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Nov 28, 2010

Dubai’s top financial officials make case for recovery

DUBAI, Nov 28 (Reuters) – The emirate of Dubai may consider
selling parts of government-owned companies as it continues to
restructure those hit hard by the financial crisis, top
financial officials said on Sunday.

The emirate, a regional financial and trade hub, suffered a
blow to its reputation a year ago when state-linked conglomerate
Dubai World [DBWLD.UL] announced it would ask creditors for a
standstill agreement on almost $25 billion in debt.

Nov 22, 2010

Orascom sells Tunisiana stake for $1.2 bln

DUBAI, Nov 22 (Reuters) – Orascom Telecom (ORTE.CA: Quote, Profile, Research, Stock Buzz) has sold
its 50 percent stake in Tunisian mobile operator Tunisiana to a
Qatari-Tunisian consortium for $1.2 billion, a deal that will
help repay Orascom’s debts.

The consortium includes Qatar Telecom’s (QTEL.QA: Quote, Profile, Research, Stock Buzz) (Qtel)
Kuwaiti unit Wataniya (NMTC.KW: Quote, Profile, Research, Stock Buzz), which already owns 50 percent
of Tunisiana, the Qatari fixed line and wireless carrier said on
Monday.

Nov 10, 2010

Air Arabia Q3 net profit slips but tops forecasts

DUBAI, Nov 10 (Reuters) – Low cost carrier Air Arabia’s
AIRA.DU third-quarter net profit declined 5.6 percent but the
results still beat analysts’ expectations.

Air Arabia said it earned profit of 136 million dirhams
($37.03 million) for the three months ended Sept. 30, down from
144 million dirhams in the prior-year period.

Nov 9, 2010

Orascom won’t revise Vimpelcom deal to exclude Djezzy

DUBAI, Nov 9 (Reuters) – Egypt’s Orascom Telecom (ORTE.CA: Quote, Profile, Research, Stock Buzz)
won’t revise a planned $6.6 billion deal with Russia’s Vimpelcom
(VIP.N: Quote, Profile, Research, Stock Buzz) to exclude its Algerian unit Djezzy, which it thinks is
worth more than $7.8 billion, Orascom’s chairman said on
Tuesday.

“Whether this deal happens or not in Algeria (to buy
Djezzy), the deal with Vimpelcom will happen,” Naguib Sawiris
said on the sidelines of a conference in Dubai.

Oct 20, 2010

Gulf Arab firms upbeat but cautious on Iraq

DUBAI (Reuters) – Gulf Arab companies see growing opportunities in Iraq that should not be missed, as the war-torn nation struggles to recover from years of bloodshed, but they retain a degree of cautiousness that slows plan execution.

Executives speaking at the Reuters Middle East Investment Summit this week said they were keen to invest in the Iraqi market in sectors including energy, telecoms, finance and infrastructure.

Oct 19, 2010

Shuaa likely to make profit in Q4: CEO

DUBAI (Reuters) – Investment bank Shuaa Capital SHUA.DU expects to swing to a profit in the fourth quarter and has mandates for five initial public offerings (IPOs) in the United Arab Emirates, its chief executive said on Tuesday.

Sameer al-Ansari told the Reuters Middle East Investment Summit in Dubai the mandates for IPOs were in the healthcare, consumer and food product sectors.

Oct 18, 2010

RIM starts new Mideast services after escaping UAE ban

DUBAI (Reuters) – Blackberry maker Research In Motion has launched new Middle East services after resolving a row with the United Arab Emirates over data security.

The services include e-government and online banking payment for consumers in the Middle East, Co-Chief Executive Jim Balsillie told reporters at an industry event in the UAE emirate of Dubai on Monday.

Oct 14, 2010

Armani opens first hotel in Dubai, plans Milan next

By Tamara Walid

DUBAI, April 27 (Reuters Life!) – Italian designer Giorgio Armani opened his first hotel at the world’s tallest tower in Dubai on Tuesday, giving a boost to the Gulf Arab emirate’s bid to recover from a debt crisis.

The designer brought his trademark minimalist style to a city famous for excess, with the Armani Hotel Dubai designed with an understated palette of cream and earth colours.

Oct 13, 2010

Airlines want 20 pct export financing cap

FRANKFURT/DUBAI, Oct 13 (Reuters) – Leading airlines have
called on Europe and the United States to cap export credits on
the sale of passenger jets at 20 percent in the latest ripple of
a growing spat over multi-billion-dollar subsidies.

U.S. and European airlines say their Gulf rivals get
subsidies and export credits that allow them to grow at a
breakneck pace and take market share.

Oct 12, 2010

Emirates defies rivals, aims for 120 A380s

DUBAI, Oct 12 (Reuters) – Dubai’s Emirates heaped pressure
on European carriers in an escalating airlines trade dispute on
Tuesday, dismissing its rivals’ subsidy claims and voicing
plans to expand its fleet to include 120 Airbus A380
superjumbos.

The comments to Reuters by airline president Tim Clark
raise the stakes as global airlines scrap over market share,
aircraft financing and landing rights while clambering out of
recession.

    • About Tamara

      "A Dubai-based journalist covering company news mainly related to transport and infrastructure, telecoms, retail and hospitality, as well as some general news including courts and police."
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