UAE Minister has meeting with Qureshi

On Sunday, during the 63rd session of the United Nations General Assembly in New York, Pakistan Foreign Minister Makhdoom Shah Mehmood Qureshi had a meeting with United Arab Emirates Foreign Minister Sheikh Abdullah Bin Zayed Al-Nahayan on the sidelines of the event.

Following, UAE’s minister received a note of thanks from Qureshi for contributing in the Friends of Pakistan (FoP) forum in New York and also for extending a proposal to host the forum’s next meeting in the UAE.

Chinese dairy products banned by UAE

There surely seems to be something wrong with the dairy products of China, since many kids and animal babies were reported to have fallen ill in the United Arab Emirates, following which the Govt. has put a ban on the import of Chinese dairy products.

The ban has been introduced after the cheap Chinese milk, including baby milk and other products of various Chinese companies were found to have contents of melamine, which is used for making plastics and fertilizer.

India's corporate jet market eyed by Dubai’s firm

India has been eyed by Dubai-based ETA-Ascon Star Group, which is planning to construct a business jet infrastructure by redeveloping hundreds of its small airstrips for the country’s flourishing corporate segment.

During the beginning of this year, this group had constructed Star Aviation in India, which had marked the initiation of aviation business for this group. During the same time, it had also launched ETA Star Jet for the corporate jet market in the Gulf.

Central bank disappointed for having failed to fight liquidity

In spite the efforts made by the central bank to fight liquidity through the liquidity injection proposal this week, the United Arab Emirates’ stock markets still seem to be not impressed. The former had earlier offered to lend Dh50bn ($13.6bn) to help it fight the crisis.

With the aim to relax the domestic liquidity and free borrowing between the two, on Monday central bank assured to make up to Dh50bn of credit available for banks.

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.”

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