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Q2 witnesses Dubai's Emaar losing $350M

Q2 witnesses Dubai's Emaar losing $350M

It has appeared that a sum of about $350 million was lost by the Middle East's biggest listed property developer, Emaar Properties, in the second quarter, mainly because it thinks its $1 billion bet on the U. S. housing market is now worthless.

A loss of 1.29 billion dirhams, or $351.5 million was posted Thursday by Emaar Properties, from April through June, which was dramatically lower than a profit of 2.12 billion dirhams ($577.7 million) a year earlier.

UAE market studied by Louvre

WAM

Yesterday WAM, the state news agency, reported that with the aim of making sure that the Louvre Abu Dhabi lives up to the expectations of its visitors, when it opens in about three years; the researchers are running 11 focus groups.

October to see commencement of paid parking in Abu Dhabi

Department of Transport

With the aim to encourage drivers to use the public transport system and depend less on cars; paid parking is being introduced in Abu Dhabi for the first time, which will commence from the beginning of October.

Parking fees will be applicable in nearly 2,500 parking spaces in Hamdan Street and Zayed the First Street, in the first stage, with prices fixed at Dh2 or Dh3 per hour, depending on location.

DSM Energy to be acquired by Taqa for Dh1.5b

Taqa

An agreement has been arrived at by Abu Dhabi National Energy Co (Taqa) on the acquisition of DSM Energy, the energy unit of Netherlands-based Royal DSM NV, for
285 million euros (Dh1.5 billion), said Taqa on Wednesday.

It has appeared that 5,000 barrels of oil equivalent per day (boed) would be added by this acquisition, to Taqa's North Sea production of about 50,000 boed.

June sees UAE consumer prices turning negative

housing

It has appeared that in the month of June, UAE consumer prices turned negative from a year ago; as housing costs, and prices of food and clothing decreased.

Data from the Ministry of Economy showed that, in June, the prices for essential consumer goods and services dropped by 0.03%, as compared to the prices during the same month last year.

The main contributors to the fall were the countrywide slump in housing rents and a decline in food prices.

First satellite of UAE govt geared up for takeoff

satellite of the UAE government

The first satellite of the UAE government is all geared up for takeoff on Wednesday night from its launch site in Kazakhstan.

The National reported that DubaiSat-1, which is a remote sensing satellite, is supposed to take off at 8.46pm UAE time, from the Baikonur Cosmodrome.

The paper said that DubaiSat-1 was set to launch on July 25; however, it got delayed at the last minute for safety checks.

Whopping 33% profit decline seen by Arabtec

Arabtec

A second-quarter net profit of Dh183 million (US$49.82m) was recently announced by Arabtec Holding, the largest construction firm in the UAE. It is important to note that a decline by 33 per cent, from Dh273m in the same period last year, has been seen in Q2 net profit.

The company specified via a statement, "Net profit for the second quarter was up 14 per cent from the first quarter, resulting in a profit of Dh345m for the first six months of the year."

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