Out of boom and bust in Dubai

Out of boom and bust in DubaiCairo/Dubai, Dec 31 - Dubai was the glitz, the glamour and the good life for many. The buildings were the fanciest, newest and tallest. The emirate had little water, but the champagne flowed freely.

The city state's leaders, and the tourists and investors who flocked for the gold rush came to expect nothing but the best.

The property market climbed with the towers vying to be the world's tallest, driving a quarter of the emirate's economic growth. But while the towers still stand, some incomplete and their future uncertain, the property market has come crashing to the ground, its future equally in doubt.

Dubai reporter 'missing' after Iran clashes

dubai-mapDubai, Dec 28 : A reporter working in Iran for the Dubai Media Corporation has failed to make contact with the company since deadly clashes at the weekend, the company announced in a statement Monday.

The 27-year-old Syrian national, Reza al-Bacha, had previously been in constant communication with editors, according to the statement carried by the official WAM news agency.

Al-Bacha has worked in Iran for the past year for the Dubai conglomerate, which runs various media outlets in the emirate.

Smuggling bid foiled in Dubai

Smuggling bid foiled in DubaiDubai, Dec 22 :The Dubai Customs Tuesday foiled a bid to smuggle narcotics by arresting a passenger carrying small capsules of drugs hidden in his stomach, WAM news agency reported Tuesday.

Ali Al Magahwi, director of Airport Operations Department at Dubai Customs, said the customs inspectors noticed the nervous behaviour of a passenger heading from an Asian country through Dubai International Airport at the Arrivals terminal. The inspection procedures were intensified and his luggage was meticulously searched.

The search yielded 33 unidentified white pills in his pant pocket.

Dubai Metro carries six million people in three months

Dubai Metro carries six million people in three monthsDubai, Dec 21 : The Dubai metro has transported over six million passengers since it started operations Sep 9, WAM news agency reported Monday.

The Dubai Road and Transport Authority (RTA) announced Monday that Dubai Metro transported nearly six million passengers in its three months of operation.

It said the number of Metro passengers reached a record 1,904,956 in November.

Director of Rail Operation Department Ramadhan Abdullah said the average daily ridership of Dubai Metro was 59,347 passengers.

Death of Grand Ayatollah Montazeri sparks off protests in Iran

Death of Grand Ayatollah Montazeri sparks off protests in IranDubai, Dec. 21 : Iran has sent riots squads into the holy city of Qom to quell protests over the death of Grand Ayatollah Montazeri, the Islamic Republic''s most senior dissident cleric, the BBC reports.

Montazeri died of a heart attack at the age of 87. His grandson, Nasser Montazeri, said he had died in his sleep.

Ayatollah Montazeri was originally a follower of Ayatollah Ruhollah Khomeini, the leader of Iran''s Islamic Revolutionary, and was seen in the 1980s as his natural successor.

Abu Dhabi steps in with $10 bn to bail-out of Dubai World

Dubai, Dec 14 - Peer emirate Abu Dhabi Monday had a a pleasant surprise for the financial world Monday, stepping in with a $10 billion bail-out offer for Dubai World that is caught in a multibillion dollar debt crisis.

"The Government of Abu Dhabi and the UAE Central Bank have agreed to provide important support," said Sheikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee. He is also the uncle of Dubai's ruler Shaikh Mohammed bin Rashid al-Maktoum.

"Specifically, the Government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World," his statement said.

Gulf region's first 'mergers and acquisitions conferenc'e concludes

dubai-mapDubai, Dec 12 : A three-day "Mergers and Acquisitions conference" - first in the Gulf region - concluded Thursday, WAM news agency reported Saturday.

The event took place at the Crowne Plaza Hotel on Yas Island in Abu Dhabi from Dec 8-9

The event themed - "Strategies and opportunities for companies to enhance profit and growth in the region" and addressed concerns resulting from some of the major challenges facing the Gulf region such as lack of regulations necessary for regional merger and aquisition activity, and the lack of transparency and disclosure in the region.(IANS)

Sehwag back in top-five of Test rankings

Sehwag back in top-five of Test rankingsDubai, Dec 9 : Riding on his match-winning 293 in the third Test against Sri Lanka, Virender Sewhag stormed into the top-five while his opening partner Gautam Gambhir continued to lead the charts in the International Cricket Council (ICC) rankings for Test batsmen.

It is the first time since October 2006 that Sehwag has returned to the top five. From the Mumbai Test alone, the 31-year-old from New Delhi has gained 91 points which makes him one of the six batsmen above the 800-point mark.    

DHL Introduces India-Dubai Service

DHL Introduces India-Dubai ServiceLeading logistics company DHL has introduced India-Dubai Service by launching its weekly direct LCL (Less than Container Load) consol service for connecting Nhava Sheva to Dubai.

The move is aimed for further strengthening and expanding supply-chain on the India-Middle East trade lane besides pushing its ocean freight business supported by a broad product portfolio.

The services would be provided through DHL's local arm DHL Lemuir Logistics, a joint venture between DHL Global Forwarding and Mumbai-based Lemuir Group established in 2003.

Wrong maps landed British sailors in Iranian captivity

Dubai, Dec. 3 : Wrong maps and a faulty propeller landed five British sailors in Iranian waters, it has emerged.

According to The Telegraph, the five were freed on Wednesday morning by Iran''s Revolutionary Guard, who concluded the sailors'' incursion into waters near the island of Sirri 60 miles off Dubai in the Gulf had been "a mistake".

Before their release, they had been blindfolded and questioned by the Iranian authorities, who had threatened "serious measures".

The sailors arrived in Dubai today at the Dubai International Marine Club and were greeted by Guy Warrington, the British Consul General.

Their families wept "tears of joy" as confirmation of their release reached them. (ANI)

Dubai World crisis alarms analysts in China

Dubai World crisis alarms analysts in ChinaBeijing, Dec 3 : A Chinese analyst has warned that as the country's "real estate bubble continues to grow in size, a crisis similar to that at Dubai World is likely to take place in China".

"China's real estate bubble continues to grow in size," said Yi Xianrong, a researcher at the Institute of Finance and Banking at the Chinese Academy of Social Science.

"A crisis similar to that in Dubai is likely to take place in China, and the impact could be much more devastating," Yi was quoted by the Global Times newspaper of China as saying.

Dubai government won't back Dubai World debt : official

Dubai government won't back Dubai World debt : officialDubai, Nov 30 :The Dubai government will not back the debt of Dubai World holding group, a senior official confirmed Monday.

Though the government is owner, "the company has multiple activities and (is) prone to risks. So from the day one it was indicated that the government is not a guarantor," said Abdul Rahman Al Saleh, director general of the Dubai Department of Finance.

"The gross mistake of the media is that they deem the company as part of the government. It is baseless," he said, according to Gulf News.

Dubai brings down world

Special events for children in 11th Dubai Summer festivalThe sun never sets on Dubai World — the banner on the Dubai World website. Why India should care?

Stock markets around the world cracked as the epicentre of the world’s latest financial earthquake, Dubai, sent tremors of uncertainty. The worst afflicted were emerging markets — Hong Kong and South Korea were down almost 5 per cent, Taiwan 3 per cent and Australia and China 2 per cent.

The two big exceptions: Dubai, which was on its weekly off, and the US, which celebrated Thanksgiving.

Dubai's Financial Troubles will Not Impact India, Assures Minister Sharma

anand sharmaPutting many concerns to rest, India's Commerce and Industry Minister Anand Sharma has assured economists, analysts and the country's general population that, despite the fact that UAE is one of India's top ranked export destination, the financial troubles currently plaguing Dubai will have no impact on the Indian economy, or the country' real estate market.

When asked about the feared situation and if would have any ill-effects on India, the Minister put on a brave face and said, "I don't think. I don't think developments in real estate sector in Dubai are going to impact it... Besides, the Indian real estate is doing well".

Fiscal committee chairman says intervention in Dubai World planned

Ahmed bin Saeed Al-MaktoumDubai, Nov 27 : Sheikh Ahmed bin Saeed Al-Maktoum, chairman of the Supreme Fiscal Committee of the Dubai government, has said that the committee's decision to intervene in Dubai World is well-thought and planned, WAM news agency reported.

Dubai’s debt default shakes world

Special events for children in 11th Dubai Summer festivalGlobal stock markets fell the day after one of Dubai’s state-owned holding firms shocked the financial world with a debt default request.

Dubai World, saddled with a $59 billion (Rs 2,74,350 crore) debt, on Wednesday asked creditors to defer payments for six months. Its subsidiaries include Nakheel, the construction firm famous for making country-shaped islands, and DP World, owners of five port terminals in India.

Dubai announces restructuring of Dubai World

Dubai announces restructuring of Dubai World Dubai, Nov 26 : The government of Dubai has authorised the restructuring of Dubai World to be spearheaded by the Dubai Financial Support Fund (DFSF).

The process has begun with the appointment of a Chief Restructuring Officer (CRO). Aidan Birkett, managing partner, corporate finance at Deloitte LLP will be the CRO and will work with Dubai World's executive management team to oversee the restructuring and ensure the continuity of its operations.

Decision review system starts with New Zealand-Pakistan Test

Decision review system starts with New Zealand-Pakistan Test Dubai, Nov 23 : The tried and tested new umpires review system will come into effect with the first cricket Test between New Zealand and Pakistan starting in Dunedin from Wednesday.

The umpires review system, which is known as Decision Review System (DRS), will also be used for the Australia-West Indies Test series starting in Brisbane from Thursday.

The DRS has received a thumbs-up from all players and umpires and also had the support of nine of the 10 full members of the International Cricket Council (ICC).

Ground-breaking decision review system goes into effect tomorrow

Ground-breaking decision review system goes into effect tomorrowDubai, Nov. 23  Following extensive trials, the decision review system (DRS) goes into operation tomorrow with the start of the New Zealand v Pakistan Test series in Dunedin.

With the majority of players and match officials in favour of the system, as well as nine out of 10 Full Members voting for it, it will also be used for the Australia v West Indies series, which gets underway in Brisbane on Thursday.

Indian sweat and toil helped Burj reach for the skies

Indian sweat and toil helped Burj reach for the skiesDubai, Nov 23 - On Jan 4, when Burj Dubai, the world's tallest building at 818 metres, is officially opened, the Indian expatriate community in this glittering Gulf city can rightfully bask in reflected glory. It is estimated that about half of the 13,000-plus people who sweat and toil on the project every day are from India.

And it is not only the labour. There are scores of Indian supervisors, technicians and engineers working round the clock to ensure that the much-delayed Burj Dubai is completed and is at its spiffiest best before opening day.

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