2003
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UAE National Day holiday
The UAE federal ministries will have a two-day holiday December 2-3 to celebrate the 32nd National Day. The private sector will be closed on December 2.
Bush, Clinton visit Baghdad
President George Bush paid a surprise visit to US forces in Baghdad for the Thanksgiving holiday, while former First Lady Senator Hillary Clinton followed close on his heels. Observers said the high level visits underlined the US commitment to Iraq where 130,000 troops are occupying the country with allied support.
GE, USD1bn Emirates superjumbo
A joint venture between General Electric and Pratt and Whitney will supply all the USD1bn of engines for the Emirates Airbus A320 fleet, reported The Financial Times Deutschland citing industry sources. Emirates is already buying these engines for its first 22 superjumbos, but is now set to order engines for a further 21 A380s from the same joint venture.
OECD, global slump over
The slump in the world economy since the turn of the Millennium is over, said the latest OECD report. It predicts 4.2 per cent growth in the US economy next year, with Japan and the eurozone both achieving 1.8 per cent growth. The report cited the return of the animal spirits of economic growth mainly thanks to low interest rates.
Gold up, dollar down again
Spot gold prices hit USD398 per ounce on Wednesday, while the US dollar fell to a five-year low against sterling of USD1.7096. The euro was also stronger at USD1.1919 up from USD1.1782 the day before. Concerns about global security and the twin US deficits outbalanced great Q3 GDP growth.
Air Arabia, 15 cities by 2005
Sharjah Government owned Air Arabia expects to be flying to 15 destinations by the start of 2005, Finance Director Donald Hubbard told Gulf News. He said the airline was in talks about a USD8.2m loan facility with several banks, and will have six aircraft by the end of 2006. The airline is modelled on US discount carriers, he added.
US recovery good for Mideast
The US economy grew by a revised 8.2 per cent in the third quarter, its fastest growth since Ronald Regan was President in Q1 1984. Higher US growth will stimulate the global economy and boost demand for oil and gas from the Middle East, even at present high prices.
Gold closes at USD391.40
Gold closed at USD391.40 per ounce on Tuesday, up from USD390.35. News that the US economy grew by a revised 8.2 per cent in the third quarter had little impact on the yellow metal. Investors remain divided on whether gold's recent rise is down to speculation or a more fundamental value shift or due to dollar weakness.
UAE capital markets long break
UAE capital markets will not really get back to business until after the National Day Holiday. Brokers told Gulf News that it would be December 4 or 5 before serious trading resumed. Until then there is the over-the-counter market but most traders are on holiday anyway, they added.
Royal Jet bags charter role
Royal Jet, the USD85m joint venture between Abu Dhabi Aviation and Royal Emiri Flights formed on May 11, has big ambitions in the charter market, reported Gulf News. CEO Captain Tilmann Gabriel said block charters were in prospect, and a second Boeing Business jet would be used for corporate charters.
Long Eid holiday begins today
The Eid Al Fitr holiday began today signalling the end of the Holy Month of Ramadan. The public sector, private sector and banks now enjoy an exceptional three-day holiday. However, the AME Info news service will continue to serve our global audience of 45,000 users a day.
Dubai 2003 air show soars
The Dubai 2003 air show will feature over 500 exhibitors from 35 countries an 25,000 square metres of exhibition space, according to the organisers of the event next month. This will be the biggest air show ever in the emirate, and the show is now the fastest growing in the world.
Emirates H2 to grow 50pc
Emirates Group expects to boost earnings by more than 50 per cent in the second half of the year to end of March, reported Reuters from Hong Kong. Chairman Maurice Flanagan said we are growing fast, hand in hand with Dubai. In the first half of its financial year Emirates made a USD166.7m profit.
USD400m Zamil Petrochems
Zamil Petrochemicals Company has been formed with a capital of USD400m by Saudi Arabia's Zamil Group which expects to contribute 60 per cent and raise the balance from foreign partners. Zamil has recently signed a joint venture agreement with Basell International to manufacture polypropylene products in the Kingdom.
UAE-China, USD5bn trade
Trade between the UAE and China will reach USD5bn this year out of a total of USD15bn with GCC states. Embassy officials told Gulf News that Sino-UAE trade had developed in recent years and we are optimistic about future growth. Next month over 600 Chinese firms will participate in a trade fair in Sharjah.
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