Dubai identifies suspects in killing of Hamas leader

The authorities in Dubai say they have identified several “European passport holders” as suspects in the killing of a Hamas military commander last week.
Preliminary investigations indicated Mahmoud al-Mabhouh was murdered by “a professional criminal gang” which followed him there, police said.

The suspects are thought to have fled the United Arab Emirates.

Hamas claims Israel killed Mr Mabhouh, a founder of the Izzedine al-Qassam Brigades. Israel has not commented. BBC

Israel accused of assassinating a Hamas leader in Dubai

Hamas accused Israeli agents on Friday of assassinating a veteran operative of the Palestinian militant group, saying he was electrocuted last week in a Dubai hotel room.
It identified the man as Mahmoud al-Mabhouh, one of the founders of Hamas’ military wing that has been responsible for hundreds of deadly attacks and suicide bombings targeting Israelis since the 1980s. It said he was 50 years old.
Israel’s government had no immediate comment. AP

Iran freed a Syrian journalist detained 2 weeks ago

Iran has freed a Syrian journalist working for Dubai television who was detained in Tehran two weeks ago, his employer Dubai Media Incorporated (DMI) said on Sunday.
Reda al-Basha, 27, the DMI’s Tehran news correspondent for about one year, was not on assignment when he went missing near his home on December 28, DMI Managing Director Ahmad Abdulla al-Shaikh said in a statement.
Earlier on Sunday, Tehran General Prosecutor Abbas Jafari Dolatabadi told the semi-official Fars News Agency the journalist had been freed.
Basha was arrested the day after eight people were killed in clashes between security forces and supporters of opposition leader Mirhossein Mousavi on Ashura, a day of ritual Shi’ite mourning.

Dubai renames its tallest building: Khalifa Tower

Sheikh Mohammad Bin Rashid al Maktoum, ruler of the emirate of Dubai renamed the Burj Dubai tower , the tallest building in the world “Khalifa Tower” in recognition of the role Sheikh Khalifa bin Zayed al Nahyan , president of the UAE and ruler of Abu Dhabi played in rescuing Dubai from financial collapse

Dubai reaches for the sky

The Arab emirate’s colossal, multibillion-dollar skyscraper, Burj Dubai, opens for business Monday, stretching 168 stories and 2,684 feet ( 818 meters) into the desert sky.
“No question, the tower is going to be a huge draw for people who want to get up there,” said George Efstathiou, Burj Dubai’s lead architect and managing partner for the Chicago, Illinois, architecture firm Skidmore, Owings & Merrill.
(The other tallest buildings, in order, are Taipei 101 in Taiwan, Shanghai World Financial Center in China and Petronas Towers 1 and 2 in Malaysia, according to the Council on Tall Buildings and Urban Habitat, the world’s arbiter of building height.) CNN

World’s tallest tower will open Monday in Dubai

Started at the height of the economic boom and built by some 12,000 laborers, the world’s tallest building, Burj Dubai, will open on Monday in Dubai as the glitzy emirate seeks to rekindle optimism after its financial crisis. Reuters

GCC countries are set to convene in Kuwait amid economic crisis

Leaders of the Gulf Cooperation Council (GCC) countries are set to convene in Kuwait City next week amid economic crisis that left one of its prominent hubs in deep debt.
The leaders are expected to discuss a wide range of issues at the upcoming 30th GCC summit that will kick off on Monday, with Dubai debt crisis likely topping the agenda.
The emirate, once dubbed “the Singapore of the Middle East,” announced on Nov. 25 that it had to request to halt payment of its 59-billion-dollar debt for at least six months, raising fears of the impacts of the halt on other Gulf countries.
Experts expected a tangible drop in profits of several banks in the region due to high provisions against exposure to Dubai debt, warning that a severe crisis is likely to hit the Gulf financial system.

Dubai utility faces $2B debt demand

The credit downgrades of Dubai’s government-owned companies have triggered an accelerated payment clause on a $2bn debt issued by the emirate’s utilities provider, Dubai Electricity and Water Authority. FT

Dubai faces gradual exodus of expatriate workers

The shock news of Dubai’s debt crisis is not expected to spark an immediate surge in redundancies in the once-booming desert metropolis, but a gradual exodus is likely as workers’ contracts expire and the lack of new projects means they are unable to find new jobs. Source: AFP

Dubai tries to calm panicky investors

Dubai’s leader tried to calm panicky investors Tuesday as regional markets tumbled for a second day on news that the city-state’s chief conglomerate needs to delay payments on its $60 billion debt for six months.
Dubai’s ruler, Sheik Mohammed bin Rashid Al Maktoum, tried to reassure investors in his first public statement about Dubai World’s debt crisis. “Our economy is strong and solid and consistent,” he told Al-Arabiya satellite television, adding markets were overreacting because of “a lack of understanding about what is happening in Dubai.” He did not elaborate. Source: AP