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Nakheel will pay only 65 percent of its debts

Nakheel will pay only 65 percent of its debts

Plus, Consumer confidence in UAE still high; Bahraini student jailed for hoax; Emirates launched ‘Kids Go Free’ promotion; DED to review Dubai’s liquidation procedure

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May 14, 2009 12:00 by



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Nakheel will pay only 65 percent on its debts

Dubai-based property developer Nakheel is offering consultants and contractors only…

Dubai-based property developer Nakheel is offering consultants and contractors only 65 percent of what they are due, the New Civil Engineer reports.<p>

<p> “One of the offers on the table is for firms to get 65% of their consultancy fees, with the understanding that in doing so, they waive their legal rights [to further payment],” said Nelson Ogunshakin, CEO Association for Consultancy and Engineering. <p>

<p>Nakheel received an undisclosed cash injection from the Dubai government in early May, as part of Dubai’s $20 billion bailout plan. <p>

<p>According to the publication, Nakheel refused to comment on the issue. <p>

http://www.nce.co.uk/news/business/nakheel-to-pay-a-fraction-of-debts/5201913.article

Consumer confidence in UAE still high

The UAE is among the top 10 countries in the Nielsen Consumer Confidence Index…

The UAE is among the top 10 countries in the Nielsen Consumer Confidence Index, a survey that tracks consumer habits, concerns and confidence levels among 26,202 internet users in 52 countries. The survey was conducted from March 19 – April 2, 2009.<p>

<p> “Global uncertainty in the economic environment coupled with jobs cuts, have brought down consumer confidence levels worldwide,” said Piyush Mathur, regional managing director, Middle East, North Africa and Pakistan, The Nielsen Company. “Consumers are not sure what to expect next. Despite the fall in confidence levels, UAE ranks in the top ten most optimistic countries and relatively speaking, we are much better off than most others.” <p>

<p>The UAE scored 89 points. <p>

<p>Indonesia topped the list at 104 points, followed by Denmark (102 points) and India (99 points). The world’s most pessimistic nations in the Nielsen Index are Korea (31 points), followed by Portugal and Latvia at 48 Index points. <p>

Bahraini student jailed for hoax

A Bahraini student has been sentenced to one year in jail and…

A Bahraini student has been sentenced to one year in jail and fined BD5,000 (AED48,700) for making a false bomb threat to his university, reports Gulf News. He called the College of Arts and the College of Business Administration at the University of Bahrain on April 12 and made the threats in order to postpone mid-term examinations.

http://www.gulfnews.com/news/gulf/bahrain/10313256.html

Emirates launched ‘Kids Go Free’ promotion

Emirates airlines has launched the ‘Kids Go Free’ promotion for the summer…

Emirates airlines has launched the ‘Kids Go Free’ promotion for the summer, from May 15 to September 20. The promotion allows one child under 16 years of age to fly for free, and two children to eat, stay and ‘play’ for free while in Dubai, provided they are travelling with two paying adults. <p>

<p> “We are incredibly excited about this exceptional deal – never before has Emirates launched such an innovative and competitive promotion. In these tough economic times it is important to provide families with a holiday option that allows them to escape and relax without the financial strain an international holiday can bring,” said Nabil Sultan, divisional senior vice president, Revenue Optimisation and Distribution Emirates. <p>

<p>A total of 33 hotels are participating in the promotion. <p>

DED to review Dubai’s liquidation procedure

The Dubai Department of Economic Development (DED) has met with…

The Dubai Department of Economic Development (DED) has met with chartered accountants in the emirate to discuss liquidation procedures, and how they can be improved.<p>

<p>Mohamed Ali Lootah, executive director, Corporate Quality Division, said: “This meeting is part of DED’s strategic plan to enhance cooperation with the private sector, leverage customers’ satisfaction and achieve the quality and excellence drive led by Dubai’s government.” <p>

<p> “By improving the liquidation procedure, we reduce time to undergo the liquidation process, regulate the procedure and strengthen the protection of companies, liquidators, and government rights alike.” <p>



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