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DIFC seminar to explore opportunities in funds

DUBAI — The Dubai International Financial Centre (DIFC) will host an industry seminar to shed light on how financial services companies can unlock the vast opportunities emerging in the Middle East's funds and investment management sector, said a Press release on Monday.

At the half-day seminar to be held on Wednesday, officials from the DIFC Authority, the DFSA and leading global and regional companies will explain how companies can take advantage of the regulatory and business environment offered by DIFC, to start new ventures or grow their business in this rapidly growing sector.

Zain launches mobile phone service in Saudi Arabia

KUWAIT CITY — Kuwait’s telecom giant Zain will launch its mobile phone service in Saudi Arabia on Tuesday, the group said on Monday in a statement. Last year, a Zain-led consortium won the third mobile phone licence in the oil-rich kingdom after making the highest bid of $6.1 billion. At the start, Zain in Saudi Arabia will cover 95 per cent of the population, using 3.5G broadband technology to half the population, the statement said.

With the launch of service in Saudi Arabia, Zain now operates in 22 countries in Africa and the Middle East and connects customers in 16 of them to the “One-Network” service. The service allows clients to make calls across borders and be treated as local customers in terms of pricing. Zain plans to extend the service to other countries.— AFP

DCC awarded Dh265 million contract for Dubai Marina

DUBAI — Dubai Contracting Company (DCC) was recently awarded the main contract to build a new residential tower in Dubai Marina valued at Dh265,000,000. The tower is planned to cover a built-up area of 42,374m2 and will stand 33 storeys tall, and have 5 basements. Erga Progress are the consultants on the project, on which construction is expected to start before the end of this year and be completed within 27 months, said a Press release on Monday.

DWC signs first financing deal with Tamweel PJSC

DUBAI — Dubai World Central (DWC) — the huge140-square kilometre urban land project under construction in Jebel Ali has, for the first time, signed an agreement with a real estate finance company to provide financing solutions for end-users looking to purchase freehold property within DWC, said a Press release.

DWC Real Estate, the entity tasked with designing, building, developing, selling and leasing properties within DWC, and Tamweel PJSC, have forged such partnership initially targeted at DWC Residential City customers, and extendable later to two other real estate components — DWC Commercial City and DWC Golf City. "The contract will enable Tamweel to formulate the different real estate financing schemes for a range of freehold property options in the upcoming mammoth city beginning with DWC Residential City," said Khalid bin Harib, CEO, DWC Real Estate.

Sama Airlines signs bilateral agreement with Safi Airways

DUBAI — Sama Airlines has signed a commercial agreement with Safi Airways, to provide more choices for travel to the customers of both airlines. Safi Airways provide daily flights between Dubai and Kabul, enabling onward travel on Sama's Saudi domestic and international network via Sharjah. This agreement follows the signing of a similar agreement with Bahrain Air, facilitating for Sama's guests more choices to Manama, Kabul, Mashad, and Kochi, said a Press release on Monday.