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HuaweiABU DHABI - Dubai, which envisaged 11 per cent growth up to year 2015, is looking at a period of a much slower growth, which would shrink its economic expansion to the range of 4-5 per cent, in the turbulent year of 2009.
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DUBAI - Plunging oil prices, an economic slowdown, the falling stock market, and pressure on real estate prices are raising major hurdles for Dubai-based banks, Standard & Poor’s (S&P’s) said.
ABU DHABI - About 50 per cent of property developers have put on hold their development plans for want of financial resources or projects’ economic viability in the current stormy weather.
DUBAI - The Organising Committee of Sharjah Spring Promotions (SSP) 2009, the annual festival dedicated to enhancing marketing, trade and tourism throughout the emirate, has announced that the latest edition of the event will commence on January 15, 2009.
DUBAI - SriLankan airlines has announced that it has eliminated its present fuel surcharge on fares throughout almost its entire route network with effect from January 1, in order to pass on the benefits of reduced fuel prices to passengers.
DUBAI - Danube Building Materials, a leading building materials supplier, has planned to start the new year with some big expansion in the region, its Chairman Rizwan Sajan has said.
DUBAI - The United Arab Emirates central bank will allow lenders to exchange dollars for dirhams under a new swap facility as it moves to ease a liquidity crunch in the second-biggest Arab economy.
ABU DHABI - The UAE Cabinet has approved the new organisational structure of the Ministry of Economy (MoE), to facilitate the speedy and effective implementation of the Ministry’s Strategic Plan for 2008-10.
DUBAI - The UAE stock market regulator said on Wednesday it had cancelled Emaar Properties’ 10 per cent share buyback approval after the largest Arab developer by market value failed to buy shares in time.
ABU DHABI - The President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, in his capacity as the Ruler of Abu Dhabi, chaired on Tuesday, a meeting of the Supreme Petroleum Council (SPC), at the Al Bateen Palace, in the presence of General Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.