Quake results in death of five and 26 injured

According to Iranian state television, Southern Iran was hit by an earthquake sending tremors across the Persian Gulf and trembling the skyscrapers of Dubai in which at least five people were killed and 26 got injured.

It was a magnitude six quake which struck about 850 miles south of capital Tehran, in the region of Bandar Abbas, according to the countries seismological centre reports.
Officially no causalities were reported by the TV .Tremors also caused power outage and bought slight damages on Qeshm Island in the Persian Gulf

UAE to buy Missile Defense System from United States

On Monday, the Washington Post announced that the Pentagon has planned to sell the THAAD missile defense system to the United Arab Emirates (UAE), worth up to 7 billion U.S. Dollar.

It further informed that the Pentagon is expected to inform the Congress for approval of sale very soon.

U.S defense analysis further said that the new system is thought to be used by UAE to protect itself from missile attacks from Iran. In the near future, this system can also be integrated into the U.S. air defense network in the Middle East.

Abu Dhabi to Experience the Magic of Christina Aguilera

Christina Aguilera, well known Hollywood pop-star; Grammy award winner, will perform in Abu Dhabi next month. She will be performing first time in a Middle Eastern country.

On Sunday, the announcement was made in Abu Dhabi that Christina Aguilera will perform live at Emirates Palace in the UAE on 24th of October with her blooming vocal ability, charming stage presence.

Three Fold Sales Confirmed by Nakheel in Real Estate

Nakheel, one of the world's largest real estate developers based in Dubai, has recently informed that its sales for the year 2008 is already showing a threefold increase as compared to 2007's full-year figures.

The developer’s own targets have been exceeded as till date, more than 6,100 Nakheel units have been sold (97%) or reserved (3%). Talking about the unit sales for 2008, there were sales of more than two third apartments (68%), over a quarter villa sales (27%) and 5% land plot sales.

Costly Gulf Canal Project will be Beneficial for Gulf States

Property Sell off affects the UAE Market

Due to decline in property stocks, there was a fall in the UAE markets on Sunday, which led to fall in shares in Dubai, to its 11 month low. On the other hand, Abu Dhabi stocks further fell down reaching to their lowest level since the month of November.

On Sunday, the Dubai benchmark stock index fell to 4.6% and closed at 4,471.71. It happened as a result of sell-off from foreign institutions and local investors.

Dubai Emerging as Global Trade Hub

Dubai is becoming a commercial and financial hub of the United Arab Emirates (UAE). It has shown a record growth of 54 percent in non oil sector.

Many foreign companies and investors are showing interest in the potential market of the city. Its non oil direct foreign trade is measured 80.8 billion U.S. dollars in the first half of 2008. The data, showing the growth story of the city, is released by the statistics department of the Dubai World. It is an agency of the Dubai government for managing businesses and projects for the city.

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