| By Yaroslav Trofimov| Despised by some, admired by others, the U.S. has been the Middle East’s principal power for decades, providing its allies with guidance and protection. Now, however, with Russia and Iran thrusting themselves boldly into the region’s affairs, that special role seems to be melting away. As seasoned politicians and diplomats survey the mayhem, they struggle to recall a moment when America counted for […]
|By TAP Staff| Al Shafar General Contracting has put on hold its plan to sell shares in an initial public offering in Dubai amid weak market conditions, Bloomberg reported quoting two people with knowledge of the matter. The Dubai-based construction company, which is helping build an island designed to feature the world’s tallest Ferris wheel, explored a share sale before deciding the timing isn’t conducive to a […]
|By Matein Khalid| 2015 has been a horror story for emerging markets and Asian shares have not escaped the fallout from the 40% plunge in Shanghai/Shenzhen since June. Yet financial markets discount the future while UAE investors invariably extrapolate the recent past. So even while I resurrect the ghosts of 1998 when Suharto’s regime fell amid anti-Chinese riots in Jakarta, South Korea was forced to accept a […]
SAUDI ARABIA. JLL, the world’s leading real estate investment and advisory firm, today released its third quarter (Q3 2015) Riyadh and Jeddah Real Estate Market Overview reports that asses the latest trends in the office, residential, retail and hotel sectors. Mr Jamil Ghaznawi, National Director and Country Head of JLL KSA, commented: “The Riyadh real estate market has maintained a steady performance this quarter. The office sector […]
Letters spell the word ”Alphabet” as they are seen on a computer screen with a Google search page in this photo illustration taken in Paris, France, August 11, 2015. Reuters/Pascal Rossignol Google, which has now morphed into holding company Alphabet Inc (GOOGL.O), is in talks with messaging startup Symphony Communication Services LLC for a round of fundraising, a person familiar with the matter told Reuters. Symphony’s chat […]
UAE. In times of economic uncertainty, cold-hearted international investors seek more diversification of their property portfolios; as London provides opportunity for property capital appreciation with prices continuously on the rise in the last five years, reasonable prices and growing yields in Dubai market make an equally attractive income generating opportunity. Mutual InterestFor Middle Eastern investors, London has always been regarded as a strong investment complementary to their […]
Letters spell the word ”Alphabet” as they are seen on a computer screen with a Google search page in this photo illustration taken in Paris, France, August 11, 2015. Reuters/Pascal Rossignol Google Inc has morphed into Alphabet Inc. After U.S. markets closed on Friday, Alphabet replaced Google as the publicly traded company that will house Google’s search and Web advertising businesses, maps, YouTube and its “moonshot” ventures […]
Discount broker Scottrade said on Friday that it was the victim of a cyber attack from late 2013 to early 2014 that compromised client names and addresses in a database with information on some 4.6 million customers. The firm said it learned about the attack from federal law enforcement officials who were investigating the theft of data from Scottrade and other financial services firms. The company did […]
UAE. Lifting of Iran sanctions in the future will significantly boost its economy and positively affect the neighbouring GCC economies, especially the UAE. According to speakers at a panel discussion organised by ICAEW’s Corporate Finance Faculty in the UAE, this is due to its solid trading infrastructure. ICAEW members and guests gathered at Jumeirah Emirates Towers in Dubai recently to discuss the impact of lifting Iran’s sanctions. […]
UAE. A recent report surveying 150 financial advisors in the UAE – part of a larger Natixis global study of 2,400 advisers in 14 countries across the globe – has revealed that investors making emotional investment decisions in turbulent markets is the top mistake advisors see among individual investors. Advisers are concerned that individual investors tend to be too focused on short-term market events, leading them to […]
People wait in line as the Apple iPhone 6s and 6s Plus go on sale at an Apple Store in Los Angeles, California September 25, 2015. Reuters/Jonathan Alcorn REUTERS – Apple Inc said on Thursday it appointed James Bell, Boeing Co’s former chief financial officer, to its board. Bell, who was Boeing’s CFO from 2003 to 2012, is on the board of several other companies, including JPMorgan […]
ADEN // The smiling, triumphant fighters waving the flags of the UAE, Saudi Arabia, Bahrain and Yemen at the Marib Dam were not just celebrating a strategically important victory in the battle to restore stability to Yemen. They were also fulfilling a vow by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. While visiting families of the Emirati […]
The Syrian civil war, now in its fifth year, involves multiple countries with overlapping and at times conflicting agendas. Competing visions of how to manage the conflict, which has led to a major global refugee crisis as well as the rise of the Islamic State, dominated discussions at the United Nations General Assembly this week. But despite days of meetings and diplomatic maneuvering, the crisis has only […]
UAE The next six months may prove a pivotal turning point in the recovery of global commodities markets according to Ole Sloth Hansen, Head of Commodity Strategy at Saxo Bank, the online trading and multi-asset investment specialist. Following nine months of geo-political incidents in Europe and the Middle East, and widespread uncertainty catalysed by major economic crises in Greece, Russia and China, Hansen is optimistic the next […]
UAE. In many industrial companies, services play virtually no role. Yet the service business is reporting growth rates up to 40 percent faster than sales of new products. What’s more, the gross profit margin of services is on average a good ten percentage points higher. These are the conclusions from international management consultants Bain & Company in their latest study, “Winning in Industrial Services,” in which 45 […]
A Microsoft logo is seen on an office building in New York City, July 28, 2015. The global launch of the Microsoft Windows 10 operating system will take place on July 29. Reuters/Mike Segar Microsoft Corp (MSFT.O) joined Amazon.com Inc (AMZN.O) and Intel Corp (INTC.O) in tweaking the way it reports results, a move that will help the software giant show off its growing cloud and mobile […]
UNITED NATIONS — President Obama called upon a conclave of world leaders on Tuesday to fight violent extremism with not only weapons, but also ideas, jobs and good governance, a strategy he has long advocated. There are few signs that it is succeeding. Military pressure, Mr. Obama said at a United Nations summit meeting, will be insufficient to vanquish groups like the Islamic State, also known as […]
Indonesia is drawing interest from Middle Eastern banks seeking to tap the world’s biggest pool of Shariah-compliant investors as some Islamic lenders wind down or close operations in Malaysia and Singapore. Emirates NBD PJSC wants to invest at least $300 million in a new Shariah lender or acquire a stake in an existing one, Dhani Gunawan Idat at Indonesia’s financial regulator said in a phone interview. That’s […]
|By Matein Khalid| Even as China’s President meets the capo di tutti capi in Seattle, its manufacturing PMI falls to 47, a post Lehman low, with new export orders in a slump. I found it significant that the offshore yuan fell 200 pips to 6.4346 after the PMI. This proves my core argument, outlined a month ago. The Middle Kingdom will respond to its economic decline and […]
Saudi Arabia has withdrawn as much as $70 billion from global asset managers as OPEC’s largest oil producer seeks to plug its budget deficit, according to financial services market intelligence company Insight Discovery. “Fund managers we’ve spoken to estimate SAMA has pulled out between $50 billion to $70 billion from global asset managers over the past six months,” Nigel Sillitoe, chief executive officer of the Dubai-based firm, […]
INTERNATIONAL. The low level of insurance penetration seen in many Middle East and North Africa (MENA) countries, combined with the robust, albeit deteriorating, profitability achieved by the leading primary insurers, has made the region a target for international and domestic reinsurers. A new special report by A.M. Best examines how insurance markets in the MENA region have grown significantly over the past decade. MENA insurance premiums surpassed […]
Middle East By THOMAS ERDBRINK September 27, 2015 President Hassan Rouhani of Iran is scheduled to address the United Nations General Assembly on Monday. Thomas Erdbrink, the Tehran bureau chief for The New York Times, looks at what message Mr. Rouhani has for international leaders and how it might be received. What’s different from the last time President Rouhani spoke to the General Assembly? Mr. Rouhani, Iran’s leader since […]
While Dubai continues to pump out sumptuous new apartment blocks, for a rising number of expatriates the city no longer offers the luxury lifestyle that lured many foreigners to the Gulf. A shortage of affordable homes and a reduction in overseas allowances since the financial crisis are pushing foreign staff on middle incomes out to less glamorous areas of the city far from the office, or to […]
UNITED NATIONS — Mark Zuckerberg, chief executive of Facebook, promoted access to the Internet as “an enabler of human rights” and a “force for peace” on Saturday, as he announced that his company would help the United Nations bring Internet connections to refugee camps. “It’s not all altruism,” Mr. Zuckerberg said later, in an implicit acknowledgment that drawing new users to his service is also good for […]
