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UAE. After delivering strong results in 2014, Islamic banks in the Gulf region face a gradually weakening operating outlook in 2015-2016, largely due to declining oil revenues, says a report published today by Standard & Poor’s Ratings Services. But as the report, titled “Gulf-Based Islamic Banks Grapple With Weakening Regional Economies,” also points out, we believe investor demand for Sharia-compliant products and supportive government actions will enable […]

INTERNATIONAL.  Lifting sanctions related to Iran’s nuclear program will have a significant impact on the world oil market, the Iranian economy and Iran’s trading partners. Iran’s full return to the global market will eventually add about a million barrels of oil a day, lowering oil prices by US$10 per barrel next year, according to the World Bank, which also expects economic growth in the country to surge […]

UAE. H1 2015 saw 11 IPOs in the Middle East and North Africa (MENA) region, raising capital of over US$2.4b, according to EY’s MENA IPO Eye – H1 2015. Deal volume decreased by 31% and proceeds raised decreased by 1% in H1 2015, compared with H1 2014. Egypt and Saudi Arabia witnessed the highest number of IPOs with five and three IPOs respectively. Q2 2015 saw a significant […]

ANTAKYA, Turkey — The foreign minister of Iran arrived in Damascus, Syria, on Wednesday to discuss the civil war in Syria with President Bashar al-Assad, while rebel shelling and government airstrikes killed more than 30 people nearby. The visit by the Iranian minister, Mohammad Javad Zarif, came amid intensified diplomacy among Russia, the United States and several Middle Eastern powers seeking to end the conflict, which has […]

CAIRO — The Egyptian affiliate of the Islamic State said on Wednesday that it had beheaded Tomislav Salopek, a 30-year-old Croatian expatriate worker who was taken from his car on the outskirts of Cairo last month. The claim, if confirmed, would represent the first time that the militant group, Sinai Province, had abducted and killed a foreigner during two years of attacks against the government. A photograph […]

A logo is pictured at Google’s European Engineering Center in Zurich April16, 2015. Reuters/Arnd Wiegmann/Files Google Inc’s overhaul of its operating structure is an acknowledgement of the lack of transparency surrounding its disparate businesses and projects, analysts said, but it remains to be seen how much more the company will actually disclose. Analysts and investors have long sought more granular detail on Google’s capital spending and cash […]

SAN FRANCISCO Google Inc (GOOGL.O) announced a surprise overhaul of its operating structure on Monday, creating a holding company called Alphabet to pool its many subsidiaries and separate the core web advertising business from newer ventures like driverless cars. The move appeared to be an attempt by the search engine giant to focus on its more creative and ambitious projects, while investors cheered the potential for more […]

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|By TAP Staff|Saudi Arabia’s Al Khafra Holding Group has acquired a substantial equity position in Invescore Ltd, a financial advisory firm based in London. With the acquisition Sheikh Mubarak Al Khafrah becomes the new Chairman of Invescore. This transaction strategically increases Invescore investment banking and direct investment capabilities as well as strengthening its presence in the Kingdom of Saudi Arabia and the GCC region. The transaction was […]

A Tunisian police officer stood guard at the scene of a shooting attack in June at the Imperial Marhaba hotel in the Mediterranean resort of Sousse. By CARLOTTA GALL August 9, 2015 MONASTIR, Tunisia — A dozen police officers, one with an assault rifle across his knees, guard the presidential mausoleum in this sleepy seaside resort, easily outnumbering the foreign visitors on a recent morning. It was here, the […]

Terry Gou, founder and chairman of Taiwan’s Foxconn Technology, gestures during a news conference in New Delhi, India, August 4, 2015. Reuters/Anindito Mukherjee MUMBAI Taiwan’s Foxconn, the world’s largest contract electronics manufacturer and a key supplier to Apple Inc (AAPL.O), on Saturday signed a pact with Maharashtra to invest $5 billion over five years on a new electronics manufacturing facility. The announcement was made by Foxconn founder […]

The days of very easy money are drawing to a close in the rich Gulf Arab oil-exporting economies as money market rates start to rise, partly because of the damage which cheap oil is doing to government finances. Loose liquidity created by inflows of oil money pushed short-term rates in Saudi Arabia, the United Arab Emirates and neighbouring states to record lows last year, fuelling frenzied competition […]

RAS LAFFAN, Qatar — The temperature hovered around 100 degrees on the jetty here, where a set of pipes were connected to a giant red-hulled ship. But the moisture in the air froze on the pipes and flaked off, creating snowlike flurries on the early summer evening. The incongruous sight is common on the Qatari ship, the Al Rekayyat, which carries a frigid fuel known as liquefied […]

|By Matein Khalid| Every global recession since the OPEC oil shocks of 1973-74 was triggered by a contraction in the $17 trillion US economic colossus. The failure of Lehman Brothers, the meltdown in US subprime mortgages, the impotence of the implicit “Fed/Uncle Sam” put, the ice age in the commercial paper and interbank money markets all tipped the US economy into recession in late 2008 and triggered […]

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. Reuters/Mike Segar NEW YORK Has the “curse of the Dow” finally caught up with Apple? Shares of the iPhone maker have been in a rut since posting disappointing quarterly results in late June, falling to a six-month low of $113.25 on Tuesday. […]

Creditors of Drydocks World, the Dubai government-owned company seeking to revise part of a $2.3 billion debt restructuring deal which it signed in 2012, have chosen Moelis & Co as their adviser, sources familiar with the matter said. The selection of the New York-based advisory company should open the way to Drydocks offering a proposal to creditors, a move expected to happen later this quarter, with a […]

The Iranian energy projects market represents a $167 billion opportunity for regional and international companies as the Islamic Republic prepares for the lifting of sanctions, a report said.  According to the latest data from Meed Projects, the Mena leading projects tracking service, there are 197 individual energy (oil, gas, petrochemical, industry and utilities) projects either planned or under way in Iran, a number that could well double […]

Gold’s tumble to the lowest since 2010 promises to prolong a mergers and acquisitions boom that’s seen transactions at a three-year high as weaker prices slash asset valuations. Deals valued at $9.6 billion were proposed or completed in the six months to June 30, up 7 percent on the previous half, as producers including OceanaGold Corp. agreed acquisitions, according to data complied by Bloomberg. They totaled $22.3 […]

CAIRO — Secretary of State John Kerry told the Egyptian authorities on Sunday that they would not be able to defeat terrorism at home unless they showed greater respect for human rights. “The success of our fight against terrorism depends on building trust between the authorities and the public,” Mr. Kerry said at a joint news conference with his Egyptian counterpart. “If that possibility does not exist, […]

TEHRAN — Despite the smiling clown, a symbol of the Great Satan’s love for meat, buns and fries, there were no angry mobs punching fists in the air, shouting “Death to America”; nor did the smell of burnt American flags permeate this Tehran neighborhood. It smelled of juicy burgers, flipped by a cheerful Iranian teenager named Jahan. His kitchen was crowned with a flashing logo that looked […]

INTERNATIONAL.  New research from PwC projects that traditional assets under management (AuM) in 12 markets across Africa will rise to around $1,098 billion by 2020, from a 2008 total of $293 billion. This represents a compound annual growth rate (CAGR) of nearly 9.6%. Traditional asset management, in particular the mutual fund industry, is expanding aggressively across Africa. This will largely be driven by a number of factors: […]

Protesters in Baghdad on Friday. High temperatures have made the lack of reliable electricity a bigger political issue than usual. By ANNE BARNARD August 1, 2015 BAGHDAD — In the Iraqi summer, when the temperature rises above 120 degrees Fahrenheit, electricity becomes even more of a political issue than usual. This past week, at the top of Iraqis’ agenda, it has even eclipsed war with the Islamic State. The […]

An employee works inside the office of U.S. online cab-hailing company Uber, on the outskirts of New Delhi, India, April 24, 2015. Reuters/Anindito Mukherjee REUTERS – Uber Technologies Inc will invest $1 billion in India in the next nine months, as the online taxi-hailing company looks to expand its services in its biggest market outside the United States. Uber said it would use the additional investment to […]

INTERNATIONAL. JINSA’s Gemunder Center Iran Task Force has released a new report at a panel discussion yesterday to provide an expert analysis of the Joint Comprehensive Plan of Action (JCPA), the final agreement with Iran on nuclear disarmament. The Task Force – co-chaired by Ambassador Dennis Ross, who played a leading role in shaping the Middle East peace process for 12 years under three administrations, and Ambassador […]

UAE.  The MENA Private Equity Association, a non-profit organisation supporting the development of the private equity and venture capital industry in the Middle East and North Africa, launched today its ninth “MENA Private Equity & Venture Capital” Annual Report. According to the Report, which was compiled in collaboration with Deloitte and Zawya – Thomson Reuters, 2014 was a significant year for the industry and has demonstrated the […]

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