A bipartisan budget deal announced in the U.S. Congress on Tuesday, though modest in its spending cuts, would end three years of impasse and fiscal instability in Washington that culminated in October with a partial government shutdown. While praised by the Republican leadership of the U.S. House of Representatives, including Speaker John Boehner and Majority Leader Eric Cantor, the agreement faces a challenge from some House conservatives […]
National Bank of Abu Dhabi (NBAD) will take on more staff to grow its commercial business and tap the “enormous opportunities” created by Dubai’s successful 2020 World Expo bid, its CEO said, even as it pursues international expansion. The United Arab Emirates’ (UAE) largest lender plans to add around 900 jobs to its current headcount of 6,500 next year across 18 countries, with a focus on new […]
Etisalat could resurrect talks to sell its Sudanese telecom arm Canar to Kuwait’s Zain , as both sides remain keen on a deal despite a breakdown in negotiations earlier this year, a source close to the matter said. Zain Sudan is the African country’s No.1 mobile company. Buying Canar – the top fixed-line carrier – would be in line with Zain’s broader strategy, as outlined by chief […]
Saudi Arabia seems to have few viable options for pursuing a more independent and forthright foreign policy, despite its deep unease about the West’s tentative rapprochement with Iran. Upset with the United States, senior Saudis have hinted at a range of possibilities, from building strategic relations with other world powers to pushing a tougher line against Iranian allies in the Arab world and, if world powers fail […]
Dubai has proposed to the federal government of the United Arab Emirates that the UAE create a sharia-compliant retirement savings scheme for foreign workers, a step which could help to develop the Islamic funds industry. The aim is that the scheme will be nation-wide, though if the federal government does not want to participate, Dubai may implement the plan merely within the emirate, a source at Dubai’s […]
The RAK Hospital marathon diabetes campaign targeting to screen at least 2,000 people as part of its World Diabetes Day programmes started off with overwhelming public response. The three-day campaign is the biggest such event in the Northern Emirates. The campaign that began on Thursday would screen children as well as adults to detect both type 1 and type 2diabetes. The screenings are held at the RAK […]
Emad Mansour, a veteran Gulf Arab banker, is planning to set up an investment bank in Dubai’s tax-free financial zone, he said on Sunday, joining a growing list of regional bankers taking advantage of a revival in deal making and a retreat by big investment banks. Mansour, who has about 20 years of investment banking experience in the region, was most recently the chief executive of Doha-based […]
Some merchants and dealers were found to have exploited the ‘24 hours’ facility extended by the Dubai government whereby some major shopping malls were allowed to remain open day and night during Eid Al Adha, according to a statement released by Khalid Al Boom, Senior Director of Promotional Events Control Section, at the Dubai Department of Economic Development (DED). The outlets announced false promotional offers and this […]
Jardine Lloyd Thompson (JLT), a global insurance provider, has entered into a strategic partnership Insure Direct, a Dubai-based insurance brokerage, by acquiring a stake in the UAE firm. The strategic partnership adds considerable international and specialist expertise to Insure Direct’s capabilities and will enable Insure Direct to satisfy significant and growing demand from clients in several key sectors, a statement said. Insure Direct’s operations in Dubai, Bahrain […]
Pakistani Taliban fighters secretly buried their leader on Saturday after he was killed by a U.S. drone aircraft and quickly moved to replace him while vowing a wave of revenge suicide bombings. The Pakistani government denounced the killing of Hakimullah Mehsud as a U.S. bid to derail planned peace talks and summoned the U.S. ambassador to protest. Some lawmakers demanded the blocking of U.S. supply lines into […]
Doubts are growing over the viability of Dubai’s recently announced plan to build a new oil refinery in the emirate with China Sonangol. The region’s top financial hub last month signed a memorandum of understanding with China Sonangol International, a joint venture between Angola’s state-owned oil company, Sonangol and Hong Kong-based New Bright International Development, to build what will be its second oil refinery. The hope is […]
Asian oil refiners are facing slumping profits as China is expected to ramp up exports of diesel and gasoline this quarter. The margin from refining diesel in Asia has fallen almost 10 percent in the last 10 trading days, although it would have to drop another 13 percent to plumb the levels reached just after the first quarter, when the Chinese were last major exporters. While Chinese […]
From Saudi Arabia to Israel, traditional U.S. allies in the Middle East are beginning to ask: Is America turning its back on us? President Barack Obama’s diplomatic overtures to old foe Iran and his last-minute refusal to attack Syria have officials in Israel, the Gulf countries and Turkey wondering if Washington is deliberately neglecting them to avoid being dragged into a Middle East facing deeper sectarian strife […]
Mehmood Patel still wakes up early, just as he did when he was a popular heart specialist seeing patients who waited hours for minutes of his time. Instead of surgical scrubs, he climbs into the khaki drabs of the Federal Correctional Complex in Oakdale, Louisiana. He leads health-conscious inmates on a morning walk, then cracks open one of the medical journals on his prison-approved reading list. Counseling […]
Hong Kong restaurant owner Hudson Chang says he can’t lower the bar much further for hiring staff. He warns his employees repeatedly about sending messages on their iPhones during work hours. He pleads with them to be more pleasant to customers. Still, he can’t afford to fire anyone: He can’t be sure of finding a replacement. “We don’t really have much choice,” said Chang, 39, owner of […]
Indian Prime Minister Manmohan Singh is facing attacks from the opposition for being too soft in trade and border disputes with China ahead of a visit to the world’s second-biggest economy that comes months before a general election. Narendra Modi, the prime ministerial candidate for the main opposition Bharatiya Janata Party, told an audience four days ago that Singh’s weakness had encouraged China’s army to encroach on […]
An international meeting in Paris next month may trigger billions of dollars of fresh investment in Dubai – and, if plans are not handled carefully, contribute to the kind of boom-and-bust cycle which nearly bankrupted the emirate four years ago. Dubai is competing with Izmir in Turkey, Sao Paulo in Brazil and Yekaterinburg in Russia for the right to host the 2020 World Expo. A vote of […]
Dahabshiil Holdings Ltd., a Somali company that provides access for overseas citizens to send money there, asked a U.K. court to stop Barclays Plc (BARC) from closing its bank account. The bank gave a “dearth of detail” on its decision, Alan Maclean, a lawyer for Dahabshiil, said at a hearing in London today. The bank’s dominant position in the market for remittances means it will breach competition law if it closes […]
Dubai’s Union Properties is planning to replicate the model of Shanzelize Street in Paris (Champs Elysées in French) in its MotorCity master development, Emirates 24/7 can reveal. “We have plans to build a similar project like the Champs Elysées Street in our MotorCity project. The street will have cafes, retail, residential with a waterfront view… we will be working on it in coming years,” said Ahmad Khalaf […]
A stampede by competing apartment buyers in Dubai this week may have obscured signs that Dubai’s latest real estate boom is more restrained than the last one, which pushed the government close to default. Dubai’s property spree in the middle of the last decade was built precariously on bank loans, spelling disaster for indebted developers when prices eventually crashed. The crisis shook financial markets around the world. […]
Kuwait’s new finance minister has issued a stinging criticism of the country’s bloated administration and bureaucratic red tape, saying the economy cannot continue growing robustly in the long term if they are not reformed. The comments by Sheikh Salem Abdulaziz al-Sabah, carried by state news agency KUNA on Monday, were his first extensive public policy statement since he took his job in August. Sheikh Salem left the […]
A Dubai government-owned firm will refund $24.3 million to a property developer after a land deal turned sour, in a case at a special tribunal set up to settle claims against Dubai World that could help restore investor confidence in the emirate. Nakheel World, part of government-owned Dubai World and separate to Nakheel – builder of Dubai’s palm islands – will repay the money to Saudi-owned Al […]
Cityscape Global, the annual real-estate exhibition in Dubai, is seeing a large increase in exhibitors and floor space this year as the emirate’s market recovers. Developers are gearing up to announce a number of large projects around the show, he says. A lot of the new activity centers around Mohammed bin Rashid City, a huge swath of desert that Dubai’s ruler, Sheikh Mohammed bin Rashid al Maktoum, […]
Qatar’s Doha Bank said on Monday it would seek shareholder approval to issue a debt instrument worth 2 billion riyals ($549.3 million) to boost its Tier 1 capital, which would be sold by March 30 next year. No date for the shareholder meeting was given in the statement to the Qatar bourse. Tier 1 capital is considered the core indicator of a bank’s financial health. The notes […]
