There is no exposure of the banks in UAE to the bankrupt U.S. investment bank Lehman Brothers, as informed on Thursday by the Central Bank of the United Arab Emirates (UAE).
According to a press release issued by the Central Bank, “There is no systemic risk in the UAE and the country's banking system is sound.”
The report further read, “The UAE central bank will consider suggestions from representatives of local banks for boosting liquidity and appropriate decisions will be taken soon.”
The proposal to set up a monetary union was approved on Wednesday by Gulf Cooperation Council (GCC) finance ministers. However, the day of the launch of the single currency was not announced. The reporters were informed by Qatari Finance Minister Youssef Kamal, who chaired the meeting of GCC countries in the Western Saudi city of Jeddah, “We have an agreement to set up the monetary union and the monetary council, as well as the basic structure.”
A magnitude-5 earthquake has reportedly hacked electricity and raised panic on Iran’s Qeshm Island in the Persian Gulf. The information was given by Iran’s Seismological Center. However, no casualties or damage has occurred.
The earthquake which hit on Wednesday was actually the second strong temblor to occur in Qeshm in a week. Seven people were killed and other 40 were injured during the magnitude-6 quake which occurred on 10th September. The quake was so severe that it sent tremors to the Gulf and the skyscrapers of Dubai experienced some serious shakes.
During the month of July, a Briton named Mark Winterbottom created a big scene while boarding an Emirates flight at the Dubai airport when he claimed that the flight was carrying a bomb. His suggestions were taken seriously and the aircraft was thoroughly checked for any sort of explosives but none were found.
The 37 year old, who was also drunk, even got into an argument with an Emirates’s crew member. Now in September when his case was heard in court, he has been sentenced to four months' jail and fined 1,000 dirhams (£152), for the nuisance he created at the airport.
An announcement was made recently by Nakheel, a Dubai based Business group and one of the world’s largest and most innovative real estate developers, that their sales for 2008 till date are displaying a threefold increase on 2007’s full-year figures.
The portfolio of Nakheel includes Dubai’s iconic coastal developments Palm Jumeirah, The World and Waterfront. The portfolio has been estimated at US$80 bn. The Trump Organization of US, French hypermarket operator Auchan, and Mirvac, the Australian property developer are included in the JV.
On Monday, there was a fall in the Gulf Arab indexes to 17-month lows in frantic trading. This happened since the emerging markets were abandoned by the investors for fear of fallout from the latest disorder in the U.S. financial sector. There was a fall of 8% in the index of Dubai, which is actually the lowest level since April, 2007 during the session.
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