Fitch Ratings has upgraded UAE-based Tamweel PJSC’s Long-Term Issuer Default Rating (IDR) to ‘A’ from ‘BBB+’, Short-Term IDR to ‘F1’ from ‘F2’ and Support Rating to ‘1’ from ‘2’. Fitch has simultaneously withdrawn Tamweel’s ratings. At the same time, the senior unsecured programme rating of Tamweel Funding III Limited (TFIII) has been upgraded to ‘A’ from ‘BBB+’ and withdrawn, and the senior unsecured Long-Term rating of the […]
First Gulf Bank (FGB), the United Arab Emirates’ third largest bank, is cutting about 300 jobs, equivalent to nearly 10 percent of its workforce, as part of a restructuring, sources familiar with the matter said. FGB, controlled by Abu Dhabi’s ruling family, informed employees about the plan last week and the cuts will mainly affect its consumer banking business, the sources said. They were speaking on condition […]
The United Arab Emirates said it’s drawing up safety and operational rules for its fledgling rail industry as the desert country dominated by road and sea transport spends $25 billion to build a network from scratch. A draft law is under scrutiny as the first part of an $11 billion freight line connecting the U.A.E.’s seven sheikdoms nears completion. Light rail projects are also under way in […]
Dubai International Airport is working to increase capacity to help accommodate more of the Airbus SAS A380 super-jumbo for Emirates, the largest operator of the double-decker jet, the airline’s chairman said. The expansion may help the Middle Eastern hub become the word’s busiest airport by next year, Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum told reporters today at the airport. “We are going according to plan […]
Residential property prices in Dubai are in the midst of another boom, but this time it’s fundamentals – and not speculation – at play, Standard Chartered Bank said in a new report, indicating that the rally will continue as long as the fundamentals remain in place. Economic growth, improving demographics, return of investor confidence and improving regulations have been cited as the primary factors fuelling a remarkable […]
By Peter Garnry, Equity Strategist at Saxo Bank Microsoft’s acquisition of Nokia’s mobile division means three things. It is a good deal for Nokia. It has the potential to be a disaster for Microsoft. As for BlackBerry, the deal means that patent portfolio may be the only valuable asset. Nokia, the once largest mobile manufacturer in the world, has seen its mobile division deteriorate since 2007. Operating […]
National Bank of Ras al-Khaimah (RAKBANK) has named Peter England, previously a senior banker at Malaysia’s CIMB Group, as its new chief executive, the bank confirmed in a statement on Sunday. Reuters reported last month that England, who was the head of retail financial services business at CIMB, would replace current CEO Graham Honeybill, citing sources familiar with the matter. Honeybill had initially been due to retire […]
General Motors said it expected the automobile industry in the Middle East to show growth that is sustainable, but at a slower rate than in the last few years, hurt by uncertainty and political crisis in markets such as Egypt and Syria. The U.S. automaker temporarily closed its Egyptian assembly plant outside of Cairo last month, and shut its local office, after deadly clashes between security forces […]
CEOs of 73 percent of companies in the UAE say prepared to lose profit in the short term for the sake of protecting long-term reputation. Once the sole remit of the marketing and PR departments, reputational risk is now seen as a critical company-wide concern, according to a global survey by the Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA). The survey […]
DP World Ltd., the world’s third-largest ports operator, posted a 9.1 percent increase in first-half profit, beating analysts’ estimates, as it focused on fast-growing markets and monetized assets in Hong Kong. Net income rose to $264 million, or 31.8 cents a share, from $242 million, or 29.1 cents, the Dubai-based company said in a statement to Nasdaq Dubai today. The mean estimate of three analysts was for net income […]
Emirates is breaking out of Dubai. In what will be a curious experiment for one of the world’s fastest-growing and most respected airlines, Emirates will begin flying daily from New York’s JFK International Airport to Milan starting Oct. 1. It will be one of the very few routes in the company’s vast network that doesn’t touch its Dubai hub. The JFK-Milan route is currently served with nonstop […]
A Dubai court has dismissed a Kuwaiti sheikh’s $21.4 million claim against UBS in which he alleged the Swiss bank failed to pay him for helping it become lead arranger on a $9 billion asset sale by Kuwaiti telecom operator Zain. The case highlighted the complexity of doing business in the Gulf, where personal connections to high-ranking officials or executives are often valued in deal making. But […]
Jitters over a possible U.S.-led military strike against the Syrian government knocked Asian equities to a seven-week low on Wednesday and pushed oil prices and safe-haven gold to multi-month highs. An acute ‘risk-off’ mode also boosted the appeal of the Japanese yen, which held near a one-week high against the dollar and euro after having posted its biggest rally in more than two months. Washington and its […]
The goal of a single rule book for Europe’s banks is splintering even before it’s implemented as northern countries move ahead with tougher requirements to ward off the next boom-to-bust cycle. Sweden’s too-big-to-fail banks, which already face stricter capital rules than their competitors elsewhere, may be told to hold even larger reserves, Financial Markets Minister Peter Norman said yesterday. In Denmark, Business Minister Henrik Sass Larsen said […]
The growth of the insurance markets within the countries of the Gulf Cooperation Council (GCC) will continue, albeit at a reduced pace, as economic growth remains relatively modest in 2013, according to a new report from A.M. Best Co. The report, titled “GCC Insurance Markets Brace for Competitive and Profitability Pressures”, states that all of the GCC countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab […]
Dubai Aerospace Enterprise (DAE), owner of U.S.-based engine repair and maintenance business StandardAero, is in talks to merge parts of its business with British aircraft services firm BBA Aviation , it said on Monday. Dubai government-owned DAE said the talks were at a preliminary stage and gave no further details. Its statement came after the Sunday Times newspaper reported BBA was holding talks with StandardAero over a […]
HSBC Holdings, the top arranger of debt issues in the Gulf Arab region, has named Mustafa Aziz Ata to run its debt capital markets business for the Middle East and North Africa, an internal memo from the bank showed. Aziz, who joined the bank in 2004, is currently a director in its global capital markets division. In his new role, Aziz will report to Russell Schofield-Bezer, head of EMEA debt capital markets, […]
Iran is raising its exports of iron ore and iron products to China and India in an attempt to replace at least a small part of the massive revenue that has been lost due to sanctions on its oil sales. While Iran’s oil exports have halved in the last few years due to western sanctions over the country’s disputed nuclear program, iron ore exports have grown by […]
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 […]
By Steen Jakobsen, Saxo Bank Commenting on Egypt is not something I take lightly, particularly when the death toll there continues to rise. The Middle East and North Africa (MENA) is a difficult region to comment on in general. You cannot apply the usual economic models when doing your research, but have to make a careful assessment of evidence on the ground and by observing the evolution […]
Saudi Arabia and India topped the charts for sending the most tourists to Dubai in the first half of this year as a new report by Department of Tourism and Commerce Marketing (DTCM) revealed record-breaking figures. More than 5.5 million tourists visited Dubai from January to June this year, representing an increase of 11.1 per cent over the previous year. Director-General of DTCM Helal Saeed Almarri said: […]
Emirates NBD, the United Arab Emirates’ biggest bank by assets, expects to raise more than $12 billion for clients in the remainder of the year, boosting investment banking income as the lender seeks expansion. The Dubai government-controlled lender has mandates for about 20 bond and loan deals after helping raise $14.6 billion for clients in 23 such transactions so far this year, Giel-Jan Van Der Tol, the […]
The Dubai Economic Council (DEC) has signed a Memorandum of Understanding (MoU) with Deloitte Corporate Finance Limited for mutual cooperation. Hani Al Hamli, Secretary General DEC; and Humphry Hatton, Chief Executive Officer of Deloitte Corporate Finance, signed the MoU in the presence of the executive teams of both sides. Al Hamli stated, “We’re proud to have Deloitte Corporate Finance Limited as our partner, which comes in our […]
A programming error at Goldman Sachs Group Inc. caused unintended stock-option orders to flood American exchanges this morning, roiling markets and shaking confidence in electronic trading infrastructure. An internal system that Goldman Sachs uses to help prepare to meet market demand for equity options inadvertently produced orders with inaccurate price limits and sent them to exchanges, said a person familiar with the situation, who asked not to […]
