Middle East Business News Review – 10 May

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A look at today’s important financial news and business updates from the Middle East region:

UAE horses – bred with passion and big money

The world-famous horseracing industry of Dubai came to the salvation of a crisis-hit family in Uruguay, all thanks to Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, also an avid sponsor, owner and rider of horses. Click here to read more…

du says Q1 profits swelled 61.8% before royalty

UAE telecoms operator du has announced its first quarter net profit before royalty swelled 61.8% as mobile revenues more than doubled. Click here to read more…

Rising fuel costs force Emirates annual profits nosedive

Dubai’s Emirates airline group announced Thursday its net profit slumped 61% last year due to rising fuel costs and economic uncertainty. Click here to read more…

Saudis deliver promised aid package to Egypt; IMF loan lined up

An Egyptian minister said on Thursday Riyadh has transferred much-needed $1bn to Cairo’s central bank, seen by many as a move to help unrest-hit country secure a $3.2bn loan from the IMF. Click here to read more…

No plans to revalue dinar, drop dollar peg – Jordan central bank

Jordanian central bank governor has denied reports of revaluing the currency or ending dinar’s peg to the US dollar. The top banker insisted that a tight monetary policy will be maintained to preserve the attractiveness of dinar-denominated assets. Click here to read more…

Arab world population to double by 2050, report

The urban population of the Arab States, which already quadrupled between 1970 and 2010, will more than double by 2050, according to the United Nations Human Settlements Programe’s (UN-Habitat) new report. Click here to read more. (Source – Petra via Zawya)

UAE-Japan trade up 37% in 2011

Japanese exports to the UAE during 2011 rose by 1.8 percent to $7.46 billion, and imports increased 46.39 percent to $42.9 billion, mean that the total value of trade between the UAE and Japan increased by 37.46 percent to $50.3 billion in 2011, compared to $36.6 billion in 2010. Click here to read more. (Source – Nuqudy.com)

Qatar picks five banks for sovereign sukuk – sources

Qatar has mandated five banks to help arrange a new sovereign sukuk, four sources familiar with discussions said on Thursday, the Gulf Arab state’s first Islamic bond in almost ten years. Click here to read more. (Source – Reuters via ArabianBusiness.com)

Dubai hovers at three-month low; Qatar down

Dubai’s bourse gives back early-session gains and trades at a three-month low with muted activity as investors are cautious amid a dampened global environment. Click here to read more. (Source – Reuters via ArabianBusiness.com)

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