David Cameron could place himself at the head of a movement to halt the European Union steam-roller and turn it around Photo: EPA Earthquake or not, British politics has certainly undergone a seismic change over the past few weeks. Familiar landmarks have vanished, fresh features emerged, and the outlook has fundamentally changed. Let’s start with an intrusion into private grief, and take a long look at the […]
Egypt’s apparent low voter turnout in presidential elections could be driven by millions boycotting the process because of objections to the two candidates or simply by apathy to yet another ballot during a tumultuous three years. But wedged in between the boycotters and enthusiastic voters is a group that is carrying on the tradition of spoiling their ballots, often with poignant or whimsical messages to the state. Here’s […]
Although the world’s largest democracy has been hobbled by inflation, a declining currency and difficult business environment, the pro-business Bharatiya Janata Party that just won an epic election in India has engendered optimism that the country can turn around its sagging economic scenario. It’s time to increase your exposure to India’s stock market. The timing is good with equities in India perking up of late, something that […]
In Dubai, a city known for some of the world’s most luxurious hotels and penthouses, developer Union Properties PJSC (UPP) is looking to tap demand from people who want to visit the emirate without breaking the bank. The company plans to build around 1,000 hotel rooms in the next five years to address a shortage in the middle- and lower-end of the market, managing director Ahmad Al […]
‘No country demand anything like the same assurances as the USA immigration authorities’ Photo: GETTY Having recently returned from the US, I feel obliged to offer a few thoughts about American transport. Because – certainly at Los Angeles and New York – something has gone very badly wrong. A lot of people complain about Heathrow and Gatwick but the truth is that we British have quietly set about […]
DUBAI // A wish list of 21 requests from Indian expatriates in the UAE was delivered to Narendra Modi’s office on Monday as the Bharatiya Janata Party leader was sworn in as prime minister. It included long-standing demands such as voting rights for non-resident Indians, encouraging investment in infrastructure, joint-venture incentives and exemption from restrictive taxes. “These issues relate to NRIs all over the world, not just […]
India’s rupee fell the most in a month on speculation the central bank intervened to curb gains that threaten exports, while importers stepped up dollar purchases to pay month-end bills. The rupee has gained 2.8 percent this month in Asia’s best performance on optimism a new government will step up efforts to revive the economy. Narendra Modi will be sworn in as India’s prime minister today after […]
Chancellor Angela Merkel and Prime Minister Cameron. Photo: AFP Tory MPs may have agreed not to panic in the light of Ukip’s big win, but that doesn’t mean David Cameron isn’t going to come under a huge amount of pressure from them in the coming days and weeks to do something, anything, to show he’s got the message. One of their demands is bound to be that the […]
Far-right and anti-European Union parties have made sweeping gains in the European Parliament elections held over the 28 member states. Voters in 21 of the EU’s states went to the polls on Sunday, choosing members for the bloc’s 751-seat legislature. The other seven countries in the bloc had already voted in a sprawling exercise of democracy that began on Thursday in the United Kingdom and the Netherlands. […]
BANHA, Egypt — His face smiles down from campaign banners everywhere, but splashes of red paint have bloodied a few. Abdel Fattah el-Sisi, the former army field marshal who led the military takeover last summer, is certain to win a landslide victory in the pro forma presidential election on Monday and Tuesday. But in this town about 30 miles north of Cairo, the mood is a discordant […]
The Middle East’s oil boom was made in China HSBC As the world’s second-largest consumer of oil, China in the past decade has relied heavily on the Middle East to secure the resources required to fuel its ascendancy to become an economic superpower. In doing so, it overtook the U.S. as principal investor in the Middle East and played a pivotal role in transforming the region by […]
ON THE EAST BANK OF THE JORDAN RIVER — After visiting a site on Saturday where Jesus is believed to have been baptized, Pope Francis spoke about Jesus’s humility, “the fact that he bends down to wounded humanity in order to heal us.” So when some burly men prepared to carry a doctor in a wheelchair up four steps to the stage for a blessing, perhaps it […]
Elaine Paige: ‘I do regret the fact that I never married and had a family of my own,’ she said. ‘But I’m of the belief that you can’t have it all’ Photo: David Rose When I heard what actress Elaine Paige said earlier this week, it struck a chord with me. “I do regret the fact that I never married and had a family of my own,” she […]
CAIRO — The former general who is universally expected to win a landslide victory in next week’s presidential election has the support of only a narrow majority of Egyptians, according to a poll released Thursday by the Pew Research Center. The poll is the most significant measurement of Egyptian public opinion since the former general, Abdel Fattah el-Sisi, led the ouster last summer of President Mohamed Morsi […]
The surge in oil prices driven by Chinese demand has added $1 trillion to output in the Gulf Cooperation Council countries over 10 years, according to HSBC Holdings Plc. The six-member bloc’s gross domestic product increased to $1.7 trillion between 2003 and 2013, bringing per capital GDP to an average of $35,000, HSBC said in a report on the effect of a “globalizing China” on the Middle […]
Islamic finance has been one of the fastest-growing sectors in global finance but the industry has yet to shake off perceptions about high costs and complexity that are holding back some issuers. Sukuk, or Islamic bonds that follow religious principles such as a ban on interest and speculation, are now a major funding tool for companies in the Middle East and southeast Asia, and are becoming increasingly […]
Uber San Francisco-based Uber — a smartphone app that connects passengers with cars for hire — officially launches in the Saudi capital Riyadh today after three months of beta testing, entering a new market with some unique opportunities. Saudi Arabia is a country with virtually no public transport and where half of the population — women — is not allowed to drive. Many of the regular cabs available […]
Malaysia’s Securities Commission has tightened rules on bai inah, a popular but divisive Islamic financing contract, in a fresh sign that standards in the world’s two main centres for sharia-compliant banking are slowly converging. Regulators and scholars in Malaysia and the Gulf have contrasting approaches to Islamic finance; the Gulf tends to be stricter in defining permissible transactions, and banks in the region have therefore shunned bai […]
|TAP Special| Sharjah might soon have its own Metro, which could be linked to Etihad Rai, as part of a massive plan to develop the emirate’s transport infrastructure, according to sources familiar with the plan. The newly-created Sharjah Roads and Transport Authority has been tasked with the responsibility of undertaking the feasibility studies in this regard. The plan also includes the development of new road networks and […]
Chief executives in the Middle East are the world’s most upbeat about economic growth next year on hopes that the region will see a period of increased stability following the geo-political turmoil of recent years, says consultancy firm PwC. Of those regional CEOs who say their companies will grow revenues in the next 12 months, 66% are “very confident” compared to the global average of 39%. The […]
ABU DHABI, United Arab Emirates — The strike had entered its second day when construction workers at Labor Camp 42 got word that their bosses from the BK Gulf corporation had come to negotiate. Mohammed Amir Waheed Sirkar, an electrician from Bangladesh, scrambled down the stairs to meet them. But when he got to the courtyard, he saw the truth: It wasn’t the bosses who had come. […]
Mark Carney speaks during the bank’s quarterly inflation report news conference at the Bank of England in London Photo: Lefteris Pitarakis/REUTERS Britain’s economic revival has been helped by rising house prices in some parts of the country, but now the Bank of England is signalling that a bubble may have to be deflated. Yesterday, Mark Carney, the Bank’s Governor, felt moved to warn that the housing market has […]
Egypt’s weak currency, unstable security situation, energy crisis and a government that’s almost bankrupt after three years of political uncertainty hardly make ideal conditions for a market rally. But even as periodic blackouts hit Cairo and Islamist militants carry out attacks on security forces, Egypt this week is welcoming its first initial public offering since a revolution toppled former president Hosni Mubarak in 2011. Arabian Cement, a […]
The Personal Rapid Transit (PRT) system, or the podcar, may soon become reality in Dubai. In Masdar City in Abu Dhabi, the little driverless cabins already do rounds as one of the first operating system in the world. Futuristic as they may seem, the system could well be feasible in Dubai, too, as a rising population with high mobility rates pushes towards a diversification of the transport […]
