Istithmar Suspends its Top Officials Involved in Wrongdoing

With the Govt. proceeding with its investigations related to corruption, Dubai sovereign wealth fund, Istithmar World has suspended its vice chairman Adel al-Shirawi and chief financial officer, Feras Kalthoum.

It was confirmed through a statement that Adel al-Shirawi will no longer be serving as a board director of Istithmar World.

Earlier during the month of August, Istithmar World, a unit of state-owned Dubai World had confirmed, “The two were being investigated for alleged wrongdoing while in their previous positions at Dubai mortgage lender Tamweel.”

Kylie Minogue all set to win Millions of Hearts in Dubai

The well known Hollywood singer Kylie Minogue is all set to win hearts of millions through her two concerts which she will deliver at Dubai. Reportedly, the award-winning singer and a breast cancer survivor, has agreed to perform in two concerts at Dubai and in return has grabbed a cheque of four million US dollars for one performance.

The concerts will be held this November and the singer according to the Middle East AEG Live production company will let the singer earn a whopping sum of money.

Dubai Islamic Bank share suspension lifted

DIB (Dubai Islamic bank) informed yesterday that the ownership of land assets in Dubai land allocated to plantation holding.

Later in media reports bank stated that it looking to cover the exposure and recover funds given to Dubai - based property dealers. This effected market regulators to withdraw trading in DIB shares.

Kylie Minogue to perform at private Dubai gig

Kylie Minogue will be performing in a flashy private party on the manmade Palm Jumeirah Island off Dubai for 2 million.

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.

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