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New Bankruptcy Law In UAE By 2012

The final draft of the UAE’s new bankruptcy law will be ready by the end of this year, the Justice Minister has said.

Union Properties Posts Profit Drop

The Dubai property developer announced that net profit for the first quarter of the year dropped 72.7 per cent to Dhs22 million.

Man City’s Rich Rise To Glory

Abu Dhabi shelled out close to $1 billion on Manchester City’s Barclays Premier League title, writes Neil Churchill

Invest AD JV Plan $100m Fund

A joint venture between US-based Paladin Capital Group and Invest AD plans to launch a $100 million MENA fund.

Aabar Clarifies Arabtec Stake

Aabar said that it had only raised its stake in Arabtec to 20.7 per cent and not 53 per cent as previously reported.

Dubai Plans New Safari Project

The Dhs150 million project will replace the existing zoo and will also include a butterfly park and golf courses.

ADIB Q1 Profit Up 5.8%

Abu Dhabi Islamic Bank reported that revenues rose 7.3 per cent to reach Dhs874.8 million during the period.

Dubai Investments Posts Q1 Profit Hike

The Dubai investment conglomerate recorded a revenue drop of three per cent during the period.

RAK Airport Q1 Visitors Up 58.5%

The airport is increasing passenger capacity from 250,000 to two million in the next 12 to 18 months.

Abu Dhabi Prices Rise 1.1% In Q1

Average food and beverage prices rose sharply during the period, according to official statistics.

Open Skies Aims High

The Emirates’ inflight magazine will produce its June issue from the world’s highest office, at Burj Khalifa.

Abu Dhabi Eyes The Big Apple

The emirate is planning a massive advertising campaign in New York’s Times Square to attract more US visitors.

Emirates Posts 72% Drop In 2011 Profit

The airline said that despite an increase in revenue, its profit was hit by rising fuel costs and unrest in the region.

Du Posts 62% Q1 Profit Hike

The telecoms operator posted a net profit of Dhs333.1 million during the first quarter of the year.

Mubadala To Spend $5.5bn In 2012

The Abu Dhabi investment fund said that a majority of its expenditure will relate to its semiconductor unit ATIC.

Arabtec Triples Q1 Profit

The construction firm made a net profit of Dhs84.1 million during the first quarter of the year.

Aabar Signs $2bn China Property Deal

Under the agreement, China State Construction develop real estate projects in Abu Dhabi.

Jebel Ali Port To Get Rail Terminal

Etihad Rail and DP World have signed an agreement to develop an intermodal rail terminal in Jebel Ali Port.

DFM Posts 14-Fold Jump In Q1 Net Profit

Dubai Financial Market (DFM) recorded revenues of Dhs69.1 million during the first quarter of the year.

Ahmed Seddiqi & Sons Buys Al Manara

UAE’s luxury watch retailer Ahmed Seddiqi & Sons has acquired Abu Dhabi-based jewellery chain, Al Manara.

Etihad Cancels Seven Airbus A350-1000s

The Gulf carrier reduced its Airbus A350 order, cancelling aircraft worth $2.3 billion at current list prices.

UAE, Saudi Pledge More Oil To South Korea

The Gulf states have assured South Korea that they will make-up for any shortfall of oil supply from Iran.

Starwood To Open 40 MENA Hotels By 2017

The international hotel operator is planning to add 13,000 new rooms to the region by 2017.

Shuaa Capital Narrows Q1 2012 Loss

Dubai-based Shuaa Capital reduced losses by 67 per cent year-on-year in the first quarter of the year.

Air Arabia Posts 11% Hike In Q1 Net Profit

The low cost carrier recorded a net profit of Dhs49.2 million during the first quarter of the year.

Dubai’s MOE To Open 20 New Stores In 2012

Dubai’s Mall of the Emirates will host Prada’s third biggest store worldwide and American pancake house IHOP.

Arabtec Group Identified For $3bn Airport Deal

An Arabtec consortium is in final talks for a $3 billion contract to expand Abu Dhabi’s international airport.

Heathrow’s Arabic Speaker Hiring Spree

The airport is increasing measures to cater to the rising number of visitors from the Gulf.

GCC States May Start Joint Police Force

The Gulf countries are discussing means to improve regional security issues.

DEWA Solar Plant Attracts Global Demand

The Dubai utility received several Expressions of Interest (EOIs) from international firms for 10MW plant.