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SAUDI ARABIA. JLL, the world’s leading real estate investment and advisory firm, today has released its Q2 2016 Riyadh and Jeddah Real Estate Overview reports assessing the latest trends in the office, residential, retail and hotel sectors. With Saudi Vision 2030 pivotal to the diversification and restructuring of the economy in lieu of decreasing oil prices, this report highlights that both Riyadh and Jeddah continue to maintain […]

EGYPT. JLL, the world’s leading real estate investment and advisory firm, today has released its Q2 2016 Cairo Real Estate overview report determining the factors affecting all sectors in the real estate market. In March, Cairo’s Central Bank announced the devaluation of the Egyptian pound from EGP7.78:US$1 to EGP8.85:US$1 in order to boost the banking system to attract foreign investment and finance major projects, as well as […]

INTERNATIONAL. Following the vote to leave the EU, the UK economy is expected to face challenges in the short term, with high levels of uncertainty leading to a slowdown in business investment and lower GDP growth.  UK: In light of this, PwC has revised down its main scenario real GDP growth projection for the UK to 1.6% and 0.6% per annum in 2016 and 2017 respectively, down […]

TRIPOLI // Two UAE relief planes carrying emergency aid supplies from the Emirates Red Crescent arrived on Thursday at Mitiga International Airport in the Libyan capital Tripoli. The planes were equipped with food, medical equipment and supplies to support the Government of National Accord in Tripoli, and will be distributed to Libyan hospitals. The humanitarian assistance is part of the UAE’s efforts to relieve the suffering and […]

Tesla Chief Executive Elon Musk attends a forum on startups in Hong Kong, China January 26, 2016. Reuters/Bobby Yip/File Photo Tesla Motors Inc (TSLA.O) chief Elon Musk’s ambitious new “master plan” provided a vision of the company as a leader in sustainable energy, but lacked details on how the plan would be funded and executed. Musk sketched out a plan on Wednesday for an integrated carbon-free energy […]

Yahoo CEO Marissa Mayer delivers her keynote address at the annual Consumer Electronics Show (CES) in Las Vegas, Nevada in this January 7, 2014, file photo. Reuters/Robert Galbraith/Files SAN FRANCISCO Former Yahoo executive Dan Rosensweig has not worked at the pioneering internet company in nearly a decade. But last week, as Yahoo Inc (YHOO.O) prepared to sell its core internet business, he was sporting a Yahoo T-shirt […]

People play the mobile phone game Pokemon GO in a park in Central Jakarta, Indonesia July 21, 2016. Reuters/Iqro Rinaldi JAKARTA Avid players of smash-hit mobile phone game Pokemon GO in Indonesia, home to the world’s largest Muslim population, are not letting religious decrees or security warnings get in the way of their mission to catch their next cartoon creature. Nintendo’s augmented reality app, in which players […]

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|By Matein Khalid|Brexit will have a profound impact on international banking. It was no coincidence that the shares of UK, German, Swiss, Italian, Spanish and other banks fell 20-25% in a single trading session on news of Brexit. Even American money center banks and investment banks with a large footprint in the City of London fell 8 – 10% on Friday, June 24, 2016. As Deutsche Bank […]

The flight to Europe’s sixth-largest city was business travel as it ought to be – on time, comfortable and efficient, with plenty of room to work and relax. Emirates has a very reliable chauffeur service in Dubai to get you to the airport without any fuss. It takes you straight to the dedicated first- and business-class terminal in Terminal 3. Here you will find a spacious check-in […]

INTERNATIONAL. Stock markets received a welcome boost during trading on Thursday following the Bank of England’s decision not to change interest rates which eased the ongoing Brexit fears, consequently lifting risk sentiment. Asian markets were elevated in the early sessions of Thursday after China’s better than expected GDP results alleviated concerns over slowing economic growth in the world’s second largest economy. Although European markets initially tumbled after […]

UAE. Implementing change strategies to reinvent the value proposition of the Islamic financial services industry is high on the agenda of industry leaders, according to Deloitte’s new whitepaper entitled “The catalysts for change: Strategic priorities in governance and regulation in Islamic Finance practice.” This necessity is fueled by recent global economic downturn coupled with geopolitical risks that have put more pressure on industry strategists and policymakers. The […]

ABU DHABI // Pet owners are being advised to keep an eye on their cats and to get them microchipped after claims that a number of animals have been mistaken for strays and rounded up by pest-control services. Warnings have been issued by animal welfare groups in Dubai and Abu Dhabi. In the capital owners have desperately been calling around more than 70 pest controllers to try […]

JIDDA, Saudi Arabia — For most of his adult life, Ahmed Qassim al-Ghamdi worked among the bearded enforcers of Saudi Arabia. He was a dedicated employee of the Commission for the Promotion of Virtue and the Prevention of Vice — known abroad as the religious police — serving with the front-line troops protecting the Islamic kingdom from Westernization, secularism and anything but the most conservative Islamic practices. […]

KEFLAVIK, Iceland Marco Streng is a miner, though he does not carry a pick around his base in south-western Iceland. Instead, he keeps tens of thousands of computers running 24 hours a day in fierce competition with others across the globe to earn bitcoins. In the world of the web-based digital currency, it is not central banks that add new money to the system, but rather computers […]

Three months ago, after 10 months of negotiations, Canadian tech giant Mitel Networks Corp. announced that it would buy video conferencing solutions provider Polycom Inc. for close to $1.9 billion. Now, it appears that Polycom has had a huge change of heart. Today, private equity firm Siris Capital Group LLC said it has agreed to acquire Polycom for $2 billion in cash and take the company private. […]

Three months ago, after 10 months of negotiations, Canadian tech giant Mitel Networks Corp. announced that it would buy video conferencing solutions provider Polycom Inc. for close to $1.9 billion. Now it appears that Polycom has had a huge change of heart. Today private equity firm Siris Capital Group LLC said it has agreed to acquire Polycom for $2 billion in cash and take it private. Previously, […]

Scientists have specified how many deaths can be attributed to human-made climate change during an extreme heatwave in two European cities in 2003. They calculate that in Paris, the hottest city in Europe during the heatwave in summer 2003, 506 out of 735 summer deaths recorded in the French capital were due to a heatwave made worse by human-made climate change. The impact of climate change was […]

|By Matein Khalid| The merger of Abu Dhabi banks First Gulf Bank and NBAD creates the largest bank in the Middle East, a regional colossus with $170 billion in assets, competitive funding cost in the global interbank/capital markets and a market value greater than Credit Suisse, Standard Chartered Bank (SCB) and Deutsche Bank. This is the biggest game changer event in UAE banking and finance since the […]

BAGHDAD — As celebrations for the Muslim holy month of Ramadan stretched past midnight into Sunday in central Baghdad, where Iraqis had gathered to eat, shop and just be together, a minivan packed with explosives blew up and killed at least 143 people — the third mass slaughter across three countries in less than a week. The attack was the deadliest in Baghdad in years — at […]

|By Matein Khalid| David Cameron, Wall Street’s elite, Mutti Merkel, Obama, the Eurocrats of Brussels, the great and the good of the City and the IMF’s Lady Christine all got it so horribly wrong. I slept Thursday night with sterling at 1.50 on New York and awoke to see it trade at 1.34 on Friday, a 30 year low before the Plaza Accords. Britain has voted to […]

BERLIN/LAGOS When German e-commerce investor Rocket Internet launched Jumia in 2012 as a would-be African Amazon, it was optimistic that a rapidly expanding middle class would quickly shift from street markets to shopping online. Four years on, falling sales for sites like Jumia and slower growth from Nigeria to Russia and Brazil is casting doubt on Rocket Internet’s ambition to become the world’s biggest Internet company outside […]

Backed by the wide-scale social influence of Facebook, WhatsApp appears poised to have an even greater impact on the global communications market, including voice calling as well as text messaging services. Yesterday, the Facebook-owned mobile messaging service announced it is now supporting more than 100 million voice calls every day, a service it began offering just 18 months ago. WhatsApp also rolled out a desktop version of […]

ABU DHABI // Abu Dhabi and Dubai remain among the most expensive cities in the Middle East and the world, a global cost-of-living survey has revealed. This year, Dubai ranked the 21st most expensive city in the world, up from 23 last year, while the capital came in number 25, up from 33 last year. Hong Kong is the world’s most expensive city for expats, while the […]

ABU DHABI // Queues of taxis snaked around Le Royal Meridien hotel from before 6pm on Tuesday as staff handed out bags filled with biryani, dates, juice, water and fresh fruits to cabbies at the entrance. Wazir Ullah Umer was among those to receive the free iftar gift pack that the 48 Starwood Group hotels hand out every year for the Iftar for Cabs project. “We have […]

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