ABU DHABI, Jan. 12 (Xinhua) -- Authorities of Dubai, a member of the seven-strong federation United Arab Emirates (UAE), would employ advisors for its plan to privatize the emirate's power generation and water desalination sectors, a local business journal reported Tuesday.

People walk in front of the Burj Dubai, the world's tallest tower, in Dubai January 3, 2010. Started at the height of the economic boom and built by some 12,000 labourers, the world's tallest building will open on Monday in Dubai as the glitzy emirate seeks to rekindle optimism after its financial crisis. (Xinhua/Reuters Photo) Photo Gallery>>>

    The move was aimed at promoting Dubai's competitiveness, Arabian Business quoted Dubai Electricity and Water Authority (DEWA) as saying in a statement.

    DEWA was "working to attract advisory services offers for privatization," the statement said.

    Saeed Mohammed Al Tayer, managing director and CEO of DEWA, said he was keen to get the private sector involved in power and water generation.

    Both UAE and foreign companies would be encouraged to invest in the industries, while strict legislation would control future pricing and regulations relating to emissions, he added.

    According to Al Tayer, DEWA would continue to complete its water and power projects while the process of privatization is implemented. He did not give a date for when privatization would happen.

    "Since the introduction of an Independent Producer of Water and Power Producer (IWPP) requires time for implementation, therefore, DEWA will continue to meet the growing needs and demand for power and desalinated water in Dubai," he said.

    DEWA serves nearly 600,000 customers in Dubai, according to Arabian Business.

Burj Dubai features world's highest elevators

    BEIJING, Jan. 4 (Xinhuanet) -- When the Burj Dubai tower opens Monday, there will not be a single elevator to carry people to the 160th floor. Instead they will have to change. No elevators are installed to travel all 160 floors of the 818 metre tall tower. Instead, they are strategically grouped to align with the floor layout, offering passengers a direct express service to their destination by bypassing other floors. Full story

Abu Dhabi provides $10 bln to cover Dubai World's debt

    ABU DHABI, Dec. 14 (Xinhua) -- The Abu Dhabi government has agreed to fund 10 billion U.S. dollars to Dubai to meet upcoming obligations on the state-owned conglomerate Dubai World, the official news agency WAM reported Monday.

    "The government of Abu Dhabi has agreed to fund 10 billion dollars to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World," Sheikh Ahmad bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee (SFC), was quoted by the report as saying. Full story

Unified currency, Dubai debt woes to top GCC summit: Kuwait official

    CAIRO, Dec. 12 (Xinhua) -- Ratification of a monetary union agreement as well as Dubai debt woes will top the agenda of the 30th Gulf Cooperation Council (GCC) summit due to kick off in Kuwait City on Monday, a Kuwait official said.

    The six GCC member states are keen on going ahead with the monetary union, which will help facilitate internal trade and promote cooperation, Kuwaiti ambassador to Egypt Rashid al-Hamad said in a recent interview with Xinhua. Full story

Dubai to fulfill commitments inside UAE, abroad: official

    ABU DHABI, Dec. 7 (Xinhua) -- The Dubai government is capable of honoring and meeting its commitments inside and outside the United Arab Emirates (UAE), a senior official said Monday.

    A distinction should be made between the Dubai government and Dubai World, one of Dubai's largest and most important conglomerates, Abdul Rahman Al Saleh, director general of Dubai Finance Department, told al-Jazeera TV, according to the official news agency WAM. Full story

Dubai crisis rings bells of prudent investment

File photo shows Kuwaiti traders follow the market's movement at the Stock Exchange in Kuwait City Dec. 1, 2009. (Xinhua File Photo/Noufal Ibrahim) Photo Gallery>>>

    JERUSALEM, Dec. 6 (Xinhua) -- Until last month, Dubai was acclaimed worldwide as an exotic Manhattan on the sea, with huge skyscrapers towering in desert sands alongside golden beaches crowded with stunning hotels and upscale shopping malls.

    Unsurprisingly, news of the financial collapse of the emirate's key construction firms came as a shock to many, but as far as regional economists were concerned, the Dubai bubble had been ready to burst for some time. Full story

Special Report:  Global Financial Crisis