DUBAI: The Abu Dhabi investment fund that bet big on Daimler AG said Thursday its third-quarter profit shot sharply higher mostly on gains from its stake in the Mercedes-Benz maker. Aabar Investments said earnings jumped to $402.3 million between July and September, compared with a profit of $5.4 million in the same period a year earlier. Earnings jumped to $402.3 million between July and September, compared with a profit of $5.4 million in the same period a year earlier.
Dubai’s Arabtec Q3 drops 35%
DUBAI: Dubai’s Arabtec posted a third-quarter net profit of 166.6 million dirhams ($45 million), down 35 percent from a year ago and slightly below expectations, sending its shares sharply lower. The construction company, which has ventured into new markets such as Russia as the downturn hits business at home, made a net profit of 255.35 million dirhams in the third quarter of 2008.
Dubai sells nearly $2b worth of debt
NEW YORK: Dubai’s government sold nearly $2 billion worth of both fixed and floating rate five-year Islamic bonds at par on Wednesday. Unlike conventional debt, such bonds, known as sukuk, pay returns derived from underlying assets, such as real estate, given that Islamic law bans the payment of interest.