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Abu Dhabi to take over port management from Dubai (Arab News - 31/12/2010)

Abu Dhabi is taking over management of the city’s port from neighboring Dubai’s port firm DP World, which runs similar facilities around the world. DP World and Abu Dhabi Terminals said Thursday that ADT will assume control of Mina Zayed in the new year,

Nakheel gets fund to repay $871.6m debt (Khaleej Times - 31/12/2010)

Property developer Nakheel said on Thursday that it would use government financial support funds to repay more than $800 million in debt maturing next month. In a regulatory filing to the Nasdaq Dubai stock exchange the developer, which is in talks with

DP World hands over Mina Zayed operation to ADT (Khaleej Times - 31/12/2010)

DP World Ltd, the fourth-biggest port operator in the world, will hand over the management of Abu Dhabi’s Mina Zayed port operations to Abu Dhabi Terminals in January following the end of a five-year contract. DP World and Abu Dhabi Terminals, or ADT, a

Dubai’s Nakheel to tap state funds to repay bonds (Arab News - 31/12/2010)

The Dubai property developer behind the emirate’s man-made islands said Thursday it will tap government support funds to repay more than $800 million in debt due next month as it pushes ahead with restructuring talks. Nakheel announced plans to use funds

Dubai’s services sector — a driver of growth (Khaleej Times - 31/12/2010)

A Dubai Chamber of Commerce and Industry delegation headed by Hamad Buamim, its Director-General, attended the Hamburg Summit: China Meets Europe 2010 at the Hamburg Chamber of Commerce in the strategic German city recently. Besides Buamim, the summit

GCC investors opt for exchange traded funds (Gulf Daily News - 31/12/2010)

An increasing number of investors in the GCC are using exchange traded funds (ETFs) as they look for low-cost ways to build and manage portfolios as well as gain exposure to a range of markets. ETFs have been one of the great investment success stories

Flydubai unveils plan to enter Bangladesh (Gulf Daily News - 31/12/2010)

Flydubai is ending the year on a high with the announcement of its first entry into Bangladesh, with flights to Chittagong, the country’s second largest city. The new route announcement once again highlights flydubai’s commitment to making travel more

DP World, Abu Dhabi terminals not to renew contract (Reuters - 31/12/2010)

Port operator DP World's contract to manage the Mina Zayed port for Abu Dhabi Terminals (ADT) will not be renewed after it expires on December 31, the two companies said in a statement on Thursday. Following the expiry of the five-year management

Nakheel gets Dubai fund help to repay maturing sukuk (Gulf Times - 31/12/2010)

Nakheel, the real-estate unit of Dubai government-owned conglomerate Dubai World, said yesterday that the Dubai Financial Support Fund has given it enough money to repay its $750mn Islamic bond, or Sukuk maturing on January 16. “Following the repayment,

Saudi foreign assets close to SR110b in 11 months (Saudi Gazette - 31/12/2010)

Saudi Arabia’s foreign assets surged by more than SR1.7 billion ($4.5 billion) in November 2010, from around SR1.66 billion at the end of October 2010, nearly SR110 billion in 11 months due to high oil prices, data released by the Saudi Arabian Monetary

Abu Dhabi economy to accelerate next year (The National - 31/12/2010)

Abu Dhabi's economic growth will accelerate next year with the expansion of non-oil sectors expected to drive the creation of wealth in the capital, says the Abu Dhabi Chamber of Commerce and Industry. Growth will be propelled by a more expansive private

Dubai Duty Free sees sales at $1.25b in 2010 (Khaleej Times - 30/12/2010)

The world’s largest airport retailer Dubai Duty Free is expected to achieve a double-digit growth in sales in 2010 and sees another busy year ahead, the company said. The year-end sales are expected to reach $1.25 billion, 9.6 per cent up, compared to

Kuwait inflation at 22-month high (Reuters - 30/12/2010)

Qatar's November consumer prices were unchanged on a yearly basis after months of deflation as food costs rose but rents edged lower, data showed on Wednesday, while food prices pushed inflation in Kuwait to a 22-month peak. Deflation in Qatar, the

Nakheel gets 91% creditors’ nod (Khaleej Times - 30/12/2010)

Nakheel, a Dubai World unit, on Wednesday said it has got support of more trade creditors for its debt restructuring plan as 91 per cent of non-bank creditors in terms of value have agreed to the new payment terms. The developer behind Dubai’s

DP World partnership with Plastic Free Ocean (Khaleej Times - 30/12/2010)

Building on its commitment to sustainability and environment protection initiatives, global marine terminal operator DP World has ?become the lead corporate sponsor of Plastic Free Ocean, a non-profit network working to raise awareness ?and create

IDB members urged to support ISFD (Arab News - 30/12/2010)

A meeting of experts at the Islamic Development Bank (IDB) on Wednesday urged member countries to fulfill their pledges to the capital of the Islamic Solidarity Fund for Development (ISFD), which was established for poverty alleviation in the Islamic

CBB welcomes top Bahrain rating (Gulf Daily News - 30/12/2010)

The Central Bank of Bahrain (CBB) has welcomed a new global vote of confidence for Bahrain's economic performance and management of the domestic economy. Fitch rating agency affirmed Bahrain's long-term foreign and local currency Issuer Default Ratings

Joint venture acquires stake in Norway firm (Gulf Daily News - 30/12/2010)

Bahrain-based investment bank Capital Management House (CMH) and National Oil and Gas Authority's nogaholding company have entered a joint venture to take a controlling interest in a leading Norwegian-owned petrochemical logistics business. CMH and

Nakheel wins support for debt restructuring (Arab News - 30/12/2010)

The struggling real estate developer behind Dubai's manmade islands said Wednesday it has support from more than 90 percent of its nonbank creditors for its debt restructuring plan. Nakheel, a division of debt-laden state conglomerate Dubai World, has

Abu Dhabi GDP to grow 8% in 2011 (Business 24|7 - 30/12/2010)

Strong oil prices will boost Abu Dhabi’s economy by nearly eight per cent in current prices next year while investments will surge by 15 per cent, nearly half of which will come from the private sector, according to a local study. Exports are also

Transport, food, clothing boost Qatar inflation (Gulf Times - 30/12/2010)

Costlier transport, food and clothing led a 3.08% rise in inflation in Qatar year-on-year in November amid apprehensions that rising oil prices, now hovering above $91 a barrel, may further strengthen inflationary pressures. “When calculating the

Saudi foreign assets up SR17 bln in Nov (Business 24|7 - 30/12/2010)

Saudi Arabia’s foreign assets surged by more than SR17 billion in November to record one of their largest increases through 2010 as strong oil prices sharply boosted its income, official data showed on Thursday. From around SR1,663.1 billion at the end

DP World, Abu Dhabi end terminal deal (Trade Arabia - 30/12/2010)

DP World and Abu Dhabi Terminals (ADT) announced today that with the expiry of a five-year management services agreement, from the New Year, marine terminal operations at Abu Dhabi’s Mina Zayed will be handled by ADT. The terminal is currently managed by

Gasco awards $1.2bn gas contracts (Reuters - 30/12/2010)

A subsidiary of Abu Dhabi National Oil Co (Adnoc) awarded two contracts worth 4.44 billion dirhams ($1.21 billion) to the Italian unit of French oilfield firm Technip and Dodsal India, an Arabic daily said on Thursday. Abu Dhabi Gas Industries (Gasco)

Nakheel gets $750m Dubai funding (Reuters - 30/12/2010)

Troubled property developer Nakheel said on Thursday that it would repay its $750 million Islamic bond that matures next month, following funds being made available by Dubai. The company said in a statement to emirate's bourse that sufficient funds have

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