Prime Weekly Market Watcher

Published November 19th, 2009 - 02:04 GMT

Hiring activity picked up in the third quarter of this fiscal on the back of the
country's economy showing signs of recovery. The employment activity has shown
improvements particularly in the key sectors of industry, IT, construction and

Airline passenger traffic through September this year has dropped 5.3%, and the
International Air Transport Association, which represents 93% of all international
traffic flown, is predicting a combined loss of about USD11 billion for the world's

The UAE has no plans to rejoin Gulf states working to establish a single currency,
Minister of State for Foreign Affairs Anwar Gargash said. “The UAE has already taken
a clear position on that and we've opted out of the single currency,” Gargash said
in an interview today in Abu Dhabi. Oman pulled out of the monetary union project in
2007 and the UAE followed earlier this year after the Saudi capital of Riyadh was
chosen to host the Monetary Council, the precursor to the central bank.

Dana Gas (DANA.AD) released its financial results for 9M09 in which net profit
increased by 231% to AED281 million compared to AED85 million in 9M08.

Islamic Arab Insurance-Salama (IAIC.DU) released its financial results for 9M09 in
which net profit decreased by 23% to AED68 million compared to AED88 million in

Drake & Scull International PJSC (DSI.DU) announced the acquisition of
Passavant-Roediger, a global developer of wastewater, water and sludge treatment
technologies, for an enterprise value of AED145 million.

Union Properties (UPRO.DU), the oldest listed property developer in Dubai, has
finalised restructuring of a AED2.75 billion syndicated loan according to a top
official of the property major.

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