FGB to issue Dh3.6 billion mandatory convertible bonds

First Gulf Bank (FGB) plans to float mandatory convertible bonds to local strategic partners valuing Dh3.6 billion.

By (In Brief)

Published: Sat 19 Jul 2008, 12:07 AM

Last updated: Thu 24 Nov 2022, 10:14 AM

The board of directors of FGB on 21 July, will discuss the issuance of the bonds, which will have the proposed conversion price of the bond of Dh28.80. At the extra-ordinary general meeting held on 25 February this year, the shareholders gave approval to the proposal.- Staff Report

Opal Living Courts joins Layia Hospitality

DUBAI - Hotel management company signs new apartments in Al Barsha. New bloom hotel management company Layia Hospitality has added a fourth property to its growing Living Courts portfolio of furnished & serviced apartments. The recently signed Opal Living Courts will open in Dubai's Al Barsha in January 2009 with a total of 48 apartments.

Located close to Dubai Internet and Media Cities, and a short distance from the prestigious Jumeirah beachfront, Opal Living Courts is set to become a new preferred address for both business and leisure travellers.

Batelco unveils new method for refilling simsim accounts

DUBAI- Batelco has announced the addition of a new and very convenient method of refilling SimSim accounts, the first such service in the Kingdom of Bahrain. The much anticipated service is now available allowing customers who have a Freetime or Valuetime package to 'top up' the credit of any SimSim customer, directly from their postpaid mobile phones.

"Many of our customers have requested this service so we are delighted to meet their requirements and add convenience to their lives," said Batelco Board Secretary and Company Spokesman Ahmed Al Janahi.

The new service is expected to be extremely popular with parents who want to refill their children's accounts and don't have the time to visit a Batelco Shop or authorised outlet.

To refill any SimSim account, simply send to 4554: T 39xxxxxx (the number to be topped up). For example if you want to refill with BD5 send the message:- T 5 39XXX XXX to 4554.

Malaysia Airlines introduces zero commission model

DUBAI - Malaysia Airlines is introducing Zero Commission distribution policy effective August 1, 2008 in the UAE in line with changing market conditions. All tickets issued on Malaysia Airlines' documents by travel agents will be non commissionable. Therefore, Malaysia Airlines will be abolishing the base (seven per cent) commission to the UAE travel agents starting 1 August 2008.

Merina Abu Tahir, Malaysia Airlines' Regional General Manager Middle East & Africa commented, "The move to zero commission model is in line with the current business trend where many airlines have moved towards zero per cent commission levels for market fares, including in the UAE. We are thus implementing this move by making changes to our own distribution model".

AREIT acquires prime Bahraini real estate

DUBAI - The award-winning Arabian Real Estate Investment Trust (AREIT) has acquired the Wind Tower in Bahrain's Diplomatic Area. The Wind Tower is a land-mark office building and construction was completed in 2006. The eleven storey office building is situated in a prime location in the Diplomatic Area.

The tower comprises of 65,000 square feet of office space and 2,500 square feet of retail. 'The acquisition of Wind Tower represents a further step towards our expansion within the GCC and is an excellent addition to our portfolio' said Stephen Atkinson, CEO of AREIT.

BT launches security services portfolio across Middle East

DUBAI - BT, one of the world's leading providers of communications solutions and services operating in 170 countries, is announcing immediate availability of its Secure Networking Quick Start Service across the Middle East.

The new service enables organisations to assess their network security rapidly; identify weaknesses; and take cost-effective corrective and preventative measures.

Bateel launches new café concept in Dubai

DUBAI- Bateel, the gourmet date confectionery brand which introduced the concept of gourmet date production and premium retailing of dates and date confectionery, has launched its latest innovation with its first 5-star cafés (The Café) in Dubai. Bateel's first three café outlets are already serving luxury gourmet food in some of Dubai's leading new residential and business locations. The company aims to open a string of The Café outlets across the region, through a network of existing and new Bateel franchisees.