DUBAI, 5 June 2006 — Emaar Properties has announced its latest subsidiary as part of its ongoing expansion into new markets and sectors. Nuran Serviced Residences is the developer’s latest offering in the leisure and hospitality sector and will deliver premier fully-serviced residences in world class locations onto the Dubai property and hospitality market.
Nuran Serviced Residences are set to make their market debut at three of Emaar’s most popular developments. First to be released onto the market is Nuran Al Majara at Dubai Marina, followed by Nuran Al Alka Residences at The Greens and The Residences at Burj Dubai downtown.
Etisalat Names Four Banks for $3bn Credit
ABU DHABI, 5 June 2006 — Etisalat has mandated four banks — Barclays Bank PLC, Citigroup, Deutsche Bank AG, and HSBC Bank PLC — to arrange a $3 billion revolving line of credit for a period of one year with a one year extension option at the decision of Etisalat. This revolving line of credit is underwritten by the 4 banks on an equal basis. This new initiative enables Etisalat to select among multiple currencies and multiple maturity periods for any drawdown of the facility. The revolving line of credit is a multipurpose facility that can be used to finance any activity of the corporation decided by the management, including but not limited to investments and acquisitions of target companies.
New Rover Poses Challenge to SUVs
ALKHOBAR, 5 June 2006 — You walked down a long, black, silk tunnel, feeling as if you were entering a dragon’s lair. Then you passed through a veil of mist to come face to face with the beast itself; the special edition Arden Range Rover Sport AR 6. Launched at Sunset Beach Resort on Saturday, the 500 horsepower 640 Nm torque Arden Range Rover has been put forward as a challenger to all Sport Utility Vehicles (SUVs) in the Kingdom. Available on order basis only, the Arden Range Rover is aiming to become a status symbol in the region. “To maintain the exclusivity of the vehicle, no similar car will be commissioned,” said Fawzi A. Al-Kadi, director of Al-Kadi Land Rover Center. Arden accessories will be made available to the public, especially to those who wish to give their Range Rovers the Arden Range Rover look.. “But to order the real Arden, with the real Arden heart, is a long process,” added Al-Kadi “It needs a commitment. It’s very exclusive. It takes time, but it’s worth it.” Al-Kadi was not forthcoming with price or delivery dates. At more than 500 horsepower, it would require some creativity as to where to take this monster out for a drive. “Nobody’s really going to utilize the vehicle unless you own your own runway, then you might really get a feel of the engine,” observed Al-Kadi. Although a powerful vehicle, the engine still maintains a reasonable decibel level. “It’s subtle enough but vibrates enough so at least your neighbors will know that you’re taking the Range Rover out,” remarked Al-Kadi. (Yousef S. Ba-Isa)