|By K Raveendran| The Chinese presence in the UAE, Gulf and the Middle East is well-entrenched, with China becoming almost a byword for manufacturing, engineering, construction and supply of any kind of goods. Over the years, China has also built up a global footprint for its consumer electronics industry, where the ingenuity of its people to come up with cheaper versions of the most sophisticated products not […]
|By K Raveendran| Is the ‘irrational exuberance’ man at it again? Allen Greenspan, whose description of the state of the market during the course of a nondescript banking speech in 1996 presaged a bubble burst three years later, has spoken out again.The former Federal Reserve Chairman has in a TV interview suggested that the ‘extraordinary esteem’ in which dollar is held around the world may not be […]
|By K Raveendran| The Dubai real estate scene today has several similarities with the pre-crisis situation of 2008, which ultimately led to the emirate’s property bubble. Conflicting signals, including a series of big ticket announcements, entry of new developers and growing concern about overheating in the market, are making it a thoroughly confusing proposition.The announcement of the Mall of the World, a domed, climate-controlled city more than […]
|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 have mostly […]
| By K Raveendran| A number of banks have failed to complete the process of providing credit data of their customers for the past two years.The Etihad Credit Bureau, the federal government entity responsible for administering the credit data base, has expressed concern over the delay and pointed out that effectiveness of the bureau’s reports would depend on the submission of quality data by the banks within […]
| By K Raveendran|There has been a considerable media buzz over the recent Saudi announcement that work to build the a kilometre tall Kingdom Tower in Jeddah is set to start within a few days. The regional media, in particular, is celebrating the prospect of the new tower deposing Dubai’s iconic Burj Khalifa, currently the world’s tallest skyscraper. According to the project consultants, the Saudi tower would […]
|By K Raveendran|Samena Capital, an investment firm founded by Shirish Saraf, a former colleague of Arif Naqwi in Abraaj Capital, is in talks to buy as much as 50 percent of RAK Ceramics, the world’s biggest maker of ceramic tiles, according to two people familiar with the matter.Established in 2008, Samena Capital focuses on the Subcontinent, Asia, Middle East and North Africa, collectively the SAMENA region. It […]
|By K Raveendran|The agreement for the roll-over of $20 billion debt between Abu Dhabi and Dubai is expected to help Dubai refinance some of the other upcoming debt maturities with confidence, which depended a lot on the successful resolution of repayments owed to Abu Dhabi government and the UAE central bank, and continue to spend heavily on the ongoing infrastructure development.Dubai has already approached creditors for a […]
|By K Raveendran| Abu Dhabi is set to launch an inaugural issuance of treasury bills of around $1 billion this year, along with an issue of $500 million commercial debt by Sharjah to invest in capital projects, sources familiar with the subject reveal.Also on the cards s a sukuk issue by Ras Al Khaimah, which has to refinance about $400 million in debt coming due this year.Abu […]
|By K Raveendran|Limitless, a major government related entity in the Dubai Inc, is understood to have approached lenders with a waiver request for the first amortization payment of $0.4 billion due in December 2014 under its 2012 debt restructuring agreement of a $1.2 billion loan.It was a similar waiver request in the past that had precipitated Dubai’s financial crisis beginning 2008.The $0.4 billion amortization is the first […]
|By K Raveendran|The recent vote by the European Parliament to allow visa-free travel to Europe for UAE nationals and the reciprocal arrangement under which European citizens can visit the UAE without the need for pre-entry visas will be a tremendous boost to bilateral tourism. The development represents a major achievement for the UAE in terms of its standing in international comity. That this has come despite powerful […]
| By K Raveendran| Dubai is at such an interesting juncture that it lends itself to analyst opinions that are mutually challenging. There are enough silver lines on the horizon for those who tend to approach issues with a sense of optimism. But for those who are inclined to look the other way, there is an uneasy déjà vu setting in. As the local stock market gets […]
|By K Raveendran|Indians across the world celebrated the elevation of Satya Nadella as the new CEO of Microsoft. Dubai, with its compulsive spirit of celebration, was no exception.The talking point at the week-end parties in Emirates Hills and Arabian Ranches was none other than the Hyderabad techie, who, by virtue of his new role at the most admired company in the world, becomes the latest brand ambassador […]
By K. Raveendran | Special to Gulf News | 3/3/2006According to WorldClimate, a portal that provides worldwide weather data over long periods of time, Singapore receives an average annual rainfall of about 240 cm and London some 61 cm per year. Compared to this, Dubai gets an average rainfall of only 10 cm for a full year.So, one might assume that buildings in Singapore and London would […]
K. Raveendran, Special to Gulf NewsWhen Dubai Islamic Bank announced the launch of its first property development in Dubai Marina in January last year, there was only a hint that the world’s first Islamic bank might be looking at the emirate’s booming real estate sector somewhat more seriously than the rest of the banks. But in less than a couple of years, DIB has emerged as the […]
