ArabianBusiness.com - Middle East Business News Sunday, 06 July 2008 | 12:32 UAE time

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Gov't bans jail for journalists

New media law axing jailed sentences for journalists approved by UAE ministerial legislative committee.

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UAE considers controversial water technology

UAE studies water produced from treated waste water, purified by advanced technologies.

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RTA awards $462.8mn Parallel Roads contract

Fifth contract bagged by South Korean construction firm, part of $1.7bn investment.

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Khalifa rejects threat of terrorism in UAE

UAE president says recent warnings 'part of custom in dealing with any piece of information or rumour'.

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Foreign investments 'exaggerated' - Khalifa

UAE president says reports of investments inaccurate, denies political motivation.

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Bush hosts Abu Dhabi crown prince at Camp David

Sheikh Mohammed spends night at presidential retreat in Maryland mountains.

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UAE ministry issues 3000 'illegal' permits

Investigation underway after work permits granted although essential documents missing.

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Obese kids spark junk food ban

Junk food to be banned in all UAE schools, to battle increasing obesity, diabetes in students.

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UAE to invest $50bn in Algeria

Investment strategy to see UAE invest in industry, services, agriculture, energy sectors.

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No oil boost without OPEC deal - UAE

The UAE will only increase it's oil production in decision made by cartel, says oil minister.

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UAE slips in World Bank business ranking

UAE falls 4 places in ease of business survey, sparking concern.

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UAE to tighten anti-money laundering controls

UAE central banks notifies banks, exchange houses of 13 new regulations.

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UK to open energy markets

British PM will unveil plan to work with Gulf states on energy projects, open UK industry to foreigners.

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UAE to visit Sudanese child camel jockeys

Politicians to assess progress of children previously employed in racing industry.

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UAE money supply hits 5-year peak

Growth in amount of money in circulation hits almost 40% in March, fastest rate of growth since 2003.

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Dubai ruler meets Britain's Queen Elizabeth

UAE dignitaries attend UK's Royal Ascot race, meet with queen, royal family members.

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Islamic teachers strike over removal

UAE teachers protest over removal from teaching positions, say Islamic views are being held against them.

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UAE pledges $250 million for Afghan reconstruction

UAE foreign minister Sheikh Abdullah leads initiative to aid war torn country.

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UAE must plan for food shortages

Report warns UAE must diversify its sources of food imports to avert shortages, maintain prices.

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Algeria, UAE plan $333mn debt deal

UAE gov't to convert millions of Algerian debt into investments into the North African country.

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Gulf states eye Iraq role to counter Iran

Growing awareness among states that only engagement will stop growing influence of Islamic republic.

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Midday working ban announced

Labourers in UAE banned from working outside between 12:30 pm and 3:00 pm from July 1 until Aug. 31.

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US, Europe still exempt from visa fees

Hundreds of thousands of Western visitors will not be hit by new charges, UAE officials say.

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Gulf to miss 2010 single currency deadline

States agree to create joint cbank next year, but admit Gulf currency will not reach deadline.

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Inflation may delay Gulf currency - UAE

Differences of opinion emerging among Gulf states on how to tackle problem, cbank governor says.

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Al Suwaidi dismisses Greenspan depeg remarks

UAE cbank governor says former Fed chief just wants to make 'interesting speeches'.

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Abu Dhabi looks to Sudan for food security

Emirate plans to develop agricultural land in country as world food crisis grows.

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No intention of dropping dollar peg - UAE cbank

Al-Suweidi says decision based on safeguarding national interests, no foreign pressure.

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UAE denies forced repatriation of Syrian Islamist

Former teacher 'at risk of tortune' if returned to Syria, Amnesty has warned.

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UAE president's brother killed in helicopter crash

UPDATE 2: Sheikh Nasser and colleagues laid to rest following funeral prayers.

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UAE to keep dollar link - Sheikh Mohammed

UAE prime minister says country will keep dollar peg so long as serves its interests.

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UAE inflation hits 'alarming' levels

Inflation in 2007 accelerated to 14% on back of rising fuel, food and housing costs, official data shows.

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UAE protests Iran labelling island row 'misunderstanding'

Gulf state fumes as Islamic republic dismisses three-decade old territorial dispute.

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UAE to host football's Club World Cup

World's best football clubs to descend on Gulf state next year to face off in premier tournament.

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UAE mobile phones now with television

Subscribers to UAE telecom Du will now be able to watch television programs on their mobile phones as part of the company’s new mobile TV service which was launched on Tuesday.

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UAE looks to boost Spanish economic ties

Spanish king holds talks with Sheikh Khalifa during state visit to Gulf state.

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UAE ready to boost oil output if needed

Miniser indicates UAE could pump more oil into market amid growing concern over record prices.

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UAE gives Morocco $300mn to ease oil price shock

Donation follows $500mn grant announced earlier this month by Saudi Arabia.

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UAE, Spain forge economic, military ties

Two countries sign series of agreements during visit by King Juan Carlos to the Gulf state.

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UAE calls on Russia to mediate in islands dispute

Moscow backs UAE's claim to three islands controlled by Iran, Emirati official says.

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UAE philanthropy questioned

UN's humanitarian chief labels claim Gulf state donates 3.6% of GNP to good causes 'highly dubious'.

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Dubai leads British exodus overseas

British expatriate population in UAE has doubled to 120,000 in last two years, embassy says.

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Air Arabia predicts revenues of $408mn in '08

WEFME: Low-cost carrier expects to carry up to 4mn passengers this year - CEO.

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UAE: 63rd freest ecomomy – index

...

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Background checks for carpooling

Passengers in carpool will be investigated by authorities under new regulations legalising practice.

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UAE, Russia to fight organised crime

Two countries to work together against terrorism, money laundering and financial crimes under new pact.

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65 UAE firms face prosecution for hiring illegals

Firms' owners could be deported or jailed after being caught in gov't crackdown.

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Abu Dhabi on hunt for next Alistair Campbell

State investment vehicle to pay $700,000 a year for candidate to boost emirate's image.

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UAE rice shortages to continue until August

Output not set to rise until later in year when producer nations replenish stocks.

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Arab nations urged to pressure Iran on UAE islands dispute

Issue to be raised at next session to Arab Parliament, deputy speaker says.

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UAE highlights human rights progress

The first meeting of the UAE committee mandated to write the United Nations Periodic Report on Human Rights in the UAE for 2008, has highlighted the achievements by the nation in human rights issues.

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UAE invests $4bn in Egypt tourism sector

ATM: Senior Egyptian official discloses UAE has 30% of Arab investments in country.

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Dubai showcases China's most beautiful city

ATM: China's best tourism city Hangzhou comes to Arabian Travel Market for first time.

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Lawmakers formally call for expat residency cap

UAE Federal National Council recommends six-year limit for unskilled workers.

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UAE turns to Pakistan to stave off food crisis

Gov't planning to buy farms and import goods to reduce impact of spiralling prices.

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Foreign factors drive 40% of UAE inflation

External factors such as higher prices highlighted as major driver of rising costs by economy minister.

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Cement producers cut prices 6%

Firms agree with Ministry of Economy to reduce prices to help tackle record inflation in UAE.

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Leading Arabs shine in Time 100

Sheikh Mohammed and Prince Alwaleed prominent figures in annual list of most influential people.

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UAE consumer loans climb 47%

Lending touches $13.18bn in three months to March 31 as Gulf state mirrors US rates cuts.

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Cigarette prices set to soar

Smokers in UAE face price hike under gov't initiative to reduce number of people lighting up, official says.

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Abu Dhabi rents surge 17% in Q1

Storage of residential units and landlords' preference for commercial letting blamed for rise, gov't says.

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Political, economic overhaul crucial for Gulf future

Long-term future of Gulf economies depends on reforms, leading Arab financers say.

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Dollar peg, record oil prices adding to inflation misery

Inflation expected product of economic boom, but effects being magnified - UAE.

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No rent caps for Kuwait

Oil exporting Gulf state not considering introducing caps to curb soaring housing costs, minister says.

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UAE bank bows to Fed pressure

Central bank lowers rates as the US Federal Reserve cuts again, mounting persistent inflation pressure.

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Sour gas is sweet news for economy

Abu Dhabi looks set to start tapping its vast reserves of 'sour gas' with the award of the $10bn Shah project.

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Abu Dhabi foreign trade hits $9.8bn

Trade for first half of 2007 soars 45% year-on-year, boosted by urban development and economic growth.

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Israeli jeweller lacks trade license for Burj store

Leviev plans to open flagship store at Dubai Mall and another at Atlantis Hotel on Palm.

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Mubadala backs UAE's dollar peg

Gov't made right choice by sticking with ailing US dollar, which will rebound this year, CEO says.

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Harsh new penalties for illegal immigrants

UAE vows longer sentences and tougher fines for those who violate residency laws.

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Costs not an issue for $54.4bn mega eco project

INTERVIEW: Dubai Properties' development will not be hit by soaring costs, chairman says.

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Islamic travel sector 10% of world tourism market

Fast-growing sector catering to Muslim travellers to leap in 2008, Almulla says.

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UAE signs latest price fixing deal

Baniyas Cooperative Society agrees to fix prices of 56 basic food items at 2007 levels, ministry says.

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Arab women kept out of business

Women own just 14% of business establishments in region compared to up to 30% in US and Europe.

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Abu Dhabi slates private sector

Sector must be overhauled to boost contribution to emirate's domestic economy, the DPE says.

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Lower prices jolt gold sales

Value of Abu Dhabi's gold jewellery sales rises 25% for first quarter as easing prices spurr buying.

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More than 500 firms hit for withholding wages

2007 labour report overview of UAE labour market and measures taken to improve rights.

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Consumers face cap on loans

Stricter personal loan regulations required to prevent borrowers falling into debt, UAE gov't says.

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Foreign ownership likely to be more than 70%

UAE must develop economic laws to attract private investment, gov't official says.

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UAE signs nuclear pact with US

Foreign minister pledges to set 'good example' for Middle East in developing technology for peaceful uses.

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UAE pledges highest standards of nuclear safety

Gov't publishes policy with six 'guiding principles' on atomic energy development.

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Tecom land dispute risks damaging US FTA

US developer's lawsuit against Dubai-owned firm brought to attention of US president.

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Uzbekistan seeks $3.5bn UAE investment

Central Asian country looking to attract investment in various areas of energy sector.

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RAK to buy Georgia Black Sea port

State investment authority to pay $90mn for Poti and spend up to $300mn developing freezone.

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IN PICS: Red Bull Air Race

Abu Dhabi hosted the season opener of the 2008 Red Bull Air Race World Series on Friday.

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100% pay rise for expats

UAE emirate Umm Al Qaiwain considering unprecedented pay hike amid growing concern over inflation.

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UAE looks to allow 100% foreign ownership

Gulf state may relax foreign ownership laws to lure international investment.

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UAE staying pegged - official

Gov't accepts committee recommendation to stay pegged to ailing dollar at current rate.

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Lulu agrees to cap prices to fight inflation

Abu Dhabi-based hypermarket chain to keep prices of 32 basic goods at 2007 levels.

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UAE growth skyrockets

Emirates registers 9.3% compound annual growth rate to rival China and trounce developed markets.

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UN looks to boost humanitarian aid from Gulf

Top official on four nation tour of GCC to drum up support for humanitarian efforts.

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UAE, Qatar to see inflation ease

Additional housing supply to slow record inflation rate, curb rising rent, says emirate's governor.

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Housing supply boost to ease inflation

Lower inflation to also ease pressure to revalue dollar-pegged currency, UAE central bank governor says.

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UAE minister faces grilling on inflation

Minister of State for Finance Ubaid Al-Tayer to be questioned by Federal National Council.

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Central bank calls on UAE to curb spending

Governor Al-Suweidi says gov't must rein in spending to control record inflation in the Emirates.

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Gulf inflation risks accelerating to 8%

Inflation could rise from 7% last year, driven by food costs and public spending - International Monetary Fund.

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UAE sticking with dollar peg - Sheikh Mohammed

EXCLUSIVE: Dubai ruler says inflation temporary and will settle back down to normal levels.

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Dubai ruler inspired by China's rapid growth

UAE IN CHINA: Sheikh Mohammed speaks exclusively on country's economy.

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UAE, China to ink defence pact

UAE IN CHINA: Defence agreement part of four accords two countries set to sign, source says.

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Sheikh Mohammed meets Chinese president

UAE IN CHINA: Hu Jintao hails state visit a boost to friendship and cooperation between two countries.

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UAE targets $2bn of new deals in China

UAE IN CHINA: Speculation grows of Dubai-China fund for investments into Chinese companies.

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Summit backs UAE island claims

Tehran rails against Arab League 'interference' over 'vain and baseless' territorial demands.

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Oil markets well-supplied, UAE official says

Opec governor for Emirates repeats line speculators responsible for soaring prices.

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UAE set to ink economic deals with China

Dubai ruler on state visit to People's Republic with 50-strong business delegation.

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Aga Khan inaugurates Dubai Ismaili centre

New Dubai cultural centre follows similar constructions in London, Lisbon and Vancouver.

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UAE nuclear plans revealed

New $100mn body to oversee development of nuclear energy for peaceful purposes, cabinet announces.

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UAE plans $4.4bn overhaul

Major cash injection to fund construction of roads, housing and drainage networks in Northern Emirates.

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UAE no plans to revalue 'at this time'

Central bank governor rules out monetary policy shift following another round of US rate cuts.

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UAE steel prices soar 12% in three weeks

Rising costs to place further pressure on developers struggling to finished projects on time and on budget.

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Gulf states cut rates, further fuel inflation

Saudi, Bahrain and UAE follow US and lower rates, Kuwait leaves benchmark rate unchanged.

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Sharp divisions over English as official GCC language

Readers of English and Arabic websites at odds over place of English in the Gulf.

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Holiday to mark Prophet Mohammed's birthday

UPDATE 1: UAE declares Thursday holiday for public and private sector.

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UAE pledges to eradicate illiteracy

Emirates to achieve goal by 2015 to become first Arab country to attain 100% literacy rate.

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Dubai axes customs duties

Duties on cement and steel lifted 'until further notice' in move to control rising costs for materials.

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UAE targets 5% inflation in '08

Reducing inflation 'a big challenge', says minister, in face of predictions of 12% inflation this year.

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UAE to allow foreign ownership in six months

New company law will allow majority foreign ownership in certain sectors, minister says.

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UAE agrees food discounts with Co-ops

Union Cooperative Society chain to sell 16 basic foods at cut prices to nationals - ministry.

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UAE to subsidise nationals

Gov't plans to give citizens discounts on 14 food items, gasoline and cooking fuel to ease inflation burden.

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UAE endorses France nuclear deal

Cabinet affirms agreement with European partner to develop atomic energy for peaceful purposes.

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UAE sets bank borrowing limit

Lenders can borrow up to $200mn per day against certificates of deposit, central bank says.

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UAE makes Arabic official tongue

Gov't rules Arabic official language in all federal authorities in move to protect national identity.

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Gulf plans inflation summit to tackle problem

Officials to meet in Bahrain later this month to discuss how to bring down record inflation.

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UAE economy surges 7.4% in '07

Expansion of manufacturing and construction sectors, as well as oil and gas, spur growth, ministry says.

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Retailers slam UAE food price cap

Maximum retail price for essential goods will badly affect quality and market supply, businesses say.

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Sheikha Fatima calls for end to suffering of women

Women continue to endure serious human rights abuses, wife of late Sheikh Zayed says.

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France concludes Gulf war games

Leading military supplier wraps up "Gulf Shield O1" exercises with Qatar and UAE near Strait of Hormuz.

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UAE tourism competitiveness plummets

Lack of natural and cultural resources and bureaucracy holding back sector - report.

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Bets grow on Gulf revaluations

Currency forwards strengthen as investors renew bets weak dollar will force change to dollar peg.

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ADCB urges UAE to ditch dollar peg

Gov't should reconsider peg in light of long-term growth prospects in region, chief executive says.

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Dangerous drivers to be deported

UAE threatens to kick out expatriates who repeatedly violate traffic laws aimed at cutting fatalities.

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Dubai among world's top financial centres

Gulf growing in importance on global stage due to high oil prices and gov't investment, report says.

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US tells UAE to take 'close look' at Iran banks

Treasury warns Emirates to prevent its banking system from Iranian abuse.

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UAE to keep dollar peg, reiterates Al-Suweidi

Emirates committed to keeping dirham tied to US currency, central bank governor says.

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UAE business mired in red tape

Bureaucracy makes Emirates most difficult of all GCC countries to do business in, says World Bank.

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UAE council to boost foreign investment

Emirates National Competitiveness Council will make it easier to do business, minister says.

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Bets on revaluation grow on Greenspan remarks

Forwards show investors betting on 3% appreciation in UAE dirham in a year.

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Saudi real estate giant calls on UAE to drop dollar peg

Depegging from US currency will help fight inflation, Rakaa Properties CEO says.

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UAE to publish inflation data monthly

Emirates plans to update consumer price index following review, source reveals.

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UAE being held back by dollar peg

Dirham's peg to dollar no longer viable as US economy spirals into recession, economist warns.

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UAE inflation 11% in 2007 - NBAD

National Bank of Abu Dhabi revises forecast up by almost three percentage points on rising rents.

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Single currency 'long-term' objective - UAE

Central bank governor says implementation of monetary union should be in stages.

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UAE economy in 'good shape', may grow 6.6%

Central bank governor says strong demand for oil and gas will support growth this year.

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UAE talks trade with Iran

Sheikh Mohammed meets Iranian President to discuss economic ties during landmark visit to Tehran.

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UAE risks massive inflation surge

Annual money supply, an indicator of future inflation, jumps by more than one-third - central bank.

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Cabinet reshuffle creates new trade ministry

UAE names new economy and labour ministers, women in cabinet doubled to four.

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Sheikh Mohammed to visit Iran, Syria

Prime minister becomes most senior UAE official to visit Tehran since 1979 Islamic revolution.

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UAE steel production to double by 2010

Production to hit 10 million tonnes per year as Gulf Arab state reduces reliance on oil, minister says.

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Sheikh Khalifa shows support for Pakistan

UAE President meets President Pervez Musharraf during private visit to Pakistan.

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Sheikh Mohammed promises aid to flooded regions

Social assistance budget will double to Dhs2.2 billion to help flood-affected areas.

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Palestinians thank UAE for financial aid

Palestinian Prime Minister thanks UAE President Sheikh Khalifa for $9 million donation.

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Federal bodies under review

Sheikh Mohammed orders overhaul of UAE federal authorities during cabinet review of strategic plans.

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UAE, UK join hands for education

Two countries pledge to work together to support and develop primary education across the globe.

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Business takes back seat to Eid celebrations

Gov't and private organisations across Gulf will be closed until Tuesday as region marks end of Ramadan.

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Over 8% of UAE population heads for the exit

This year's amnesty could see 350,000 illegal immigrants head home say officials.

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UAE energy resources under review

Sustainability and the use of renewable energy are the focus of two initiatives announced by the UAE Ministry of Energy and Ministry of Water and Environment.

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Russian President plans visit to UAE

Vladimir Putin will discuss bilateral relationships and regional issues with UAE President.

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Japan calls for closer ties with GCC

Prime Minister Shinzo Abe wants to help convert GCC into a hi-tech economic powerhouse.

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