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March, 10th 2010
Abu Dhabi foreign trade rises 9% to Dh112 billion
Abu Dhabi's foreign trade rose to Dh112.071 billion in 2009, an increase of 9% as compared to 2008 as per annual statistics of foreign trade operations announced by HE Saeed Ahmed Abdullah Al Muhairi, Director General of Abu Dhabi Customs yesterday. |
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March, 08th 2010
UAE is region's top lender
The UAE had the largest banking sector in the Arab World towards the end of 2009, controlling nearly 18 per cent of the combined financial resources, and emerging as the top lender in the region, according to banking data. Emirates NBD (ENBD) maintained its position as the biggest bank in the region in terms of assets, which stood at about US$79 billion (Dh290bn) at the end of September 2009, showed figures by the Beirut-based Union of Arab Banks (UAB). |
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February, 24th 2010
UAE tops US imports table
The UAE has emerged as the biggest importer of US goods in the Arab world last year. That is despite the trade value having declined by 16 per cent, to US$12.1 billion (Dh44.44bn) as the global downturn dampened demand for US vehicles, machinery and components. US car exports to the UAE declined by 57 per cent while aerospace sales surged 19 per cent, led by Boeing aircraft deliveries to Emirates Airline, Etihad Airways and flydubai, the budget airline. The data was released by the US department of commerce. |
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February, 22th 2010
Offshore Middle East returns to Doha
The event brings new focus to the Middle Eastern oil '&' gas market, which has grown to surpass the Gulf of Mexico for active rigs. |
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February, 20th 2010
UAE inflation among GCC's lowest
A sharp slowdown in the UAE property sector has reversed several years of a rapid increase in inflation in the UAE, pushing the rate to a nine-year low of around 1.5 per cent in 2009, official data showed yesterday. At 12.3 per cent, the UAE had the second-highest inflation rate in the six-nation Gulf Co-operation Council (GCC) in 2008 after Qatar but now has one of the lowest rates in 2009, according to official figures. |
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January, 20th 2010
Abu Dhabi unveils plan to reduce gas emissions
The UAE's efforts to rein in carbon emissions will receive a fillip with the construction of the country's first carbon capture and storage network, a senior official said in Abu Dhabi on Tuesday. "The project in Abu Dhabi that aims to trap 5 million metric tons of carbon emissions annually from four facilities will start between 2012 and 2014," said Sam Nader, Director of Carbon Management Unit of Masdar, Abu Dhabi Future Energy Company. |
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January, 18th 2010
UAE is fully committed to render IRENA's mission a success: Abdullah
The admission of 138 signatories to the International Renewable Energy Agency (IRENA) membership in its first year of age demonstrates the true international commitment to adopt renewable energy in a broader sense in both developed and developing countries alike, UAE Foreign Minister HH Sheikh Abdullah bin Zayed Al Nahyan said yesterday. |
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December, 31th 2009
UAE's nuclear project will save its oil wealth
A landmark plan by the UAE to build its first nuclear facilities for power generation will allow it to save its oil wealth, boost crude exports and cut electricity costs in the long term, said analysts. |
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December, 29th 2009
After oil, UAE is now welcomed to the nuclear family
With the announcement that the Government and nuclear authorities have chosen the South Korean consortium led by Kepco to build and operate the UAE's nuclear programme, this nation has fully entered the nuclear age, reported a local daily.
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December, 27th 2009
UAE banks have largest capital in Arab World
An intensive drive to bolster their financial position has sharply boosted the combined capital of the UAE banks and allowed the country to have the largest banking system in the Arab World, according to latest official figures. At the end of 2008, the shareholders equity of the UAE's 24 national banks and 28 foreign units stood at Dh165.5 billion, the highest in the region, showed the figures by the Arab Monetary Fund (AMF), a key Arab League institution.
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December, 24th 2009
UAE establishes Nuclear Energy Corporation
President His Highness Sheikh Khalifa bin Zayed Al Nahyan, by decree has established the Emirates Nuclear Energy Corporation (ENEC), the organisation charged with implementing the UAE nuclear energy program as it produces electricity, supports economic development, and provides opportunity for the people of the nation. |
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December, 20th 2009
Full repayment is option for Dubai
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. People present at talks between UK and Dubai leaders said the possibility of repaying all bank loans in full was discussed as a medium-term possibility during talks involving Sheikh Ahmed bin Saeed Al Maktoum and Mohammed al Shaibani of the Dubai Supreme Fiscal Committee. |
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November, 26th 2009
Solar panel makers see business potential in UAE
Solar panel manufacturers are hoping to pick up orders from alternative energy projects in the UAE and the Middle East. A number of projects similar to Abu Dhabi's $22 billion (Dh80.8bn) Masdar zero-emissions city are being planned in Saudi Arabia, Qatar, Jordan and other countries, said an official from Sharp Solar. |
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November, 23th 2009
UAE is progressive dynamic economy
HE Sultan Nasser Al Suwaidi, the Central Bank Governor has said that United Arab Emirates has a very dynamic economy and it is progressing well. He added that time is needed to absorb liquidity since the country is very attractive in the region for tourism and investment. He said this while answering a query during an interactive session organised by National Media Council (NMC) for foreign journalists from 46 countries at ECSSR. |
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November, 20th 2009
UAE economy to see sharp rebound in 2010
Lower oil production will ally with slowing construction activity to try and depress the UAE economy in 2009, but the economy is expected to rebound by nearly four per cent in 2010, the Economist Intelligence Unit (EIU) said yesterday. In a statement sent to Emirates Business, the London-based information unit said it had cut its earlier forecasts about the contraction in the UAE's gross domestic product (GDP) this year from four to 3.5 per cent following an improvement in oil prices and expected rise in the country's crude output. |
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November, 17th 2009
UAE companies launch breakthrough humanitarian initiative
A groundbreaking humanitarian relief aid initiative from the UAE took flight yesterday at the Dubai Air Show 2009. Maximus Air Cargo, the UAE's largest air cargo solutions provider joined forces with Etihad Airways, the national airline of the UAE, and Abu Dhabi Airports Company (ADAC), to launch ‘Care by Air'. Supporting members included the UAE Red Crescent and the United Nation World Food Programme (WFP). |
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November, 16th 2009
Defence ministers praise Dubai Airshow standards
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai received Badr Saud bin Hareb, Omani Minister In charge of Defence on Sunday. The meeting focused on the Dubai Airshow 2009. The Omani Minister praised the excellent standards of organisation which will further enhance UAE’s reputation as world leader in exhibitions industry. Sheikh Mohammed later received Hussein Ali Mueni, Tanzanian Defence Minister, who thanked him for the invitation extended to him to attend opening of the airshow. |
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November, 08th 2009
Anti money laundering measures in insurance activities issued
The instructions and measures to deal with the anti money laundering crimes in the insurance activities, have been issued by UAE Economy Minister and Board Chairman of the government National Insurance Authority HE Engineer Sultan Al Mansouri. |
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October, 26th 2009
UAE interbank rates hit multi-year lows
Interbank lending rates in the UAE fell to multi-year lows yesterday as the dollar-pegged country brings the cost at which banks lend to each other into line with its Gulf neighbours and the United States. Since August, the UAE Central Bank has undertaken a raft of measures to lower the rates it long said were too high. |
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October, 04th 2009
Another First from ADCB
Abu Dhabi Commercial Bank ("ADCB" or the "Bank"), the Emirate of Abu Dhabi’s second-largest lender by total assets, is pleased to announce that it has agreed to issue US$ 1,000,000,000 million of bonds under its newly updated and amended US$7.5 billion global medium term note programme. |
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September, 23th 2009
Dubai to become world's fourth biggest aviation hub
Dubai will become the world's fourth biggest aviation hub after Hong Kong, London Heathrow and Beijing, Airbus said in its latest projections. By 2028, about 14 out of the world's top 20 large airports will be located in the Asia-Pacific. Dubai has already become the world's sixth biggest aviation hub, overtaking Singapore's Changi last year, according to the Airports Council International (ACI). |
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September, 17th 2009
Abu Dhabi leads region in recovery for employment opportunities
Abu Dhabi is leading the recovery from the economic downturn in Gulf careers and employment, now accounting for 23 per cent of all advertised jobs in the GCC, according to research by Middle East online recruitment firm, GulfTalent.com. |
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September, 15th 2009
Auto sector poised to rise by 5pc in the UAE
Auto sales in the UAE are expected to rise 5 per cent between 2009 and 2010 as an easing in liquidity conditions boosts confidence in the sector, according to an analysis by the ? Dubai Chamber. |
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September, 02th 2009
UAE dunes rise higher
Milestone Completed at UAE Pavilion at EXPO 2010. Fireworks were set off in Shanghai this week to celebrate a key milestone in the construction of the UAE Pavilion on the World Expo site at Shanghai. |
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