Abu Dhabi News
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Updated 57 minutes ago
Massachusetts Institute of Technology named L. Rafael Reif, a Venezuelan-born electrical engineer and administrator, as its 17th president.
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Following is the text of the mission statement from the International Monetary Fund visit to the United Arab Emirates:
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Updated 1 hour, 58 minutes ago
EON AG, Germany’s largest utility, sold a network of natural-gas pipelines in the country to a group led by Macquarie Group Ltd. for 3.2 billion euros ($4 billion), shoring up its funds as nuclear earnings decline.
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Singapore Airlines Ltd., flying to Athens since 1972, will halt the service to the Greek capital starting October because of weak demand.
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The DFM General Index slumped to the lowest level since Feb. 2, losing 1.4 percent to 1,466.08 at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index fell 0.3 percent.
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Dubai’s shares fell to the lowest in three months, following Asian and European markets, as talks to form a new Greek government failed and oil tumbled.
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HSBC Bank Middle East Ltd. said it started a 1 billion-dirham ($272 million) international trade fund for small and medium-sized businesses with 30 percent allocated to companies held by United Arab Emirates nationals.
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Dubai Islamic Bank PJSC, the United Arab Emirates biggest bank complying with Islamic banking rules, will meet investors from May 17 for a possible benchmark-sized dollar sukuk sale, three people familiar with the details said.
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The DFM General Index snapped a five- day retreat, gaining 0.3 percent at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index was little changed.
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Dubai stocks rose, snapping a five- day drop, on bets the decline prompted by concern over Europe’s debt crisis was overdone given earnings prospects in the Persian Gulf emirate.
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