Nicosia, Mar 8  : Portland Group of Greece, a marine and financial solutions company, has announced plans to develop wind and solar energy in the UAE, with an initial investment of 100 million euros, aiming to turn Dubai into the sight of the biggest energy field in the world.

The President of Portland Alexander Christodoulakis told the Gulf News that with a fraction of the amount spent on energy and construction, Dubai can set an example to the world in the field of renewable energy.

Athens/Nicosia - Greek Cypriot President Dimitris Christofias said Friday that the key to finding a solution to reunify the divided Mediterranean island lies with Turkey.

Rival Greek and Turkish Cypriot leaders launched new round of UN- led direct negotiations in September 2008 following a four-year stalemate.

"Our aim is to solve the Cyprus problem, but we have said many times that the key for a solution is Turkey," Christofias told reporters, adding Turkey "must move from its intolerant position."

Athens/Nicosia  - Rival leaders seeking a solution to reunify the divided Mediterranean island of Cyprus focused talks Wednesday on the complex issue of seized property.

Special Representative of the UN Secretary General Taye-Brook Zerihoun told reporters that Greek Cypriot President Dimitris Christofias and Turkish Cypriot leader Mehmet Ali Tatat will continue talks on March 5 and after that they will move on to discuss European Union matters.

Nicosia, Feb 19: Ahli United Bank of Bahrain has announced that its net profit for 2008 amounted to 255.7 million dollars, while its total operating income rose to 665.5 million dollars.

Compared to 2007, the net profit of the bank was 296.3 million dollars, but the lower profits are attributed to a higher level of net loan provisions of 96.8 million dollars to ensure adequate coverage of problematic exposures and maintenance of asset quality in a prudent manner.

Nicosia, Feb 15 : The Kuwait National Petroleum Company (KNPC) has announced that it will implement an ambitious program aiming at upgrading its three refineries - Mina Abdullah, Mina Al Ahmadi and Shuaiba - at a total cost of 3.5 billion dollars.

The program involves the upgrading of tanks, effluent revamping and renovation of control, safety and the main process systems at all its refineries.

If everything goes according to plan, the upgrading will be completed in 2010.

Nicosia, Feb 5 : The Government of Abu Dhabi on Wednesday announced that it has decided to implement an action plan under which it will inject 4.36 billion dollars additional capital into the following financial institutions in the emirate: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi and Union National Bank.

The move is aimed at strengthening confidence in the financial sector which has been shaken as a result of the world-wide financial crisis.

The Government of Abu Dhabi announced that it would buy bonds with no maturity date from five banks as a precautionary step to enhance confidence into the emirate''s banking sector.