Regional News

Sun, 12 Oct 2008 01:54 PM


SNASCO, master developer of the iconic Sharjah Investment Centre (SIC), has today announced its participation in the 7th Cityscape Dubai exhibition

Royal advisor urges action over Saudi bourse

Sun, 12 Oct 2008 01:44 PM

Saudi Arabia should deploy emergency measures, such as buying into falling stocks or allowing share buybacks, to spare ordinary citizens losses from weeks of bourse declines, a royal adviser said on Sunday. The Arab world's worst performing stock market closed on Saturday at its lowest level in more than four years ami...

Dubai Investments takes $65mn stake in First Energy Bank

Sun, 12 Oct 2008 01:44 PM

Dubai Investments has paid $65 million for a five percent stake in Bahrain-based First Energy Bank, the firm said on Sunday. The listed investment company said in a statement it had acquired 50 million shares in the bank which commenced operations in June 2008.<br /><a target=_blank href=http://www.arabianbusiness.com/...

Bidding starts for Arabian Canal phase 2 contracts

Sun, 12 Oct 2008 01:44 PM

Excavation work on the first phase of the $11 billion Arabian Canal has started, with the bidding process for phase two of the scheme now underway, the director of the project has confirmed. Tristar Transport &amp; Contracting is carrying out the excavation of part of the 75km long canal, including removing more than 2...

Gov't vows to protect UAE banks from global crisis

Sun, 12 Oct 2008 01:44 PM

The UAE government has guaranteed bank deposits and savings as the rout in global financial markets deepens. The government has also pledged to guarantee all inter-bank lending, state news agency WAM reported on Sunday.<br /><a target=_blank href=http://www.arabianbusiness.com/533915:govt-vows-to-protect-uae-banks-from...

Saudi central bank makes rare cut to lending rate

Sun, 12 Oct 2008 01:44 PM

Saudi Arabia's central bank cut its key benchmark repo lending rate by 50 basis points for the first time in almost two years on Sunday as signs of easing inflationary pressure permitted the move to reduce lending rates. The Saudi Arabian Monetary Agency (SAMA), the kingdom's central bank, cut the repo rate to 5 percen...

First plane takes off from new $272mn runway

Sun, 12 Oct 2008 01:44 PM

The first plane took off and landed at Abu Dhabi International Airport’s new $272mn runway on Sunday, as the airport prepares to expand its capacity to an estimated 20 million passengers by 2012. The inaugural flight, made by an Etihad A320 carrying a party of media, took off as the runway began operations for arrivals...

Nissan aims to double Gulf sales by 2012

Sun, 12 Oct 2008 01:44 PM

Nissan Motor Co has signed an agreement with Saudi Arabia's Al Dahana Group to double its sales to 160,000 units in the Gulf by 2012 from 74,000, the company's senior vice president said on Sunday. "The Middle East is one of the fastest growing auto markets and is a strategic area of focus for the future of Nissan," Co...

Lenovo reveals imminent arrival of partner Winner's Club

Sun, 12 Oct 2008 01:44 PM

PC vendor Lenovo has revealed plans to bring its global channel airmiles-style rewards scheme, the Lenovo Winner’s Club, to the region. The Winner’s Club, which the vendor has already implemented in other markets around the world, is a tier-two partner programme that promises partner education in addition to sales ince...

Dubai film market to facilitate content trade

Sun, 12 Oct 2008 01:44 PM

Dubai International Film Festival (DIFF) has launched a new initiative to raise the visibility of world cinema from Arab, Asian and African filmmakers while also giving regional film production and trade a boost. The new Dubai Film Market initiative will facilitate the trade of entertainment content between buyers and ...