Swan Telecom sells its 45% stake to UAE company

An agreement was signed between Swan Telecom, an Indian mobile telephony provider, and UAE based Emirates Telecommunications (Etisalat), under which 45% stake of the former would be sold to the latter for USD 900 million.

The company would need the Foreign Investment Promotion Board (FIPB) sanction for the investments. Swan Telecom, which is in the process of acquiring two more licenses in the country, already holds GSM licenses in 13 circles.

New fund of $13.6 billion set up by UAE to tide over crisis

Since the bankruptcy of Lehman Brothers, financial institutions all over the world had been facing a tough time. To ease the burden on the Emirates’ banks and help them better fight the global financial crisis, the UAE Central Bank has funded a whopping amount of $13.6 bn.

The Central Bank’s board of director announced, “The bank has discussed the position of inter-bank deposits which has been affected by the liquidity constraints in international money markets and may pump in more money to ease it.”

Dubai Golf course to be provided with pump system by ITT

A contract under which an irrigation system for a golf course at The Tiger Woods Dubai residential development in the Persian Gulf emirate is to be provided, has been received ITT Corp. on Thursday.

“A Flowtronex Silent Storm pumping system will be installed at the Al Ruwaya golf course, part of the luxury residential development spearheaded by golf star Tiger Woods,” reported ITT, located at New York in White Plains. However no financial details were disclosed by the company.

In the midday trading, the company’s shares fell $1.17, or 2 percent, to $56.52.

SRK takes the role of property developer in real life

The king of Bollywood Sharukh Khan, the heartthrob of millions, has now taken another path to make money.

Reportedly, the superstar will now work in real estates and property developments and thus has taken a new business venture under his control named ‘Shah Rukh Khan Boulevard’.

The man already has a production house by the name of ‘Dreamz Unlimited.’

SRK will work in a combined project with TSA International Investment, on signature buildings of Al Dana Island,one the seven Emirates of UAE.

Central Bank says that UAE banks are not exposed to Lehman Brothers

There is no exposure of the banks in UAE to the bankrupt U.S. investment bank Lehman Brothers, as informed on Thursday by the Central Bank of the United Arab Emirates (UAE).

According to a press release issued by the Central Bank, “There is no systemic risk in the UAE and the country's banking system is sound.”

The report further read, “The UAE central bank will consider suggestions from representatives of local banks for boosting liquidity and appropriate decisions will be taken soon.”

Union Proposal passed by the Gulf finance ministers

The proposal to set up a monetary union was approved on Wednesday by Gulf Cooperation Council (GCC) finance ministers. However, the day of the launch of the single currency was not announced. The reporters were informed by Qatari Finance Minister Youssef Kamal, who chaired the meeting of GCC countries in the Western Saudi city of Jeddah, “We have an agreement to set up the monetary union and the monetary council, as well as the basic structure.”

Iran's Qeshm island experiences serious shaking due to Magnitude-5 quake

A magnitude-5 earthquake has reportedly hacked electricity and raised panic on Iran’s Qeshm Island in the Persian Gulf. The information was given by Iran’s Seismological Center. However, no casualties or damage has occurred.

The earthquake which hit on Wednesday was actually the second strong temblor to occur in Qeshm in a week. Seven people were killed and other 40 were injured during the magnitude-6 quake which occurred on 10th September. The quake was so severe that it sent tremors to the Gulf and the skyscrapers of Dubai experienced some serious shakes.

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