Most major Gulf stock markets, led by Dubai, rose on Sunday after the Brent oil price hit a 4-1/2-month high, while the bourse of energy importer Egypt closed in the red. Brent crude climbed to $65.80 a barrel on Friday because of continued fighting in Yemen and, although U.S. crude fell on concerns about another upcoming stock build, both benchmarks posted weekly gains. The main Saudi equities […]
DP World, one of the world’s biggest port operators, wants to issue a dollar-denominated bond and could announce plans to market the deal to fixed-income investors as soon as next week, three sources aware of the matter said on Thursday. The Dubai-based firm could raise between $750 million and $1 billion from the bond, depending on investor appetite and the interest rate the company would have to […]
Talhouk … turning data into insights. Microsoft summit highlights data analysis trends DUBAI, 1 days ago The second Microsoft Dynamics Summit, which concluded recently in Dubai, UAE has provided new insights on how Dynamics tools will enable organisations to more effectively make sense of data and fuel greater speed and precision in decision-making. The summit took place at Jumeirah Beach Hotel and attracted hundreds of business leaders, […]
Doha Bank posts $115m net profit, up 5.2pc DUBAI, 18 hours, 57 minutes ago Doha Bank has posted a net profit of QR420 million ($115.2 million) for the first quarter of the year, compared to QR399 million for the same period last year, an increase of 5.2 per cent. The bank’s net operating income increased 2.3 per cent to QR714 million, while its total assets increase QR4.1 […]
New initiatives to boost Dubai’s Islamic economy status DUBAI, 21 hours, 17 minutes ago A series of initiatives proposed by the board of Dubai Islamic Economy Develop Center (DIEDC) recently to boost Dubai’s status as the global capital of the Islamic economy, were approved by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and chairman of the Dubai Executive Council. The initiatives include the […]
Alitalia SpA may follow British Airways parent IAG in quitting the Association of European Airlines as a rift widens over the competitive threat from Gulf carriers, which are the biggest shareholders at both companies. “A strong signal is needed and other airlines have already done that,” Alitalia Chief Executive Officer Silvano Cassano, whose Rome-based company is 49 percent owned by Etihad Airways PJSC, said in an interview. […]
|By TAP Staff| The Middle East is set to witness $640 billion worth of construction projects, with each one exceeding $1 billion in the next five years, according to organizers of the Leaders in Architecture MENA 2015, being held in Dubai from today. These projects are spread across a combination of retail, real estate, leisure, health and education asset developments as well as transport, communication and supporting […]
Dubai’s drive to develop its Islamic finance sector is fuelling growth of sharia-compliant banking but the benefits are unevenly distributed, with some lenders struggling to compete against burgeoning competition. In 2013, Dubai’s government announced plans to turn the emirate into a centre for an “Islamic economy” with sharia-compliant businesses ranging from banking to asset management, trade, food preparation and certification, fashion, education and tourism. This looked like […]
Deutsche Bank must pay the largest ever fine levied by the regulator of Dubai’s financial free zone for what the watchdog described as “serious contraventions” by the German lender’s wealth management business in the emirate. The $8.4 million levy from the Dubai Financial Services Authority (DFSA) is the latest regulatory blow for the Frankfurt-based lender, which faces billions of euros in potential claims or settlements over alleged […]
Noor Bank may conduct a benchmark-sized sukuk issue after setting up a $3 billion Islamic bond programme, the Dubai-based lender confirmed to Reuters on Tuesday, with banking sources indicating the sale could happen as early as this month. “Noor Bank has confirmed that they have today established (a) $3 billion sukuk trust certificates issuance programme to be listed on NASDAQ Dubai,” the bank said in a statement […]
Marketing of Dubai property to overseas investors needs new regulation to prevent damage to “Brand Dubai” from gimmicks being offered to coerce buyers including yachts and luxury cars, the chairman of Emaar Properties was quoted as saying on Sunday. Dubai has ramped up its oversight on the emirate’s property sector in the wake of a real estate crash at the end of the last decade which sent […]
DUBAI, 3 days ago Avaya, a leading provider of solutions that enable customer and team engagement across multiple channels and devices, has opened a new office in Doha, in line with Qatar’s 2030 National Vision. The office is located in the Doha Tower on the Doha Corniche, said a statement. The company plans to help local channel partners expand both technical and specific industry sector skills to […]
Ameen … new role. Deutsche Bank appoints new COO for MEA DUBAI, 3 days ago Deutsche Bank AG announced today the appointment of Javeed Ameen as chief operating officer (COO) for the Middle East and Africa (MEA) region. Ameen will be based in Dubai, UAE, and report to Ashok Aram, CEO Middle East and Africa, and Karl von Rohr, global chief operating officer regional management. Ameen replaces […]
Bengaluru/By Vishnu Raja/The on-going brawl over telcos move to charge consumers differently and discriminate in favor of some apps opposed to others, had once existed in the past, but only in a realm of hypothetical discussions. The debate is becoming realistic as people in India begin to realize the importance of net neutrality (NN) and the ‘dangers’ this may pose to consumers. ISPs, globally, have a track record of such arbitrary actions and […]
A $1.5 billion nine-year loan for Dubai’s Emirates National Oil Company (ENOC) is being marketed to banks after receiving commitments from seven lenders to fully back the financing, three sources aware of the matter said on Thursday. The syndication phase was launched on Wednesday and will allow additional lenders to join in the facility, which ENOC said in January it would raise for general business purposes and […]
Apollo Global Management is in talks to expand its business into the Middle East for the first time through a joint venture with a local investment firm, three sources aware of the matter told Reuters on Wednesday. The move is the latest sign of interest in the region from large Western private equity funds. They are searching for opportunities in previously-unexplored markets due to low-yield environments at […]
Pacific Control Systems, a Dubai-based information and communications technology provider, has raised 1 billion dirhams ($272 million) in 72-month loans, to partly finance expansion plans. NBF Capital, a unit of National Bank of Fujairah, was financial advisor for the deal. It was joined by Al Khalij Commercial Bank QSC as lead arranger, National Bank of Fujairah said in a bourse statement on Tuesday. The syndication was a […]
As chairman of Emaar Properties, Mohamed Alabbar has shaped much of Dubai’s skyline, but rapid growth in his outside real estate interests is raising the possibility of a rarity in the Gulf – open shareholder dissent. Speculation persists that Alabbar and Emaar, the company he founded in 1997, could soon part ways despite a categorical denial from the firm last month. His involvement in other firms’ projects, […]
ABU DHABI // The UAE Cabinet has paid tribute to the country’s Armed Forces during the ongoing Operation Decisive Storm military intervention in Yemen. The Cabinet also praised the leading role taken by the Kingdom of Saudi Arabia in the action to restore safety and stability to Yemen, and stressed support for the international effort, reports Wam, the state news agency. “The UAE, and its brothers in […]
Prince Bishop, ridden by William Buick, won the $10 million Dubai World Cup by two and three-quarter lengths on Saturday as the 12-1 outsider sprinted clear of California Chrome, the 2014 American Horse of the Year. California Chrome, ridden by Victor Espinoza, was the 6-4 favorite to triumph in the world’s richest horse race, but the Kentucky Derby and Preakness champion could only finish second, one and […]
Borse Dubai ruled out any sale of its shares in Nasdaq OMX Group on Thursday after shedding its entire 17.4 percent stake in the London Stock Exchange (LSE). The firm had been the biggest single shareholder in the LSE prior to the sale, which occurred on Wednesday through a so-called book building process which a source familiar with the matter told Reuters on Thursday happened at 22.50 […]
|By TAP Staff| Dubai’s stock exchange operators Borse Dubai Ltd said it was selling its remaining stake of 17.4 percent in the London Stock Exchange Group. Borse Dubai holds the biggest shareholder in the premier global exchange, valued at about $2.2 billion. Borse Dubai is the holding company for Dubai Financial Market (DFM) and NASDAQ Dubai. Borse Dubai was created 6 August, 2007 to consolidate the Government […]
State-owned conglomerate Dubai World has been granted approval to end court proceedings relating to its $14.6 billion debt restructuring deal, according to a document on the court’s website. The action allows lawyers for the conglomerate to gather the signatures of creditors in support of the deal outside the Dubai World Tribunal, the special court that had been overseeing the process. Formal sign-off for the restructuring could occur […]
Dubai’s Amlak Finance will hold a shareholder meeting on April 16 to seek their approval for lifting a six-and-a-half year trading suspension on the mortgage lender’s shares, according to a bourse filing on Wednesday. If shareholders agree, the board will then seek permission from the “concerned authorities” to resume trade and determine a date to do so. Trading in Amlak, 48 percent owned by Dubai’s biggest developer […]
