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.

Hydra to Open Alfresco Cinema in November in UAE

This November, the citizens of UAE will enjoy a lot as a major-open air entertainment event will be organized in Dubai and Abu Dhabi.

According to a latest report, “The 24-night Hydra Open Air Cinema UAE 2008 will run for 12 days each in the two emirates.”
People will definitely enjoy this event as it will have a mega open air cinema, a festival of international cuisine and exciting shows supported by the latest technology.

SwissOpenAir Concept, the entertainment major of open air cinema screening, and Hydra Properties, have opened this cinema as a tie-up.

Ban on “God Tusi Great Ho” could be Lifted in UAE

The movie starring Salman Khan, Priyanka Chopra and Sohail Khan and Big B, which was earlier banned to be screened at theaters in UAE, could be granted the permission now. It was initially pulled out of theatres since it was believed that the movie violated Islamic teachings.

Sunday saw the National Media Council (NMC) withdrawing the movie, released last week. It was done due to complaints from the viewers regarding the violation of Islamic teachings in the movie.

Saif Kareena Perform in Sharjah

Under a deal of doing shows and films together, Kareena Kapoor and Saif Ali Khan, the high profile celebrities and real life lovers, performed their first solo show in Sharjah recently.

It was the script writer and director of Jashan 2008, Morani brothers’ idea to organize Kareena-Saif’s live show at the Sharjah Stadium.

Morgans Hotel Planning to Construct New Hotel in Dubai

Morgans Hotel Group is planning to expand overseas by setting up a hotel in Dubai. The group announced its expansion plan on Friday.

Delano Dubai, which is targeted to be opened by 2012, shall be run by the boutique hotel operator, who has got the 20 year management contract extendable by 10 years twice.

Delano Dubai, will be a three building complex; It will have 200 guest rooms, 100 branded residences, bar and a spa.

Another 360 residences adjacent to the hotel shall also be set up near the hotel.

Discrimination at the airports denied by UAE

Discrimination against any particular nationality at the various airports of the country has been denied by an official of United Arab Emirates (UAE) Foreign Ministry.

The official stated that at the airports, state of the art equipment is used for security checks and all passengers, irrespective of their nationality are required to go through these procedures.

These comments from the official came after the recent statement given by the Iranian Foreign Ministry accusing UAE of the discrimination shown by the country against the Iranian travelers at their airports.

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