Tamweel's deputy group chief executive, Mr. Abdullah Nasser Abdullah has been arrested by Dubai police in a corruption investigation. (Gulf News)

The UAE ranks was ranked 16th among 52 countries in the World Economic Forum's inaugural Financial Development Index. The rankings consider several factors including; business environment, financial stability, size and depth of capital markets, and ease of access to capital. (Gulf News)

Amlak Finance (Qatar) announced yesterday that it has received a Qatar Central Bank license to commence operations. The company is JV with the Qatari Barwa Real Estate Company with Amlak Finance holding a 40% stake. (Gulf News)

Ras Al Khaimah for White Cement and Industry’s BOD approved the construction of a cement factory in Ras Al Khaimah. Production is expected to commence in 1Q09 with a production capacity of 20 million tons per year. (ADX)

Gulf General Investment (GGICO) has announced the acquisition of Lloyds Engineering Company, a company specialized in steel design and fabrication providing also oil field services. (DFM)