City News

About 20 jailed foreign businessmen have gone on hunger strike in Dubai to protest against lengthy sentences for writing cheques that bounced, a criminal offence in the United Arab Emirates. More >

Dubai’s Nakheel Properties plans to issue more debt in June, the developer said on Monday, after it posted a 30 percent rise in earnings in 2011 and forecast a recovery in the emirate’s real estate market this year. More >

Dubai’s shipyard operator DryDocks World has filed a claim with a special tribunal in the city-state in an effort to drive through a $2.2 billion debt restructuring backed by most of its lenders. More >

Hall of Fame trainer Bob Baffert had a heart attack early Monday in Dubai where he was preparing to run Game On Dude in the $10 million Dubai World Cup. More >

Last year Green Prophet traveled to the United Arab Emirates to talk to locals about fish. After seeing reports of sharks being caught and sold openly, and watching The End of the Line, we leaped at an opportunity to make presentations at schools and public venues about unsustainable fishing practices. But our audience was sometimes less excited. More >

With revenues up 10 per cent to Dh18.7 billion in 2011, Majid Al Futtaim Holding (MAF) achieved its best results since inception in 1992. “In particular, strong performance in Dubai helped to offset any softness resulting from regional turmoil,” Iyad Malas, CEO of Majid Al Futtaim Holding, which launched a $1 billion (Dh3.67 billion) sukuk this month, said. It followed a $2 billion Reg S EMTN programme filed with the London Stock Exchange last June. More >

Dubai’s Emaar Properties, the emirate’s largest real estate developer, has put up its crown jewel asset – Dubai Mall – to secure $1 billion of lending to help refinance upcoming debt amid difficult funding conditions. More >

Dubai has for the first time raised the prospect of restructuring some bonds next year as the emirate and its state-related companies face a wall of $10bn in debt repayments. More >

Passenger traffic at Dubai International Airport grew by 7.3 percent year-on-year in October despite a drop in travelers for the Middle East region due to the ongoing political unrest, operator Dubai Airports said. More >

The Boeing 787 Dreamliner will make its first appearance in the Middle East at the Dubai Air Show this week after entering scheduled service in Japan last month, more than three years later than initially planned. More >