Aldar Properties will look to refinance 7.9 billion dirhams ($2.2 billion) worth of debt this year, and is open to bank loans as well as bonds, the chief financial officer of the Abu Dhabi property firm said on Wednesday. “You could see us (doing) normal refinancing – banks or bonds – because of our strong credit ratings. We will also manage debts with government receivables, existing cash […]
Dubai house prices are only 15 percent short of their 2008 peak and will return to those pre-crisis highs within 18 months, consultant Jones Lang LaSalle (JLL) said on Monday. The emirate outpaced all major property markets last year, with prices climbing more than 22 percent as billions of dollars of government real estate projects triggered a buying binge among investors. The fast growth, however, has raised […]
Emerging Asia will become the world’s primary weak spot in 2014, but we have reached the beginning of the end of this crisis, according to Saxo Bank’s investment outlook for the first quarter of 2014 Global overview Having maintained world growth at acceptable levels throughout the current crisis, emerging Asia will become the world’s primary weak spot in 2014. Investment in that region has reached a staggering […]
The U.S. trade representative on Monday will announce a trade enforcement action tied to India, his office said, a move that could further rile relations after an incident last year involving the arrest and strip-search of an Indian consul. U.S. Trade Representative Michael Froman will discuss the action at a news conference at 2 p.m. (1900 GMT), his office said on Sunday night. The Office of the […]
Most Asian markets made guarded gains on Monday, encouraged that Wall Street was able to weather a seemingly disappointing U.S. jobs report, though there was more than enough event risk ahead to keep investors cautious. Crucially, the new head of the Federal Reserve, Janet Yellen, delivers her first testimony to the House on Tuesday and the Senate on Thursday, and markets will be hoping for reassurance that […]
The regulator of Dubai’s tax-free financial centre said on Sunday that Deutsche Bank had been found to be in “material non-compliance” with orders to provide information as part of an investigation into alleged rule breaches. The Dubai Financial Services Authority (DFSA) had in November last year sued the lender, after almost one year of investigations into the bank’s wealth management division. An out-of-court agreement between the bank […]
Dubai’s biggest equities brokerage plans to expand into Germany by July to tap growing investor appetite for UAE equities, its chief executive officer said. Mena Corp Financial Services, which traded the most shares on the Dubai Financial Market among the 48 brokerages tracked by the exchange last year, plans to open a representative office in Frankfurt in the second half, Fathi Ben Grira, group chief executive, said […]
Asian shares regained a measure of stability on Friday, stepping further away from five-month lows after a strong rally on Wall Street and hopeful signs the upcoming U.S. payroll report could put some global growth concerns to rest. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.8 percent, a day after the index posted its biggest gains in over two months. The index bounced 2.2 […]
Dubai’s largest real estate developer Emaar Properties regained an investment-grade credit rating on Wednesday, marking the emirate’s strong recovery from its financial crisis five years ago. Standard and Poor’s raised its long-term rating of Emaar to BBB-minus, the lowest investment grade, from BB-plus. In 2009, S&P had cut the state-linked firm to junk status as the global credit crunch and a crash of Dubai’s property market ravaged […]
Pumping his fist into the Paris air, Sheikh Abdullah bin Zayed Al Nahyan, an Abu Dhabi royal, celebrated the award of the 2020 World Expo to Dubai. A Dubai counterpart returned the favor three weeks later, hailing Abu Dhabi’s role in securing the event. The backslapping late last year signaled the ever-closer relationship between the sheikhdoms at the core of the seven-member United Arab Emirates, one a […]
Investment bankers in Europe are off to the leanest start to a year in a decade as dwindling income from deal-making and trading presses firms to reduce costs. Revenue from arranging mergers, loans and stock and bond offerings for clients in Europe, the Middle East and Africa fell 22 percent to $1.58 billion last month from the year-earlier period, according to data compiled by New York-based research […]
ING Group NV, the Dutch financial services conglomerate, said on Monday it was closing its Middle East asset management operation, based in Dubai, after the team there resigned. The closure is in line with ING’s restructuring drive, which involves only maintaining asset management operations in countries where it has a strong insurance presence, Karl Hanuska, a spokesman for ING Investment Management in the Netherlands, said by telephone. […]
Commodities moved lower during the course of the week as the diverging outlook between emerging and developed economies continued to raise uncertainty about the demand outlook for commodities. The weakness was primarily driven by losses in both metal sectors with industrial metals being hurt by weak China manufacturing data together with a slowdown in activity ahead of the Lunar New Year shutdown in several Asian markets. Precious […]
The Federal Reserve’s decision to keep trimming its economic stimulus drew fire on Friday as India’s central bank chief said Americans should be more attuned to the global impact of their policies, and the IMF called for vigilance given strains in financial markets. The push-back came on Fed Chairman Ben Bernanke’s last day on the job and two days after the U.S. central bank reduced the pace […]
When planners designed the Business Bay district in Dubai at the height of the last real-estate boom, they boasted it would become the largest business and office district in the Middle East. Yet a visit to the site today suggests there is a lot more living than working taking place, with nannies pushing carriages and children romping around a playground. Throughout Dubai, developers are restarting projects that […]
A unit of Dubai Holding, owned by the emirate’s ruler, has sold a piece of land to fast-growing shopping mall developer Majid Al Futtaim (MAF), the latest in a series of plot sales initiated by state-linked firms in the emirate to raise funds. The unit, TECOM Investments, sold 1 million square feet of land at its International Media Production Zone (IMPZ), a development that spreads across 43 […]
For a bellwether, Emaar Properties — builder of the world’s tallest tower — has done quite well for itself in the past year: reflecting Dubai’s meteoric real estate sector recovery with a 104% gain in 2013 that underpinned the stock market’s stellar performance. On Tuesday, Emaar’s stock rallied another 6.3% to 8.24 dirhams ($2.25) – its highest closing level since early September 2008, when Dubai’s much celebrated […]
The executive suite is not the only place that is greying in India’s 40-year-old information technology sector. As the $108 billion industry enters middle age and its growth slows, the three-million-strong workforce is also getting older, making it harder to extract some of the cost advantages of the young, cheap labour for which it is known. Firms have had to change in order to attract and support […]
Dubai’s flagship airline Emirates is expected to move all of its operations to the emirate’s new Al Maktoum International Airport after 2020, a senior executive at Al Maktoum said on Tuesday. Big international carriers, including Emirates, have so far not indicated any plans to move to the new airport, which officially launched passenger services in October last year. “Emirates have to move to the new airport at […]
After a scary sell-off in emerging markets in the past week, investors who specialize in the sector are looking for places to hide while also looking for opportunities to benefit. And that means finding countries that have stronger economic underpinnings and political stability, while abandoning or betting against those whose current account balances and government budgets are deeply in the red and where there is political turmoil. […]
Emirates NBD, Dubai’s largest lender, missed analysts’ forecasts despite an 8 percent rise in fourth-quarter net profit as a surge in the amount set aside by the lender to meet loan losses offset increased net interest income. The lender, 55.6-percent owned by state fund Investment Corp of Dubai, made a net profit of 673 million dirhams ($183.2 million) in the three months to Dec. 31, a statement […]
|The Arabian Post Special| Reports suggest Dubai has reached an agreement with Abu Dhabi on $20 billion of debt, which it arranged to avert a payment default in the wake of Dubai’s crippling financial crisis. “The rumor is that Abu Dhabi has reached an arrangement with Dubai over the $20 billion payment,” Reuters quoted Mohammed Ali Yasin, managing director of NBAD Securities LLC, as saying on phone. […]
|By Parag Deulgaonkar| A wider economic upturn and rapid population growth will lead to a shortage of residential units in Dubai, believes a market participant. “I see a serious shortage… the government is diversifying into tourism-related projects. Schools, universities, theme parks and shopping centres are coming up and so many people will be employed and they all will require accommodation,” Samir Munshi, Managing Director, Orion Holdings, told […]
His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice-President and Prime Minister and Ruler of Dubai, told BBC that the government has taken the necessary legal measures and procedures to prevent excessive rise in rents. His Highness also asserted that he is aware of the fact that there are some who might exploit the hosting of the World Expo 2020 in the UAE as an excuse to […]
