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Dennis Lockhart, President, Federal Reserve Bank of Atlanta, spoke to the American Business Council of Dubai on Sunday. Reuters Large Middle Eastern holders of U.S. Treasuries shouldn’t worry about the stability of their investments especially as the U.S. economy shows more signs of improvement following the worst recession in a generation, Atlanta Fed President Dennis Lockhart said on Sunday. U.S. government debt has long been a key […]

The fallout from the Syrian war continues to weigh on Lebanon’s economy and fiscal stability with long-needed structural reforms now more challenging to implement, an International Monetary Fund mission visit to the country found after routine consultations with local authorities. A political impasse “has amplified the microeconomic imbalances,” a mission report summary said, in a country with one of the highest debt-to-GDP ratios in the world. Here […]

Financial Technologies (India) Ltd.  slumped by its trading limit in Mumbai after Chairman Jignesh Shah was arrested by the police as part of an investigation into the biggest payment default in India’s commodity market. The shares fell 5 percent to 276.30 rupees, the lowest close since Feb. 13. Multi Commodity Exchange of India Ltd. (MCX), in which Financial Technologies owns 26 percent stake, declined 6.7 percent to […]

|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 […]

Dubai will not have any issues in repaying all its debt maturing in 2015, and more state-linked firms are likely to repay obligations ahead of schedule, a top government official said on Tuesday. “We will have no issues in repaying debt coming up next year,” said Sheikh Ahmed bin Saeed al-Maktoum, a close advisor and uncle to Dubai’s ruler. Sheikh Ahmed, a key figure in the emirate’s […]

As Dubai freight-forwarding firm Able Logistics Group began preparing early this year to go public, it conducted a leveraged recapitalisation, taking on fresh bank debt so it could pay a cash dividend to shareholders. By the standards of developed Western markets, the transaction was routine. But for the Middle East it was an unusually creative deal, a sign that the region’s private equity industry is finally building […]

Dubai shares jumped the most since January after first-quarter earnings boosted investor sentiment. Qatar’s gauge also advanced. The DFM General Index (DFMGI) surged 3.3 percent, the biggest jump since Jan. 23, to 5,247.29 at the close. The measure has soared 56 percent this year, making it the best performer among more than 90 benchmarks tracked by Bloomberg. Dubai Islamic Bank advanced 5.5 percent after first-quarter profit more […]

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|By Nicole Blackmore| Is Dubai the new Spain? Britons are abandoning their place in the Spanish sun for countries with better work opportunities and more stable house prices – and the Middle East is one of several areas attracting growing numbers of emigrants. While Dubai may not be a popular retirement option given the high cost of living, young professionals are moving there in droves. NatWest’s latest […]

The United Arab Emirates will have its own stand-alone exchange-traded funds with this week’s launch of the iShares MSCI UAE Capped ETF (UAE). On May 30th, both Qatar and the UAE will get promoted by the MSCI index folks being frontier markets to becoming full-fledged emerging markets. As of this year’s first quarter, the UAE and Qatar occupied the second- and third-largest country weights in the MSCI […]

Abu Dhabi government-owned General Holding Corporation (Senaat) has shelved plans for a stock market debut, four sources aware of the matter said, as the emirate takes a cautious line on financial commitments in the wake of its bailout of Dubai. Despite enjoying significant hydrocarbon wealth, the largest of the seven United Arab Emirates has been wary of its financial position since providing Dubai with a $20 billion […]

Dubai contractor Arabtec Holding plans to list a portion of its construction unit in an initial public offering (IPO) on the Abu Dhabi bourse next year, the group chief executive said on Wednesday. IPOs dried up in the UAE when its financial crisis erupted five years ago but a recovery in the economy, especially in Dubai, has led to some firms announcing plans to list shares in […]

It is now clear that the chances of a fire sale of Dubai’s ‘jewels in the crown’ — a reference to blue-chip assets such as Emirates airline and Jebel Ali Free Zone — stand completely mitigated as the emirate takes firm control of its financial situation. Analysts are in near agreement that Dubai’s sovereign debt is stabilising and deleveraging is progressing. A definite improvement has happened in […]

London-based RiverCrossing Capital Partners, a new Islamic investment firm, has launched its first product, a U.S. real estate fund, as part of a plan to offer non-traditional asset classes to institutional investors in the Gulf. The firm will develop asset-based funds with a non-cyclical nature, a departure from other sharia-compliant real estate funds which have focused on more traditional commercial and residential properties that perform in line […]

A sense of euphoria can be felt as you walk onto the Dubai Financial Market’s (DFM) trading floor. Excited investors sit huddled at tables, eyes fixed on trading screens. Occasionally the floor erupts in applause as certain stocks shoot up to target levels. A local investor in his fifties who gives his name as Abu Hany, dressed in the traditional white robes of the Gulf, describes himself […]

Buyers are lining up for Germany-based packaging group Mauser with final bids due to be submitted on Monday, banking sources said on Friday. The sale of Mauser by Dubai International Capital (DIC) could fetch around 1.25 billion euros ($1.73 billion), one of the banking sources said. At this price, the sale would be one of the largest asset disposals by the emirate since its debt crisis in […]

Investors are switching their attention back to developing countries’ debt after flirting with U.S. and European junk bonds during a year of turbulence in emerging markets. A long sell-off in anticipation of U.S. stimulus withdrawal meant emerging sovereign debt posted negative returns last year but the sector has enjoyed one of its best starts to a year in a decade in 2014, investors say, with returns of […]

The first initial public offer of shares on Dubai’s main stock market for five years was 36 times subscribed, a sign of massive interest in equities among retail investors as the emirate’s economy booms. Investors subscribed 10 billion dirhams ($2.7 billion) to the fixed offer of 275 million shares in Marka, which were priced at 1 dirham each, Jamal Al Hai, chairman of the company’s founders committee, […]

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and cut the interest rate, seeking to take advantage of investors’ renewed confidence in the emirate. The firm, part of state-owned conglomerate Dubai World , is aiming to raise the loan to $3 billion, four banking sources said, speaking on condition […]

Dubai’s government hopes its first 15-year sukuk issue – an unusually long tenor for an Islamic bond – will pave the way for long-term debt sales by its state companies, the Department of Finance said on Wednesday. Dubai drew $2.3 billion of investor demand for the $750 million issue on Tuesday, pricing it at 5.0 percent, the tight end of initial guidance. Demand was lower than in […]

Dubai Financial Market, the Gulf Arab region’s only listed bourse, said on Wednesday that first-quarter net profit surged eightfold, outstripping analysts’ expectations as trading volumes ballooned. The exchange made 215.1 million dirhams ($58.6 million) in the opening three months of 2014, compared with 27 million dirhams in the corresponding period of last year, it said in a statement. Analysts at HSBC and Global Research had expected a […]

Dubai Holding Commercial Operations Group (DHCOG), part of a conglomerate owned by the emirate’s ruler, will repay $319 million of debt more than 18 months early, the latest state-linked company to settle restructured loans ahead of time. Sovereign-linked entities in Dubai were forced to renegotiate billions of dollars of liabilities at the turn of the decade after a local property crash and a lack of refinancing options […]

|By TAP Staff|The much-awaited Dubai benchmark government sukuk is expected soon. The issue, which will have a life span of 15 years, is initially expected to be priced between 5 and 5.125 basis points and total at least $500 million, according to lead managers. The banks arranging the transaction are Dubai Islamic Bank , Emirates NBD, HSBC, National Bank of Abu Dhabi and Standard Chartered. Dubai was […]

Aldar Properties, Abu Dhabi’s biggest developer, is returning to development with three new projects and studying plans for an additional 20 amid a nascent recovery in the emirate’s property market, the company’s chairman said today. Aldar, which took over a smaller rival in June, will start sales of three residential developments in Abu Dhabi valued at a total of 5 billion dirhams ($1.36 billion). The projects include […]

Last month, Dubai’s inflation rate has jumped to its highest since 2009 driven by inflated property and food prices. According to the latest data, the cost of living in March increased 3 percent on the year before. This is an official data and it is very much likely the actual numbers to be much higher. According to figures from the Dubai Statistics Center, housing and utility costs […]

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