As per the survey by MasterCard Worldwide, the highest average online shopping spend in the Asia, Middle East and Africa regions was in the UAE, with residents spending an average of $1,048 in the last quarter of 2009.

Yesterday, the director-general of the Finance Ministry told any shock could be absorbed by the banks in the Banks in the UAE as they are in healthy condition to even deal with the impact of Dubai World's debt rebuilding.

Younis Al Khouri said, "The committee, which is headed by our minister, made sure that UAE banks have enough capital to absorb any shock that might come."

The UAE will also not see a federal bond issue in 2010.

The GCC (Gulf Cooperation Council) Ministerial Council once again extended its support to the sovereign right of the UAE over its three Islands occupied by Iran and UAE's rights over the territorial waters, airspace, continental shelf and exclusive economic zone of these three islands.

The Emirates Foundation for Philanthropy has awarded a grant of 150,000 AED to the Dubai Women's College (DWC) for completing its proposed project "One Book, One HCT".

American Eagle Outfitters, a retailer that specializes in clothes for teenagers, has a reason to smile as it performed very well during the quarter, posting a rise in the net profit despite a challenging period of financial crisis.

The utility sector of the oil rich Dubai would be regulated by a new regulatory body for looking into its operations. The body, created by the Dubai Executive Council under the Higher Committee for Energy and Environment, will liaison the private sector to flourish its business offering a framework.

Gymboree Corp., a well-known children's apparel maker, has announced the financial results for the fourth quarter reporting 13 per cent rise in its net profit due to increased sales and margins. Its strong performance for the quarter indicates the strong economic fundamentals and the degree of trust enjoyed by the company among the customers.