Gulfnews.com Dubai: Saudi Arabia’s economy, hit hard by a sharp decline in oil prices, on Monday an announced 840 billion riyal (Dh822 billion) spending plan for 2016. The budget deficits for 2015 soared to 367 billion riyals this year. The government plans to cut the deficits to 326 billion riyals (13 per cent of GDP) in 2016 through a combination of spending cuts and augmenting of additional […]
Emirates Global Aluminium (Emal) a joint venture between Abu Dhabi and Dubai, is said to be paying almost 40 percent more for a loan compared with last year as liquidity in the Gulf tightens after the plunge in oil prices. The state-controlled company will pay 200 basis points, or 2 percentage points, above the London Interbank Offered Rate on a $4.9 billion, seven-year conventional loan and an […]
|By Matein Khalid| In retrospect, the last six years were a unique period in global central banking, an epic monetary experiment that averted a Great Depression after Lehman’s failure and interbank/credit contagion plunged the world into recession in 2008-9. Yet the Fed (and later Bank of Japan, ECB and even PBOC) quantitative easing also led to asset bubbles, credit market excesses, currency wars and the mispricing of […]
Almost every Middle Eastern stock index declined after oil, the region’s main source of income, sank to the lowest in seven years, damping the outlook for government spending. Dubai’s DFM General Index ended its longest winning streak in almost three months, sliding 1.5 percent, the most in a week, to close at 3,026.05. Emirates NBD PJSC’s 4 percent retreat was the biggest contributor. The Tadawul All Share […]
|By Arabian Post Staff| Central banks in the Gulf raised the interest rates within 24 hours of the US Fed announcing a quarter percent rate hike as their currencies are linked to the dollar. At least four central banks announced the hike. “We have an advantage over other emerging markets because the currencies are pegged,” so there are fewer foreign exchange risks, said Nabil Farhat, an […]
By Nora Chopra
The Congress party is divided on the Congress strategy on the National Herald issue. While Rahul is adamant to go to jail, there are senior leaders who feel that it is not the correct strategy to be adopted at this time. According to a Congress general secretary, this is not the same time and neither is Rahul Gandhi an Indira Gandhi, while she had no charges of corruption against her. There are umpteen charges against the erstwhile UPA government. The Morarji government had been harassing Indira Gandhi. Thus when she went to jail there was a wave of sympathy in her favour. Congress senior leaders claim that Indira Gandhi was a mass leader which Rahul is not. Besides the Congress leaders are extremely concerned about the health of the 90 plus Motilal Vora and also ailing Sonia Gandhi
MAHARASHTRA PCC CHIEF GETTING CLOSE WITH STATE CHIEF MINISTER
Resentment is brewing within the Maharashtra Congress agains
|By Arabian Post Staff| National Central Cooling Company (Tabreed) announced the signing of a AED 192.5 million long term limited recourse project finance facility with Emirates NBD for the district cooling plant it is developing for Dubai Parks and Resorts. Tabreed’s district cooling plant for Dubai Parks and Resorts is now nearing completion and will be commissioned in time for the park’s opening. Jasim Husain Thabet, Tabreed’s […]
Gulf International Bank (GIB) has inaugurated its wholesale banking brand in Abu Dhabi. The opening of the new office supports the bank’s strategic objectives to grow and develop business across the GCC region, said a statement. Dr Yahya Alyahya, chief executive officer, said: “It gives us great pleasure to inaugurate a full commercial branch in Abu Dhabi. The dynamism and pace of progress of the UAE market […]
Al khaliji France (UAE), a subsidiary of Al Khalij Commercial Bank (al khaliji), is conducting a career day series across the emirates, in line with efforts to export its talent recruitment and retention localisation philosophy across its network. Open to all fresh graduates and entry-level professionals in the UAE banking and finance field, the series was held in Abu Dhabi yesterday (November 8), is being held in […]
|By K Raveendran| With the new Public-Private Partnership law having come into being last month, Dubai is set to witness a new phase in its development, as private investments begin to flow into further development of the emirate’s infrastructure. This would mean the private sector directly getting involved in projects like airport expansion, extension of the Dubai Metro and similar infrastructure projects and sharing the risks in […]
|By Arabian Post Staff|Analysts are consistently arguing in favour of a pickup in Dubai’s economic prospects in the wake of a possible boost in trade with Iran following the lifting of sanctions. Low oil price, which cast a shadow over the Gulf’s oil economies, has also affected Dubai, with its real estate sector, a key determinant of the emirate’s economic performance, showing signs of a clear slowdown. […]
|By Arabian Post Staff| Sheikh Mansour bin Zayed Al Nahyan’s City Football Group (CFG), which owns a number football related clubs and businesses, including Manchester City FC, New York City FC, Melbourne City FC, and a minority stake in Yokohama F. Marinos, has announced a partnership with a consortium of high profile Chinese institutional investors to create an unprecedented platform for the growth of CFG clubs and […]
Israel will establish a diplomatic office in Abu Dhabi, capital of the United Arab Emirates, global Jewish lobby group AJC announced. An Israeli diplomat will be accredited to the International Renewable Energy Agency (IRENA), a new UN agency based in Abu Dhabi. Israel is one of IRENA’s 140 members. Israeli officials, including Cabinet ministers, have openly participated in IRENA meetings in the UAE since the organization’s founding […]
|By Arabian Post Staff|Arabtec said its board accepted the resignation of acting chief executive Mohamed al-Fahim and appointed a replacement. The loss-making firm, whose largest shareholder is Abu Dhabi state fund Aabar, appointed Saeed al-Mehairbi as its new acting chief executive, it said in a bourse announcement. The company has been in trouble for the past 18 months after former chief executive and then biggest shareholder Hasan […]
|By Arabian Post Staff| Masdar announced the start of the operational stage of its pilot programme in Ghantoot, Abu Dhabi, which will see 1,500 m3/day of potable water produced over the next 15 months using four unique technologies that demonstrate commercially-viable and energy efficient solutions for renewable-powered desalination. After launching the programme in 2013, Masdar partnered with four global industry leaders – Abengoa, Suez, Sidem (Veolia) and […]
|By Arabian Post Staff| The AED 1.9 billion debt restructuring deal by Dubai government-owned entity Limitless has run into trouble following resistance by some of the creditors, Reuters reported quoting three banking sources. The company needs complete creditor approval in order to push through any deal. The delay in completing the deal is causing uncertainty, particularly in view of the weakness in the UAE property market, the […]
|By Arabian Post Staff| Participants at the World Strategy Summit in Abu Dhabi emphasized the importance of establishing an international platform for strategy, leadership, and innovation. This platform would contribute to building governmental and business sector leadership and would be based on a comprehensive vision to understand the nature of future opportunities and challenges. The platform could then be used to create measurable scientifically-based strategies that are […]
|By Arabian Post Staff| The United Arab Emirates may cut government spending as a result of the slump in oil prices, Central Bank Governor Mubarak Rashed Al Mansoori indicated. The decline in the government’s oil revenue “may trigger further fiscal consolidation, albeit at a gradual pace, to preserve priority spending in support of non-oil growth,” Al Mansoori said at a conference in Dubai on Monday. Oil accounted […]
|By Arabian Post Staff| Dubai’s external debt continues to be at tight spreads, given still high leverage and refinancing challenges but this is somewhat offset by certain positive aspects, a Bank of America-Merrill Lynch research report said. The positives include still solid local bid on the shorter end of the curve and its low-beta defensive status within an emerging markets context. The Iran nuclear deal is another […]
The Urban Planning Council has developed the Abu Dhabi 2030 Urban Structure Framework Plan to optimize the city’s development through a 25-year program of urban evolution. The Urban Planning Council plan seeks to naturally ventilate the city by having block orientation, landscape, roadways and building form being oriented towards the prevailing winds. From a sustainable perspective, the landscape design of the open space in the Capital District […]
Airbus Group SE escaped order oblivion at the Dubai Air Show after negotiating a last-minute agreement to sell 30 narrow-body planes to VietJet Aviation — prompting the European planemaker to take a swipe at Boeing Co. over the announcement of a deal that had already been booked. VietJet agreed to buy nine current-generation A321s and 21 upgraded A321neos worth $3.6 billion at list prices after negotiations that […]
|By TAP Staff| AED 4.8 billion has already been spent on the theme park owned by Dubai Parks and Resorts and the park is expected to open its gates to the public in just under 12 months’ time. Over 11,000 workers on site and 34 contractors are working to bring the region’s largest theme park destination to life. With construction of the individual parks progressing rapidly, one […]
|By TAP Staff| Residential rents in Abu Dhabi may be reaching an affordability ceiling, particularly at the higher end of the market, the latest Abu Dhabi Real Estate Market Overview report by Abu Dhabi Islamic Bank (ADIB) and its real estate advisory subsidiary MPM Properties said. But given year on year growth, tenants in this segment are still seeing sizeable rental increases at lease renewal, the report […]
|By Matein Khalid| I was in a pensive-philosophic mood last week as I decompressed from a trip to a hauntingly beautiful post Soviet country in the Caucasus, the land that produced Koba from Gori and Prince Pyotr Bagration, the fallen hero of Tsar Alexander’s imperial guard at Borodino. Yet Georgia gave me time and perspective to think about the financial firestorms on Wall Street, Marounuchi, the Gulf […]
