ABU DHABI // Fragrances of oud wafted through the air as Syrian baklava wrapped in packets was bought by eager customers. Traditional, embroidered Arab dresses were being sold alongside off-shoulder embellished gowns and silver jewellery. A motley mix of items, clothing and toys was on sale at the Ramadan and Eid Festival at Abu Dhabi National Exhibition Centre (Adnec). Thousands of visitors have flocked to the indoor […]
|By K Raveendran| The Dubai real estate scene today has several similarities with the pre-crisis situation of 2008, which ultimately led to the emirate’s property bubble. Conflicting signals, including a series of big ticket announcements, entry of new developers and growing concern about overheating in the market, are making it a thoroughly confusing proposition. The announcement of the Mall of the World, a domed, climate-controlled city more […]
ABU DHABI // The Ebola virus that has killed hundreds in West Africa poses little risk to the UAE, experts have said. The odds are low that an Ebola infection could reach the country and lead to an outbreak, said Dr Salwan Ibrahim, Middle East medical director for International SOS in Dubai. “The Ebola virus is a potentially severe illness and the outbreak in West Africa has […]
ABU DHABI // Workers say a lack of proper rest areas on building sites leads them to take risks to escape the heat in their midday breaks. Last week an Asian worker was run over by a paving lorry as he napped on a site in Ras Al Khaimah. He was sleeping in front of the parked vehicle when the operator started it up and ran over […]
ABU DHABI // The internet needs more quality content in Arabic for the 141 million users who speak the language. Forty per cent of people in the Middle East have internet access, 87 per cent of them at home, and Arabic is the eighth most used language, according to Google figures. Half the population is under 25, the prime age group for internet use on phones and tablets, […]
DUBAI // Dubai has been ranked the world’s second-most expensive city in which to stay, and industry experts say tourists are travelling to nearby emirates to avoid the rising costs of hotels. In a list compiled by Bloomberg, Geneva was the most expensive city, and Kuwait and Zurich were third and fourth. The average cost of a room in Geneva is US$308 (Dh1,131), followed by Dubai at […]
NEW DELHI: Gautam Adani plans to acquire power plants with a total capacity of 5,000 mw, but he will avoid aggressive bids to ensure good returns, a source close to the tycoon said a day after Anil Ambani-led Reliance Group outbid him to buy 1,800 mw hydro power capacity from Jaypee Group.
Gautam Adani is directly involved in evaluating offers and negotiations, something he left to company executives in the past, the source said. The company is in talks with several power sector players, including GMR, Lanco, Indiabulls, Avantha Power and Athena, the source said.
Another person in the Adani Group said there are many sellers in the market, offering projects with a combined capacity of nearly 50,000 mw.
 
DUBAI // Nearly 20 years ago a filmmaker and a musician tracked down a group of long-forgotten entertainers in Havana and turned them into global music and movie stars. Wim Wenders and Ry Cooder sparked a rebirth of traditional Cuban music with The Buena Vista Social Club. Now the filmmaker Ray Haddad and the British musician Jason Carter aim to do the same with the musical tradition […]
ABU DHABI // The image of Emirati female managers as subservient employees in a male-dominated work environment is a myth, a new study suggests. In fact they are clever, ambitious, hard working and not afraid to stand up to sex discrimination in pursuit of their professional success. “They are ambitious, but they are trying to pick their battles,” said Dr Hayfaa Tlaiss, researcher and author of the […]
ABU DHABI // A husband who accused his wife of cheating on him does not have sufficient grounds for divorce, the Court of Cassation has ruled. The man, from an Arab country, filed a divorce lawsuit in which he alleged she was committing adultery. He said she repeatedly left the house without his permission, leaving their child behind with the housemaid. The Personal Status Court initially refused […]
The Gulf states have become the most stable and influential force in the Arab world, with the decline of the Egyptian role, the spread of turmoil and chaos in Syria and Iraq and Algeria’s retreat on itself after the “black decade” of the 1990s. Because of political stability and increasing oil revenues, the Gulf states have accumulated financial wealth that has strengthened their political, economic and media influence in […]
The emirate of Sharjah has appointed HSBC, National Bank of Abu Dhabi and Standard Chartered to manage a debut sukuk transaction, according to two sources away from the transaction. One of the sources said that Sharjah Islamic Bank and the investment banking arm of Kuwait Finance House, KFH Financial, were also mandated on the deal. The transaction could come as early as September. Sharjah would become the […]
DUBAI // Cinemas, restaurants and shops were packed as thousands escaped the scorching heat and enjoyed the first day of Eid Al Fitr in Dubai and Abu Dhabi malls. Dubai Mall welcomed crowds as many people who had spent the past month fasting for Ramadan made the most of the end of the holy month. Although most of those enjoying a public holiday were residents, the high […]
ABU DHABI // It is just after 10am and nearby the faint whimper of a baby’s cries can be heard. Further down the hall muffled groans can be heard from a mother in labour. This is just a regular Sunday shift for resident Dr Khulood Ali Al Suwaidi in the urgent care unit at Abu Dhabi’s Corniche Hospital, the largest maternity hospital in the country. “It is […]
NEW DELHI: In a big push to 31,000-MW of electricity generation plants stranded without fuel, the power ministry has proposed a Rs 5,700 crore subsidy to help operationalise idle gas-based capacity, a loan restructuring scheme for such plants and the supply of coal to projects that will be commissioned before March 2015.
The proposals will benefit 24,148 MW of gas-based projects and 7,230 MW of plants that run on coal, set up at a total investment of about Rs 1,50,000 crore.
An additional 10,930 MW of coal-based plants that will be commissioned before March are also likely to gain. The ministry will approach the Union cabinet with a proposal to pool prices of imported gas and coal with domestic fuels to help stran
Abu Dhabi-listed Islamic insurer National Takaful Company (Watania) said on Sunday its majority shareholders had agreed to sell stakes to strategic investors from the Gulf region, but did not name the selling or buying parties. In a short bourse filing, Watania said the deal was subject to regulatory approvals. It did not disclose the value of the deal, nor the size of the stake being sold. Among […]
AL AIN // The long wait for compensation may soon be over for families of the victims of the UAE’s deadliest road accident. The Court of Appeal is to rule on the Dh4.2 million case on September 24, more than 18 months after the crash in Al Ain on February 4 last year. The victims – 19 from Bangladesh, one from India and one from Egypt – […]
The power sector is one of the biggest concerns in terms of potential non-performing loans of banks given the host of headwinds the sector is facing. About a quarter of banks’ total exposure to the power sector is to the stressed players. Slowdown in the economy, shortage of coal, mounting losses of state electricity boards (SEBs) and non-remunerative tariffs have stymied the sector. The government’s high-level panel to revamp the power sector headed by former power minister Suresh Prabhu will have to address these challenges at the earliest and create a roadmap for the long-term sustainability of the sector.
As the gap between demand and supply of coal is increasing, the dependence on imported coal will rise from 150 million tonn
Dubai construction company Arabtec’s former boss has sold about $4 million worth of shares in the group this week, cutting his stake slightly, stock exchange data showed. Arabtec’s shares have swung around wildly this year on apparent tensions between chief executive Hasan Ismaik and Abu Dhabi state fund Aabar Investments, also a major Arabtec shareholder. Ismaik resigned abruptly in June. Ismaik cut his stake to 28.77 percent […]
NEW DELHI: Power plants in India are not importing coal despite global prices of the fuel slumping to decade-low levels. Power generating companies are rather operating at lower capacity on domestic coal that is short in supply, as distribution companies (discoms) are not willing to pay for costly power fuelled by imports.
A Mumbai-based trader, who did not wish to be identified, said global prices had fallen to a 10-year low due to weak demand from China that is reducing dependence on imports by encouraging production from own mines.
He said prices of 4,200 kcal/kg thermal coal in international markets were hovering around $36.50 per million tonne as against $52 per million tonne two years ago.
DUBAI // Camels will not be sacrificed during this year’s Haj in Mecca in an attempt to stop the spread of the Mers coronavirus. Dr Ulrich Wernery, scientific director at the Central Veterinary Research Laboratory (CVRL) in Dubai, said he was part of a team that recommended the measures to the Saudi Arabian ministry of health. A genetic link between the Mers found in humans and a […]
DUBAI // About 25,000 pupils will have tablet computers this academic year as the Ministry of Education expands its programme to bring smart learning to classrooms. The Mohammed bin Rashid Smart Learning Programme, launched last year for pupils in Grade 7 and some in Grade 8, will be expanded to Grades 1 and 5 in chosen schools. It will also be introduced to other pupils in Grade […]
National Bank of Abu Dhabi, the United Arab Emirates’ biggest lender, raised its full-year profit forecast and said it hired 150 senior managers amid increasing growth at its fee-generating businesses. Net profit will probably rise 8 percent to 10 percent in 2014, up from an earlier forecast of 6 percent to 8 percent, the bank said today in an emailed statement. Revenue will likely be 6 percent […]
Abu Dhabi Commercial Bank , the fourth-largest lender by market value in the United Arab Emirates, beat analysts’ estimates slightly on Tuesday as it posted a 22 percent rise in second-quarter net profit on lower impairments. The bank made a net attributable profit of 1.06 billion dirhams ($289 million) in the three months to June 30, versus 868.5 million dirhams in the corresponding period last year, it […]
