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  <description>2005 news and features</description>
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    <title>Dubai markets ends friendly</title>
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    <pubDate>Thu, 11 Jun 2009 14:31:37 +0400</pubDate>
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        The Dubai bourse defended its recent re-advances over 2,000 points by gainin 1.04% today, closing at 2,098.72 points. Bank Emirates NBD posted the largest gains among banks by adding 4.80%. According to Standard and Poor's, asset and credit quality in the GCC will detoriate further in 2009. 17 shares advanced, eight declined and five remained unchanged at the DFM today.
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    <title>Dubai Holding 70% Dubai Bank stake</title>
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    <pubDate>Thu, 29 Dec 2005 14:39:15 +0400</pubDate>
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        Dubai Holding has taken a 70% stake in Dubai Bank from Emaar Properties, leaving the Dubai-based property developers with a 30% interest. CE Mohammed Al Gergawi says the group will work to sustain the rapid growth rates that the bank has achieved, and help to position it as one of the leading banks in the UAE.
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    <title>UAE banks head for record growth</title>
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    <pubDate>Thu, 29 Dec 2005 08:54:54 +0400</pubDate>
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        Total assets of the 46 banks in the UAE grew by 35% to over $146bn in the 12 months to the end of June 2005, according to Central Bank figures. The 21 local banks accounted for $116bn, or almost 80% of total assets held. The sector has benefited from a sustained period of strong oil prices and analysts expect record year-end results.
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    <title>Savola takes 5% in Red Sea project</title>
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    <pubDate>Thu, 29 Dec 2005 08:08:55 +0400</pubDate>
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        The Saudi-based food group Savola says it has paid $66.67m for a 5% stake in a firm which will own and run the King Abdullah Economic City on the Red Sea coast, reported Reuters. A further 30% stake in the unnamed firm will be floated on the Saudi stock market. The $26.7bn project is led by Emaar Properties. 
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    <title>UAE 2006 balanced budget</title>
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    <pubDate>Thu, 29 Dec 2005 07:57:46 +0400</pubDate>
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        The UAE will declare a deficit free budget for the second consecutive year, with 2006 revenue and expenditure up 13% to $7.01bn, reported Gulf News. The government will allocate 37% of expenditure for the year to the education sector. The IMF has praised the UAE for its budget and general accounts system.
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