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.

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.

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