logo

News related to
Success

Egypt’s weak currency, unstable security situation, energy crisis and a government that’s almost bankrupt after three years of political uncertainty hardly make ideal conditions for a market rally. But even as periodic blackouts hit Cairo and Islamist militants carry out attacks on security forces, Egypt this week is welcoming its first initial public offering since a revolution toppled former president Hosni Mubarak in 2011. Arabian Cement, a […]

Oil rig maker Lamprell said on Friday it would raise about $120 million to boost its productivity after returning to profit last year despite growing risk in the sector. Chief executive officer James Moffat said the rights issue marked “the final piece of the jigsaw puzzle in our recovery”, which had started around 18 months ago. It will be used to support investment, facilitate debt refinancing and […]

Happier days: Nick Clegg and David Cameron in 2010 agree to form a coalition government Photo: Getty Images Just before the general election, the Conservatives released a party political broadcast warning that a coalition would bring disaster. “Under-the-table deals will be the order of the day,” we were told. The fate awaiting savers was depicted by a hammer smashing a piggy bank. The process of proper government would […]

King Abdullah appointed a son, Prince Turki bin Abdullah, as governor of Riyadh Province on Wednesday, strengthening his branch of the ruling dynasty as it approaches a difficult decision on how to transfer power to the next generation. Another son, Prince Mishaal bin Abdullah, was made governor of Mecca Province months ago. The line of succession does not pass directly from father to son but has moved […]

Ahead of a new global marketing campaign launching later this year, Dubai’s Department of Tourism and Commerce Marketing has debuted a new brand for the destination. The new logo, launched last week at the Arabian Travel Market (ATM), features the word ‘Dubai’ written in both the Arabian and Roman alphabets, reflecting the city’s rich multiculturalism. Announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister […]

With Alibaba Group Holding Ltd. filing to go public, the biggest winner won’t be founder Jack Ma or his fellow executives or even venture capital backers like Silver Lake Management LLC. It’ll be Japan’s Masayoshi Son. Fourteen years ago, Son’s SoftBank Corp.  started with a $20 million bet on a then-unknown Web portal connecting Chinese manufacturers with overseas buyers. That site evolved into China’s biggest Internet shopping […]

Dubai-based hotel operator Jumeirah Group will invest 8 billion dirhams ($2.19 billion) to expand projects in 11 countries over the next three years, the official state news agency WAM reported on Friday. The group is part of Dubai Holding, a conglomerate owned by the emirate’s ruler, Sheikh Mohammed bin Rashid al-Maktoum. The expansion will see an addition of 4,300 hotels rooms over the next three years, WAM […]

Advertisements

Dubai may need stronger measures to counter property speculation in the emirate, a senior International Monetary Fund official said on Tuesday as it warned again about a potential real estate bubble. Growth in the Gulf emirate, the region’s trade and business hub, picked up strongly last year as the government committed to real estate projects worth tens of billions of dollars following a property market crash in […]

It is now clear that the chances of a fire sale of Dubai’s ‘jewels in the crown’ — a reference to blue-chip assets such as Emirates airline and Jebel Ali Free Zone — stand completely mitigated as the emirate takes firm control of its financial situation. Analysts are in near agreement that Dubai’s sovereign debt is stabilising and deleveraging is progressing. A definite improvement has happened in […]

The gaming gods must have gone crazy |Nicole Arce| A new game that combines the mechanics of “Flappy Bird” with a weird “2048” bent is fast becoming one of the most addictive mashup games of this season. The free game, aptly named “Flappy48,” challenges players to work their way as a tile with the number 2 through a “Flappy Bird”-esque series of gaps. For each gap they successfully […]

A sense of euphoria can be felt as you walk onto the Dubai Financial Market’s (DFM) trading floor. Excited investors sit huddled at tables, eyes fixed on trading screens. Occasionally the floor erupts in applause as certain stocks shoot up to target levels. A local investor in his fifties who gives his name as Abu Hany, dressed in the traditional white robes of the Gulf, describes himself […]

Investors are switching their attention back to developing countries’ debt after flirting with U.S. and European junk bonds during a year of turbulence in emerging markets. A long sell-off in anticipation of U.S. stimulus withdrawal meant emerging sovereign debt posted negative returns last year but the sector has enjoyed one of its best starts to a year in a decade in 2014, investors say, with returns of […]

Forbes Media LLC’s effort to find a buyer is running into trouble, with one potential bidder officially out of the running and two others no longer in active talks, people with knowledge of the matter said. Germany’s Axel Springer SE, which publishes the Russian edition of the magazine, isn’t involved in any process to acquire Forbes, Edda Fels, a spokeswoman, said yesterday. The company had been interested […]

Dubai’s government hopes its first 15-year sukuk issue – an unusually long tenor for an Islamic bond – will pave the way for long-term debt sales by its state companies, the Department of Finance said on Wednesday. Dubai drew $2.3 billion of investor demand for the $750 million issue on Tuesday, pricing it at 5.0 percent, the tight end of initial guidance. Demand was lower than in […]

| 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 […]

|By TAP Staff| With mixed availability of commercial space across the Abu Dhabi market, potential occupiers remain focussed on prime Grade A stock, which is sustaining rents at the top end of the market, according to the latest research by real estate consultancy Cluttons. Cluttons Abu Dhabi Spring 2014 Commercial Market Outlook report, asserts that with flat rents persisting, occupiers remain in the driving seat and are […]

Zain is being sued for $4.5 billion over its 2007 acquisition of an Iraqi telecom operator, the Kuwaiti firm said in a bourse statement on Sunday. Zain bought Iraqna for $1.2 billion from Orascom Telecom in December 2007 after the Egyptian firm dropped out of the running for a long-term mobile license in Iraq. The Kuwaiti firm then merged its Iraqi unit, Atheer, with Iraqna and renamed […]

Amina al-Rustamani, a member of a prominent UAE family, raised eyebrows among friends and relatives when she started her career in Dubai 13 years ago as an electrical engineer, becoming one of few females in the Middle East to enter the profession. Success in a male-dominated environment helped give her the confidence to rise up the career ladder and break more barriers. She is now chief executive […]

JPMorgan Chase & Co. is gaining ground in the debt markets of Gulf Cooperation Council states after the biggest U.S. bank helped manage this month’s Islamic bond sale by Saudi Arabia’s utility. JPMorgan is the biggest bond underwriter after HSBC Holdings  in the six-nation GCC in 2014, its best start to a year since 2007, according to data compiled by Bloomberg. The New York-based lender advised on […]

Dubai-based entertainment venue IMG Theme Park has successfully closed a 1.2 billion dirham ($327 million) syndicated Islamic facility, as the company prepares for an increase in the influx of tourists into the emirate. Proceeds will go towards refinancing an existing corporate facility and to provide expansion for a Worlds of Adventure theme park, a $1 billion project that is expected to become the biggest indoor entertainment centre […]

|By TAP Staff|  FDI investment in the UAE reached US$ 12 billion in 2013 and is projected to grow 20 percent in 2014 to reach US$ 14.4 billion, according to Fortress Investments. The estimated growth rate in 2014 would represent a 260 percent increase over 2008, which not only demonstrates full recovery from the global financial crisis, but reflects huge future growth potential for UAE economy that […]

Grand Prairie-based Six Flags Entertainment Corp. is again attempting to broaden its international reach beyond North America into the Middle East. The theme park owner and operator said it’s partnering with Meraas Leisure and Entertainment, a Dubai-based real estate development company, to open a Six Flags-branded park in Dubai in the United Arab Emirates. The project will open in 2017 and be located in a multi-themed park […]

Addressing the United Nations General Assembly in September, President Barack Obama declared the pursuit of Israeli-Palestinian peace one of the two main U.S. foreign policy priorities for his second term. Fast-forward to today, the Obama administration faces a stark choice: expend more energy on a faltering peace process or absorb the hit to an already-troubled record in the Middle East and walk away from negotiations. Secretary of […]

Dubai told international bankers on Monday that it was gearing up for another boom and did not regret the pro-growth policies which brought it to the brink of default five years ago. It appeared to win the endorsement of many of the bankers. Over a dozen top Dubai officials and executives met about 100 representatives of financial powerhouses including Deutsche Bank, Nomura Holdings and Fidelity Investments for […]

VISHNU RAJA
RYO YAMADA
HITORI GOTOH
IKUYO KITA
Just in:
IEA forecasts fourth-quarter oil surplus as Gulf shipments rebound // Yicura BioMed Advances Dual Capital and Industrial Strategy： Completes First Closing of Series B Financing Led by Gobi Partners // From Dubai to the EU: how UAE-based crypto firms can expand under MiCA // Woman found dead as bank moves to repossess home // Microsoft outage leaves Outlook and Teams users disconnected // US resumes flights after nationwide air traffic shutdown // Inpex reaffirms Gulf oil strategy despite shipping constraints // Rooftop solar planning gaps behind power shortages // Microsoft apologises as Outlook services recover after outage // UAE crews sustain coastal oil removal as beaches reopen // Saudi fund assets forecast to cross $400 billion // Messi affair SIT finds all-round violations // Salik posts Dhs1.045bn profit despite lower toll traffic // October Food Price Shock Has Far Reaching Consequences // Hackers falsify NVIDIA GPU readings to mask cryptomining // L’OCCITANE Celebrates 50 Years Of Provençal Craftsmanship With Holiday 2026 Collection // TORRAS Launches Two New iPhone Duo Cases from Its Popular Ostand Series, Addressing Foldable Phone Users’ Concerns About Difficult Stand Positioning and Scratches // 11 Boutique Xinjiang Wineries to Debut in Singapore // China’s Taiwan warning tests Washington’s defence commitments // Sun World Ba Den Mountain marks Vietnam Culture Day, welcoming Cambodian visitors over Bon Om Touk //