|By TAP Staff| The second edition of Royal India Luxury Show got under way in Dubai. The show provides glimpses of India’s royalty to visitors with the scions of some of the erstwhile princely states gracing the inaugural ceremony in royal attire. The event has participation from 22 Indian exhibitors representing travel, hospitality, leisure, luxury homes, fashion, weddings, jewellery and entertainment. The UAE offers immense growth opportunities […]
Saudi Arabia will probably deepen discounts for crude supplies to Asia after leading OPEC to maintain the group’s output target amid a global battle for market share, according to a Bloomberg survey of traders. The world’s biggest oil exporter will announce January official selling prices to buyers in Asia this week, after lifting its Arab Light grade from the lowest level in almost six years a month […]
Dubai Aluminium (Dubal) has chosen three banks to arrange a $1.8 billion seven-year loan to help fund general operations, its first such facility in a number of years, three banking sources told Reuters on Wednesday. The firm has chosen Citigroup, Emirates NBD and Societe Generale to arrange the loan, the sources said, speaking on condition of anonymity because the information is not public. The three banks have […]
|By TAP Staff| Construction data miners at Emporis have published a chart of the world’s most expensive buildings. According to the graphic, New York’s One World Trade Center is by far the world’s most expensive building, coming in at $3.9 billion, nearly double the second-most expensive buildings, Vegas’ Palazzo casino and London’s The Shard, which both cost $1.9B to build. Perhaps even more surprising, Dubai’s dizzying Burj […]
Dubai Parks and Resorts expects to list on the Dubai Financial Market on Dec. 10 following the completion of its 2.5 billion dirham ($680.7 million) initial public offer, the company said on Wednesday. The firm, part of Meraas Holding, sold 40 percent of its shares at 1 dirham per share. Of this, 40 percent was sold to individual investors and 60 percent to institutions. The tranche open […]
Shares in Dubai declined to the lowest level in five months as the emirate’s largest stock traded without the right to its next dividend and Gulf markets retreated amid plunging oil prices. The DFM General Index (DFMGI) fell 2.2 percent to 4,186.11 at the close. The gauge lost 19 percent since the most recent peak on Sept. 3, leaving it less than 50 points away from a […]
Some 70 percent of creditors to state-owned conglomerate Dubai World have agreed, subject to approval, to the revised terms of the debt restructuring presented at a meeting in London on Monday, sources with direct knowledge of the talks said. The entity has been in talks with some of its lenders to extend the maturity of the largest single repayment under a $25 billion debt restructuring agreement struck […]
Deloitte LLP may be blocked from auditing companies in Saudi Arabia after the country’s market regulator told firms registered in the kingdom to stop using its local services, according to a circular obtained by Bloomberg. The Capital Market Authority said in the circular dated Nov. 27 that publicly traded companies it regulates should avoid working with Deloitte’s Saudi Arabian practice as of June 1. The ban could […]
Plunging stock markets in the Gulf show investors are panicking about the prospect of $70 oil next year. But heavy state spending means most firms in the region, with the big exception of petrochemical producers, are likely to do just fine. The main Saudi stock index sank 4.8 percent on Sunday, bringing its losses from its September peak to 23 percent. Dubai’s index is down 21 percent […]
Gulf stock markets plunged in early trade on Sunday after OPEC’s decision to keep crude output unchanged sent oil prices tumbling at the end of last week. Dubai’s benchmark dropped 4.8 percent to a six-week low, with all traded stocks in decline. Qatar’s index also fell 4.8 percent, slumping to its lowest level since early July. Oman’s bourse dropped 4.4 percent, Abu Dhabi slid 2.0 percent and […]
Middle East fund managers expect to put money back into Gulf stock markets in coming months once the shock of the plunge in oil prices fades, the latest Reuters survey of regional asset managers shows. The slide of Brent crude to $70 a barrel last week,from around $115 in June, has shifted the outlook for the oil-exporting Gulf economies. This has caused Gulf equities to underperform after […]
Arch Capital Group Ltd. (ACGL) agreed to take complete ownership of Gulf Reinsurance Ltd. after losses on a venture that was backed by oil-producing nations. Arch will also take on liabilities from insurance contracts written in prior periods, the Bermuda-based company said yesterday in a statement that didn’t disclose terms. Gulf Re’s financial strength rating was placed under review, with negative implications, by A.M. Best in September. […]
Dubai Parks and Resorts, a unit of Meraas Holding, said on Friday that the portion of its 2.53 billion dirham ($689 million) initial share sale on offer to institutional investors had been many times oversubscribed. The entity, which is developing an entertainment area in the emirate which will include theme parks and other attractions, is selling 40 percent of its shares at 1 dirham per share. The […]
State-owned conglomerate Dubai World will meet with its creditors next week to formally present revisions to its multi-billion-dollar debt restructuring terms, three sources aware of the matter told Reuters on Thursday. Meetings will take place in London on Dec. 1 and Dubai on Dec. 8 to put a new debt proposal to all creditors, the sources said, speaking on condition of anonymity as the information is not […]
Dubai’s Amlak Finance said on Tuesday it had signed a $2.7 billion debt and financing restructuring deal with creditors. The Islamic mortgage lender has been negotiating with creditors to finalise the deal, which was approved by shareholders in September. Finalising the documents completes the process, it said. “Amlak will continue to work in positioning itself for future long-term growth and restructuring its business operations while also ensuring […]
FlyDubai’s debut Islamic bonds are signaling growing appetite for sukuk from aviation companies in the Gulf as they spend on airports and fleet expansion. The budget carrier raised $500 million this month in the first sale of the debt by a regional airline after Emirates, the world’s largest operator of A380 superjumbo planes. The issue received bids for more than six times the amount offered. Gulf cities […]
Saudi Arabia’s shares retreated to the lowest level since March as the nation’s oil minister said no one should cut output to stem falling crude prices. Dubai’s measure declined. The Tadawul All Share Index (SASEIDX) lost 1.7 percent to 9,081.27 at the close in Riyadh, the lowest since March 3 and about 162 points away from entering a bear market. Samba Financial Group led the decline with […]
Funds tracking MSCI’s emerging markets index are likely to start buying several stocks in the United Arab Emirates and Qatar that will see their benchmark weightings increased after the end of trading on Tuesday. These include Emaar Properties, Dubai Islamic Bank and First Gulf Bank in the UAE, plus Doha’s Industries Qatar, Qatar National Bank, Doha Bank and Commercial Bank of Qatar. Gulf International Services will join […]
Three more private companies are expected to list shares on the UAE stock exchanges’ secondary market by mid-2015, the head of the stock market regulator said after the first two firms began trading on the platform on Tuesday. Announced in September, the new platform aims to encourage many of the Gulf state’s private companies, including family-owned firms who dominate the business landscape, to trade their shares through […]
Iran may propose that OPEC cut its output target by as much as 1 million barrels a day to halt the slide in crude prices when the country’s oil minister consults with his Saudi counterpart before the group gathers this week. Bijan Namdar Zanganeh and Saudi Arabia’s Oil Minister Ali Al-Naimi will talk on the sidelines of the meeting in Vienna of the Organization of Petroleum Exporting […]
Jersey Finance, the island’s financial centre which acts as custodian of 1.2 trillion pounds ($1.88 trillion), is in talks with a dozen banks from China, India and the Gulf about obtaining a licence in Jersey, its deputy chief executive said. Situated between France and Britain in the Channel, Jersey is a British Crown dependency outside of the United Kingdom and the European Union. It is jostling with […]
Airport Co-ordination Ltd (ACL), the slot co-ordinator of Dubai International Airport, has asked Pakistan International Airline (PIA) to explain issues with flights that operated at a significantly different time from the allocated slot time which hampered the smooth operation of the airport. Dubai airport ranked among world”s busiest airports recently underwent runway repairs to facilitate around 30-40 aircraft operating in and out of Dubai and serves 180,000 […]
Dubai Festival City, which owns the district that’s home to Ikea and Hard Rock Cafe in the emirate, is seeking a $1.1bn loan to repay debt and help fund expansion, two people with knowledge of the deal said. The company owned by Dubai’s Al-Futtaim Group plans to raise a 10-year, amortising facility from about eight to 10 banks, said the people, asking not to be identified because […]
The Telangana government Saturday decided to build the world`s tallest tower and skyscrapers at 40 places around Hussain Sagar lake in the heart of Hyderabad. A meeting presided over by Chief Minister K. Chandrasekhar Rao decided to build the world`s tallest tower in Sanjeevaiah Park abutting the picturesque lake. At the five-hour long review meeting, the chief minister decided to construct skyscrapers in the first phase on […]
