DFM General Index up 0.5%

• Foreign investors net DFM buyers by AED 42.83 mln
• Traded value exceeds AED 0.5 bln

Dubai Financial Market General Index (DFMGI) ended today at a slight increase of 0.5%, gaining nearly 8 pts to stabilize at 1605.61, after hitting an intraday high of 1628.09.

Traded volume reached 373.3 million shares, rising 26.2% compared to 295.7 million shares yesterday, while trading value leapt approx. 48% to AED 526.7 million, compared to AED 355.9 million shares and number of transactions reached 7511. Read more

HH Dr Sheikh Sultan bin Mohammed Al Qasimi opens Al Owais Islamic calligraphy exhibit at Sharjah Museum of Islamic Civilization

His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah, inaugurated ‘Eternal Letters: From the Abdul Rahman Al Owais Islamic Calligraphy Collection’ exhibition at the Sharjah Museum of Islamic Civilization. The exhibit, which continues until September 26, includes more than 90 Islamic calligraphy artworks representing some of the most important eras in Islamic history.

HH Dr Sheikh Sultan toured the exhibit with His Excellency Abdul Rahman Mohammad Al Owais, UAE Minister of Culture, Youth and Community Development; Manal Ataya, Director General, Sharjah Museums Department; and several senior government representatives. Read more

Air Arabia Maroc officially launches

1. Casablanca Airport ceremony attended by high-ranking Government and official dignitaries
2. Operations to commence in May 6, 2009 with inaugural flight to Stansed Airport, London
3. Comfort, Reliability and Value for Money is what customers  can expect from the new carrier

Air Arabia Maroc, Morocco’s new low-cost carrier (LCC), held an official ceremony today at Mohammed V Airport in Casablanca to mark the carrier’s launch. The event was attended by Mr. Karim GHELLAB, Minister of Equipment and Transport of the Kingdom of Morocco along with HE Sheikh Abdullah Bin Mohammed AL THANI, Chairman of Air Arabia, Mr. Mohamed Hassan BENSALAH, Chairman of Air Arabia Maroc and other leading officials and members of the public and private sector.

Air Arabia Maroc will start operations in May 6, 2009 with the inaugural flight to Stansed Airport in London, United Kingdom followed by selected destinations across Europe and North Africa. The new airline, led by Managing Director, Mr. Adel ALI – will offer customers comfort, reliability, and value for money air travel from and into The Moroccan city of Casablanca. Read more

Microsoft launches ‘Retail Champs’ program for regional partners

Microsoft Entertainment and Devices Division Middle East launched their new partner training program, ‘Microsoft Retail Champs’ at a recent partners event held at the Park Hyatt Hotel in Dubai.

Falling in line with Microsoft’s strategy of offering retailers with shared objectives of profitability and higher transaction values, the new program aims at enhancing the sales competency of retail sales professionals. Read more

Gulf Air selects CFM56-5B engines to power A320 fleet in US$270 million deal

Signs 10-year OnPoint Solution agreement with GE Aviation valued at over US$100 million

Gulf Air has placed a US$270 million order for CFM56-5B engines to power 15 new Airbus A320 family aircraft scheduled for delivery between late 2009 and 2013, and signed a 10-year OnPoint Solution agreement with GE Aviation for the maintenance, repair and overhaul of the engines. The agreement with GE Aviation is valued at over US$100 million over the life of the agreement.

Gulf Air, the flag carrier of the Kingdom of Bahrain, is a long-time CFM customer and operates CFM56-5A and -5B powered single-aisle Airbus A320 and long-range, four-engined CFM56-5C powered A340-300 aircraft. The airline operates scheduled services to over 40 destinations in Africa, Asia, Europe, Middle East and Far East from its base at Bahrain International Airport. Read more

Emaar Properties records first quarter revenue of AED 1.546 billion (US$ 0.421 billion)

1. Company focuses on enhancing resource use efficiency
2. Adopts IFRIC 15 revenue recognition policy based on completed projects only
3. Hospitality, Education and Malls subsidiaries expand business portfolio
4. Priority on completion of projects; strengthens overall customer care policies

Emaar Properties, a global property developer with a significant presence worldwide, focused on sustaining its long-term growth momentum in the first three months of this year, posting first quarter 2009 revenue AED 1.546 billion (US$ 0.421 billion), compared to first-quarter 2008 revenue of AED 2.522 billion (US$ 0.687 billion) and fourth quarter 2008 revenue of AED 1.833 billion (US$ 0.499 billion) calculated in accordance with revised accounting policy for revenue recognition.

The profits for the first three months of the year stood at AED 0.237 billion (US$ 0.065 billion), compared to profits in the first quarter of 2008 of AED 0.896 billion (US$ 0.244 billion) and net operating loss of AED 0.658 billion (US$ 0.179 billion) in the fourth quarter of 2008. Read more

Bargain deals, raffle draws and colourful shows mark spectacular start of Festival@The Dubai Mall

1. Strong response to Grand Bentley Raffle on opening day
2. Roaming entertainment, skater shows and mimes regale visitors
3. Bid2Win launch on Friday to auction Apple Combo

Hundreds of bargain deals on the world’s most coveted brands, five daily raffle draws and colourful roaming entertainment marked the spectacular start of the Festival@The Dubai Mall on Thursday. The festival is the world’s largest in-mall retail shopping and entertainment extravaganza bringing together over 900 retail stores including 160 F&B outlets, that will run through to May 29, 2009.

Mr Nasser Rafi, Chief Executive Officer, Emaar Malls Group, said: “Visitor response to the Festival@The Dubai Mall on the opening day was beyond our expectations. We have lined up an array of exciting shopping deals and leisure attractions, true to the theme of the festival – ’30 Days, Many Ways.’ There will be novel attractions every day, adding to the surprise factor for visitors, and encouraging them to return to the mall.”

Organised in collaboration the Dubai Shopping Festival Office, the Festival@The Dubai Mall featured several entertainment attractions on the opening day, including mime acts, jugglers, ribbon dancers, and a colorful festival carnival. The Dubai Ice-Rink hosted special skating displays, while shoppers were treated to the colorful spectacle of The Dubai Fountain, the world’s tallest performing fountain that is currently being tested. Read more

President Obama’s foreign policy during his first 100 days in office

By design or by necessity, Barack Obama, the US president, has crammed more into his first 100 days in office than most US presidents. Riz and his guest looks at what Obama has achieved since he took office.

Dubai World and MGM Mirage reach deal with lenders to finance their projects

Emaar Properties to maintain focus on business segmentation and geographic expansion

• Chairman highlights project delivery as priority at 11th AGM
• Company holds international land bank of 516 million sq metres

The financial results for Emaar Properties PJSC (EMAAR) for the year ending December 31, 2008, were approved by shareholders at the company’s eleventh Annual General Meeting (AGM), held today. At the meeting, it was highlighted that Emaar will continue to build on its strategy of business segmentation and geographic expansion, despite the challenging global business environment.

“Today, the global economic landscape is changing rapidly, and in these challenging times, our strategy of business segmentation and geographic expansion remains central to our business plans,” said Mr. Mohamed Alabbar, Chairman, Emaar Properties, outlining the company’s growth strategy. “We will stay true to the path of growing our new business lines, including shopping malls & retail, hospitality & leisure, education and healthcare.” Read more

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