Saudi Arabia’s drive to make Qatar abandon its embrace of the Muslim Brotherhood may founder because of the limited leverage the Saudis and their allies can exercise over the world’s richest country. Qatar traded more with Singapore in 2012 than it did with the three Gulf neighbors — Saudi Arabia, the United Arab Emirates and Bahrain — that withdrew their ambassadors from Doha last week to protest […]
|By Rory Jones, Doug Cameron | The head of Emirates Airline said Tuesday that establishing a U.S. Customs post at its Dubai hub could create a logistical nightmare, just as the world’s largest carrier of international passengers ramps up for fresh expansion to North America. The U.S. Customs and Border Protection agency in January opened a post in Dubai’s neighbor, Abu Dhabi, to allow passengers there to […]
|By K Raveendran| Limitless, a major government related entity in the Dubai Inc, is understood to have approached lenders with a waiver request for the first amortization payment of $0.4 billion due in December 2014 under its 2012 debt restructuring agreement of a $1.2 billion loan. It was a similar waiver request in the past that had precipitated Dubai’s financial crisis beginning 2008. The $0.4 billion amortization […]
|By Illeana Hoffman and Steven Lapidus| Being admittedly a bit too New York-centric, we started off to Dubai with preconceived notions… expecting a sort of Las Vegas-like cityscape, only with restrictive dress and limited food choice. To the extreme, we were even warned by some that we should take care to avoid inappropriate dress. In retrospect, how astoundingly misinformed we were! After 20 hours of traveling, space […]
|By K Raveendran|The recent vote by the European Parliament to allow visa-free travel to Europe for UAE nationals and the reciprocal arrangement under which European citizens can visit the UAE without the need for pre-entry visas will be a tremendous boost to bilateral tourism. The development represents a major achievement for the UAE in terms of its standing in international comity. That this has come despite powerful […]
The private equity arm of Dubai Holding has asked buyout groups to submit binding bids for its German packaging group Mauser, after putting on hold a larger auction which comprised two additional assets, three sources familiar with the transaction told Reuters. The sale of Mauser by Dubai International Capital (DIC) would be one of the largest asset disposals by the emirate since its debt crisis in 2009, […]
|By TAP Staff| Bank of Baroda, which identifies itself as India’s international bank on the strength of its global operations, is set to celebrate the milestone of a Ten Trillion Bank, taking it into a unique league of banks with turnover of ten trillion rupees or more. The largest Indian bank, after the State Bank of India, is the only bank in the UAE with a full-fledged […]
Dubai’s non-oil trade expanded 7.6 percent last year, slowing from 13 percent growth in 2012, but the emirate’s trade with Iran stabilised despite U.S. economic sanctions, according to Dubai customs data released on Sunday. The non-oil foreign trade of Dubai, one of seven members of the United Arab Emirates, rose to 1.329 trillion dirhams ($362 billion) in 2013. The emirate exports small amounts of oil and imports […]
|By TAP Staff| Being in Dubai helps businesses and investors to reap rich rewards, according to findings in a summary report compiled by Dubai FDI, the foreign investment agency in the Department of Economic Development (DED) of Dubai. And the ease and competitiveness of doing business in Dubai is attracting the attention of worldwide investors, it adds. The reports cover such key sectors as logistics, retail, information […]
|By TAP Staff| Dubai stock market is set to see the first initial public offering in five years when a new company under formation for fashion and food retailing will tap the capital market within the next few weeks. The company, named Marka, is still in the process of being formed. It will operate in the UAE’s fashion retailing and food and beverage sectors; its over 100 […]
DAMAC Properties has unveiled a luxury serviced hotel apartments project at the heart of the emirate’s proposed Expo 2020 site. Celestia, as it is known, will comprise of studios, one and two bedroom apartments across an eight-floor complex and will be located in Dubai World Central Residential City, near to the new Al Maktoum International Airport. Facilities will include a retail area featuring fine-dining restaurants and designer […]
Feedback Infra, a technical and professional services provider in the infrastructure sector, has acquired Dubai Consultants for an undisclosed amount. This gives Feedback Infra an opportunity to strengthen its footprint in the Gulf region. Established in 1975, Dubai Consultants is among architectural and structural engineering organisations engaged by the government of Dubai and the UAE to design and supervise their major housing and social infrastructure drives. Feedback […]
Waha Capital PJSC (WAHA), the investor that owns a stake in plane-leasing company Aercap Holdings NV (AER), is seeking healthcare acquisitions in the United Arab Emirates after Dubai announced mandatory health insurance. “We’re looking for targets across the U.A.E.,” Chief Executive Officer Salem Rashid Al Noaimi said in an interview in Abu Dhabi. “Health care is currently a small piece of the pie for us, but the […]
The Dubai Multi Commodities Centre (DMCC) aims to boost activity on its sharia-compliant commodity trading platform by partnering with a global brokerage, while local Islamic lender Noor Bank is set to offer use of the platform to all its corporate clients. The DMCC wants to increase both the volume and size of transactions on its Islamic platform, which it launched last year. This week, the DMCC partnered […]
Emirates airline said its alliance with Australia’s Qantas was working and had helped the Gulf carrier to improve yields, after some analysts questioned the benefits of the partnership. Qantas is reducing its workforce by 15 percent, slashing spending and selling gas-guzzling older planes after stiff competition at home and overseas pushed the Australian flag carrier deep into the red in the first half. The loss in Qantas’s […]
Goldman Sachs Group Inc., which generated one-third of its profit from trading last year, is restarting Middle East and North Africa equity sales in Dubai, according to two people familiar with the matter. The fifth-largest U.S. bank by assets is hiring Veer Ramlugon as part of the plans, one of the people said, asking not to be identified because the matter isn’t public. Ramlugon, who declined to […]
A diplomatic split between Qatar and its wealthy Gulf neighbors may disrupt billions of dollars of investment in the region and slow efforts to make economies more efficient through trade and transport reforms. Qatar’s vast natural gas wealth means the tiny country, with a population of about 2.1 million, could probably continue operating indefinitely despite the displeasure of Saudi Arabia, the United Arab Emirates and Bahrain. But […]
Dubai World, one of the emirate’s big state-owned conglomerates, has prepaid $284.5 million to creditors under its $25 billion debt restructuring plan, sources familiar with the matter said on Wednesday. The conglomerate obtained money for the prepayment from asset sales, said the sources, who declined to be named because the matter isn’t public. Under the terms of the restructuring deal, cash raised from asset sales above a […]
|By TAP Staff| The Dubai Mall gets more foot traffic than the Eiffel Tower, Niagara Falls and Disney World combined. Attracting 75 million visitors a year, it is one of the most visited tourist attractions on the planet. The Dubai Mall is no ordinary shopping center. Recognized by Guinness World Records as the world’s largest shopping mall (in terms of total floor space) it is larger than […]
Saudi tourists played a vital role in boosting the Dubai tourism sector last year. The Kingdom, which has consistently been Dubai’s primary source market, experienced a big boost with guest numbers up by 19.9 percent to 1.35 million. In 2012, Dubai received 1.13 million visitors from Saudi Arabia. In total, Dubai’s hotels welcomed more than 11 million guests in 2013, an increase of just over one million […]
| By TAP Staff| UAE banks outperformed their counterparts in the rest of the GCC in terms of net profits for 2013. The UAE banks were followed by Qatari banks, which took the second overall position. According to an analysis of the GCC banking sector by Global Investment House, profits of banks in the UAE grew 15.8 percent YoY while the banks in Qatar recorded a growth […]
Investor sentiment toward Dubai is about the best it has been since before the Persian Gulf emirate skirted default amid the global credit crisis. The cost of insuring its debt against non-payment with credit-default swaps was quoted at 189 basis points at the end of last month, the least since the 187 reached in May, which was the lowest since the collapse of Lehman Brothers Holdings Inc., […]
Dubai’s benchmark led a retreat among Persian Gulf stock indexes, tracking a decline in emerging markets after Russia’s intervention in Crimea raised concerns of armed conflict. The DFM General Index slipped 1.9 percent, the most since Jan. 26, to 4,105.90 at the close in Dubai. The measure, which more than doubled last year, dropped on 44 percent of three-month average daily volume. Abu Dhabi’s gauge closed 1.8 […]
Zack Shahin, a U.S. citizen imprisoned in a Dubai prison cell since March 2008 , declared a hunger strike to protest his continued imprisonment in Dubai and the U.S. government’s unwillingness to publicly intervene for his freedom. In an open-letter addressed to U.S. President Barack Obama, Zack Shahin wrote: “I ask you to use all of your effort to strenuously object to my continued confinement, and given […]
