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Middle East


Financial News

Dubai's Sheikh Mohammed Tightens Control of Emirate, Downgrades Key Aides Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum has consolidated his hold on the debt-laden emirate, downgrading powerful figures behind the city-state’s boom that turned to a bust.

Istithmar May Lose Control of W Union Square Hotel at Foreclosure Auction Istithmar PJSC, the Dubai-based investment company, may lose control of the W New York Union Square hotel in Manhattan at a foreclosure auction next month by holders of the mezzanine debt on the property.

Saudi Arabian Shares Fall After World Stock Markets Drop, Paced by Sabic Saudi stocks fell for a second straight day, led by Saudi Basic Industries Corp. and Al Rajhi Bank, after Asian, European and U.S. markets declined yesterday and concern grew that the European Central Bank will phase out economic stimulus measures.

Emirates NBD May Seek Up to $2 Billion From Bond Sales in 2010, CEO Says Emirates NBD PJSC, the biggest United Arab Emirates bank by assets, may raise as much as $2 billion selling bonds in foreign markets in 2010 to fund loan growth.

Dubai International Said to Offer Almatis Junior Lenders 40% Company Stake Dubai International Capital LLC is offering junior lenders a 40 percent stake in Almatis, a maker of alumina products, in a debt-for-equity swap, according to two people familiar with the matter.

Emerging-Market Equity, Commodity Fund Inflows Surge on Weakening Dollar Emerging-market equity and commodity fund inflows surged last week as investors sought protection from a weaker dollar, EPFR Global said.

IMF's Lipsky Says Dollar Currency Peg Has Served the Gulf Region Well Gulf states’ dollar peg has served the region well and inflationary pressures haven’t returned, John Lipsky, the International Monetary Fund’s first deputy managing director, said.

Abraaj to Announce Middle East Property Purchases `Soon,' Chief Naqvi Says Abraaj Capital Ltd., a Middle East private equity firm, said it sees “a very interesting opportunity” to buy money-making real estate businesses throughout the region.

Burj Dubai Skyscraper's Rate of Return Just Below 10%, Emaar Chairman Says The rate of return on the Burj Dubai, the world’s tallest skyscraper, is just below 10 percent, said Mohammed Alabbar, chairman of Emaar Properties PJSC. The building will push up surrounding property prices, he said at a conference in Dubai.

U.S. Stocks Fall as Technology Outlook Worsens; Intel, Dell Shares Tumble U.S. stocks fell, halting a two-week advance, as a worsening outlook for technology company earnings added to concern that the eight-month rally in equities outpaced the prospects for economic growth.

General News

Four Hajj Pilgrims Die From Swine Flu, Saudi Arabia Says, AFP Reports Saudi Arabia said four pilgrims have died from swine flu infection ahead of the annual Hajj, Agence France-Presse reported today.

Iran Plans Air-Defense War Games to Protect Nuclear Facilities, AP Reports Iran plans to hold large-scale air defense war games aimed at protecting its nuclear facilities from possible attack, the Associated Press said, citing air force General Ahmad Mighani.

World Powers Voice Disappointment Over Iran's Balking at Atomic Fuel Offer Major United Nations powers voiced disappointment at Iran’s rejection of a deal to ship its uranium abroad for enrichment, deepening the standoff over the country’s nuclear program.


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