Dubai: Zack Shahin, the former CEO of the Dubai-based and publicly listed Deyaar Development, was arrested almost three weeks ago for allegedly embezzling more than Dh100 million, Gulf News has learnt. Dubai Attorney General Essam Eisa Al Humaidan confirmed to Gulf News on Thursday the detention of the US citizen Shahin, who was denied bail …
Lire la suite CEO of Dubai property developer Deyaar detained
Abu Dhabi: UAE stocks continued their winning streak for the second consecutive session, with more than Dh2.72 billion worth of shares traded. The Emirates Securities general index advanced 0.65 per cent, after marg-inal gains recorded in Dubai and Abu Dhabi, where some of the blue chips ended the session in the red. In Dubai, the …
Lire la suite UAE stocks post gains for second straight session
Abu Dhabi: UAE’s markets advanced marginally on Tuesday, maintaining the tight range of less than one per cent and gaining only Dh4.5 billion in market capitalisation. The Emirates Securities general index advanced 0.55 per cent to 5,955.70, sustaining a one per cent level of losses since the beginning of the year, one of the best …
Dubai: The Dubai government will access the debt capital markets through a dirham-denominated issue under its recently established Dh15 billion medium-term note (MTN) programme. The objective of the issuance is to fund the local infrastructure needs of the government and simultaneously contribute to the development of the domestic bond market. Sami Al Gamzi, director general …
Lire la suite Dubai plans dirham bonds to access Gulf debt markets
Dubai: The UAE’s foreign exchange reserves surged 50 per cent to $75 billion in November, data showed yesterday, shedding new light on central bank concern that month about the dirham currency’s dollar peg. The data for November, the latest available, showed reserves growing at their fastest pace in at least 18 years, increasing inflation pressures …
Dubai: Burj Dubai has surpassed the United States’ KVLY-TV mast in North Dakota to become the world’s tallest man-made structure. Burj Dubai is now 629 metres high while KVLY-TV, which held the record for the world’s tallest supported structure since 1963, has a height of 628.8 metres. Burj Dubai is already the world’s tallest building, …
Lire la suite Burj Dubai is world’s tallest man-made structure
Dubai: A Formula One race in Abu Dhabi from 2009 won’t undercut the $548 million Bahrain generates from hosting a Grand Prix, the head of Bahrain’s Economic Development Board said. « We view this as a complement and not competition, » chief executive officer Shaikh Mohammed Bin Eisa Al Kalifa said. « It brings the eyes of the …
Lire la suite Bahrain says Abu Dhabi race will not cut F1 boon
Cairo: Mohammad Hosni Mubarak, the Egyptian president, yesterday received Shaikh Mansour Bin Zayed Al Nahyan, Minister of Presidential Affairs. The meeting was attended from the Egyptian side by Rashid Mohammad Rashid, minister of trade and industry and from the UAE side, by Mohammad Bin Dha’en Al Hamili, Minister of Energy and Sultan Bin Saeed Al …
Dubai: Arabian Gulf shares fell on concern that a possible recession in the US will deter investments in the region and as investors await first-quarter results. Dubai’s main index dropped almost three per cent, posting its sharpest one-day decline in two months, to 5,248.88 led by Emaar Properties and Dubai Financial Market Co (DFM). Abu …
Lire la suite Dubai stocks suffer biggest one-day fall in two month
Kuala Lumpur: Malaysia’s WCT Engineering said on Wednesday it has won an extra 800 million ringgit ($252 million) contract for its Formula 1 race-track project in Abu Dhabi, raising the total contract value to 2.1 billion ringgit. Executive director Loh Siew Choh said the project would now be completed in June 2009, six months later …
