Abu Dhabi National Energy’s (Taqa) BOD approved the following; i) the conversion of its AED4.15 billion convertible bonds to AED2.075 billion, increasing the company’s paid in capital to AED6.225 billion, and ii) amend the article of association to reflect the increase in capital. (ADX)

Tamweel reassured that the investigations with its deputy executive will have no impact on the operations and financial strength of the company. the company also stressed the investigation will have no impact on the company’s previously disclosed financial results, including most recently announced 1H08. (DFM)

Emirates NBD launched its home loan financing scheme in Abu Dhabi to tap the robust real estate market. The bank is offering mortgages for Abu Dhabi-based properties with an interest rate linked to the EIBOR, which stands at 3.1%. According to the bank’s executive vice president, Emirates NBD's mortgage portfolio amounts to AED5 billion representing less than 5% of the bank’s lending portfolio, and 20% of its consumer lending book which he expects to grow aggressively to account for one-third of Emirates NBD total lending within 3-5 years. (Gulf News)

OPEC agreed to revise its output targets and cut supplies by half a million barrels per day (bpd) despite the fact that OPEC Ministers had been widely expecting to stick to existing production allocations, which have been in place all year. (Khaleej Times)

Abu Dhabi Islamic Bank plans to invest up to USD272.3 million to expand its real estate activities off shore into Africa, Europe and Asia through Burooj, its real estate subsidiary. The bank also plans to sell between 50%-60% of Burooj in an IPO by 2010. Burooj’s managing director assured that the company’s profits are to triple in FY08 (excluding revaluation gains) compared to FY07 results. He also mentioned that ADIB plans to contribute a further AED500 million to the company’s paid in capital; as it previously done in August FY08. (Al Khaleej)