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HuaweiDUBAI — Fitch Ratings on Wednesday downgraded individual ratings of a number of GCC banks,
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DUBAI — Fitch Ratings on Wednesday downgraded the ratings of Dubai Holding Commercial Operations Group LLC’s (DHCOG) and Dubai Electricity and Water Authority (DEWA) from AA minus to A plus due to worsened economic outlook. However, both companies remain investment grade.
ABU DHABI — Abu Dhabi Municipality on Wednesday signed a Memorandum of Understanding (MoU) with Emaar Properties for the development Shaikh Khalifa bin Zayed Residential City to be constructed in Cairo, Egypt.
ABU DHABI — Sorouh Real Estate on Wednesday announced that it will deliver around 10,000 homes at flagship locations in Abu Dhabi, over the next three to five years, even as the other leading developers in the UAE like the Dubai Pearl, Aldar Properties and Bloom Properties said they would also be able to stick to their project delivery schedules in spite of the financial downturn.
ABU DHBAI — Automobiles sales dipped six per cent in the last two months in the UAE and industry analysts see more challenges in year 2009 as risk averse banks have restricted car financing in the wake of the global financial crunch.
DUBAI — A massive consolidation in the banking industry is needed, according to Lord Charles Falconer, a former Lord Chancellor of the UK.
DUBAI — Dubai shares were little changed on Wednesday as investor cautiousness offset the initial enthusiasm from a significant reduction in Opec oil output and the aggressive interest rate cut by the US Federal Reserved.
ABU DHABI — Singapore Airlines is set to increase frequency to Abu Dhabi Airport by 133 per cent, following an announcement of its daily flights that will link the UAE capital and the Asian city-state of Singapore with effect from March 15.
KUWAIT/DUBAI — Kuwait’s central bank reduced its benchmark discount rate on Wednesday following a substantial US rate cut, the latest signal that Gulf states want to defrost credit markets to keep their economies growing.
MUSCAT — Oman and Belgium have signed an agreement to avoid double taxation and prevent income tax evasion.