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UAE.  The depressed oil prices predominant since late last year could herald a lasting trend if, as evidence suggests, we are now facing the low-price segment of an oil ‘super cycle’, according to the latest paper from global strategy and management consulting firm A.T. Kearney. This new situation would pose both challenges and opportunities to Middle East companies and countries. There is still much volatility in the […]

ABU DHABI // Dogs are a man’s best friend – until the summer holiday season comes around. Animal charities say that this year they are again stretched to breaking point having to care for dogs that have been abandoned by their owners. Jackie Ratcliffe, chairwoman of K9 Friends dog shelter in Dubai, said she hears the same excuses at the start of every summer as pet owners […]

DP World to start USD bond meetings Thursday DUBAI, 23 days ago DP World, one of the world’s biggest port operators, will hold meetings with investors in the United States, Britain and the UAE from Thursday before a possible benchmark US dollar bond issue, a document from lead managers showed on Tuesday. Benchmark size is usually taken to mean at least $500 million. Sources aware of the […]

Mena M&A value rises 9pc to $8.9bn in Q1 DUBAI, 23 days ago Announced deal value in Mena increased to $8.9 billion in the first quarter (Q1) of 2015 from $8.2 billion during the same period last year, marking an increase of 9 per cent, a report said. In Q1 2015, 90 deals were announced as compared with 89 deals in Q1 2014, according to the Q1 […]

Op-Ed Contributor By NICHOLAS MCGEEHAN May 28, 2015 LONDON — On May 11, the Lebanese artist Walid Raad was turned away at the airport when he tried to enter the United Arab Emirates, where the government is making a big investment in art with the Saadiyat Island project. The project, in the capital, Abu Dhabi, will include branches of the Louvre and the Guggenheim as well as a campus […]

HR technology trends in focus at Dubai summit DUBAI, 22 days ago The latest trends in implementing technology for human resources (HR) function in the Middle East and North Africa (Mena) region will be shared exclusively at a conference in Dubai, UAE next week. The HR Tech Mena, under the theme ‘Smart HR Evolution,’ will take place on May 13 and 14 at the Taj Towers Dubai, […]

Travel tech firm moves to Microsoft Azure cloud technology DUBAI, 22 days ago Microsoft has signed a strategic deal with Illusions, a Dubai-based travel tech firm, to support the transfer of the company’s entire business operating platform onto Microsoft’s cloud technology, Azure, an initiative aimed at enhancing productivity and client satisfaction. The move to Azure will incorporate the existing system on which Illusions operates to provide services […]

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Derek Donahue ….. Satcom EEMEA region’s regional director Satcom Direct appoints new regional director DUBAI, 22 days ago Satcom Direct, the leading provider of satellite voice and broadband data solutions for flight deck and cabin communications, has appointed Derek Donahue as its regional director for the Eastern Europe, Middle East and Africa (EEMEA) region. Currently based in the Dubai office, Donahue’s new role has him managing the […]

UAE. The private equity market in the Middle East has matured in the last five years in terms of deal structures, volumes and values, according to speakers at a debate organised by ICAEW’s Corporate Finance Faculty in the UAE. ICAEW members and guests gathered at Jumeirah Emirates Towers in Dubai last week (Wednesday, 20th May) to discuss private equity in the region. The event, sponsored by Merrill […]

ABU DHABI // The National Election Committee (NEC) has set up branches in all seven emirates to publicise the Federal National Council elections being held in October. The offices will improve communication between the NEC and the public to increase voter turnout. Each committee will comprise representatives of the Rulers’ Offices, police and members of civil society. The Abu Dhabi office will be situated in the Abu […]

Dubai Islamic Bank has priced a $750 million sukuk with a five year lifespan, a document from arranger banks said on Wednesday, with the cost of borrowing reduced by significant investor demand. The wakala-structured deal, in which one party manages assets on behalf of another, was completed at a spread of 125 basis points over midswaps and carried a profit rate of 2.921 percent, the document said. […]

|By K Raveendran| Samena Capital, which recently completed the purchase of UAE’s global ceramics leader RAK Ceramics, has acquired a significant stake in London-based private banking and corporate advisory Kleinwort Benson Bank. (KBBL) The transaction opens up the possibility of the bank establishing a new global merchant banking operation in Dubai to offer advisory services for corporate in the region. The transaction is expected to close by […]

DUBAI // Outstanding achievements by UAE women in fields as diverse as civil aviation, business strategy, technology and social enterprise were recognised on Monday night. Laila Al Muhairi, assistant director general for strategy and international affairs at the General Civil Aviation Authority, won the first award in the professional category at the Emirates Women Awards. “My objective is to inspire generations of girls in the UAE and […]

Branding on a budget DUBAI, 16 days ago How does a lone entrepreneur create a brand image and message and keeping costs low? While this really depends on how lean your start-up will be, there are a number of tools which one can pick and mix to launch a brand, a report said. The fundamental strategy when branding on a budget is to eliminate the need for […]

UAE. A new study reveals that Corporate Social Responsibility (CSR) programs can significantly increase UAE companies’ performance and recognition. The research, commissioned by the social enterprise Consult and Coach for a Cause (C3) and conducted by the global market research company YouGov, presented today at the CSR Summit in Dubai, shows that around three-quarters of residents are more likely to purchase from companies that actively contribute to […]

UAE. Landmark real estate regulatory changes including the UAE-wide Federal Mortgage Cap and Dubai’s doubling of Property Registration Fees last year, which was aimed at curbing speculative activity, have together gradually and successfully contained a market that was in danger of overheating with the level of transactional activity now dramatically reduced, according to latest research released by international real estate consultancy Cluttons.   Cluttons Spring 2015 Dubai Residential […]

|Special by TAP Staff| RERA’s Rent Index system continues to be unrealistic as it fails to factor in variables such as views, size of units, age of the building, and this might may trigger a period of ‘off-grid’ deals, where landlords and tenants agree to rents that are not in sync with RERA’s recommendations, property consultants Cluttons has predicted. The Cluttons’ report highlights that with supply levels […]

|By TAP Staff| Arch Reinsurance Ltd. (Arch) announced completion of its acquisition of Gulf Reinsurance Ltd. (Gulf Re), a specialty reinsurer based in the Dubai International Financial Centre. Gulf Re was founded jointly by Arch and the Gulf Investment Corporation (GIC) in 2008. In 2014, Arch and the GIC signed an agreement whereby Arch would acquire 100% ownership of Gulf Re. The agreement provides that, among other […]

Industrial and Commercial Bank of China has launched a $500 million five-year debut bond issued by its Dubai branch, which is set to price later on Monday, a document from lead managers said. The bank, China’s largest by assets, set the final spread at 120 basis points over U.S. Treasuries, the document stated, tighter than the initial price guidance of around 145 basis points over treasuries announced […]

Dubai Islamic Bank (DIB) has picked six banks to arrange fixed income investor meetings from Thursday for a potential benchmark size, U.S. dollar-denominated senior sukuk issue, a document from lead arrangers showed. DIB, the largest Islamic bank in the United Arab Emirates, has mandated First Gulf Bank, HSBC, Maybank, National Bank of Abu Dhabi, Standard Chartered Bank and itself to arrange the meetings in Asia and Europe. […]

|TAP Special| Faced with a continued upswing in capacity creation, Dubai hospitality sector is under pressure and is forced to continuously make price adjustments to remain competitive. This has already meant lower revenues, posing a question mark over the hotel sector’s performance. According to the latest Hotel Intelligence report of JLL, performance of the hospitality sector in Dubai is expected to remain under pressure this year. This […]

|By TAP Staff| The sale of residential properties in Dubai may continue to slide by one to five percent in the first half of this year, according to a report for Deloitte Financial Advisory. But the report forecasts a pickup in the second part of the year. It added that super prime malls will experience further growth in tourist numbers whilst residents will drive demand for convenience […]

|By TAP Staff| RP Global – part of RP Group of Companies, a global business conglomerate with an annual turnover of over US$4 billion – made its entry into the Dubai real estate market by breaking ground on its new multi-storey residential tower project RP Heights. RP Global will initially develop two prestigious projects in the heart of the city with a total development value of over […]

|By Nafeesa Syeed & Rinat Gaynullin|Saudi Arabia is burning through foreign reserves at a record pace as the largesse of the new king and regional turmoil ratchet up pressure on public finances already hurt by the oil price slump. The kingdom spent $36 billion of the central bank’s net foreign assets — about 5 percent of the total — in February and March, the biggest two-month drop […]

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