ABU DHABI, United Arab Emirates — Former President Bill Clinton said on Sunday that he believed that New York University and the Abu Dhabi government would conduct a thorough investigation into worker rights abuses at the university’s new campus here in the country’s capital. Delivering the first graduation speech at the campus, Mr. Clinton said the controversy had “dominated the coverage” of the university during the days […]
JERUSALEM — Pope Francis inserted himself directly into the collapsed Middle East peace process on Sunday, issuing an invitation to host the Israeli and Palestinian presidents for a prayer summit at his apartment in the Vatican in an unexpected overture that has again underscored the broad ambitions of his papacy. Francis took the extraordinary step in Bethlehem, where he became the first pontiff ever to fly directly […]
The Middle East’s oil boom was made in China HSBC As the world’s second-largest consumer of oil, China in the past decade has relied heavily on the Middle East to secure the resources required to fuel its ascendancy to become an economic superpower. In doing so, it overtook the U.S. as principal investor in the Middle East and played a pivotal role in transforming the region by […]
Indian-born economist Arvind Panagariya, who is widely expected to take a top advisory role in prime minister-elect Narendra Modi’s government, wants its first budget to boost capital spending even at the risk of a higher fiscal deficit. Panagariya, 61, whose market-friendly, pro-growth economics has helped shape Modi’s outlook, told Reuters in an interview that higher spending is critical to India’s economic revival. Modi swept to power on […]
ON THE EAST BANK OF THE JORDAN RIVER — After visiting a site on Saturday where Jesus is believed to have been baptized, Pope Francis spoke about Jesus’s humility, “the fact that he bends down to wounded humanity in order to heal us.” So when some burly men prepared to carry a doctor in a wheelchair up four steps to the stage for a blessing, perhaps it […]
|TAP Special|Travelex, which has been acquired by leading UAE businessman Dr. B. R. Shetty along with his partners associated with Centurion Investments, will continue to operate independently of UAE Exchange. The acquisition, to be effected through BRS Ventures & Holdings Limited, a company owned by Dr Shetty and equity partners associated with Centurion, is subject to customary regulatory and other approvals and consents. The acquisition will not […]
Venture capitalist Chamath Palihapitiya, the former Facebook VP of growth for mobile and international, has criticized Apple’s strategies, saying the company is “screwed.” Palihapitiya, however, has a lot of praise for Facebook and Google.(Photo : Getty Images) Venture capitalist Chamath Palihapitiya says that Apple has lost its “mojo,” compared with the overall better jobs being carried out by tech rivals Facebook and Google. Palihapitiya, who describes himself […]
In the world’s biggest country, railways are still a route to riches. With nearly 1 billion passengers a year and $42 billion in annual sales, the state company Russian Railways is a giant commercial opportunity. At its head is Vladimir Yakunin, an old friend and long-standing ally of President Vladimir Putin. He oversees a company that strikes international deals, issues bonds to major investors and plans hugely […]
The surge in oil prices driven by Chinese demand has added $1 trillion to output in the Gulf Cooperation Council countries over 10 years, according to HSBC Holdings Plc. The six-member bloc’s gross domestic product increased to $1.7 trillion between 2003 and 2013, bringing per capital GDP to an average of $35,000, HSBC said in a report on the effect of a “globalizing China” on the Middle […]
Pakistan’s insurance firms have resolved a legal dispute with regulators which allows them to offer takaful, or Islamic insurance, a move expected to attract new players and boost competition in the sector. Pakistan introduced new takaful rules in 2012, allowing the use of takaful windows, which enables insurers to offer sharia-compliant and conventional products side by side, provided client money is segregated. This prompted a legal challenge […]
Etihad Airways had access to an interest-free $3 billion loan from Abu Dhabi’s ruling family, the Australian Financial Review newspaper said on Thursday, prompting criticism from rivals that have long complained of state support for the carrier. Citing what it said were leaked documents prepared for prospective financiers in 2011, the newspaper said the loan for government-owned Etihad required no repayments until 2027. The airline, which also […]
Uber San Francisco-based Uber — a smartphone app that connects passengers with cars for hire — officially launches in the Saudi capital Riyadh today after three months of beta testing, entering a new market with some unique opportunities. Saudi Arabia is a country with virtually no public transport and where half of the population — women — is not allowed to drive. Many of the regular cabs available […]
Leeds’ former managing director David Haigh has been arrested in Dubai for alleged financial irregularities during his time at the club, it has been reported. Haigh, 36, has been accused by the club’s former owner Gulf Finance House of wrongdoing under its ownership and in connection with the sale of Leeds to Italian Massimo Cellino. Haigh, an employee of GFH before he resigned from the Dubai-based equity […]
Following a report this week about mistreatment of workers who built New York University’s new Abu Dhabi campus, N.Y.U. apologized and said it would work with its partner to investigate. The next day, the partner, the Abu Dhabi government, confirmed it would participate. N.Y.U. has declined to specify how such an investigation might proceed, or what remedies it might pursue. But experts on labor conditions in the […]
|By TAP Staff| Dubai outscores all US cities in terms of its healthcare system, the latest Cities of Opportunities report has revealed. Dubai is the only Middle Eastern city that features in the Price Waterhouse Cooper study takes the pulse of 30 cities at the heart of the world’s economy and culture. Dubai ranked 5th in global affordability, that measures cost of living, purchasing power and corporate […]
National Bank of Abu Dhabi plans to set up a regional financial base in India before the end of this year as part of its overseas expansion strategy, two sources aware of the matter told Reuters on Wednesday. The largest lender by market value in the United Arab Emirates is the first Emirati bank to be granted a banking licence in India since 1980. It joins two […]
|TAP Special| Sharjah might soon have its own Metro, which could be linked to Etihad Rai, as part of a massive plan to develop the emirate’s transport infrastructure, according to sources familiar with the plan. The newly-created Sharjah Roads and Transport Authority has been tasked with the responsibility of undertaking the feasibility studies in this regard. The plan also includes the development of new road networks and […]
GAZA — For 14-year-old Aseel Radi, the promised reconciliation between warring Palestinian political factions is viewed through a forlorn fountain in a crowded market on the eastern side of Gaza City. Aseel used to visit the fountain in what is known as Palestine Square with her father, Maher, a member of the Fatah faction’s armed wing who was killed by militants from its rival, Hamas, during the […]
BP’s chief economist is jumping ship to the Abu Dhabi Investment Authority to establish and run a global research team for the sovereign wealth fund. Christof Ruhl is joining the Abu Dhabi Investment Authority to establish and run a global research team. Bloomberg News Christof Ruhl, a German academic who specializes in energy economics and has been with BP since 2005, will start at ADIA in July, […]
A Deutsche Bank stake worth 1.75 billion euros has already been placed with an investment vehicle owned and controlled by Sheikh Hamad Bin Jassim Al-Thani, Qatar’s former prime minister. Reuters Qatar is again swooping in to help one of Europe’s biggest banks – this time with a twist. Paramount Holdings Services, a vehicle owned by former prime minister Sheikh Hamad bin Jassim Al Thani, agreed to put […]
Sheikh Hamad bin Jassim bin Jabr Al Thani, who played a key role in Glencore International Plc’s takeover of Xstrata Plc, is returning to dealmaking a year after his ouster as prime minister and head of Qatar’s sovereign wealth fund. Sheikh Hamad is injecting 1.75 billion euros ($2.4 billion) into Deutsche Bank AG through his Paramount Holdings Services Ltd. investment vehicle, the Frankfurt-based bank said May 18. […]
Bahrain-based Al Baraka Banking Group said it is considering issuing subordinated Islamic bonds through its South African and Pakistani units to boost their regulatory capital. The Islamic bank’s plans come at a time when sovereign sukuk are expected from both countries later this year. The lender has operations in 15 countries across the Middle East, Asia and Africa. Al Baraka is working with the authorities in South […]
Middle Eastern pay-television operator OSN has “no current plans” for a stock market flotation, its chief executive said on Sunday, following comments from its parent company that an initial share sale was expected to happen this year. OSN has operations across the Middle East and North Africa and annual revenue currently around $700 million. Last year, brokerage Arqaam Capital valued the company at $4.3 billion. Kuwait Projects […]
BEIRUT, Lebanon — The general in charge of Syria’s air defense has been killed in fighting near Damascus, an opposition monitoring group and Syrian security officials said Sunday. The officer, Lt. Gen. Hussein Ayoub Ishaq, one of the highest-ranking officers to die during the country’s three-year conflict, commanded 60,000 troops in Syria’s air defense forces, said Hisham Jabber, a retired Lebanese Army brigadier general who closely follows […]
