Greece Strikes Deal on Austerity Plan

Greece Strikes Deal on Austerity Plan

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Greece has reached agreement with its international creditors on new austerity measures necessary to release fresh bailout funds. If passed, Greece will impose 13.5bn euros of cuts. Prime Minister Antonis Samaras said, "If this deal is approved…
UAE Signs Air Services Agreement with El Salvador

UAE Signs Air Services Agreement with El Salvador

(Dubai) - UAE represented by the General Civil Aviation Authority (GCAA) has signed an air services Memorandum of Understanding (MoU) and an Air Services Agreement (ASA) with the Government of the Republic of El Salvador. The Memorandum was…
UAE, Ireland Discuss Higher Trade Exchange

UAE, Ireland Discuss Higher Trade Exchange

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(Dublin) - Minister of Economy, H.E. Sultan Saeed Al-Mansoori and Chief Executive Officer of Enterprise, Ireland Frank Ryan discussed enhancing the UAE's capabilities in various spheres such as small and medium size enterprises (SMEs), exchanging…
UAE, Japan Sign Treaty on Taxation

UAE, Japan Sign Treaty on Taxation

(Tokyo) - The UAE and Japan have signed an initial agreement to avoid double taxation on income. The agreement was signed at the Japanese Ministry of Finance in Tokyo, on behalf of the UAE, by Khalid Ali Al Bustani, Assistant Undersecretary…
US duo wins Nobel Economics Prize

US duo wins Nobel Economics Prize

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(Stockholm) - US scholars Alvin Roth and Lloyd Shapley won the Nobel Economics Prize for their work on the functioning of markets and how best to match supply and demand.The two were honored for "the theory of stable allocations and the practice…
GCC shielded World Economy from ‘Serious Damage’: Lagarde

GCC shielded World Economy from ‘Serious Damage’: Lagarde

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(Riyadh) - Christine Lagarde, Managing Director of the International Monetary Fund (IMF), has issued a statement lauding the Gulf nations’ pragmatic oil stabilization policies for safeguarding the global economy from falling into an inflationary…
Sheikh Maktoum bin Mohammed opens Cityscape

Sheikh Maktoum bin Mohammed opens Cityscape

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(Dubai) - H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, officially inaugurated the 11th edition of Cityscape Global, the Middle East’s largest and most influential international real estate event. Taking place…
Emirates Becomes World’s Top Airline Brand

Emirates Becomes World’s Top Airline Brand

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(Dubai) - Dubai-based Emirates Airline has become the world’s Most Valuable Airline Brand, according to Brand Finance’s Global 500 brand study which will be unveiled at the Global Travel Marketing Forum in Dubai. Media statement issued by…
Saudis offers extra oil to control prices

Saudis offers extra oil to control prices

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(Riyadh) - As a sign of the world's largest exporter being worried about the impact of rising oil prices on the global economy, Saudi Arabia has offered its main customers in the US, Europe and Asia extra oil supplies. Last month, Group of Seven…
Dubai-EU Trade hits $21 billion

Dubai-EU Trade hits $21 billion

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(Dubai) - Dubai’s trade volumes with the European Union (EU) increased marginally to Dhs77.2 billion during the first half of the year 2012, according to the latest foreign trade report released by Dubai Customs. While Dubai’s imports from…
Emirates Ink Partnership with Qantas Airways

Emirates Ink Partnership with Qantas Airways

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(Sydney) - Australia's Qantas Airways Ltd. has signed a 10-year partnership with Emirates Airlines. According to the terms of partnership agreement, Qantas will move its hub for European flights from Singapore to Dubai, and coordinate with Emirates…
UAE jumps in Global Economic Ranking

UAE jumps in Global Economic Ranking

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(Dubai) - UAE became the only Arab country holding third and the most advanced stage of competitiveness in the Global Competitiveness Report 2012-13 released by the World Economic Forum. The Global Competitiveness Report ranked UAE 24th out…
China Eagerly buying up American Assets

China Eagerly buying up American Assets

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(Beijing) - Facing a sharp economic slowdown at home, Chinese companies are buying U.S. assets at a record pace, making huge bids for American energy, aviation, entertainment and other businesses. The increase in investment of $8 billion this…
Russia becomes 156th member of WTO

Russia becomes 156th member of WTO

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(Moscow) - After years of negotiation, WTO finally announced inclusion of Russia in the Organization. With its formal accession, Russia becomes the 156th country to join WTO, an organization that sets global trade rules and enforces trade agreements. Until…