Abdullah Khalfan Al Rumaithi, the United Arab Emirates Ambassador to South Korea said in an interview that the UAE is eager to enlarge and strengthen its partnership with South Korea, especially in the areas of renewable energy, oil, training, education, construction, shipbuilding, semiconductors, information technology and telecommunications. Two Leaders Meet Progress in the economic and…
Category Archives: UAE
UBS AG Hires Momdijan to Be Investment Banker for High Net-Worth Clients
The influential Swiss Bank UBS AG announced on Monday that the former banker of Crédit Agricole, the corporate and investment bank, Albert Momdijan is slated to take charge of UBS’s business with the mega-wealthy clients of the Middle East and Africa as of August 1st. Financial Advisor to the Mega Wealthy Momdijan was the…
Fitch Expects Gulf Country Banks To Lose Less in 2011
Since the international credit crisis is winding down, Arab Banks located in the Persian Gulf area will probably lose less money in loans and investments. “Lower impairment charges and cost control should lead to a gradual improvement in profitability, but revenue growth will be more difficult to achieve,” Fitch ratings agency maintained. “Loan growth has…
$5.4 billion will be invested to increase control of the Microchip market
An Abu Dhabi owned microchip producer, Globalfoundries will increase its spending in 2011 to $5.4 billion in an attempt to become the largest microchip producer in the market. Globalfoundries is controlled by an Abu Dhabi Government-owned investment firm called Advanced Technology Investment Company (ATIC). Advanced Technology Investment Company owns 86 percent of Globalfoundries’ shares. Globalfoundries…
‘Private Jet Charter’ says that UAE has 25 percent of The Middle Eastern Air Charter Industry
Private Jet Charter which was originally International Air Charter, is one of the biggest private jet charter companies in the world. In an average year, UAE businessmen make about 12 charter flights per year. In the Middle East, the jet charter industry is making a comeback after the economic downturn forced companies to sell their…
Overcapacity May Slow Down Mideast Development As Travel Hub
According to the findings of a study launched by Amadeus, a travel technology partner and transaction processor for the global travel and tourism industry, problems may arise due to over investment in infrastructure and airline capacity. The Middle East has planned major investments in the travel industry, for example, $86 billion to build airports Approximately…
Meeting To Spur Inter-GCC Investment
In order to spur investment and trade among the Gulf Cooperation Council (GCC) Countries, the heads of state of Gulf oil producers have decided to end restrictions on local company operations. This is part of the development of a common market. The leaders of the six-nation GCC countries agreed upon plans to allow national companies…
Clinton Accuses Saudis Of Funding Terror According To Wikileaks Memo
In one more bit of information from the seemingly endless storehouse of Wikileaks documents, it has been revealed that in 2009 Hilary Clinton, the U.S. Secretary of State, accused Saudi Arabia as being the main funding source for terrorists. In the memo released on the Wikileaks website Clinton is quoted as saying, “Donors in Saudi…
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Independent Middle East News
- GCC Forming Gulf Union May 14, 2012by Mahmoud Abu Ghosh At least three members of the six-nation Gulf Cooperation Council (GCC) have hinted they are likely to back a Saudi plan to transform the council into a Western-backed diplomatic and military union. The London-based Al Hayat daily cited a senior GCC source who said Qatar and possibly Kuwait could join Bahrain […]
- PLC Deputy Speaker Reveals Scope of PA Corruption May 12, 2012by Mahmoud Aby Ghosh Hasan Khreishah, deputy speaker of the Palestinian Legislative Council, blasted the Western-backed Palestinian Authority on Saturday, holding it responsible for rampant corruption and human rights violations. He specifically blasted the Fatah-led PA for human rights abuses against Palestinian journalists. “Since the signing of the Oslo A […]
- Turkish Forces Kill 5 Kurds, Detain 28 May 9, 2012by Mahmoud Abu Ghosh Turkish forces killed five Kurdish rebels on Tuesday near the town of Tatvan in northern Kurdistan’s Bitlis province. The fighters killed were believed to be members of the outlawed Kurdistan Workers’ Party (PKK). Ankara also announced on Tuesday that Turkish forces have detained 28 people in simultaneous raids across six provinces, [... […]
- Kurds Ambush Turkish Troops, Kill 3 May 4, 2012by Mahmoud Abu Ghosh Turkish forces hunting Kurdish resistance fighters were ambushed by guerrillas from the Kurdistan Workers’ Party (PKK) on Friday. Three soldiers were killed in the ambush, which took place in Turkish-occupied northern Kurdistan. The soldiers were killed when guerrillas opened fire on Turkish troops raiding suspected rebel hideouts in the […]
- PA Defends Internet Censorship April 30, 2012by Mahmoud Abu Ghosh The Western-backed Palestinian Authority on Sunday defended its decision to block websites that are critical of Fatah leader Mahmoud Abbas, denying allegations it was violating freedom of expression. PA Attorney-General Ahmed al-Mughni claimed that the websites were blocked for breaking the law and following complaints from Palestinians. […]
- GCC Forming Gulf Union May 14, 2012