UAE. Emirates Aluminum Company (EMAL), the joint venture equally owned by Mubadala Development Company (Mubadala) and Dubai Aluminum, announced today that it has closed its US$4.9 billion limited recourse bank financing. EMAL received over US$15 billion of commitments for the facilities, which consist of a US$1.8 billion, 16-year term loan, a US$270 million letter of credit facility and a US$2.8 billion six year equity bridge loan. Further financing for EMAL of up to US$2 billion is expected to be launched into the credit markets during the construction of the smelter, bringing the total
INTERNATIONAL. Boeing said it would further delay the delivery of its first 787 Dreamliner until early next year after citing delivery problems with the Rolls-Royce engines.
INTERNATIONAL. Having a truly local operation will enable Univar to strengthen existing relationships and improve its value-added proposition to customers and suppliers.
UAE. Equity earnings were US$244 million, double the amount in the same period of 2009, driven by strength in Dow Corning and the Company's joint ventures in Kuwait.
OMAN. OCTAL was evaluated on its commitment to quality management, proactive approach towards customer satisfaction and continual improvements in all aspects of its resin production.
INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.
INTERNATIONAL. Masood Ahmed, Director of the IMF's Middle East and Central Asia Department, described the flooding as a "human catastrophe that is still evolving." Reconstruction costs expected to run into billions of dollars.
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