The Enforcement Directorate (ED) has been slapped a 7,100 crore penalty on Etisalat DB India for violating the Foreign Exchange Management Act (FEMA). The firm is issued a show cause notice for not reporting funds from abroad to the Reserve...
Emirates is investing in a wide-body jet fleet including 90 Airbus SAS A380 Super-jumbos worth $34bn at list prices and financing the planes isn't a concern as it's fully funded through July 2012. The Airbus A380 superjumbo jet is with...
Saudi Arabian Fertilizers Co (Safco) said its quarterly net profit fell 13 percent, missing analysts expectations for the second straight quarter. Safco made 790 million riyals ($210.7 million) in the second quarter, compared with 907.2 million riyals in the prior-year...
Tyco International Ltd. completes acquisition of 75 percent stake in UAE-based KEF Holdings. KEF Holdings is an integrated valve manufacturer and provide steel castings to oil and gas, chemical, mining, and power industries. With this investment, Tyco gets a platform...
Bank of Sharjah, which was the first Middle Eastern financial institution to borrow from the loan market following the global financial crisis, has mandated banks for a two year money deal. It is refinancing the $150m one year loan it...
Arabtec Construction, a wholly owned subsidiary of Arabtec Holding, the contractor behind Burj Khalifa, led momentum on the Dubai Stock Exchange as Arabtec Construction gained its highest point in two months. The ban on Riad Kamal, a chief executive officer...
UAE is under review for a potential upgrade to an emerging market status by Standard & Poors, an executive said, a coveted status seen boosting foreign fund inflows to the region. The Gulf countries are currently classified as "frontier" by...
Trendy world, trendy people & trendy drink that is what energy drinks become in today's life style. In the current scenario energy drinks are just like a trendy beverage & we can get the evidence of its popularity by...
Air freight is an important element in todays business world. Air freight companies help in shipping goods and heavy weight items from one country or state to another in a short time period. As air planes are used in...
After a successful 20 year partnership with Al Habtoor motors, Aston Martin is parting ways, as part of a strategic expansion plan in the Middle East and North Africa to emphasize the company as a maker of luxury products...
A filing by First Gulf Bank (FGB) shows that it has ended ties with its Libyan unit, First Gulf Libya Bank (FGLB), after political unrest in the country and its investment in the unit has been classified as "available...
Dubai closed a $800 million financing deal with lenders based on securitizing road toll receipts, London-based Middle East Economic Digest (MEED), reported on Tuesday. The loan, which will be used to fund infrastructure projects, received a strong response from lenders,...
Saudi Arabia's labor ministry issued new laws affecting women at the workplace, on Sunday. According to the new rules, only women may work in lingerie and cosmetic stores. Men will be forbidden from entering these type of shops. Such...
Rising inflation and the consequent food price increases is causing a saving spree among women in the region. In addition to changing the kind of groceries that come into their homes, they are now being very selective in making...
The opening of Ferrari World generated a lot of buzz in the UAE, not just because of the prestigious brand but because there have been no new theme parks in the country for years. Located on Yas Island, the...
The Dubai International Motor Show (DIMS) has certainly moved up many strides since its inception 11 years back. In UAE's calendar, it is the most awaited biggest event this year. November is expected to be the busiest month on wheels...
Meeting the demand for power would require GCC countries to invest more in energy projects, leading energy experts have said. To meet an estimated six to 10 per cent annual surge in demand for power, which is around eight gigawatts...
A poll conducted by Emirates 24/7 reveals UAE as a preferred destination for many foreign nationals. Respondents stated that UAE is safer compared to their home country. Post recession places like Singapore and India have better opportunities than before, but...
Following suit after the recent crackdown in Sharjah and Abu Dhabi, now Dubai is regulating the air-drying of clothes in balconies and the display of dish antennas. Hanging clothes, installing dish antennas, or placing junk in balconies and those ignoring...
As the cost of living has been coming down in the country, it has resulted in employers dishing out less as pay packages for expats are now shrinking. Change in company hiring policies has further reduced the total compensation benefits,...
Petrodollars! What a word! It is a term coined by Prof. Ibrahim Oweiss professor of economics at Georgetown University in 1973. Oweiss felt there was a need for a word to describe the situation then occurring in oil producing,...
UAE is basking in the recent growth of its eonomy. Strong oil prices accompanied by high public spending has improved the economy by 3.3% in 2011. The Abu Dhabi-based Arab Monetary Fund (AMF) stated in its latest report that...

High price tags attached to property in Dubai now need not be a major cause of worry, as there are also some bargains on offer. According to listings by arabianbusiness, all available property in Dubai is broken down in...
Majid Al Futtaim Holding LLC (MAF), sole franchisee of Carrefour SA stores in the Middle East, raised $1 billion from a group of banks to refinance debt after delayed plans to sell bonds. The financing comprises a three-year revolving credit...
UAE's Etisalat has renewed a management agreement with its Saudi Arabian affiliate Etihad Etisalat (Mobily) for five more years, the telecoms firm said in a statement on Sunday. Etisalat, which holds a 27.4 percent stake in Mobily, said in the...

Place:Dubai Story: DGCX to launch Indian Rupee options contract Objective: to build on growth of Indian Rupee futures trading In a press release Monday, DGCX announced plans to expand its Indian Rupee (INR) product offering with the launch of an INR Options...
Place Dubai and Saudi Arabia Story Doctors from Saudi Arabia and Dubai obtain permission to work in both countries Objective To assess the benefits of the pact. The healthcare authorities of Dubai and Saudi Arabia have decided to permit licensed medical practitioners of both countries...
Place Dubai Story Green Line opens in September Objective The Green Line of the Dubai Metro project will become operational in September. The 23 km route will cover number of government offices, health care facilities, and commercial business district areas of Dubai. According to the...