The planned merger of the United Arab Emirates’ two main stock exchanges, home to the second-best performing share gauge in the world, will take more time to complete, according to a Dubai government official. “It’s still on the table,” Mohammed Al Shaibani, chief executive officer of Investment Corp. of Dubai, the emirate’s main state-owned holding company, said in an interview today at a Dubai conference. “We were […]
|TAP Special| The star-crossed Dubai Pearl project is in trouble again. Work on the project, which has a history of chronic fund shortages, missed deadlines and botched up designs, has been completely stalled and expectations of an early resumption of construction have been belied. In the wake of defaults of various nature, the structure faces the risk of even a second demolition, according to insiders. After the […]
Aldar Properties, the developer that took over Sorouh Real Estate Co. last year, dropped in Abu Dhabi after reporting quarterly profit that missed estimates. The shares fell 3.2 percent to close at 3.65 dirhams. Aldar, which has the fourth-highest weighting on the benchmark ADX General Index (ADSMI), helped drag the measure down 1.2 percent. Second-quarter net income surged to 506 million dirhams ($138 million) from 189 million […]
NEW DELHI: Power plants in India are not importing coal despite global prices of the fuel slumping to decade-low levels. Power generating companies are rather operating at lower capacity on domestic coal that is short in supply, as distribution companies (discoms) are not willing to pay for costly power fuelled by imports.
A Mumbai-based trader, who did not wish to be identified, said global prices had fallen to a 10-year low due to weak demand from China that is reducing dependence on imports by encouraging production from own mines.
He said prices of 4,200 kcal/kg thermal coal in international markets were hovering around $36.50 per million tonne as against $52 per million tonne two years ago.
|TAP Special|UAE Exchange owners are said to be in talks with Apax Partners, the London-based private equity firm that controls Travelex Holdings, to buy majority stake in Travelex. The transaction may be worth about 500 million pounds ($843 million). UAE Exchange is owned by BR Shetty, Centurion Investment and Infinite Investment LLC belonging to Abu Dhabi’s bin Butti family. Bloomberg reported quoting unnamed sources that a deal […]
Emaar Properties, owner of the world’s biggest mall, hired HSBC Holdings and Emirates NBD as bookrunners for the initial public offering of its retail arm, with Rothschild as financial adviser, five people familiar with the matter said. National Bank of Abu Dhabi and EFG Hermes Holding Co. will also be bookrunners on the sale of between 25 percent to 30 percent of the malls unit on the […]
SolarReserve, a closely held U.S. power plant developer, is studying whether to bid for a 100 megawatt facility in Dubai and looking at projects in Jordan, Chief Executive Officer Kevin Smith said in an interview in Dubai. The company expects to hear by the end of the year whether it, GDF Suez (GSZ) unit International Power Ltd. and Abu Dhabi’s Masdar have won the right to build […]
Aldar Properties, Abu Dhabi’s biggest developer, is returning to development with three new projects and studying plans for an additional 20 amid a nascent recovery in the emirate’s property market, the company’s chairman said today. Aldar, which took over a smaller rival in June, will start sales of three residential developments in Abu Dhabi valued at a total of 5 billion dirhams ($1.36 billion). The projects include […]
|By TAP Staff| With mixed availability of commercial space across the Abu Dhabi market, potential occupiers remain focussed on prime Grade A stock, which is sustaining rents at the top end of the market, according to the latest research by real estate consultancy Cluttons. Cluttons Abu Dhabi Spring 2014 Commercial Market Outlook report, asserts that with flat rents persisting, occupiers remain in the driving seat and are […]
Qatar is paying the price for its six-week spat with neighbors in the Gulf Cooperation Council as the nation’s borrowing costs and credit risk increase. The yield on the country’s dollar bond due January 2020 climbed nine basis points since March 4, the day before the United Arab Emirates, Saudi Arabia and Bahrain pulled their ambassadors after Qatar denounced the crackdown on the Muslim Brotherhood in Egypt. […]
Abu Dhabi’s largest oil refinery is preparing to boost production of the industry’s lowest-sulfur diesel within three months as standards for the fuel rise, two people with knowledge of the matter said. The emirate’s 400,000 barrel-a-day plant at Ruwais will only produce diesel with 10 parts per million of sulfur by July, said the people, who asked not to be identified because they’re not authorized to speak […]
Abu Dhabi, drawing lessons from Japan’s Fukushima nuclear disaster, is building “gold-standard” safety procedures into its plan to develop four nuclear reactors, a foreign adviser to the government said. The United Arab Emirates, of which Abu Dhabi is the capital, is investing in facilities for nuclear power, renewable energy and liquefied natural gas to cut its reliance on oil. The U.A.E. will be the first Arab state […]
Within 18 months of leaving his trading job to open a lunchtime eatery at the Dubai financial center in 2011, Nabil Al Rantisi was back: selling stocks and rebuilding one of the city’s largest brokerages. “I saw my window of opportunity,” Rantisi, managing director of Mena Corp Financial Services LLC, said in a March 9 telephone interview from Dubai. “Things started picking up in September 2012. By […]
Dubai refinanced $20 billion at a quarter of the original cost, freeing cash to service liabilities and fund expansion plans. The emirate rolled over $10 billion of bonds owed to the central bank and a loan of the same amount due to Abu Dhabi’s government, and will pay a fixed interest of 1 percent on both, according to a statement on state-run WAM news agency yesterday. The […]
Dubai’s benchmark led a retreat among Persian Gulf stock indexes, tracking a decline in emerging markets after Russia’s intervention in Crimea raised concerns of armed conflict. The DFM General Index slipped 1.9 percent, the most since Jan. 26, to 4,105.90 at the close in Dubai. The measure, which more than doubled last year, dropped on 44 percent of three-month average daily volume. Abu Dhabi’s gauge closed 1.8 […]
A last official link between the Gulf’s colonial era and its commercially dynamic present, Bill Duff devoted his life to Dubai and played a bigger part than any other westerner in the early transformation of the emirate from obscure outpost into global hub. Duff, who has died aged 91, arrived as an economic adviser in 1959 in what were called the Trucial states. His mission came at […]
Rating agency Fitch sees the spillover from the strengthening Dubai economy, among other factors, to keep Abu Dhabi growth at 4-5 percent over the next two years. The other factors include high government spending and fruition of several major projects. Fitch Ratings has affirmed Abu Dhabi’s Long-term foreign and local currency IDRs at ‘AA’ with Stable Outlooks. The issue ratings on Abu Dhabi’s senior unsecured foreign and […]
Pumping his fist into the Paris air, Sheikh Abdullah bin Zayed Al Nahyan, an Abu Dhabi royal, celebrated the award of the 2020 World Expo to Dubai. A Dubai counterpart returned the favor three weeks later, hailing Abu Dhabi’s role in securing the event. The backslapping late last year signaled the ever-closer relationship between the sheikhdoms at the core of the seven-member United Arab Emirates, one a […]
|The Arabian Post Special| Reports suggest Dubai has reached an agreement with Abu Dhabi on $20 billion of debt, which it arranged to avert a payment default in the wake of Dubai’s crippling financial crisis. “The rumor is that Abu Dhabi has reached an arrangement with Dubai over the $20 billion payment,” Reuters quoted Mohammed Ali Yasin, managing director of NBAD Securities LLC, as saying on phone. […]
Abu Dhabi will pay Exxon Mobil Corp. and Inpex Corp. more to pump oil at the largest field off the emirate’s coast as it extends a contract with the companies. Exxon and Japan’s Inpex lengthened their deal for the Upper Zakum field in the Arabian Gulf by 15 years through 2041, the Asian company said today in a statement, without giving further terms. The companies may get […]
Tourism Development & Investment Co., the Abu Dhabi-owned developer of the Louvre and Guggenheim museums, raised a $500 million loan to pay existing debt, according to three bankers with knowledge of the deal. The five-year facility was obtained from a group of seven banks and pays 1.5 percentage points including fees more than the London Interbank Offered Rate, said the bankers, asking not to be identified because […]
Dubai’s benchmark stock index rose to the highest in more than five years as the emirate starts regulating the holiday home rental market and construction company Arabtec Holding PJSC won a contract. The DFM General Index advanced 0.6 percent to 3,031.80, the highest since November 2008, at 12:13 p.m. in Dubai. The measure has surged 87 percent this year, making it one of the world’s best performers […]
Dubai’s benchmark stock index rallied the most in more than two months after the emirate won the right to host the World Expo 2020. The DFM General Index advanced 4 percent to 3,015.65 at 10:02 a.m. in the city, bringing the gain for the year to 86 percent. Emaar Properties , builder of the world’s biggest shopping mall by floor space, jumped 3 percent and Dubai Investments […]
Emirates NBD, Dubai’s biggest bank, raised its estimates for economic growth in the United Arab Emirates this year to 4.4 percent, aided by an increase in oil output. The forecast was raised from 3.8 percent, putting the second-biggest Arab economy on track for a higher growth rate than Saudi Arabia for the first time in at least four years, according to the bank’s quarterly economic report released […]
