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Saturday, 18 April 2009

Former Thai PM reveals Dubai telecoms plan

Former Thailand prime minister Thaksin Shinawatra has revealed that he plans to spend some of the proceeds from his sale of Manchester City Football Club to set up a telecoms company in Dubai.

Thaksin, who made millions from telecommunications before entering politics, said he wants to establish a telecommunications consulting business in one of the emirate's many free economic zones, Reuters reported in the UK.

Thaksin's considerable assets have been frozen in Thailand. He said he would leave Dubai soon, having stayed in the desert emirate for over a month already, travelling on a Nicaraguan diplomatic passport.

Oman and Brunei establish $100m investment fund

Oman and Brunei signed a memorandum of understanding (MoU) setting up a joint investment fund with a capital of $100 million to be shared equally by the two countries.

The MoU, inked on Thursday at Al Alam Palace, was signed on behalf of Oman's government by Ahmad Bin Abdul Nabi Macki, Minister of National Economy and Deputy Chairman of Financial Affairs and Energy Resources Council and for Brunei's government by Behen Major General (retired) Dato Awang Haj Mohammad Bin Haj Dawood, Minister of Energy.

In a statement, Macki said the fund will be headquartered in Oman and will target available investment opportunities in the two countries in various fields including trade, industry and tourism.

MGM, Dubai World agree to finish CityCenter complex: WSJ (Comments)

MGM Mirage Makes $70M CityCenter Payment >MGM

MGM Mirage (MGM) paid $70 million, including the 50% owed by partner Dubai World, to ensure that construction continues at its CityCenter development in Las Vegas.

The payment, the second in three weeks that covers both parties' obligations as they battle their relationship in the courts, comes as MGM tries to avoid pressure have the $8.6 billion development - and possibly the company itself - file for bankruptcy to restructure debt.

MGM got some breathing room from lenders Monday when it amended its senior credit facility, giving it the ability to pay the construction costs.