UAE GROK Daily News – Excerpts from International Media Reports
[Links to full articles were active on the date posted here]
UAE Developers Set to Win Iraq Projects [May 24]
“Negotiations between the Iraqi National Investment Commission (INIC) and several UAE real estate developers and investments companies on “big and giant” projects in different parts in Iraq have reached “advanced stages”, a top Iraqi official said. Sami Al Araji, chairman of the Iraqi National Investment Commission said the projects under negotiations are worth nearly $70 billion (Dh257 billion) and that the talks are expected to be finalised in the near future. “The two sides [the INIC and Emirati companies] are serious in their desire for the talks to succeed, and things are going well, and in the right direction ” Al Araji told Gulf News in an exclusive interview from Iraq. Talks have reached “advanced stages”, and “the details are now under discussion”, he added, without giving further details. Once completed, the total value of these contracts is estimated at $70 billion, Al Araji said..” [Complete Report]
UAE Aims to Better Manage Debt [May 24]
“The United Arab Emirates plans to set up a federal debt-management office to better regulate borrowing after Dubai’s financial problems endangered growth in the second-largest Arab economy, an official said. “The government is set to issue a public-debt-management law later this year,” said Sheik Ahmed Bin Saeed Al Maktoum, chairman of Dubai’s Supreme Fiscal Committee, at a speech given in the emirate Sunday. Federal authorities are seeking to improve oversight of borrowing after Dubai’s government and its state-owned entities racked up about $100 billion of debt while building infrastructure and buying assets overseas during the boom. The emirate has been forced to restructure more than $23 billion of debt owed by one of its largest state-controlled companies, Dubai World. “The measures taken by Dubai in the past few months have created renewed confidence among global financial institutions,”..” [Complete Report]
Areva T&D: Wins EUR90M UAE Substation Contract [May 24]
“French nuclear group Areva SA (CEI.FR) Monday said its power transmission and distribution unit, which it is selling, won an order worth around EUR90 million in the United Arab Emirates.. ..Areva is selling its transmission and distribution unit to a French consortium of Alstom SA (ALO.FR) and Schneider Electric (SU.FR), which plans to split it between them, with Alstom taking the transmission part and Schneider the distribution. Areva didn’t say to which of transmission or distribution this new UAE contract corresponds..” [Complete Report]
U.A.E. Seeks Briton in Hamas Official’s Death [May 24]
“Officials in the United Arab Emirates have issued an arrest warrant for a British man they are seeking in a probe of the January killing here of a top Hamas official, according to a person familiar with the situation. The new warrant brings the suspect tally in the case to 33 and adds what Dubai officials believe is the first suspect operating without an alias to the list. Since the January killing of Mahmoud al-Mabhouh in a Dubai hotel room, police here have released a series of details about more than two dozen suspects, who officials say used forged or fraudulently issued passports to plan and carry out the killing. However, Dubai officials believe the new suspect used his real passport, which could make it easier for international authorities to find him, according to the person familiar with the situation..” [Complete Report]
German Chancellor Arrives in UAE [May 24]
“German Chancellor Angela Merkel arrived in Abu Dhabi today on an official visit to the UAE during which she will hold talks with a number of senior officials on bilateral relations. Merkel is accompanied by a high-level delegation in her tour of the region. Upon arrival she was received by Minister of Economy Sultan Saeed Al Badi, UAE ambassador to UAE Mohammed Ahmed Al Mahmoud and German ambassador to UAE Klaus-Peter Brandes..” [Complete Report]
