Connect to share and comment

Dubai Group creditors to own equity stake post-$10 billion deal

DUBAI (Reuters) - Dubai Group will be spun off as an independent company with creditors owning an equity stake after its planned $10 billion debt restructuring, the chief executive of parent Dubai Holding said in an interview on Thursday. Dubai Group, a unit of Dubai Holding, the investment arm of the emirate's ruler Sheikh Mohammed bin Rashid al-Maktoum, expects to sign an agreement with its creditors on the debt restructuring in six weeks, Ahmad Bin Byat said.

Dubai aims to triple tourism income by 2020

By Matt Smith DUBAI (Reuters) - Dubai aims to triple its annual income from tourism to 300 billion dirhams ($82 billion) by 2020, which would involve doubling the number of its hotel rooms, a senior official said. Tourism is crucial to Dubai's economy, which had a gross domestic product of around $90 billion last year; it supports the emirate's large retail industry as well as its hospitality sector.

Justin Bieber fan disrupts Dubai concert

A fan jumped on stage at a Justin Bieber concert in Dubai, sparking a scramble as guards tackled the youth and toppled a piano over in the process, video footage showed on Monday. The YouTube video shows a boy dressed in shorts and white shirt running across the stage and approaching the Canadian pop star as he performed on the piano. A security guard quickly pounced, flung him away from Bieber and knocked the piano partly off stage, as thousands of screaming fans looked on.

Safety issues in road transport to be discussed by Automechanika Dubai Network

Key issues regarding safety in road transport, more specifically safety issues in truck transport - were in focus at the inaugural meeting of the Automechanika Dubai Network, which took place at the H Hotel, in Dubai on Tuesday, April 2nd.Organised by German trade fair and conference leaders Epoc Messe Frankfurt, the inaugural networking event attracted a number of UAE's leading automobile aftermarket players, manufacturers, suppliers, dealers, service providers and other stakeholders.The Automechanika Dubai Network, which will now be held on a quarterly basis, will focus in

Dubai Precious Metals conference announces key speakers

The Dubai Multi Commodities Centre (DMCC) today announced that the second Dubai Precious Metals Conference 2013 ('DPMC 2013') will be officially opened by Dr. Saeed Mohammed Al Shamsi, Assistant Foreign Affairs Minister for International Organisations, Foreign and Humanitarian Aid, Studies '&' Research.A significant conference in the global precious metals calendar, DPMC 2013 will be held at Almas Tower in JLT, home to over 600 precious metals supply chain participants.

Dubai denies abuse allegation by Britons held on drug charges

LONDON/DUBAI, Feb 20 (Reuters) - Three Britons held in Dubai on drug charges say they were tortured by police after their arrest while on holiday in July 2012, a human rights group said on Wednesday, drawing a swift denial from authorities in the Gulf Arab emirate. Grant Cameron, Karl Williams and Suneet Jeerh, all 25 years old, say police subjected them to beatings and threatened them with guns, according to Reprieve, a London-based legal charity which campaigns for prisoner rights.

Dubai gold dealers shun Turkish bars on fears of link to Iran

* Most dealers in Dubai's gold souk shun Turkish gold * Banks irked due to Turkey's booming gold trade with Iran * Traders in Dubai edgy over possible local government probe By Humeyra Pamuk DUBAI, Jan 30 (Reuters) - Trade in Turkish gold bars to Iran via Dubai is drying up as a growing number of banks and dealers refuse to buy the bullion to avoid the risks associated with Turkey's gold-for-gas trade with Iran.

Dubai Group settles lawsuit on way to wider $10 bln debt deal

By David French DUBAI, Jan 11 (Reuters) - Dubai Group, a struggling unit of the ruler of Dubai's personal investment firm, has settled with banks who brought legal action against it to secure repayment of their share of $10 billion of debt, raising hopes a wider restructuring can now go ahead.

MIDEAST MONEY-Dubai dealers brave pressures to continue Iran rial trade

* U.S. sanctions cut off FX trade via banks * Then Tehran clamped down on free rial market * Liquidity, rate-setting process are problems * But Dubai dealers keeping trading ties open * Demand for non-government channel likely to persist By Marcus George
Syndicate content