DUBAI, Nov 13 (Reuters) – DP World said on Thursday
it would pay $2.6 billion to major shareholder Dubai World
for its EZW logistics infrastructure firm, easing the
burden on the state conglomerate ahead of a $4.4 billion debt
repayment next year.
The deal is the latest example of Dubai’s ‘asset shuffle’,
where profitable state-owned firms have bought assets from those
still struggling after the emirate’s debt crisis at the turn of
DUBAI (Reuters) – Prime Minister Najib Razak on Tuesday vowed to bring to justice the perpetrators of the downing of Malaysia Airlines MH17, but said he feared fighting in Ukraine might block access to the crash site.
In an interview with Reuters in Dubai, Razak also said he hoped to see results over the coming months in the search for missing Malaysian jetliner MH370, bringing closer a solution to the world’s greatest aviation mystery. The plane veered off course and disappeared without a trace earlier this year.
DUBAI/ABU DHABI, Oct 27 (Reuters) – Look at computer models
for the Venice-like Arabian Canal proposed for central Dubai, or
the plans for the world’s biggest shopping mall, and it seems as
if the collapse of the United Arab Emirates real estate market
six years ago never happened.
Citibank estimated earlier this year that there were already
two thirds of a trillion dollars worth of construction projects
underway in the UAE. That was before Dubai ruler Sheikh Mohammed
bin Rashid al-Maktoum unveiled models of the Mall of the World,
a glassed-in city complete with an air-conditioned Times Square
and Oxford Street and Earth’s biggest indoor theme park.
DUBAI/KUALA LUMPUR (Reuters) – Aabar Investments is demanding a hefty premium for its minority stake in Malaysia’s No.4 bank, sources say, as the Abu Dhabi state fund leverages on its amplified role in a $22 billion merger that will create Southeast Asia’s fourth-largest lender.
When the Malaysian stock exchange last week barred the Employees Provident Fund (EPF) from voting on a plan to merge CIMB Group Holdings (CIMB.KL: Quote, Profile, Research, Stock Buzz), RHB Capital Bhd (RHBC.KL: Quote, Profile, Research, Stock Buzz) and Malaysia Building Society Bhd (MBSB) (MBSS.KL: Quote, Profile, Research, Stock Buzz) due to the state pension fund’s majority ownership in the three lenders, the spotlight was suddenly thrown onto secondary shareholders.
DUBAI, Oct 16 (Reuters) – About $180 billion of contracts
for new construction projects will be awarded in wealthy Gulf
states this year, the largest amount for six years, despite
falling oil prices, according to a study published on Thursday.
Brent crude oil sank to a four-year low below $83 a
barrel on Thursday because of ample supply and the prospect of a
weak global economy. It has dropped from a peak of $115 in June.
DUBAI, Sept 22 (Reuters) – An economic rebound has
catapulted house prices and rents in Dubai to Manhattan-like
peaks, the Gulf emirate’s top property website says, forcing
increasing numbers of residents to move to its cheaper outskirts
or even to consider returning home abroad.
Rents fell 1 percent in the third quarter after 10 straight
quarters of price rises, property consultants CBRE reported this
week. But the sustained cost of living surge has driven hundreds
of families to relocate to smaller homes on the fringes of the
opulent, highrise urban canyon that soars out of empty desert.
DUBAI, Sept 21 (Reuters) – One of Dubai’s top government
officials said on Sunday he expected state-owned conglomerate
Dubai World to reach a deal in the near future on
renegotiating its debt repayment schedule.
Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai’s
Supreme Fiscal Committee, also dismissed concerns the emirate
could overstretch itself again as it announces a raft of new
DUBAI, Sept 14 (Reuters) – Dubai’s Emaar Properties
is seeking to raise as much as 5.8 billion dirhams
($1.58 billion) from an initial public offer of shares in its
shopping malls unit that is expected to be the Gulf’s biggest
stock sale since 2008.
The planned listing of Emaar Malls Group (EMG) underlines
Dubai’s recovery from its financial crisis, which erupted in
2009, and is expected to pave the way for other companies to
list on the emirate’s stock markets after a drought of IPOs.
LAGOS/DUBAI, Sept 8 (Reuters) – Sovereign fund Investment
Corp of Dubai (ICD) has bought a 1.4 percent stake in Dangote
Cement, Nigeria’s biggest company by market
capitalisation, for $300 million, a Dangote spokesman said on
Dangote Cement spokesman Carl Franklin confirmed the sale,
but provided no further details.
DUBAI, Sept 8 (Reuters) – Dubai will spend $32 billion on
expanding its second airport to handle over 200 million people
annually next decade, roughly triple the current level of
passenger traffic through the emirate, airport authorities said
The expansion could allow Dubai’s fast-growing flagship
carrier Emirates to shift its operations to the new
facility by the mid-2020s, airport officials said. That might
prompt other international airline operations in Dubai to follow
suit because of business ties to the Emirates group.