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 […]
The United Arab Emirates central bank is expected to announce within one or two months rules restricting the amount of exposure which banks can have to the debt of government-related entities (GREs), a top commercial banker said on Tuesday. Abdulaziz al-Ghurair, head of the national banking industry association and chief executive of Mashreq Bank, told reporters that each bank would then discuss the time frame for its […]
A survey by Fund Advisors among respondents living in rented accommodation in Dubai has shown that 81 percent have no contents insurance. So events like theft, fire or damages by way of other incidents have no coverage. Furthermore, the UK’s daily newspaper The Telegraph found that, when insuring their contents, people often valued their clothes and valuables on worth at the point of valuation and not what […]
At least two major global investment banks are maintaining that the beleaguered Indian rupee, which is already down about 15 per cent since the beginning of 2013, could see a further deterioration of about 10.5 per cent in the near future and slump to Rs70 against the US dollar. That would equate to a level of Rs19 against the UAE dirham, and if attained, this exchange rate […]
The UAE’s new Land Transport Act will come into effect from September 1. The new act clearly explains the rules of carrying passengers and goods between the UAE and other countries as it specifies the responsibilities and commitment of the parties to ensure the safety of passengers and goods. According to this law, no land transport business maybe practiced without getting a license from the National Transport Authority […]
The UAE Central Bank said monetary aggregate M2 increased 7.8 per cent during the first half of 2013, while bank loans and advances surged 4.4 per cent and total bank deposits were up 7.5 per cent year-on-year as a result of an increase in resident deposits by 9.2 per cent. “The rise of loans and deposits reflects that there’s greater confidence of investors in the UAE economy,” […]
The domestic banking system in Saudi Arabia relative to many of the global peers, developed or developing, had maintained its inherent strengths that emanate from greater reliance on core banking activities, lower non-performing loans (NPLs) ratio, little recourse to wholesale funding and ample liquidity. During the last two years, Saudi banks have returned to a higher growth trajectory after a lackluster performance in 2009 that saw total […]
K. Raveendran, Special to Gulf News When Dubai Islamic Bank announced the launch of its first property development in Dubai Marina in January last year, there was only a hint that the world’s first Islamic bank might be looking at the emirate’s booming real estate sector somewhat more seriously than the rest of the banks. But in less than a couple of years, DIB has emerged as […]
