|By K Raveendran| Given Dubai’s fame as one of the most happening cities of the world, the international media attention to the New Year-eve fire at the Address Hotel was quite natural. At the same time, it did not escape the attention of the discerning that some sections of the media lost no opportunity to use the unfortunate incident to show things in a rather poor light. […]
|By Matein Khalid| Emerging markets were an entirely predictable horror story once again in 2015. The oil/mining bust, currency meltdowns, China’s hard landing, sovereign credit downgrades, banking system crises, corruption scandals and geopolitical crises from Ukraine to Syria, the Black Sea to the South China Sea devastated investor wealth in emerging markets. India’s Sensex and Nifty were down 9% while the rupee has depreciated to 66 […]
A fire engulfed The Address Hotel in downtown Dubai in the United Arab Emirates hours before a large New Year fireworks display was set to start nearby from the Burj Khalifa tower, the world’s largest building, witnesses said. Witnesses said large tongues of flames shooting skywards enveloped the luxury hotel, which lies across a plaza from the Burj Khalifa, where hundreds of people were gathering to view […]
Gulfnews.com Dubai: Saudi Arabia’s economy, hit hard by a sharp decline in oil prices, on Monday an announced 840 billion riyal (Dh822 billion) spending plan for 2016. The budget deficits for 2015 soared to 367 billion riyals this year. The government plans to cut the deficits to 326 billion riyals (13 per cent of GDP) in 2016 through a combination of spending cuts and augmenting of additional […]
Emirates Global Aluminium (Emal) a joint venture between Abu Dhabi and Dubai, is said to be paying almost 40 percent more for a loan compared with last year as liquidity in the Gulf tightens after the plunge in oil prices. The state-controlled company will pay 200 basis points, or 2 percentage points, above the London Interbank Offered Rate on a $4.9 billion, seven-year conventional loan and an […]
Dubai plans to raise state spending by 12 percent in 2016 as it invests in infrastructure to sustain economic growth, but an equal rise in revenues will allow the emirate to balance its budget, the government said on Sunday. The Dubai budget for next year envisages spending of 46.1 billion dirhams ($12.6 billion), up from 41.2 billion dirhams in the 2015 budget plan. The 2015 budget featured […]
|By Matein Khalid| In retrospect, the last six years were a unique period in global central banking, an epic monetary experiment that averted a Great Depression after Lehman’s failure and interbank/credit contagion plunged the world into recession in 2008-9. Yet the Fed (and later Bank of Japan, ECB and even PBOC) quantitative easing also led to asset bubbles, credit market excesses, currency wars and the mispricing of […]
Almost every Middle Eastern stock index declined after oil, the region’s main source of income, sank to the lowest in seven years, damping the outlook for government spending. Dubai’s DFM General Index ended its longest winning streak in almost three months, sliding 1.5 percent, the most in a week, to close at 3,026.05. Emirates NBD PJSC’s 4 percent retreat was the biggest contributor. The Tadawul All Share […]
Anglo-Dutch oil company Royal Dutch Shell PLC on Thursday called for tougher regulation of the Dubai crude benchmark, the Middle East’s most important oil-pricing mechanism, which has pushed up the region’s prices relative to other grades. “Regrettably, there have been times in recent months where the price of Dubai (crude) was assessed well in excess of the fundamental refining value of other comparable Middle Eastern crudes,” Shell […]
FOREIGN INVESTORS MAY GET SOME RELIEF
By G. Srinivasan
For the country’s corporate sector apprehensive of long pendency in courts and protracted litigation on commercial disputes for resolution, help is on hand at long last. The NDA government has set off a flurry of activities on this front to give a whiff of long-felt comfort to assuage investors’ enduring worries on this count. In the ongoing winter session of Parliament, the Law Commission of India’s report with its draft bill on Commercial Division and Commercial Appellate Division of High Courts and Commercial Courts Bill, 2015 was tabled. Subsequently, the House Panel on Personnel, Public Grievances , Law and Justice under the chairmanship of Mr. E.M. Sudarsana Natchiappan also submitted its report, which also took due note of the Ordinance promulgated by the Government on October 23, 2015 making certain improve
|By Matein Khalid| The plunge in crude oil after OPEC’s Vienna conclave, Dr. Draghi’s failure to resist Bundesbank pressure not to fire another ECB easy money bazooka, Wall Street’s junk bond debacle and an imminent rise in the Fed Funds rate for the first time since 2006 will all shape the next big trades in Planet Forex. The Euro has risen to 1.10 on Draghi’s failure to […]
|By Arabian Post Staff| National Central Cooling Company (Tabreed) announced the signing of a AED 192.5 million long term limited recourse project finance facility with Emirates NBD for the district cooling plant it is developing for Dubai Parks and Resorts. Tabreed’s district cooling plant for Dubai Parks and Resorts is now nearing completion and will be commissioned in time for the park’s opening. Jasim Husain Thabet, Tabreed’s […]
Al khaliji France (UAE), a subsidiary of Al Khalij Commercial Bank (al khaliji), is conducting a career day series across the emirates, in line with efforts to export its talent recruitment and retention localisation philosophy across its network. Open to all fresh graduates and entry-level professionals in the UAE banking and finance field, the series was held in Abu Dhabi yesterday (November 8), is being held in […]
|By Arabian Post Staff| Dubai headquartered global conglomerate Transworld Group and Yokohama-based Suzue Corporation of Japan announced the formation of a joint venture for exploring business opportunities in logistics in the Indian Sub-continent, Middle East and Japan. A Memorandum of Understanding in this respect was signed by Ramesh S. Ramakrishnan, Chairman and Ritesh S. Ramakrishnan, Director – Strategy and Business Planning of Transworld Group, and Takahiro Suzue […]
|By Arabian Post Staff| The fiscal restructuring across GCC, including the introduction of additional taxation, will have serious implications for real estate investments in these countries, according to real estate investment and advisory firm JLL. Fiscal restructuring is already evident in the form of budgetary cuts among GCC countries including the UAE. As governments become more cautious about their finances, there is a likelihood of cuts in […]
|By Arabian Post Staff| A dialogue of legislators and officials of India and Pakistan held in Dubai last week underscored the urgent need to improve conditions allowing for free dialogue and sharing of good practices among citizens of both countries. The Dubai event was the second in a series devoted to sharing of experiences on governance, democracy and the fight against corruption. Participants from both sides expressed […]
|By K Raveendran| With the new Public-Private Partnership law having come into being last month, Dubai is set to witness a new phase in its development, as private investments begin to flow into further development of the emirate’s infrastructure. This would mean the private sector directly getting involved in projects like airport expansion, extension of the Dubai Metro and similar infrastructure projects and sharing the risks in […]
|By Arabian Post Staff| AstroLabs, Google -backed technology hub, is helping regional entrepreneurs to grow their startups. AstroLabs opened in October, with 42 startups picked from among 250. The facility features a device lab designed by Google is equipped with iPhones, Android smartphones, tablets and computers, which can be used by startups to test their mobile applications and content. One of the aspiring entrepreneurs is Lamia Tabbaa-Bibi, creator of IReadArabic.com, […]
The Dubai Gold & Commodities Exchange is introducing a spot gold contract next week before trading begins in 2016. The contract will cover 1 kilogram and be traded in U.S. dollars, DGCX Chief Executive Officer Gaurang Desai said by phone. The exchange, the Dubai Commodities Clearing Corp. and Dubai Multi Commodities Centre will showcase the product on Sunday in the emirate, according to an e-mailed invitation. “‘It […]
|By Arabian Post Staff| Emirates landed a windfall gain this week as it guaranteed itself bulk of the US-originating passenger traffic to the Gulf by way of a decision by the United Airlines to cancel flight service between Washington and Dubai starting in late January, meaning no U.S. passenger carrier will fly direct to the Gulf states. According to a Reuters report, the move comes after the […]
|By Arabian Post Staff| Dubai-based Landmark Group said it was pulling Donald Trump products off its shelves in response to the Republican presidential front-runner’s call for a ban on Muslims entering the United States. Landmark and DT Home Marks International LLC have an exclusive deal to sell Trump Home products – including lighting, mirrors, and jewellery boxes – in their Lifestyle department stores in Kuwait, the UAE, […]
|By Arabian Post Staff| The Courts of the Dubai International Financial Centre (DIFC) have, once again, ruled in favour of the Al Khorafi family to the tune of $70 million plus costs and interest. This comes after the Court of First Instance published its judgment in November 2015, where the first and second defendants, Bank Sarasin-Alpen (ME) and Bank J.Safra Sarasin Ltd respectively, were ordered to pay […]
|By Arabian Post Staff|Analysts are consistently arguing in favour of a pickup in Dubai’s economic prospects in the wake of a possible boost in trade with Iran following the lifting of sanctions. Low oil price, which cast a shadow over the Gulf’s oil economies, has also affected Dubai, with its real estate sector, a key determinant of the emirate’s economic performance, showing signs of a clear slowdown. […]
|Arabian Post Special| Indian officials have floated the idea of a gold exchange for the country, which will help discover the standard gold price for India. The trading platform would be made available for all types of bullion dealers, jewellers, bullion refineries, individuals, and even temple trusts. Indian bullion dealers currently trade mostly on the Dubai Gold and Commodity exchange, which is dominated by the Indian gold […]
