DUBAI (AFP) - Troubled Dubai property developer Nakheel said that a restructuring proposal presented to creditors on Wednesday had, "in principle," received unanimous support.
Nakheel said it "held a meeting in Dubai today with its creditor banks to present formally the proposed recapitalisation and restructuring plan.
"The terms of the restructuring are unanimously supported in principle" by [...]
DUBAI (AFP) - Dubai's two stock markets on Sunday started to trade on a single platform in a bid to consolidate the markets.
Nasdaq Dubai announced that all trading in its listed equities is now being done through the platform of the larger Dubai Financial Market (DFM), in a statement.
"The move, under preparation since December 2009, is part of a consolidation between the two exchanges, [...]
DUBAI (AFP) - An Islamic edict in the United Arab Emirates has decreed that vuvuzela trumpets that blare above 100 decibels are religiously forbidden, a local daily reported on Friday.
"If they are loud enough to damage hearing, vuvuzelas are haram," or forbidden, The National newspaper quoted the General Authority of Islamic Affairs and Endowments as saying in a fatwa, or religious edict [...]
ABU DHABI (AFP) - BP chief executive Tony Hayward was in oil-rich Abu Dhabi on Wednesday amid speculation the British giant is seeking support from sovereign wealth funds following the Gulf of Mexico oil disaster.
BP officials declined to give details of Hayward's visit to the United Arab Emirates capital but said he had been engaged in a series of meetings.
"We cannot comment about the [...]
TEHRAN (AFP) - Airports in Britain, Germany and the United Arab Emirates have refused to offer fuel to Iranian passenger jets after unilateral sanctions imposed by Washington, ISNA news agency said on Monday.
IRNA, the official state news agency, said in a separate report that Kuwaiti airports have also declined to offer fuel to Iranian passenger planes.
"Since last week, after the passi [...]
DUBAI (AFP) - The Dubai government announced on Saturday the appointment of a new board for its Economic Zones World, a subsidiary of the troubled Dubai World conglomerate which is undergoing restructuring.
UAE businessman Hisham Abdullah al-Shirawi -- vice president of the Dubai chamber of commerce and industry and a member of the city state's economic council -- is to head the new board [...]
DUBAI (AFP) - Dubai Aerospace Enterprise (DAE) is renegotiating a massive order it made in 2007 to buy 228 aircraft from Airbus and Boeing, a government official said in a report on Friday.
"We are in negotiations" with the European and American constructors, Abdulrahman al-Saleh, the director general of Dubai's finance department, was quoted as saying by The National newspaper.
Saleh wa [...]
DUBAI (AFP) - Dubai's ruler boasted on Thursday that the emirate's newly opened second airport, which currently serves only cargo, is a need for the Gulf region.
"This is not just an airport. It is a city ... and a free zone ... needed by the whole region," said Sheikh Mohammad bin Rashed al-Maktoum, as he toured Dubai World Central-Al Maktoum International Airport, which opened on Sunday [...]
LONDON (AFP) - Britain launched a "taskforce" with the United Arab Emirates Thursday to boost bilateral ties and premier David Cameron will seek a similar initiative with India in an upcoming visit, a minister said.
In a speech in London, Foreign Secretary William Hague said the UAE taskforce will hold its first meeting later Thursday as it seeks to strengthen ties "across the board", i [...]
DUBAI (AFP) - In the aftermath of the September 11 attacks, two Emirati rappers picked up their mikes and set out to challenge a world of misconceptions about Arabs and Muslims -- and rap music.
Yet their pro-Muslim agenda and cautious approach to religion, politics and society did not prevent their only album, which came out in 2008, from being banned in ultra-conservative Saudi Arabia a [...]
Passengers jump out of plane in India after bad landing
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