emirates

From Cityscape Intelligence

17 Mar 2011 90% of O14 sold with an occupancy rate of 25% United Arab Emirates, Dubai – 15th March 2011 – H&H Investment & Development (H&H), a Dubai based boutique property developer, officially ann…

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H&H Launches AED 300 Million development in Business Bay

This story has been updated BP is one of 16 international companies that may have violated U.S. sanctions against selling gas to Iran, according to a new report by the Government Accountability Office. Under the Comprehensive Iran Sanctions, Accountability and Divestment Act (CISADA) signed by President Obama in July 2010, companies or individuals that sell refined petroleum products to Iran in excess of $1 million during a year are subject to three or more out of a possible nine sanctions. Investigators at the GAO claim that BP sold the petroleum between January 1, 2009 and June 30, 2010, based on open sources, which includes trade publications and company statements. Though the GAO examined sales before the signing of the updated sanctions in July 2010, the report “highlights open source information that, following further investigation by the State Department, could contribute to the identification of persons of firms whose activities may be sanctionable under ISA [Iran Sanctions Act of 1996], as amended by CISADA.” Yet BP notified GAO that it stopped selling gasoline to Iran in October 2008 and maintains that information that reported “BP sold gasoline to Iran in 2009 or 2010 was inaccurate,” according to the report. The GAO stands by its research, emphasizing that “we required multiple corroborating sources of information for every entry in our tables of firms reported to have sold refined petroleum products to Iran at any time during the period between January 1, 2009, and June 30, 2010.” BP stopped selling gas to Iran in the second half of 2009, reported Time magazine in June. But it remains one of the most active Western oil companies engaged in energy projects in Iran — through a joint venture with Swiss-based NaftIran: In the last five years, BP has begun extracting around 4 million cubic meters per day of natural gas from a field in Britain’s North Sea in a 50-50 joint venture with Iran, worth $1 million a day at June 15, 2010 spot prices. And BP operates one of the world’s largest gas fields in Azerbaijan in a joint venture with Iran and other foreign oil companies, producing 8 billion cubic meters of gas per year, worth up to a reported $2.4 billion per year. BP was one of three companies, along with France’s Total and United Arab Emirates’ Emirates National Oil Company, which are reported to have sold gas to Iran and to have U.S. government contracts. According to the GAO, BP has almost $2.2 billion in contracts with the U.S. government, largely with the Department of Defense for the purchase of jet and turbine fuel. Firms that are reported to have sold gas to Iran in the 2009-2010 period “with no indication that they have stopped sales” include Emirates National Oil Company, Singapore’s Hin Leong Trading, China’s ChinaOil, Unipec and Zhuhai Zhenrong. BP did not return a call for comment in time for publication. READ the GAO report: d10967r

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BP May Have Violated U.S. Sanctions On Trade With Iran, Says Government Audit

Video: Abu Dhabi Bankrolls Students With New NYU Gulf Campus: Video

September 23, 2010

Sept. 23 (Bloomberg) — Lara Setrakian of ABC News reports on New York University’s Abu Dhabi campus, which is being bankrolled by the United Arab Emirates as it tries to underpin a $500 billion development plan by more than doubling investment in education this year. (Source: Bloomberg)

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Video: Abu Dhabi Bankrolls Students With New NYU Gulf Campus: Video

September 23, 2010

Sept. 23 (Bloomberg) — Lara Setrakian of ABC News reports on New York University’s Abu Dhabi campus, which is being bankrolled by the United Arab Emirates as it tries to underpin a $500 billion development plan by more than doubling investment in education this year. (Source: Bloomberg)

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Medea Benjamin: Blackwater vs. Pinkwater: The Wife of Erik Prince Picks a Fight With CODEPINK

August 23, 2010

It felt surreal to be inside the home of Erik Prince, the founder, owner and chairman of Blackwater (or Xe, as it is now called). Prince, a former Navy Seal, provides security for the CIA, the Pentagon and the State Department. His company trains 40,000 people a year in skills that include personal protection. Yet his home in McLean, Virginia, has no security. None. Not even a fence or a guard dog or a No Trespassing sign. And his mother-in-law, who helps care for his young children, invited a total stranger — me — into his home without hesitation. I had gone to Prince’s home, together with two CODEPINK colleagues, assuming it would be empty. I’d read in the New York Times that Mr. Prince and his family had moved out of the country, fleeing from a series of civil lawsuits, criminal charges and Congressional investigations stemming from his company’s contracts in Iraq and Afghanistan. According to the news, “In documents filed last week in a civil lawsuit brought by former Blackwater employees accusing Mr. Prince of defrauding the government, Mr. Prince sought to avoid giving a deposition by stating that he had moved to Abu Dhabi [which is in the United Arab Emirates] in time for his children to enter school there on August 15.” Susan Burke, the lawyer seeking the deposition, announced that she was flying to the Emirates to find him. I had been feeling particularly upset about Blackwater lately. Seeing the combat troops leaving Iraq, I’d been thinking about the banner CODEPINK members held in countless anti-war vigils: “Iraq War: Who Lies? Who Dies? Who Pays? Who Profits?” Politicians lied about weapons of mass destruction, Iraqis and American soldiers died, U.S. taxpayers paid, and companies like Blackwater make a killing. In just a few years, Blackwater received over $1 billion in U.S. government contracts, contracts that accounted for 90 percent of its revenue. Erik Prince, the company’s sole owner, was now taking his profits, trying to sell the company and running away to the Emirates, a country that has no extradition treaty with the United States. So we decided to make a symbolic gesture of visiting his home in McLean to bid good riddance to bad rubbish. On Friday, August 20, five days after the Prince children were supposed to be starting their new lives as schoolchildren in the Emirates, we MapQuested the old McLean home and drove there, ready to take a photo with our “Adios Diablo Prince” sign and leave. But when we got there, to our surprise we could see through the window that the house was full of people and furniture. There were no moving boxes, no empty rooms. Could the new owners have settled in so quickly? Curious, I rang the doorbell and before I knew it, I was invited in and found myself inside the living room with a bunch of young children and several adults, who turned out to be grandma, grandpa and wife Joanna Prince. The rest happened very quickly. Joanna asked who I was and why I was there. I asked the same questions: Was this the Prince family and if so, why weren’t they in Abu Dhabi? She freaked, told the grandparents to call the police, and she pushed me out the door. We hung around outside waiting for the police. We wanted to assure them that there was no problem — that I had indeed been invited inside and left when asked to leave. In the meantime, I wrote a letter to Erik. Dear Erik Prince, On behalf of U.S. taxpayers, we say “Shame on You.” Through your company Blackwater, or Xe as you now like to call it, you made — or should I say stole? — hundreds of millions of dollars and your employees also killed innocent civilians in Iraq. You should be held responsible. Don’t run away to the Emirates to escape prosecution. Stay here in the USA and face the consequences of your actions, like a good Christian. Sincerely, Pinkwater When the police arrived, Joanna Prince lied and said I’d been told to leave the house and refused. I was arrested, charged with trespassing, held for 5 hours and forced to pay $500 in bail. I have to appear in court on September 28. So does Joanna Prince. Will she show up in court or will she — like her husband — run away to Abu Dhabi? Will the court subpoena her to appear? Will her husband, a man who shuns publicity, tell her that she is crazy to pick a public fight with CODEPINK (or Pinkwater, as we now call ourselves) and make her drop the charges? Will I be able to sue her for false arrest? Stay tuned for round two of Xe (formerly Blackwater) vs. Pinkwater (formerly CODEPINK). You can see the video of this episode here:

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Boeing gets 30 plane orders from Emirates

July 19, 2010

Boeing gets 30 plane orders from Emirates

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Video: Tony Hayward Visits Abu Dhabi as BP May Seek Support: Video

July 7, 2010

July 7 (Bloomberg) — BP Plc Chief Executive Officer Tony Hayward said he had a “very good” meeting with Abu Dhabi’s crown prince as analysts said the oil producer may be looking for support from Middle East investors. Hayward spoke to reporters as he left the United Arab Emirates after a 24-hour visit. Bloomberg’s Heidi Couch reports. (Source: Bloomberg)

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Dubai World Said to Offer a Shortfall Guarantee in $14.2 Billion Debt Plan

March 29, 2010

By Arif Sharif March 29 (Bloomberg) — Dubai World, the state-owned holding company seeking to restructure $14.2 billion of debt, offered creditors a so-called shortfall guarantee as part of a repayment plan, a person close to the Dubai government said. If the sale of Dubai World’s assets does not generate sufficient cash to repay loans, the government will make up the shortfall up to a certain level, said the person, who declined to be identified because the discussions are private. The guarantee clause was not outlined in Dubai World’s press statement on March 25 when the restructuring plan was announced. Dubai World, one of the emirate’s three main state-owned holding companies, and its property unit Nakheel PJSC are seeking to renegotiate terms on $24.8 billion of debt after the global credit crisis battered Dubai’s property market and hurt the ability of the emirate’s companies to raise loans. The Dubai government and its state-owned companies racked up $109.3 billion of debt, according to International Monetary Fund estimates, as the emirate sought to transform into a tourism, trade and financial services hub. Dubai World asked creditors March 25 to roll over outstanding debt into two new loans of five year and eight year maturities. Lenders will be paid their principal in full, although the interest rate on the loans is still being negotiated with the banks, Dubai World Chief Restructuring Officer Aidan Birkett said that day. Interest Rate Dubai World’s creditors will be paid interest below the market rate in cash, although that will be supplemented by a so- called payment-in-kind element, the person said. The person did not specify how much the payment-in kind was. Nakheel’s creditors were asked to extend loan maturities at interest rates linked to the Emirates interbank offered rate and the London interbank offered rate. Two of Nakheel’s Islamic bonds, which together raised $1.73 billion, will be paid in full when they mature this year and in 2011. The treatment of Dubai World and Nakheel’s creditors reflects the different levels of security and the legal positions of each creditor class, the person said. Dubai World’s lenders are unsecured, while lenders to Nakheel have recourse to the company’s assets, the person said. A spokesman for Dubai World declined to comment when contacted by Bloomberg News today. To contact the reporters on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

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UAE office rents ‘around the highest in the world’

February 8, 2010

08 Feb 2010 Commercial real estate rents in the United Arab Emirates (UAE) remain close to being the highest in the world, two new reports have revealed. According to global real estate firm Knight…

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A house built on sand

November 27, 2009

World, a large sovereign fund wholly owned by the emirate of Dubai, suspending the repayment of all its debt for six months. Interestingly, Dubai (one of the seven kingdoms which comprise the United Arab Emirates) has no oil reserves and therefore no

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Dubai’s Sheikh Mohammed Tightens Control of Investment Arm With New Board

November 21, 2009

By Henry Meyer Nov. 21 (Bloomberg) — Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum tightened his family’s control of the emirate’s largest holding company, the Investment Corporation of Dubai. A decree posted Nov. 19 on Sheikh Mohammed’s Web site listed six members of a new board. It didn’t include Mohammad al-Gergawi , Sultan Ahmed Bin Sulayem or Mohammed Ali Alabbar , three key business aides of the Dubai ruler who are currently named as directors on the investment body’s Web site . Al-Gergawi, Bin Sulayem and Alabbar were at the forefront of a debt-driven building boom in Dubai that collapsed after the onset of the global financial crisis last year. Dubai, the second-biggest of seven states that make up the United Arab Emirates, and its government-owned companies borrowed $80 billion to finance the emirate’s transformation into a financial and tourist hub before credit markets froze. Sheikh Mohammed will continue to chair the board of the investment body. His son, Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum, is the deputy chairman. Other members of the board, which will serve for three years, include Sheikh Ahmed bin Saeed Al-Maktoum, Sheikh Mohammed’s uncle, who is chairman of Emirates Airline. ‘Monopolization of Power’ “We’re seeing a monopolization of power by the ruler’s court,” said Christopher Davidson , a Middle Eastern studies professor at Durham University in the U.K. and author of the 2008 book “Dubai: The Vulnerability of Success.” “Sheikh Mohammed entrusted a section of the Dubai economy to these powerful captains of industry and he feels they let him down.” Bin Sulayem is chairman of Dubai World, a state-run holding company that controls port operator DP World Ltd., property developer Nakheel PJSC and asset management firm Istithmar World PJSC. It has about $59 billion of debt and other liabilities. Al-Gergawi is chairman of Dubai Holding, which owns developers including Dubai Properties, Tatweer and Sama Dubai. Alabbar is chairman of Emaar Properties PJSC . The reshuffle of the investment holding company follows a move earlier this month by Sheikh Mohammed to take direct control of the emirate’s planning and supervisory agency, as the government tightens scrutiny of indebted state companies. The agency, known as the Executive Office, set up in 2006, will now operate under Sheikh Mohammed’s court, according to a Nov. 4 statement. The Investment Corporation of Dubai will take control of Dubai Duty Free under the Nov. 19 decree. It already controls assets including Emaar, the U.A.E.’s biggest developer, Emirates Airline, Emirates NBD bank and Dubai Aluminium Co., the largest smelter in the Middle East. To contact the reporter on this story: Henry Meyer in Dubai at hmeyer4@bloomberg.net .

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Buying suppport returning for Dubai and Abu Dhabi properties

October 3, 2009

and investor Hines Interests said it was establishing a fund to buy up properties in the emirates. The distressed asset fund will have buying power of more than $1 billion from equity and borrowings to buy up discounted properties from distressed owners.

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Property bargains in Dubai running out

October 3, 2009

and investor Hines Interests said it was establishing a fund to buy up properties in the emirates. The distressed asset fund will have buying power of more than $1 billion from equity and borrowings to buy up discounted properties from distressed owners.

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Property bargains in Dubai running out

October 3, 2009

and investor Hines Interests said it was establishing a fund to buy up properties in the emirates. The distressed asset fund will have buying power of more than $1 billion from equity and borrowings to buy up discounted properties from distressed owners.

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Hines plans $1 billion UAE property fund: report

October 3, 2009

ABU DHABI (Reuters) – International real estate firm Hines plans to set up a $1 distressed asset fund focusing on the United Arab Emirates, a company official was quoted on Saturday as saying. Jurgen Herre, Hines

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