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| A comprehensive guide
to current and future events and exhibitions in the UAE |
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Valuable concise reference source on the UAE,
covering political system, economy, business, history and heritage,
education, women, healthcare, tourism and environment. |
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Natural history of the UAE,
covering all animals and plants recorded in the Emirates. |
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THE ECONOMY - INTERNATIONAL INVESTMENTS
![]() Mubadala Development Company agrees to acquire equity stake in Raine Group
Posted on 12/03/2010
Mubadala Development Company ("Mubadala") has agreed to acquire a 9 percent equity stake in The Raine Group LLC ("Raine"). They will seek to capitalise on emerging investment opportunities in the media, entertainment and sports ("MES") sectors around the world.
Raine, a boutique merchant bank focused exclusively on MES, was founded by MES veterans Joe Ravitch, former senior partner and global head of media at Goldman Sachs, and Jeff Sine, former Vice-Chairman and global head of Technology,
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 UAE to draft investment law
Posted on 10/03/2010
The UAE government is drafting a law that protects foreign investors, Sultan Bin Saeed Al Mansouri, Minister of Economy, said yesterday at the Global Dubai Tea Forum.
The new law is expected to be enacted by the end of this year, Al Mansouri added.
"In order to enhance the investment climate, we have prepared a draft law on foreign investment. This is aimed at protecting foreign investors, along with systematic incentives," he said.
"We are also preparing a draft law that guarantees a
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 UAE net FDI importer despite rising outflows
Posted on 04/03/2010
The UAE remained a net capital importer although it pumped more than US$45 billion (Dh165bn) in foreign direct investment (FDI) into global markets over the past few years, official figures showed yesterday.
During 2004-2008, the UAE's cumulative FDI in other Arab countries and foreign markets totalled around US$45.08bn, becoming the largest capital exporter in the region, showed the Kuwaiti-based Inter-Arab Investment Guarantee Corporation (IAIGC), a key Arab League financial establishment.
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 Aabar to assemble tunnel-boring machinery in UAE
Posted on 23/02/2010
Aabar Investments, the biggest shareholder in luxury carmaker Daimler AG, said on Monday that it has entered into a Dh25 million joint venture with German tunnel boring specialist Herrenknecht AG.
Abu Dhabi-based company said under the project it will assemble and manufacture tunnel-boring machinery and equipment in the country.
The joint venture will serve customers in the Middle East including the Gulf Region and the North
African region.
In a regulatory statement posted on
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 Role of UAE private sector in building Sudan's economy hailed
Posted on 22/02/2010
Dr. Mustapha Othman Ismail, Advisor of Sudanese President, has underscored the important role of UAE private sector in investment projects in Sudan, which reached to US$2 billion in 2009.
He said this at a symposium held under the title "UAE-Sudan Relations" on the occasion of rehabilitation and reopening of Sharjah Hall at the University of Khartoum, which was funded by the Sharjah Chamber of Commerce and Industry, under the instructions of His Highness Dr. Sheikh Sultan bin Mohammed Al
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 UAE external credit hits 132% of GDP
Posted on 22/02/2010
The UAE has a net external creditor position well in excess of 100 per cent of GDP, among the largest in the International Monetary Fund's (IMF) membership, a recent IMF update on the country showed.
"This position is overwhelmingly with Abu Dhabi, especially as concerns liquid unencumbered external assets, but several of Dubai's government-related entities also have accumulated substantial assets abroad," the report highlighted.
According to the report, UAE's 2009 International Investment
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 Mubadala to get more capital
Posted on 22/02/2010
Mubadala is to get more capital infusion from the government this year in the light of a still-tight credit market.
A senior official from the Abu Dhabi-owned investment arm said although its access to capital has not been impacted by the recent events, the company would still need additional equity to smooth out the cash flow. "I'm sure [we'll take more]," Matthew Hurn, Executive Director, Group Treasury at Mubadala, said on the sidelines of an event in Dubai. "Last year, we didn't use the
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 Aabar to invest in Algeria auto plant, boring equipment firm
Posted on 18/02/2010
Abu Dhabi's Aabar Investments on Wednesday decided to take a minority interest in an auto assembling plant in Algeria.
The investment company will also own a majority 51 per cent in joint venture tunnel-boring equipment manufacturing company with Herrenknecht, a leading German firm that has large stakes in tunnel-boring equipment manufacturing.
The directors of the Abu Dhabi Securities Exchange-listed investment company have approved a 24.5 per cent stake in a joint venture with the
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 Emaar to sell stake in Singapore retailer
Posted on 11/02/2010
Emaar is planning to sell its US$164 million (Dh602.2 million) stake in RSH Holdings, a Singapore retailer, according to Reuters.
The sale of the stake aims to boost cash and shed non-core assets.
An Emaar spokesman, while not denying the claim, told Gulf News, "RSH is a listed company on the Singapore Stock Exchange. Any information requiring public disclosure relating to RSH will be disclosed to SGX as and when appropriate."
Emaar took effective control of RSH last year, owning a 30 per
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 Aabar to spend US$20m on aviation company
Posted on 11/02/2010
Abu Dhabi's Aabar Investments said on Wednesday it will invest US$20 million (Dh73.4 million) in America's aviation company XOJET Inc and plans to create a private aviation services company for the region.
Aabar plans to partner with XOJET, an airline company that offers private jet services to business and leisure travellers mainly in the US, through a joint venture deal, the company said in a statement on the bourse website.
"Aabar and XOJET Inc. are intending to join together to create a
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 Adia buys stake in Gatwick Airport
Posted on 07/02/2010
Abu Dhabi Investment Authority (Adia) has bought a minority stake in London's second biggest airport, Gatwick. A spokesperson of the sovereign wealth fund confirmed the deal to ‘Gulf News' yesterday, without giving further details on the size of the transaction or the amount paid.
According to British daily The Times, Adia has purchased 15 per cent of Gatwick airport for a price of US$196 million as a long-term commitment. However, the figures were not confirmed by Adia.
Adia bought the
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 Dubai World unit exits SpiceJet
Posted on 07/02/2010
Istithmar World PJSC, a unit of Dubai World, sold its 13 per cent stake in SpiceJet Ltd., said Ajay Singh, a director at the Indian budget carrier.
Istithmar sold the stake to mutual funds, Singh said in a phone interview today. The fund continues to hold some bonds issued by the airline, the official said. A phone call made to Istithmar wasn't answered during the weekend holiday in Dubai.
SpiceJet shares gained as much as 1.7 per cent to Rs55.6, reversing an earlier decline of as much as
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 Aabar posts Dh1.68b net profit for 2009
Posted on 02/02/2010
Aabar Investments said Monday its net profit more than doubled to Dh1.68 billion last year, compared with Dh721.59 million the year earlier.
In a filing to the Abu Dhabi Securities Exchange (ADX), where its shares are listed, Aabar said: "The support granted by parent shareholders International Petroleum Investment Company (IPIC) has played a significant role in this success with IPIC's contribution of Dh6.68 billion in capital and access to its pipeline of high quality investment
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![]() Abu Dhabi to attract Dh45b new capital investments
Posted on 30/01/2010
Existing and new companies to be set up in the next five years in Abu Dhabi are projected to make capital investments of over Dh45 billion, said Khaleej Times. The paper quoted an independent economist as predicting that the emirate will remain the favourite place for investors as it is pursuing a strong reform-agenda.
Despite the strong impact of the international financial crisis on economies around the globe, the Abu Dhabi economy has not been much affected and continued growing steadily.
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 Dubai Investments’ Q4 profits hit Dh141 million
Posted on 28/01/2010
Dubai Investments reported a fourth-quarter net profit of Dh141 million (US$38.39m), versus a loss of Dh87m in 2008, it said yesterday.
Full-year net profit attributable to shareholders declined around 40 per cent to Dh963m against Dh1.58 billion in 2008.
Dubai Investments attributed a decline in revenues to economic slowdown as a result of the financial crisis affecting the real estate sector.
DI reported consolidated total income of Dh3.67bn for the year.
The group's assets were up
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