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UAE to take part in Arab Socio-Economic Council

ABU DHABI — Engineer Mohammed Ahmed bin Abdel Aziz Al Shihhi, Undersecretary, Planning Sector, at the Ministry of Economy, is heading the UAE delegation to the meeting of the Arab Socio-Economic Council to be held on August 28, 2008 at the headquarters of the General Secretariat of the League of Arab States in Cairo.

Al Shihhi said: "The meeting is crucial in bridging the perspectives between Arab countries to face critical challenges and international issues that affect regional economies. The UAE is keen to work towards initiatives that will enhance the economic and social co-operation among participant countries."

National Ranges assets rise to KD181.7 million

KUWAIT — National Ranges Company K.S.C.C. (Mayadeen) has announced a profit increase of 485 per cent for the first half of 2008.

The company's assets rose to KD181.7 million Kuwaiti, up from 135.5 this time last year which translates to a 34 per cent increase. The Chairman of the National Ranges Company Khaled Jassim Al Wazzan declared that the profits of the first half of the current year 2008 reached KD13.9 million which is equal to Fils 14,09 per share.

Culture Village: 90pc of infrastructure work over

DUBAI — Dubai Properties, master real estate developer and a subsidiary of Dubai Properties Group (DPG), on Monday said the Culture Village project has crossed key construction milestones, including the completion of 90 per cent of the infrastructure works.

Dubai Properties recently premiered Culture Village's residential development Babil at Harrods in London to an excellent reception from investors. Babil mirrors the development's essence of an elite lifestyle in an intellectually stimulating environment. Canal works within the 40 million sq. ft. Culture Village site, situated next to the Garhoud Bridge along the Dubai Creek, is 95 per cent complete. While the residential, commercial and retail districts within the project are being developed by 15 private developers, building works for these districts are being simultaneously undertaken.

Amlak Plus launched

DUBAI — Amlak Finance PJSC on Monday launched 'Amlak Plus', which is designed to tap into a new segment of customers in the UAE market by offering new and improved benefits than the normal home finance products and enhances customers' eligibility for higher financing.

Amlak Plus is designed for young professionals, expatriates and new families with a reasonable level of disposable income to own a larger home.

NBAD opens branch at the Dubai Internet City

ABU DHABI — In line with its expansion plan to cover all strategic locations in the UAE, National Bank of Abu Dhabi (NBAD) has opened its new branch in Dubai Internet City, taking the branch-network to 80.

The new branch will offer customers access to all of the bank’s competitive and innovative products and services. The branch is capable of providing various retail and corporate banking services. It is also provides 24/7 access to NBAD’s ATM and Cash Deposit Machine for the convenience of the banks’ customers.