IDEX weapons exhibit in Abu Dhabi as the Middle East erupts

Amid a bloodbath in Libya and the Arab world in turmoil amid much Western hand wringing about selling weapons to dictatorial Arab regimes, the world’s arms dealers are touting their wares at the Middle East’s biggest defense exhibition in Abu Dhabi.

The 10th International Defense Exhibition — IDEX 2011 — opened in the Persian Gulf state Sunday showcasing military equipment and services by more than 1,000 companies. (more…)

Sex and the City rejected by Abu Dhabi

Carrie Bradshaw and her friends are packing their suitcases, putting on their high heels and heading to Abu Dhabi, where luxury hotels and pristine beaches serve as a glamorous backdrop for their next adventure. But the “Sex and the City” sequel was actually filmed thousands of miles away in Morocco, because the film’s premise is just too racy for the conservative, oil-rich capital of the United Arab Emirates. In fact, officials in the Muslim country’s capital may decide the movie is too sexy for their city. (more…)

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

UAE pledged $650 million to help Yemen

The UAE Government yesterday pledged Dh2.4 billion (US$650 million) to help Yemen reverse the instability that blights the country.
The grant is one of the largest ever made by the Abu Dhabi Fund for Development (ADFD).
The money will be spent on development projects in Yemen covering infrastructure, energy, water, transport and education.
The fund was announced after an agreement was signed by the Foreign Minister and vice chairman of the ADFD, Sheikh Abdullah bin Zayed, and his Yemeni counterpart, Abu Bakr al Qirbi.
“The grant reflects our commitment to the sustainable development of Yemen,” Sheikh Abdullah said in a statement yesterday. “The support contributes to ensuring the long-run stability of the diverse communities in the region, which is interlinked to socio-economic prosperity.” The National

Stocks in Dubai and Abu Dhabi fell sharply for a second day

Stocks in Dubai and Abu Dhabi fell sharply for a second day. The Dubai Financial Market’s main index closed down 5.6% Tuesday, after falling 7.3% the previous day. Abu Dhabi shares closed 3.6% lower. Shares in Qatar and Kuwait were also hit, with benchmark measures down 8.3% and 2.7% respectively.

Abu Dhabi’s ruler and President of the U.A.E. Sheik Khalifa bin Zayed Al-Nahyan tried to ease concerns Tuesday that Dubai’s debt crisis could undermine the country’s economy. His comments fell short of an unequivocal statement of financial support for Dubai’s struggling companies.

Abu Dhabi eases fears about debt default by Dubai

Dubai’s debt risk, after jumping the most last week since January, is still below the level signaling a potential failure as investors expect the emirate will be rescued by oil-rich neighbor Abu Dhabi. Source: Bloomberg