The UAE has reached an airspace agreement with Bahrain that will help reduce growing congestion in the skies. Last Updated: May 17, 2011 <strong>Dubai takes control over troubled Dubai Bank, plans to inject cash</strong> The Dubai Government has taken over Dubai Bank, potentially preparing the struggling Islamic financial institution for a merger with another government-owned lender. <a href="http://www.thenational.ae/business/banking/dubai-takes-control-over-troubled-dubai-bank-plans-to-inject-cash">Read article</a> <strong>Filipinos send more cash home</strong> More cash was remitted home by Filipinos working in the Middle East in the quarter of the year, new data shows. <a href="http://www.thenational.ae/business/economy/filipinos-send-more-cash-home">Read article</a> <strong>Ipic profits down as assets hit $50bn</strong> IPIC saw its profits decline last year as expenses rose. <a href="http://www.thenational.ae/business/economy/ipic-profits-down-as-assets-hit-50bn">Read article</a> <strong>What would Travis Bickle think?</strong> Industry Insights // The big yellow cab has been immortalised in films such as Robert De Niro's Taxi Driver, but after a contest organised by New York authorities to design a replacement, visitors and residents will soon be able to avail themselves of the Nissan NV200 minivan. <a href="http://www.thenational.ae/thenationalconversation/industry-insights/economics/what-would-travis-bickle-think">Read article</a> <strong>Action over exposed lender is a positive step, not tip of an iceberg</strong> Comment: Against a backdrop of global government intervention in banking, the action by the Dubai Government in taking over Dubai Bank is not that surprising. <a href="http://www.thenational.ae/featured-content/channel-page/business/middle-article-list/action-over-exposed-lender-is-a-positive-step-not-tip-of-an-iceberg">Read article</a> The new M600 airway will act as another "highway in the sky" for passenger airlines and illustrates the government's efforts to accommodate growing passenger flights to and from the Emirates. "The rapid growth and development of Civil Aviation Industry and air traffic movements between UAE and Bahrain was the main reason for the opening of M600"," said Saif Mohamed al Suwaidi, the director general of the General Civil Aviation Authority (GCAA). "This airway would reduce traffic congestion, controller and pilot workload and enhance airspace capacity which will improve air traffic safety." The UAE has the most congested airspace in the region, with five flag carriers including Emirates, the world's biggest international airline, as well as the country's status as a thriving trading hub and tourism destination. In addition, most of the nation's airspace is controlled by the military and off-limits to commercial airlines. Due to its space limitations, the Emirates has embarked on a sustained investment programme and the GCAA in 2009 opened a Dh300millionair traffic control headquarters at the Sheikh Zayed Centre, designed to be able to handle projected increases in traffic for the next two decades. The centre reached an innovative agreement with the Armed Forces last year to flexibly use previously restricted military airspace, including a corridor for commercial airliners travelling to Yemen and Africa. In 2009 the GCAA also began using a system called RNAV 1, which shrinks the size of the airspace corridors airlines are allowed to fly in from 16km wide to 3.2km wide, allowing corridors to be stacked next to each other. But despite the nation's advances, it has been constrained by the systems used by its regional neighbors. The upgrading of new systems and processes has allowed the UAE to permit one aircraft to fly as close as 9.2km behind another. In some neighbouring countries the gap can be as big as 55.5km, GCAA officials said in 2009. "We are trying to convince these countries to be more efficient. That will help us and help them to handle more traffic," Mr al Suwaidi said at the time. igale@thenational.ae