Markets move ‘sideways-to-soft’ ahead of Ramadan amid fears international markets will not be robust Dubai: UAE indices fell on Monday, extending losses for another session as traders repositioned themselves ahead of the Ramadan season. The Dubai Financial Market General Index (DFMGI) closed 0.43 per cent lower at 3,290.37, while the Abu Dhabi Securities Exchange General index closed 0.66 per cent lower at 4,345.31. “UAE markets are moving […]
INTERNATIONAL. /PRNewswire/ — The CFO has never been held more accountable for the company’s success, and the ability of finance teams to extract value from company data is the key to delivering on the chief executive’s expectations. Oracle’s study, Modern Finance: Driving Transformation from Within, found that closer alignment between the CFO and CIO is crucial if finance leaders are to effectively help the business achieve its […]
UAE. The latest Global Economic Conditions Survey from ACCA and IMA, released today, found that more half of firms are either cutting or freezing employment, while only 14% are increasing investment in staff. Responding to the findings, Faye Chua, ACCA head of business focus said: “Take North America out of the equation and the economic picture painted by this survey isn’t a pretty one. Emerging markets are […]
|By Matein Khalid| I was surprised by the dovishness of the Federal Reserve’s FOMC policy statement last week given the white hot US labour market and metrics of wage inflation. Hence the $29 rally in gold, the plunge in the Volatility Index to 15, the fall in the US dollar and the surge in oil/mining shares. The Yellen Fed is still worried about deflation risk in China, Europe […]
Gulf Arabs could pull billions in investment money from the United States if Donald Trump wins the presidency later this year, billionaire UAE businessman Khalaf Al Habtoor told Reuters. Trump, front-runner to be the Republican presidential candidate, triggered outrage around the world when he advocated a temporary ban on Muslims entering the United States. The United States “will lose their businesses, people will cancel any plans of […]
|By Matein Khalid| This was the ghastliest week for global risk assets since September 2011. Not even 290,000 new US jobs in December could negate the raw fear on Wall Street generated by the 10% fall in Shanghai, a yuan depreciation, market meltdowns of 6 – 7% in Tokyo, Hong Kong, Frankfurt, Mumbai and New York. Four months ago, I had published a KT article titled “History’s […]
A blaze that engulfed a Dubai skyscraper on New Year’s Eve – the emirate’s third high-rise fire in three years – has raised fresh questions about the safety of materials used on the exteriors of tall buildings across the wealthy region. Hundreds of gleaming towers rose up in Gulf Arab states, especially the United Arab Emirates and Qatar, during the past decade’s economic boom. Ultra-modern, flamboyant designs […]
|By Matein Khalid| In retrospect, the last six years were a unique period in global central banking, an epic monetary experiment that averted a Great Depression after Lehman’s failure and interbank/credit contagion plunged the world into recession in 2008-9. Yet the Fed (and later Bank of Japan, ECB and even PBOC) quantitative easing also led to asset bubbles, credit market excesses, currency wars and the mispricing of […]
Gulf International Bank (GIB) has inaugurated its wholesale banking brand in Abu Dhabi. The opening of the new office supports the bank’s strategic objectives to grow and develop business across the GCC region, said a statement. Dr Yahya Alyahya, chief executive officer, said: “It gives us great pleasure to inaugurate a full commercial branch in Abu Dhabi. The dynamism and pace of progress of the UAE market […]
Al khaliji France (UAE), a subsidiary of Al Khalij Commercial Bank (al khaliji), is conducting a career day series across the emirates, in line with efforts to export its talent recruitment and retention localisation philosophy across its network. Open to all fresh graduates and entry-level professionals in the UAE banking and finance field, the series was held in Abu Dhabi yesterday (November 8), is being held in […]
|By Arabian Post Staff| Dubai-based Landmark Group said it was pulling Donald Trump products off its shelves in response to the Republican presidential front-runner’s call for a ban on Muslims entering the United States. Landmark and DT Home Marks International LLC have an exclusive deal to sell Trump Home products – including lighting, mirrors, and jewellery boxes – in their Lifestyle department stores in Kuwait, the UAE, […]
|By Matein Khalid| Saudi Arabia has fascinated me since I first met Hani AZ Yamani as a teenage student all those years ago at Wharton. Hani’s father was Sheikh Ahmed Zaki Yamani, legendary Saudi Oil Minister (1962-86) under Kings Faisal, Khalid and Fahd. Sheikh Yamani managed the 1973 and 1979 oil shocks, survived a terrorist assault in Vienna by Carlos the Jackal, midwifed the birth of Saudi […]
|By TAP Staff| Dr David Alessi, the Beverley Hills-based plastic surgeon who helped many a celebrity transform their faces and body shapes to keep pace with the latest trend in high fashion, will soon be available in Dubai and Abu Dhabi for the benefit of people in the UAE and the region. The founder and medical director of Alessi Institute located in Beverly Hills is currently here […]
UAE. In times of economic uncertainty, cold-hearted international investors seek more diversification of their property portfolios; as London provides opportunity for property capital appreciation with prices continuously on the rise in the last five years, reasonable prices and growing yields in Dubai market make an equally attractive income generating opportunity. Mutual InterestFor Middle Eastern investors, London has always been regarded as a strong investment complementary to their […]
ABU DHABI // New reforms to the Labour Law were welcomed by expatriate workers and bosses. The changes will come into force from January 1 through three decrees, the Ministry of Labour said. The main goal is to ensure transparency and compliance in matters related to labour contracts, including terms of termination. Emirati businessman Sanad Al Meqbali said the new laws would benefit both the employer and […]
The world’s first purpose-built centre for paediatric research on rare diseases was named after the founding father of the UAE, Sheikh Zayed, on Monday. The Zayed Centre for Research into Rare Disease in Children was facilitated by a gift of £60 million (Dh335 million) by Sheikha Fatima bint Mubarak, the wife of the late Sheikh Zayed who is also Chairwoman of the General Women’s Union, Supreme Chairwoman […]
While Dubai continues to pump out sumptuous new apartment blocks, for a rising number of expatriates the city no longer offers the luxury lifestyle that lured many foreigners to the Gulf. A shortage of affordable homes and a reduction in overseas allowances since the financial crisis are pushing foreign staff on middle incomes out to less glamorous areas of the city far from the office, or to […]
INTERNATIONAL. Gleaming glass skyscrapers, state-of-the-art technology, and wealthy merchant families have replaced the Gulf’s muddy towns and villages populated by traders and pearl fishers that once lacked electricity, running water or modern communications. The region’s modern day projection of a visionary cutting- edge, 21st century urban environment masks however the fact that some things have not changed. Gulf states continue to be ruled by the same families, […]
ABU DHABI // Thousands of UAE pilgrims escaped a stampede near Mecca on Thursday that claimed the lives of hundreds on the first day of Eid Al Adha. Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, sent a cable to King Salman of Saudi Arabia expressing condolences and sympathy for the victims of the stampede. UAE pilgrims were […]
Abu Dhabi Islamic Bank (ADIB) has raised Dh504 million ($137 million) in its rights issue, which was nearly three times oversubscribed with Dh1.46 billion in subscriptions received. The rights issue, the first tradable rights issue for a bank in the UAE, forms part of the comprehensive capital plan to support ADIB’s strong growth plans. Following the close of the subscription period on September 10, all 168 million […]
ADEN // With the help of the UAE, 33 schools in Aden were reopened on Sunday, after the Emirates Red Crescent rebuilt more than 154 schools in the Yemeni southern port that were damaged or destroyed in fighting with the Houthi rebels. Dr Mohammed Atiq Al Falahi, secretary general of the ERC, said that all of Aden’s students would be able to return to school after the […]
The United Arab Emirates has no plans to abandon the currency’s peg to the dollar, central bank Governor Mubarak Rashed Al Mansoori said. “The dirham peg to the US dollar has served the UAE well over time,” Al Mansoori said in an e-mailed answer to Bloomberg News questions. The central bank “maintains a firm commitment to the peg.” Investors have increased bets that the six Gulf Cooperation […]
UAE. Forbes Middle East has unveiled the names of its Most Powerful Arab Women for 2015 at a glittering awards ceremony that shone a light on some of the region’s most influential and accomplished leaders. The impressive event recognized the achievements of women in reaching the top of their fields in business and government and, in doing so, working towards a fairer and more equal working environment […]
The Dubai Health Authority has awarded contracts worth Dh24 million ($6.5 million) to Emirati entrepreneurs in the last three and a half year, falling under the small and medium enterprise (SMEs) classification, according to a top officials. Eman Khalfan Al Jallaf, director of purchasing and contracts department at the DHA, said that in line with the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime […]
