In the world’s biggest country, railways are still a route to riches. With nearly 1 billion passengers a year and $42 billion in annual sales, the state company Russian Railways is a giant commercial opportunity. At its head is Vladimir Yakunin, an old friend and long-standing ally of President Vladimir Putin. He oversees a company that strikes international deals, issues bonds to major investors and plans hugely […]
|By TAP Staff| Dubai outscores all US cities in terms of its healthcare system, the latest Cities of Opportunities report has revealed. Dubai is the only Middle Eastern city that features in the Price Waterhouse Cooper study takes the pulse of 30 cities at the heart of the world’s economy and culture. Dubai ranked 5th in global affordability, that measures cost of living, purchasing power and corporate […]
|By TAP Staff| Ooredoo has announced a new collaboration with the world-renowned MIT Media Lab, in order to drive cutting-edge ICT innovation and research. Since 1985, the MIT Media Lab has pioneered unconventional research in the ICT sector to radically improve people’s daily lives. Ooredoo joins the MIT Media Lab as a Consortium Lab Member. Dr. Nasser Marafih, Group CEO, Ooredoo, said: “ICT is rapidly converging, and […]
Scientists leading the fight against Middle East Respiratory Syndrome say the next critical front will be understanding how the virus behaves in people with milder infections, who may be spreading the illness without being aware they have it. Establishing that may be critical to stopping the spread of MERS, which emerged in the Middle East in 2012 and has so far infected more than 500 patients in […]
|By TAP Staff| Sunil John, founder and CEO of ASDA’A Burson-Marsteller, the region’s leading public relations consultancy, has been awarded the “SABRE Award for Outstanding Individual Achievement”, the first person from the Middle East to be honoured with this prestigious global award. The SABRE Awards, which are presented by The Holmes Group, a leading global public relations publishing organisation, acknowledged John’s position at the “forefront of change” […]
Oil rig maker Lamprell said on Friday it would raise about $120 million to boost its productivity after returning to profit last year despite growing risk in the sector. Chief executive officer James Moffat said the rights issue marked “the final piece of the jigsaw puzzle in our recovery”, which had started around 18 months ago. It will be used to support investment, facilitate debt refinancing and […]
Happier days: Nick Clegg and David Cameron in 2010 agree to form a coalition government Photo: Getty Images Just before the general election, the Conservatives released a party political broadcast warning that a coalition would bring disaster. “Under-the-table deals will be the order of the day,” we were told. The fate awaiting savers was depicted by a hammer smashing a piggy bank. The process of proper government would […]
Emirates’ ground services unit Dnata is “very interested” in acquiring the world’s largest in-flight catering business from Lufthansa, if it is put up for sale again, Dnata’s president said on Tuesday. Lufthansa, Europe’s largest airline by revenue, had put LSG Sky Chefs up for sale in 2012 but then abandoned the plans. “They have said they are not ready to sell,” Gary Chapman,told reporter on the sidelines […]
|By TAP Staff| The reappearance of cranes on the Dubai skyline is encouraging analysts to predict that the emirate is soon set to reclaim the status it once enjoyed as the world’s crane capital. Construction cranes have dotted the Dubai skyline and are seen to herald the economic growth, with a major build-up of momentum in the real estate activity. Dubai was once home to almost 25 […]
|By TAP Staff| Analysts have estimated that at least $1.5 billion in net new money would flow into the stock markets of UAE and Qatar after the upgrade of the two exchanges by MSCI by the end of this month. Turnover in both countries’ stock markets has doubled this year and at least some of the meteoric performance has to owe to anticipation of the change. On […]
|By TAP Staff|The ability of mortgaged buyers of Dubai properties to step on to the housing ladder is set to be curbed in the near to medium term, real estate consultancy Cluttons has predicted.This in turn will impact on the volume of transactions being recorded, the agency said in its report titled Dubai Spring 2014 Residential Market Outlook. “ We are already seeing the first signs of […]
|By TAP Staff|Investcorp, a leading provider and manager of alternative investment products with more than $11 billion of assets under management, announced that its U.S.-based real estate arm, through separate transactions, acquired a portfolio of commercial and residential properties in Dallas, TX and South Florida for approximately $105 million. “The investment market in the U.S. continues to experience growth in transaction volumes with significant capital flowing into […]
The Dubai business community has been significantly more optimistic during the first quarter of 2014, compared to the same period of the previous year. Optimism is especially high among manufacturing and services firms, according to the quarterly business survey conducted by the Department of Economic Development. The composite Business Confidence Index for Dubai stood at 135.5 points in the first quarter of 2014, an increase of 22.4 […]
|By TAP Staff|Traditionally renowned for its love of fragrances, the Middle East region continues to be one of the key focus areas for international fragrance brands. With research from leading analysts Euromonitor International indicating that per capita consumption of premium fragrances in key markets such as Saudi Arabia and the UAE overshadows that of markets such as the US and the UK, it’s not surprising that the […]
|By TAP Staff|The Investment Corporation of Dubai (ICD), owner of many of Dubai’s corporate jewels, such as the Emirates airline and the airport duty-free business, said its revenues grew 18 percent to $24.8 billion in the second half of 2013. The numbers were revealed in the prospectus released in connection with the plan to raise about $750m in its first Islamic bond issue. The latest full-year revenue […]
|By TAP Staff|The UAE central bank is considering the establishment of a Shariah Governing Unit to oversee Islamic finance on the recommendations of the Islamic Banking Committee. The progress on this front was reviewed by the UAE Banks Federation at the CEO Advisory Council meeting, which focused on a number of critical issues facing the banking sector in the UAE. During the meeting, Federation’s specialised committees reported […]
|By TAP Staff|Ahmad Hamad Algosaibi & Brothers today offered to make an upfront payment equal to approximately 10 percent of creditors’ claims as part of a settlement proposal to a group of banks and other financial institutions. The claims asserted by banks, totaling billions of dollars, arise out of liabilities incurred through a massive fraud perpetrated by Maan Al Sanea when he was head of the Money […]
|By TAP Staff|A new Standard & Poor’s report has picked holes in UAE’s banking regulations and the legal infrastructure, citing these as risks for property and casualty insurance sectors. Financial system risk primarily arises from shortcomings in bank regulation, which the agency considers to be weak, although it acknowledges that the banking supervision is being improved. The report cites tighter mortgage regulation and limited credit exposure to […]
French retail giant Carrefour SA has begun making plans to exit its India wholesale operations, the Times of India reported on Saturday. Carrefour operates five wholesale cash-and-carry outlets in India and, after foreign investment rules were eased in 2012, it had been widely expected to set up a chain of supermarkets. The company has seen senior-level exits from its India business recently and some employees may be […]
|By TAP Staff| Gulf-based borrowers, who have been returning to the international debt market in recent days after several months of relatively light issuance, are reporting strong investor interest. Amid geopolitical tensions in Ukraine and economic instability in some emerging markets, Gulf economies have stood out because of their stability, thanks to their trade and state budget surpluses. The contrast appears to created attractive conditions for them […]
|By TAP Staff| A change of rule by the UAE stock market regulator will now allow smaller firms to tap Islamic capital markets through smaller-sized sukuk issues. The new rules for Islamic and corporate bonds also seek to encourage trading in them, and make it easier for foreign institutions to operate. The changes are part of plans to introduce at least two new rules covering the stock […]
|By TAP Staff| Trade in petrochemicals between Gulf Co-operation Council (GCC) states is set for robust growth in the coming years led by the development of the region’s rail and transport network, predicts the Gulf Petrochemicals & Chemicals Association (GPCA), the region’s longest-standing trade association. “An integrated railway network is an important catalyst in driving increased economic integration between GCC countries as it fosters the region’s development […]
|By TAP Staff|The much-awaited Dubai benchmark government sukuk is expected soon. The issue, which will have a life span of 15 years, is initially expected to be priced between 5 and 5.125 basis points and total at least $500 million, according to lead managers. The banks arranging the transaction are Dubai Islamic Bank , Emirates NBD, HSBC, National Bank of Abu Dhabi and Standard Chartered. Dubai was […]
|By TAP Staff| With mixed availability of commercial space across the Abu Dhabi market, potential occupiers remain focussed on prime Grade A stock, which is sustaining rents at the top end of the market, according to the latest research by real estate consultancy Cluttons. Cluttons Abu Dhabi Spring 2014 Commercial Market Outlook report, asserts that with flat rents persisting, occupiers remain in the driving seat and are […]
