Indebted Dubai island developer Nakheel gets cash injection from government bond funds

October 1st, 2009 World's tallest tower moves closer to completionDUBAI, United Arab Emirates — The developer building the world's tallest skyscraper in Dubai says cladding work on the shiny silver-colored tower's outside is complete. Completion of the aluminum and glass facade marks a key milestone for Emaar Properties, which is racing to meet a self-imposed deadline to have the Burj Dubai complete by the end of the year.

September 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.

August 5th, 2009 Dubai World puts African tourism projects on holdDUBAI, United Arab Emirates — The state-owned conglomerate Dubai World said Wednesday it is putting multiple projects in Africa and elsewhere on hold because of the global economic downturn. The pullback comes as Dubai World scrambles to pay back billions of dollars in debt racked up during the boom years, even as it weighs plans to relocate its prized Queen Elizabeth 2 luxury liner to Africa to generate revenue.

July 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.

July 14th, 2009 Investors return to mutual funds in 2nd quarterBOSTON — Investors shook off some of their caution in this year's second quarter amid a rising market, shifting the largest amount into stock and bond mutual funds in more than two years, a fund industry consultant reported Tuesday. A total $136 billion flowed into stock and bond funds during the April-through-June period, according to New York-based Strategic Insight.

July 13th, 2009 Dubai: World's tallest tower to open this yearDUBAI, United Arab Emirates — The Middle Eastern developer building the world's tallest skyscraper vowed Monday to complete the tower by year's end, though the exact date remains uncertain. Completing the spindly structure, visible for miles around, would give Emaar Properties and its hometown, Dubai, a significant public relations boost at a time when both are reeling from a severe property slump exacerbated by the global recession.

July 12th, 2009 Owner may open QE2 as floating hotel outside DubaiDUBAI, United Arab Emirates — The cash-strapped Dubai owner of the QE2 is weighing plans to open the British ocean liner as a floating hotel elsewhere in the Middle East or Africa rather than in the struggling Persian Gulf sheikdom. In an e-mail Sunday, ship owner Nakheel told The Associated Press that other ports have expressed interest in hosting the vessel and that it is evaluating those options before going ahead with a planned refurbishment.

July 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.

June 30th, 2009 S&P cuts ratings of 3 Dubai-run entitiesCAIRO — A leading international ratings service said Tuesday it had cut its credit rating of three Dubai government-backed entities, voicing concerns about the emirate's willingness to continue backing some companies in the one-time Arab boomtown hard hit by the global recession. Standard & Poor's Ratings Service said it downgraded the ratings for port operator DP World, the Jebel Ali Free Zone and Dubai Multi Commodities Centre Authority, all of which had been on credit watch with negative implications since the end of April.

June 28th, 2009 Emaar to merge with rivals in DubaiCAIRO — The Dubai developer behind the world's tallest building plans to merge with three rivals owned by the sheikdom's ruler, in a consolidation aimed at better coping with a global meltdown fueled weakness in the one-time Arab boomtown's real estate sector. In a statement posted Sunday on the Dubai Financial Market's Web site, Emaar Properties PJSC said its proposed merger with Dubai Holding subsidiaries Dubai Properties LLC, Samar Dubai LLC and Tatweer LLC would create a company with an asset base of 194 billion dirhams ($52.8 billion) and a debt of 13.4 billion dirhams, or roughly 7 percent of the total assets.

June 1st, 2009 KOCHI - Smart City Dubai, the developer of a Rs.1,500-crore ($316 million) IT project here, Monday said the project cannot be delayed any further and urged the Kerala government to take quick action to sort out the free-hold land issue. Smart City Dubai chief executive Fareed Abdul Rehman told reporters here that the company wanted assurance from the government regarding the free-hold rights on 12 percent of land meant for the project.

May 25th, 2009 KOCHI - A few days after Kerala Chief Minister V.S. Achuthanandan said the global slowdown might delay the launch of Kochi's Smart City project, state Fisheries Minister S.

May 20th, 2009 THIRUVANANTHAPURAM - Kerala Chief Minister V.S. Achuthanandan Wednesday said the global economic slowdown may delay the launch of Kochi's Rs.15 billion Smart City project.

May 10th, 2009 DP World owner in talks with private equity firmDUBAI, United Arab Emirates — DP World, one of Dubai's most global companies, said Sunday its main government-owned shareholder is in talks to possibly sell a minority stake in the port operator to a Middle East private equity firm. A successful deal could provide a significant boost to DP World and its battered shares, which have tumbled more than 70 percent since they were floated in late 2007.

May 10th, 2009 Dubai's DP World in talks with private equity firmDUBAI, United Arab Emirates — Port operator DP World, one of Dubai's most global companies, said Sunday it is in talks to possibly sell a minority stake in itself to a Middle East private equity firm. A successful deal could provide a significant boost to DP World and its battered shares, which have tumbled more than 70 percent since they were floated in late 2007.