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OPEC pumps 31.11 million barrels of crude oil per day in May, reveals Platts survey

INTERNATIONAL.  Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 31.11 million barrels per day (b/d) in May, up 180,000 b/d from April and the group’s highest monthly volume since October 2012, according to the latest Platts survey of OPEC and oil industry officials and analysts. “OPEC’s communique after the June 5 meeting mentioned that members had been urged to adhere to its production […]

ISIS Loses Control of Crucial Syrian Border Town

The black flag of the Islamic State, left, flew over Tal Abyad, Syria, on Tuesday. After Kurdish and rebel fighters took over the town later Tuesday, they hoisted a Kurdish militia flag. By BEN HUBBARD June 16, 2015 ISTANBUL — Kurdish militias and rebel fighters on Tuesday took full control of the strategic Syrian town of Tal Abyad on Turkey’s border, striking a blow against the Islamic State and expanding […]

AlWaleed, Forbes settle dispute

|TAP Special| Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud and Forbes have settled Alwaleed’s libel suit against the Forbes and two writers on mutually agreeable terms, it was announced. Given the opening of the Saudi stock exchange to foreign investors beginning in June 2015, Forbes and the other defendants are currently comfortable with using the stock price of Alwaleed’s publicly traded investment firm, Kingdom Holding Company, […]

Saudi opening may be non-event with no licences awarded

Saudi opening may be non-event with no licences awarded RIYADH, 11 hours, 30 minutes ago The opening of Saudi Arabia’s stock market to direct foreign investment on Monday may disappoint traders who have been hoping for large and immediate fund inflows, as the kingdom has yet to announce the award of any licences. Saudi Arabia’s Capital Market Authority announced plans to open the market last July, and […]

New China push to spur Bahrain trade

The Chinese delegates at the EDB office New China push to spur Bahrain trade MANAMA, 16 hours, 32 minutes ago A delegation from the China Arab Council for Investment Promotion (CACIP) has arrived on a three-day visit to Bahrain as part of its mandate to promote investment co-operation between China and the Arab states. Organised by the Economic Development Board (EDB), the visit is aimed at strengthening […]

Corrected – With CEO shakeup, Twitter under pressure to please advertisers

The Twitter logo is shown at its corporate headquarters in San Francisco, California April 28, 2015. Reuters/Robert Galbraith/Files SAN FRANCISCO Twitter Inc’s (TWTR.N) next chief executive officer faces a crucial challenge as the company seeks to appease Wall Street after this week’s management shakeup – helping disaffected advertisers connect with users. And many advertisers, analysts and investors say Twitter already has the right person for the job: […]

Shetty’s NMC buys ProVita for $160m

|By TAP Staff| LSE-listed leading UAE healthcare player NMC Health announced entering into an agreement to acquire ProVita International Medical Center, provider of long-term medical care in the UAE, for an equity consideration of $160.6 million. The payment will be made in cash, from TVM Capital Healthcare Partners, the Olayan Group, Al Zarooni Emirates Investment and other minority shareholders, the company said. ProVita is a pioneer in […]

EFG-Hermes launches leasing subsidiary

EFG-Hermes launches leasing subsidiary CAIRO, 11 hours, 6 minutes ago Egypt’s EFG-Hermes, one of the Middle East’s largest investment banks, said on Sunday it had launched a wholly-owned subsidiary, EFG Hermes Leasing, that would start operations immediately. The firm said in a statement that the subsidiary would provide leasing services to large corporates and small and medium enterprises across Egypt. The size of the portfolio of EFG-Hermes […]

Reliance eyes Dec start for 4G phone service

Reliance eyes Dec start for 4G phone service MUMBAI, 13 hours, 47 minutes ago After five years and more than $15 billion of investments, Mukesh Ambani said his Reliance Industries could be ready to begin 4G phone services in December. Reliance, India’s second-largest company by market value and led by India’s richest man, derives most of its revenue from its sprawling energy empire, but has over the […]

Networks upgrade key for Iraq to be Net transit hub

Networks upgrade key for Iraq to be Net transit hub BAGHDAD, 16 hours, 26 minutes ago A more reliable terrestrial broadband network could enable Iraq to become a transcontinental transit route for Internet traffic, a senior executive at one of two firms providing submarine connectivity to the war-torn country told Reuters. Iraq is ideally located to carry Internet traffic between Asia and Europe and built a submarine […]

Bahrain 'BBB-/A-3' ratings affirmed by Standard & Poor's

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 […]

Sheikh Mohammed bin Zayed meets Angola leader

Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, met the president of Angola on Sunday. The Crown Prince “expressed his delight at the visit and hoped that it would contribute towards enhancing friendship and cooperation between the UAE and Angola, and open doors for these relations to serve the interests of both countries”, the state news agency Wam […]

C.E.O. of Orange Meets With Netanyahu to Apologize for Remarks

Video | Orange’s Boss Meets With Netanyahu Stéphane Richard, the chief executive of Orange, the French telecom giant, tells Israel’s prime minister that he regrets the furor caused by his statements about doing business in the country. By JODI RUDOREN June 12, 2015 JERUSALEM — The chief executive of a French telecommunications company made an extraordinary personal pilgrimage on Friday to apologize to Prime Minister Benjamin Netanyahu of Israel, […]

India seeks to stoke tech startup IPOs on new domestic bourse

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 […]

Dubai's private sector output expands at slightly faster pace in May, but growth remains weaker than at the start of 2015

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 […]

Global sovereigns better positioned to manage funding concern linked to falling oil price, finds Invesco study

UAE. Invesco today released its third annual Invesco Global Sovereign Asset Management Study[1], an in-depth report on the complex investment behaviour of sovereign wealth funds, conducted amongst more than 50 individual sovereign investors across the globe representing $7.09 trillion2 of assets, including Middle East based sovereign wealth funds. This year’s study took place against a backdrop of an extreme fall in the price of oil and provides […]

Lower oil prices mean critical need for both fiscal and environmental sustainability

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 […]

Arcapita sells US real estate portfolio for $640m

|By TAP Staff| Bahrain-based investment management firm Arcapita announced  the sale of a real estate portfolio of senior care communities with over 16 facilities and approximately 4,000 residential units located across the United States. The portfolio was sold to NorthStar Healthcare Income, Inc., a real estate investment trust (REIT), for a transaction value of approximately $640 million, the company announced. The properties are one of the largest […]

West Bank Site May Pose Challenge for Netanyahu and Region’s Future

Renovations have started at a 9.5-acre compound in the West Bank that started as a church-run hospital in the 1950s and later became a hostel for travelers. By JODI RUDOREN June 9, 2015 NEAR EL AROUB REFUGEE CAMP, West Bank — The old stone compound set amid Palestinian farmland between the cities of Bethlehem and Hebron has a relatively new fence. The compound, with eight buildings spread over 9.5 […]

IBM Rolls Out Cloud Service for Designing Electronic Systems

Big Blue is looking to make its mark on the mobile device and wearables market. No, IBM isn’t pushing out a smart watch or even a smartphone. In partnership with SiCAD, a silicon design platform company, IBM just announced High Performance Services for Electronic Design Automation (EDA). IBM is billing EDA as the electronic industry’s first enterprise-class, secure cloud service that provides on-demand access to electronic design […]

Political unrest dents business confidence in region

Political unrest dents business confidence in region DUBAI, 3 days ago Political turmoil and instability in the region have led to a drop in business confidence in the UAE and Middle East in the first quarter (Q1) of 2015, according to a new survey of finance professionals. The Global Economic Conditions Survey for the first quarter of 2015, carried out by ACCA (the Association of Chartered Certified […]

Building sustainable, mixed-use developments

Adams … master-planning is important for sustainable developments. Master-planning key to sustainable mixed-use projects DUBAI, 3 days ago The Middle East has a unique set of challenges and opportunities with regard to creating large, mixed-use developments, says Louise Adams, former country manager UAE at Aurecon, an engineering, planning, project management and consulting company. Adams describes the importance of investing in master-planning, some of the current opportunities and […]

Is Verizon A Good Dividend Income Investment For The Good Business Portfolio?

Israel’s Allies in U.S. Challenge Boycott

A sign in Bethlehem, in the West Bank, calls for a boycott of products from Israeli settlements in the occupied territories. By RICK GLADSTONE June 5, 2015 South Carolina has become the first state to enact legislation aimed at thwarting an international pro-Palestinian economic and disinvestment campaign intended to penalize Israel. Illinois will soon become the second, and advocates say plans are underway for similar laws in 18 more […]