The majority of CFOs in the UAE reported a rise in optimism despite political turmoil in the region, a new survey says.
The facility, arranged by Goldman Sachs and Qatar National Bank for B. R. Shetty, will last for 18 months, according to one of the sources.
Brent crude climbed above $62 per barrel on Monday, after hitting 5-1/2-year lows of $60.28 earlier.
New changes would cover market mechanisms and the operations of market makers.
Officials are estimating budget spending at KD19 billion in the fiscal year starting next April.
Dubai’s gauge wiped out this year’s advances as oil prices plummeted to the lowest level since July 2009.
The move comes after days of stock market falls across the Gulf region in response to slumping oil prices.
Rising cost of living and inflation are the main factors impacting the ability of UAE residents to save, a new survey says.
Despite the oil slump, the country’s wider economy is likely to be shielded by its fiscal strength, officials said.
The special cash dividend follows the successful IPO and listing of the Emaar Malls Group.
The Dubai benchmark tumbled 6.1 per cent to 3,374 points, erasing most of its remaining year-to-date gains.
Under the grant, Jeddah-based IDB will setup treatment centres in Sierra Leone, Guinea and Liberia and Mali.
It is particularly looking to expand into North Asia and mainland China and also wants to increase its presence in India.
The five-star hotel is currently owned 50 per cent by Saudi billionaire Prince Alwaleed Bin Talal’s Kingdom Holding.
Al Yah Satellite Communications Company (Yahsat) will raise around $500 million through a mixture of debt and equity, a source said.
The Dubai index sank 7.4 per cent to 3,595 points and hitting its lowest level since January.
Equity markets worldwide tumbled after the 12-member OPEC yesterday cut its forecast for demand next year to the lowest level in 12 years.
ICD is already the majority shareholder of DAE, holding 55 per cent.
The company building Dubai’s mega theme park complex saw its share prices fall nine per cent on Wednesday.
The launch of Abu Dhabi Global Market (ADGM) comes as the emirate seeks to diversify its economy away from oil and gas.
EMS Capital, which holds 3.2 per cent of Songbird’s free float said in a letter to the bidders that it intended to accept the latest offer.
The drop was a fresh sign of a collapse of sentiment among retail investors in Dubai, who have dumped stocks as oil prices have hit five-year lows.
The firm said on November 18 that it had received the backing of a “significant majority of investors” for the proposal.
The duty free shopping centre, situated in Lagos, is scheduled to be completed by 2016.
The agreement has been designed to facilitate two-way trade and investment.
The sell-off in Dubai and across the region came after the price of Brent crude hit a new five-year low of $65.33 per barrel.
Dur Hospitality has been expanding across Saudi Arabia as the local economy picks up pace.
Abu Dhabi’s Aldar Properties plans to extend maturities on its obligations, its chief financial officer Greg Fewer said.
UAE central bank official Saif al-Shamsi said that the Emirates will continue with its currency peg to the US dollar.
The UAE has been looking to tighten regulations of its bourses ever since a steep fall in stock market earlier this year.