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| A comprehensive guide
to current and future events and exhibitions in the UAE |
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Valuable concise reference source on the UAE,
covering political system, economy, business, history and heritage,
education, women, healthcare, tourism and environment. |
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Natural history of the UAE,
covering all animals and plants recorded in the Emirates. |
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Report by National US Arab Chamber of Commerce on the UAE. Vol XV, No 3, June 2007. Includes analysis of UAE economy. |
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THE ECONOMY - BUSINESS
 Dh3bn Zayed varsity deal awarded
Posted on 18/11/2008
The Al Habtoor-Murray and Roberts joint venture has been awarded a Dh3 billion contract for the design and construction of the new Zayed University campus in Abu Dhabi for Mubadala Development Company (Mubadala).
The Al Habtoor Leighton Group's share is Dh1.5bn. Work on the project will commence immediately and be completed in July 2011.
The project involves the design and construction of a new university campus on a plot of about 75 hectares and a built-up area of 200,000 sqm to provide
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 Construction machinery sector in UAE to grow despite crunch
Posted on 16/11/2008
Construction machinery industry in the UAE will continue to grow despite the global credit crisis, according to Kanoo Machinery.
Senior company officials said they plan to go ahead with the pre-planned expansion programme and build two new purpose-built office, warehouse and product support facilities in Dubai's Jebel Ali Free Zone and Mussaffah, Abu Dhabi.
The UAE-based Kanoo Machinery recently opened new branches in Sharjah and Ras Al Khaimah to cater to the growing economic activity in the
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 ADX and Citi sign custody agreement
Posted on 12/11/2008
Abu Dhabi Securities Exchange (ADX) and Citi have signed a custody agreement whereby Citi will provide custody of ADX-listed shares to institutional investor clients. This will encourage and facilitate further international investment in Abu Dhabi, which will lead to a broadening of the Exchange's investor base.
Tom Healy, Chief Executive of ADX, welcomed the agreement and explained the benefits to the exchange of having more long-term international institutional investors, saying: "Abu Dhabi
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 Bahrain lands craft contract for Abu Dhabi Ship Building
Posted on 12/11/2008
Abu Dhabi Ship Building has been awarded a contract to build four landing craft for the Bahrain Naval Forces. The multi-million dollar contract was won in the face of stiff competition from international shipyards.
This is the second Bahraini order for Abu Dhabi Ship Building (ADSB), the only dedicated naval shipbuilding and repair facility in the Arabian Gulf.
The new contract, awarded by the Kingdom of Bahrain Defence Force, is for the construction of two 42-metre steel landing craft and
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 UAE Ranks 4th for Doing Business in the Arab World
Posted on 11/11/2008
The International Finance Corporation (IFC) and World Bank have issued a joint report on ‘Doing Business in the Arab World 2008, and their findings has established that the UAE is ranked fourth in the Arab world and 46th globally for the ease of doing business.
The joint report has also analysed the reform process-taking place in the Arab world on the improving business climate.
The report has ranked nations recognising their efforts in easing tight regulatory controls, where UAE has fared
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 Dubai Mercantile Exchange to List Products with CME Group
Posted on 11/11/2008
CME Group, the world's largest and most diverse exchange, and the Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange based in the Middle East, announced yesterday that DME's contracts will exclusively trade electronically on the CME Globex platform in the first quarter of 2009, subject to final DME board approval of the definitive agreement.
The CME Globex platform offers virtually around the clock access to the broadest array of derivatives
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 Mubadala Infrastructure Partners announces first closing of regional fund
Posted on 11/11/2008
Mubadala Infrastructure Partners Ltd (MIP), a joint venture between Mubadala Development Company PJSC (Mubadala), GE and Credit Suisse announced yesterday the first closing of its regional infrastructure fund, Mubadala Infrastructure Partners ("the Fund") in the amount of US$ 300 million.
MIP, as the manager of the Fund, will invest in a range of infrastructure projects and assets in the Gulf Cooperation Council (GCC) countries, the Middle East and North Africa (MENA) region, and Turkey. The
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 DP World signs Algerian ports deal
Posted on 11/11/2008
The Algerian Government yesterday signed agreements, which will see DP World taking over the operation of the ports of Algiers and Djen-Djen.
The agreements were signed in Algiers in the presence of the Algerian Minister of Transport, Amar Tuo and Minister of Industry and Investment Promotions Abdelhamid Temmar and Dubai World and DP World Chairman Sultan Ahmed bin Sulayem and DP World Executive Vice-Chairman and Group CEO of Port and Free Zone World (P&FZ World) Jamal Majid bin Thaniah. Other
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 Mubadala-GE fund eyes global market
Posted on 06/11/2008
joint venture fund launched by Mubadala and General Electric (GE) will be up and running within a year with a credit line of US$50 billion (Dh183.5bn).
Abu Dhabi Government-owned Mubadala and US-based GE signed an agreement to establish the 50-50 fund in New York last July.
"Basically the deal is that GE and Mubadala will each invest US$4bn in a fund with up to US$50bn of borrowing capability to invest in infrastructure projects around the world," said GE Middle East and Africa General
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 DP World traffic rises despite crisis
Posted on 05/11/2008
At a time when the global container industry is suffering from low freight rates and a crunch in cargo volumes, DP World, the world's fourth largest marine terminal operator has reported a substantial surge of throughput at its terminals.
DP World, a subsidiary of Dubai World said that throughput at its consolidated terminals increased by 16 per cent in the first nine months of 2008, compared to the same period last year.
Consolidated terminals are those terminals where DP World has majority
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 Paulson praises UAE’s economic model: report
Posted on 30/10/2008
US Treasury Secretary Henry Paulson has said that surging oil revenues present a historic opportunity for GCC countries to diversify their economies. His comments were made in an interview with the Oxford Business Group (OBG) for the ‘The Report: Abu Dhabi 2008' published by OBG.
These revenues he said were helping to "shore up their economic fundamentals and make much needed investments in human capital – steps that should help avoid the up and down cycles of the past and support significant
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 UAE property prices increase 11-17%
Posted on 30/10/2008
Prices in the UAE property market surged in September with Dubai registering 17 per cent increase month-on-month and 11 per cent in Abu Dhabi, compared to an average of two to three per cent during the summer months, according to a new report.
"Price growth is picking up again after a brief moderation during the summer. However, while prices remain on an upward spiral, rental rates in Dubai seem to be stabilising, thereby compressing rental yields. This shows we have reached a level where
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 Mortgage rates up, loan-to-value falls
Posted on 29/10/2008
Mortgage rates in the UAE are likely to rise further due to the liquidity strain, while the loan-to-value (LTVs) ratio is expected to further decline, a report said.
HSBC's UAE Real Estate Sector Update said mortgage rates are likely to come under upward pressure given the current liquidity strain.
ADCB had recently revised its mortgage rates upwards by 50bp, while Tamweel plans to increase its rates to 8.4 per cent from 7.4 per cent. Currently, the interest rates in the UAE are already
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 Land deals to hit Dh300bn
Posted on 29/10/2008
Land transactions in Dubai are expected to touch Dh300 billion by end of this year, says Sultan Butti bin Mijrin, Director-General of the emirate's Land Department, adding that this indicates the property sector in Dubai is not experiencing any negative impact from the international financial crisis. He also believes there will be no ill effects in the near future.
Bin Mijrin told Emirates Business that the property sector was still healthy and generated business opportunities for the region
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 Tamweel nine-month net profit rises to Dh 573 million, up 135 per cent
Posted on 28/10/2008
Tamweel PJSC, the largest provider of real estate finance in the UAE, declared on Sunday its financial results for the third quarter of 2008.
Sheikh Khalid bin Zayed bin Saqr Al Nahyan, Chairman of Tamweel, announced that the company's net profits for the first nine months of 2008 reached Dh 573 million, an increase of 135 per cent compared to Dh 244 million for the first nine months of 2007.
He added, "In the face of the ongoing challenges to the stability of the global economy, we are
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