Etihad airways Etihad for 40% stake in Air Seychelles
Dubai: Etihad Airways said yesterday it will pay $20 million (Dh73.4 million) for a 40 per cent stake in Air Seychelles as part of a strategic partnership between the two carriers.
UAB profit rises to Dh330m as assets soar 40%
Dubai: United Arab Bank (UAB) yesterday reported Dh330 million net profits for 2011, up 7.1 per cent over the Dh308 million earned in 2010.
US growth will be among world's best as others fall
New York: Investors are turning increasingly bullish on US markets as they declare its economy in better health than major rivals from Europe to Asia, according to the Bloomberg Global Poll.
Emirates expands in South America
Dubai: Emirates yesterday announced the launch of two new routes to South America — Buenos Aires and Rio de Janeiro — as part of its efforts to extend its reach across the Americas.
Arabtec wins Dh561m expansion contract
Dubai: Arabtec Construction has secured a Dh561 million contract from Dubai Aviation City Corporation (DACC) to carry out expansion related work at Dubai International Airport, the construction arm of Arabtec Holding — the UAE's largest construction company — said yesterday in a statement posted on the Dubai Financial Market (DFM) website.
India puts road bidding online
New Delhi: Companies bidding for Indian road-building contracts will have to apply online from August as the government makes the process more transparent to lure foreign investors and end "cartels" that force up prices.
The use of internet tendering will stop companies clubbing together to drive up project costs, Minister for Road Transport and Highways C.P. Joshi said in an interview. The government wants to attract $60 billion (Dh220 billion) of investment to help India expand its road network in the five years ending 2017, he said.
Du to launch higher speed 4G broadband services
Dubai: Word from du that it will launch higher-speed 4G broadband services by year's end will help ensure the United Arab Emirates remains at the forefront of emerging new technology, says global marketing intelligence firm International Data Corporation (IDC).
Gold prices set to reach Dh223 per gram
DUBAI: Gold prices could top $1,700 (Dh6,244) per ounce (one ounce equals 28 grams which makes it Dh223 per gram) by end 2011, jewellers have said.
Raj Sahai, director for retail of Damas said: "Historically, gold prices have constantly gone up over time. We think it could go up to $1,700 per ounce by the end of the year due to continued high demand."
UAE pumped $5.7b into Comesa
Dubai: The size of UAE investments in the Common Market for Eastern and Southern Africa (Comesa) reached $5.7 billion (Dh20.92 billion) last year, Heba Salama, Director of Comesa Regional Investment Agency, told Gulf News yesterday.
Radiation fears over Japanese goods
Dubai: Radioactive-tainted milk, tap water and spinach discovered in tsunami-crippled Japan may spawn fears that Japanese electronic products such as mobile phones, television sets and computers shipped abroad could also be contaminated.