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Business United Arab Emirates

  • ABU DHABI, Oct 9- Emirates Aluminium, a joint venture between Abu Dhabi's Mubadala and Dubai Aluminium, has mandated three banks for a bond issue up to $1 billion, two banking sources familiar with the matter said on Tuesday. Emal has picked Goldman Sachs, Citigroup and local lender Abu Dhabi Commercial Bank, the sources said, declining to be identified.

  • The diner-style chain said on Tuesday it and regional partner Saleh Bin Lahej Group plan to open 40 restaurants starting next year across the United Arab Emirates, a seven-state federation that includes the cities of Dubai and Abu Dhabi.

  • *Iran says UAE claims are "baseless". The three islands of Abu Musa and Greater and Lesser Tunb sit near important oil shipping channels at the mouth of the strategic Strait of Hormuz and were claimed by the U.S.-backed Shah of Iran in 1971, just before the seven Gulf emirates won independence from Britain and formed the UAE.

  • "Our countries have exerted major efforts to restore global oil market stability, a feat that has actually been achieved," Saudi Oil Minister Ali al-Naimi told a meeting of Gulf Arab energy ministers in Riyadh.

  • CAIRO, Oct 9- Egypt has settled a row with a Dubai- based developer over a land contract reached when Hosni Mubarak was in power, a minister said on Tuesday, a deal that could help remove uncertainties that have depressed interest in the once-booming property market.

  • SINGAPORE, Oct 9- Asia's fuel oil cash differentials recovered on Tuesday as low prices helped to stir up buying interest. Cash differential for 180- centistoke fuel oil narrowed more than a dollar to a discount of 40 cents a tonne above Singapore spot quotes, the highest in three sessions.

  • Oct 9- Abu Dhabi Statistics Centre released the following September consumer price data for the Gulf Arab emirate on Tuesday. ABU DHABI CONSUMER INFLATION 09/ 12 08/ 12 09/ 11 pct change month/month 0.3 -0.1 0.4 pct change year/year 1.1 1.2 1.0.

  • DUBAI, Oct 9- Iran will manage to bring its high inflation lower and return to growth next year despite Western sanctions over its nuclear programme, according to projections from the International Monetary Fund.

  • AMSTERDAM, Oct 9- When Koen Olthuis finally landed his first job after graduating as an architect, his new firm wouldn't let him work on the most historic or prestigious accounts in Amsterdam's 17th century centre.

  • SEC, the Gulf's largest utility, has a 452 billion riyal, 10- year investment plan as it speeds up delivery of its power projects to meet state infrastructure demands.

  • ABU DHABI, Oct 9- Abu Dhabi Commercial Bank. has settled a $107.13- million legal claim it filed against indebted Zabeel Investments, which is owned by the crown price of Dubai, two sources said.

  • RIYADH, Oct 9- Saudi Arabia is satisfied that oil prices have fallen to a level that does not hamper global growth, Saudi Oil Minister Ali al-Naimi said on Wednesday, signalling success in a Gulf Arab effort to keep oil prices under control despite a halving of Iranian exports because of Western sanctions.

  • NEW YORK-- The price of oil rose more than 3 percent Tuesday on concerns about supplies from the Middle East and the North Sea. Benchmark crude gained $3.06, or 3.4 percent, to finish at $92.39 a barrel in New York. There is also concern that tensions between Turkey and Syria could escalate and disrupt supplies from the Middle East.

  • CANBERRA, Oct 9- Qantas Airways Ltd's chief executive said he was confident Australian regulators would approve a proposed alliance with Dubai's Emirates. Australia's biggest airline announced a 10- year alliance with Emirates last month that is currently under evaluation by the competition watchdog, the Australian Competition and Consumer Commission.

  • CAIRO, Oct 9- Egypt's new government is studying ways to develop the mobile telecoms sector, including the idea of issuing a licence for a fourth operator, though a decision will not be taken until the first quarter of 2013, the telecoms minister said on Tuesday.

  • DUBAI, Oct 9- Aluminum Bahrain and U.S. aluminum maker Alcoa said on Tuesday they had settled the Bahraini firm's racketeering and fraud suit against Alcoa in return for $85 million in cash plus long-term raw material supply contracts.

  • Following is a list of events in Malaysia as well as news company-related and market news which could have an influence on the local market.

  • rose 38 cents to $89.71 a barrel in early Asia trading, after dropping 55 cents the previous session. *Turkish President Abdullah Gul said on Monday the "worst-case scenarios" were now playing out in Syria and Turkey would do everything necessary to protect itself, as its army fired back for a sixth day after a shell from Syria flew over the border.

  • Oct 9- The Middle East and North Africa's oil exporting countries will see economic growth accelerate in 2012 to 6.6 percent, mainly due to a strong rebound of activity in Libya, the International Monetary Fund said on Tuesday.

  • NEW YORK-- Qatar Airways is joining an alliance of airlines including American Airlines, British Airways and nine other carriers that coordinate routes and allow passengers to earn frequent flier miles on each other's flights.