MRC Global announced that its subsidiary, MRC Transmark Middle East FZE, has signed a framework agreement with Saudi Basic Industries Corporation (SABIC), naming MRC Transmark Middle East as one of SABIC’s primary valve suppliers to SABIC’s operations in Saudi Arabia. SABIC, headquartered in Riyadh, Saudi Arabia, ranks among the world’s top petrochemical companies. It operates from more than 50 countries and has more than 60 manufacturing and […]
UAE. EY’s Europe, Middle East, India and Africa (EMEIA) Fraud Survey, Fraud and corruption – the easy option for growth?, has found that many businesses still do not have the basic building blocks in place for effective compliance. Only 52% of MENA respondents stated they had an anti-bribery or anti-corruption (ABAC) policy and code of conduct in place. The survey, which polled 3,800 employees of large businesses […]
The theme so far this week at the three-day Electronic Entertainment Expo at the Los Angeles Convention Center has been video-gaming, with Sony claiming the keynote address slot. Here are nine announcements from the conference so far: New “Doom” on the Way Bethesda got E3 under way by showing off the latest installments of first-person shooter “Doom” and post-apocalyptic role-playing saga “Fallout 4.” The latter game will […]
BAHRAIN. On June 12, 2015, Standard & Poor’s Ratings Services affirmed its long- and short-term foreign and local currency sovereign credit ratings on the Kingdom of Bahrain at ‘BBB-/A-3’. We also affirmed our long- and short-term foreign and local currency credit ratings on the Central Bank of Bahrain at ‘BBB-/A-3’. The outlooks on both Bahrain and its central bank remain negative. RATIONALE We expect that Bahrain’s fiscal […]
TUNISIA. There has been robust growth in Internet access and usage over the past few years and Africa is now primed to take advantage of the social and economic opportunities that the Internet can bring to people across the continent. This was the focus of an address delivered to delegates at the Africa Internet Summit (AIS) recently held in Tunisia by Kathy Brown, President & CEO of […]
A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai, March 4, 2015. Reuters/Shailesh Andrade/Files MUMBAI Regulators hope plans for a new bourse with less stringent listing requirements will lure a stream of startups in the country’s burgeoning technology industry, looking for a platform to raise capital for expansion. The eased rules, marking a change […]
A motorcyclist rides past the entrance of the headquarters of Hon Hai, which is also known by its trading name Foxconn, in Tucheng, New Taipei city, December 24, 2013. Reuters/Pichi Chuang/Files MUMBAI Foxconn Technology is in talks to manufacture Apple’s(AAPL.O) iPhone in India, government officials said, in a move that could lower prices in the world’s No.3 smartphone market where the U.S. firm trails Samsung Electronics and […]
UAE. Dubai private sector companies indicated a modest rebound in output growth from the 18-month low recorded during April, according to the latest Emirates NBD Dubai Economy Tracker™ report. The latest survey also pointed to a slightly faster expansion of incoming new work, while modest job creation and positive sentiment regarding the business outlook was sustained. Of the three key sub-sectors monitored by the survey, construction was […]
UAE. Economic Insight: Middle East Q2 2015 is produced by Cebr, ICAEW’s partner and economic forecaster. Commissioned by ICAEW, the report provides a snapshot of the region’s economic performance. The report undertakes a quarterly review of the Middle East, focusing on the Gulf Cooperation Council (GCC) member countries (United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait), as well as Egypt, Iran, Iraq, Jordan and Lebanon […]
WASHINGTON — In a major shift of focus in the battle against the Islamic State, the Obama administration is planning to establish a new military base in Anbar Province and send 400 American military trainers to help Iraqi forces retake the city of Ramadi. Although a final decision by the White House has yet to be announced, the plan follows months of behind-the-scenes debate about how prominently […]
WASHINGTON — President Obama has authorized the deployment of up to 450 more American troops to Iraq to train and assist the Iraqi forces battling the Islamic State, the White House announced on Wednesday, signaling a major shift of focus in the fight against the Sunni militant group. The United States forces will use Al Taqqadum, an Iraqi base near the town of Habbaniya in eastern Anbar […]
A 3D plastic representation of the Facebook logo is seen in this illustration in Zenica, Bosnia and Herzegovina, May 13, 2015. Reuters/Dado Ruvic NEW YORK Overseas markets bring in more advertising revenue than the United States for Facebook Inc, amounting to 51 percent of global ad sales in the first quarter, with growth in Asia the fastest in the world at 57 percent, company executives told Reuters. […]
By DAVID D. KIRKPATRICK and KAREEM FAHIM June 9, 2015 CAIRO — Islamic State militants staged attacks near Baghdad and the Libyan city of Surt on Tuesday, underscoring the group’s persistent strength on both fronts despite a monthslong American-led air campaign against it in Syria and Iraq. In Libya, the Islamic State captured a critical power plant along the coastal road westward from its stronghold in Surt toward Misurata, a commercial center […]
BAHRAIN. Fitch Ratings has downgraded Bahrain’s Long-term foreign currency Issuer Default Rating(IDR) to ‘BBB-‘ from ‘BBB’ and Long-term local currency IDR to ‘BBB’ from ‘BBB+’. The Outlooks are Stable. The issue ratings on Bahrain’s senior unsecured foreign and local currency bonds have also been downgraded to ‘BBB-‘ from ‘BBB’ and ‘BBB’ from ‘BBB+’, respectively. The agency has simultaneously affirmed Bahrain’s Country Ceiling at ‘BBB+’ and Short-term foreign […]
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 […]
We all know the Internet has revolutionized civilization, but have you ever stopped to think just how much it has changed your life over the past 15 years — and what the future may hold? The International Telecommunications Union (ITU) reports unprecedented growth in information and communications technologies (ICTs) since 2000. Here are some mind boggling statistic from the latest ITU report: there are over 7 billion […]
A motorcyclist rides past the entrance of the headquarters of Hon Hai, which is also known by its trading name Foxconn, in Tucheng, New Taipei city, December 24, 2013. Reuters/Pichi Chuang/Files GUIYANG, China Taiwan’s Foxconn Technology, the world’s largest contract electronics manufacturer, is aiming to develop 10-12 facilities in India, including factories and data centres, by 2020, Chairman Terry Gou said on Tuesday. The company could spend […]
|Special byTAP Staff|Abu Dhabi-based Aabar Investments is expected to reap rich dividends from its involvement with Mongolia’s coal industry in the wake of a landmark mining deal concluded recently. Aabar Investments has been the largest UAE investor in Mongolia since 2011 through its investment into Gobi Coal & Energy Ltd, which has been credited with the discovery of the massive Oyu Tolgoi project. Its two main projects, […]
|By TAP Staff| RP Global – part of RP Group of Companies, a global business conglomerate with an annual turnover of over US$4 billion – made its entry into the Dubai real estate market by breaking ground on its new multi-storey residential tower project RP Heights. RP Global will initially develop two prestigious projects in the heart of the city with a total development value of over […]
|By TAP Staff| Emaar Malls , the shopping malls and retail business majority-owned by global property developer Emaar Properties, records net profit of AED 433 million (US$ 118 million) during the first quarter (January to March) of 2015. This is 32 per cent higher than Q1 2014 net profit of AED 329 million (US$ 90 million). The revenue during Q1 2015 across all its mall and retail […]
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. […]
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 […]
The specter of an atomic arms race in the world’s most volatile region has heightened the stakes in Iran’s nuclear talks after Saudi Arabia’s repeated hints it would seek its own atomic weapons if Tehran ever did the same. Riyadh’s unprecedented action in assembling a coalition of other Sunni Muslim countries to bomb Tehran’s Houthi allies in Yemen this week has shown how seriously it takes the […]
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, […]
