|By Arabian Post Staff| Dubai is seeking $2.5 billion in loans to finance a 15-kilometer extension of its metro line to the World Expo site, Bloomberg reported quoting unnamed sources. The news agency said banks have submitted various proposals, including a $1.34 billion facility backed by European export credit agencies. Lenders also bid for a $1.12 billion unsecured, commercial facility that is guaranteed by the Dubai government, […]
|By Arabian Post Staff| Dubai-based Shaikhani Group announced a major foray in Dubai’s property market with 11 real estate projects with a collective value exceeding Dh3.5 billion (US$950 million) that are in various stages of development. Shaikhani Group’s 11 projects will deliver 2,100 residential and commercial units in Dubai Sports City, Jumeirah Village Circle and Dubai Silicon Oasis. Of these, the company is at an advanced stage of […]
|By Arabian Post Staff| DEWA has awarded the contract for Independent Power Producer (IPP) Advisory Services for the 200MW Concentrated Solar Power (CSP) Plant to a consortium led by KPMG Lower Gulf Limited (Financial), alongside Mott MacDonald (Technical) and Ashurt (Legal). This is part of DEWA’s efforts to increase the percentage of renewable and clean energy in the energy mix, and support the Dubai Green Energy Strategy […]
|By Arabian Post Staff| Patent grants from the GCC in chemistry have seen a five-fold increase in the last decade, according to the World Intellectual Property Organization (WIPO). Producing up to USD102.6 billion worth of products a year, petrochemical industry is a main generator of patents from Gulf region along IT and electronics. “The petrochemical industry in the Gulf is of global standards where there is an […]
DUBAI // Car dashboard cameras can play a key role in gathering evidence after an accident and help to prevent crashes, experts say. Open-Eye Security Systems and Installation has joined forces with Dubai Police to launch the region’s first registry of car owners with such cameras. That will allow them to show video footage to the authorities should accidents occur. Thomas Edelmann, Road Safety UAE’s founder, said […]
|By Arabian Post Staff|The DIFC Wills & Probate Registry (W&PR) has announced the launch of an online facility that provides eligible resident and non-resident property owners with a simple, cost-effective way to pass on their assets. This new facility has been made available on The Registry’s website www.difcprobate.ae from 6th September 2016. Property owners can complete a template will online that is specifically limited to real estate. […]
UAE. Asteco, the Middle East’s largest full service real estate company has released a special Cityscape report on the current status of the UAE real estate market revealing a general slowdown in all emirates, but highlighting marked differences between Abu Dhabi and Dubai. Dubai experienced a slow first six months, but for different reasons, with developers slowing the pace of project completions and handovers due to the […]
/by Arabian Post Staff/The impact of the softening global economy continues to hamper the UAE’s office market as redundancies in the oil and gas, finance and banking sectors have stifled demand for office space across the emirates, according to leading international real estate consultancy Cluttons. Cluttons’ 2016 UAE Property Market Report, highlights the consultancy’s expectation for office market performance throughout the year and expects declines of close […]
DUBAI // Charitable work by Al Jalila Foundation has received a boost with a US$1 million donation of software from Microsoft to help its humanitarian and healthcare programmes. The grant is part of Microsoft’s software donation programme to non-profit organisations to support charities as they work to serve the community and improve lives. Along with investing in medical education to improve the nation’s treatment capabilities, the foundation […]
DUBAI// An investor who embezzled more than Dh8.4 million from the Dubai Economic Department (DED) by tampering with online transactions has been jailed for two years In March last year, the 30-year-old Egyptian forged e-transactions after claiming to clients he could arrange discounts on issuing licences. He was aided by four other men, three Egyptians and one Syrian. He denied charges of forgery and fraud while the […]
DUBAI // A passenger who kissed an Emirates airline flight attendant as she posed for a selfie with him will spend three months in jail. Dubai Criminal Court convicted the 42-year-old Tanzanian of sexually assaulting the woman, a charge he denied in court in June. On April 22, the 25-year-old American air hostess reported the incident to police after the flight from Dar es Salaam, in Tanzania, […]
/By Matien Khalid/I have been bullish on emerging market debt as an asset class since last autumn. Even though the Chinese yuan devaluation was toxic, this asset class is up 12% in 2016, thanks to almost $5 billion in cash inflows. The tax amnesty in Indonesia, the political changes in Brazil after President Dilma’s impeachment, the election of a center-right pro-business government and $16 billion sovereign debt […]
DUBAI Iran has detected and removed malicious software from two of its petrochemical complexes, a senior military official said on Saturday, after announcing last week it was investigating whether recent petrochemical fires were caused by cyber attacks. The official said the malware at the two plants was inactive and had not played a role in the fires. “In periodical inspection of petrochemical units, a […]
|ARABIAN POST SPECIAL| On April 13 this year, Emaar Properties disclosed to the Dubai Financial Market (DFM) that the company has agreed to take steps for a demerger of Emaar and Emaar MGF, the premier Dubai developer’s Indian joint venture. Beginning next week, the Arabian Post launches an investigative series on Emaar’s botched India experiment, which has cost the company billions in write-offs, embarrassing prosecution of the […]
FUJAIRAH // Commuters are contending daily with roadworks, diversions and traffic jams as the emirate proceeds with upgrading its road infrastructure. As part of the Fujairah 2040 Plan, busy streets and motorways are being refurbished, uneven surfaces relaid, and lanes and traffic signals added to cope with the population growth and the increase in the number of vehicles that accompanies it. Although the work meant short trips […]
|By Arabian Post Staff| Fitch Ratings has upgraded DP World Limited’s Long-Term Issuer Default Rating (IDR) to BBB from BBB- and its Short-Term IDR to F2 from F3. The rating outlook is stable. The upgrade follows the Fitch announcement in November 2015 revising DP World’s outlook to Positive from Stable. It reflects the global trade enabler’s strong performance and stable cash flow generation supported by its geographical […]
UAE. A new study released today by global strategy and management consulting firm A.T. Kearney concludes that autonomous driving will trigger the 21st century’s first major wave of growth. Key findings from the report, ‘How Automakers Can Survive the Self-Driving Era’, are based on interviews with more than 150 automotive decision-makers around the world. A.T. Kearney consultants sought to identify the products, services and partner strategies with […]
By Tom Bergin | LA HULPE, Belgium LA HULPE, Belgium More than a dozen current and former board directors and senior managers of SWIFT, the bank messaging system that helps transmit billions of dollars around the world every day, have told Reuters that the organisation for years suspected there were weaknesses in the way smaller banks used its messaging terminals – but did not address such vulnerabilities. […]
UAE. Based on a new report by The Boston Consulting Group (BCG) titled Self-Driving Vehicles, Robo-Taxis, and the Urban Mobility Revolution—and prepared in collaboration with the World Economic Forum—consumers around the world are surprisingly knowledgeable about Self-Driving Vehicles (SDVs) and their potential benefits, and, by and large, they are more than willing to give them a try. In fact, the study shows that 70% of consumers in […]
ABU DHABI // The rising cost of living is preventing many parents from buying school equipment for the new term as well as gifts for their children for Eid Al Adha. Parents say that because of increases in the cost of school supplies and school fees, buying Eid treats will have to be put on hold and in some cases postponed indefinitely. “This month is going to […]
DUBAI // A man who raped a 32-year-old British teacher in her flat in the early hours of New Year’s Day will spend the next 10 years in jail. The woman was returning home at 3am when she met the Nigerian salesman, 30, near the lift of the building. “At first I thought he was a tenant,” said the woman, who added that he asked which floor […]
SHARJAH // More than 1,100 fines were issued to taxi drivers in the emirate in the first six months of the year for offences such as failing to turn the meter on and poor personal hygiene. The Sharjah Road and Transport Authority levied 1,179 fines between January and June, up from 801 for the same period last year. Cabbies’ offences included improper parking, dirty uniforms, and failing […]
UAE. The limited stock of affordable options in Dubai has caused for the neighboring emirates to act like satellite cities. Around 1.1 million people who work in Dubai are residents of another emirate (30% of the active population), as they try to take advantage of the cheaper rates. Rates in other emirates such as Sharjah, Ras Al Khaimah, and Ajman are 30-40% cheaper than the affordable options […]
ABU DHABI // A pilot scheme to allow Filipinos working overseas to apply for an exit clearance each time they return home on holiday is to begin next month, officials announced on Monday. Those returning to the same employer and job site and listed on the electronic data base of the Philippine overseas employment administration (Poea) will no longer be required to secure an overseas employment certificate, […]
