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Al-Attiyah wins Dubai Rally title through court ruling

Al Attiyah claimed that Al Qassimi changed routes during the rally. However, these claims were overruled, leading him to the court of appeals of the FIA, which eventually declared that the Emirati driver committed a direct violation, revoked his title, and awarded it to Al-Attiyah.

Daily News Egypt

Dubai’s Emaar properties posts 55% rise in Q1 profit

Reuters – Dubai’s Emaar Properties reported a 55% rise in first-quarter net profit on Tuesday, as the region’s economic recovery brought consumers back to its malls and shopping units, and house buyers returned to the market. The builder of the world’s tallest tower, the Burj Khalifa, reported a profit of AED 863m ($234.96m) in the …

Daily News Egypt

UAE’s Air Arabia bets on Ras Al Khaimah hub

The Sharjah-based budget carrier, which currently operates out of three hubs in the Gulf and North Africa region, signed an agreement with the RAK government in February declaring it the official carrier for the emirate and RAK airport as its new hub.

Daily News Egypt

Dubai tells global bankers to expect another boom

Reuters – Dubai told international bankers on Monday that it was gearing up for another boom and did not regret the pro-growth policies which brought it to the brink of default five years ago. It appeared to win the endorsement of many of the bankers. Over a dozen top Dubai officials and executives met about …

Daily News Egypt

Dubai’s Emirates REIT expands IPO due to strong demand

Reuters – Dubai-based real estate investment trust Emirates REIT said it had expanded the size of its initial public offer of shares on NASDAQ Dubai, the emirate’s first IPO since its financial crisis erupted in 2009, because of strong demand. Emirates REIT will raise $175m in the IPO, which was 3.5 times oversubscribed, by selling …

Daily News Egypt

Dubai’s Deyaar approves 25% foreign ownership

Reuters – Shareholders of Dubai property developer Deyaar have approved a plan to allocate 25% of its share capital to foreigners, the company said on Saturday. At present, investors in Gulf Cooperation Council countries can own up to 49% of Deyaar’s shares; they currently hold 3.7%, bourse data shows, while those from outside the GCC …

Daily News Egypt

Dubai to challenge London with Islamic financing platform

Reuters – Dubai will compete with London for a share of Islamic banks’ liquidity management business by offering a new platform for murabaha trading. Many Islamic banks around the world manage their short-term funds with murabaha, in which one bank acquires merchandise and another agrees to buy it at a mark-up. Traditionally, banks from the …

Daily News Egypt

Dubai bourse to hold roadshow in London

Reuters – Bourse operator Dubai Financial Market (DFM) will hold a roadshow for international investors in London together with Goldman Sachs to showcase companies listed in the emirate, it said on Monday. Executives from 13 companies listed on the DFM and NASDAQ Dubai will meet investors on April 28-29, it said. United Arab Emirates bourses …

Daily News Egypt

Dubai lender Amlak’s Bourse suspension to be lifted

Reuters – The shares of indebted mortgage lender Amlak will resume trading on the Dubai bourse in the second half of this year, the United Arab Emirates’ economy minister said on Monday. Trading in shares of Amlak, which is in the process of restructuring debt that sources put at nearly $2bn, was suspended in November …

Daily News Egypt

Dubai Investments to lift foreign ownership cap to 35%

Reuters – Dubai Investments, a diversified manufacturer and investor in property, plans to increase the limit on foreign ownership of its shares to 35% of its total capital, the company said on Sunday. Foreign investors now hold 13.7% of Dubai Investments’ shares out of the total 20% allowed, bourse data shows. The firm’s shareholders, including …

Daily News Egypt

Emaar plans Dubai, London listing for retail unit: Chairman

Reuters – Dubai’s Emaar Properties plans to list its shopping malls and retail unit in both Dubai and London, the company’s chairman Mohamed Alabbar was quoted as saying on Tuesday. “This will be a dual listing. We are a Dubai company so we have to be in Dubai, but we will list in London. I …

Daily News Egypt

Dubai’s Emaar plans $2.5bn listing of shopping mall unit

Reuters – Dubai’s Emaar Properties said it would sell up to 25 percent of its shopping mall and retailing unit in a public offer expected to raise AED 8 to 9bn ($2.18-$2.45bn), making it one of the region’s largest equity offers since 2008. The proceeds “will be primarily distributed as dividend” to Emaar shareholders, Dubai’s …

Daily News Egypt

Saudi retailer Alhokair eyes US, UK buys; plans debut sukuk

Reuters – Fawaz Abdulaziz Alhokair Co., the Saudi retailer which franchises brands such as Zara and Marks and Spencer in the kingdom, is studying three to five acquisition targets in the United States and United Kingdom, a company official said on Monday. The firm, the largest listed retailer on the Saudi stock market, also aims …

Daily News Egypt

Dubai’s DAMAC triples profit as property sales surge

Reuters – Dubai luxury real estate developer DAMAC tripled its 2013 net profit and plans more new projects this year, it said on Tuesday, dismissing growing concerns of a new property bubble in the emirate’s real estate market. Property prices in Dubai rebounded by more than 20% last year, having slumped more than 50% from …

Daily News Egypt

Arabtec denies plans to acquire Kuwait’s Kharafi National

Reuters – Dubai builder Arabtec on Wednesday denied that it planned to acquire Kuwaiti construction firm Kharafi National. Sources familiar with the discussions told Reuters on Monday that Arabtec had been in talks with Kharafi National, part of the Kharafi Group, to fully acquire the company. On Monday, both Arabtec and Kharafi declined to comment. …

Daily News Egypt

Dubai’s Arabtec in talks to buy Kuwaiti firm

Reuters – Arabtec Holding, Dubai’s largest listed construction firm, is in the advanced stages of talks to fully acquire a construction company in Kuwait’s Kharafi Group, two sources aware of the discussions said. The Dubai firm is in talks with Kharafi National, a Kuwait-based contractor and facilities management firm which has operations in several Middle …

Daily News Egypt

Egypt Hits 5-year high on Election Law talk; Q4 reports hurt Dubai

Reuters – Egypt’s bourse surged to a five-year high after a local newspaper reported that discussions over a new presidential election law would begin on Wednesday, while Dubai’s shares fell in profit-taking after mixed earnings reports. Cairo’s Al-Ahram said an administrative court, under the mandate of the 2014 constitution, would start discussions on the draft …

Daily News Egypt

Dubai’s Emaar Q4 net profit up 48%, beats estimates

Reuters – Emaar Properties, Dubai’s largest real estate developer, reported a 48% jump in fourth-quarter net profit on Monday, beating analysts’ estimates, as it benefited from a renewed real estate and tourism boom in the emirate. The builder of the world’s tallest tower posted a quarterly profit of AED 756m ($206m), compared with AED 512m …

Daily News Egypt