Al Maktoum News
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Shuaa Capital PSC, the investment bank controlled by Dubai’s ruler, said its first-quarter loss narrowed after reducing costs by 37 percent.
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Emirates, the world’s No. 1 airline by international traffic, boosted full-year profit 34 percent as it added routes using the largest fleet of Airbus SAS superjumbos.
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Dubai Group LLC, an investment company owned by the emirate’s ruler, agreed on final terms to restructure $6 billion of debt with its main lenders, helping extend a rally in the shares of the sheikhdom’s biggest bank.
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Dubai’s government is considering issuing bonds again this year and selling stakes in its companies to the public as the real estate industry spurs an economic recovery, the emirate’s top finance official said.
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Jauan Salem Al Dhaheri, a board member of the Abu Dhabi Investment Authority and secretary general of the emirate’s Supreme Petroleum Council, has died, according to a condolence message on the ruler of Dubai’s website.
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Dubai plans to double the number of visitors to 20 million by 2020 and triple annual revenue from the industry to 300 billion dirhams ($82 billion).
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Trainer Mahmood Al Zarooni was suspended for eight years for administering anabolic steroids to horses in his care, the British Horseracing Authority said in a statement on its website.
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Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum said his Godolphin stables in Britain won’t participate in races until all the horses pass drug tests after 11 of the thoroughbreds were barred because of doping.
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Dubai may make a payment toward its $20 billion loan to neighboring Abu Dhabi and the United Arab Emirates central bank next year as the emirate’s economic recovery solidifies, according to Bank of America Corp.
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Dubai International Capital LLC hired five executives from Deloitte & Touche LLP as the private equity firm seeks to increase the value of its investments in companies including Mauser AG and Doncasters Group Ltd.
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