Home GCC UAE

UAE

UAE Rejects Easing Of Foreign Ownership Rules

The council rejected a clause that would allow foreign parties to own stakes of up to 100 per cent in companies.

Drake & Scull 2012 Net Profit Drops 41.8%

The construction firm attributed the drop to growth in its civil business and the establishment of new offices in Iraq and India.

UAE’s Gulf Capital Buys Stake In Oilfield Services

Gulf Capital, which has around $1 billion in assets under management, did not provide financial terms.

Flydubai Announces First Net Profit Since Launch

HH Sheikh Ahmed reveals Dubai’s new Al Maktoum International airport is to be inaugurated in October this year.

Mashreq Sees 10-15% Profit Rise In 2013

Chief executive Abdulaziz Al Ghurairis optimistic about the bank’s performance this year.

Damac Launches Partnership With Fendi

The announcement marked a rare public appearance from the chairman of DAMAC, Hussain Sajwani.

Abu Dhabi Projects On Track For Vision 2030

Work is progressing on the emirate’s key projects such as industrial city, Saadiyat island and Al Maryah island.

Sheikh Mohammed Says Employment For Emiratis Is Top Priority

Dubai’s ruler Sheikh Mohammed addressed a range of topics during the inauguration of the government summit in Dubai.

Emirates Boss Warns Of More Boeing Woe

Tim Clark says it “could get worse before it gets better” when asked about the Dreamliner issues.

Dubai’s ICD Begins Talks On Refinancing

Dubai’s flagship investment vehicle is scheduled to repay a $2 billion loan.

Dubai’s Ruler Says UAE Will Achieve Ambitious Goals

HH Sheikh Mohammed spoke about the Arab Spring, leadership and life.

Emirates’ Skywards Launching Platinum Tier

Platinum members will receive exclusive benefits usually reserved for First Class passengers.

Fujairah Oil Storage Capacity To Rise In 2013

Securing strategic oil storage space at Fujairah has become a top priority for oil producers.

Emaar’s Stock Surges To Four-Year High

Investors seem to have shrugged off Emaar’s 28 per cent drop in fourth-quarter profit.

Dubai Utility DEWA Posts 6% Profit Rise

The government-owned monopoly made a net profit of Dhs4.65 billion ($1.27 billion) in 2012.

Emirates President – 2012/13 Income To Rise 18-20%

The airline boss said the company’s income will rise substantially in the current financial year despite high fuel prices.

Dubai’s Shuaa Capital Q4 Loss Narrows

The Dubai investment bank has laid off a third of its staff since 2011 and slashed operating costs.

Emirates Expects New 777 Model In Nine Months

Tim Clark, Emirates’ president, has said Dreamliner problems will not affect progress of the new 777X.

UAE’s Camelicious Given EU Export Licence

EICMP will become the first Middle Eastern producer to export camel milk-based products to Europe.

UAE’s Dana Gas Sells Part Of MOL Stake

Hungarian oil and gas group MOL’s shares were down 4.1 per cent on Friday, a five-week low.

Japan To Loan Abu Dhabi National Oil Co. $3bn

The loan is expected to help Japan win new and renewing energy concessions.

REVEALED: Top 5 Most Powerful Arabs In UAE

Emirates boss Sheikh Ahmed tops the Gulf Business list of the most powerful Arabs in the United Arab Emirates.

Abu Dhabi Islamic Bank Reports Q4 Profit Drop

Decline was expected but still beat forecasts thanks to 10.8 per cent fall in impairments.

UAE Banks To Repay Crisis Capital As Value Diminishes

The UAE’s finance ministry placed Dhs70 billion with banks to shore up their balance sheets after the the financial crisis in 2008.

Number Of Bounced Cheques In UAE Drops 8.5%

Payments worth a total of Dhs46.8 billion were marked as invalid in 2012, a drop of 15.3 per cent.

UAE Expats Worried Over Retirement Plans

Study finds 56 per cent of workers are worried about their future finance plans after work.

Over 61,000 Illegal Residents Leave UAE On Amnesty

The UAE government’s two-month amnesty programme ended on February 4, 2013.

Location, New Rules May Aid Dubai’s Islamic Business Push

The emirate has set its sights on becoming a global centre for Islamic business activity.

Microsoft Tops Best Companies To Work For In UAE

Marriott and FedEx Express join the computer giant for the second year in a row in the top three.

UAE Banks Recommend 75% Mortgage Cap For Expats

The Emirates Banks Association has sent its recommendations on proposed mortgage caps to the UAE central bank.