Dubai Airshow to be held in NovemberSeptember 29th, 2009 DUBAI - The United Arab Emirates (UAE) and US defence authorities held a meeting here to review the arrangements for the upcoming Dubai Airshow Nov 15-19, WAM news agency reported Tuesday. The 11th Dubai Airshow is the foremost aerospace event in the Middle East and is the fastest growing airshow in the world, the report said.
World Bank approves 4.3 billion dollar loan to India for infrastructure projectsSeptember 23rd, 2009 WASHINGTON - The World Bank on Tuesday approved a 4.3 billion dollars loan for India to finance infrastructure projects, to help maintain credit growth levels, employment growth, support social banking and help strengthen the economic recovery from the global financial crisis. The loan includes a 2 billion dollar loan, which is designed for Banking Sector Support Loan, which would to boost the capital of state banks and maintain credit growth.
Almost 100,000 passengers use Dubai Metro in one daySeptember 22nd, 2009 DUBAI - A record 97,527 passengers used the Dubai Metro on the first day of Eid holidays Sunday, WAM news agency reported Tuesday citing statistics released by the Dubai Road Transport Authority (RTA) Rail Agency.
Aysha Al Busmait, director of RTA's Customer Service Centres Department, said the "Musanada Team" (Support) formed by the department was available at the metro stations and has been providing support and guidance to the public in the use of metro services.
Pakistan got 970-mn dollars and not 3-bn dollars from USSeptember 17th, 2009 ISLAMABAD - The United States has provided 970 million dollars in aid to Pakistan since the PPP-led Government came to power and not three billion dollars as claimed by US Ambassador Anne Patterson, a Pakistani Finance Ministry official has said. The statement of US Ambassador to Pakistan, Anne Patterson, about giving 3 billion dollars assistance to the Zardari Government even surprised the top economic managers of the country.
World's tallest building seems to be recession-proof tooAugust 25th, 2009 DUBAI - Despite the worst recession in modern history, the world's tallest tower, Burj Dubai, continues to retain its reputation as one of the most expensive addresses in Dubai, according to Middle East property experts. Apartment prices in the tower are stabilising, experts say, with a two-bedroom apartment on the 57th floor available for one million pounds, Sky News reports.
Dubai utility company promotes e-payment solutionsJuly 24th, 2009 DUBAI - The Dubai Electricity and Water Authority (DEWA) has launched a campaign to encourage customers to use modern communications technology and e-payment solutions, WAM news agency reported Friday. Saeed Al Tayer, managing director and CEO of Dubai Electricity and Water Authority said that DEWA has taken measures to facilitate the use of e-payment solutions by using state of the art computers to help customers register with the e-payment service.
Dubai state firm to build two luxury hotels in EthiopiaJuly 20th, 2009 ADDIS ABABA - Along with Chinese and Indians, Ethiopia could now see a rush of investment from the Gulf, with the Dubai state investment company's $100 million hospitality venture getting a green light. Limitless LLc, the real estate developer subsidiary of Dubai World -- a multi-billion dollar holding company of the Dubai government -- has reached an agreement with Addis Ababa city administration to lease two big plots to construct two five star luxury hotels.
Dubai Airshow 2009 attracts top aerospace namesJuly 13th, 2009 DUBAI - The next edition of the Dubai Airshow, considered as the fastest growing airshow in the world, will feature some top brands in the aerospace industry this time, the organisers have said. Airbus with the EADS group will join the Dubai-based international airline Emirates during the biennial show, for which a new exhibition area has been developed to accommodate the unprecedented number of participants and visitors, WAM news agency reported.
US House of Representatives approves 1.5 billion dollar aid for PakistanJuly 10th, 2009 WASHINGTON - The US House of Representatives has approved an aid bill authorizing the 1.519 billion dollars being given to Pakistan as assistance during the current fiscal year. Similarly, the Senate Appropriations Committee also approved its own version of the bill which would provide Pakistan 1.57 billion dollars in aid in 2010, The Nation reports.
Dubai to host airshow in NovemberJuly 6th, 2009 DUBAI - The Dubai Airshow 2009 will be held Nov 15-19 this year, WAM news agency reported Monday. The event, organised by the government of Dubai in collaboration with the armed forces of the United Arab Emirates (UAE), is a major aerospace event in the Middle East.
Treasurys rise as gloomy economic outlook from World Bank sends investors in search of safetyJune 23rd, 2009 Treasury prices rise amid sharp sell-off in stocksNEW YORK — Treasury prices rose for a second consecutive trading day Monday as investors clamored for the safety of government debt amid a sharp sell-off in stocks and commodities. Demand for Treasurys spiked as the World Bank lowered its forecast on the global economy, touching off fresh fears that a recovery from the recession is further off than previously hoped.
IMF may boost-up additional funding to PakistanMay 1st, 2009 ISLAMABAD - The International Monetary Fund (IMF) may jack up additional funding to Islamabad by 4.5 billion dollars, The News has reported. Pakistan and the IMF discussed the options for additional funding during the recent annual spring meeting of the IMF and the World Bank, and a final decision will be taken in review talks in Dubai scheduled from May 4 to 11.
Global air transport under pressureApril 23rd, 2009 NICOSIA - The International Air Transport Association (IATA) has announced a revised outlook for the global air transport industry with losses of 4.7 billion dollars in 2009. This forecast is significantly worse than IATA's December forecast of a 2.5 billion dollars loss in 2009, reflecting the rapid deterioration of global economic conditions.
Dubai police deny pirate ransom money laundered through Gulf city-state's banksApril 23rd, 2009 Dubai denies pirate money laundered in its banksDUBAI, United Arab Emirates — Dubai's deputy police chief denied a report that pirates have laundered ransom money through banks in the Gulf city-state, according to a local newspaper. Maj. Gen. Khamis Mattar al-Mazeina was responding to Tuesday's report in British newspaper The Independent that quoted investigators hired by the shipping industry as saying organized piracy syndicates operating in Dubai and other Gulf states have laundered large amounts of pirate ransom money.
Bad times believed to be over for UAE economyApril 15th, 2009 NICOSIA - The UAE Minister of Economy Sultan Bin Saeed Al Mansouri has said that the worst period for the United Arab Emirates economy was over and described the steps taken by the government to create a sense of stability as positive. He added that those responsible understood the size of the challenges and were currently well organized.
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