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Payfort, a leading online payment service provider, has launched its installments service in the United Arab Emirates, Saudi Arabia and Egypt. The new service that makes it easy for ecommerce merchants to offer pay-via-installment options to customers and gives consumers greater purchasing power. “Many consumers show a preference for purchasing-via-installments, but methods of processing monthly installments in common usage in the region have proved cumbersome for consumers,” […]

INTERNATIONAL.  New research from PwC projects that traditional assets under management (AuM) in 12 markets across Africa will rise to around $1,098 billion by 2020, from a 2008 total of $293 billion. This represents a compound annual growth rate (CAGR) of nearly 9.6%. Traditional asset management, in particular the mutual fund industry, is expanding aggressively across Africa. This will largely be driven by a number of factors: […]

DUBAI // Dubai Electricity and Water Authority (Dewa) says it has achieved “significant progress” in constructing and extending water networks in the emirate. Work to install or extend 25 kilometres of supply is under way across Dubai. “Through this project, Dewa aims to raise the efficiency of production and operations, and increase flow to meet the growing demand for water,” said Saeed Mohammed Al Tayer, managing director […]

A French order to apply the “right to be forgotten” to Google searches not just across European domains but globally would risk “serious chilling effects on the Web,” according to the Internet search giant. Rather than comply, Google is asking the French agency that issued the order to withdraw it. France’s Commission nationale de l’informatique et des libertés, or CNIL, issued the global delisting order to Google […]

Protesters in Baghdad on Friday. High temperatures have made the lack of reliable electricity a bigger political issue than usual. By ANNE BARNARD August 1, 2015 BAGHDAD — In the Iraqi summer, when the temperature rises above 120 degrees Fahrenheit, electricity becomes even more of a political issue than usual. This past week, at the top of Iraqis’ agenda, it has even eclipsed war with the Islamic State. The […]

Laith al-Khaldi who was shot of Friday during a demonstration near Ramallah, died on Saturday. By DIAA HADID August 1, 2015 RAMALLAH, West Bank — A teenager who was shot while protesting the arson attack that killed a Palestinian toddler died from his wounds early Saturday, according to family members and residents. It was the sixth fatal shooting by Israeli security forces in recent weeks, and the latest death […]

DUMA, West Bank — Residents of this Palestinian hamlet still awake on a hot summer night heard the screams and rushed to the Dawabsheh home. Outside, Saad, 32, lay writhing on the ground. Nearby, his wife Riham was still on fire. Their 4-year-old son was could be heard cyring inside the burning house and his brother, 18-month-old Ali, was already dead. Witnesses and officials attributed the attack […]

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An employee works inside the office of U.S. online cab-hailing company Uber, on the outskirts of New Delhi, India, April 24, 2015. Reuters/Anindito Mukherjee REUTERS – Uber Technologies Inc will invest $1 billion in India in the next nine months, as the online taxi-hailing company looks to expand its services in its biggest market outside the United States. Uber said it would use the additional investment to […]

UAE.  The MENA Private Equity Association, a non-profit organisation supporting the development of the private equity and venture capital industry in the Middle East and North Africa, launched today its ninth “MENA Private Equity & Venture Capital” Annual Report. According to the Report, which was compiled in collaboration with Deloitte and Zawya – Thomson Reuters, 2014 was a significant year for the industry and has demonstrated the […]

DUBAI // A model to help promising young leaders achieve their potential has been launched by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. Called “The Leader of the 21st Century Model”, it has been launched for the UAE Government Leaders Programme and is created by the UAE Government. Inspired by the leadership of Sheikh Mohammed, it aims to strengthen the competencies and leadership skills […]

Gold fell, heading for its largest monthly decline in two years, as the Federal Reserve moved closer to boosting US interest rates for the first time since 2006. While Fed policy makers refrained from signaling the timing of a rate rise after a two-day meeting, they described job gains as solid amid an improving economy, according to a statement Wednesday. The market expects a move as early […]

Western Union….aiding Greece during financial crisis Western Union activates money transfer into Greece ATHENS, 1 days ago The Western Union Company, a leading global payment services, has activated international remittances into Greece, allowing customers to receive cash payouts in minutes from almost anywhere around the world at select walk-in retail agent locations. International and domestic Western Union Money Transfer transactions are available for payout at up to […]

Sophos launches cloud-based secure web gateway DUBAI, 1 days ago Sophos, a leading security solutions provider, has launched the Sophos Cloud Web Gateway, a cloud-based secure web gateway that delivers advanced protection for users, devices and data across multiple operating systems, regardless of their location. The addition of secure web gateway to Sophos Cloud integrates technology from Mojave Networks, which Sophos acquired in October last year, said […]

OnePlus 2 launched; big features at $329 NEW DELHI, 1 days ago OnePlus, the start-up Chinese smartphone maker, has launched its new flagship device OnePlus 2. The OnePlus 2 will initially go on sale in India, China, the US, Canada, and select EU countries on August 11. Southeast Asia will get the smartphone in Q4 2015. The phone will cost $329 for an unlocked 16-GB version and […]

Hogan…focused on creating new experiences Consumer choice, innovation ‘key drivers of aviation sector’ ORLANDO, 1 days ago Consumer choice and innovation are the fundamental drivers of competition in the international airline industry, said Etihad Airways president and CEO James Hogan at the 2015 Global Business Travel Association (GBTA) Convention in Orlando, Florida (US). In a discussion, which focused on emerging opportunities and challenges in the global aviation industry, […]

|TAP Special by K Raveendran| The Dubai residential market continues to face downward pressure as rents and sale prices decline. It’s perhaps indicative of a systemic shift that the current phase’s first bankruptcy has just been filed. According to a JLL report citing the REIDIN indexes, the sales index dropped by 8% for the one-year period ending June 2015, with declines in apartment sale prices exceeding that […]

|TAP Special By K Raveendran| With the fuel subsidies issue having been settled, attention now shifts to the possibilities of introducing value added tax as another option to bolster the UAE’s financial resources. Starting August 1, 2015, special grade petrol across fuel stations in the UAE will cost Dh2.14 per litre, up 24.4 per cent from Dh1.72. The super grade will cost Dh2.25, up 22.9 per cent […]

UAE. A recent qualitative report sponsored by Citi and conducted by Nielsen, a leading global provider of information and insights into what consumers watch and buy, studied the personality of HNWI in the UAE. The results of the research revealed the different needs that they believe are impacting their disposition towards wealth management and analyzed their attitudes towards investments. The participants were represented by a small group […]

UAE. To preserve economic and social stability and continue with development plans, MENA governments are considering tax measures to broaden their revenue base and increase tax yields. The evolving tax landscape in the MENA region was discussed at the EY MENA Tax Conference held recently in London. The conference was attended by EY Tax specialists and senior finance and tax executives from major European companies with investments […]

ABU DHABI // Petrol prices across the country were today increased from Dh1.72 per litre of Special 95 to Dh2.14, an increase of 23.6 per cent. The revised price for Super 98 has been set at Dh2.25 and E Plus at Dh2.07. The price of diesel is set at Dh2.05, a 29 per cent drop from its previous price of Dh2.90. These prices come into effect on […]

Mena lagging in adopting cyber security policies BEIRUT, 1 days ago Despite the current global focus on cyber security issues including hacking, data losses, breaches and other information leaks, organizations in the Mena region still do not have formal cyber security initiatives in place, a report said. In keeping with international trends, managing Compliance Risk remains a high priority for organizations across Mena region, explained the Middle […]

Beirut Journal A restaurant worker took two bags of trash to add to a giant pile of garbage left uncollected for a week outside a bar named Floyd the Dog in Beirut. By BEN HUBBARD July 27, 2015 BEIRUT, Lebanon — On a normal weekend night, the revelers at Floyd the Dog, a bar in one of this city’s rowdiest party neighborhoods, spill onto the sidewalk, drinks in hand, […]

The Incirlik Air Base in southern Turkey on Monday. Turkey and the United States agreed on a plan that would create what officials are calling an Islamic State-free zone, which the Turks say could also be a “safe zone” for displaced Syrians. By ANNE BARNARD, MICHAEL R. GORDON and ERIC SCHMITT July 27, 2015 BAGHDAD — Turkey and the United States have agreed in general terms on a plan that envisions American warplanes, […]

|By TAP Staff| Dubai residential rents declined by 3% during the second quarter of 2015, according to the latest ADIB/MPM Properties Real Estate report. This comes amongst a surge in supply as 6,750 new residential units were delivered this quarter, taking the total Dubai residential stock to 479,000 units. The majority of the new supply was added along the Sheikh Mohammed Bin Zayed road, with the International […]

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