United Arab Emirates

United Arab Emirates News

• U.A.E. May Expand Monopolies Law to Car Dealers, Gulf News Says

  The United Arab Emirates may expand its monopolies law, which sought to liberalize the sale of basic food products, to tackle other monopolies, including car dealers, Gulf News reported, citing the economy minister.

• China, Turkey Sign $1.6 Billion, Three-Year Yuan-Lira Currency Swap Accord

  China and Turkey signed a three-year currency swap agreement worth 10 billion yuan ($1.6 billion), or 3 billion liras, the Turkish central bank said.

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  Canada Suffers Parity’s One-Eyed King in Land of Blind

  Canada’s success in parlaying strong economic fundamentals into a rush of foreign investment has come at a cost: weakened manufacturing competitiveness that’s exacerbating a regional divide between the resource-rich west and the factory-heavy east.

• CME Raises Stake in Dubai Mercantile Exchange in Recapitalization Plan

  CME Group Inc., the world’s largest futures exchange owner, and Oman Investment Fund will raise their respective stakes in the Dubai Mercantile Exchange to support expansion at the Middle East oil bourse.

• Persian Gulf Stocks: Arabian Cement, Etisalat, Saudi Steel Pipe

  Abu Dhabi’s ADX General Index advanced 0.9 percent to 2,527.04, the highest since Oct. 2, at the 2 p.m. close in the emirate. Dubai’s DFM General Index gained 1.7 percent. Saudi Arabia’s Tadawul All Share Index climbed 0.8 percent to 6,961.87, the highest intraday level since October 2008, at 1:47 p.m. in Riyadh.

• Etisalat Gains on Cost-Cutting, Dividend Plans: Abu Dhabi Mover

  Emirates Telecommunications Corp. advanced the most this month after the United Arab Emirates’ biggest phone company said it planned to outsource some operations to cut costs and proposed a 2011 dividend.

• Abu Dhabi Shares Rise to 5-Month High on Etisalat Dividend Plan

  Abu Dhabi’s shares rose to the highest in almost five months after Emirates Telecommunications Corp. proposed a dividend for 2011 and on investor bets the emirate’s spending plans would support real-estate companies.

• U.A.E. Will Spend $136 Billion on Airports, Al-Khaleej Reports

  The United Arab Emirates plans to invest 500 billion dirhams ($136 billion) in aviation infrastructure during the next 10 years and expects to get 15 million tourists by 2020, Al-Khaleej newspaper reported today, citing Economy Minister Sultan al-Mansouri.

• Socceroos Recall Bresciano After 19-Month Absence for World Cup Qualifier

  Australia drafted midfielder Mark Bresciano into its squad after a 19-month absence for next week’s soccer World Cup qualifier against Saudi Arabia

• Emirates NBD Hires Banks for Chinese Renminbi Bond Meetings

  Emirates NBD PJSC, the United Arab Emirates’ largest bank by assets, said it hired banks to arrange investor meetings in Hong Kong and Singapore for an offering of an offshore Chinese renminbi-denominated bond.

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