Dubai’s index makes its one-day decline in eight months on Monday and technical indicators suggest it will fall further, while most other Middle East markets also retreated. Dubai fell 5.5 percent to 4,856 points, its lowest close in a month and biggest one-day loss since Aug. 27. “I think we’ll see more selling – the key is that Dubai broke and then closed below 5,000 points,” said […]
Analysts are predicting a pre-Ramadan correction on the Dubai Financial Market. They say this has happened twice before: in early 2006 after the near doubling of the market in 2005; and in 1999 when the Emaar-IPO bubble burst. It will happen again. The price-to-earnings ratio has swung from an under-valued 10 to an extremely over-sold 21. Emerging markets in the MSCI Index, whose highly prized inclusion of […]
ABU DHABI, United Arab Emirates — The strike had entered its second day when construction workers at Labor Camp 42 got word that their bosses from the BK Gulf corporation had come to negotiate. Mohammed Amir Waheed Sirkar, an electrician from Bangladesh, scrambled down the stairs to meet them. But when he got to the courtyard, he saw the truth: It wasn’t the bosses who had come. […]
The Personal Rapid Transit (PRT) system, or the podcar, may soon become reality in Dubai. In Masdar City in Abu Dhabi, the little driverless cabins already do rounds as one of the first operating system in the world. Futuristic as they may seem, the system could well be feasible in Dubai, too, as a rising population with high mobility rates pushes towards a diversification of the transport […]
Thirteen labourers were killed and more than a dozen injured early yesterday when their bus ploughed into the back of a lorry. The tragedy happened on Dubai’s Emirates Road soon after 6.30am Nine of the dead were from India and four from Bangladesh. The nationality of the other two victims is unknown. The injured are being treated at Al Baraha Hospital and in Rashid Hospital, Oud Metha. […]
Stock markets in Dubai, Abu Dhabi and Qatar will see relatively large one-off inflows of money at the end of May as funds tracking the MSCI indexes adjust their positions in line with updated benchmarks. MSCI will move stocks from the United Arab Emirates and Qatar to its emerging market index from its frontier market benchmark at the end of May, meaning they will be tracked by […]
Qatar is pledging labor-law reform in response to what critics have called systemic exploitation that traps thousands of foreign workers in low-wage jobs and squalid living conditions. Construction workers at a building site in Doha, Qatar Getty Images The reforms proposed Wednesday include an abolition of the so-called kafala sponsorship system and removing the need for a visa to exit the country. They come as Qatar prepares […]
Equity index provider MSCI reclassified equities across a broad spectrum of markets on Wednesday as part of its semi-annual review, adding among others U.S. social networking company Twitter Inc to its world index. It reclassified Qatar and United Arab Emirates to emerging market from frontier-market status as expected. Qatar will have a 0.47 percent weighting in the MSCI Emerging Market index, while UAE will have 0.58 percent. […]
Etisalat has completed its purchase of a 53 percent stake in Maroc Telecom from Paris-listed Vivendi for 4.14 billion euros ($5.67 billion), the United Arab Emirates operator said in a statement on Wednesday. Etisalat has bought into Maroc Telecom through a separate legal entity, Etisalat International North Africa (EINA). Etisalat owns 91.3 percent of EINA, with Abu Dhabi Fund for Development holding the remainder. The latter is […]
Damac Real Estate Development Ltd. (DMC) is bolstering Dubai’s drive to lead the global Islamic economy with serviced apartments that are Shariah-compliant from their financing to their restaurants and saunas. Abu Dhabi Islamic Bank PJSC (ADIB) is managing the project’s funding as Damac, which issued its debut sukuk last month, sells the certified Islamic residences, Niall Mc Loughlin, the Dubai-based developer’s senior vice president of communication, said […]
Middle East borrowers are increasingly weighing Australian-dollar bonds as they seek to tap one of the world’s biggest sources of pension funds, according to HSBC Holdings Plc. Three regional lenders including National Bank of Abu Dhabi sold A$1.05 billion ($984 million) of debt this year, known as Kangaroo bonds, compared with two sales in 2013 for A$475 million, according to data compiled by Bloomberg. “We expect to […]
|By TAP Staff| The reappearance of cranes on the Dubai skyline is encouraging analysts to predict that the emirate is soon set to reclaim the status it once enjoyed as the world’s crane capital. Construction cranes have dotted the Dubai skyline and are seen to herald the economic growth, with a major build-up of momentum in the real estate activity. Dubai was once home to almost 25 […]
Dubai Financial Market (DFM) will introduce a pre-closing period to its trading sessions from May 14 that will make closing prices more predictable and eliminate large last-minute swings, the bourse said on Sunday. DFM said the move was timed to come ahead of the inclusion of the United Arab Emirates in the list of emerging markets by index compiler MSCI at the end of this month, which […]
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 […]
Dubai’s bourse has outpaced other Gulf markets by a wide margin in terms of companies’ first-quarter profit growth, data show, supporting its position as the top performer in the region. The emirate’s benchmark soared 108 percent last year and is up 57 percent this year, making it one of the world’s top-performing stock markets over the past 17 months. Although some analysts believe the market is overbought, […]
Saudi Arabia’s stock exchange plans to sell shares in an initial public offering as the Arab world’s largest bourse seeks to gradually open up to foreigners and boost institutional investment. Tadawul, as the gauge is known, will hire advisers soon for the share sale, Chief Executive Officer Adel Al Ghamdi said at a conference in Riyadh today. That would make it the second market in the Gulf […]
|By TAP Staff|The Investment Corporation of Dubai (ICD), owner of many of Dubai’s corporate jewels, such as the Emirates airline and the airport duty-free business, said its revenues grew 18 percent to $24.8 billion in the second half of 2013. The numbers were revealed in the prospectus released in connection with the plan to raise about $750m in its first Islamic bond issue. The latest full-year revenue […]
HSBC Holdings, the biggest manager of bond sales in the six-nation Gulf Cooperation Council, expects debt issues in the region to raise as much as $40 billion in 2014, almost matching last year’s total. Sales will start to catch up with 2013 volumes in the next two months, Mustafa Aziz Ata, head of Middle East and North Africa debt capital markets at the London-based bank, said in […]
Dubai may need stronger measures to counter property speculation in the emirate, a senior International Monetary Fund official said on Tuesday as it warned again about a potential real estate bubble. Growth in the Gulf emirate, the region’s trade and business hub, picked up strongly last year as the government committed to real estate projects worth tens of billions of dollars following a property market crash in […]
As Dubai freight-forwarding firm Able Logistics Group began preparing early this year to go public, it conducted a leveraged recapitalisation, taking on fresh bank debt so it could pay a cash dividend to shareholders. By the standards of developed Western markets, the transaction was routine. But for the Middle East it was an unusually creative deal, a sign that the region’s private equity industry is finally building […]
Dubai shares jumped the most since January after first-quarter earnings boosted investor sentiment. Qatar’s gauge also advanced. The DFM General Index (DFMGI) surged 3.3 percent, the biggest jump since Jan. 23, to 5,247.29 at the close. The measure has soared 56 percent this year, making it the best performer among more than 90 benchmarks tracked by Bloomberg. Dubai Islamic Bank advanced 5.5 percent after first-quarter profit more […]
Abu Dhabi’s Etihad Airways on Sunday said its strategy of buying stakes in European airlines was bringing fresh competition to the region, despite close scrutiny by regulators over whether its investments comply with European ownership rules. State-owned Etihad is building up a network of minority stakes in airlines around the world as it seeks to drive traffic to its Abu Dhabi hub. “We are bringing competition in […]
Banking and finance professionals in the Middle East plan to seek new jobs this year after bonuses failed to meet expectations, according to eFinancialCareers. Almost 60 percent of the region’s financial services employees plan to change position, with 45 percent saying they were disappointed with their bonus, eFinancial said in an e-mailed report. Bonuses rose for half of Middle East finance professionals, compared with 49 percent in […]
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