Dubai International Capital, which asked its lenders for an extension on some of its debts, has the support of main creditors on the delay request. The main creditors of DIC support the company’s debt delay request, a source familiar with the matter told Reuters.

The DIC investment unit has a $1.25 billion loan maturing in June, according to Reuters data and the DIC has $2.6 billion in debt overall, according to a source familiar with the matter. “We will probably see more restructuring of Dubai entities, but on a smaller scale than Dubai World and I don’t think this announcement will be a catalyst for a new market crash, ASAS Capital CIO Robert McKinnon said.

DIC' parent, Dubai Holding, is thought to have around $15 billion in debt, according to analysts. Earlier in May, Dubai World reached an agreement with a group of creditors to restructure $23.5 billion of liabilities.

Aldar Properties to share Emiratisation initiatives in effort to boost UAE Nationals in the private sector A presentation by Aldar Properties of several of its highly successful Emiratisation initiatives – designed to motivate and advance the careers of UAE Nationals in the local workforce - will feature among a series of enlightening presentations at
# Aldar Properties to share Emiratisation initiatives in effort to boost UAE Nationals in the private sector

Al Fahim Holdings bucks retail trends to launch new Paris Gallery store Delivering on its promise to continue with its retail expansion plans despite the global downturn, Al Fahim Holdings, one of the largest diversified business groups in the GCC, has announced the opening of its stylish Paris Gallery store at Mirdif City Centre.
# Al Fahim Holdings bucks retail trends to launch new Paris Gallery store

Aldar Properties to share Emiratisation initiatives in effort to boost UAE Nationals in the private sector A presentation by Aldar Properties of several of its highly successful Emiratisation initiatives – designed to motivate and advance the careers of UAE Nationals in the local workforce - will feature among a series of enlightening presentations at
# Aldar Properties to share Emiratisation initiatives in effort to boost UAE Nationals in the private sector

Gulf property outlook negative on oversupply The supply-demand imbalance remains a key driver of the continued negative outlook for the property industry in the Gulf region Gulf property outlook negative on oversupply May

Strike in crash-hit India airline drags, woes mount A strike at Air India, the country's beleaguered national carrier, dragged into its second day on Wednesday and forced many flight cancellations days after its aircraft crashed.
# Strike in crash-hit India airline drags, woes mount

Dubai Aluminium launches internal educational recycling campaign Green Life Project aims to instill environment-friendly behaviour through education-based campaign and provision of recycling facilities.
Dubai Aluminium launches internal educational recycling campaign

Sharjah International Automobile Show raring to go Expo Centre Sharjah’s bi-annual event is back with vintage and custom-made cars, 4x4 demonstrations and its first car awards ceremony.
# Sharjah International Automobile Show raring to go

European cities continue to dominate the top of the ranking, with Abu Dhabi and Dubai leading in the GCC, Vienna remains at the top, Baghdad at the bottom, Calgary is first in the new eco-city ranking, Dubai and Abu Dhabi rank 65 and 66 Abu Dhabi and Dubai continue to occupy the highest ranks in the GCC in Mercer’s global Quality of Living survey, which was released today. With Dubai ranking at 75, and Abu Dhabi taking the 83rd spot in the list, Dubai and Abu Dhabi respectively are also the Middle East’s best quality of living cities.

Elsewhere in the GCC, Muscat in Oman (100) was the region’s only other city in the top 100. Following the revision of the index a selection of cities globally has been added, including Doha in Qatar (110), Manama, Bahrain took the 111th position, followed by Kuwait City, Kuwait at 122, and in Saudi Arabia Riyadh is ranked 158 and Jeddah 159.
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Economic prospects for the countries of the Middle East and North Africa have improved with the resumption of capital inflows and rising crude oil prices. But stress in the banking and financial sectors along with slow credit activity are weighing on the rebound, the International Monetary Fund (IMF) said in its latest Regional Economic Outlook (REO).

The REO for the Middle East and North Africa, Afghanistan, and Pakistan (MENAP) was presented today at the Dubai International Financial Center. “The outlook for the region has improved considerably from 2009. Growth is gathering momentum in 2010, helped by the pickup in capital inflows and resurgence in domestic consumption,” said IMF Middle East and Central Asia Director Masood Ahmed. “However, this positive perspective is clouded by some stress in the banking system and lethargic credit activity across the region,” he noted.
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A Royal Deal on Newly built Mansion in Dubai - Jumeirah Island Mansion

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Scalloped Hammerhead Sharks are among the most difficult species to be featured in aquariums, and they are now at Dubai Aquarium & Underwater Zoo. The captivating Scalloped Hammerheads, named so for the hammer-like projection on its head bearing their eyes and nostrils at the tips of each extension, are the latest addition to the shark family at Dubai Aquarium & Underwater Zoo.

The arrival of the Scalloped Hammerheads follows committed efforts by the team at Dubai Aquarium & Underwater Zoo to bring more awareness and popularity for sharks in general through public display and interaction. Mr Damian Prendergast, General Manager, Dubai Aquarium & Underwater Zoo, said: “The addition of the Scalloped Hammerheads follows over two years of dedicated work by the staff. There are very few Scalloped Hammerheads on display anywhere in the world and are considered to be one of the most fascinating of all sharks’ species.”
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The economies of the member states of the Gulf Cooperation Council (GCC) - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) – are now recovering and growth this year is likely to average 4.4% and then rise to 4.7% in 2011, following just 0.3% growth in 2009, forecast the Institute of International Finance (IIF). It noted that prospects vary considerably across the region.

The IIF, the leading global association of financial institutions, published its semi-annual GCC Regional Economic Overview today. The report noted that the GCC region was not spared the fallout from the global financial crisis even if it fared better than other emerging regions. Nominal GDP of the GCC economies declined from $1,064 billion in 2008 to $855 billion in 2009. But the overall impact on real levels of economic activity was contained by larger government spending supported by strong fundamentals and strengthened financial buffers. The nonhydrocarbon sector, where more than 95% of the labor force is employed, grew by 2.7% in 2009 as compared with 7.0% in 2008.

The Ministry of Education (MoE) - Curriculum Department, and the Emirates Institution for Advanced Science and Technology (EIAST) has signed an agreement, whereby EIAST’s key findings will become part of the secondary school curriculum of Geography and Social Studies. As per the agreement, EIAST will provide the ministry with detailed information on its vision, mission, researches and main programmes, in addition to the images received by DubaiSat-1 to be included in the geography text book of the tenth grade next year.
This initiative is part of the ministry’s efforts to strengthen the student curriculum with contemporary subject materials to enhance the knowledge base of students, and complements EIAST’s efforts in sharing its concrete contributions for the benefit of the UAE student community. A delegation from the Ministry of Education headed by Shaikha Kholood Saqr Al Qassimi, Director of Curriculum Department, MoE, recently visited EIAST to identify its workflow, future development plans and programmes, as well as to discuss aspects of cooperation between them.

Sharjah was taken in the pangs of a dastardly fire today morning reportedly at 9. A huge fire broke out at a factory near Sharjah National Paints in industrial area no 13 in Sharjah. The fire is said to have erupted in a factory located in the industrial area behind the National Paints building. As a safety measure roads leading to Dubai and Ajman from Sharjah have been cordoned off by Anjad patrols. The Emirates Road from Sharjah towards was Dubai completely blocked and traffic was diverted into different directions. The Ajman-Shajah highway and the National Paints Bridge remains closed.
A Civil defence fire engine was devastated by the fire. Flames of fire also took captive of National Paint building and employees working there as well as other companies were asked to evacuate the area completely for safety concerns. Two people suffered major burns and were immediately rushed to the hospital.

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Dubai Metro set a new record on May 2, with more than 100,000 passengers travelling in Metro in one day. This figure was revealed by the Roads and Transport Authority (RTA). A total of 100,368 passengers made a journey on the network on May 2, 2010. Some 83,832 passengers used the metro the on May 1.This is the most number of figures in a single day to date.
This trend reflects the huge public uptake of the Dubai Metro. Ramadan Abdullah, director of the RTA’s Rail Operation Department, said metro passengers were taking safety instructions seriously. “These include complying with the safety guidelines made to streamline the using of the service and stations, attending to the directions given by the station employees during the peak hours to avoid thronging the platforms during the boarding and alighting process or when the service hours are changed, and ensuring that the balance is topped up when multiple journeys are made,” he said.

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The world’s first Islamic bank and the largest Sharia-compliant financial institution in the UAE, Dubai Islamic Bank (DIB) recently celebrated the 35th anniversary of its establishment at a special one-day event, which was attended by more than 1,300 bank staff from across the country.
The event, which was held in Dubai, was led by His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, and Abdulla Al Hamli, the bank’s Chief Executive Officer. The highlight of the evening was the awarding of Performance Excellence Awards to outstanding employees and departments of the bank.
Introducing the awards, His Excellency Mr. Al Shaibani told the audience of DIB staff: “It is a joy to be here among my colleagues and friends. Our gathering reflects the strong relationship our employees have with this great organisation, as well as our shared determination to reach new heights.”

Dubai property

The Seventh Dubai City of Gold Conference ended on a high note with the industry looking forward to benefit from gold’s re-emergence as a safe haven and an attractive option by the global investor community. Despite the challenges of high prices and changing consumer preferences, industry experts expect a modest recovery in gold jewellery sales.
At the successful conclusion of the event, which was held in the iconic Almas Tower in the Jumeirah Lakes Towers, the Dubai Gold and Jewellery Group announced that the next edition of the event will be held alongside the 16th Dubai International Jewellery Week (DIJW) on 23rd April 2011.
Speaking at this year’s event at the Almas Tower in Jumeirah Lakes Towers, Chandu Siroya, Vice Chairman of Dubai Gold and Jewellery Group, said: “This is a key partnership for all the industry players as it will bring the most influential decision-makers together to help set the direction of the industry in the coming years.”

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Weather won't come in way of Olympics in UAE Weather is not a disqualifying factor for holding a future Olympic Games in the United Arab Emirates (UAE), International Olympic Committee (IOC) president Jacques Rogge has said. 'Dubai is examining whether it has the capability of organising the Olympic Games. A study is going on and the IOC is helping that study,' Rogge said here Friday. 'Many countries would like to organise the Olympic Games. The IOC has no automatic rotation. We always look first at the quality of the bid. If we can go for the first time to a region, we are happy, like with Rio, but Rio was a decision based on quality,' he said. The IOC president hoped that preparations for the next edition of the Games in London are on track. 'We were given an excellent presentation by London 2012.

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The 13th Dubai Summer Surprises (DSS) is all set to begin on June 27. The festival will run for 52 days, the Dubai Events and Promotions Establishment (Depe) said yesterday. The Depe is an agency under the Department of Economic Development.
DEPE has extensive plan to present a plethora of activities focused on shopping, family entertainment, winning and lifestyle. "We are looking forward to elevate the benefits of our summer extravaganza towards all stakeholders and attract more tourists from the region and the world during our 13th edition this year," said Laila Suhail, Chief Executive Officer of the Depe.
The event had significantly contributed to position Dubai as a leading summer destination. Depe team is looking forward for next week's Arabian Travel Market. Participating under the Department of Tourism and Commerce Marketing umbrella, the Depe will promote DSS at the event.

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