BUSINESS
| Hamdan Pushes for Bigger Economic Role for GCC |
| DUBAI — While the world’s governments have succeeded in defusing
the financial crisis, the emergency has shown that the global economy
needs “a new world order”, with the GCC and other emerging economies playing a bigger management role
to ensure more sustainable growth in the future. |
| Dropping Dollar Peg ‘Not for Us’: Al Suwaidi |
| FRANKFURT — The United Arab Emirates has no plans to drop its peg from the US dollar, its Central Bank chief said on Friday, while the recent rise in the price of oil has pushed it above the bank’s internal forecasts. |
| Mohammed Issues Decrees Reorganising State Firms |
| DUBAI — His Higness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued several new decrees reorganising a number of government-run companies and appointing top officials to them. |
| IMF’s Lipsky Sees Sluggish Recovery |
| DUBAI — The global economy is heading toward a sustained recovery but given the risks of another downturn it is too soon to withdraw stimulus, International Monetary Fund Deputy Managing Director John Lipsky said
on Friday. |
| Saudi Set for Asia Crude Benchmark |
| DUBAI — Saudi Arabia is all but certain to adopt the Dubai Mercantile Exchange’s Oman crude oil futures contract as its benchmark one day, oil traders say. Now the main question is when, not if, it makes the switch. |
| Punjab Opens Up for ‘Global Investment’ |
| DUBAI — The Punjab, despite being ravaged by militancy in the past, has now emerged as one of the most progressive states in India and is opening up for “global investment,” according to state Chief Minister Prakash Singh Badal. |
| Emaar India Unit Plans to Sell Shares: Alabbar |
| DUBAI — Emaar Properties PJSC, the developer building the world’s tallest skyscraper in Dubai, plans an initial share offering in India “in a few weeks,” Chairman Mohammed Alabbar said. |
| ‘UAE may See Up to 3pc Growth’ |
| DUBAI — The UAE will see economic growth of up to 3 per cent next year, the country’s economy minister said on Friday, reiterating that growth would be a more tepid 1.3 per cent this year. |
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