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Top 10 IPOs In The GCC

Gulf Business rounds up the top IPOs issued in the region in terms of capital raised, as revealed by Ernst and Young.

Facebook Has 45m MENA Users

The social networking site has opened an office in Dubai to try and boost advertising revenues from the region.

UAE Issues Midday Work Ban

The ministry of labour has said that outdoor workers will get a two and a half hour midday break from June 15.

Emirates May Refinance Bond

The Gulf airline may refinance a $550 million sukuk, though repayment in cash is still an option.

Dubai’s Economy Grew 3.4% In 2011

Improving tourism and strong trade flows helped the emirate’s GDP reach Dhs306.2 billion last year.

Improved Water Service For UAQ

Committee approves Dhs755 million infrastructure projects in the UAE’s East Coast and UAQ.

ADNOC Acquires EMARAT Stations

Abu Dhabi oil company signs agreement for EMARAT’s fuel stations across five emirates in the UAE.

Dubai First Launches Skyy Miles

The credit card global rewards currency model works for all airlines and covers all routes, the firm said.

DIFC Deposits Continue To Grow

Warnings for oil consumption and equities markets amidst growth of deposits and loans from DIFC companies.

Mashreq CEO: ‘UAE Banks Were Wrong’

Exclusive: Abdul Aziz Al Ghurair blamed a greed culture and a desire for growth for lurching the UAE banks into crisis.

UAE Plans Multiple Entry Visa Permit

The country plans to introduce multiple entry visas for cruise tourists by September this year.

Flydubai Gets $172m Financing

The amount, secured from a unit of Standard Chartered Bank, will be used to buy two new aircraft.

JAFZA To Repay $2bn Sukuk Early

A majority of JAFZA’s stakeholders have consented to the early redemption of the Sukuk, due in November.

UAE Gives Up Beef With French

Imported meat ban is lifted as UAE’s Ministry of Environment and Water signs new agreement.

UAE’s Global Trade Ranking Drops

The country is ranked 19th in the World Economic Forum’s Global Enabling Trade Report this year.

Etisalat To Cut Rates By 30%

UAE telecoms operator Etisalat will reduce international call tariffs from the second half of 2012.

Emirates NBD Appoints CEO

Mohammad Kamran will head up two of Emirates NBD’s subsidiaries including Capital Limited.

Facebook To Open Dubai Office

The social network eyes regional advertisers as a new source of investment following the firm’s IPO last week.

Revealed: Fantasy Arab Football Team

Gulf Business takes a look at several Arab-funded football clubs and picks a fantasy team purely of Arabian funding.

TAQA Eyes Turkey Investments

The Abu Dhabi National Energy Company (TAQA) is studying energy investments in Turkey.

US Firm Plans 500 Hires In Abu Dhabi

Digital Domain Media Group is opening up an animation and visual effects studio in Abu Dhabi’s twofour54.

Dubai Duty Free Ups Loan To $1.5bn

The airport retailer has increased the size of its loan facility because of high demand, an official has said.

DIFCI $1bn Loan Near

DIFC Investments close in on a $1 billion dollar loan to refinance an upcoming sukuk maturing in June.

10 Reasons Why Dubai Is Back

Gulf Business rounds up ten indicators that show that the emirate is back on the growth trajectory.

Abu Dhabi Picks Banks For Merger

Four banks have been chosen as advisors for the proposed merger been Aldar and Sorouh, according to sources.

DIB Releases New Sukuk

A deal for a new Islamic bond from DIB is being arranged by a host of local and global banks.

Mashreq: ‘Forget The Glory Years’

Exclusive: Al Ghurair says UAE will not see pre-2008 profits for the foreseeable future.

Drake & Scull Eyes $300m Iraq Deal

The contract will be an oil and gas project to build a pipeline in Basra, said the company’s CEO.

New Dhs500m SME Fund In UAE

The fund, launched by NBAD and Khalifa Fund for Enterprise Development, targets Emirati entrepreneurs.

UAE’s Non-Oil Trade Up 23%

The country’s non-oil trade increased to Dhs927.7 billion in 2011, according to official statistics.