50 percent stake in India's Swan Telecom to be acquired by UAE's Etisalat

The United Arab Emirates' main telecom operator Etisalat said that a deal has been signed to obtain almost half of new Indian mobile operator Swan Telecom for 900 million dollars.

The company informed in a statement, “Etisalat ‘has signed a definitive agreement to acquire approximately 45 percent of Swan Telecom, a recently licensed mobile operator in India, by subscribing to newly issued shares for a cash consideration of up to 900 million dollars.”

Atlantis Hotel open for public in Dubai

Today the Atlantis Hotel announced open entry for the public following the completion of a $1.5 billion (£800 million) construction project in Dubai.

The focal point of the Palm Jumerirah Island, it includes an exciting water park, pristine white beaches, world-class restaurants, spa resort and cosmopolitan boutiques.

The customers would be entertained by 25 bottlenose dolphins which have been imported under agreement from the Solomon Islands. It has however raised controversy from some animal lovers.

Shuaa Bank sanctions results due to Dubai crackdown

On Wednesday Dubai's bourse regulator fined the investment bank Shuaa Capital SHUA.DU almost $1 million for exploitation of DP World shares.

Dubai Financial Services Authority (DFSA) said that the sanction was done after a wide and complex investigation into trading irregularities in the shares.

The regulator reported, “The DFSA has determined that Shuaa Capital, intentionally set about to raise the closing price of DP World shares on March 31 2008, so that it could mark up the book value of its proprietary portfolio in those shares for accounting purposes.”

Shares Fall on Insufficient Bailout Plan

Wednesday marked the second day for the UAE shares to take a fall, since the Dh50 billion fund facility provided by the UAE Central Bank is not enough to relax the credit deprivation in the country. The lawmakers did not agree to the Govt. plan to buy bad assets, and for this reason the markets also moved in the direction of the US stocks, which closed quite low.

Khalifa Fund projects to be supported by Abu Dhabi

An agreement was recently been signed, between Abu Dhabi's Department of Planning and Economy (DPE) and the Khalifa Fund, to maintain and build up small and medium enterprises (SMEs).

Through this agreement, the licensing procedure for the projects supported by Khalifa Fund would be facilitated.
Ahmad Bin Nasser Al Suwaidi, chairman of DPE, and Hussain J. Al Nowais, the chairman of the Khalifa Fund, signed the agreement.

Abu Dhabi fund to infuse $174m in Siva arm

Tuesday saw MASDAR, which is basically a fund aimed by the sovereign backed Abu Dhabi Future Energy Company, making an announcement that it has signed an agreement with Finnish wind turbine manufacturer WinWinD, to make a whopping investment of Euro 120 million or $174 million for substantial minority stake.

Half of Kor Hotel group bought by Abu Dhabi investment arm

Fifty percent stake in Los Angeles-based Kor Hotel Group has been bought by Mubadala Development Co., the Abu-Dhabi’s most active, sate investment vehicle. The news came from the corporation itself on Tuesday and the aim behind this purchase is its will to penetrate further into the global hospitality industry.

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