 Growth in key vertical industries as well as significant investment by some of the region's fast-growing businesses are creating new opportunities for the world's leading technology companies, such as Microsoft, particularly as the Middle East's economies continue to shine against a backdrop of global economic slowdown. Rapid development in sectors including energy, banking, government services, transport and hospitality are all creating significant 'Greenfield' investments in technology solutions, as companies look to build the infrastructure to support a growing number of customers and employees. In the field of Customer Relationship Management (CRM) software alone - solutions designed to manage information regarding a company's interaction with customers and prospective customers - growth rates in investment surged by 40% in 2007, according to international research group Gartner. Major names in the business solutions industry, including Microsoft Dynamics, are looking to capitalise on this global growth with a strong presence at GITEX TECHNOLOGY WEEK, which runs from 19 - 23 October 2008 at Dubai International Convention and Exhibition Centre (DICEC). |
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 Azizi Investments this week launches Almasa One, the second phase of its commercial offering Al Furjan in Dubai. The office tower has 162,452 sq ft of commercial space, in units of 1,250 sq ft and above. Azizi says it is targeting small and medium enterprises or branch locations for larger companies. It will include a 2,500 sq ft conference hall, parking and retail and restaurant facilities. In June, the company launched Almasa Two, claiming it sold out in one day. |
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Crude oil prices fell to a three month low as weather forecasters predicted that a storm in the Gulf of Mexico would miss offshore production facilities, according to Bloomberg. Crude oil fell $3.69 to end at $121.41 a barrel in New York, the lowest close since 5 May. |
 Realty Capital Middle East FZ LLZ has promised to cooperate with Al Naboodah, main contractors for its Dh1 billion ‘i-Rise' project currently under construction in TECOM Site C in Dubai to improve the resources and to ensure on-time delivery of the commercial real estate development despite global shortage of building materials. Marwan Mansour, CEO, Realty Capital, said, "We have impressive growth plans which do not leave room for delays to i-Rise. The recent resources augmentation keeps our construction on track and reduces the impact of restricted construction material supplies". Realty Capital Middle East FZ LLC is a strategic real estate partnership between Rasmala Investments, Dubai-based investment bank and Khayyat Investments, UAE-based group with a wide range of national and regional activities. |
 DAMAC Properties, a leading real estate developer in Dubai, assigns a Dh10.72 million enabling works contract to International Foundation Group for its Lincoln Park project (plots 12, 16 and 25) at Arjan. IFG is Dubai's foremost deep foundation specialists and has completed several developments for DAMAC Properties in the last 2 years. The project is scheduled to be completed by mid 2010. Mr. Peter Riddoch, CEO DAMAC Properties said: "Lincoln Park is a mixed Chicago architecture style at Arjan, the master plan development by Mizin, within Dubailand. This white architecture with blue sky as a backdrop, best describes Lincoln Park at Arjan." Arjan is a real estate development within Dubailand that has been designed to suit the lifestyle of high-flying professionals. It is located on Emirates Road, providing easy access to all visitors. The property is just 10 minutes from Dubai International airport and 60 minutes from the UAE Capital city - Abu Dhabi. |
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Cisco Systems Inc. said Tuesday that sales would be weaker than analysts had forecast in the next few quarters, but investors who had expected worse were cheered.
The world's largest maker of computer networking gear said orders would grow 8 percent in the current quarter, as customers, particularly telecom carriers, pinch their money.
Investors had been expecting the weak economy to catch up to the company. It's the dominant player in an industry that has been growing dramatically, but at the same time, its routers and switches are capital investments, the kind that suffer in an economic downturn.
Cisco shares were up $1.58, or 7 percent, at $24.25 in extended trading after the release of the results. The stock has slid from the year's high of $27.72 set June 5 as investors prepared for a weak forecast.
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Freddie Mac said Wednesday it swung to a second-quarter loss that was more than three-times larger than Wall Street expected as more homeowners fell behind on their mortgage loans.
Including preferred dividends, the company said it lost $821 million, or $1.63 a share, for the quarter that ended June 30, compared with a profit of $729 million, or 96 cents a share, in the year-ago period.
Otherwise, the quarterly loss for common-stock shareholders was $1.05 billion, down from a $632 million profit last year.
Revenue fell to $1.69 billion from $2.34 billion.
Stock analysts surveyed by Thomson Financial expected a loss of 53 cents a share on $2.18 billion in revenue.
During the quarter, the company set aside $2.5 billion for credit losses as delinquency rate and foreclosures increased — more than double what it had reserved in the first quarter.
Freddie's cash cushion against losses also shrunk, falling to $37.1 billion, or $2.7 billion more than the 20 percent surplus required by its federal regulator.
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Anglo-Swiss mining giant Xstrata PLC said Wednesday it was making a $10 billion cash offer for Lonmin PLC, the world's No. 3 platinum producer. The move sent Lonmin shares soaring 47.7 percent to 34.25 pounds ($66.92) on the London Stock Exchange, but the company immediately rejected the offer as not high enough.
"This is an opportunistic and entirely unwelcome attempt to acquire Lonmin at a price which undervalues its unique assets," Lonmin said in a statement.
The London-based company urged shareholders not to sell, adding it would make further announcements shortly.
Analysts said Lonmin would struggle to fend off a hostile takeover unless another bidder came to the rescue.
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Etihad Airways has announced firm orders for 45 Boeing aircraft at the Farnborough International Airshow in the UK. The list price for the order is more than US $9 billion.
The Abu Dhabi-based national airline of the United Arab Emirates has signed contracts for:
• 35 B787 aircraft. The engine type is subject to further discussions
• 10 B777-300ER aircraft, powered by GE90 engines
There are also options for a further 25 Boeing 787s and 10 Boeing 777s. In addition, Etihad Airways has agreed purchase rights for a further 10 Boeing 787s and five Boeing 777s. Aircraft deliveries will begin in 2011 and be completed in 2020. |
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