The Gulf’s bond market is set to emerge from five months of near-inactivity after last week’s decision by the U.S. Federal Reserve to maintain its monetary stimulus created a window for banks and corporations to raise cash. A total of $16.6 billion was raised on global bond markets last Thursday, a four-fold rise from the day before. The Gulf market’s reaction to the Fed will not be […]
First Gulf Bank (FGB), the United Arab Emirates’ third largest bank, is cutting about 300 jobs, equivalent to nearly 10 percent of its workforce, as part of a restructuring, sources familiar with the matter said. FGB, controlled by Abu Dhabi’s ruling family, informed employees about the plan last week and the cuts will mainly affect its consumer banking business, the sources said. They were speaking on condition […]
Media outlets as reporting that the Soffers’ big-name partner in the Miami Beach resort Fontainebleau , the government of Dubai, is ready to sell its 50 percent stake back to the family’s Turnberry Associates. The deal would mark a satisfying bookend for Jeffrey Soffer, who spearheaded buying the resort in 2005 and then completing a $700 million renovation in 2008 on the eve of the financial crisis, […]
A surge in lending to investors by brokerages in the United Arab Emirates has helped make Dubai the world’s second-best performing market this year, but has left it prey to volatility. Some investors have been able to make profits in the range of 40 to 60 percent this year on local stock markets but the question is whether such margin lending – borrowing with cash or holdings […]
The low quality in construction labor and raw material used to build several buildings, especially those up for sale, has unleashed a wave of anger at contracting companies in charge of carrying out projects. Many complaints were recently filed by buyers and real estate companies against contracting companies focusing on low quality construction, breach of the terms of signed contracts, the use of cheap construction material, late […]
Saudi Arabia and India topped the charts for sending the most tourists to Dubai in the first half of this year as a new report by Department of Tourism and Commerce Marketing (DTCM) revealed record-breaking figures. More than 5.5 million tourists visited Dubai from January to June this year, representing an increase of 11.1 per cent over the previous year. Director-General of DTCM Helal Saeed Almarri said: […]
LONDON–Iran’s Bank Mellat is claiming GBP500 million ($782 million) from the U.K. Treasury after a London court ruled against a British decision to sanction the bank, a defense lawyer said. The claim underscores the financial risks faced by Western governments as they seek to enforce sanctions over Iran’s controversial nuclear program. The U.K.’s “Supreme Court has referred [the claim] to the High Court so it can assess […]
By Jeanette Rodrigues & Ye Xie – Aug 14 Bloomberg: India increased efforts to stem the rupee’s plunge and stop capital outflows that are pushing the economy towards its biggest crisis in more than two decades. The Reserve Bank of India, whose Governor Duvvuri Subbarao steps down next month, cut the amount local companies can invest overseas without seeking approval to 100 percent of their net worth, […]
Totsy, a flash sales site for baby and prenatal care products, announced today that it’s raised $18.5 million in series B financing from Rho Ventures and DFJ Gotham. Named one of America’s Most Promising Companies by Forbes in December 2011, the company says revenues are up 125% from the first half of 2011. The New York-based company previously raised $5 million from Rho and DFJ in November 2010. […]
Before you jump into the markets, take the time to learn from the missteps of novice investors. Here are three common first-time investing mistakes. Not having a plan A common mistake among first-time investors is that they lack a solid plan that will carry them through good and bad times, says Mark Holder, chief investment officer at Oklahoma-based portfolio management firm Stone Fox Capital Advisors. Failing to […]
