Emirates NBDs lending to the Dubai government has increased despite recent attempts by regulators to rein in local banks exposures. Bloomberg News The Dubai government has borrowed more than 100 billion U.A.E. dirhams ($27.24 billion) from Emirates NBD as of the end of the third quarter, according to the bank’s most recent financial statements, underscoring the extent to which the emirate has come to rely on its […]
Most Middle Eastern stock markets fell on Monday as a rebound by global equities turned out to be short-lived, but Saudi Arabia’s bourse rose after a string of strong quarterly earnings. Stock indexes in the United Arab Emirates and Qatar rose in early trade but quickly gave up all their gains after European bourses once again weakened. Dubai’s index, which was up as much as 2.5 percent […]
NEW DELHI: India is likely to next month sign a deal to lay an oil pipeline to Nepal for supply of petrol, diesel and ATF, said Sunil Kumar Thapa, Commerce Minister of the Himalayan nation. Prime Minister Narendra Modi during his visit to Nepal in August had “assured that India will assist in putting up a pipeline,” he told reporters after meeting Oil Minister Dharmendra Pradhan […]
Dubai’s Atlantis, a luxury hotel situated at the top of a palm-shaped manmade island, refinanced an $880 million loan to take advantage of favorable market conditions and secure a better interest rate, the company confirmed to Reuters on Thursday. As well as reducing the borrowing cost, the loan was also increased in size to $1.1 billion, according to banking sources. The facility is the latest example of […]
An advertisement by the highway outside Dubai’s massive Jebel Ali Port tells firms they don’t need to ship goods through the Strait of Hormuz, the traditional gateway to the Gulf. Instead they can have goods delivered to a port in Oman, outside the Gulf, and bring them into the region by road. “Why go through the Strait when you can go straight to the Gulf,” the billboard […]
|By TAP Staff| Flydubai, Dubai’s low-cost carrier, is following its big brother Emirates airlines to debut a benchmark-sized sukuk issue for which it has mandated seven banks. “As part of the diversification of our financial strategy, we are in discussion with our advisers to explore the possibility of issuing a bond and we will continue to explore all financing options available to us,” flydubai said in a […]
United Arab Emirates-based Amanat Holdings, a healthcare and education start-up, will launch its 1.375 billion dirham ($374 million) initial public offer next Monday, it said in a statement on Wednesday. The offer period for the flotation, in which 55 percent of the company will be sold to investors at 1 dirham a share, will run until Nov. 4, said the statement issued at a media event. Amanat […]
Stock markets across the Middle East tumbled on Sunday, led by Dubai and Saudi Arabia where the main indexes sank 6.5 percent, as declines on global bourses and falling oil prices sparked a broad sell-off in the region. Global markets took a big hit on Friday as investors fled to the safety of government bonds after a raft of weak indicators from Europe and China collided with […]
US banking firm to host seminars across GCC DUBAI, 2 days ago US Freedom Capital, the premier EB-5 investment banking firm, is all set to launch its US immigration investment seminar across the GCC. The seminar will be covering Dubai, Abu Dhabi, in the UAE; Manama in Bahrain and Muscat in Oman, and will be part of a roadshow. The seminar will commence at the Shangri-La hotel […]
|By TAP Staff| Etisalat is planning its first ever sukuk issuance in a follow-up to its debut conventional bond earlier this year, bankers are being quoted as saying. According to these sources, the state monopoly telecom player of the UAE, rated Aa3/AA-/A+, is in talks with banks for the potential Islamic bond issuance, proceeds of which are set to go towards infrastructural improvements of its telecommunications network. […]
An employee counts money at an exchange office in downtown Cairo. Reuters First the good news: Egypt’s foreign reserves ticked up to $16.87 billion at the end of September – enough to comfortably cover imports for more than three months as the country’s economy strengthens and foreign investors continue to buy Cairo-listed stocks. But the Arab country–slowly recovering from a tumultuous past few years that left its […]
|By TAP Staff| The herd mentality on the UAE stock market is once again visible, with a flurry of new stock listings that could scupper the market’s nascent revival. Prospective companies do not seem to be in a mood to wait and want to go to the market ahead of others. The first IPO in five years came when Emaar Malls Group floated an issue and attracted […]
Abu Dhabi e-govt showcase solutions at Gitex ABU DHABI, 3 days ago Twenty-two Abu Dhabi Government entities will showcase their latest innovative IT solutions, product apps and software offerings, all under the theme, “Towards a Digital Abu Dhabi’, at Gitex 2014, Dubai. UAE. The apps have been designed specifically to strengthen customer service and enhance the customer experience. Abu Dhabi Systems and Information Centre (Adsic) will host […]
ABU DHABI // Concerns about the UAE’s food security should not be believed, according to the chief executive of a food retail company. Wisal Ahmed, who heads the Alam Group, which owns the eponymous supermarkets, said the country had sufficient resources to take care of any unforeseen circumstances, whether man-made or natural. A UK-based research centre, Chatham House, published a report in November last year in which […]
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 […]
To find inspiration for the future in his new role as chief executive of Masdar, Dr Ahmad Belhoul looked at the past. “When you look back a generation or two to our grandparents’ time, they were some of the most sustainable people on Earth,” he said. “They would use water and food only to the extent that they needed.” Appointed as the head of Abu Dhabi’s leading […]
A trading screen on the floor of Dubai Financial Market shows the bid and offer levels for Emaar Malls Group shares. Asa Fitch for The Wall Street Journal Shares of Emaar Malls Group started trading on the Dubai Financial Market on Thursday, marking the first significant new share sale in Dubai since the global financial crisis. Emaar Malls isn’t a big deal globally. But traders here say […]
|By K Raveendran| The run-away success of Alibaba’s blockbuster IPO is seen inspiring other online players to take similar routes. Among the probable candidates is leading online trading and investment entity Saxo Bank. “The IPO is one of the options the management has under consideration,” Jakob Beck Thomsen, CEO of Saxo Bank Dubai, told The Arabian Post. But he refused to commit himself on a specific time […]
AirAsia is in talks to relaunch flights to the United Arab Emirates from its hubs in Southeast Asia, and has this time chosen Dubai rather than Abu Dhabi for its Western expansion. The low-cost airline’s founder Tony Fernandes was in Dubai Wednesday to talk to officials about flying Airbus Group NV A330 jets into one of the emirate’s two airports, Dubai International or Al Maktoum International. AirAsia […]
Gulf banks are feeling the pinch of rapidly shrinking corporate loan margins, with some predicting a bounce in lending rates as soon as the first half of 2015 as the escalating price war bites into profitability. Lenders are being forced to cut rates and loosen lending terms to secure business as local banks, flush with cash as their balance sheets recover from the global financial crisis, seek […]
A landmark ruling by the court system in Dubai’s financial free zone suggests the emirate is starting to influence the way international business disputes are resolved in the Middle East, partly taking over that role from London and New York. Last month a court in the Dubai International Financial Centre (DIFC) found Switzerland’s Bank Sarasin had mis-sold $200 million of investment products to Kuwait’s prominent Khorafi family, […]
Barjeel Data Centre…IT hub for operations Mercury Mena wins data centre project in Abu Dhabi MANAMA, 7 hours, 15 minutes ago Mercury Middle East and North Africa, a leading mechanical, electrical and plumbing (MEP) company, has won a deal to provide the turnkey solutions for the new data centre for the National Bank of Abu Dhabi (NBAD). The Barjeel Data Centre will service as the information technology […]
Dubai construction company Arabtec is close to completing the planning and design stage of its $40 billion deal to build one million homes in Egypt, the company said on Sunday. Arabtec originally announced in March that it had agreed with the Egyptian army to build the homes at 13 locations around the country on land provided free by the armed forces. Construction was to start in the […]
Genesis offers financial monitoring class DUBAI, 1 days ago Genesis Institute, a leading financial trainer, has launched courses in financial monitoring for businesses to enable them to analyse their performance, reduce losses, improve profits and detect accounting fraud. “You don’t have to be a finance expert in order to see when you’re business is in jeopardy and in fact, it is crucial to be able to tell […]
