Abu Dhabi National Oil Co, the state run producer in the UAE capital, said it would cut shipments of all crude grades in November below amounts contracted under long term purchase agreements.

Reductions in the amount of oil shipped will be deeper in November for all grades, except Murban crude, when compared with October, according to an emailed statement on Monday.

Adnoc, as the state producer is known, said it will reduce sales of the Lower Zakum grade by 15 percent compared with a 10 percent shortfall in October.

Umm Shaif exports will be cut by 20 percent compared with a 15 percent reduction, and Upper Zakum crude deliveries will be 20 percent lower than contracted after no cuts were announced for October.

The federation, which exports most of its crude to Asia, has the capacity to produce about 2.8 million barrels a day, Oil Minister Mohamed Al Hamli said March 2.

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Crystal Lagoons, creator of the largest crystalline lagoon, is close to completing the first stage of the $1.2-billion Dubai Lagoons project, located in Downtown Dubai.

The company will construct, maintain and provide technical support for initially a pilot lagoon, before the end of 2010, prior to taking responsibility for all of the main water features through the development.

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Every UAE resident maintains nearly two deposit accounts on average, according to a World Bank report released Thursday.

"There is a wide variation among countries in the region in terms of deposit account penetration, from 104 bank accounts per 1,000 adults in Yemen, to 1,751 bank accounts per 1,000 adults in the UAE," says the report, Financial Access 2010.

"Average deposit size per capita is much higher in Mena, at 260 per cent, than in developing and high-income countries."


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Dubai continues to attract maximum foreign direct investment in the region despite the impact of the global economic crisis, according to a survey by the Foreign Investment Office (FIO) of the Dubai Department of Economic Development (DED).

FIO, which surveyed more than 1,000 global and regional investors, said 54 per cent of the respondents already have a presence in the city and an additional 16 per cent of investors plan to enter Dubai in the next three years.

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Reinforcing its market position in the UAE, Gulf Dynamic Services (GDS), a subsidiary of Masharie, the private equity arm of Dubai Investments PJSC and a leading regional player in the field of interior design and decoration has secured the interior design and fit-out contracts for two new projects in Dubai.

Operating in Dubai under the trade name Labtec Interiors, GDS, in association with Oryx Engineering, was awarded a major contract for the design and fit-out of a 10-floor building housing the headquarters of a major maritime operator based in Dubai Maritime City.

GDS, along with Light Space Design, was also awarded the contract for the interior design and fit-out for a high-end residential project based in Dubai Marina.

If reports from a leading UAE news daily are to be believed, then the debt-struck conglomerate, Dubai World, is indulging in talks with the small creditors. These creditors are not part of the coordination committee formed by the banks, as a part of the restructuring plan of the conglomerate. Dubai World is believed to have adopted this step in order to avoid any legal action.

According to Al Ittihad, a leading Arabic newspaper, Dubai World has kicked off the negotiation process with smaller creditors only after it received the approval for its restructuring plan from the lending banks. The conglomerate had mentioned earlier that it would soon come with an outline for repaying its $14.4bn debt.

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