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Tourism projects in Abu Dhabi toured by Khalifa


Tuesday saw President, His Highness Shaikh Khalifa Bin Zayed Al Nahyan, touring tourism projects on Saadiyat and Yas islands and Al Raha Beach in Abu Dhabi, with the aim of viewing the infrastructural progress of the areas.

Agriculture deal to be signed between UAE’s Janan and Egypt

UAE agricultural

Tuesday, the official news agency MENA reported that a deal would be signed by a United Arab Emirates Company with Egypt, with the aim to cultivate 100,000 feddans, about 42,000 hectares (103 acres), of land with wheat, corn and feed.

The agency said that, next week, a deal would be signed by UAE agricultural investment firm Janan with Egypt's Agriculture Ministry, for the project which will expand until 2015.

Nearly 2000 jobs in Dubai to be created by Mövenpick Hotels & Resorts

Hotels & Resorts

It has appeared that four hotels will be opened by Mövenpick Hotels & Resort, under the UAE-based holding company Seven Tides, in Dubai within the next 12 months, as a part of the company's ongoing expansion plans in the region. The opening will lead to the employment of nearly 2000 workers.

It won't be wrong to say that since whole of the market is well aware about redundancies, and companies managing 'more with less' amidst recession, the recruitment of employees is a challenging task in spite of the availability of talent.

Dh660m mortgage financing funds approved by ADFC


Monday saw Abu Dhabi Finance Company (ADFC) declaring that it has approved nearly Dh600 million in mortgage financing funds, out of applications totaling Dh770 million since its establishment last November.

According to the ADFC chief executive Philip Ward, the government-backed company expects the approval of Dh1 billion in loans by this November, if its growth rate holds.

Whopping $50m Distressed Property Fund launched by Mayfair

real estate

A $50m Shariah compliant distressed property fund has been launched by Mayfair Wealth Management to purchase cheap properties, as uncertainty looms large over the real estate sector in UAE.

Real Estate Musharakah Notes (REMNotes) property fund’s annual return amounts to 12 to 15pc through leasing and rental income and its each shares is valued at $1. The subscription to this fund is open till August 31.

Official EIBOR rates might be issued by UAE bank

central bank

The United Arab Emirates Central Bank is going in for an official interbank rate for the dirham, which would reflect the market conditions in a better way.

This Emirates Interbank Offered Rate (EIBOR) would be established by the Central Bank after getting the rates from other banks directly instead of getting it from the third party.

This has been necessitated as the interbank offered rates in the UAE are more than the other banks in the region, Saudi Arabia in particular. Three month interbank rate in UAE was 2.45 percent on Tuesday.

Khalifa among top 50 list of Most Powerful Men

Shaikh Khalifa

It has appeared that President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, has been placed among the 50 Most Powerful Men in the World by the American magazine Newsweek.

The skills of Shaikh Khalifa in dealing with crises from an early age were praised by magazine in its latest edition. He also lent support to UAE during the tough times of slowdown.

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