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UAE

Dubai Utility DEWA Posts 6% Profit Rise

The government-owned monopoly made a net profit of Dhs4.65 billion ($1.27 billion) in 2012.

Emirates President – 2012/13 Income To Rise 18-20%

The airline boss said the company’s income will rise substantially in the current financial year despite high fuel prices.

Dubai’s Shuaa Capital Q4 Loss Narrows

The Dubai investment bank has laid off a third of its staff since 2011 and slashed operating costs.

Emirates Expects New 777 Model In Nine Months

Tim Clark, Emirates’ president, has said Dreamliner problems will not affect progress of the new 777X.

UAE’s Camelicious Given EU Export Licence

EICMP will become the first Middle Eastern producer to export camel milk-based products to Europe.

UAE’s Dana Gas Sells Part Of MOL Stake

Hungarian oil and gas group MOL’s shares were down 4.1 per cent on Friday, a five-week low.

Japan To Loan Abu Dhabi National Oil Co. $3bn

The loan is expected to help Japan win new and renewing energy concessions.

REVEALED: Top 5 Most Powerful Arabs In UAE

Emirates boss Sheikh Ahmed tops the Gulf Business list of the most powerful Arabs in the United Arab Emirates.

Abu Dhabi Islamic Bank Reports Q4 Profit Drop

Decline was expected but still beat forecasts thanks to 10.8 per cent fall in impairments.

UAE Banks To Repay Crisis Capital As Value Diminishes

The UAE’s finance ministry placed Dhs70 billion with banks to shore up their balance sheets after the the financial crisis in 2008.

Number Of Bounced Cheques In UAE Drops 8.5%

Payments worth a total of Dhs46.8 billion were marked as invalid in 2012, a drop of 15.3 per cent.

UAE Expats Worried Over Retirement Plans

Study finds 56 per cent of workers are worried about their future finance plans after work.

Over 61,000 Illegal Residents Leave UAE On Amnesty

The UAE government’s two-month amnesty programme ended on February 4, 2013.

Location, New Rules May Aid Dubai’s Islamic Business Push

The emirate has set its sights on becoming a global centre for Islamic business activity.

Microsoft Tops Best Companies To Work For In UAE

Marriott and FedEx Express join the computer giant for the second year in a row in the top three.

UAE Banks Recommend 75% Mortgage Cap For Expats

The Emirates Banks Association has sent its recommendations on proposed mortgage caps to the UAE central bank.

Abu Dhabi’s TAQA 2012 Net Profit Drops 14%

Abu Dhabi National Energy Co (TAQA) attributed the fall in profit to lower gas prices and tax charges.

Dubai’s Deyaar Reports 2.3% Rise In 2012 Net Profit

The property developer made a net profit of Dhs38.6 million last year.

Banyan Tree Seeks Investors For UAE Expansion

CEO targets new partnerships for Dubai and Abu Dhabi properties

Emirates Signs Five-Year Partnership With F1

Emirates boss Sheikh Ahmed bin Saeed Al-Maktoum said the deal was worth “above $10 million”.

Etihad Closer To Signing Deal With India’s Jet Airways

The Abu Dhabi airline is planning to buy a 24-per cent stake in Jet for up to $330 million, according to sources.

Dubai’s ENOC Signs Contract With Qatar For Condensates

Emirates National Oil Company (ENOC) aims to reduce imports of extra light oil from Iran.

Dubai Islamic Bank’s Q4 Profit Up 33.9%, Beats Estimates

The lender said it recorded healthy growth across its asset and deposit bases last year.

Lack Of Funds Slowing UAE’s SME Growth

Although the new SME law passed by the UAE will encourage the sector, more needs to be done, says expert.

Dubai’s Aramex Q4 Profit Up 15%, Eyes More Acquisitions

The logistics firm is eyeing acquisitions and joint ventures in Africa, Central Asia, and Asia.

Air Arabia Reports 13% Passenger Growth In 2012

The low-cost carrier puts its rise in passenger traffic down to its expansion plans.

Etihad’s 2012 Net Profit Triples To $42m

The Abu Dhabi carrier recorded a 17 per cent rise in revenues while passenger numbers rose 23 per cent.

Aldar’s Q4 Net Rises 10% On Lower Impairments

The Abu Dhabi-based developer, currently in the process of a merger with Sorouh, made a fourth-quarter net profit of Dhs200 million.

Mashreq Reports 60% Jump In 2012 Net Profit

The bank’s profit rose on the back of increased fee and investment income.

UAE To Cut Costs Of 6,619 Medicine Brands

Under new regulations, the prices of these medicines will be cut between one and 40 per cent.