DUBAI // A series of accidents on Sunday morning are causing delays for motorists on their commute. There are a number of accidents on the E611 Emirates Road that are resulting in long tailbacks. There is an accident before the E88 Al Dhaid Road intersection in the direction of Dubai and there are reports of further accidents on the E611 after the Maliha Road intersection, resulting in […]
DUBAI // Fair to partially cloudy weather will make it hazy at times on Sunday and similar conditions are expected to persist over the next few days. Although moderate to fresh winds of 38kph will help to lower temperatures along the coast relative humidity will increase at night and in the early hours of Monday morning. “The relative humidity will increase during night and early morning times […]
DUBAI // A group of five cyclists are laying claim to being the first riders to bike through all seven emirates in less than 24 hours. Team leader Roisin Thomas said the group completed the feat in about 21 hours. Starting at 5.30am in Abu Dhabi on Wednesday, the Irish national said the group finished at 2.30am on Thursday morning – about 15 minutes ahead of schedule […]
UAE. According to a new survey released by PwC Middle East, capital projects and infrastructure has been greatly impacted by slowdowns and deferrals of government spending as a result of ‘lower for longer’ oil prices. PwC Middle East’s survey titled “Delivering during change” includes responses from over 130 owners and developers across the region from a range of sectors including transport, cities and urban development, social infrastructure, […]
|By Matein Khalid| The April payrolls data demonstrated that US economic growth has hit a soft patch. The US economy only added 160 jobs in April, less than the expected 203,000 average in the first three months of 2016. One disappointing data point does not imply a macroeconomic trend reversal since the US economy added 2.8 million jobs between March 2015 and March 2016. Statistical and measurement errors […]
|By Matein Khalid| Habib Bank Ltd is one of the Pakistan’s oldest, biggest retail/corporate banks, privatized last year with a 51% controlling stake held by the Aga Khan Fund for Economic Development. Its recent price fall from 240 to 172 rupees (PKR, not INR!) is a compelling opportunity to own an undervalued, well managed proxy for consumption and credit offtake in a 190 million population country now […]
JPMorgan Chase & Co., Morgan Stanley, Gulf International Bank BSC, National Commercial Bank, Samba Financial Group and Saudi Fransi Capital are also being considered for the Tadawul Stock Exchange IPO, and a decision could come as soon as this week, said the people, who asked not to be named because the discussions are private. The IPO could raise more than $500 million for a 30 percent stake […]
|By Arabian Post Staff| As the local economy continues to adjust to softening global conditions, overall residential values and rents in Dubai are set for a further decline throughout 2016, according to leading real estate consultancy Cluttons. Cluttons’ Dubai Spring 2016 Residential Property Market Outlook shows that after falling by an average of 3.1% during 2015, residential values fell by an additional 2.2% during the first quarter of […]
DUBAI // Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai formed the Dubai Nuclear Energy Committee (DNEC) on Tuesday. The permanent committee is attached to the Dubai Supreme Council of Energy and will be chaired by Saeed Al Tayer, reported state news agency Wam. The Dubai Ruler also appointed Waleed Ali Salman as the vice chairman of the new body which will comprise a number […]
DUBAI // New routes will soon open up around conflict zones for flights across the Middle East in an aim to redesign and improve the region’s airspace. With crises raging in Syria and Iraq, commercial flights have been affected with longer routes and more heavier traffic on those routes to avoid war-zones. “The Civil Aviation Authority has weekly meetings to table issues between civilian and military aircraft […]
ABU DHABI // Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Monday visited Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, at his Al Bahr Palace majlis in Abu Dhabi. Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the Dubai Executive Council, accompanied Sheikh Mohammed bin Rashid. Sheikh Mohammed bin Rashid and […]
DUBAI // “Passing the buck” on fire safety will be halted by the updated Fire and Life Safety Code to be released next month. A new section on responsibility puts the onus on consultants and developers as well as residents – owners and tenants – to keep a building safe from fire. In another key provision, the main consultant, manufacturer or supplier of fire safety material, plus […]
DUBAI // Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, wants driverless transport to account for 25 per cent of journeys in the emirate by 2030. The announcement was made on the opening day of the second Mena Transport Congress and Exhibition, an event organised by the Roads and Transport Authority – as a 10-seater driverless vehicle went on a trial run in the emirate. […]
DUBAI // He may be a desert explorer and 11-time world record holder, but there was one thing about Max Calderan that all the pupils at a primary school wanted to know – was he ever bitten by a snake? The answer was yes, but three days later it was the snake that died. The Italian adventurer recently became the first person to cross the 340-kilometres Tropic […]
UAE. JLL, the world’s leading real estate investment and advisory firm, today released its first quarter (Q1 2016) Dubai Real Estate Market Overview report, assessing the latest trends in the office, residential, retail and hotel sectors. In Q1 2016, it has been observed that most segments continue to soften across the Dubai market, but long term outlook still remains positive due to future growth drivers. Commenting on […]
DUBAI // A man wrecked the bowling centre where he worked, smashing windows, televisions and setting chairs on fire, when his employer refused to change his visa status, Dubai Criminal Court heard on Sunday. The 27-year-old Egyptian was working at Dubai Bowling Centre but only had a visit visa. When the manager refused to offer him a residency visa after a few months, he allegedly started tearing […]
DUBAI // A 22-year-old Emirati soldier is accused of raping an Ethiopian woman he claims was his girlfriend, while his friend is charged with attempting to rape her. The soldier denied rape at Dubai Criminal Court, telling judges that they were in a relationship and often had consensual sex. The Emirati co-accused, 20, denied attempted rape charge. Prosecutors said the incident occurred on November 29 last year […]
|By Arabian Post Staff| Dubai Mall recorded 80 million visitor arrivals in 2015. Various Emaar malls together received more than 124 million visitors, registering an increase of 9 per cent compared to 2014. “The shopping malls business will gain further traction with the launch of a dedicated Retail District in Dubai Creek Harbour and the expansion of The Dubai Mall by another 1 million sq ft built-up […]
Oil tumbled after output talks Sunday between the world’s biggest producers ended without an agreement, outweighing the supply impact of strikes that cut 60 percent of Kuwait’s output. Futures fell as much as 6.8 percent in New York. The summit in the Qatari capital faltered after Saudi Arabia and other Gulf nations wouldn’t agree to a deal unless all OPEC members joined including Iran, which didn’t attend the […]
|By Arabian Post Staff| Emaar Properties’ botched Indian experiment seems to have come the full circle. The Dubai property giant is planning to end its perennially trouble-hit relationship with its Indian joint venture partner MGM Developments. The troubles of the joint venture named Emaar MGF Land Limited included a failed stock market flotation and delays to many of its projects. The demerger will “enable Emaar to implement […]
|By Arabian Post Staff| The proposed new Dubai landmark that will surpass the Burj Khalifa in height will be implemented by a joint venture between Emaar Properties and Dubai Holding. The new project comes as Dubai developers continue to announce new schemes despite a softening real estate sector, with the Emaar-built Burj Khalifa expected to be usurped by a tower currently under construction in Saudi Arabia. While […]
|Arabian Post Staff| Dubai Group, a member of the Dubai Holding, has hired Emirates NBD to help find a buyer for its stake in investment bank Shuaa Capital, Bloomberg reported quoting two people familiar with the matter. The sale process is at an early stage and may not result in a deal, Bloomberg quoted the sources as saying. But the sources were not identified as the talks are […]
Barclays Plc still has “critical mass” to compete in the Middle East and will aim to help local companies raise capital even as it scales back lending, Chief Executive Officer Jes Staley said. The U.K. lender has more than 200 employees in the United Arab Emirates after job cuts in the country this year and will continue to operate its corporate, investment banking and wealth management businesses […]
|By Arabian Post Staff| Emaar Chairman and leading Dubai businessman Mohammed Alabbar’s investment consortium Adeptio is learnt to have secured commitments worth $1.5 billion to fund its pursuit of regional KFC operator Americana. The banks lending money for the acquisition reportedly include Citigroup, Standard Chartered , Credit Suisse Group AG, National Bank of Abu Dhabi, Emirates NBD, First Gulf Bank and Bahrain-based Ahli United Bank. Earlier this year, Adeptio had […]
