International Business Opportunities

CARE has assigned ‘CARE BBB-’ rating to the long/medium term bank facilities worth Rs 25 crore of RS Software (India) Ltd.
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According to real estate broker Knight Frank LLP, about 40% of Dubai’s office space is currently empty after the emirate’s construction spree outpaced demand, Bloomberg has reported. Vacant office space totals 10 million square feet, the broker said. If developers meet current completion dates, total office space will double to about six million square metres by the end of 2011, according to research by broker Colliers International, which also put the vacancy rate at 40%.


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Emaar, Dubai’s largest listed real estate firm, has said it was committed to completing all projects it has previously announced in Egypt, Reuters has reported. ‘Egypt is one of the key markets for Emaar, and we remain committed to completing all announced projects,’ Emaar Misr said in a statement. The developer’s projects in Egypt include Uptown Cairo, Mivida and Marassi.
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The quest to find out what happened to Michael Jackson in his final hours on and celebrate his legacy elevated the late entertainer to the top of the Internet company’s annual breakdown of the most frequent online search requests.
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Damas International has said that the announcement of its 2009 interim results has been delayed due to national holidays. Damas has asked Nasadaq Dubai voluntarily to suspend the trading of its shares pending the interim results announcement, the company said in a statement.


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Saudi Arabia-based Zamil Group Holding Co. and US-based Petrofac have signed a joint-venture agreement to create and operate a new service centre facility in Saudi Arabia, Gulf Daily News has reported. The service centre will provide a range of capabilities covering oilfield and process plant equipment, including the overhaul, maintenance and repair for process equipment, as well as the manufacture of spare parts, component reconditioning, assembly of third-party equipment and field-service support. Petrofac operates similar facilities in the UAE.


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Techno Park, the Economic Zones World subsidiary, has signed an agreement with Torishima Pumps, the Japan-based suppliers of pumps for desalination, power, water, wastewater and process markets, to set up its service facility at Techno Park. The new service facility will help deliver sustainable water and power solutions to the region in addition to providing spares, repair, service and technical support.
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Indian software-services firm Mahindra Satyam said on Tuesday it would expand its operations in Malaysia as part of its international expansion plans.
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The World Bank has said that it has barred a Russian subsidiary of Germany’s Siemens from participating in bank projects for four years, citing evidence of fraud and corruption.
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Arab News Dec 1 2009 12:54AM GMT
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