MFS International Opens DIFC Office
K.T. Abdurabb, Arab News
DUBAI, 8 August 2007 — MFS International Ltd., a subsidiary of the listed Australian parent company, MFS Ltd., has opened an office in the Dubai International Financial Center (DIFC). MFS International Ltd. has been granted a license by the Dubai Financial Services Authority. It will focus principally on advisory and financial structuring services for M&A transactions, as well as providing an opportunity for local investors to tap into its attractive and innovative funds in Australia.
Amlak Joins Hands With EMRC
Arab News
DUBAI — Amlak Finance, the region’s leading home finance company, has announced its decision to become a founding shareholder of the Egyptian Mortgage Refinance Company (EMRC) through Amlak Finance & Real Estate Investments (Amlak Egypt). The association with EMRC was announced at a meeting between Egyptian government officials and high-level Amlak executives, which helped to reaffirm Amlak Finance’s commitment to the Egyptian mortgage sector.
Western Digital’s Net Income Rises
Arab News
DUBAI — Western Digital Corp. has reported its financial results for its fiscal year 2007 and fourth quarter ended June 29, 2007. The company’s results for the fiscal year reflected strong year-over-year performance, with revenue of $5.5 billion and operating income of $415 million. Net income was $585 million, or $2.59 per share, compared to $395 million, or $1.76 per share for the prior year. The 2007 and 2006 net income amounts included income tax benefits of $147 million and $22 million, respectively, related to adjustments to the value of the company’s deferred tax assets.
Chinese Firm to Build Dubai Logistics Center
K.T. Abdurabb, Arab News
DUBAI — China’s biggest manufacturer of construction machinery is forecasting earnings of $250 million from the Middle East this year and is to invest $15 million to build up a regional logistics center in Dubai to boost support to its clients. Xuzhou Construction Machinery Group (XCMG), the world’s No.1 hydraulic truck crane manufacturer which will produce 10,000 units this year, made the double announcement after confirming its place in an impressive international line-up of exhibitors for the Big5 PMV.