arabian post staff

Dubai says boom is no bubble

Alongside the Dubai Mall, one of the world’s largest shopping centers, sits an ersatz version of what would be an authentic retail experience in most Persian Gulf cities: an Arab souk. If, in the evening, you stroll through this air-conditioned, hassle- and haggle-free caricature of a market, staffed mostly by smiling South Asians, you can amble out onto the shores of man-made Burj Khalifa Lake, named after […]

October 29

Builders seen facing cash crunch to sustain construction boom

Look at computer models for the Venice-like Arabian Canal proposed for central Dubai, or the plans for the world’s biggest shopping mall, and it seems as if the collapse of the United Arab Emirates real estate market six years ago never happened. Citibank estimated earlier this year that there were already two thirds of a trillion dollars worth of construction projects underway in the UAE. That was […]

October 29

IMF happy with Dubai property price moderation

|By TAP Staff| International Monetary Fund is pleased to note the moderation in the prices of Dubai’s properties, a senior IMF official said. The IMF has previously warned that rapid rises in Dubai real estate prices, which earlier this year were in some cases a third higher than they were 12 months previously, could lead to another bubble and then a crash in the emirate. But Masood […]

October 28

Columns, Talking Point

Malala: A servant of education

|By Rashidul Bari| When I was writing Grameen Social Business Model, a book detailing the search for a weapon to use against poverty and terrorism, Malala Yousafzai played a key, but kind of secondary, role, a supporting character. But I kind of found, when I was writing another article, “Why do they Hate Obama?” that the force of Malala kept trying to take over, kept trying to […]

October 18

flydubai emulates big brother for sukuk issue

|By TAP Staff| Flydubai, Dubai’s low-cost carrier, is following its big brother Emirates airlines to debut a benchmark-sized sukuk issue for which it has mandated seven banks. “As part of the diversification of our financial strategy, we are in discussion with our advisers to explore the possibility of issuing a bond and we will continue to explore all financing options available to us,” flydubai said in a […]

October 16

Transworld Group, NAWAH partner to service Iraq cargo market

|By TAP Staff| Dubai-headquartered Transworld Group and NAWAH announced entering into a formal agreement to service Iraq’s growing demand for imports, linking their shipping, logistics, marine services and port capabilities. As part of their agreement, Transworld Group and NAWAH Port Management will team up to increase the flow of essential goods coming from the broader Middle East, Indian subcontinent, Far East and Southeast Asia into the historic […]

October 13

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Middle East

Obama’s Top Military Adviser Warns of Possible ISIS Attacks in Baghdad

By BRIAN KNOWLTON October 12, 2014 WASHINGTON — Fighters for the Islamic State were managing to blend in with disenfranchised Sunni populations in some Iraqi towns and villages near the capital, raising the chances of militant attacks against targets in Baghdad, President Obama’s top military adviser said on Sunday. “I have no doubt there will be days when they use indirect fire into Baghdad,” the adviser, Gen. Martin E. […]

October 12

Emaar shareholders get AED9b bounty

|By TAP Staff| The Board of Directors of Emaar Properties has approved a Special Cash Dividend of AED 9 billion (US$ 2.45 billion) to be distributed to the company’s shareholders taking the total value of dividends distributed this year to over AED 17.12 billion (US$ 4.66 billion) – one of the largest announced by any listed company in the UAE. The total value of the dividends is […]

October 12

Etisalat plans debut sukuk

|By TAP Staff| Etisalat is planning its first ever sukuk issuance in a follow-up to its debut conventional bond earlier this year, bankers are being quoted as saying. According to these sources, the state monopoly telecom player of the UAE, rated Aa3/AA-/A+, is in talks with banks for the potential Islamic bond issuance, proceeds of which are set to go towards infrastructural improvements of its telecommunications network. […]

October 11

IPO frenzy may spoil market recovery

|By TAP Staff| The herd mentality on the UAE stock market is once again visible, with a flurry of new stock listings that could scupper the market’s nascent revival. Prospective companies do not seem to be in a mood to wait and want to go to the market ahead of others. The first IPO in five years came when Emaar Malls Group floated an issue and attracted […]

October 09

Biz Tech, Economy

Mobogenie unveils free and easy app maker platform

|By TAP Staff| Mobogenie , the fastest growing developer of applications for android and mobile devices, announced the launch of a new app development platform named CYMaker at the Global App Summit in Dubai. Mobogenie claims it will open up the world of app development through a simplified, free of cost solution with no limitations, no hidden fees, and no credit card requirement. Visitors to the Global […]

October 07

RAK Petroleum to raise $25m through Oslo IPO

|By TAP Staff| RAK Petroleum said it would offer shares worth $25 million to institutional and retail investors in Norway and a private placement to certain international institutions. The IPO would be listed on the Oslo exchange. Current shareholders will be able to place their shares in the offer as well, the company said in a statement. RAK Petroleum said its assets included a 42.8 percent stake in DNO ASA, an […]

October 06

Dubai property market down, but no crash in sight

| By TAP Staff| A mismatch between buyer and seller expectations is attributed to be one of the main reasons for the signs 0f Dubai property market levelling off, according to analysts. The “over-exuberance” seen in recent months is clearly losing steam and this by itself should ensure that the market does not head towards the traditional crash. The annual price growth in the Dubai property market […]

October 05

DIFC names liquidators for Portuguese group’s local unit

|By TAP Staff| The Dubai International Financial Centre Court appointed Philip Bowers and Neville Kahn of advisory firm Deloitte as joint provisional liquidators of Portuguese financial group Espirito Santo’s Dubai subsidiary ES Bankers (Dubai) Ltd (ESBD. This came after the regulator was informed ESBD was “no longer able to meet its obligations and continue as a going concern”, the statement added. The DIFC action is the latest […]

October 04

Wanted: cleaner to pick chewing gum off royal floors. Republicans need not apply

Regal position: escorting the Queen to Ladies Day at Royal Ascot Photo: Rex Features Forget Downton Abbey and Upstairs Downstairs. This week, we have had a glimpse behind the scenes of a real-life royal household, with the news that The Queen has been advertising for someone to remove chewing gum from the floors and furniture at Holyrood House. Her Majesty’s chosen cleaner must be available to prise pink […]

October 03

Emirates to manage Angola airline

Dubai’s Emirates Airline, the world’s largest carrier by international traffic flown, has signed a deal with TAAG Angola Airlines to manage the carrier for 10 years and cooperate on “commercial opportunities” in Africa. The Gulf carrier, which also has a partnership agreement with Australia’s Qantas Airways, will code-share on cargo and passenger services, participate in each carrier’s frequent flier programs and coordinate ground handling, Emirates said in […]

October 01

Emaar success triggers huge IPO pipeline

|By TAP Staff| Following the huge success of Emaar’s malls IPO, Chairman Mohammed Alabbar indicated the possibility of floating the group’s hotel business, which includes the signature Armani Hotel. Meraas Holding, a Dubai government-controlled developer, has picked banks to manage the IPO of its theme park unit, three people with knowledge of the matter said earlier this month. The company’s IPO is planned for the fourth quarter, […]

October 01

Kuwait starting to cut subsidies, says IMF

Kuwait plans clamp on energy subsidies Kuwait starting to cut subsidies, says IMF DUBAI, 3 hours, 26 minutes ago Kuwait’s government has started reducing some state subsidy payments and is in an advanced stage of preparing a plan to cut subsidies for kerosene and electricity, the International Monetary Fund said. Subsidy cuts are an important economic reform for Kuwait because lavish subsidies, mostly on energy, swallow about […]

Seven-day GP cover: Do you believe it will happen?

The PM has pledged seven-day GP cover by the end of the decade Photo: Geoff Pugh/The Telegraph Everyone will have access to a family doctor seven days a week by the end of the decade, David Cameron has pledged. But according to official figures, millions of patients have to wait a week or more for an appointment with their GP. Doctors’ unions are warning that there would need […]

Asian News by Media-Outreach, Sales & Marketing

Henyep says more stocks tradable on its platform

|By TAP Staff| DIFC-based Henyep Investment Bank announced the addition of a large selection of international stocks, into its product list. Clients looking to invest in stocks of companies listed in matured equity markets like the US, UK and Hong Kong will now be able to trade over 100 international stocks, according to a release. Equity markets are riding a wave of renewed investor confidence due to […]

Emaar Malls raises $1.6b through IPO

|By TAP Staff| Emaar Malls Group, the shopping mall operator based in Dubai, said Monday that it had raised $1.6 billion in its initial public offering. Emaar Malls, which owns the Dubai Mall, one of the largest shopping centers in the world, with 3.7 million square feet in leasable space and 75 million visitors last year, is being spun off from Emaar Properties, the property giant that […]

Dubai financial court system seen taking hold

A landmark ruling by the court system in Dubai’s financial free zone suggests the emirate is starting to influence the way international business disputes are resolved in the Middle East, partly taking over that role from London and New York. Last month a court in the Dubai International Financial Centre (DIFC) found Switzerland’s Bank Sarasin had mis-sold $200 million of investment products to Kuwait’s prominent Khorafi family, […]

Lebanon could be ‘new Dubai’ in a decade

| By TAP Staff| A report titled Future of Travel by flight comparison website Skyscanner predicts that Lebanon will be the ‘new Dubai’ in a decade’s time. The report looks at how hotel rooms and holiday destinations could change over the next decade. It lists 50 destinations that could emerge as holiday hotspots over the next 10 years, ranking them according to the projected growth per annum […]

Arabtec in $40b Egypt housing deal

Dubai construction company Arabtec is close to completing the planning and design stage of its $40 billion deal to build one million homes in Egypt, the company said on Sunday. Arabtec originally announced in March that it had agreed with the Egyptian army to build the homes at 13 locations around the country on land provided free by the armed forces. Construction was to start in the […]

September 29

Amlak shareholders agree on AED2.1b convertible issue

|By TAP Staff| Shareholders of Dubai’s Amlak Finance have approved the issuance of a sharia-compliant instrument convertible into its stock worth up to 2.1 billion dirhams ($571.8 million), a statement from the mortgage provider said on Sunday. The instrument is a key part of the company’s $2.7 billion debt restructuring plan, agreed with creditors in August. Amlak, whose shares have not traded on the Dubai Financial Market […]

September 29

Middle East

Yemeni Rebels Fire at U.S. Embassy

Supporters of the Shiite Houthi movement in Sana, Yemen, standing around the coffins of their comrades killed in recent fighting. The rebels seized control of much of the capital last week. By REUTERS September 27, 2014 SANA, Yemen — A splinter group of Al Qaeda fired a rocket toward the United States Embassy in Sana on Saturday, wounding local guards. In a post on Twitter, the group said […]

September 27

Deloitte Middle East hires 700 new staff

Deloitte Middle East hires 700 new staff BEIRUT, 2 days ago Deloitte Middle East, a leading provider of audit, tax, consulting, and financial advisory services, hired 700 new people this year while continuing to deliver double digit growth, said the company’s chairman and chief executive. “The firm is also investing heavily in its internal systems and in developing world-class expertise in such areas as cyber security, Private […]

September 27

Economy, Markets

Abraaj bids for Saudi restaurant chain

|By TAP Staff| Dubai buyout firm Abraaj is teaming up with TPG Capital, based in Fort Worth, Texas, for a deal to buy a majority stake in Saudi Arabian fast-food chain Kudu, it has been reported. Kudu operates about 200 outlets in Saudi Arabia selling grilled chicken sandwiches, burgers and breakfasts. According to Bloomberg, the pickup in Middle East investment comes as dealmaking by private-equity firms in […]

September 26