Union National Bank (UNB), one of the leading domestic banks in the United Arab Emirates, has announced that it has recorded a profit of Dh575 million for the first half of 2009, with a dip of 24% from last year's figures for the same period.

UNB's bank loans and advances surged by 4.7%, and deposits grew by 7.3 per cent.

The lender's operating income figure during the latest period stood at Dh1.01 billion - a slight decrease of three per cent from the first half of fiscal 2008.

Saturday saw UAE telecom giant Etisalat posting first half profits of 4.593 billion dirhams (1.25 billion dollars), thereby proving that the company has successfully dealt with global economic slowdown.

It was agreed that the net profits were down on the headline figure of 5.045 billion dollars (1.37 billion dollars) posted for the same period of last year.

However, it was noted that the unusual income of 892 million dirhams from the sale of shares in Saudi mobile operator Mobily had inflated the figures.

Kuwait's Al Mazaya Holding has announced that its net profit for the second three month period of 2009 decline 62% to $17.17 million (Dh63.06m) from $45.95 million a year earlier.

First half profit fell 59% to $35.06 million compared to $86.68 millon. Second-quarter earnings per share also came down to 3.82% from 10.33 cents during the same period a year earlier.

The sources said that the company is doing its best to maintain profits for the first half, reaping operational profits of Dh629.8 million.

State news agency WAM reported that on Wednesday the UAE government sanctioned federal law to set up an AED1bn ($272m) railway company.

It has been learnt that government would 100 percent own the Etihad Trains Company, which would require transporting goods and passengers apart from investing in a countrywide rail network that would link the emirates.

The new company, which would be run by at least seven board members, would specialize in leasing, owning and selling trains.

EIH Limited has declared the audited results for the Financial Year 2008-2009.

During the latest fiscal, the company has recorded total revenue of Rs10.73 billion as against Rs11.55 billion in the previous year. 

Company’s Earnings before Interest, Depreciation, Taxation and other Amortisations (EBIDTA) stood at Rs 4.11 billion as against Rs 4.8 billion in the previous fiscal.

The company has clocked Profit before Tax (PBT) of Rs 2.73 billion during the latest fiscal as compared to Rs 3.49 billion in the previous year.

Tamweel, the UAE's largest provider of real estate finance, has announced that it has clocked a net loss of Dh41 million for the quarter ending March 31, 2009.

According to sources, the conglomerate has reported an operational profit of Dh11million for the period, an impairment provision amounting to Dh52 million landed the company in a net loss for the first quarter of the current fiscal.

The sources further added that the Islamic financing and investing assets stood at Dh10 billion at the end of March.

Abu Dhabi-based investment and merchant banking conglomerate The National Investor's (TNI) has recorded sharp decline of 94.7% in net profit which stood at Dh 6 million for the year ended March 31, 2009 as compared Dh113 million in the previous year.

The company has attributed this sharp dip to the global economic crisis.