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Weil to open Dubai office
US law firm Weil Gotshal & Manges' has announced that it will open an office in Dubai in January after receiving a licence to practise in the country last week, reported LegalWeek.com. The New York law firm's European co-ordinating partner, Joe Tortorici, will relocate to the Middle East from Prague to lead the practice. Tortorici will initially be the sole partner in the office, with the firm still in the process of deciding which associates will relocate.
United Arab Emirates: Thursday, December 04 - 2008 at 10:38

GCC economies to slow next year
The economies of the GCC countries will slow next year as the price of oil falls 'sharply', according to an organization representing the world's top banks. Oil prices will average about $56 a barrel in 2009, the lowest since 2005, the Washington-based Institute of International Finance predicted in the report. The drop in oil prices will reduce growth of the GCC countries to 3.6% in 2009, down from 5.7% this year, according to the report, cited by Bloomberg.
Middle East: Thursday, December 04 - 2008 at 08:20

Shuaa Capital hosts conference in London
Shuaa Capital is promoting investment opportunities in Saudi Arabia at a conference in London. The company said yesterday the Saudi Capital Market Authority has granted a brokerage licence to its subsidiary, Shuaa Capital Saudi Arabia. 'Saudi Arabia offers investors, at this time of unprecedented financial turmoil, one of the few emerging economies with a real and exciting opportunity for growth,' Shuaa said in a statement.
Saudi Arabia: Wednesday, December 03 - 2008 at 15:08

Shearman & Sterling to double size of Abu Dhabi office
New York's Shearman & Sterling has announced the expansion of its Abu Dhabi office, where the law firm said the number of partners and associates will soon double to nearly 30 attorneys. London partner James Comyn, whose work focuses on equity capital markets and mergers and acquisitions, will move to Abu Dhabi this month. Manuel Orillac, a Paris capital markets and mergers and acquisitions partner, will move to the UAE capital in mid-2009.
United Arab Emirates: Wednesday, December 03 - 2008 at 14:51

DME announces half a million contracts traded
The Dubai Mercantile Exchange Limited announced today that more than 500,000 lots of its benchmark DME Oman Crude Oil Futures Contract have traded since the launch of the energy futures and commodities exchange on 1 June 2007. At the close of trading on 2nd December 2008, the DME Oman Crude Oil Futures Contract had traded a total of 500, 495 contracts, equivalent to 500.495 million barrels of oil.
United Arab Emirates: Wednesday, December 03 - 2008 at 13:03

Shuaa to end Kuwait stock exchange listing
Shuaa Capital, the UAE's largest investment bank, has announced that as of Jan. 1 its shares will stop trading on the Kuwait Stock Exchange and continue trading just on the Dubai Financial Market. The decision to abandon the Kuwait listing was made at a shareholder meeting June 17.
United Arab Emirates: Wednesday, December 03 - 2008 at 11:38

Dubai repays $500m loan
DIFC Investments, the savings arm of the Dubai International Financial Centre (DIFC), announced on Tuesday that it has repaid in full its Dhs1.83bn ($500m) syndicated loan facility, which was due to mature on Friday. DIFC Investments had signed a $500m loan in March 2008 to back its acquisition of UK's SmartStream Technologies Group. The DIFC announcement comes about a week after Dubai Holding repaid Dhs2.4bn worth of amortising and maturing bank loans.
United Arab Emirates: Wednesday, December 03 - 2008 at 07:52

ADX dips, DFM slight up
The Abu Dhabi Securities Exchange has dipped slightly, losing 0.775 of its value on the day before UAE markets shut for a ten day period. A total of 21 companies fell, with 16 rising and three holding steady. The Dubai Financial Market rose slightly by 0.52%, with Emaar being the most active stock, ending the day up 1.71%.
United Arab Emirates: Monday, December 01 - 2008 at 15:22