Emirates Islamic Bank posts Q4 profits

Emirates Islamic Bank (EIB) has announced its profit rates on customer investment deposits for the fourth quarter of 2008. The bank announced the new rates (per annum) at 6.3% for under two years, 6.25% for one year, 6.15% for nine months, 6.1% for six months and 6.075% for three months. These rates are among the highest returns in the country.

Dubai's new airport delayed until mid-2010

Dubai's new airport has been delayed for a year, opening in mid-2010 rather than the middle of this year, according to a top Dubai Airports executive.

The hold up for Al Maktoum International has been caused by the lack of a license from the General Civil Aviation Authority (GCAA), which is required to start operations, according to UAE daily Emirates Business.

Paul Griffiths, chief executive of Dubai Airports said: "We were hoping to receive our license from GCAA sometime this year. But it has got delayed and we do not see it happening now until mid-2010.”

Funds urged to invest at home

Sovereign wealth funds should begin moving some of their foreign reserves into local companies, says Abdul Aziz Abdullah al Ghurair, the chief executive of Mashreqbank.

Speaking at the World Economic Forum in Davos, Switzerland, he joined other economic leaders in calling for the funds to help meet financing needs, which have intensified since the onset of the financial crisis.

Mr al Ghurair, who is also the Speaker of the Federal National Council, urged the Government to use sovereign wealth funds (SWFs) and “other governmental tools” to pump “more liquidity into the banking system, so banks can continue lending and keep the economy turning”.