VENTURE CAPITAL POST

Standard Chartered (STAN.L) has notified thousands of UAE small and medium enterprise customers it is closing their accounts as it responds to pressure from US regulators to cut its risks following an anti-money laundering settlement.

Dubai, United Arab Emirates (UAE)-based firm Abraaj Group picked up a stake in Casablanca, Morocco-based chocolate manufacturer Kool Food for an undisclosed amount to back the latter's international distribution plans.

Dubai, United Arab Emirates (UAE)-based oil and gas firm Dragon Oil Plc inked a deal to acquire the 40% stake of Australia-based firm Nido Petroleum Ltd in Service Contract (SC) 63, a petroleum block in Palawan, Philippines.

The the government of the United Arab Emirates through its Abu Dhabi Investment Authority (ADIA) agreed to develop a luxury tourism resort in Montenegro, said Prime Minister Milo Dukanović in a statement published on his government's website.

Called expedited processing, the Telecommunications Regulatory Authority of UAE would allow direct offers of prepaid products to be made by telcos.

In a survey conducted over UAE small and medium enterprises, over 80% would hire more employees in the next six months.

The Bank of Korea recently announced a USD5.4 billion currency swap deal with the United Arab Emirates for a period of three years.

According to Egypt's central bank governor, the country had received USD7 billion of Gulf aid out of the USD12 billion pledges from Gulf countries.

The executive council had earmarked funds for construction of hospitals and roads in Abu Dhabi.

Euler Hermes reported a projected 3.5% growth in UAE due to infrastructure developments and growth in business.

The world's richest soccer club Real Madrid scrapped its soccer resort plan in UAE after payments defaulted with no provided guarantees.

With plans to reach 10,000 companies by 2015, The Dubai Multi Commodities Centre had become the largest free zone in the United Arab Emirates.

Serbian Deputy Prime Minister Vucic confirms on television that he had asked his friend UAE Crown Prince Mohammed Bin Zayed for a loan.

Mergers and acquisition in the Middle East would be driven by regional transactions and sovereign wealth funds, aaccording to Barclays Vice Chairman of Investment Banking Makram Azar.

Two sources told Reuters that Barclays was mulling the sale of its UAE retail banking operations.