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The National Bank of Abu Dhabi's (NBAD) UAE Growth Fund has appreciated by 26 per cent, outperforming several funds globally to be among the top 25 funds worldwide, said officials.

International banks are once again playing a leading role in backing the bidders for Abu Dhabi's Umm Al Nar independent water and power project.

Two more Abu Dhabi outlets shut down

The engineering and consulting firm, Engineers India Ltd (EIL), has secured total contracts of Dh6.60 million ($1.8 million) in the one year since the re-establishment of its presence in Abu Dhabi, an official said.

Sharjah-based Crescent Petroleum has invested in a refining project in Pakistan through a joint venture with Pakistan's state-owned petroleum corporation, official sources said.

The International Fish Farming Co. (Asmak) is aiming to return to profits in the current year with production capacity going up to 5,000 tonnes by this year-end, mainly on the back of demand from EU markets.

Inter-Arab investments jumped $2.4 billion in 2001 alone, boosting the cumulative investments among the 22-nation Arab League to $17 billion between 1985 and 2001.

Malta to attract Gulf tourists

The Abu Dhabi Marine Operating Co (Adma-Opco), celebrating the 40th anniversary of the first oil shipment from the country, currently produces some 400,000 barrels of oil per day (bpd) at its two offshore fields, Zakum and Umm Shaif.

The sun is shining in its full glory, the breeze is crisp and cool as the ever-present turquoise blue waters shimmer to create ever-changing patterns. There is peace and quiet. And something faintly mysterious.

A war against Iraq by the U.S. and UK is unjustified and any regime change should be the prerogative of the Iraqi people and nobody else, I.K. Gujral, former Indian prime minister, said yesterday.

The UAE's first real estate investment fund, launched yesterday, plans to invest in the UAE and selective Middle East markets by cashing in on the strong property market in the UAE.