‘Dubai Business’ Archives
Nakheel signs agreements with trade creditors
Dubai’s troubled real estate developer Nakheel said on Monday it had started to sign agreements with trade creditors as it seeks to forge movement on its parent Dubai World’s $25bn restructuring proposal. The developer said in a statement that it would pay 40 per cent of trade creditors’ bills in cash with the remaining 60 per cent [...]
Tabreed Q1 profit soars; delays sukuk payments
DUBAI — National Central Cooling Company PJSC, also known as Tabreed, on Monday said its first-quarter net profit rose to Dh40.4 million ($11 million), up from Dh10.8 million for the same period a year earlier. The net profits boosted by non-cash gains associated with its 2008 sukuk, and growth in the company’s chilled water [...]
Dubai Land Department sends out notices
The Dubai Land Department (DLD) is in favour of resolving issues between the developer and the investor through mediation rather than by initiating legal action against defaulters, a senior government official said. "We are in favour of mediation and that is our principal aim. We still believe problems can be resolved through talks," Mohammed [...]
Emirates NBD posts Dh1.11b net profit
Dubai: Emirates NBD, the largest bank in the Gulf in terms of assets reported a net profit of Dh1.11 billion in the first quarter of 2010, 12 per cent down from Dh1.239 billion the same period last year. The bank’s first-quarter results beats analysts' average net profit forecast of Dh617 million s for the period. The results were an [...]
Dubai Shares Rise to Highest in Week on Emaar Profit, Oil Jump
Dubai’s benchmark index climbed to the highest in almost a week after Emaar Properties PJSC, the measures biggest company by weighting, said quarterly profit more than tripled and oil rose above $85 a barrel. Emaar, the builder of the world’s tallest skyscraper, rose the most in almost two weeks. Dubai Islamic Bank PJSC, the United Arab [...]
Dubai marks ANZAC day
Australians and New Zealanders in Dubai turn out for annual observance ceremony held to remember fallen soldiers. Dubai: With medals hanging heavy on his suit jacket, John Davidson, 85, stood in silence among hundreds of Australian and New Zealand expatriates, as the day was dawning during the Anzac (Australian and New Zealand Army Corps) day [...]
Airlines assess cash flow
Dubai: As the ash settles, airlines are assessing the financial damage to their business that was already trying to recover from the global economic crisis and a slump in air travel. It could take days for airline operations to return to normal, but the lost revenues will take much longer to recover as balance sheets feel a serious [...]
Banks Won’t Book Provisions for Dubai World Debt
The United Arab Emirates’ central bank told local lenders that they don’t have to book provisions “at the moment” for loans given to Dubai World, Al-Khaleej said. The central bank sent a circular telling the banks that they don’t have to book provisions until more information is received on how these loans will perform, the [...]
Excellence is my aim… An Exclusive Initiative Launched By Dubai Customs
With aim of realizing the objectives of Dubai Customs Strategic Business Plan 2007 – 2011 where quality and excellence are basic elements leading to it’s achievement, and in-line with the it’s sought efforts towards spreading awareness amongst employees, and for these ends and others, Dubai Customs has launched the initiative “Excellence [...]
Banks demand higher rates after Dewa bond
The recent $1 billion (Dh3.67 billion) bond issue by the Dubai Electricity and Water Authority (Dewa), priced at 8.5 per cent, has prompted many banks in the group of Dubai World lenders to demand higher interest on the restructured debt. "If a prominent government-related entity (GRE) is willing to pay 8.5 per cent on its newly issued debt, [...]
