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INDIAN OIL, BPCL, HPCL TO REVIVE PREMIUM PETROL BRANDS ON EXCISE CUT

MUMBAI: The state-run oil marketing companies (OMCs) plan to revive branded petrol such as IndianOil’s XtraPremium and Bharat Petroleum’s Speed, backed by aggressive marketing, to make the most of a significant excise duty cut announced in the budget.

Sales of branded petrol, which contain additives that enhance automobile’s performance, had plummeted in recent years as they became Rs 7-10 per litre more expensive than the regular fuel, forcing companies such as Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation and Bharat Petroleum Corporation (BPCL) to pull out such products from most outlets. But with finance minister Arun Jaitley announcing a cut in central excise duty on branded petrol to Rs

HIGHER POWER RATES NOT TO HIT STATE UTILITIES

NEW DELHI: Consumers of Tata’s ultra mega power project (UMPP) and Adani’s power plant at Mundra in Gujarat might not see a major escalation in their procurement price after the Appellate Tribunal for Electricity (APTEL) gave its nod to include compensatory rate in the final rate of sale of power.

The beneficiary utilities in Gujarat, Haryana, Rajasthan, Punjab and Maharashtra are already buying power for Rs 3.61 to Rs 3.7 a unit, according to the annual revenue requirement reports submitted to state regulators.

The levelised tarifforiginally offered by Tata’s imported coal-based UMPP is much lower at Rs 2.26, but after the compensatory tariff of 52 paise, it would work out to Rs 2.8. Power from

NBAD poised for a leap

National Bank of Abu Dhabi, the United Arab Emirates’ biggest lender, raised its full-year profit forecast and said it hired 150 senior managers amid increasing growth at its fee-generating businesses. Net profit will probably rise 8 percent to 10 percent in 2014, up from an earlier forecast of 6 percent to 8 percent, the bank said today in an emailed statement. Revenue will likely be 6 percent […]

GL Events exhibitions: The United Arab Emirates on the way to become THE hub for the Pool & SPA in the Middle East

United Arab Emirates, June 2014 – GL Events exhibitions, the organizer of Piscine Middle East exhibition has confirmed the attendance of  2 800 visitors during the second edition of Piscine Middle East held in Abu Dhabi from the 22-24th of April. Most part of these visitors was architects, developers and key buyers specialized in pool and spa industry. The event hosted visitors from 50 different countries. 88% […]

Qatar stock rout creates opportunities to buy

The worst Qatar stock rout in nine months is creating a buying opportunity for some of the biggest Middle East investors, who say they’re undaunted by speculation the country will lose the right to host the 2022 World Cup. Emirates NBD PJSC, whose wealth management division oversaw about $2.1 billion at the end of 2013, says it’s looking to add stocks because any impact on corporate earnings […]

Too Many Ports, Not Enough Trade in the Middle East

An aerial view of Khalifa Port in Abu Dhabi Reuters Capacity at seaports and airports in the Middle East is growing faster than regional trade, potentially jeopardizing the viability of billions of dollars worth of new investment in transportation infrastructure. Government-led investment in regional logistics and transport has taken off in the past decade, driven by energy-rich Gulf Arab countries trying to carve out a niche as […]

GCC seen headed for IPO boom

Initial public offers of equity in Gulf Arab countries are set to boom, helped by lighter regulation and legal reforms as governments seek to diversify their oil-dependent economies, according to one of the region’s top IPO lawyers. An exemption from Dubai IPO rules granted by regulators to real estate giant Emaar Properties, which will permit an offer worth up to $2.45 billion, is a sign of the […]

Google building driver-less car with no steering wheel

Google Inc is building cars that don’t have steering wheels, accelerator pedals or brake pedals, in an ambitious expansion of the Internet company’s efforts to develop self-driving cars. The small electric cars, which seat two passengers, are currently prototypes that Google has been building through partnerships with automotive suppliers and manufacturers, Google co-founder Sergey Brin said at the Code conference in Southern California on Tuesday. Google aims […]

After Travelex Buy, UAE Exchange Founder Eyes India Expansion

Bavaguthu Raghuram Shetty moved to the United Arab Emirates from India nearly 40 years ago and made his fortune by building a hospital chain and money exchange group from scratch. Last week, he bought Travelex, the foreign exchange operator, for an undisclosed sum but what is likely the biggest investment of his career. In an interview with The Wall Street Journal, Mr. Shetty said he plans to […]

HSBC to advise $1.49 billion Saudi rights issue

Saudi Arabian Mining Co, or Ma’aden, has appointed HSBC Saudi Arabia as financial advisor for its planned 5.6 billion riyals ($1.49 billion)rights issue, the company said in a statement on Monday. Ma’aden had earlier this month said it was seeking shareholder approval for a capital increase to fund the expansion of its phosphate and gold operations, as well as increase funding for its aluminium business. The company […]

Abu Dhabi grants Etisalat $500m for Maroc deal

Abu Dhabi gave Etisalat a $500 million grant towards its 4.14 billion euro ($5.64 billion) purchase of 53 percent of Maroc Telecom, the company’s prospectus for a planned bond issue shows. The grant provides further evidence of the emirate’s support for its companies’ foreign expansion and could attract complaints from rival operators. Fellow Abu Dhabi-based company Etihad Airways benefited from a $3 billion interest-free loan from the […]

Travelex buy puts Shetty in a new league

|By K Raveendran| It is indeed a milestone in the history of UAE’s expatriate business. The purchase of a controlling stake in Travelex by Dr B R Shetty is easily the biggest acquisition by an expatriate both in terms of its value and profile. It is also perhaps the biggest global brand acquired by a UAE-based Indian entrepreneur. There have been buyouts of higher values, but these […]

Shetty-acquired Travelex to be independent of UAE Exchange

|TAP Special|Travelex, which has been acquired by leading UAE businessman Dr. B. R. Shetty along with his partners associated with Centurion Investments, will continue to operate independently of UAE Exchange. The acquisition, to be effected through BRS Ventures & Holdings Limited, a company owned by Dr Shetty and equity partners associated with Centurion, is subject to customary regulatory and other approvals and consents.  The acquisition will not […]

Ride-Sharing App Uber Launches in Saudi Arabia

Uber San Francisco-based Uber — a smartphone app that connects passengers with cars for hire — officially launches in the Saudi capital Riyadh today after three months of beta testing, entering a new market with some unique opportunities. Saudi Arabia is a country with virtually no public transport and where half of the population — women — is not allowed to drive. Many of the regular cabs available […]

NBAD to have an India base

National Bank of Abu Dhabi plans to set up a regional financial base in India before the end of this year as part of its overseas expansion strategy, two sources aware of the matter told Reuters on Wednesday. The largest lender by market value in the United Arab Emirates is the first Emirati bank to be granted a banking licence in India since 1980. It joins two […]

A Metro ride to Sharjah: How do you like it?

|TAP Special| Sharjah might soon have its own Metro, which could be linked to Etihad Rai, as part of a massive plan to develop the emirate’s transport infrastructure, according to sources familiar with the plan. The newly-created Sharjah Roads and Transport Authority has been tasked with the responsibility of undertaking the feasibility studies in this regard. The plan also includes the development of new road networks and […]

Qatar acquires European InterCon hotels

Qatar Investment Authority is acquiring joint control of a group of luxury hotels in five European cities including the Carlton InterContinental in Cannes and Amsterdam’s Amstel InterContinental. The Qatari sovereign wealth fund’s Katara Hospitality unit is also taking joint control of InterContinental hotels in Frankfurt, Madrid and Rome, according to a notice on the website of the European Commission’s competition authority. The hotels are managed by and […]

Outstanding achievement PR award for Sunil John

|By TAP Staff| Sunil John, founder and CEO of ASDA’A Burson-Marsteller, the region’s leading public relations consultancy, has been awarded the “SABRE Award for Outstanding Individual Achievement”, the first person from the Middle East to be honoured with this prestigious global award. The SABRE Awards, which are presented by The Holmes Group, a leading global public relations publishing organisation, acknowledged John’s position at the “forefront of change” […]

Lamprell to raise $120m on way to recovery

Oil rig maker Lamprell said on Friday it would raise about $120 million to boost its productivity after returning to profit last year despite growing risk in the sector. Chief executive officer James Moffat said the rights issue marked “the final piece of the jigsaw puzzle in our recovery”, which had started around 18 months ago. It will be used to support investment, facilitate debt refinancing and […]

Saudi firm plans $1.5b rights issue

Saudi Arabian Mining Co will seek shareholder approval for a 5.6 billion riyal ($1.49 billion) rights issue to help to fund its expansion plans, the company said on Thursday. The company, better known as Ma’aden, intends to use the money to expand its phosphate and gold operations, as well as increase funding for its aluminium business, it said in a bourse filing, adding that a date for […]

Damac bolsters Dubai global push for Islamic finance

Damac Real Estate Development Ltd. (DMC) is bolstering Dubai’s drive to lead the global Islamic economy with serviced apartments that are Shariah-compliant from their financing to their restaurants and saunas. Abu Dhabi Islamic Bank PJSC (ADIB) is managing the project’s funding as Damac, which issued its debut sukuk last month, sells the certified Islamic residences, Niall Mc Loughlin, the Dubai-based developer’s senior vice president of communication, said […]

Jumeirah Group to invest AED8b in expansion

Dubai-based hotel operator Jumeirah Group will invest 8 billion dirhams ($2.19 billion) to expand projects in 11 countries over the next three years, the official state news agency WAM reported on Friday. The group is part of Dubai Holding, a conglomerate owned by the emirate’s ruler, Sheikh Mohammed bin Rashid al-Maktoum. The expansion will see an addition of 4,300 hotels rooms over the next three years, WAM […]

ICD reveals crucial numbers in bond prospectus

|By TAP Staff|The Investment Corporation of Dubai (ICD), owner of many of Dubai’s corporate jewels, such as the Emirates airline and the airport duty-free business, said its revenues grew 18 percent to $24.8 billion in the second half of 2013. The numbers were revealed in the prospectus released in connection with the plan to raise about $750m in its first Islamic bond issue. The latest full-year revenue […]

2020 confidence drives up Dubai office market

According to international real estate consultancy firm Cluttons, an upsurge in economic confidence following Dubai’s World Expo 2020 win, has led to heightened demand for commercial office space in the emirate. Rents for prime Grade A space in particular have continued to climb with a 10% increase recorded in Q1, pushing average rates in this category to AED 220 per square foot. Cluttons Dubai Spring 2014 Commercial […]