The emirate of Sharjah has appointed HSBC, National Bank of Abu Dhabi and Standard Chartered to manage a debut sukuk transaction, according to two sources away from the transaction. One of the sources said that Sharjah Islamic Bank and the investment banking arm of Kuwait Finance House, KFH Financial, were also mandated on the deal. The transaction could come as early as September. Sharjah would become the […]
DUBAI // Cinemas, restaurants and shops were packed as thousands escaped the scorching heat and enjoyed the first day of Eid Al Fitr in Dubai and Abu Dhabi malls. Dubai Mall welcomed crowds as many people who had spent the past month fasting for Ramadan made the most of the end of the holy month. Although most of those enjoying a public holiday were residents, the high […]
ABU DHABI // It is just after 10am and nearby the faint whimper of a baby’s cries can be heard. Further down the hall muffled groans can be heard from a mother in labour. This is just a regular Sunday shift for resident Dr Khulood Ali Al Suwaidi in the urgent care unit at Abu Dhabi’s Corniche Hospital, the largest maternity hospital in the country. “It is […]
NEW DELHI: In a big push to 31,000-MW of electricity generation plants stranded without fuel, the power ministry has proposed a Rs 5,700 crore subsidy to help operationalise idle gas-based capacity, a loan restructuring scheme for such plants and the supply of coal to projects that will be commissioned before March 2015.
The proposals will benefit 24,148 MW of gas-based projects and 7,230 MW of plants that run on coal, set up at a total investment of about Rs 1,50,000 crore.
An additional 10,930 MW of coal-based plants that will be commissioned before March are also likely to gain. The ministry will approach the Union cabinet with a proposal to pool prices of imported gas and coal with domestic fuels to help stran
Abu Dhabi-listed Islamic insurer National Takaful Company (Watania) said on Sunday its majority shareholders had agreed to sell stakes to strategic investors from the Gulf region, but did not name the selling or buying parties. In a short bourse filing, Watania said the deal was subject to regulatory approvals. It did not disclose the value of the deal, nor the size of the stake being sold. Among […]
AL AIN // The long wait for compensation may soon be over for families of the victims of the UAE’s deadliest road accident. The Court of Appeal is to rule on the Dh4.2 million case on September 24, more than 18 months after the crash in Al Ain on February 4 last year. The victims – 19 from Bangladesh, one from India and one from Egypt – […]
The power sector is one of the biggest concerns in terms of potential non-performing loans of banks given the host of headwinds the sector is facing. About a quarter of banks’ total exposure to the power sector is to the stressed players. Slowdown in the economy, shortage of coal, mounting losses of state electricity boards (SEBs) and non-remunerative tariffs have stymied the sector. The government’s high-level panel to revamp the power sector headed by former power minister Suresh Prabhu will have to address these challenges at the earliest and create a roadmap for the long-term sustainability of the sector.
As the gap between demand and supply of coal is increasing, the dependence on imported coal will rise from 150 million tonn
Dubai construction company Arabtec’s former boss has sold about $4 million worth of shares in the group this week, cutting his stake slightly, stock exchange data showed. Arabtec’s shares have swung around wildly this year on apparent tensions between chief executive Hasan Ismaik and Abu Dhabi state fund Aabar Investments, also a major Arabtec shareholder. Ismaik resigned abruptly in June. Ismaik cut his stake to 28.77 percent […]
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.
DUBAI // Camels will not be sacrificed during this year’s Haj in Mecca in an attempt to stop the spread of the Mers coronavirus. Dr Ulrich Wernery, scientific director at the Central Veterinary Research Laboratory (CVRL) in Dubai, said he was part of a team that recommended the measures to the Saudi Arabian ministry of health. A genetic link between the Mers found in humans and a […]
DUBAI // About 25,000 pupils will have tablet computers this academic year as the Ministry of Education expands its programme to bring smart learning to classrooms. The Mohammed bin Rashid Smart Learning Programme, launched last year for pupils in Grade 7 and some in Grade 8, will be expanded to Grades 1 and 5 in chosen schools. It will also be introduced to other pupils in Grade […]
National Bank of Abu Dhabi, the United Arab Emirates’ biggest lender, raised its full-year profit forecast and said it hired 150 senior managers amid increasing growth at its fee-generating businesses. Net profit will probably rise 8 percent to 10 percent in 2014, up from an earlier forecast of 6 percent to 8 percent, the bank said today in an emailed statement. Revenue will likely be 6 percent […]
Abu Dhabi Commercial Bank , the fourth-largest lender by market value in the United Arab Emirates, beat analysts’ estimates slightly on Tuesday as it posted a 22 percent rise in second-quarter net profit on lower impairments. The bank made a net attributable profit of 1.06 billion dirhams ($289 million) in the three months to June 30, versus 868.5 million dirhams in the corresponding period last year, it […]
Lapses in hospital infection control measures exacerbated an outbreak of a deadly new viral disease which has infected more than 60 people and killed at least 10 in the United Arab Emirates, health investigators said on Friday. Reporting the findings of a five-day mission to the UAE, experts from the World Health Organisation said, however, that they found no evidence of sustained human-to-human transmission of new Middle […]
Call it a perfect market storm of wealth creation. Since the start of 2013, the Dubai stock market has registered a near 200% gain to become the best performing financial market in the world. The Gulf emirate’s securing of the World Expo in 2020 is likely one factor behind this success as is the wider UAE’s reputation as a safe-haven in a region riddled with uncertainty. Oil […]
The annual Banker Middle East Industry Awards is the Middle East’s foremost gathering of key players within the banking and financial services industry (Dubai – June, 2014) – Some 500 top bankers and financiers from around the region came together at the Gala Dinner held at Jumeirah Emirates Towers in Dubai to celebrate their achievements. The top awards went to institutions in Saudi Arabia and the UAE; […]
United Arab Emirates, June 2014 – GL Events exhibitions, the organizer of Piscine Middle East exhibition has confirmed the attendance of 2 800 visitors during the second edition of Piscine Middle East held in Abu Dhabi from the 22-24th of April. Most part of these visitors was architects, developers and key buyers specialized in pool and spa industry. The event hosted visitors from 50 different countries. 88% […]
The malls unit of Dubai’s Emaar Properties will hold meetings with fixed income investors ahead of a potential benchmark-sized sukuk issue, Emaar said on Thursday, in what would be a debut debt market transaction for the subsidiary. Dubai Islamic Bank, Emirates NBD, Mashreq, Morgan Stanley, First Gulf Bank , National Bank of Abu Dhabi, Noor Bank and Standard Chartered will be arranging the meetings on Emaar’s behalf, […]
An impending bond issue by Abu Dhabi-based telecommunications firm Etisalat may not only be the region’s largest deal so far this year, but also set a record for tight pricing as the Gulf becomes more of a mainstream investment destination. Etisalat’s debut bond will replace some of the debt used to fund its 4.2 billion euro ($5.7 billion) purchase of a majority stake in Morocco’s Maroc Telecom […]
ABU DHABI // School pupils from the American Community School in Abu Dhabi said the simplicity of their “The Engineers” robot was key to them clinching top spot at a national robotics competition on Friday. The World Robot Olympiad-UAE drew 180 students from across the country, battling it out in the elementary, junior high and high-school categories at the Fairmont Hotel in the capital, but it was […]
ABU DHABI // School pupils from the American Community School in Abu Dhabi said the simplicity of their “The Engineers” robot was key to them clinching top spot at a national robotics competition yesterday. The World Robot Olympiad-UAE drew 180 students from across the country, battling it out in the elementary, junior high and high-school categories at the Fairmont Hotel in the capital, but it was “The […]
WHO team makes five-day visit to UAE International experts and local authorities agree to continued exchange of information in attempt to reduce risk of further infections ABU DHABI // International infection experts yesterday praised the work of UAE health authorities in attempting to better understand the deadly Mers coronavirus after completing a mission to assess the risk the virus poses to the country. A team from the […]
An aerial view of Khalifa Port in Abu Dhabi Reuters Capacity at seaports and airports in the Middle East is growing faster than regional trade, potentially jeopardizing the viability of billions of dollars worth of new investment in transportation infrastructure. Government-led investment in regional logistics and transport has taken off in the past decade, driven by energy-rich Gulf Arab countries trying to carve out a niche as […]
SHARJAH // Hindus and Sikhs in the emirate can complete the last rites for the dead at Sharjah’s first crematorium, which was finally opened this week. The crematorium is the fourth in the country and has become operational after a hold-up of more than a year owing to documentation, clearance permissions and delay in the electricity connection provided to the site. “People have been approaching us for […]
