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Tag Archives: Dubai

UAE to keep spending on development projects despite low oil prices

DUBAI: The United Arab Emirates has built up large economic reserves which will allow it to keep spending on development projects in coming years despite the recent plunge in oil prices, the economy minister said on Tuesday. Sultan bin Saeed al Mansouri told a financial conference although some people are worrying about oil prices the UAE is expected to cope ... Read More »

Now Navigate Downtown Dubai and more on Google Street View

SHARIAH: Dubai is set to become the first city in the Middle East to have street views added to Google’s online mapping service. Google has expanded the service to the city to Dubai in the United Arab Emirates, the company announced Monday. It marks the first time a city in an Arab country will be added to the feature. Google ... Read More »

Middle East’s Azadea aims $500 million from stake sale

DUBAI: Azadea Group aims to raise up to $500 million with the sale of a minority stake in the business, a retailer with franchise rights for brands such as Gap, Zara and Superdry across the Middle East. Azadea expects to fetch between $400 million and $500 million with its offer of a 25 percent stake Based in Lebanon but with ... Read More »

China-Dubai Port administrations plan Cruising Services

ABU DHABI: DP World of Dubai and Qingdao Port Group of China agreed on development of cruise services from Yellow Sea Industrial Hub to Dubai. The two operators of two of the world’s busiest container terminals will also augment trade volumes and “stimulus business growth”. “We are excited about the possibility of developing cruise services between Mina Rashid and Qingdao. ... Read More »

Dubai policeman wins Guinness World Record for having 8000 pieces Nintendo collection worth £250,000

DUBAI: Policeman who lives in the United Arab Emirates emerges as the biggest lover of Nintendo and wins a Guinness World Record for his 8,000 piece collection. Ahmed bin Fahad’s Nintendo obsession has cost him Dhs1.5 million, the equivalent of over £250,000. But it’s netted him a place in the record books and the unending envy of fellow fans. The ... Read More »

$15b reserves target: Govt offers $1b Sukuk bonds at 7.75% interest rate at Dubai road show

DUBAI: With the aim to achieve $15 billion foreign reserves target by the end of December 2014, the government has started a road show in Dubai to woo investors in $500 million worth of Sukuk bonds. Sources said that after Dubai, road shows will be held at London and Singapore Stock Exchange. Sources at the finance ministry have confirmed that ... Read More »

Saudi Arabia, Egypt stock markets plunge

DUBAI: Saudi Arabia and Egypt stock markets rimed down in early deal and bourses in the United Arab Emirates and Qatar also gave up gains as the meeting in global equities emerges to collapse. By blue chips Saudi Arabia’s main index cut down 0.3 percent among a varied performance. Petrochemicals giant Saudi Basic Industries gained 0.6 percent, the kingdom’s biggest ... Read More »

Dubai Customs scanning system scans 150 trucks per hour

DUBAI: Customs has received the Government Deployment of the Year Award 2014, for its advanced container scanning system project, at the CNME’s fifth annual ICT Achievement Awards. The Computer News Middle East magazine (CNME), a product of CPI Media Group, is the Middle East’s leading IT publication, linking between regional IT players and their key target markets. Dubai Customs secured ... Read More »

Islamic microfinance forum to take up poverty alleviation

ISLAMABAD: To create new Shariah standards, the two-day Global Islamic Microfinance Forum is scheduled to be held from November 1, in Dubai. The forum will also discuss how to build capacity and empower human resource. According AlHuda CIBE Chief Executive Officer Zubair Mughal, Islamic microfinance is inevitable to eradicate poverty in Muslim world. He pointed out that non-Muslims could also ... Read More »

TDAP revamp plan: CEO, Secretary to get more powers

ISLAMABAD: Plan for the revamp of Trade Development Authority of Pakistan (TDAP) has almost been finalised and to be presented before the competent authority for approval soon. A source privy to the Minister for Commerce told this scribe here on Saturday that a committee headed by the Secretary Commerce comprising Additional and Joint Secretary of Ministry of Commerce (MoC) had ... Read More »

DP World begins trial operations in Dubai

  DUBAI: The DP World welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility. The ‘APL Phoenix’ was welcomed by DP World Chairman, His Excellency Sultan Ahmed Bin Sulayem, Vice Chairman HE Jamal Majid Bin Thaniah, Group CEO Mohammed Sharaf, Senior ... Read More »

Dubai Islamic Bank registers $184.3 million net profit

DUBAI: Dubai Islamic Bank (DIB), the United Arab Emirates’ largest sharia-compliant lender beating all forecasts has registered a 55.7 per cent rise in 3rd-quarter net profit on Wednesday. The bank recorded $184.3 million net profit in three months ended on September 30, up from Dhs434.8 million in the corresponding period of 2013. The average forecast of analysts was for a ... Read More »

Carrefour City to be launched in Dubai next month

DUBAI: A new store concept called Carrefour City “The Neighbouring Store” has been launched in Dubai by Majid Al Futtaim. Covering an area between 100 and 400 square metres, Carrefour City will offer up to 4,000 products on its shelves, including fresh fruits and vegetables, bread and dairy products. The first Carrefour City store will open next month in collaboration ... Read More »

Power tariff hiked by 43 paisa ahead of crucial IMF talks

ISLAMABAD: The federal government has increased power tariff by 43 paisa per unit for the consumers of all distribution companies, except Karachi Electric Supply Company Ltd (K-Electric). Sources said that the government has increased the tariff to service about Rs147 billion bank loans. “The Ministry of Water and Power imposed the hiked tariff as an equalisation surcharge,” they added. The ... Read More »

UAE okays $13.35b deficit-less budget

ABU DHABI: The United Arab Emirates (UAE) cabinet has approved the country’s deficit-less AED49 billion ($13.35 billion) budget for fiscal year 2014-15. UAE Vice President Sheikh Mohammed bin Rashid Al-Maktoum, who also rules Dubai, said that the approved budget was 6.5 per cent more than the previous budget, adding that 49pc of total budget had been allocated for just uplift ... Read More »

ANF seizes Rs8.58 billion drugs in 11 anti-smuggling raids

ISLAMABAD: Anti-Narcotics Force has recovered Rs8.58 billion drugs including 8577.6kg charas, 5.28kg heroin, 400 gram amphetamine and arrested 15 accused including two women involved in drug trafficking, and also seized two vehicles in 11 different anti-smuggling operations. As per details, ANF Balochistan seized 3,940kg charas garda from Killi Zard Ghulam Jan, Tehsil Mangochar, District Kallat. In another operation in Balochistan, ... Read More »

Chennai Customs seizes record 280kg gold haul in 2014

CHENNAI: Indian Customs has seized record 280 kilograms of gold worth 710 million Indian rupees ($11.5 million) at the Chennai Airport. Customs Chief Commissioner S Ramesh said that the amount of gold seized till the end of August this year was `71 crore in Indian rupee which was `55 crore it seized throughout 2013. Gold is brought in primarily from ... Read More »

Dubai expecting more tourists on Eid

DUBAI: Foreign trade of Dubai during Eid festival has risen up to around AED28.2 billion in 2014, with a 12 percent increment as compared to same period in 2013. The flourishing tourism season helps increasing the demand for Eid products. Dubai is expecting more tourists on this Eid as the emirate’s tourist attraction sites and luxurious malls are offering unrivalled, ... Read More »

FBR hikes sales tax on gold by 10pc

KARACHI: Ten times raise has been made in the sale tax of gold and the FBR has sent notices for recovery of sales tax in this regard. All Pakistan Sarafa Association President Haji Haroon Chand said that FBR has sent sales tax notices to gold sellers in which  sales tax has been raised ten times. The FBR has imposed Rs ... Read More »

Eros Group accolades Dubai Customs

DUBAI: Eros Group has expressed its appreciation for the services offered by Dubai Customs to all business sectors. Group officials stated that Dubai Customs has put in place exceptional clearance facilitations that contribute to expanding the group’s activities locally and regionally. In addition to its flourishing business in the local market, Eros Group re-exported electronics to other countries in the ... Read More »