The Follow-up Committee of the Initiatives of the UAE President has approved a number of housing and service schemes across the country. The projects, approved during a meeting on Wednesday, were ordered by President Sheikh Khalifa and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, the state news agency Wam reported. Among the approvals was the Dh90 million […]
People working for Abu Dhabi Government, the Armed Forces and Abu Dhabi Police are to receive their salaries on July 11, in anticipation of the impending Eid celebrations. Military retirees will also receive their pensions on this day, the state news agency Wam reported. The move was ordered by President Sheikh Khalifa and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of […]
ABU DHABI // Hend Al Tair has her hands full this Ramadan. The Emirati, 29, has to share her time between observing the holy month, her studies at Khalifa University and looking after her baby daughter. Ms Al Tair is continuing her PhD research in Abu Dhabi, which keeps her away from her family in Ras Al Khaimah. She also misses the daily gatherings for suhoor and […]
Every week, The National looks at the people and politics of the UAE, as the country steps more confidently forward on the world stage. June 11 New Zealand military visit to Ajman Museum A military delegation from New Zealand visited Ajman Museum and was received by Faisal Al Nuaimi, general manager of Ajman Tourism Development Department accompanied by ATDD national heritage adviser Ali Al Matroushi. Mr Al […]
ABU DHABI // Dogs are a man’s best friend – until the summer holiday season comes around. Animal charities say that this year they are again stretched to breaking point having to care for dogs that have been abandoned by their owners. Jackie Ratcliffe, chairwoman of K9 Friends dog shelter in Dubai, said she hears the same excuses at the start of every summer as pet owners […]
ABU DHABI // The National Election Committee (NEC) has set up branches in all seven emirates to publicise the Federal National Council elections being held in October. The offices will improve communication between the NEC and the public to increase voter turnout. Each committee will comprise representatives of the Rulers’ Offices, police and members of civil society. The Abu Dhabi office will be situated in the Abu […]
Declining oil prices are adversely affectingthe fiscal profiles of the countries in the region.Image: Reuters Mena sovereign ratings on the decline DUBAI, 4 days ago The sharp drop in oil prices since mid-2014 is likely to lead to weakening economic, external and fiscal profiles for the region, particularly for the GCC, said a new analysis released by Standard & Poor’s. However, of the 12 Mena sovereigns rated, […]
A judge in the Dubai International Financial Centre (DIFC) court approved on Sunday an application to liquidate ES Bankers (Dubai) Ltd (ESBD), the latest collapse of a unit of the Portuguese Espirito Santo family’s empire. Espirito Santo’s problems have mounted since accounting irregularities were identified at one of its holdings earlier this year, leading to a 4.9 billion euro ($6.3 billion) bailout for Banco Espirito Santo, formerly […]
RAK Ceramics For RAK Ceramics, the world’s biggest manufacturer of tiles, 2014 may become one of the most transformative periods in the company’s 23-year history. Investment firm Samena Capital this year bought a 31% stake in the company that in the past two decades has become the flagship business of Ras al Khaimah, the most northern of the seven emirates that make up the United Arab Emirates, […]
A revival of international bond issues from the Gulf is set to draw heavy demand from local and foreign investors, despite the latest geopolitical upheavals in the Middle East and the approach of higher U.S. interest rates. Gulf bond issuance has dried up since early July, because of a traditional summer lull in local investor activity as well as global market instability due to the crisis in […]
Shareholders of National Bank of Ras Al Khaimah (RAKBANK) have approved a 3.64-dirham ($0.99) per share offer to buy a majority stake in Ras Al Khaimah National Insurance Co, the bank said on Monday. RAKBANK’s proposed price is slightly below RAK insurance’s closing price on Aug. 17 of 3.7 dirhams. The stock has not traded on Monday. RAKBANK did not specify the size of the stake it […]
LONDON, August 15 (Fitch) Fitch Ratings has affirmed Abu Dhabi’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘AA’. The Outlooks are Stable. The issue ratings on Abu Dhabi’s senior unsecured foreign and local currency bonds have also been affirmed at ‘AA’. The Short-term foreign currency IDR has been affirmed at ‘F1+’. The UAE Country Ceiling has been affirmed at ‘AA+’; this Ceiling also applies […]
Ras Al Khaimah Ceramics, the world’s largest maker of ceramic tiles, plans to focus on core products and exit such businesses as construction, Chief Executive Officer Abdallah Massaad said. “We will continue to reduce our non-core businesses,” Massaad said in a phone interview. “Some we will shut down and others we will sell to concentrate on core businesses, which grew 22 percent in the U.A.E. in the […]
DUBAI // Shamas Mashi cleared his throat and knitted his eyebrows in concentration, then belted out his well-rehearsed number at a labour camp in Dubai Investments Park on Tuesday night. Mr Mashi got this year’s edition of the Western Union Camp Ka Champ under way with his catchy Bollywood tune, and set the stage for three months of auditions in which thousands of labourers will vie for […]
ABU DHABI // Workers say a lack of proper rest areas on building sites leads them to take risks to escape the heat in their midday breaks. Last week an Asian worker was run over by a paving lorry as he napped on a site in Ras Al Khaimah. He was sleeping in front of the parked vehicle when the operator started it up and ran over […]
DUBAI // Nearly 20 years ago a filmmaker and a musician tracked down a group of long-forgotten entertainers in Havana and turned them into global music and movie stars. Wim Wenders and Ry Cooder sparked a rebirth of traditional Cuban music with The Buena Vista Social Club. Now the filmmaker Ray Haddad and the British musician Jason Carter aim to do the same with the musical tradition […]
The emirate of Sharjah has appointed HSBC, National Bank of Abu Dhabi and Standard Chartered to manage a debut sukuk transaction, according to two sources away from the transaction. One of the sources said that Sharjah Islamic Bank and the investment banking arm of Kuwait Finance House, KFH Financial, were also mandated on the deal. The transaction could come as early as September. Sharjah would become the […]
The importance of peace, solidarity, tolerance, respect and following the teachings of Islam and the Prophet Mohammed were prominent in sermons across the country to mark the start of Eid Al Fitr on Monday. Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, performed Eid prayers at Sheikh Rashid bin Humaid Al Nuaimi Mosque. Sheikh Hussein Al Hosani, director of the Islamic Scientific Institute in Ajman, congratulated […]
Abu Dhabi-listed Islamic insurer National Takaful Company (Watania) said on Sunday its majority shareholders had agreed to sell stakes to strategic investors from the Gulf region, but did not name the selling or buying parties. In a short bourse filing, Watania said the deal was subject to regulatory approvals. It did not disclose the value of the deal, nor the size of the stake being sold. Among […]
An eclectic collection of classic jewellery to create everlasting memories Enjoy the time of togetherness, sharing and giving this Eid with some fabulous gift ideas from Liali jewellery that will put a smile on the face of your loved ones! From lavish Italian gold jewellery designed by Gabriella Rigmonti to classic budget products of the Regalo in Spain, Liali offers a deluge of styles designed to impress […]
When French wine and cognac bottle maker Saverglass decided to expand three years ago, it chose a relatively remote, less affluent location in the United Arab Emirates for its plant rather than the business hubs of Dubai and Abu Dhabi. The company sited its 75 million euro ($105 million) factory, which produces some 400,000 bottles a day, in the desert emirate of Ras Al Khaimah, an hour’s […]
The first known printed reference to the Arabian Gulf region, with the earliest map to call the Gulf “Sinus Arabicus” instead of “Sinus Persicus”, will be on display at the Abu Dhabi International Book Fair held from April 30 to May 5, at stand E35, Hall 12. Renowned antiquarian booksellers Mr Hugo Wetscherek of Inlibris, based in Austria, and Mr Laurens Hesselink of Antiquariaat Forum, the Netherlands, are […]
|By TAP Staff| Fitch Rating sees RAKBANK’s viability rate (VR) constrained by its fairly small franchise rising credit risk exposure due to its expansion in unsecured SME lending and pressure on liquidity from a wide asset-liability maturity mismatch. The bank accounts for only 2 percent of the UAE banking assets, it notes. According to Fitch, RAKBANK’s viability rating could be negatively affected if the bank’s expansion in […]
|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 […]
