Gulf Navigation Holding PJSC, Dubai’s only publicly traded oil-tanker owner, said full-year profit fell 82 percent as shipping traffic and freight rates declined because of the global economic crisis.

Net income dropped to 26.6 million dirhams ($7.2 million) from 148 million dirhams a year earlier, the company said in a statement to the Dubai bourse today. Sales slumped 15 percent to 338 million dirhams. Read more

Dubai Financial Market General Index (DFMGI) ended the first session this week with a slight loss of 0.59% to settle at 1589.97 points. It hit an intraday low of 1576.36 pts.

Trading volume declined from 207.2 million shares on Thursday to almost 147.3 million shares. Turnover also fell from AED 333.9 million to approx. AED 209.2 million, generated through 3188 transactions. Read more

Eton Institute, Dubai’s leading training & development institute is giving away a FREE Netbook Computer worth AED 1500/- to one lucky winner selected through a lucky draw. Anyone booking a course offered at Eton Institute, during the month of February will instantly be enrolled into the draw for their chance to win a FREE Netbook Computer.

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The standing of the Emirates Western Force as a world-class sporting organisation has been reinforced with Emirates, the Dubai-based global airline, extending its naming rights partnership for a further three seasons.

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UAE Genetic Disease Association (UAEGDA), the sole non-profit genetics organization in the UAE, has concluded a fruitful week of discussions with regional and international bodies during the group’s first appearance at Arab Health Congress earlier this week.  As a first-time exhibitor, UAEGDA says that the experience has proven extraordinarily valuable and that the Health Authority of Dubai has played a tremendous role in raising local awareness of battling genetic diseases in the country.

Listed under Dubai’s Islamic Affairs and Charitable Activities Department, UAEGDA strives to reduce the prevalence and impact of common genetic disorders through sponsoring nation-wide education and screening campaigns.

During the week-long congress, UAEGDA connected with other GCC organizations to identify methods in which regional entities from the public, private and non-profit sectors can align business interests and public policy to advance screening campaigns in the upcoming year.  “Regional coordination is extremely important for an organization like ours because of the high number of expatriate populations in UAE,” comments H.E. Dr. Maryam Matar, Executive Director of UAEGDA.  “Arab Health is an ideal platform for us to communicate our message to GCC healthcare professionals and likeminded groups from around the globe.” Read more

Arabtec Construction LLC received a Letter of Award from Tasameem Real Estate Co. LLC of Abu Dhabi to Build P17 Tower on Sheikh Zayed Road, Dubai, with a contract value of Dhs 710 million for the first stage.

The project’s duration is 38 months from the date of completion of the foundation works. The project designed by Atkins comprises a tower with 80 floors, three basement levels and a ground floor. The tower will also include a five star hotel, furnished apartments, offices and luxurious apartments. The project also consists of a service building of 10 floors and 5 basements which is connected to the tower at the ninth level by a bridge. This building is also used for car parking and contains a health club.

ESNAAD, one of Abu Dhabi National Oil Company’s (ADNOC) subsidiaries, announced that it had received 3 ships to join its 43-ship fleet including 8 chartered ships.

With the news addition, the number of ESNAAD owned ships will rise to 34 multi-purpose ones.  This is part of the ambitious plan of the company to execute its long-term strategy until 2012 to increase its fleet of ships to serve the oil sector in Abu Dhabi.

“ESNAAD’s new ships are state-of-the-art and can adapt with circumstances,” Darwish Abdullah Al Qubaisi, ESNAAD General Manager said. “Equipped with a Rolls Royce engines the ships will be called ESNAAD 950, ESNAAD 951 and ESNAAD 95.  The ships have been chartered to Abu Dhabi Marine Operating Company (ADMA OPCO).”

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• Aramex emerges from fourth quarter with healthy revenues
• Full year profit growth driven by improvement in net profit margins
• Company maintains strong cash position of AED 502 million as of December 31,2009, coupled with very low debt

Aramex (DFM: ARMX), the global logistics and transportation solutions provider, today announced its financial results for the fourth quarter of 2009, and consolidated results for the 12-month period ending December 31, 2009.

Net profits for the fourth quarter of 2009 surged to AED 49.5 million, from AED 38.8 million, a 28% growth from the corresponding period in 2008.

On the revenue side, Aramex was able to weather the financial crisis and emerge at the end of the fourth quarter in a healthy position. Revenues for the fourth quarter of 2009 reached AED 524.8 million, a 5% increase over AED 500.5 million in revenues posted for the same period in 2008. The fourth quarter was the first quarter in 2009 to witness positive revenue growth, marking a bottoming out of the preceding revenue decline.

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”Visit to Poland is first step of the UAE’s growth plans for 2010,” says Al Mansouri

Poland’s President His Excellency Lech Kaczyński has honored His Excellency Sultan Saeed Al Mansouri, UAE Minister of Economy, with the Commander’s Cross with the Star of Order of Merit of the Republic of Poland.

This honor is being conferred for the first time at a ministerial level. His Excellency Waldemar Pawlak, Polish Deputy Prime Minister and Minister of Economy, presented the honour to Mr Al Mansouri, who headed a UAE delegation to Poland.

The delegation discussed with the Polish officials suggesting proposals to form a joint economic committee to be finalised in the first half of 2010. The committee is aimed at strengthening trade and business relations between the UAE and Poland.

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The Land Department today announced the introduction of its ‘next generation’ services which will include a core same-day on the spot registration procedure. The move will allow property transactions in one of the most dynamic markets to be completed securely online faster than anywhere else in the rest of the world.

The announcement signals activation of a new technologically-advanced integrated approach to registering and protecting land and property interests in the emirate said Sultan Bin Butti Bin Mejren, Director General of the Land Department, announcing the initiative.

During a ceremony to launch the new system, he said, “Today has seen the immediate activation of the technological infrastructure stage which will support the new advanced services and electronically integrate processes as diverse as registration, pre-registration, escrow accounts and a state-of-the-art e-services system.”

He added, “This will take the Department significantly closer to the stage where it will be able to offer one of the most advanced systems for registering and regulating land and property transactions. It moves land and property ownership in Dubai into a new era in which coherent strategy and planning results in joined-up access and protection of owners’ interests. One of the most important aspects of this ’services-led initiative’ is that it integrates registration with procedures such as licensing the brokers who sell the property and even with the trust accounts through which funding for its construction is channeled.”

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