In its third attempt to stabilize Citigroup, the U.S. government announced Friday that it would increase its ownership stake to as much as 36 percent by converting part of its large preferred investment stake to common stock. Other preferred stockholders could own a 38 percent stake of the bank if they all convert their shares. That would dilute existing common shareholders, who together would now own just 26 percent of the bank.

Those investors include Prince Walid bin Talal of Saudi Arabia, who injected close to $600 million into Citigroup’s predecessor, Citibank, when it was foundering in 1991, and several other investors from the Middle East and Asia, including the Abu Dhabi Investment Authority.  Now they are suffering the public embarrassment of seeing their investments evaporate, said the New York Times, while The National reported that Citi equity deal ‘will not affect Adia’.

1. Customers stand to win several prizes on purchases worth AED 150 or more
2. Offer open through to March 14, 2009

The Dubai Marina Mall, the new shopping and leisure destination in Dubai Marina, is offering shoppers its first in-house promotion. Customers stand to win a range of prizes on purchases worth AED 150 or more at any outlets within the mall. Weekly winners will be drawn with two prizes to be claimed each week.

The grand prize draw to be held end-March is for a charter yacht ride on Athena Dubai, the Dubai Marina Yacht Club’s charter yacht. This special cruise will be valid for up to ten persons and is valued at AED 3,500, inclusive of all amenities. Weekly prizes include dinner for two valued at AED 350 or brunch for two, at the Aquara restaurant in the Dubai Marina Yacht Club, valued at AED 360 each.

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Middle East Banking Awards recognise excellence in investment banking

DIB Capital (formerly Millennium Capital), the wholly-owned investment banking arm of Dubai Islamic Bank (DIB), announced today that it has received the “Best Local Investment Bank” award at the annual Middle Eastern Banks Achievement Awards 2008, organised by emeafinance magazine.

DIB Capital offers Capital Markets, Asset Management, Private Equity, and Financial Advisory solutions. Their business provides corporates, institutions, HNWI, and government clients with access to a complete array of financial advisory, capital raising and investment solutions.

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As part of its commitment to inculcate the GEMS core values of World Citizenship, Universal Values, Leadership Qualities and Forward Thinking, GEMS American Academy (GAA) – Abu Dhabi hosted a Black-Tie Fundraiser event at the Beach Rotana Hotel & Towers.

The event is part of a year-long commitment by the students of GAA to help furnish a brand new village school in an impoverished community in Zanzibar, with desks, washroom and ablution facilities. Once open, the teachers and learning materials for the school will be provided by the Government of Zanzibar.

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1. Ushers in new lifestyle choices for the lucky winners
2. Timely support to tide over economic challenges

Emirates National Oil Company (ENOC), a key sponsor of Dubai Shopping Festival (DSF), has concluded the 32-day ‘This Way to Your Dream Life’ DSF campaign by distributing prizes worth AED 3.3 million as well as the grand prize of an AED 3 million fully-furnished apartment. The various promotions held as part of the campaign have ushered in new lifestyle choices for the winners, which will help them meet financial challenges, especially in the current economic climate.

In partnership with leading real estate service provider REMAX Wataniya and property developer Syndicate, ENOC presented the grand prize to the lucky winner Shaikha Hilal Mohamed, a UAE national. It was a fitting conclusion to the campaign organised through ENOC/EPPCO service stations in Dubai and the Northern Emirates.

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1. Seeks to identify skilled Emirati nationals at 11th National Career Exhibition
2. Receives EIBFS award for Best HR Practices at career fair
3. Ruwaad Leadership Programme proves increasingly popular among UAE graduates

Dubai Bank, a Dubai Group company, yesterday announced at the 11th National Career Exhibition in Sharjah that it aims to achieve 30 per cent Emiratisation by the end of this year. At this event the bank also showcased its Ruwaad Leadership Programme, highlighting its commitment to building professional skills among young Emiratis.

At the career fair, Dubai Bank received the “Human Resources Development Award 2009” from the Emirates Institute of Banking & Financial Studies (EIBFS) in conjunction with the Sharjah Career Fair. The award, presented by His Highness Dr. Sheikh Sultan Bin Mohammed Al Qassimi, Member of Supreme Council and Ruler of Sharjah, recognises the bank’s exemplary efforts to motivate, develop and increase the number of UAE national employees.

Salaam Al Shaksy, Chief Executive Officer, Dubai Bank, said: “We are proud to win this prestigious award from the EIBFS that recognises our achievements as an employer of choice for Emirati nationals. As a responsible corporate citizen, Dubai Bank has always strived to hire and develop the best local talent. Our success is reflected in the substantial number of UAE nationals that have already joined our ranks.  We continue to provide excellent opportunities for professional and personal growth and this event gives us the opportunity to reach out to the best UAE national students, helping us meet our 2009 goal of 30 per cent Emiratisation.

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‘Halo’ fans gathered in droves last Friday to be among the first to purchase a copy of the Xbox 360 exclusive, ‘Halo Wars’, at the Midnight Launch event at Virgin Megastore, Mall of the Emirates. Dubai was one of the first cities in Europe, Middle East, and Africa to launch ‘Halo Wars’.

Making his guest appearance to meet and greet the fans was the hero of the ‘Halo Universe’, MasterChief. MasterChief, along with Microsoft and Virgin staff gave away the ‘Halo Wars’ giveaways to those who registered and pre-ordered the game.

The most eager of gamers also had the immediate chance to play ‘Halo Wars’ that was running on the Xbox 360 gaming stations at the store.

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At Dubai International Boat Show (DIBS), the New Zealand Marine Export group in conjunction with New Zealand Trade and Enterprise (NZTE) will highlight the country’s marine industry which has set global standards for high performance and advanced technology in the areas of boat building, design, equipment and hardware including sails and spars and refit. New Zealand companies exhibiting at the largest boat show in the Middle East include Hutchwilco, Maxwell Marine, Pacific Aerials, Rocna Anchors, The Boat Cover Company and Tru-Design Plastics Ltd.

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Sanofi-aventis and Al Nasr Leisureland launch one month sports campaign for kids to promote fitness

Last chance to register for the ‘Lets Move Together’ Junior Tennis Tournament organized by Sanofi-aventis and Al Nasr Leisureland. The one month youth campaign targets all 8 to 18 year olds in the UAE in hope of encouraging regular exercise.

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President Obama announced on Friday his plan to end combat operations in Iraq by the end of August 2010, saying the goal of a “sovereign, stable and self-reliant” Iraq is achievable. Senior officials said the war, effectively, will end before Labor Day next year.