Oil gained for a second day as Saudi Arabia cut ties with Iran a day after its embassy in Tehran was attacked to protest the Saudis’ execution of a prominent Shiite cleric. Futures rose as much as 3.5 percent in New York, extending Thursday’s 1.2 percent advance. Iran’s Supreme Leader Ayatollah Ali Khamenei warned of repercussions and protesters armed with rocks and firebombs attacked the Saudi embassy […]
|By K Raveendran| With the new Public-Private Partnership law having come into being last month, Dubai is set to witness a new phase in its development, as private investments begin to flow into further development of the emirate’s infrastructure. This would mean the private sector directly getting involved in projects like airport expansion, extension of the Dubai Metro and similar infrastructure projects and sharing the risks in […]
|By Arabian Post Staff| Zurich announced that it will begin a phased closing to new retail and small business customers in its general insurance business in the Middle East. Subject to an assessment of contractual obligations, existing portfolios in this business will be put into run off. This means that Zurich will effectively exit its general insurance businesses by the end of 2016 or as soon as […]
Redmond is doubling down on its OneNote note-taking app. Yesterday Microsoft announced a major new upgrade for the app. The latest versions contain a number of new features for a variety of devices, including iOS and Android updates, that will begin rolling out in the next couple weeks. Among the new features is the ability to add audio and attach files to your notes (pictured). The increased […]
Thanks to Back To The Future Day, I was able to use on of Scott Park’s BTTF-themed works in one of our Carspotters’ Challenges. Inspired by the rest of his portfolio, I decided to showcase more of his automotive-pop culture-themed artwork. Click here for bigger version. Click here for bigger version. The featured works are Star Cars and Star Cars Vol. 2, respectively, a series which showcases […]
|TAP Special by K Raveendran| Landmark events about the development of a shopping mall generally involve major leasing deals or signing up flagship brands, or the launch of the mall itself. But Qatar’s Tawar Mall, coming up in a prime Doha locality, was the scene of a bit of fanfare this week for none of the above. The mall owners, belonging to the leading Qatari business family […]
|TAP Special by K Raveendran| Landmark events about the development of a shopping mall generally involve major leasing deals or signing up flagship brands, or the launch of the mall itself. But Qatar’s Tawar Mall, coming up in a prime Doha locality, was the scene of a bit of fanfare this week for none of the above. The mall owners, belonging to the leading Qatari business family […]
|By TAP Staff| Dubai Water and Electricity Authority has chosen a consortium including China’s Harbin Electric and Saudi Arabia’s ACWA Power as the preferred bidder to build and operate a 1,200 megawatt clean coal power plant. The plant is the first phase of the $1.8 billion Hassyan clean coal project under planning by Dubai Electricity and Water Authority (DEWA). One unit of 600 MW is to be […]
|By Matein Khalid| 2015 has been a horror story for emerging markets and Asian shares have not escaped the fallout from the 40% plunge in Shanghai/Shenzhen since June. Yet financial markets discount the future while UAE investors invariably extrapolate the recent past. So even while I resurrect the ghosts of 1998 when Suharto’s regime fell amid anti-Chinese riots in Jakarta, South Korea was forced to accept a […]
|By TAP Staff| The downward trend in Dubai’s residential market continued in the third quarter with sale prices falling further and rents registering marginal declines, real estate consultancy JLL said in its report for the third quarter. While the general REIDIN sales index dropped 10% Y-o-Y in August, the rental index points to a 1% decline in rental values. This comes as tighter government regulations, higher inflation […]
SAUDI ARABIA. Saudi Arabia is leveraging low oil prices to accelerate development of its downstream petrochemical derivatives sector, and will add over 30 million tonnes of production capacity by 2020, raising production to 126 million tonnes from 2014 levels of 94.6 million tonnes, the latest edition of The Oil & Gas Year (TOGY) revealed. Capital expenditure in the petrochemical sector as well is set to further […]
|By TAP Staff|Heavy rush for UAE visit visa in connection with the Eid holidays has resulted in stalling of the online visa processing system. The site that handles online processing –www.ednrd.ae—is inaccessible most of the time. Travel plans of thousands of people who planned to visit the UAE for the Eid holidays have been affected as they could not secure the visa on time. Some of those […]
Kuwait’s government spending in August stood at KD4.2 billion ($13.91 billion) fiscal-year-to-date (fytd), marking 22 per cent of the FY15/16 budget, slightly above the historic average of 14 per cent, a report said. The figure, while being 6 per cent lower than during the same period last year, indicates that spending cuts have not yet been fully reflected in the interim figures, added the latest Economic Update […]
SHARJAH // Commuters are hoping for an easier ride with the completion of phase one of the multi-million dirham upgrade of King Faisal Road. The Dh11.4 million project, which started in July, caused daily traffic jams along the busy stretch of motorway. Phase one was completed last Thursday when the road towards the Central Market was opened, said Sharjah Roads and Transport Authority. Work on the lanes […]
Autodesk, a leader in 3D design and engineering software, said that new commercial licences of most Autodesk Design and Creation Suites and individual products will be available by subscription only from July 31 next year. When this takes effect, the company will provide new, simplified subscription options so customers can access multiple products and share licences as they currently do — while gaining the simplicity, accessibility, and […]
Plummeting oil prices will cause cash flow for the global integrated oil & gas industry to contract by 20 per cent or more for 2015, with only a modest recovery expected in 2016, according to Moody’s Investors Service. This reflects the rating agency’s expectation of continued revenue declines and a negative free cash flow profile for the industry in 2015. Moody’s outlook for the global integrated oil […]
Middle East Video Protesters took over the office of Lebanon’s environment minister in the capital on Tuesday, calling on him to resign for failing to find a solution to the garbage crisis. By ANNE BARNARD September 1, 2015 BEIRUT, Lebanon — Demonstrators from the “You Stink” movement, protesting a garbage pileup and political dysfunction, occupied the offices of Lebanon’s environment minister in downtown Beirut on Tuesday, declaring that they […]
ABU DHABI // Residents of Khalifa City are eagerly awaiting the opening of a 250-bed hospital that will create 800 jobs by the end of the year. The US$200 million (Dh734.6m) NMC Royal Hospital will specialise in 25 fields and will be a first for the area, on the outskirts of the capital. “According to the Abu Dhabi Vision 2030, the city is planning to grow outwards […]
A Middle Eastern bank has reached a settlement with hundreds of American plaintiffs, including victims of terrorist attacks in Israel, who had filed a lawsuit against the bank accusing it of supporting terrorism. A spokesman for the bank, Arab Bank, and a spokeswoman for one of the plaintiffs’ law firms confirmed Friday that an agreement had been reached, but declined to offer additional details, including the amount […]
ABU DHABI // Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi, on Wednesday held talks with Yemen’s visiting leader on the future of his country and plans to help rebuild it. Yemeni president Abdrabu Mansur Hadi arrived on Wednesday for a two-day visit including talks with Sheikh Mohammed, also Deputy Supreme Commander of the Armed Forces. The two discussed progress made by the Saudi Arabia-led coalition, […]
DUBAI // Businesses failing to comply with the Dubai Health Authority’s mandatory health-insurance plan face hefty fines, and new visas will not be granted for employees until they fall in line. Phase two of the plan, which includes about 3,000 companies with between 100 and 999 employees, began on August 1, ensuring that another 600,000 people now have health insurance. It has also emerged that the national […]
SAUDI ARABIA. JLL, the world’s leading real estate investment and advisory firm, today has released its second quarter (Q2 2015) Jeddah Real Estate Overview report that assess the latest trends in the office, residential, retail and hotel sectors. Mr Jamil Ghaznawi, National Director and Country Head of JLL KSA, commented: “In the second quarter, the Jeddah real estate market remained in the upturn stage of its cycle. […]
ISTANBUL — Confronted with widespread protests two summers ago, Prime Minister Recep Tayyip Erdogan ordered a harsh police crackdown and tarnished the demonstrators as traitors and spies. Faced with a corruption inquiry focused on his inner circle, he responded by purging the police and judiciary. So when Mr. Erdogan, now president, suffered a stinging electoral defeat in June that left his party without a majority in Parliament […]
