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BEIJING Fri Sep 5, 2014 8:51am IST A man walks past a logo during the presentation the Huawei’s new smartphone, the Ascend P7, launched by China’s Huawei Technologies in Paris, May 7, 2014. Credit: Reuters/Philippe Wojazer/Files Related Topics Stocks     Snapshots from Australian PM Tony Abbott’s tour of India.  Photos  BEIJING (Reuters) – Huawei Technologies Co Ltd unveiled on Friday a slate of new devices meant […]

As political unrest continues to grip the Middle East, it is hardly a surprise that many international investors are wary about the region’s business prospects. Whether that is warranted or not, the International Finance Corporation, a World Bank Group subsidiary that promotes the private sector in developing markets, is trying to change that perception by stepping up its investments in the financial and power sectors. “We have […]

Al Qaeda leader Ayman al Zawahri on Wednesday announced the formation of an Indian branch of his militant group he said would spread Islamic rule and “raise the flag of jihad” across the subcontinent. In a 55-minute video posted online, Zawahri also renewed a longstanding vow of loyalty to Afghan Taliban leader Mullah Omar, in an apparent snub to the Islamic State armed group challenging al Qaeda […]

Sharjah is offering investors an enticement that fellow emirate Dubai doesn’t as the sheikhdom gears up for its first Shariah-compliant bond sale this month: a credit rating. The emirate, which is more than twice the size of New York City, may price the debt to yield 2.5 percent to 3 percent if it’s a five-year issue, according to three fixed-income analysts surveyed by Bloomberg. That compares with […]

Abu Dhabi’s Waha Capital has entered into a $575 million hedging deal on half of its stake in AerCap Holdings, the Emirati investment company said on Wednesday. Waha will use the money to repay debt and fund new investments, according to a company statement to Abu Dhabi’s bourse. AerCap Holdings, in which Waha was its largest shareholder, bought American International Group’s aircraft leasing business in a $5.4 […]

Investors holding shares in Dubai’s Emaar Properties at the end of trading on Sept. 10 will qualify for priority allotment in the flotation of its mall unit later this month, the developer said on Wednesday. Emaar plans to float at least 15 percent of its shopping malls and retailing unit on Dubai’s main stock market and will list the shares in October, it said on Sunday. Ten […]

Spurred by a rapidly deteriorating economy, the International Monetary Fund has approved a three-year extended credit facility worth $552 million with Yemen, the impoverished Arab nation that has become a breeding ground for the terrorist group al Qaeda in the Arabian Peninsula. The lifeline will provide some relief for Yemeni authorities who face a myriad of political and security challenges that continue to drag on the economy. […]

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Telr, the payments company based out of Singapore and Dubai, has merged with a payment gateway in the United Arab Emirates to launch its services to ecommerce websites across the Middle East. Telr website The company, founded by ex-PayPal Middle East director Elias Ghanem, plans to offer ecommerce websites a payment gateway and delivery of goods, and will also provide short-term financing to help scale some startups. […]

Islamic debt could become a source of funding for U.K. infrastructure projects from wind turbines to high-speed trains and airports as Britain cements its position as the first sukuk market in a non-Muslim nation. Investors including Bank of London and the Middle East see scope for the U.K. to issue Shariah-compliant bonds with varying maturities after the Debt Management Office attracted bids for more than 10 times […]

Dubai Islamic Bank has ruled out seeking a controlling stake in Bank Panin Syariah, and its plans are limited to raising its stake in the Indonesian lender to 40 percent from 25 percent now, its chief executive said on Tuesday. Dubai Islamic, the largest Islamic bank in the United Arab Emirates, bought 2.42 billion shares in the listed sharia-compliant lender in June, its first foray into southeast […]

Italian airline Alitalia and Etihad Airways are expected to win EU regulatory clearance for their tie-up by the end of the year with minor concessions, a person familiar with the matter said on Tuesday. Abu Dhabi-based Etihad clinched a deal last month to buy 49 percent of loss making Alitalia in a 1.76-billion-euro ($2.31 billion) rescue plan, giving it access to Europe’s fourth-largest travel market and 25 […]

Rents are either falling or holding steady in Dubai’s freehold communities, reveals the latest update of Real Estate Regulatory Agency’s (Rera) rental index, as compared to the update released in May. Downtown Dubai, an upscale community, is witnessing rental declines across all categories of apartments – studios, one- and two-bed units. Studio rates are down 6.25 per cent to 7.14 per cent, as per the final index […]

Militants from the al-Qaida-inspired Islamic State of Iraq and the Levant (ISIL) taking aim at captured Iraqi soldiers Photo: AP As Islamic State militants in Iraq and Syria butcher thousands of “infidels” and carry off their women and children into slavery, many in the West are inclined to see this as an unique outcrop of Islamic fundamentalism. Yet after overrunning a Bosnian town on 11th July 1995, Bosnian […]

NEW DELHI: Diesel price deregulation looks imminent after the difference between retail sale price and its actual cost dropped to a historic low of just 8 paisa. This is the first time in over a decade that retail pump prices are almost in line with imported cost of the nation’s most consumed fuel.   Under-recovery or the gap between retail selling price and the cost of import […]

 TOKYO: India and Japan today decided to “upgrade” and “strengthen” their defence cooperation as they asked officials to launch consultations to promote military equipment collaboration and accelerate discussions on modalities for the sale of Japanese US-2 amphibian aircraft.     The decision to firm-up defence ties came after Prime Minister Narendra Modi held summit-level talks with his Japanese counterpart Shinzo Abe here.   “The two Prime Ministers […]

Secretary-General Hassan Al-Thawadi (3rd L) of Qatar’s Supreme Committee for Delivery and Legacy, the nation’s 2022 World Cup organising committee, speaks during a news conference to announce the start of work on the Al-Khor Stadium in Al-Khor in June. Reuters Investors in Qatar are likely to hold their breath, and cash, this month: Well, at least until FIFA reports on its investigation of the bidding process for […]

Emirates said it’s ready to play the long game in seeking to add routes in Germany, one of the few major travel markets that the world’s No. 1 airline by international traffic is struggling to penetrate. Emirates, which has overcome the modest population of its home base by building Dubai into a long-haul transfer hub, can serve only four German cities under a bilateral air-services accord dating […]

Emirates NBD (ENBD), Dubai’s largest lender, plans to sell a benchmark-sized capital-boosting bond, a document from lead managers said on Monday, looking to take advantage of favourable markets to strengthen its reserves. ENBD has chosen Citigroup, Commerzbank, Deutsche Bank, Morgan Stanley, Standard Chartered and its own investment banking arm to arrange investor meetings ahead of a potential issue, the document said, confirming what banking sources told Reuters […]

Meraas Holding, a state-owned property firm that is developing some of Dubai’s most ambitious real estate projects, is in talks with banks to raise up to $4 billion, sources aware of the matter said on Monday. Dubai has bounced back rapidly from a debt crisis in 2008, when property prices fell by more than half, and state-linked property companies have started work on several major projects in […]

Five years after Dubai teetered on the brink of financial disaster, there are signs emerging that the emirate’s initial public offering market is coming back to life as the owner of the world’s largest shopping mall prepares to sell shares to the public next month. Emaar Properties, Dubai’s highest profile real estate group, said on Sunday it plans to list at least 15% of its profitable and […]

|By TAP Staff|The global Sukuk industry is expected to be one of the fastest growing segments of the Islamic finance industry with huge growth potential in the Gulf Cooperation Council (GCC) region, according to a report by the Dubai Chamber of Commerce and Industry. This is particularly true of Dubai where Sukuks are expected to play an important role over the next decade in securing funds for […]

Saudi Arabia’s second-largest telecom operator Mobily said Monday it has established a joint venture with Silicon Valley-based Plug and Play Tech Center to make investments in seed-stage startups in the Middle East. Mobily The partnership, the second of its kind in the region, will also help bring international startups to the region and comes just a few days after Mobily announced it has a launched a venture […]

NEW DELHI: The decision to award private operators contracts to manage airports appears to be back on the agenda, with the Narendra Modi-led government taking charge at the Centre. An inter-ministerial group (IMG) is scheduled to meet on Thursday and finalise the model concession agreement (MCA) for award of contracts for six identified airports – Chennai, Kolkata, Lucknow, Guwahati, Jaipur and Ahmedabad – on the basis of […]

MUMBAI: The Securities and Exchange Board of India (Sebi) plans to make it mandatory for issuers to reserve 25% of an initial public offering (IPO) for domestic mutual funds and insurers. But if they don’t subscribe to their portion fully, the IPO could be considered a failure, said investment bankers briefed on the matter. The regulator thinks that a higher participation of 25% of the issue size […]

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