SAUDI ARABIA. Jadwa Investment, the Saudi asset manager focused on Sharia’ah compliant mutual and private equity funds, has just issued its Quarterly Global Oil Market Update (Q3 2014). Summary of the report · The combination of accelerating US supply, weaker than expected global demand, stabilization in geopolitics, and an appreciation of the dollar, led to oil prices dropping by 7.3 percent in Q3 2014, to an average of […]
|By TAP Staff| The Dubai International Financial Centre Court appointed Philip Bowers and Neville Kahn of advisory firm Deloitte as joint provisional liquidators of Portuguese financial group Espirito Santo’s Dubai subsidiary ES Bankers (Dubai) Ltd (ESBD. This came after the regulator was informed ESBD was “no longer able to meet its obligations and continue as a going concern”, the statement added. The DIFC action is the latest […]
To find inspiration for the future in his new role as chief executive of Masdar, Dr Ahmad Belhoul looked at the past. “When you look back a generation or two to our grandparents’ time, they were some of the most sustainable people on Earth,” he said. “They would use water and food only to the extent that they needed.” Appointed as the head of Abu Dhabi’s leading […]
Nasser Al Sayer, chairman of NBK NBK to sell IBQ stake to Qatari investors for $538m KUWAIT, 1 days ago National Bank of Kuwait (NBK) has agreed to sell its 30 per cent stake in its Qatari associate, International Bank of Qatar (IBQ), to Qatari investors in a transaction worth $538 million (KD155 million), at a $87 million profit. Nasser Al Sayer, chairman, highlighted that this transaction […]
Emaar Malls Group jumps 20pc on listing DUBAI, 1 days ago Shares in Dubai’s Emaar Malls Group (EMG) jumped in early trade on Thursday as the stock started trading on Dubai’s main stock exchange and drained liquidity from the rest of the emirate’s market. EMG shares, which were sold at Dh2.90 in the heavily oversubscribed $1.6 billion initial public offer, rose 13.8 per cent to Dh3.30 after […]
A trading screen on the floor of Dubai Financial Market shows the bid and offer levels for Emaar Malls Group shares. Asa Fitch for The Wall Street Journal Shares of Emaar Malls Group started trading on the Dubai Financial Market on Thursday, marking the first significant new share sale in Dubai since the global financial crisis. Emaar Malls isn’t a big deal globally. But traders here say […]
Dubai’s Emirates Airline, the world’s largest carrier by international traffic flown, has signed a deal with TAAG Angola Airlines to manage the carrier for 10 years and cooperate on “commercial opportunities” in Africa. The Gulf carrier, which also has a partnership agreement with Australia’s Qantas Airways, will code-share on cargo and passenger services, participate in each carrier’s frequent flier programs and coordinate ground handling, Emirates said in […]
|By TAP Staff| Following the huge success of Emaar’s malls IPO, Chairman Mohammed Alabbar indicated the possibility of floating the group’s hotel business, which includes the signature Armani Hotel. Meraas Holding, a Dubai government-controlled developer, has picked banks to manage the IPO of its theme park unit, three people with knowledge of the matter said earlier this month. The company’s IPO is planned for the fourth quarter, […]
Kuwait plans clamp on energy subsidies Kuwait starting to cut subsidies, says IMF DUBAI, 3 hours, 26 minutes ago Kuwait’s government has started reducing some state subsidy payments and is in an advanced stage of preparing a plan to cut subsidies for kerosene and electricity, the International Monetary Fund said. Subsidy cuts are an important economic reform for Kuwait because lavish subsidies, mostly on energy, swallow about […]
Boost for healthcare, education Amanat Holdings to launch $374m IPO in Oct DUBAI, 4 hours, 0 minutes ago UAE-based Amanat Holdings, a healthcare and education start-up, will launch a Dh1.375 billion ($374 million) share sale offering on the main Dubai bourse in October, the firm said in a statement on Tuesday. The initial public offering is set at a price of Dh1.02 ($0.27) per share, representing 55 […]
By S. Sethuraman The Reserve Bank of India’s Fourth Bi-Monthly Monetary Policy Statement on September 30 does not offer any hint of monetary easing in the near future, again citing risks to lowering at present the policy lending repo rate from 8 per cent it has maintained since April, in the current fiscal year. This leaves all other policy rates and reserve ratios unchanged, (reverse […]
|By TAP Staff| Emaar Malls Group, the shopping mall operator based in Dubai, said Monday that it had raised $1.6 billion in its initial public offering. Emaar Malls, which owns the Dubai Mall, one of the largest shopping centers in the world, with 3.7 million square feet in leasable space and 75 million visitors last year, is being spun off from Emaar Properties, the property giant that […]
Growing interest in sharia investments to boostfund value to $100 million. Sedco launches in-house managed Islamic fund JEDDAH, 8 hours, 30 minutes ago Jeddah-based Islamic investment firm Sedco Capital has launched the first fund managed by its own in-house team, looking to bulk up its asset management capabilities, the firm said on Monday. The Gulf equities fund, domiciled in Luxembourg, has an intial $30 million in assets […]
Cisco is adding some muscle and money to its Intercloud skeleton, signing over 30 new partners to its worldwide network of interconnected clouds. The new alliances add 250 data centers in 50 countries to Intercloud. Cisco Capital,a wholly owned subsidiary of Cisco, has also earmarked $1 billion in financing to the effort, providing the money so Cisco customers and partners can more quickly adopt the Cisco technologies […]
Dubai’s stock market looks set to see an influx of cash this week when Emaar Malls Group returns to investors the surplus funds from subscriptions to its initial public offer, which could boost the prices of other stocks. EMG, a subsidiary of Dubai’s largest listed developer Emaar Properties, closed subscriptions last Friday and will announce the final offer price on Monday, according to its prospectus. Sources familiar […]
Defiant pro-democracy demonstrators remained on the streets of Hong Kong’s financial center early Monday, after a day of protest-fueled clashes that left at least 38 people injured. Despite calls from organizers for them to return home, many of the protesters continued to jam streets of the business district. The demonstrations, which authorities have intermittently attempted to disperse by force, follow a week of student-led boycotts and protests […]
By DAVID E. SANGER and ANNE BARNARD September 27, 2014 WASHINGTON — The Pentagon said on Saturday that it had conducted its first strikes against Islamic State targets in a besieged Kurdish area of Syria along the Turkish border, destroying two armored vehicles in an area that has been the subject of a weeklong onslaught by the Islamic State. The action around Kobani, where at least 150,000 refugees have crossed into Turkey, appeared to signify the opening of […]
Supporters of the Shiite Houthi movement in Sana, Yemen, standing around the coffins of their comrades killed in recent fighting. The rebels seized control of much of the capital last week. By REUTERS September 27, 2014 SANA, Yemen — A splinter group of Al Qaeda fired a rocket toward the United States Embassy in Sana on Saturday, wounding local guards. In a post on Twitter, the group said […]
Riding high on a backlash against Facebook, following the company’s decision to bar drag performers from registering using their stage personas, social networking startup Ello is aiming to be a giant killer. Ello, which launched in July, is promoting itself as a less exploitive version of the world’s largest social networking site. “Your social network is owned by advertisers,” Ello said in the first line of its […]
|By TAP Staff| Dubai buyout firm Abraaj is teaming up with TPG Capital, based in Fort Worth, Texas, for a deal to buy a majority stake in Saudi Arabian fast-food chain Kudu, it has been reported. Kudu operates about 200 outlets in Saudi Arabia selling grilled chicken sandwiches, burgers and breakfasts. According to Bloomberg, the pickup in Middle East investment comes as dealmaking by private-equity firms in […]
Shares of Marka started trading Thursday at a premium of 77% to its 1 U.A.E. dirham ($0.27) issue price. Asa Fitch for The Wall Street Journal Shares of Marka, a brand-new retail and hospitality company in the United Arab Emirates, began trading at a huge premium to their initial public offering valuation on the Dubai Financial Market Thursday, underscoring both a revival of confidence and what could […]
Demand for aircraft leasing is expected to stay steady. Aircraft lessors wary as new rivals crowd into aviation ISTANBUL, 1 days ago By Tim Hepher Aircraft leasing companies voiced confidence in steady jetliner demand, but warned new aviation investors that they may take a painful hit when central banks start unwinding their efforts to stimulate the economy. Deterred by poor returns elsewhere as interest rates remain at […]
Gulf Capital buys into top Egypt glass firm ABU DHABI, 21 hours, 31 minutes ago Gulf Capital, a leading alternative investment firm, has completed the acquisition of a strategic minority stake in Middle East Glass Manufacturing (MEG), Egypt’s largest container glass and PET manufacturer. MEG is a worldwide approved supplier of glass bottles for Coca-Cola, an approved supplier for Pepsi, Nestle and other major beverage producers locally […]
|By TAP Staff| The United Arab Emirates’ stock exchange plans to offer a trading platform for shares in private joint-stock companies so that they can raise capital with less disclosure of corporate information than publicly listed firms. Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said that trading would begin over the next few months on a special platform set up inside the country’s existing stock exchanges, state […]
