As part of the Dubai International Racing Carnival at the spectacular new Meydan Racecourse, world-renowned singer and bona fide rock star Sting will be performing for an undoubtedly sold-out crowd for Super Thursday on March 4.
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Abu Dhabi achieved a 2 percent rise in hotel guest numbers last year, bucking international trends in a globally depressed tourism market, it was revealed on Sunday.
More than 1.5 million visitors stayed in hotels in the emirate in 2009 with stays in the final quarter growing by 16 percent year-on year, Abu Dhabi Tourism Authority (ADTA) said in a statement.
Fox Star Studios and Imagenation Abu Dhabi are working together on the distribution of the highly anticipated film, My Name is Khan, from director Karan Johar, starring Bollywood megastars Shah Rukh Khan and Kajol.
The film will have its world premiere in Abu Dhabi on February 10th, followed by its European premiere on February 12th during the Berlin International Film Festival.
In My Name Is Khan, Shah Rukh Khan stars as Rizvan Khan, an unconventional hero who embarks on an incredible journey across America in order to win back the love of his life.
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The new marine port Shanna in Oman was officially opened at the weekend. The RO.9.7 million ($25.19m) was opened by the Transport and Communications Ministry at an official ceremony on Saturday.
Abu Dhabi has overtaken New York and Paris to become the second most expensive city in the world for business travelers, according to a report.
Dubai, meanwhile, dropped out of the top 10 to 16th as a raft of new hotels opened in the emirate, bringing rates down.
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Uncertainty about Dubai World’s $22 billion debt restructuring is starting to weigh on the credit, pushing up bond yields and Dubai’s debt insurance costs, according to Reuters.
Five-year credit default swaps (CDS) for Dubai have risen sharply in the past week and are now quoted at 510 basis points (bps), up about 45 bps on the week, meaning it costs over half a million dollars a year to insure $10 million of the emirate’s debt for a five-year period.
“Since the Dubai World statement which came out of the blue, we have not had any sort of clarity as to how the talks are progressing, we have not had any statements or any proposals,” said Nish Popat, head of fixed income at ING Investment Management Middle East in Dubai.
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Kuwait plans to spend about 16 billion dinars ($56bn) in the fiscal year starting April 1, one-third more than the current year as oil prices rise.
Finance Minister Mustafa al-Shimali announced the figure in parliament today, declining to give a number for the projected deficit.Next year’s budget will be based on an oil price of $43 a barrel, compared with $35 this year, al-Shimali said Feb. 1.
Gulf countries are boosting spending to help their economies recover after the global recession, encouraged by oil prices which have almost doubled in the past year to about $75 a barrel. Saudi Arabia, Qatar and Abu Dhabi have announced plans to spend $600bn by 2013.
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Oman attaches great importance to maintaining a healthy, clean environment and this focus has increased in direct response to the economic and social advances taking place in the country.
Today the environment is seen as being linked to Oman’s sustainable development and environmental factors are always evaluated when development projects are undertaken. All economic development initiatives must comply with the regulations on the protection of the environment and the prevention of pollution. This is considered vital for the health of present day society and for the wellbeing of future generations of Omanis.
The Iranian ambassador to Oman stated that Iran and Oman will establish a joint bank meant to increase financial transactions.
The Mehr News Agency quoted Hossein Noushabadi as saying that opening a joint bank between Iran and Oman is necessary to strengthen financial activities and is a kind of guarantee for joint ventures.
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Iran plans to build seven new oil and gas refineries in a bid to diminish its vulnerability to sanctions from foreign refineries.
According to the official Iranian news agency IRNA, the new oil and gas refineries will allow Iran both to meet domestic demand and become a gas exporter, although the agency failed to state when construction was due to start.
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