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Abu Dhabi takes on production as oil majors deal ends

Abu Dhabi will take over operations at its onshore oilfields on Friday after a 75-year-old international concession comes to an end, an official statement said. The announcement was made on Wednesday at a ceremony in which Abu Dhabi National Oil Co Director General Nasser Abdullah al-Suwaidi signed the "closeout" agreement to end the concession rights with five international oil majors that was inked on January 11, 1939, an ADNOC statement said.

Dubai real estate growth behind developer Nakheel's plans to pay $1.1 billion in debt in 2014

DUBAI, United Arab Emirates - The indebted builder of Dubai's palm-shaped islands says it plans to make early debt repayments of 4 billion dirhams, or $1.1 billion, this year. Nakheel said in a statement Sunday that strong real estate growth and improved economic conditions in Dubai boosted its finances. The company says it plans to pay another 3 billion dirham, or almost $817 million, in 2015 when the original first installment of 6.8 billion dirham was due.

Dubai real estate growth behind developer Nakheel's plans to pay $1.1 billion in debt in 2014

DUBAI, United Arab Emirates - The indebted builder of Dubai's palm-shaped islands says it plans to make early debt repayments of 4 billion dirhams, or $1.1 billion, this year. Nakheel said in a statement Sunday that strong real estate growth and improved economic conditions in Dubai boosted its finances. The company says it plans to pay another 3 billion dirham, or $820,000, in 2015 when the original first installment of 6.8 billion dirham was due.

ATIC to invest up to $10 billion in GlobalFoundries chip plant

ABU DHABI (Reuters) - Abu Dhabi's Advanced Technology Investment Company (ATIC) plans to invest up to $10 billion over the next two years in GlobalFoundries' New York semiconductor factory, its CEO said on Friday. ATIC owns unlisted GlobalFoundries, which has chip manufacturing facilities in New York, Singapore and Germany. ATIC is controlled by Abu Dhabi state investment fund Mubadala.

ATIC to invest up to $10 billion in GlobalFoundries chip plant

ABU DHABI (Reuters) - Abu Dhabi's Advanced Technology Investment Company (ATIC) plans to invest up to $10 billion over the next two years in GlobalFoundries' New York semiconductor factory, its CEO said on Friday. ATIC owns unlisted GlobalFoundries, which has chip manufacturing facilities in New York, Singapore and Germany. ATIC is controlled by Abu Dhabi state investment fund Mubadala.

Dubai kicks off 2014 with dazzling world record bid

Dubai kicked off New Year with a dazzling bid for a new world record to cap those the Gulf city state already holds for its mammoth property developments. The glittering fireworks display spanned over 100 kilometres (60 miles) of the Dubai coast, which boasts an archipelago of man-made islands and Burj Khalifa, the world's tallest tower. Emitari officials were hoping the pyrotechnics would land them the Guinness World Record, beating nearby Kuwait which currently hold the mark, set in 2011, with an epic hour-long show of 77,282 fireworks.

Dubai promises record-breaking New Year's Eve firework show

Dubai has promised to celebrate New Year's Eve with a record-breaking extravaganza featuring over 400,000 fireworks, the largest display the world has ever seen, its government said. The United Arab Emirates city state, home to the world's tallest tower, largest man-made island and one of the world's busiest airports, will "break the Guinness World Record for the 'Largest Firework Display'," a government statement said.

Racing: A year to forget for Dubai ruler, Cecil loses battle

Dubai ruler Sheikh Mohammed al-Maktoum's Godolphin Operation had what can only be described as an annus horribilis for despite some big winners their year will be remembered for being implicated in the worst doping scandal to hit the sport. The doping of 22 horses -- including the surprising 2012 St Leger winner Encke -- may have resulted in an eight year ban for the man held responsible, trainer Mahmood Al Zarooni, but it still did untold damage to the image of his employer.

Dubai to establish urban center, golf course near new airport

Dubai to establish urban center, golf course near new airport DUBAI, Dec. 11 (Xinhua) -- Dubai developer Emaar signed on Wednesday a memorandum of understanding (MoU) with the new airport Dubai World Central (DWC) to develop a residential and leisure complex in order to raise the new airport's profile for the upcoming World Expo in 2020.

Roundup: Dubai economy advances at all fronts in 2013

Roundup: Dubai economy advances at all fronts in 2013 DUBAI, Dec. 10 (Xinhua) -- The year of 2013 will be remembered as a breakthrough year for Dubai as the emirate won the bid to host World Expo 2020, while witnessing strong backwinds in the field of trade, real estate, tourism and culture. Back in Dec. 2009, the oil-rich emirate of Abu Dhabi had to bail out Dubai with a loan worth 10 billion U.S. dollars after state-owned developer Nakheel failed to pay off an Islamic bond worth 3.52 billion dollars upon maturity.
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