EmiratesNBD, the Gulf’s largest lender by assets, said yesterday it was ready to acquire any troubled rivals and was seeking to expand in Saudi Arabia and enter markets ranging from India to China and beyond. « That’s a role we are ready to take on. The question is how to go about it. It could be …
Electoral systems around the world need to be reformed for better global governance – and new powers need to be integrated into the international decision-making framework, the World Economic Forum heard yesterday. Klaus Schwab, founder and executive chairman of the WEF, said real progress in the world’s governance system needed participation of as many global …
Lire la suite Dubai summit can ‘pave the way for a new era of progress’
Business leaders gathered in Dubai on Saturday have warned the world to brace for even more painful economic times ahead, but said the victory of US President-elect Barack Obama offers hope for fresh leadership at a crucial time for the global economy. The financial crisis that began with bad US home loans is now moving …
Lire la suite Global business leaders warn of pain ahead: Dubai WEF summit
Oman’s central bank yesterday jumped onto the bailout bandwagon allocating about $2 billion (Dh7.34bn) to lend to local banks and ease credit crunch in the country’s financial sector, its governor said yesterday. « We encourage banks to acquire the liquidity from each other or from foreign banks but in case they fail to acquire the liquidity …
Lire la suite Oman joins bailout bandwagon by allocating $2 billion
Exports from Dubai so far this year have registered a 43 per cent increase compared to the same period last year, according to Hamad Buamim, Director-General, Dubai Chamber. Firms registered under the Chamber exported goods worth Dh193 billion until the end of October 2008 compared to Dh135 billion during the same period last year. Speaking …
Lire la suite Dubai exports rise 43 per cent despite global credit crisis
More than 80 participants from the US, as well as government officials and senior executives of leading UAE companies will address the Middle East’s first World Pension Forum (WPF), which will be held in Dubai on from November 17. Organised by diversified financial services company Dubai Group, WPF hosts various conferences around the world to …
Lire la suite Dubai Group to organise first World Pension Forum in region
Zurich Financial Services Group and the UAE-based Abu Dhabi National Takaful Company have signed an agreement to establish an Islamic insurance company in Dubai. The new insurance company, Zurich Takaful Company, will be based in Dubai International Financial Centre, subject to the receipt of the required regulatory approvals. Zurich will control 51 per cent in …
Etihad Airways would be able to reduce its annual aviation fuel bill by Dh73 million ($20m) by the end of this year, owing to a series of cost-saving measures. The airline said yesterday it has so far saved more than Dh44m. The Abu Dhabi-based carrier, which launched a fuel hedging strategy in December 2006, saw …
Lire la suite Etihad Airways to save Dh73m on fuel this year
The United Arab Emirates is pumping around 2.3 million barrels per day (bpd) of oil, down from 2.5 million, after cutting output in line with an OPEC decision and shutting some wells for maintenance, a state oil company official said. « Now we’re producing around 2.3 million bpd, » Abu Dhabi National Oil Company (ADNOC) deputy chief …
The UAE is eager to boost investment in the United States and sees good opportunities as the global financial crisis has cut the price of many companies, Foreign Trade Minister Sheikha Lubna bint Khalid Al Qasimi said in an interview. « A lot of these are great companies. There is nothing wrong with these companies… They …
