Kuwait Government agreed to buy an equity stake in Gulf Bank, the country’s second-largest lender by assets, after the bank announced unspecified losses from derivative trading last week, Kuwait news agency Kuna reported, citing Finance Minister Mustafa Al Shimali. The government, which already guaranteed customers’ deposits with the bank, will « contribute to the bank’s capital » …
Ras Al Khaimah is promoting itself as an authentic and nature-oriented destination among German-speaking tourists and has found a novel route to do so by offering to host a Miss Germany 2009 Camp from January 28 to February 7. The finals will be held in Germany on February 14. « Our main focus is to raise …
Dubai-based Emirates Islamic Bank (EIB) yesterday said its third quarter profits jumped 207 per cent to Dh443 million against Dh144m for the same period last year. The Islamic bank said its income in the third quarter grew to Dh1.17 billion from Dh654m, registering a growth of 79 per cent. At the end of September, total …
Lire la suite Emirates Islamic Bank’s quarterly profits jump 207%
Dubai-based Danube Building Materials plans to invest Dh40 million in Bahrain’s steel market, the company has announced. Danube officials said the investment is part of the company’s plans to target the booming construction market in Bahrain. The GCC steel trade is expected to cross $200 billion (Dh735bn) in 2010, according to latest studies, as a …
Dubai Investments, which owns stakes in more than 40 companies has maintained its earnings growth with net profit for the first nine months surging to record levels. Net profit for the year to September increased Dh1.67 billion from Dh1.07bn for the same period last year, an increase of 56 per cent. Total income for the …
Dubai World is eyeing once-in-a-lifetime bargains across the globe stemming from the financial crisis and remained bullish on its home market. Chairman Sultan Ahmed bin Sulayem said yesterday Dubai World, whose businesses range from shipping to real estate, saw opportunities that his firm « could never take advantage of again ». « Today there are things in the …
This may come as a surprise to some, but the multi-billion dollar halal industry is not just about food. There are many consumer goods from cosmetics to healthcare products that all fall under the banner. While the customs behind halal meat are well known, the production of other products is less obvious. For example, some …
Environmentally-minded residents who separate their rubbish and shop with reusable bags in their home countries may be disappointed when they move to the UAE. A co-ordinated, Emirates-wide program to collect and recycle separated domestic waste appears a distant ideal, while a lack of awareness may be thwarting many existing, well-intentioned recycling schemes. However, there are …
Lire la suite The Big Debate: Recycling – is the UAE doing enough?
Qatar downplayed the impact of the global credit crisis on its investment plans, saying in media reports that it would continue to boost investments at home and would not pull out of depressed global holdings. Qatar, the world’s biggest exporter of liquefied natural gas, has been investing windfall oil revenues in infrastructure and industry and …
Lire la suite Qatar downplays crisis impact, will continue to invest
Two Gulf Co-operation Council member states – Kuwait and Bahrain – yesterday said annual inflation eased as food and beverage prices dropped from the year earlier. Annual inflation in Kuwait eased slightly to 11.1 per cent in July from 11.35 per cent in June, official data showed yesterday. All Items Consumer Price Index advanced to …
