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UAE developers Aldar, Sorouh eye state-backed merger
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March 11, 2012 08:23 PM
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DUBAI: Abu Dhabi's struggling developer Aldar Properties may merge with local rival Sorouh Real Estate in a state-backed tie-up that could create a company worth some $15 billion in assets. A decision on the merger of the top two developers in the emirate will be made within three months after...
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Qatar Airways targets acquisition in Europe - CEO
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January 19, 2012 10:15 PM
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MANAMA: Qatar Airways is eyeing more investment in Europe and has identified an acquisition target, the Gulf carrier's chief executive said on Thursday, while declining to comment about Spanish airline Spanair. There has been speculation Qatar Airways may be after a stake in Spanair whose...
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Etihad Airways push into Europe carries risks
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January 05, 2012 02:49 AM
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DUBAI: Etihad Airways may have stolen a march on its Gulf rivals when it took a stake in Germany’s second biggest airline Air Berlin, obtaining access to the German capital. But the Abu Dhabi carrier could find itself hampered by the airline’s financial troubles. The move by 8-year-old...
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Dubai World unit’s debt deal comes under threat
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November 28, 2011 01:41 AM
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DUBAI: A potential $2.2 billion debt restructuring for Drydocks World, the shipbuilding arm of indebted Dubai World, is seen facing tough headwinds with the presence of hedge funds and a lack of government aid seen threatening an amicable deal. Drydocks has set up a committee to thrash out an...
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United Arab Emirates says terms for Rafale warplanes unworkable
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November 17, 2011 12:37 AM
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DUBAI: A long-awaited French deal for Dassault to sell at least 60 Rafale warplanes to the United Arab Emirates hit a snag Wednesday when the Arab country’s crown prince said proposed terms were “uncompetitive and unworkable.” The deal, which had been in the works since...
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Emirates’ $26 bln Boeing order kicks off air show
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November 14, 2011 10:08 AM
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DUBAI: Emirates airline placed a blockbuster order for 50 Boeing 777 jetliners at the Dubai Air Show Sunday, underscoring the confidence brimming among fast-growing Gulf airlines despite growing fears over the world economy. Expanding its role as the world’s largest operator of...
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Gulf airlines expansion to proceed despite crisis
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November 12, 2011 01:27 AM
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DUBAI: Gulf airlines and lessors could splash out more than $20 billion on Airbus and Boeing jets at next week’s Dubai air show, underscoring the region’s role as the industry’s chief paymaster amid Europe’s worsening sovereign debt crisis. Emirates is in talks for a hefty...
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Emirates airline may turn to Islamic finance
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November 09, 2011 01:07 AM
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DUBAI: Dubai’s Emirates, the rapidly expanding Gulf Arab carrier, is looking at the more resilient Islamic finance market to fund aircraft deliveries as international banks back out of plane deals because of the eurozone debt crisis. European lenders, especially French banks, which have been...
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Oversupply to cap Dubai property recovery until 2016
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October 25, 2011 02:06 AM
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DUBAI: Dubai’s once-booming property market can expect more pain with oversupply likely to delay a price recovery in the Gulf emirate until 2016, ratings agency Moody’s said Monday. House prices in Dubai soared after the emirate – which overstretched itself building extravagant...
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Manama panel to investigate security role in protests
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July 25, 2011 02:03 AM
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MANAMA: A commission tasked by Bahrain to investigate weeks of protests that rocked the Gulf island kingdom said Sunday it would look at the role of the security forces in the unrest and examine charges of torture. At a news conference marking the launch of the five-member panel’s...
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Supporters of Bahrain’s Al-Wefaq turn out in force for Friday rallies
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July 23, 2011 02:04 AM
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MANAMA: Tens of thousands of people rallied in support of Bahrain’s largest Shiite opposition group Friday after it pulled out of government-led national reform talks earlier this week. “It’s a lie, it’s a lie,” the crowd chanted as Al-Wefaq leaders dismissed the...
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CEO: Dubai Investments gets quarter of loan
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July 19, 2011 01:22 AM
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DUBAI: Dubai Investments has secured only a quarter so far of the 1.2-billion dirhams ($326.7 million) loan it wanted to raise, its chief executive said, and the conglomerate’s manufacturing business faces setbacks due to regional unrest. Khalid bin Kalban said political unrest in Libya,...
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Builders flock to Mecca to tap into pilgrimage boom
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June 10, 2011 02:42 AM
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DUBAI/RIYADH: The Saudi holy city of Mecca is proving to be the exception to a Middle East property downturn, as more and more pilgrims flock to Islam’s holiest city and fuel a hotel construction boom. The more than 2.5 million pilgrims who flock to Mecca for the annual Hajj pilgrimage, a duty for...
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Builders flock to Mecca to tap into pilgrimage boom
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June 09, 2011 11:51 AM
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DUBAI/RIYADH: The Saudi holy city of Mecca is proving to be the exception to a Middle East property downturn, as more and more pilgrims flock to Islam’s holiest city and fuel a hotel construction boom. The more than 2.5 million pilgrims who flock to Mecca for the annual Haj pilgrimage, a duty...
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Emirates airline picks banks for possible dollar bond
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May 20, 2011 02:27 AM
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DUBAI: Dubai’s flagship carrier Emirates has picked four banks for a possible dollar bond issue, it said Thursday, on the back of posting record profit as it seeks to raise cash for massive expansion plans. HSBC, Deutsche Bank, Emirates NBD and Morgan Stanley have been mandated as joint lead...
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