Dubai’s Drydocks World has signed an agreement with a Swiss firm to build the new hotels.
Ian Johnston will take over from Paul Koster, who completes his term at the financial services regulator.
Compared to the rest of the world, GCC nationals on average spend 260 per cent more on airfares.
The Abu Dhabi-based private jet operator has partnered with a UK based travel firm to offer luxurious holiday packages.
Emirates Airlines will acquire other carriers at “the right time,” its chairman Sheikh Ahmed Al Maktoum has said.
The low cost carrier is planning to hike ticket prices due to increasing fuel costs, said its CEO, Ghaith al-Ghaith.
Exclusive: Libyan economy minister wants to follow the UAE’s country model to attract foreign direct investment.
The emirate’s hotels also recorded a nine per cent rise in guest numbers during the first quarter of the year.
Dubai will use the proceeds from its $1.25 billion Sukuk to expand its airport, according to Sheikh Ahmed al Maktoum.
The emirate is aggressively developing its hospitality sector and aims to attract 2.5 million visitors by 2015.
Last year, 80 per cent of the Gulf travellers visited the German city for medical reasons.
The bank reported a net profit of Dhs245 million for the first quarter of the year.
Despite popular belief, the UAE’s hospitality sector did not benefit in a major way from the Arab Spring, said experts.
Jumeriah boss, Gerald Lawless, said the GCC could introduce an electronic visa platform for global visitors.
Istithmar World confirmed it has acquired a 50 per cent stake in the landmark Dubai hotel for $250 million.
The emirate will see a flood of new hotels rooms in the next three years said STR Global.
Abu Dhabi developer sees gains from government projects and higher rental income.
The Abu Dhabi develop beats expectations with Dhs478 million profit for the first quarter.
Gary Dugan will be joining Royal Bank of Scotland unit Coutts in Singapore, according to sources.
A consortium led by Qatar’s Mannai Corp said that its $445 million offer for a majority stake in the Dubai jeweler has been accepted.
The two-part Islamic bond reportedly received strong demand in the market.
Emirates NBD’s Q1 net profit fell 55 per cent compared to last year but profit has tripled since Q4 2011.
London’s Heathrow Airport found that Saudi visitors were the Middle East’s biggest spenders in 2011.
Abu Dhabi Commercial Bank reported that net profit rose 38 per cent year-on-year during the first quarter of 2012.
The Dubai-based logistics firm made a first quarter net profit of Dhs61 million this year.
The UAE-based telecoms operator reported net profit of Dhs1.81 billion during the first quarter of the year.
The Dubai-based developer said that it had no plans to tap debt markets in 2012.
One of Abu Dhabi’s largest developers said that it expects residential rents in the emirate to drop further this year.
Experts say that residential rents in the emirate fell up to 18 per cent during the first quarter of the year.
Abu Dhabi International Airport saw 21.2 per cent increase in traffic year-on-year.
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