| UAE is full of investment opportunities for Dutch and international companies |
| 01/09/2010 |
| Gilles Beschoor Plug, Director of the Middle East Department at the Dutch Foreign Ministry, confirmed his country's keenness to develop relations of friendship and cooperation with the UAE in various fields. |
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| Halal fastfood blijkt succes in Frankrijk |
| 31/08/2010 |
| PARIJS - Een omstreden proef met Franse fastfoodrestaurants die halal vlees serveren, is een succes gebleken. De snackketen Quick heeft daarom besloten het aantal hamburgerrestaurants waar uitsluitend halal wordt geserveerd, uit te breiden. |
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| UAE prepares laws to boost investment |
| 30/08/2010 |
| The new laws seek to address concerns about commercial regulations and arbitration and to promote efficiency, transparency, and investor confidence in the business sector. |
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| Lubna Al Qasimi: The UAE possesses strong abilities to develop economic growth and boost its global commercial standing |
| 26/08/2010 |
| She added that the UAE will continue to offer various incentives to guarantee that it remains one of the most business-friendly destinations in the world. |
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| Milking the market |
| 26/08/2010 |
| The first batches of powdered camel milk under the brand name Camelicious could be heading to European shelves next year. |
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| Business councils vital lifeline for new entrepreneurs |
| 25/08/2010 |
| Dubai: Foreigners wishing to set up a business here can feel daunted. This is where business councils representing their country of origin can help. |
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| Huge potential of halal hospitality remains untapped |
| 25/08/2010 |
| By 2013, Almulla wants to have 150 properties worldwide, including 35 in Europe, and plans to spend over $2 billion (Dh7.34 billion) to reach its goal. |
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| If the forecast plays out, it will cement the UAE's ranking as the fastest-growing global destination for American exports. |
| 25/08/2010 |
| "With weak growth in developed economies, western countries are looking to diversify and find new export markets. The Middle East provides an ideal trade partner because of the high GDP/capita that countries such as the UAE, Saudi and Qatar enjoy. In the |
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| Pensioenfonds Smit moet maatregelen treffen |
| 25/08/2010 |
| Volgens een woordvoerder van Boskalis is het pensioenfonds van Smit een van de veertien fondsen die volgens DNB mogelijk moeten overgaan tot het korten van de pensioenen. De te treffen maatregelen hebben geen invloed op het jaarresultaat van Boskalis. |
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| Sustainability is big business |
| 22/08/2010 |
| Today green and renewable energy has become a buzzword globally. It has also been getting attention in the Gulf countries lately. The Gulf states have one of the highest carbon footprints in the world and the use of green energy helps reduce carbon emissi |
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| RBS sets deadline for customers |
| 22/08/2010 |
| Royal Bank of Scotland, or RBS, has set an August 25 deadline for its clients in the UAE to transfer details of their accounts to Abu Dhabi Commercial Bank, or ADCB. |
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| Abu Dhabi banks join Emiratisation efforts |
| 13/08/2010 |
| Abu Dhabi: Banking is one of the most important sectors in the country, and as Emiratisation efforts in the capital continue to grow, this sector presents no exception to the process. |
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| New import ban dries up UAE's vegetable supply |
| 13/08/2010 |
| "The UAE consumer is faced with other issues as well. The region has one of the highest population growth rates, it imports most of its food, and has a water supply issue that constrains domestic agricultural supply growth." |
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| Eating, drinking and smoking in daylight are punishable offences |
| 11/08/2010 |
| Dubai: Dubai Police urged the public to respect the traditions of the fasting month of Ramadan by abstaining from drinking, smoking, and eating in public. |
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| US sending Ground Zero mosque imam to UAE |
| 11/08/2010 |
| It's a project of the Cordoba Initiative, an advocacy group that promotes improved relations between Islam and the West. |
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| Netherlands Ambassador ends tenure in the UAE |
| 09/08/2010 |
| The Ambassador offered thanks and appreciation to the UAE for the support he said he received during his tenure. |
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| The UAE has an estimated 500,000 BlackBerry users. |
| 09/08/2010 |
| UAE telecom authority and BlackBerry maker hope to reach an agreement to prevent suspension of services from October 11 |
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| FHRA issues circular on Ramadan work timings |
| 08/08/2010 |
| Work at the federal ministries and departments will be from 9:00 am to 2:00 pm during the holy month of Ramadan. |
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| Saudisch Blackberryverbod definitief van de baan |
| 07/08/2010 |
| De overeenkomst tussen RIM en Saudi-Arabië kan verstrekkende gevolgen hebben voor de situatie in een aantal andere landen, waaronder India en de Verenigde Arabische Emiraten. Deze landen hebben vergelijkbare zorgen geuit over de afhandeling van data. |
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| Dubai trekt vliegtuigorders in |
| 06/08/2010 |
| Dubai moet vanwege torenhoge schulden afzien van grote investeringen. Airbus loopt door het intrekken van de order 3 miljard dollar mis. Boeing raakt een bestelling van 5 miljard dollar kwijt. |
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| Bedrijven wettelijk beschermen tegen overnames |
| 06/08/2010 |
| “Nederland is veel te naïef als het gaat om de noodzaak van goede industriepolitiek”, stelt Irrgang. |
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| Abu Dhabi breidt olie-investeringen uit |
| 05/08/2010 |
| Abu Dhabi wil zijn capaciteit om olie te winnen met bijna 30 procent uitbreiden, aldus een rapport van het ministerie van Economische Ontwikkeling van het emiraat. |
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| Canada en VS mengen zich in Blackberryverbod |
| 05/08/2010 |
| OTTAWA - De Canadese regering praat met functionarissen in Verenigde Arabische Emiraten (VAE) en Saudi-Arabië over het Blackberryverbod. |
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| etisalat offers free smartphones for BlackBerry customers |
| 03/08/2010 |
| It will offer BlackBerry customers a free smartphone for those signing up to a 12-month contract (as an add-on package). |
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| FedEx expeditie opent vestiging in Rotterdam |
| 03/08/2010 |
| Het bedrijf zat in Nederland al op Schiphol met een kantoor voor de luchtvrachtactiviteiten en heeft het hoofdkantoor voor Europa, het Midden-Oosten en Afrika in Amsterdam zitten. |
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| UAE Pavilion rated ‘Top Pavilion’ at Expo 2010 |
| 28/07/2010 |
| The UAE will be celebrating its presence at EXPO 2010 on 27 September when a series of special events will be held at the pavilion and within the Expo grounds. Preparations for this are underway and include an exhibition by Emirati artists, organised by T |
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| Liquidity still the issue, projects pending |
| 28/07/2010 |
| In a further positive move, Dubai is expanding the role of the government's Financial Audit Department. A new decree enables the monitoring of companies less than 25 per cent government-owned, and the free zone authorities. That increases fiscal visibilit |
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| Users in UAE puzzled by BlackBerry 'threat' |
| 28/07/2010 |
| Dubai: Security experts in the UAE are still puzzled over Sunday's TRA press release claiming BlackBerry's messenger service is a threat to "social, judicial and national security". |
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| Abu Dhabi will host the World Ports and Trade Summit next year |
| 27/07/2010 |
| Scheduled for March 28-30, 2011, the summit will bring together internationally renowned economists, ports authorities, terminal operators, shipping companies, global cargo owners and investors to analyse the future of the industry, to learn about new pro |
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| Saudi's willen aandelen BP kopen |
| 16/07/2010 |
| Woensdag is BP-topman Tony Hayward in de Verenigde Arabische Emiraten (VAE). Naar verluidt wil hij staatsfondsen van de verschillende emiraten ertoe bewegen om zijn bedrijf te steunen. |
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| Verplichte zorgpremie voor pensionado's mag |
| 15/07/2010 |
| Nederlandse gepensioneerden in het buitenland mogen wel degelijk worden verplicht tot een bijdrage voor het College Voor Zorgverzekeringen (CVZ). |
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| Australische overname Shell stap dichterbij |
| 14/07/2010 |
| Shell zet steeds meer in op gas ten faveure van olie. |
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| Adviesbureau belastingontwijking failliet door fiscus |
| 05/07/2010 |
| De activiteiten van het Haags Juristen College op Cyprus en Dubai draaien naar verluidt in de tussentijd gewoon door. Die kantoren staan sinds enige tijd los van de vestiging in Nederland |
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| UAE-Netherlands tax treaty in force - features for UAE investors |
| 22/04/2010 |
| The Netherlands formally ratified its income tax treaty with UAE. As a result, the UAE-Netherlands tax treaty (the “Treaty”) will
enter into force as of 1 January 2011, while withholding taxes may already be reduced 30 days after the Netherlands and the U |
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| Dubai Bank appoints Giel-Jan Van Der Tol as new CEO |
| 05/04/2010 |
| Dubai BankDubai Bank
Masref Dubai
UAE | Financial Services
News | Profile | Officers
» Disclosures
» Research
» Financials
today announced the appointment of Giel-Jan M Van Der Tol as Chief Executive Officer. |
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| Dubai's old guard takes the reins |
| 04/04/2010 |
| The giants of the Dubai boom years are seeing their influence wane, or being ousted altogether, as the ruler of the city state, Sheikh Mohammed bin Rashid al-Maktoum, allows a more conservative class to return to prominence. |
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| Banks look to nail down details of debt plan |
| 27/03/2010 |
| The bank creditors of Dubai World will seek further details on the US$23.5 billion (Dh86.31bn) debt restructuring plan before deciding whether to accept. |
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| Dubai Stocks Poised for 15% Surge on Debt Plan, Gulfmena Says |
| 27/03/2010 |
| Dubai stocks may climb 15 percent in the next two months as government support for state-owned Dubai World boosts earnings in the world’s cheapest major equity market, according to Gulfmena Alternative Investments. |
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| IMF backs Dubai debt proposal |
| 27/03/2010 |
| The impact of the $23.5-billion (Dh86.24 billion) Dubai World and Nakheel debt restructuring plan will be manageable for UAE banks, analysts say. |
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| Dubai World Lenders ‘Positive’ About Debt Plan, Al Saleh Says |
| 26/03/2010 |
| Dubai World creditors are “positive” on the state-owned holding company’s debt restructuring proposals, the emirate’s finance chief Abdulrahman Al Saleh said. |
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| Full foreign ownership unlikely |
| 23/03/2010 |
| The planned companies law is unlikely to usher in 100 per cent foreign ownership as previously thought, a senior government official says. |
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| Dubai to Open First Section of World’s Largest Airport in June |
| 23/03/2010 |
| Dubai in June will open the first section of its new international airport, which aims to become the world’s largest passenger and cargo hub. |
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| Dubai World to Present Debt Plan This Month |
| 23/03/2010 |
| Dubai World is on track to present a proposal to restructure about $26 billion of debt this month, a spokesperson of the Dubai Finance Department said. |
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| Filmmakers hunt for funds in Middle East |
| 21/03/2010 |
| As Wall Street banks and other traditional wells of film financing continue to run dry, moviemakers are increasingly looking to the Middle East and Asia for money to fund their projects, says a Middle East film finance expert. |
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| Union Properties open to asset sale |
| 20/03/2010 |
| Dubai's Union Properties is willing to sell any of its projects if it receives a fair price, its chairman told UAE newspapers yesterday. |
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| First phase of Khalifa Port to come online in 2012 |
| 16/03/2010 |
| Capital planning smaller developments to cope with increasing traffic |
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| UAE recruitment ready to pick up, but not just yet |
| 10/03/2010 |
| Major US firms in the Emirates are all ready to initiate a hiring drive, but before they start tapping into recruitment budgets managers want to see some definitive signs of economic recovery in this quarter. |
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| Danske Bank Takes Control of New York Building From Dubai World |
| 04/03/2010 |
| Danske Bank A/S took control of a 104-year-old office building in New York’s Times Square from Istithmar World PJSC, the second loss of a Manhattan property by the Dubai World unit in three months. |
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| Banks await outcome of Dubai World talks |
| 04/03/2010 |
| Analysts see improvement from 2009 but institutions still face uphill task pending clarification of restructuring issues |
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| Dubai’s Inflation Rate Declined to 1.3% in January |
| 03/03/2010 |
| The inflation rate in Dubai, the second-largest sheikhdom in the United Arab Emirates, fell to 1.3 percent in January, the lowest in at least a year, as the cost of food and drink declined. |
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| Drive to make UAE pleasure boating hub |
| 02/03/2010 |
| Abu Dhabi has plans for about 45 marinas to poise itself as a yachting destination, with the Yas Marina its initial showcase. |
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| Caretaker government |
| 24/02/2010 |
| A caretaker government, formed by the Christian Democratic Alliance (CDA) and the Christian Union (CU), will deal with matters in hand. |
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| Queen accepts resignation of Labour ministers |
| 23/02/2010 |
| The Queen has accepted the resignation of the Labour (PvdA) ministers and state secretaries and has asked the caretaker government to work towards a general election to be held on 9 June 2010.
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| UAE sports market on growth path |
| 21/02/2010 |
| The sports and fitness industry in the UAE continues to grow, according to executives, despite 2009 having been a "challenging year" for fitness, sports and gym equipment and services. |
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| UAE offers best quality of life in Mena region |
| 21/02/2010 |
| Economist Intelligence Unit 2009 index gives country top spot due to civic development, administration, services. |
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| Sharjah port thrives in the storm |
| 20/02/2010 |
| Container volumes at Khor Fakkan port on Sharjah’s east coast have stacked up some of the strongest growth in the region despite the global slump in seaborne trade.
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| UAE aims to ride tide of mobile growth |
| 20/02/2010 |
| The market for traditional mobile phone connections is already heavily saturated, with the UAE home to more lines per person than anywhere else on earth. But Mr Omran sees “billions” of opportunities for new connections to the mobile grid. |
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| Seven more Dubai Metro stations set to open in April |
| 20/02/2010 |
| The opening of the remaining stations on the Red Line and the Green Line of the Dubai Metro has been revised again, according to a top official at the Dubai Roads and Transport Authority (RTA). |
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| Dubai Chamber gets major environment certification |
| 18/02/2010 |
| The Dubai Chamber is leading the green revolution by becoming the first of the LEED Certified Existing Buildings in the Arab world and one of only four outside the US and Canada. |
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| Falling property prices pull inflation to nine-year low |
| 17/02/2010 |
| Falling property prices pulled the inflation rate down to a nine-year low last year, Government figures show. |
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| Dubai World Said to Offer Debt Restructuring in March |
| 17/02/2010 |
| Dubai World will present a proposal to creditors in March to restructure about $22 billion of debt after its advisers complete valuing the assets of the state-owned company. |
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| Dubai World changes tack on debt |
| 16/02/2010 |
| Dubai World is hopeful it can win a deal from creditors to restructure as much as US$22 billion (Dh80.81bn) of debt without necessarily formalising a standstill deal. |
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| Top officials seek open dealings on Dubai debt |
| 15/02/2010 |
| Top officials from the US and British governments are calling for transparency in the settlement of Dubai World’s US$22 billion (Dh80.8bn) debt restructuring, intensifying diplomatic pressure to conclude a deal with creditors. |
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| Aabar adds executive jets to its portfolio |
| 10/02/2010 |
| Aabar Investments, which has stakes in a Formula One racing team, electric sports cars and space tourism, added executive jets to its portfolio yesterday with a US$20 million (Dh73.4m) investment in XOJET. |
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| Dubai World debt clouds outlook |
| 10/02/2010 |
| Any drawn out negotiations on a restructuring of Dubai World debt could undermine an improving economic outlook for the Gulf, a top banker warns. |
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| Shortage of sugar is sweet for Al Khaleej |
| 09/02/2010 |
| Al Khaleej Sugar Company, the Dubai refining giant, has more than US$450 million (Dh1.65bn) worth of the raw commodity on hand and plans to boost production capacity by 40 per cent this year to capitalise on record prices. |
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| UAE banks’ debt woes to grow |
| 08/02/2010 |
| Non-performing loans are expected to swell almost 50 per cent to nearly Dh65 billion (US$17.69bn) this year as the global economic downturn and sagging property prices take a further toll on the country’s lenders. |
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| Overheid Dubai steekt ruim $ 6 mrd in wankel Dubai World (Dutch Only) |
| 07/02/2010 |
| De overheid van Dubai heeft $ 6,2 mrd in Dubai World gepompt Het is daarnaast bereid extra geld in de met schulden overladen staatsinvesteringsmaatschappij te steken. |
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| Dubai Determined to Repair Reputation After Dubai World Fallout |
| 07/02/2010 |
| Dubai wants to repair the damage to its reputation after it roiled world markets with a request to delay debt payments late last year, said Nick Anstee, the 682nd lord mayor of the City of London. |
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| U.A.E. Is Committed to Moderate Islamic Values, Premier Says |
| 07/02/2010 |
| The United Arab Emirates is committed to “progressive” and “moderate” Islamic values as the country diversifies its economy away from oil. |
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| Dubai’s New Al Jalila Oil Field to Start Up in 1 Year |
| 05/02/2010 |
| Dubai’s newly discovered offshore oil field will enter production within a year and is expected to increase crude production by a “noticeable percentage” once commercial operations starts. |
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| Dubai construction sector expected to begin improving late this year |
| 05/02/2010 |
| Industry experts believe that the construction industry will not start looking up until the end of 2010. |
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| Tall sales for retailers at the base of Burj Khalifa |
| 04/02/2010 |
| Crowds of tourists visiting the Burj Khalifa have boosted retail sales near the world’s tallest tower by as much as 30 per cent. |
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| Dubai vindt olie (Dutch only) |
| 04/02/2010 |
| Het is in financiële zin mogelijk een druppel op een gloeiende plaat, maar Dubai heeft donderdag met veel trots de vondst van een nieuw olieveld bekendgemaakt. |
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| Aabar Full-Year Net More Than Doubles on Investments |
| 01/02/2010 |
| Aabar Investments PJSC, the Abu Dhabi fund that is the biggest shareholder in Daimler AG, said full- year profit more than doubled as it benefited from capital and investments by its parent International Petroleum Investment Co. |
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| Dubai to Contract, Drag Down U.A.E. in 2010, IMF Says |
| 26/01/2010 |
|
Dubai’s economy will contract this year, dragging down growth toward zero in the United Arab Emirates, the Arab world’s second-largest economy, the International Monetary Fund said. |
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|
| BIT Netherlands – Bahrain enters into force |
| 26/01/2010 |
| On December 1, 2009 a Bilateral Investment protection Treaty (BIT) between the Netherlands and Bahrain entered into force. |
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|
| Business travel with British Airlines |
| 26/01/2010 |
| As part of our efforts to keep you informed of new ways to support your businesses and advance your growth, Dubai Chamber of Commerce and Industry is pleased to endorse a unique initiative from British Airways exclusively for small and medium-sized compan |
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| Emirates says it with flowers by announcing flights to Amsterdam |
| 13/01/2010 |
| DUBAI, U.A.E., 3rd December 2009 : Emirates is to launch flights to Amsterdam from 1st May 2010.
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| Strijd Dubai World lucratief (Dutch only) |
| 05/01/2010 |
| De herfinanciering van Dubai World lijkt een lucratieve gelegenheid voor banken en andere adviseurs te worden. |
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| Dubai World and creditors start meeting on debt restructuring |
| 21/12/2009 |
| A meeting among 200 bankers representing 90 creditors of Dubai World is about to start at the Al Maktoum Hall of Dubai World Trade Centre as Dubai World seeks to restructure the balance $21.9 billion liabilities. |
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| Dubai World debt not to impact UAE economy: Al Mansouri |
| 21/12/2009 |
| Minister of Economy Sultan Al Mansouri said on Monday the he did not expect Dubai World debt problems would affect the projected 3 per cent growth rate for the UAE in 2010. |
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| Dubai Holding up to scrutiny |
| 20/12/2009 |
| Debt difficulties at Dubai World have prompted investors to turn their attention to another of the emirate’s big conglomerates, Dubai Holding. |
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| Full repayment is option for Dubai |
| 20/12/2009 |
| Dubai could fully repay all of the bank debt owed by the property and ports conglomerate Dubai World, financial leaders in London were told during the recent visit by two of the emirate’s top officials. |
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| Dubai debt crisis will increase transparency - DIFC's Saidi |
| 17/12/2009 |
| Dubai’s debt crisis will make state owned companies in the city state more transparent, said Nasser Saidi, the chief economist of the Dubai International Financial Centre. |
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| Funds distributed for Nakheel bond repayment |
| 16/12/2009 |
| Repayment of a $4.1 billion (around Dh15.05 billion) bond issued by Nakheel was set to be completed yesterday, when other Islamic bond issuers reassured investors about their repayment capability in replies to a ‘soundness and health' check by Nasdaq Duba |
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| What Dubai debt rescue boils down to |
| 14/12/2009 |
| Abu Dhabi’s eleventh-hour US$10 billion (Dh36.72bn) rescue package has averted what could have been a lengthy legal battle over the $3.52bn in bonds that Nakheel was due to pay Monday, and given time to restructure the rest of Dubai World and its debts. |
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| New panel for Dubai World disputes |
| 14/12/2009 |
| The Dubai Government has established a tribunal of judges to handle disputes connected with the debt restructuring of Dubai World. |
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| Dubai Financial Support Fund: Statement in full |
| 14/12/2009 |
| Statement from Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Financial Support Fund over the payment of Nakheel's sukuk and Dubai World restructuring. |
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| Abu Dhabi Rescues Dubai With $10 Billion; Nakheel to Repay Bond |
| 13/12/2009 |
| Abu Dhabi government provided $10 billion for Dubai’s financial support fund to help repay obligations, including the $4.1 billion needed for Nakheel PJSC’s Islamic bond maturing today. |
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| Optimisme domineert op beurs in Dubai (Dutch Only) |
| 13/12/2009 |
| De aandelenkoersen in Dubai maakten hun grootste sprong dit jaar. De drijfveer is het geteisterde vastgoedfonds Dubai World, dat bezig is zijn schulden te herstructureren. |
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|
| Fugro News Release - Satellite based ground movement studies |
| 10/12/2009 |
| With reference to a recent press report about Palm Island quoting a Fugro NPA employee,
Fugro NPA Ltd. wants to clarify Fugro NPA undertakes ground movement studies using a new satellite based technique. |
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| Pressure on Istithmar’s overseas assets |
| 09/12/2009 |
| Istithmar, the private equity arm of Dubai World, the debt-laden conglomerate, is coming under increasing pressure from creditors as it loses control of key assets and breaches loan covenants. |
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|
| Nakheel posts $3.6bn loss in H1 |
| 09/12/2009 |
| Master developer Nakheel said on Wednesday that impairment and termination charges totalled more than AED13bn during the first six months of 2009, as the global economic crisis severely hit the Dubai real estate market. |
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|
| Palmeilanden Dubai dreigen te zinken (Dutch Only) |
| 09/12/2009 |
| De palmeilanden die Nakheel, de vastgoedtak van Dubai World, heeft ontwikkeld voor de kust van Dubai dreigen in zee te verdwijnen. |
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|
| DP World reviews global projects |
| 09/12/2009 |
| DP World's projects worldwide are currently under review, a top official said. |
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|
| Dubai Company Bonds Dive as Swaps Show Default Risk |
| 08/12/2009 |
| The tumble in bonds of Dubai’s state-controlled companies to record lows signals growing concern more borrowers will fall behind on debt payments as Dubai World seeks to restructure $26 billion of obligations. |
|
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|
| UAE IT Market Set for Strong Growth |
| 08/12/2009 |
| A Dubai Chamber of Commerce and Industry, or DCCI, analysis based on a recently-released Business Monitor International report, forecasts that the $3.2 billion IT market in the UAE, is to witness steady growth and become a leader in the region. |
|
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|
| Nakheel creditors should look to refinance |
| 07/12/2009 |
| Creditors of Nakheel, which has asked for a restructuring of its debt, should refinance rather than take Dubai World to court in a “fruitless exercise”, the regional head of Deutsche Bank says. |
|
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|
| Nederlandse ondernemers in Dubai blijven optimistisch (Dutch Only) |
| 07/12/2009 |
| Dubai is in crisis. De Nederlandse ondernemers ter plaatse blijven optimistisch. 'Voor ons is er niets aan de hand.' |
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|
| DMCC Free Zone to Serve as Macsteel Intl’s ME Base |
| 06/12/2009 |
| Dubai Multi Commodities Centre Authority, or DMCCA, announced that Macsteel International, a subsidiary of global steel trading, distribution and shipping giant Macsteel Holdings Group, will begin operations from AG Tower as a DMCC-registered company. |
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| Dubai World's debt manageable: experts |
| 06/12/2009 |
| High market liquidity to support restructuring |
|
|
|
| Dubai’s history has always been one of resilience |
| 05/12/2009 |
| The most powerful achievement Dubai recorded is to break taboos that the region could not possibly be more than an oil-exporting centre |
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| Überkapitalist stoot zijn hoofd (Dutch Only) |
| 05/12/2009 |
| Dubai kan nu werken aan een andere, minder door speculatie gedreven economie en dat is alleen maar gezond. |
|
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|
| S&P, Fitch Downgrade More Dubai Companies |
| 04/12/2009 |
| Standard & Poor’s and Fitch Ratings have downgraded more Dubai state-related companies to junk territory, over apprehensions these entities may not get government support for their financial liabilities. |
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|
| Dubai Loses ‘Sovereign Halo’ as $3.5 Billion Nakheel Debt Looms |
| 04/12/2009 |
| Sheikh Mohammed bin Rashid Al Maktoum wanted to turn Dubai into a global hub for finance and tourism, the next London or Hong Kong. To help execute his vision, the ruler relied heavily on Dubai World. |
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| Payment delay 'manageable' |
| 04/12/2009 |
| Impact of Dubai World's restructuring likely to be contained, IMF officials say. |
|
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|
| Analysts see need for UAE banking aid |
| 03/12/2009 |
| The United Arab Emirates may have to do more to support its banks and prevent the woes of a leading Dubai-owned conglomerate from causing losses and derailing a tentative economic recovery, according to bankers and analysts. |
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| Nakheel deadline a tale of three cities |
| 03/12/2009 |
| The calculators and spreadsheets are being worked overtime in Dubai, London and New York. |
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| Dubai-Owned Dnata to Buy Cargo Operations at Heathrow |
| 03/12/2009 |
| A Dubai-government owned company will buy cargo and ground handling operations at London’s Heathrow airport, a week after the emirate announced it would seek to restructure the debt of Dubai World. |
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| Debt Restructuring ‘Normal’: Al Mansouri |
| 03/12/2009 |
| Dubai World’s plan to restructure its debts is a normal business response that shows the company is moving in the right direction to solve its problems. |
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| Dubai World wacht meer verliezen bij noodverkoop (Dutch Only) |
| 03/12/2009 |
| Dubai World loopt tegen grote verliezen aan als het zijn Amerikaanse hotels moet verkopen. |
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| Dubai World to meet key lenders |
| 03/12/2009 |
| Next week's meeting first formal encounter since restructuring announcement. |
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| Fears grow for Dubai state-related groups |
| 02/12/2009 |
| With Dubai World cut adrift from implicit government support, there are concerns about potential defaults by other state-related entities. |
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| British Banks Owed About $5 Billion by Dubai World |
| 02/12/2009 |
| U.K. banks are owed a total of about $5 billion to Dubai World, making them the biggest creditor group to the company, the Financial Times reported, citing bankers close to the situation. |
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| Dubai’s sovereign debt holds up well |
| 02/12/2009 |
| CDS on Dubai's sovereign debt have retreated, after spiking in the wake of the restructuring announcement. |
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| Dutch income tax treaties with Bahrain and Qatar enter into force |
| 02/12/2009 |
| On 27 November 2009 the income tax treaties concluded by the Netherlands with Bahrain and Qatar have been approved by Dutch Parliament. |
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| Dubai Ruler: media and markets ‘fail to understand situation’ |
| 01/12/2009 |
| Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, says the economy of the emirate is “strong and persistent” despite financial problems at Dubai World, |
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| Dubai World in talks on Nakheel sukuk and asset sale |
| 01/12/2009 |
| Dubai World is in talks with bankers aimed at accelerating the restructuring process announced last week by “considering alternatives in respect of debt obligations of certain entities within the group”. |
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| Dubai World to Restructure $26 Billion of Debt |
| 01/12/2009 |
| Dubai World said it began “constructive” talks with banks to restructure $26 billion of debt, including liabilities owed by units Nakheel World and Limitless World. |
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| Dubai World 'independent' |
| 01/12/2009 |
| Government's responsibilities not linked to company's transactions, officials say |
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| Exploding Dubai's debt myths |
| 30/11/2009 |
| It has become commonplace to refer to the fallout from last week’s decision by Dubai to ask Dubai World’s creditors for a six-month delay in payments as a “debt crisis”. It is not. |
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| Dubai World shake-up unlikely to harm UAE credit rating |
| 30/11/2009 |
| The restructuring of Dubai World is unlikely to harm the credit ratings of the UAE and Abu Dhabi, ratings agency Moody's said on Monday. |
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| IMF to closely follow Dubai restructuring |
| 30/11/2009 |
| The International Monetary Fund (IMF) is closely watching how the Dubai Government will restructure Dubai World and deal with debt coming due, an official said. |
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| Emiraten proberen markten gerust te stellen (Dutch Only) |
| 30/11/2009 |
| De centrale bank van de Verenigde Arabische Emiraten heeft banken een extra leenfaciliteit aangeboden, in een poging om de vertrouwenscrisis rond staatsholding Dubai World te bezweren. |
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| UAE Offers More Funds to Banks |
| 30/11/2009 |
| The UAE Central Bank said that local banks and branches of foreign banks can borrow funds, if needed, from a new funding facility it has set up to support the banking system. |
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| U.A.E. Central Bank Stands Behind Lenders, Adds Funds |
| 29/11/2009 |
| The United Arab Emirates’ central bank said it “stands behind” the country’s local and foreign banks, which face losses from Dubai World’s possible default, and offered them access to more money under a new facility. |
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| Recitificatie Nova Uitzending // Rectification Nova Broadcast |
| 29/11/2009 |
| The NBC does not recognize itself in the statements made in the Nova broadcast dated 27 November 2009 and distances itself from these. |
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| Global outcry over Dubai World restructuring is exaggerated |
| 29/11/2009 |
| About 75 per cent of the $20b bond has already been subscribed. |
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| Abu Dhabi wil Dubai helpen (Dutch only) |
| 28/11/2009 |
| De Verenigde Arabische Emiraten (VAE) bekijken hoe ze het door schulden geteisterde Dubai kunnen helpen. |
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| Dubai World might still pay sukuk by deadline |
| 28/11/2009 |
| Dubai World could still meet the December 14 deadline on the US$4 billion (Dh14.69bn) payment of a sukuk from Nakheel under one option being considered by advisers to the conglomerate. |
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| S&P Puts Four Dubai Banks Under Creditwatch |
| 28/11/2009 |
| Standard & Poor’s placed four Dubai-based banks on creditwatch late Thursday, shortly after cutting the debt ratings for several Dubai government-owned and related companies, saying the restructuring of Dubai World raises financing concerns for the banks |
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| Dubai triggers ‘overdue correction’ in stocks |
| 28/11/2009 |
| Rising fears of a possible debt default at a Dubai state-owned conglomerate is the catalyst for an "overdue correction" in equities and risk assets. |
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| Nakheel’s creditors dash to minimise damage |
| 27/11/2009 |
| Creditors of Nakheel, the property development company at the heart of Dubai’s debt crisis, were scrambling on Friday night to identify potential collateral to claim from the debt-ridden emirate.
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| Dubai shockwave hits global markets |
| 27/11/2009 |
| Tremors from the shock request by Dubai’s flagship government-owned holding company for a debt standstill spread through global equity markets on Friday, triggering a sell-off in Asia and heavy losses on Wall Street. |
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| The facts behind the Dubai World story |
| 27/11/2009 |
| The Government of Dubai took the global financial markets by surprise on Wednesday by saying it would ask all creditors of Dubai World and Nakheel to “standstill” and extend their loan agreements by six months. |
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| Nederlandse Staat loopt risico op Dubai (Dutch Only) |
| 27/11/2009 |
| De overheid loopt van de Nederlandse partijen het meeste risico, nu de Arabische Golfstaat Dubai in financiële problemen verkeert. |
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| Dubai Debt Delay Rattles Confidence in Gulf Borrowers |
| 26/11/2009 |
| Dubai shook investor confidence across the Persian Gulf after its proposal to delay debt payments risked triggering the biggest sovereign default since Argentina in 2001. |
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| Government of Dubai announces restructuring of Dubai World |
| 25/11/2009 |
| Government appoints restructuring officer to revamp company's operations and Dubai World seeks an extension in the repayment period to May next year. |
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| Dubai Financial Support Fund raises $5b tranche |
| 25/11/2009 |
| The Government of Dubai, acting through the Department of Finance, has raised a further $5 billion as part of its $20 billion long term bond programme launched at the beginning of 2009. The amount issued was determined by the Emirate’s current needs and o |
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| Consumer prices fall for fourth straight month |
| 24/11/2009 |
| Consumer prices in the Emirates fell for the fourth consecutive month as deflationary pressures caused by lower housing prices and food costs tightened their grip on the economy. |
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| UAE Foreign Trade Set to Surge: Lubna |
| 22/11/2009 |
| The UAE’s foreign trade shows no “worrying signs” and will achieve better growth rates this year despite the global financial crisis, according to Shaikha Lubna Al Qasimi, UAE Minister of Foreign Trade. |
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| Crown Prince tells World Economic Forum UAE economy is ‘humming’ |
| 21/11/2009 |
| The global financial crisis underlined the dangers of loosening government controls on markets, the Crown Prince of Dubai told hundreds of business leaders from around the world yesterday. |
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| Dubai Ruler Tightens Control of Emirate, Downgrades Key Aides |
| 21/11/2009 |
| Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum has consolidated his hold on the debt-laden emirate, downgrading powerful figures behind the city-state’s boom that turned to a bust. |
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| Dubai may see growth of 5% in 2009 |
| 20/11/2009 |
| Dubai, hit hard by a property downturn in the wake of the financial crisis, may see growth of 5 percent in 2009, a ruling council member said on Friday. |
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| UAE plans to become aerospace industry hub in two years |
| 20/11/2009 |
| Strata, the advanced composites aerostucture plant constructed in Al Ain, will start its production and deliver the first composite part in the first half of 2010, a senior Mubadala official told Gulf News. |
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| Scheme to assist expatriate start-ups |
| 19/11/2009 |
| A newly expanded Dubai Government programme will open the door for budding expatriate entrepreneurs to apply for start-up assistance from the first quarter of next year. |
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| UBS raises targets on UAE property companies |
| 19/11/2009 |
| UBS raised its price targets on shares of several property companies in the United Arab Emirates on valuation, but forecast a further 20 per cent to 30 per cent drop in Dubai house prices from current levels. |
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| UAE Signs Open Sky Declaration |
| 18/11/2009 |
| The UAE has joined the EU, the US and five other countries to sign the ‘Statement of Policy Principles’ for adopting open sky policies through a multilateral framework, instead of the current practice of countries entering into bilateral agreements. |
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| UAE Central Bank Implements Basel-II |
| 18/11/2009 |
| The Central Bank of the UAE has implemented the Basel-II system asking for tougher capital adequacy levels for a sound banking industry. |
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| Hiring starts for operations at Dubai's new airport |
| 17/11/2009 |
| Dubai Airports has started hiring key staff to manage the first phase of the new Dubai World Central-Al Maktoum International (DWC-AMI), it was reported on Tuesday. |
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| UAE companies upbeat on prospects of a speedy recovery in tourism sector |
| 14/11/2009 |
| The World Travel Market (WTM) concludes with prediction of 1% to 3% growth in the global industry next year |
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| New corporate rules to be implemented from May |
| 11/11/2009 |
| Regulations will tighten independence norms of board members and external auditors and stipulate fines for violations |
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| Gulf States Won’t See Pressure on Pegs, Merrill Says |
| 11/11/2009 |
| Gulf Arab nations are unlikely to come under pressure to ditch their currency pegs as U.S. interest rates stay low, said Turker Hamzaoglu, emerging markets economist at Bank of America Corp.-Merrill Lynch & Co. |
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| Dubai Shares Rise as Ruler Reassures Investors |
| 10/11/2009 |
| Dubai shares advanced after the emirate’s ruler reassured investors that the sheikhdom’s next debt offering will be “well received.” |
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| Officials set to finalise new UAE Companies Law |
| 10/11/2009 |
| Officials are due to meet next week to finalise the draft Companies Law for the UAE which could see foreigners being able to have 100 percent control over their firms. |
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| UAE sets up council to tackle demographic issues |
| 10/11/2009 |
| The Prime Minister of the UAE has approved a resolution to establish a new council to look into issues related to the UAE's demographic profile. |
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| Government Plans Steps to Boost Foreign Trade |
| 10/11/2009 |
| The federal government has planned a number of measures to boost foreign trade and provide better access to local exporters to international markets, a top government official said. |
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| UAE Bags 10 Awards at World Travel Awards |
| 10/11/2009 |
| The UAE further bolstered its bid to become a major player in global tourism, bagging 10 major awards at the prestigious 16th World Travel Awards, with Etihad Airways, the country’s national airline, named as the world’s leading airline, while the Dubai i |
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| Putting Dubai's housing in order |
| 08/11/2009 |
| Working to provide decent homes to middle-income expats is entity's concern |
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| Ministry of Economy Launches Campaign to Protect Intellectual Property Rights |
| 06/11/2009 |
| The Ministry of Economy has launched a national campaign to uphold and protect intellectual property rights. |
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| New Company Law to Go for Cabinet Nod |
| 03/11/2009 |
| The final draft of the new UAE company law, which will allow foreigners to fully own a company outside free zones in the country, will be placed before the Cabinet for approval within a month. |
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| Dubai house prices 'bottomed out in April' |
| 02/11/2009 |
| Dubai real estate prices bottomed out in April and have risen 9 percent since, HC Securities & Investment said on Monday. |
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| Dubai World Names Top Executives in Reorganization |
| 19/09/2009 |
| Dubai World named two top executives as the United Arab Emirates sheikhdom’s government- owned holding company seeks to bolster management and shifts assets to streamline the business. |
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| Dubai World Restructures |
| 18/09/2009 |
| The government-owned conglomerate Dubai World is folding hotel and real estate assets from its Nakheel property unit into its Istithmar World investment arm, as part of the group’s restructuring. |
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| Dubai strains to restructure debt |
| 10/09/2009 |
| Hit hard by the credit crisis, Dubai is showing signs of recovery on global economic optimism. However, restructuring the emirate's government-linked debts remains a top priority as the government seeks to assure a rebound for its trade, tourism and serv |
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