|By TAP Staff|Investors are paying a premium to buy highly rated MENA sovereign assets, indicating tighter spreads on them, Citibank said in a report. In the case of the mid-rated sovereigns of Bahrain and Dubai, spreads are still marginally higher than the BBB average, implying these sovereigns trade at a discount. But the report suggests that the recent rally in Bahraini and Dubai sovereign debt has meant […]
Iran’s smart set turned out in force for this year’s Tehran Art Auction, spending a record amount as the country’s modern and contemporary art scene thrives despite economic sanctions. The annual event on Friday was a sell-out, raising $5.1 million from the auction of works by Iranian artists, more than double the amount fetched last year. While Western sanctions since 2010 on Iran’s oil and financial sectors […]
Dubai home prices, which rose the most in the world over the 12 months through March, slowed in the first quarter after financial authorities took steps to cool the market, broker Knight Frank LLP said. Values gained 3.4 percent in the emirate, slowing from 9.2 percent a year earlier and putting Dubai behind Lithuania, Estonia and Malta for the quarter, London-based Knight Frank said in a statement. […]
ABU DHABI // The weather is expected to become hazy and dusty over the next few days, National Centre for Meteorology and Seismology forecasters said. Monday and Tuesday will see hot temperatures throughout the day, and the nights are expected to be hazy. Temperatures are expected to decrease slightly on Wednesday as the weather is forecast to be dusty with rising sand during the day. The Arabian […]
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Now that Egypt has held its elections, many in and outside the country will be turning to the new president to see how he plans to pull the domestic economy back from the brink. The economic challenges former army chief Abdel Fattah Al Sisi faces in many ways resemble those of Citadel Capital, one of Egypt’s foremost investment firms which itself is in the middle of a […]
The authority of the free zone Dubai Silicon Oasis (DSOA) announced it plans to set up Dubai Technology Entrepreneurship Centre (DTEC) in order to boost entrepreneurs in the technology field. DTEC is planned to be launched in the first quarter of 2015. DSO is set to encompass over 3,600 square meters that will provide existing and emerging high-tech entrepreneurs and start ups with a work environment that […]
Hospitals, health centers and clinics operating in Dubai are obliged to clarify patient treatment fees before providing medical service, said the Dubai Health Authority (DHA), Arabic newspaper Emarat Al Youm reported. The DHA said in a circular that the medical facilities have to investigate complaints from patients or their families within 72 hours. It stressed that each facility is required to provide notice to the patient or […]
Qatar Airways has delayed taking delivery of its first Airbus A380 by “several weeks” while the planemaker tackles last-minute problems with the cabin, the airline’s chief executive told Reuters. The airline has asked Airbus to address requests it made after the usual pre-delivery customer inspection, Qatar Airways CEO Akbar Al Baker said on Friday. Al Baker was responding to a Reuters query after delegates gathering for the […]
The U.S. Federal Bureau of Investigation and the Securities and Exchange Commission are investigating possible insider trading involving billionaire investor Carl Icahn, golfer Phil Mickelson and Las Vegas gambler William Walters, a source familiar with the matter said. Federal investigators are looking into whether Mickelson and Walters may have traded illegally on private information provided by Icahn about his investments in public corporations, the source told Reuters, […]
World travelers looking for a cheap place to stay may want to avoid Geneva, Dubai and Miami. The three cities rank among the most expensive markets for hotel rooms, according to an index compiled by Bloomberg. In Geneva, the average cost for a night is $308, followed by Dubai at $273, Kuwait City at $253 and Zurich at $250. Miami is next as the costliest place for […]
A Syrian activist group said government air raids have killed nearly 2,000 civilians this year in and around Aleppo, the country’s largest city. The Syrian Observatory for Human Rights said Friday 567 children and 283 women were among those killed in the northern city, which is a stronghold for opposition fighters. The figure, which relies on the Britain-based group’s contacts with activists and others on the ground, amounts to […]
Ukraine’s president-elect, Petro Poroshenko, has promised to punish pro-Russian rebels who shot down an army helicopter in the east of the country, killing 14 soldiers, including a general. The country’s newly elected leader called the separatists, who brought down the helicopter gunship in Slovyansk, “terrorists” and “bandits”. The fighters shot down the Mi-8 helicopter with a sophisticated surface-to-air missile on Thursday, prompting the US to say the […]
Donetsk, Ukraine – The coffins were lined up in a car park at Kalininsky hospital the Donetsk, all 30 wrapped in bright white, red or black satin, stacked one on top of the other. They had been prepared for the bodies of Russians fighting with separatists for the city’s airport just days before. Leaders of the separatist movement on Thursday said many would be repatriated to their home country […]
A substantial number of Middle East funds intend to cut their exposure to stocks in the United Arab Emirates and Qatar, shifting money to less richly valued markets such as Saudi Arabia, a monthly Reuters survey showed. Shares in Dubai, Abu Dhabi and Qatar have surged over the past 12 months in anticipation of those markets’ upgrade to MSCI’s emerging market index, which will take place at […]
The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said on Thursday secretary general Khaled Al Fakih had left the organisation to pursue other opportunities. Al Fakih, a Lebanese-born commercial banker, had been secretary general since February 2012, overseeing one of the main standard-setting bodies for Islamic finance. Deputy secretary general Khairul Nizam will take over his duties while AAOIFI looks for a new secretary […]
Ford Motor Co said on Thursday it is recalling 1.39 million SUVs and sedans in North America, most for the possible loss of power steering. About 1.186 million of the vehicles Ford said it is recalling are in the United States. That figure is only 2,200 shy of the total number of vehicles that Ford recalled in the United States during all of last year. Automakers are […]
Asian shares edged higher on Friday, catching a lift from another record close on Wall Street, while the dollar groaned under the pressure of slumping U.S. yields. The S&P 500 index .SPX posted its third record closing high in four sessions, as investors shrugged off the first quarterly contraction of the U.S. economy in three years and focused on signs of a strengthening labor market. MSCI’s broadest […]
A senior Saudi Arabian cleric has issued an edict against online chatting between the sexes, equating such activity to the prohibitions on the physical mingling of unrelated men and women, the news agency Al Arabiya reported Thursday. It said the cleric, Sheikh Abdullah al-Mutlaq, a member of the Saudi Committee of Senior Scholars, had warned that such conversations were religiously forbidden and might lead to sin. Al […]
DUBAI // Lebanese and Emiratis in the UAE said they would continue travelling to Lebanon, whether a travel ban was in place or not. Mohammed Al Awadhi, an Emirati from Dubai, said the recently lifted travel advisory put out by the Government was more of a warning for citizens to be careful. “We don’t really feel like it’s a ban,” he said. “My brother-in-law was there two […]
DUBAI // Six natural reserves have been formally declared in Dubai to improve the environment and boost eco-tourism. Jabal Nazwa reserve, Al Marmoum desert reserve, Al Wuhush desert reserve and Al Ghaf reserve, Hatta mountain reserve and the Dubai Desert Conservation Reserve (DDCR) will now also be run by Dubai Municipality. They have been established to protect natural wildlife, including plants such as samar, ghaf, and side, […]
A Ukrainian military helicopter has been shot down in Slovyansk, killing 14 people including an army general, as rebels and government forces continued fierce battles in the country’s east. The acting Ukraine president, Oleksandr Turchynov, told parliament on Thursday: “I have just received information that terrorists using Russian anti-aircraft missiles shot down our helicopte. It had been ferrying servicemen for a change ofduty.” He said General Serhiy Kulchytskiy was among […]
The property game: Help to Buy is also helping Londoners Photo: Justin Sutcliffe The Government is persistently defensive about its Help to Buy scheme, partly because the criticism has been so consistent. Two parts of the scheme have been rolled out by David Cameron in an attempt to improve the route to property ownership, or in his emotive words: “As prime minister I am not going to stand […]
Abdel Fattah el-Sisi, the former general who toppled Egypt’s first freely elected leader, is on course for a sweeping victory in the country’s presidential election, early provisional results suggested. But a lower-than-expected turnout figure has raised questions about the credibility of a man idolised by his supporters as a hero who can deliver political and economic stability. Sisi won 93.3 percent of votes cast, government sources said on Thursday, with most ballots counted […]
