Main headlines

June 10, 2013

According to prosecution records, J.B. abused her post at the Dragon Mart administration and forged the blank cheques worth more than Dh1.3 million and wrote J. T.’s name as the beneficiary
10:52 GMT

A former woman executive with Nakheel allegedly fled to her home country after embezzling more than Dh1.3 million worth of tenancy contract cheques, a court heard.

“We are not moving as some expected us to move. We are moving at our own pace..."
10:46 GMT

Russia’s Rosneft is under no pressure to sell assets to fund debt repayments and will decide how to streamline its business once cost savings from a takeover of rival TNK-BP become clear, its finance chief said.

UAE would attract significant capital flows in additional foreign investment
07:00 GMT

The UAE and Qatar will see a gradual surge in foreign investment inflows of up to $3 billion if they get elevated to the emerging market status tomorrow, investment managers said.

This new financial tool is arguably an addition to the markets and will further boost trading on those markets
06:00 GMT

The regulation allows a shareholder who does not want to or cannot subscribe for the share increase to sell his rights for financial benefit.

Emaar launches new residential project
05:30 GMT

Emaar Properties has unveiled its newest residential development in the city.

Al Batinah Development was the top gainer for the day.
05:00 GMT

Taking cue from the strength in global equities, the Muscat Securities Market general index traded in positive territory, gaining 0.79 per cent to close at 6,549.61 on Sunday.

The Abu Dhabi measure was down 0.25 per cent to 3590.43.
05:00 GMT

The Dubai and Abu Dhabi benchmarks fell yesterday, led by real estate stocks, that had some of the biggest gains this year ahead of index compiler MSCI Inc.’s decision on its review of UAE’s and Qatar’s possible upgrade to emerging market from its current frontier status.

June 9, 2013

Qatar Central Bank to issue 4 billion riyals of debt
14:36 GMT

Qatar's Central Bank said on Thursday it would issue 1 billion Qatari riyals ($300 million) worth of sukuk and 3 billion riyals worth of bonds next week.

Bahrain's  consumption now is nearly 3,000MW per day
11:36 GMT

A project that aims to nearly double the amount of power produced in Bahrain to help meet its future water and electricity demands is gathering pace.

May forecast of foreign reserves were to increase to $19bn by the end of this year
06:58 GMT

The Central Bank of Egypt (CBE) announced a $1.6bn increase in Egypt’s net foreign currency reserves to $16.04bn at the end of May, but analysts warn this is a “temporary phenomenon”.

Intermetal has set up a 300,000 square foot factory fully equipped with advanced manufacturing capabilities including CNC bending and routing machines
06:19 GMT

Dubai Global furniture solutions leader Intermetal, a Group Harwal Company, has invested Dh75 million to establish a new factory in Dubai.

Abu Dhabi economy improves significantly in first quarter
06:13 GMT

The Abu Dhabi Department of Economic Development (ADDED) said yesterday economic conditions in the emirate improved considerably in the first quarter this year led by an outstanding performance of local banks and the stock market that was further boosted by high global oil prices and inflow of tourists into the emirate.

Yemen reports increased investment in industrial, service sectors
05:30 GMT

Prime Minister Mohammed Salem Basindwa met on Saturday a Russian economic and investment delegation, headed by Russian deputy minister of Economic Development Alexei Likhachev who is currently visiting Yemen.

Gold smelter
05:00 GMT

Sudan's central bank has issued a directive prohibiting individuals from importing all types of gold including refined and bars unless an import permit is acquired from the Ministry of Commerce.

International Monetary Fund (IMF), which is holding talks with Egypt on a $4.8bn loan, says the country’s authority is progressing in technical talks as negotiations continue
(AFP Photo)
05:00 GMT

The statement comea a few weeks ahead of planned protests for 30 June and amid an already-ailing economy one year into President Mohamed Morsi’s tenure.