RBS Bankrolls NAS Acquisition
Arab News
DUBAI, 1 February 2007 — The Royal Bank of Scotland plc (RBS) announced yesterday that it has agreed to finance the purchase of two Gulfstream IV-SP aircraft for National Air Services (NAS) of Saudi Arabia. The announcement was made during the first annual Middle East Business Aviation (MEBA) conference & exhibition here. The aircraft purchase is valued at over $50 million and represents the first such collaboration between the two market leaders. RBS is one of the 10 largest banks worldwide, and NAS is the largest and fastest-growing private aviation company in the Middle East.
Aabar Operating Profit Rises 69.6%
Arab News
ABU DHABI — Aabar Petroleum Investments Company (Aabar) posted AED92.84 million net profit in 2006 on revenues of AED934.64 million. Earnings per share were AED10 fils. In 2005, Aabar’s net profit was AED608 million primarily due to the extraordinary income resulting from interest of AED606 million gained on receipts from Aabar’s IPO. As compared to AED1.8 billion in 2005, Aabar’s total assets in 2006 grew to AED4.5 billion. Operating profit increased significantly to AED212 million in 2006 from AED3 million in the previous year as a result of operations from Aabar’s subsidiaries, Dalma and Pearl Energy.
Mashreqbank Assets Grow to AED56.7bn
Arab News
DUBAI — Mashreqbank Group announced its yearly results for the year ending 2006 declaring net profit of AED1.57 billion. Total assets grew by 22 percent to reach AED56.7 billion in 2006 from AED46.5 billion in 2005. Loans and advances were up by 28 percent from AED22.3 billion in 2005 to AED28.6 billion in 2006. Customer deposits increased 13 percent from AED30 billion in 2005 to AED33.9 billion in 2006. Bank’s net interest income is up by 15 percent and crossed the 1 billion mark to reach AED1.118 billion.
GE Money in Deal With Al-Futtaim
Arab News
DUBAI — GE Money, the global consumer-lending unit of General Electric Company and Al-Futtaim Group, the leading UAE business conglomerate, yesterday signed an agreement to establish a strategic joint venture in the UAE. Under the agreement, a separate company will be formed specializing in providing a range of consumer finance products to consumers in the UAE. Details of the joint venture were announced yesterday in Dubai Festival City’s Four Seasons Al-Badia Golf Club House by GE’s chief executive officer Jeffrey Immelt and Omar Al-Futtaim, chief executive officer of the Al-Futtaim Group.
Memon’s Champions Tower I to Take Off
Arab News
DUBAI — Memon Group, a $5 billion business conglomerate, announced that Dubai Sports City authorities have handed over the plot for its first project in the UAE, Champions Tower I — an AED75 million freehold residential tower development in Dubai Sports City on Emirates Road. The group also said that it will shortly appoint the contractor for the first phase of construction of its debut project, as the contract has been already put to tender. Dubai Sports City authorities have allocated a 31,484-square foot plot for the construction of Champions Tower I.
Emirates Post’s Definitive Stamps
Arab News
DUBAI — Emirates Post introduced yesterday a new set of definitive stamps with a stylized design that features the word “Emirates” in Arabic calligraphy in the shape of a falcon. They are available in denominations of AED1, Fils150, AED2, AED3, Fils350, AED4 and AED5.