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.

Mubadala Development Company, the investment arm of Abu Dhabi government, has acquired 9 per cent stakes in a US-based merchant bank the Raine Group, a renowned name in the field of media, entertainment and sports in New York, Los Angles and Beijing.

Plans of setting up a $326 Million unit in Syria, Bahrain's Gulf Finance House intends to come up with Islamic investment bank in order to elevate revenues in a banking market which is almost unused.

This investment bank is intended to get fee income in a year. Local investors will fund 10% while GFH along with other financial bodies will offer 60% of funds for the budding bank. It was stated that Approval from the Central Bank is anticipated and the remaining 30% of Syria Finance House in an IPO will be proposed to the public.

The special tribunal set up by the Dubai World for addressing the issue of conglomerate's US$26 billion restructuring, has been approached by more than 100 creditors and lawyers with their claims.

Mark Beer, the registrar of the tribunal and of the Dubai International Financial Centre (DIFC) Courts confirmed that a flood of inquires on a daily basis is coming from creditors for strengthening their claims.

Gulf region, being India's largest trade partner, plays a significant role in the prosperity of the country. But the recent Dubai World's crisis that shocked the markets across the World, could affect the import export trade business of the country according to the Economic Survey 2009-10, presented in Parliament just ahead of the annual budget.

The Dubai government is learnt to have expedited its efforts for the restructuring of $22 billion debt of the crisis ridden Dubai World, the state-owned conglomerate. Sources close to the development said that any positive outcome is likely by the end of next month after completing the valuation of the assets of the group by the end of February.

Business Secretary Peter Mandelson has officially confirmed to his senior colleagues that he completely supports plans for a state-run investment bank, which would be utilizing public funds and private capital to back and help small-sized businesses and large-scale infrastructure projects across the UK.