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Dubai's Emaar Properties says profits to quadruple by 2018 DUBAI: Emaar Properties, Dubai's largest listed real estate developer, predicted on Wednesday that its profits would more than quadruple by 2018 as the emirate's economy booms and the company's overseas business expands.The company, about 29 percent owned by the Dubai government, is seen by many investors as a proxy for the emirate's economy, which relies heavily on real estate development, tourism and the retail industry - sectors in which Emaar is a major player.The company's optimism underlines Dubai's strong recovery from its 2008-2010 real estate market crash. Average residential property prices jumped 33 percent from a year earlier in the first quarter of 2014, according to consultants JLL.Emaar chairman Mohamed Alabbar told the company's annual general meeting, a lavish evening event held outdoors by the Burj Khalifa, the world's tallest skyscraper which was built by Emaar, that he expected net profit to hit 3.07 billion dirhams ($837 million) this year.That ...

Boeing lifts profit outlook as jetliner demand booms WASHINGTON: US aerospace and defense giant Boeing raised its 2014 profit outlook Wednesday despite a first-quarter profit slide, citing strong demand for its new jetliners.A sharp rise in pension costs from a change in retirement plans offset Boeing's robust commercial aircraft deliveries as airlines seek to renew aging fleets with more fuel-efficient jetliners.Boeing posted net profit in the first quarter of $965 million, down 12.7 percent from a year ago but nevertheless better than analysts ...
Sweden Investor group announces sharp Q1 profit drop STOCKHOLM: Swedish investment giant Investor on Wednesday said its first-quarter profits slumped by a quarter, underlining the Nordic country's vulnerability to international instability. From January to March 2014 the group one of the largest investors in Nordic-based multinationals including Saab, Atlas Copco and Ericsson reported a 25 percent drop in profits from a year earlier to 12.14 billion kronor ($1.85 billion, 1.34 billion euros).However the group's net asset value, at 227,584 billion kronor grew by ...
Delta Air expects Trainer refinery to post profit in 2nd quarter NEW YORK: Delta Air Lines said on Wednesday it expects its 185,000-barrel-per-day refinery in Trainer, Pennsylvania, to be profitable in the second quarter of 2014.The refinery, run by Delta subsidiary Monroe Energy LLC, produced 50 percent distillate refined products in March, which includes diesel and jet fuel, after first-quarter work on one of the refinery's crude units, Delta's chief financial officer, Paul Jacobson, said on a conference call.A 90,000-bpd crude unit at Trainer underwent planned ...
Michelin sales fall on currency, pricing pressures PARIS: Michelin's first-quarter revenue fell 2.4 percent as weaker prices and emerging-market currencies outweighed sales volume growth, the French tyre maker said on Wednesday.Revenue fell to 4.758 billion euros ($6.58 billion) in January-March from 4.877 billion in the year-earlier period, Michelin said in a statement.Demand for car and truck tyres improved in most markets except eastern Europe, Michelin said, but foreign exchange effects wiped 4.6 percent off revenue, exacerbated by tougher price competition led by ...
Toyota sells record 10 million vehicles in year to March TOKYO: Japan's Toyota, the world's biggest auto maker, sold more than 10 million vehicles in the year to March for the first time, it said Wednesday, with last-minute buying ahead of a sales tax increase at home helping it break the key level.The announcement comes despite the firm struggling to recover its reputation for safety after the recall of millions of cars around the world for various problems.The firm said it shifted 10.13 million units ...
Renault freezes Russian auto project, blames ruble's slump PARIS: French automaker Renault has frozen a project to make commercial vehicles with Russian company Zil because of the fall of the ruble, a Renault spokeswoman said on Wednesday."Due to the weakening of the ruble, Renault has frozen this project at this time and tries to find a solution to do the project profitably,", the spokeswoman told AFP.Renault was studying whether it should make commercial vehicles in Russia and Zil offered one way of doing ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln