Local business News

Reel to Open 12 More Cinemas at Dubai Mall

DUBAI — Reel Entertainment LLC, the joint venture of Emaar Retail and Singapore-based premier entertainment provider Cathay Organisation Holdings Ltd., will open an additional 12 Reel Cinemas before the end of the year to complete the 22-screen megaplex with a seating capacity of 2,800.

Baume & Mercier Unveil Latest Watch Collection

DUBAI — Baume & Mercier’s latest watch collection pays tribute to the traditional expertise and the spirit of innovation of which 
William Baume.

Customer Relationship Management Business has Bright Prospects in ME

DUBAI — Customer Relationship Management growth prospects in the Middle East will remain positive in 2009 with companies looking to maximise business opportunities through more efficient front and bank office processes, according to Sage Software, a software solutions company.

Taqa Q2 Profit Tumbles 71pc

ABU DHABI — Abu Dhabi National Energy Co, or Taqa, which has been on an expansion spree, said on Thursday second-quarter net profit slumped 71 percent due to lower oil prices and higher operating costs.

Union Properties Reports Second Quarter Loss of Dh227.95 Million

DUBAI — Union Properties posted a second quarter loss of Dh227.95 million, a reversal from its year ago earnings of Dh317.71 million, as the hefty declines in property prices in Dubai due to the global economic slump have sunk the value of its assets and investments.

Tamweel Posts Q2 Loss of Dh35m on Higher Provisions for Losses

DUBAI — Mortgage lender Tamweel PJSC posted a second quarter loss of Dh35 million as it set aside higher provisions for losses due to
 faltering property prices.

UAE Shares Rebound on
Hopes of Global Growth

DUBAI — UAE shares bounced back on Thursday to recover some of its losses from the previous session, boosted by a rebound in global stocks after the US Federal Reserve hinted the world’s largest economy is beginning to stabilise, while investors also cheered Dubai’s setting up of a body to manage the proceeds of the government’s $20 billion bond programme.

Dubai Opens Mideast’s First Robotic Car Park

DUBAI - The first robotic parking garage in the Middle East opened on Wednesday at an office complex in Dubai.

ADF to Offer Mortgage for Green Emirates Properties

ABU DHABI — Abu Dhabi Finance, or ADF, has decided to offer mortgages for Green Emirates Properties. Launched in 2008, ADF already offers mortgages for the properties being developed by Aldar Properties, Sorouh Real Estate, the Tourism Development and Investment Company, Capitala, Profile Group Properties.

Dubai Knowledge Village Reduces Energy Consumption

DUBAI — Dubai Knowledge Village, the region’s premier destination for human resources management and a member of TECOM Investments, on Wednesday announced it has successfully brought down its water consumption by 6.1 million gallons from January to June 2009 and energy usage by 1,904 MWh during the same period.