As Dubai freight-forwarding firm Able Logistics Group began preparing early this year to go public, it conducted a leveraged recapitalisation, taking on fresh bank debt so it could pay a cash dividend to shareholders. By the standards of developed Western markets, the transaction was routine. But for the Middle East it was an unusually creative deal, a sign that the region’s private equity industry is finally building […]
Mubadala Development Co rejected bids from GDF Suez SA and Veolia Environnement SA (VIE) for its cooling business in favor of talks with National Central Cooling Co. (TABREED), three people with knowledge of the matter said. The Abu Dhabi state-owned fund, which owns a 15 percent stake and convertible bonds in National Central, may complete a sale for about $300 million, the people said, asking not to […]
The Guardian newspaper has issued an apology to the ruler Dubai for the publishing of allegations that his office had advertised for a number of female assistants to help with a shopping trip in Europe. Last week, the Guardian reported that the Gulf country’s leader, Sheikh Mohammed bin Rashed al-Makhtoum, had placed the ad with an Italian fashion agency. The article was published on April 7 and was amended a day later. The […]
For decades the Cleveland Clinic has provided healthcare to the upper echelons of Middle Eastern society who fly halfway across the world for treatment at the Ohio-based private medical center. Soon, they can skip the trip. Early next year the Cleveland Clinic plans to open an ultra-modern, 364-bed specialty hospital on Al Maryah Island in Abu Dhabi, one of the most ambitious forays into the oil-rich country […]
With a youthful, well-educated population, strong relationships with both neighbours and world powers, and a strategic location on the Gulf, major oil producer Kuwait should be as dynamic a hub for the region as Dubai or Doha. But while others in the Gulf have powered ahead, attracting foreign investment and developing infrastructure, Kuwait has stagnated, frustrating the people of a country once seen as a Middle East […]
|By K Raveendran| The agreement for the roll-over of $20 billion debt between Abu Dhabi and Dubai is expected to help Dubai refinance some of the other upcoming debt maturities with confidence, which depended a lot on the successful resolution of repayments owed to Abu Dhabi government and the UAE central bank, and continue to spend heavily on the ongoing infrastructure development. Dubai has already approached creditors […]
A diplomatic split between Qatar and its wealthy Gulf neighbors may disrupt billions of dollars of investment in the region and slow efforts to make economies more efficient through trade and transport reforms. Qatar’s vast natural gas wealth means the tiny country, with a population of about 2.1 million, could probably continue operating indefinitely despite the displeasure of Saudi Arabia, the United Arab Emirates and Bahrain. But […]
Saudi Arabia and India have formed a new joint venture to build a rice distribution hub in Dubai to link Indian production to consumers in Middle East, Arab News reported. Prince Mishaal bin Abdullah bin Turki and global private investor V Raman Kumar have formed the joint venture with India’s rice producer, LEAF India (Lakshmi Energy and Foods), to create West Asia and North Africa region’s largest […]
Qatar has the highest per capita investment in Dubai realty in 2013 (AED6.71 million), followed by Oman (AED5.77 million), the UAE (AED4.56 million), Saudi Arabia (AED3.71 million), Germany (AED2.37 million), India (AED2.22 million) and Britain (AED2.11 million). These figures were released in connection with the International Property Show (IPS), which will be held from April 8-10, supported by the Dubai Land Department (DLD). According to the same […]
DUBAI is poised to roll over a vital $10 billion debt facility with the central bank of the United Arab Emirates at a lower rate of interest, UK’s Telegraph newspaper revealed. Rolling over the debt, which is due at the end of this week, will soothe lingering concerns over the emirate’s ability to service its immediate debts as it prepares to embark on another burst of infrastructure […]
Dubai is considering the introduction of a salary threshold for being eligible to own a car, Director General of Dubai Municipality Hussain Lootah told a local newspaper. This will encourage more people to use Dubai’s public transportation, he said. “There are more than 200 nationalities in Dubai,” he said. “I can’t see [education and awareness] having an effect. Adding that, “unless you go hard, no one will […]
Dubai’s bourse rose further on Tuesday after a choppy session as it tried to break free of the 4,000-point psychological resistance level, while other regional markets were narrowly mixed because of a lack of fresh catalysts. The Dubai index climbed 1.0 percent to a fresh five-year closing high of 4,065 points after rebounding from an intra-day loss of roughly 1 percent – a sign that buyers remain […]
A leading rights watchdog said a Dubai news conference Thursday on human rights issues in the United Arab Emirates was abruptly cancelled, a move it alleges underscores threats to freedom of expression in the Gulf nation, AP reported. Human Rights Watch said it was told Wednesday by the Novotel hotel, where the event was due to take place, that the conference was being called off because a […]
The United Arab Emirates issued rules for the issuance and trading of covered bonds, potentially a major step towards developing its debt market and giving commercial banks a new source of funding. The Securities and Commodities Authority, the UAE’s financial market regulator, set conditions for banks and other companies to obtain licences allowing them to issue covered bonds, state news agency WAM reported on Sunday. The SCA […]
The rental increase calculator launched by the Real Estate Regulatory Agency (Rera) on the Dubai Land Department (DLD) website will be updated soon, XPRESS reported quoting a senior official. Following a new decree on rents, several Dubai residents went online to calculate their rental increase. But since the rental index had not been updated they got no answers. “The rental index is being updated. We are working […]
Dubai has emerged as one of the best performing stock markets globally in 2013, according to Global Equity International, a global consultancy that advises business leaders. By the end of November, the Dubai benchmark stock index had increased by 82%. Abu Dhabi appreciated by 46% during the same period. The Dubai Financial Market started the year strongly by appreciating 16 per cent in the month of January […]
People who want to rent homes in Dubai will now have to provide a statement of income from their employer to landlords before leasing a property. This new condition was revealed recently by a regional website, but no explanation was provided about specific circumstances such as for example divorcees with an income from alimony or students with scholarships, and other similar non-salaried prospective renters. After November 27th […]
Dubai is considering tests of ‘robot’ or driverless cars on its busy highways, the local transport agency said, after a Google executive told Al Arabiya News he would “love” to bring the technology to the emirate. So-called driverless cars navigate traffic and road signals automatically, using special sensors like radar, GPS and computer vision. Dubai’s Roads and Transport Authority (RTA) says it is considering whether to allow […]
The United States on Friday congratulated the United Arab Emirates on landing the 2020 World Expo trade exhibition — the first time that a Middle Eastern nation will host the event. The UAE on Thursday won its bid to host the six-month event in Dubai, beating out Russia, Brazil and Turkey. “This is a significant first as the UAE serves not only as the region’s business hub, […]
Dubai’s government has to make sure its property market is driven by fundamental factors, not speculation, and be ready to act if it sees very rapid increases in asset prices, a senior International Monetary Fund official said on Tuesday. “When you begin to see very rapid increases in any asset prices then you just need to be prepared to act,” said Masood Ahmed, the IMF’s Director for […]
A call for the United Arab Emirates to consider allowing expatriates to apply for citizenship has sparked a debate about national identity in the Gulf Arab state, where foreigners outnumber the local population by more than five to one. Sultan Sooud al-Qassemi, a member of one of the UAE’s ruling families, is one of the federation’s pre-eminent commentators and also one of the most well-known Twitter users […]
Britain’s Vodafone and three Gulf telecoms companies have formed a consortium to launch a 1,400km fibre network to meet rising demand for broadband services in the region. Vodafone, Kuwait’s Zain, du of the United Arab Emirates (UAE) and Kuwaiti internet service provider Zajil will create the Middle East-Europe Terrestrial System (MEETS) with the long-term aim of connecting the network overland to Europe. MEETS will activate a largely […]
Dubai government-owned property developer Nakheel said on Sunday it had sold town houses worth about 460 million dirhams ($125.24 million) in its Warsan Village project. “As expected we witnessed a big response to the residential units … from investors from a number of countries including the UAE, the GCC countries, India and China,” a Nakheel spokesman said according to the state WAM news agency. “We also noticed […]
Using public transport in Dubai is about to get a whole lot easier. With a simple swipe of a phone, riders can board whatever service they desire thanks to a new deal inked between Roads and Transport Authority (RTA) and telecommunications providers Etisalat and du to launch the ‘Smart Nol’ Service for Dubai commuters using public transport. The service aims to ease the transportation process for commuters […]
