last year.

Dubai Lynx Awards 2013 Announced

Y&R Dubai bags agency of the year award for the third year in a row.

Emirati Female Entrepreneurs On The Rise

Men still 2.8 times more likely to start a business in MENA as the UAE ranks 22nd on a global survey for ease of setting up a company.

UAE Central Bank Says Discount Window On Track

Last September the central bank announced it would develop its monetary policy framework enabling banks to borrow intra-day and overnight funds.

Sheraton Dubai Creek To Close For Upgrade

The renovation will start on July 8 and is expected to take up to 10 months.

UAE Central Bank Says Will Enforce Curbs On Risk

The regulator is looking to implement previously issued rules and policies.

Dubai Islamic Launches $1bn Tier 1 Sukuk

Arranging banks said order books totalled $14 billion, indicating massive demand for the deal.

Broker FIS Says Relocating Ship Futures To Dubai

Managing director John Banaszkiewicz says the broker will take advantage of Dubai’s proximity to Asia.

Abu Dhabi In Nearly $7bn Oil Investment In Malaysia

The emirate has signed an agreement for a petroleum storage facility in Malaysia’s Johor state.

UAE Announces Cabinet Reshuffle; Replaces Energy Minister

The cabinet reshuffle includes four new ministers and one new ministry.

Emirates Sends A380 Signal To Mauritius

Special service marks island’s 45th anniversary of independence – and serves as a capacity-raising hint from the airline