Casino in Dubai?

Looking at the headline of the article, one can’t keep him self from wondering if it is a publicity stunt, rumor or a real industry insider suggestion. But Yann Caillère, the chief operating officer of Accor Hospitality and CEO of Sofitel Worldwide, apparently told Arabian Business: “When you are in Dubai the difference between Las Vegas and Dubai is the gambling basically”. Caillère continued that it was unlikely that casinos would be introduced in the Middle East as it is a culturally sensitive issue.

Officially, gambling in Dubai is a big taboo, but with the expat population expanding to over 90 per cent from the population, peoples’ opinions vary according our pool. So far, the results show that the positive and negative views are almost equally divided, while smaller percentages of the readers are positive only about few casinos. Read more

Dubai World debt offer to include sovereign guarantee, repay 60 pct after 7 years

• DIFC to host Dubai World hearings

Dubai World may offer creditors 60 cents on the U.S. dollar guaranteed by the sheikdom’s government as part of a deal to reschedule $22 billion of debt, two people familiar with the matter told Zawya Dow Jones.

Under the terms of the deal, banks including HSBC Holding PLC, Royal Bank of Scotland Group PLC, Standard Chartered PLC and Abu Dhabi Commercial Bank, will receive 60% of the money they’re owed by the troubled conglomerate after seven years, Maktoob Business reports. Read more

Hotel Chain initiated arbitration proceedings against Meydan LLC

Meydan acting in its best interests

HotelierMiddleEast.com exclusively reveals that Banyan Tree Hotels and Resorts has initiated arbitration proceedings against Dubai company Meydan LLC “for various breaches” of the management contracts for two Dubai hotels the company was expected to operate.

The website is citing a statement  released by Banyan Tree that said: “Further to the announcement made on 14 November 2009, the Board of Directors of Banyan Tree Holdings Limited (“BTH” or “Company”) has announced that its wholly-owned subsidiary, Banyan Tree Hotels & Resorts Pte. Ltd. (“BTHR”) has initiated arbitration proceedings against Meydan LLC, Meydan Group LLC and Meydan City Corporation for various breaches of the Hotel Management Agreement for The Meydan and the Villa Management Agreement for Banyan Tree Meydan”. Read more

Are Dubai World assets for Sale or No?

Dubai is preparing to sell off a raft of assets, including Canadian circus group Cirque du Soleil and the QE2 cruise liner, as part of a huge cash-raising exercise, said  Zawya today citing The Times.

No, Cirque du Soleil CEO Daniel Lamarre is not worried about rumours that broke Monday about the possible sale of Dubai World’s shares in the Cirque du Soleil. For two reasons, which are described by The Montreal Gazette.

Advisers to government-owned conglomerate Dubai World, led by Deloitte plan to offload a portfolio of trophy assets owned by Istithmar, its private-equity arm, to pay off some of Dubai World’s $22 billion debts. It is understood that advisers will attempt to sell each asset individually rather than find a single buyer for the whole portfolio.The sale of some Dubai World assets has already started. Istithmar PJSC, the company’s investment unit, raised about $37 million from the sale this week of its 13.4% stake in Indian budget airline SpiceJet Ltd.

Other state-linked Dubai entities have started talks to divest Asian assets too, according The Financial Tims.  Emaar Properties is talking to potential buyers of its majority stake in Singapore-based distributor and retailer RSH, which operates brands including Zara and Mango, across Asia and the Middle East. A unit of Dubai Holding is looking to sell its 40 per cent stake in Malaysia’s Bank Islam.

Malicious SMS rumours about short in supply of medicines and blood unfounded

The Ministry of Health today warned members of the public against heeding malicious SMS rumours about short in supply of medicines and blood in hospitals to treat patients or outbreak of certain diseases, reported the official news agency WAM. Read more

Probe into ‘Slumdog’ child star sale to Dubai couple

Police investigate whether the father of a “Slumdog Millionaire” child star tried to sell her.

India’s child-rights watchdog has sought a report from police investigating allegations by a tabloid that the father of a “Slumdog Millionaire” child star tried to sell her to an undercover reporter, the watchdog’s leader told CNN. Read more

‘Russian parliament deputy behind murder’

Dubai police have accused a Russian parliament deputy of being behind the murder of a former special forces commander from Chechnya Sulim Yamadayev, who was gunned down in the United Arab Emirates last week.

Emaar Properties considers cutting 250 jobsaccording media sources

Property developer Emaar Properties is considering cutting 250 jobs as the real estate sector in the emirate suffers a severe downturn, said Bloomberg.

The company has also slapped pay cuts of between 20 and 30 per cent on its employees’ wages in early March, London-based Meed magazine reported in its latest issue citing unnamed Emaar employees.
The job cuts would reduce Emaar’s total workforce to some 50 employees after it laid off around 200 employees in November 2008, Meed said.

The number of abandoned-leased cars increased

A report in The National yesterday (10 January, 2009) said that in 2008, the number of abandoned-leased cars increased by 123 per cent and gave the following numbers:

• 65 cars were abandoned at Dubai airport and seized by the police  by the end of 2008
• 22 cars were removed from Dubai airport by police “recently”
• 1450 cars were claimed back by banks in 2007 (not just abandoned at the airport) – about 28 cars per week
• 3200+ cars were claimed by banks in 2008 – about 60 cars per week. Read more

Did or didn’t DAMAC sell 40% stake?

Dubai’s ruler H.H. Sheikh Mohammed bin Rashid al-Maktoum has bought a 40 percent stake in private developer Damac Properties that plans to invest $6 billion in a Turkish coastal project, reported Reuters, citing the Turkish daily Vatan.

Later on the same date Damac Properties denied the Turkish newspaper report through spokesman, quoted saying to Dubai’s Reuters: ‘Damac has not sold any shares to anyone.’.

The developer also said it was looking to reschedule the construction of select projects.

DAMAC property consultants are currently promoting a limited offer  expiring on 14th of January 2009. The bargain includes up to 20 percent discount combined with revised payment plans on selected projects. Read more

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