DUBAI (AFP) - A Swiss motorcycle racer was killed and a second was in a critical condition after they collided on a circuit in Dubai, The National daily reported on Saturday.
"Pascal Grosjean, 39, from Switzerland, had won the Sportbike Championship Race 1 and was completing a warm-down lap when he was hit from behind by another rider," Tony Jordan, the English-language daily said.
Grosjean an [...]
DUBAI (AFP) - A year after scaring global markets over its debt crisis, Dubai still has a huge legacy of debt to deal with over the medium term, and is leaning on its core economic sectors for recovery.
The focus in the city-state has shifted to the traditionally strong sectors of trade, logistics and tourism in order to recover slowly from a crisis caused primarily by a boom-to-bust real [...]
DUBAI (AFP) - Dubai's Emaar Properties on Wednesday posted a seven-percent drop in quarterly profits as revenues cost doubled, but said recurring revenues from hospitality were on the rise.
Emaar said net profits dropped to 612 million dirhams (166.8 million dollars) in the quarter ending September 30, compared to 655 million dirhams in the corresponding period last year.
The developer [...]
DUBAI (AFP) - The chief restructuring officer of Dubai World, Aidan Birkett, is stepping down after the debt-laden group reached a deal to restructure its debt, an official statement said Wednesday.
"Birkett has now successfully completed his work at Dubai World and will be stepping down on 14th October 2010," said the Dubai government statement.
The group, which announced last month reaching [...]
DUBAI (AFP) - Dubai's Emirates airlines, the Middle East's largest carrier, denied on Tuesday receiving government subsidies, hitting back at European claims that it was competing on the back of state aid.
"We have grown without subsidy through the success of our commercially driven business model and see no reason to apologise for what we have achieved," president Tim Clark said in a statement [...]
DUBAI (AFP) - Dubai faces an uphill struggle to revive its real estate sector that was battered by the global financial crisis, but industry reps at a subdued property fair in the once-thriving emirate see signs of hope.
At the prestigious Cityscape show -- an event celebrated over the boom years for rolling out grandiose developments -- major property developers displayed models of pro [...]
DUBAI (AFP) - Dubai's giant developer Emaar Properties, which built the world's tallest tower, is to issue up to 500 million dollars in convertible notes, an offer it said Thursday was "over-subscribed."
"The offering was heavily over-subscribed, with total demand generated in excess of three billion US dollars," Emaar said in a statement.
"The base size of the issue of 375 million US [...]
DUBAI (AFP) - Dubai's police chief said he has received death threats from Israel's spy agency Mossad linked to his role in uncovering details of the assassination of a senior Hamas leader, a report said on Thursday.
The Arabic-language Al-Ittihad daily quoted Dahi Khalfan as saying he had "received two death threats based on the case of Hamas militant" Mahmud al-Mabhuh's assassination [...]
DUBAI (AFP) - Dubai's government said on Sunday it has given the green light to Dubai Islamic Bank for a majority stake in Tamweel, one of the emirate's largest property finance groups.
DIB would now become the largest stakeholder in Tamweel with a 57.33-percent share, the government said in a statement, in a move to revive the property lending market that has suffered the worst by the global f [...]
Passengers jump out of plane in India after bad landing
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