Shares of Arabtec Holding Co. (ARTC) climbed to the highest since July 16 as some investors speculated former Chief Executive Officer Hasan Ismaik is close to selling part of his stake in the builder. The stock added 2.5 percent to close at 4.57 dirhams, taking gains in the past four days to 7.5 percent. Arabtec was the biggest advancer and the most traded on Dubai’s DFM General […]
|By TAP Staff| Forbes has ranked Dubai ahead of Los Angeles, Beijing and Sydney as the most influential city in the world. Dubai was ranked seventh on a list topped by London. The rankings are based on eight factors including the amount of foreign direct investment they have attracted; the concentration of corporate headquarters; how many particular business niches they dominate; air connectivity (ease of travel to […]
A revival of international bond issues from the Gulf is set to draw heavy demand from local and foreign investors, despite the latest geopolitical upheavals in the Middle East and the approach of higher U.S. interest rates. Gulf bond issuance has dried up since early July, because of a traditional summer lull in local investor activity as well as global market instability due to the crisis in […]
The execution of U.S. journalist James Foley by someone with a British accent has sparked soul-searching in the U.K. as to how and why the country has become an exporter of extremists to the Middle East. Prime Minister David Cameron vowed to redouble efforts to stop radicalized Britons traveling to Iraq and Syria to “take part in extremism and violence.” “The fundamental problem is as long as […]
Dubai’s next big one is the Apple store. Neil Churchill of EDGAR has the story. US-based tech giant Apple will open its biggest store in the world at Dubai’s Mall of the Emirates, EDGAR can exclusively reveal. After regional media picked up on UAE-based job advertisements by the Californian company, we have insider knowledge that the Majid Al Futtaim owned mall will become home to Apple’s first flagship in the Middle East. Our […]
People watched as rescue workers searched for victims under the rubble of a house in Rafah that witnesses said was destroyed on Thursday in an Israeli airstrike that killed three senior Hamas military commanders. By JODI RUDOREN and FARES AKRAM August 21, 2014 JERUSALEM — Israeli airstrikes killed three senior commanders of the armed wing of Hamas early Thursday in the southern Gaza Strip city of Rafah, Israeli and Palestinian officials […]
James Foley described himself as ‘a war protester’ who retrained as a journalist (EPA) • Latest developments following beheading of James Foley ‘I had made the gruelling journey by car, but Jim Foley, ever resourceful, arrived by Chinook helicopter. The destination was Sirte, the Libyan city where, in October 2011, Colonel Muammar Gaddafi and his troops were making a last stand. Foley had caught a lift with […]
People walk near The Gate building at the financial and business district Dubai International Financial Center (DIFC) in Dubai. Reuters Dubai’s financial hub is growing up. Since it was established a decade ago, the Dubai International Financial Centre has become the number one choice in the Middle East for many of the world’s leading banks, law firms, asset managers and insurers from where to conduct their regional […]
A year after a $920 million payment default at a spot commodities bourse cut trading from gold to soybeans futures, jolting India’s biggest brokerages, investors are returning as newer regulations buoy confidence. The volume of commodities traded on the Multi Commodity Exchange Ltd. (MCX), India’s biggest commodity bourse, has rebounded from a five-year low after the regulator tightened warehousing and shareholding norms in response to the payment […]
Dubai is changing its financial rules in an effort to attract more asset managers – particularly those serving the richest and most risk-tolerant investors, such as hedge funds and private equity funds – to base themselves in the emirate. The rules create a new class of funds that can be domiciled in the Dubai International Financial Centre (DIFC), facing less stringent regulation and thus lower costs than […]
Local lenders in Saudi Arabia are dominating the market, prompting overseas banks to surrender their licenses as they struggle to compete, the chief executive officer of Standard Chartered (STAN) Plc in the country said. “International banks have found this market more challenging to find their edge and differentiate themselves enough to build a viable business,” Boutros Klink, chief executive officer of Standard Chartered Capital Saudi Arabia, said […]
Kuwait Food Co (Americana) said on Monday that it had no knowledge of any talks with Saudi Arabia’s Savola Group on a possible acquisition of Americana. “The board and executive administration deny knowledge of any negotiations with Savola regarding an acquisition of Americana,” the Kuwaiti company said in a statement to its stock exchange. A recent meeting between the two companies was intended only to discuss the […]
Investment Corporation of Dubai, the emirate state-owned holding company, is seeking to refinance an $880 million loan taken out by resort hotel Atlantis, The Palm, according to four people with knowledge of the matter. The company hired HSBC Holdings Plc (HSBA), Standard Chartered Plc (STAN), and Emirates NBD PJSC on the deal, three of the people said, asking not to be identified as the talks aren’t public. […]
Two weeks, three continents, and 100 meetings. That — and founder Jack Ma celebrating his 50th birthday on the road — is what it will take for Alibaba Group Holding Ltd. to pull off the largest initial public offering in U.S. history. The Chinese e-commerce company is weighing a plan to start marketing the share sale to investors on Sept. 3, with management traveling across Asia, Europe […]
Sanctions on Russia over the crisis with Ukraine are leading banks to call for the development of Islamic finance as they seek alternatives to European and U.S. pools of funding. The expansion of the Shariah-compliant industry would let the country attract fresh capital from the Middle East and Asia, the Association of Russian Banks said this week in response to an inquiry from the state bank. The […]
|By Rashidul Bari| Palestine and Israel, once known as cradle of civilization, have become the hub of cemeteries in modern times. Their conflict has shed untold blood and produced graves as far as the eye can see. The countless tombstones are silent, but the sound of their outcry has carried from Middle-East to here at New York University’s Bobst Library—where I’m writing this article—and from which I’m […]
London-based Gatehouse Bank is developing new business lines and widening its investor base as the Islamic wholesale lender looks to build a more stable revenue stream, its chief executive said. Gatehouse, one of Britain’s six full-fledged Islamic banks, is joining several of its peers in broadening its scope, after the country’s Islamic finance sector got a boost from the government’s first issue of an Islamic bond in […]
American real estate mogul Donald Trump is planning “substantial investments” in the Indian property and hotel sectors, betting on Prime Minister Narendra Modi-led new government’s efforts to revive the economic growth and boost infrastructure. “I do see India as a great place to invest, and I think the election made that even better,” said Trump, who was in India to launch Trump Tower in Mumbai, his first […]
Royal Bank of Scotland confirmed it was considering selling the international arm of its private bank, a deal one source said could net it as much as $1 billion, as the British government leans on it to focus more on domestic lending. The move means that Coutts, founded in the 18th century and best known as banker to Queen Elizabeth, could be split into two businesses – […]
Investment conglomerate Dubai World may resort to a familiar, but in recent times rarely used, legal mechanism set up at the height of the emirate’s financial crisis to obtain the backing from its creditors to postpone a crucial debt repayment deadline. The state-owned firm and advisor Blackstone are currently discussing with an increasing number of lenders the terms of a deal that proposes to push back the […]
Leader of the Labour Party Ed Miliband Photo: PA To win in 2015, Ed Miliband not only has to set out a credible governing prospectus; he must demonstrate he fully understands Labour’s past mistakes. Mr Miliband has been coy about admissions of error on economic management, naturally preferring to castigate Britain’s Coalition government for overzealous austerity driving harsh cuts in the social fabric. Yet voters will only listen […]
Is the debt fog over Dubai finally clearing or returning? Zuma Press Investment conglomerate Dubai World may resort to a familiar, but in recent times rarely used, legal mechanism set up at the height of the emirate’s financial crisis to obtain the backing from its creditors to postpone a crucial debt repayment deadline. The state-owned firm and advisor Blackstone are currently discussing with an increasing number of […]
President Barack Obama said on Saturday U.S. air strikes had destroyed arms that Islamic State militants could have used against Iraqi Kurds, but he warned there was no quick fix to a crisis that threatens to tear Iraq apart. Speaking before U.S. warplanes struck militant targets for the second straight day, Obama said it would take more than bombs to restore stability, and criticized Prime Minister Nuri […]
By Seeking Profits: Shares of Linn Energy (NASDAQ:LINE) rallied over 2.3% on Thursday after investors digested the company’s second results. Linn has been a controversial company as analysts like Hedgeye’s Kevin Kaiser have suggested the distribution is too high and that a cut is inevitable. Overall, this quarter was a decent one, and Linn is in no danger of a distribution cut in the immediate future. Still, […]
