A trading screen on the floor of Dubai Financial Market shows the bid and offer levels for Emaar Malls Group shares. Asa Fitch for The Wall Street Journal Shares of Emaar Malls Group started trading on the Dubai Financial Market on Thursday, marking the first significant new share sale in Dubai since the global financial crisis. Emaar Malls isn’t a big deal globally. But traders here say […]
|By K Raveendran| The run-away success of Alibaba’s blockbuster IPO is seen inspiring other online players to take similar routes. Among the probable candidates is leading online trading and investment entity Saxo Bank. “The IPO is one of the options the management has under consideration,” Jakob Beck Thomsen, CEO of Saxo Bank Dubai, told The Arabian Post. But he refused to commit himself on a specific time […]
|TAP Special| When state-owned Investment Corporation of Dubai announced last month that it was taking a minority stake in Nigeria’s largest cement manufacturer Dangote Cement for $300 million, it seemed like something coming out of the blue. But things began to fall in place this week, when the African conglomerate’s chairman Aliko Dangote announced in Dubai that he was contemplating billions of dollars worth of investments in […]
By Subrata Majumder At the time when India unveiled its much hyped “Make in India” dream of Prime Minister Narendra Modi, China silently unleashed its “Made in China” programme to re-build its manufacturing hub. “Make in India” and “Made in China” sound similar in their perspectives. But, conceptually they are different. While “Make in India” was a call to establish world’s biggest manufacturing hub and increase share […]
|By TAP Staff| Following the huge success of Emaar’s malls IPO, Chairman Mohammed Alabbar indicated the possibility of floating the group’s hotel business, which includes the signature Armani Hotel. Meraas Holding, a Dubai government-controlled developer, has picked banks to manage the IPO of its theme park unit, three people with knowledge of the matter said earlier this month. The company’s IPO is planned for the fourth quarter, […]
Kuwait plans clamp on energy subsidies Kuwait starting to cut subsidies, says IMF DUBAI, 3 hours, 26 minutes ago Kuwait’s government has started reducing some state subsidy payments and is in an advanced stage of preparing a plan to cut subsidies for kerosene and electricity, the International Monetary Fund said. Subsidy cuts are an important economic reform for Kuwait because lavish subsidies, mostly on energy, swallow about […]
|By TAP Staff| DIFC-based Henyep Investment Bank announced the addition of a large selection of international stocks, into its product list. Clients looking to invest in stocks of companies listed in matured equity markets like the US, UK and Hong Kong will now be able to trade over 100 international stocks, according to a release. Equity markets are riding a wave of renewed investor confidence due to […]
By S. Sethuraman The Reserve Bank of India’s Fourth Bi-Monthly Monetary Policy Statement on September 30 does not offer any hint of monetary easing in the near future, again citing risks to lowering at present the policy lending repo rate from 8 per cent it has maintained since April, in the current fiscal year. This leaves all other policy rates and reserve ratios unchanged, (reverse […]
By Surojit Mahalanobis It is better late than never. The news that the power minister Piyush Goyal has set up an inter-ministerial panel (IMC) to examine and move forward with effective allocation of the 214 coal blocks, after the Supreme Court’s recent order, is indeed acceptable. What is positive about the move is that the committee (IMC) would comprise engineers of power, steel, and mining sectors as […]
A landmark ruling by the court system in Dubai’s financial free zone suggests the emirate is starting to influence the way international business disputes are resolved in the Middle East, partly taking over that role from London and New York. Last month a court in the Dubai International Financial Centre (DIFC) found Switzerland’s Bank Sarasin had mis-sold $200 million of investment products to Kuwait’s prominent Khorafi family, […]
| By TAP Staff| A report titled Future of Travel by flight comparison website Skyscanner predicts that Lebanon will be the ‘new Dubai’ in a decade’s time. The report looks at how hotel rooms and holiday destinations could change over the next decade. It lists 50 destinations that could emerge as holiday hotspots over the next 10 years, ranking them according to the projected growth per annum […]
Growing interest in sharia investments to boostfund value to $100 million. Sedco launches in-house managed Islamic fund JEDDAH, 8 hours, 30 minutes ago Jeddah-based Islamic investment firm Sedco Capital has launched the first fund managed by its own in-house team, looking to bulk up its asset management capabilities, the firm said on Monday. The Gulf equities fund, domiciled in Luxembourg, has an intial $30 million in assets […]
DubaiDino at the Dubai Mall – EMG’s flagship property in the emirate. Associated Press Retail giant Emaar Malls Group priced its $1.58 billion initial public offering–the biggest in Dubai in seven years–at the top of the range amid strong demand for its stock. Morgan Stanley is a joint global coordinator for the offering and also one of the joint bookrunners. Patrick Delivanis, its head of investment banking […]
By L.S. Herdenia BHOPAL: Brisk preparations are on for the mega investors’ summit to be held in Indore in the first week of October. Chief Minister Shivraj Singh is hopeful that the summit will open the doors for massive investments in Madhya Pradesh. Almost all the important and leading industrial houses of the country are likely to be present in the summit. According to a government spokesman, […]
By Ashok B Sharma The likely face off between Indian and Chinese troops at the line of actual control (LAC) in Ladakh has been averted. Thanks to efforts of the Indian External Affairs Minister Sushma Swaraj and her counterpart Wang Yi at the margins of the UN General Assembly. The Chinese troops have begun withdrawing from Chumar in Ladakh following the flag meeting between two sides. […]
Dubai construction company Arabtec is close to completing the planning and design stage of its $40 billion deal to build one million homes in Egypt, the company said on Sunday. Arabtec originally announced in March that it had agreed with the Egyptian army to build the homes at 13 locations around the country on land provided free by the armed forces. Construction was to start in the […]
Al Sudairy … GEMS is a leading player Saudi group buys waste management firm for $300m RIYADH, 1 days ago Jadwa Waste Management Opportunities Fund, a unit of leading Saudi Arabian private equity house and investment bank Jadwa Investment, has acquired Global Environmental Management Services (GEMS) together with its co-investment partners in a deal valued at around $300 million. The acquisition was funded by funds managed by […]
Deloitte Middle East hires 700 new staff BEIRUT, 2 days ago Deloitte Middle East, a leading provider of audit, tax, consulting, and financial advisory services, hired 700 new people this year while continuing to deliver double digit growth, said the company’s chairman and chief executive. “The firm is also investing heavily in its internal systems and in developing world-class expertise in such areas as cyber security, Private […]
In a move to tap into the vast opportunities in China’s technology industry, Intel plans to invest as much as $1.5 billion for a minority stake in a holding company there. Intel is acquiring 20 percent of a Tsinghua Holdings operating subsidiary to execute its mission. Tsinghua is a solely state-owned limited liability corporation funded by Tsinghua University in China. By partnering with Tsinghua, Intel aims to […]
|By TAP Staff| Dubai buyout firm Abraaj is teaming up with TPG Capital, based in Fort Worth, Texas, for a deal to buy a majority stake in Saudi Arabian fast-food chain Kudu, it has been reported. Kudu operates about 200 outlets in Saudi Arabia selling grilled chicken sandwiches, burgers and breakfasts. According to Bloomberg, the pickup in Middle East investment comes as dealmaking by private-equity firms in […]
|TAP Special| The star-crossed Dubai Pearl project is in trouble again. Work on the project, which has a history of chronic fund shortages, missed deadlines and botched up designs, has been completely stalled and expectations of an early resumption of construction have been belied. In the wake of defaults of various nature, the structure faces the risk of even a second demolition, according to insiders. After the […]
Staying in touch with technology is crucial for success The five must-have tools for everyone in real estate RIYADH, 1 days ago As new technologies continue to evolve, the necessary tools for success in the real estate industry have developed. It has become essential for real estate agents, developers, buyers, and sellers to take advantage of the features provided by the innovative apps, devices, and technology that […]
Saudi exported just below 7 million barrels of oil per day in May-July,the lowest amount since September 2011 Saudi Q2 GDP growth down to 3.8pc on oil slowdown DUBAI, 19 hours, 16 minutes ago By Martin Dokoupil Saudi Arabia’s economic growth eased to an annual 3.8 per cent in the second quarter of 2014, the lowest rate in a year, because of a slowdown in the oil […]
Gulf Capital buys into top Egypt glass firm ABU DHABI, 21 hours, 31 minutes ago Gulf Capital, a leading alternative investment firm, has completed the acquisition of a strategic minority stake in Middle East Glass Manufacturing (MEG), Egypt’s largest container glass and PET manufacturer. MEG is a worldwide approved supplier of glass bottles for Coca-Cola, an approved supplier for Pepsi, Nestle and other major beverage producers locally […]
