SHARJAH // More than Dh11 million worth of humanitarian aid was offered to poor or low-income families in the first quarter of this year, Sharjah Charity Society has announced. Abdullah Sultan bin Khadam, of the SCS board, said that monthly financial assistance totalled Dh3.4 million, adding rent instalments worth Dh1.7 million were paid to more than 200 families. Almost Dh2 million was spent on surgeries for 150 […]
|By TAP Staff| Network International, the credit card processing company owned by Emirates NBD and Abraaj Group is set to launch an IPO. According to sources, the offering would happen in the fourth quarter or in early 2016. The business is expected to be valued at more than $1 billion. Abraaj bought 49 percent of Network International from Emirates NBD for about 2 billion dirhams ($545 million) in late 2010. The […]
UAE. Landmark real estate regulatory changes including the UAE-wide Federal Mortgage Cap and Dubai’s doubling of Property Registration Fees last year, which was aimed at curbing speculative activity, have together gradually and successfully contained a market that was in danger of overheating with the level of transactional activity now dramatically reduced, according to latest research released by international real estate consultancy Cluttons. Cluttons Spring 2015 Dubai Residential […]
|Special byTAP Staff|Abu Dhabi-based Aabar Investments is expected to reap rich dividends from its involvement with Mongolia’s coal industry in the wake of a landmark mining deal concluded recently. Aabar Investments has been the largest UAE investor in Mongolia since 2011 through its investment into Gobi Coal & Energy Ltd, which has been credited with the discovery of the massive Oyu Tolgoi project. Its two main projects, […]
|By TAP Staff| Arch Reinsurance Ltd. (Arch) announced completion of its acquisition of Gulf Reinsurance Ltd. (Gulf Re), a specialty reinsurer based in the Dubai International Financial Centre. Gulf Re was founded jointly by Arch and the Gulf Investment Corporation (GIC) in 2008. In 2014, Arch and the GIC signed an agreement whereby Arch would acquire 100% ownership of Gulf Re. The agreement provides that, among other […]
Top UAE banks paying off the emergency loans they previously took from the Ministry of Finance is a sign they now have ample liquidity and funding alternatives, according to banking industry experts. The UAE banks landed in a serious liquidity squeeze, after foreign banks withdrew Dh100 billion worth of funds from the local banks placed with them to make quick gains from the much-anticipated de-pegging of the […]
|By TAP Staff| The US CFTC has filed a civil action against Heet Khara and Nasim Salim, residents of the United Arab Emirates, alleging that they engaged in ‘spoofing’ in the gold and silver futures markets – placing bids and offers with the intent to cancel them before execution, online news publisher Hedgeweek reported. Based on Defendants’ pattern of unlawful spoofing conduct and the potential for dissipation […]
|By TAP Staff| The sale of residential properties in Dubai may continue to slide by one to five percent in the first half of this year, according to a report for Deloitte Financial Advisory. But the report forecasts a pickup in the second part of the year. It added that super prime malls will experience further growth in tourist numbers whilst residents will drive demand for convenience […]
|TAP Special| US airlines companies hired secret accountants to unearth how Gulf governments subsidized their airlines, including Emirates, Etihad and Qatar Airways, western media has reported. As the battle intensifies over U.S. airlines’ allegations of unfair state subsidies to three Persian Gulf rivals, American carriers have been gathering data to support their claims sheds light on the vast financial reporting divide between the two sides. The U.S. […]
|By TAP Staff| Emaar Malls , the shopping malls and retail business majority-owned by global property developer Emaar Properties, records net profit of AED 433 million (US$ 118 million) during the first quarter (January to March) of 2015. This is 32 per cent higher than Q1 2014 net profit of AED 329 million (US$ 90 million). The revenue during Q1 2015 across all its mall and retail […]
Dubai Investments said on Wednesday it plans to enter new markets in Africa and the Gulf region, as it reported a 6.5 per cent rise in first-quarter net profit. “Several new investment proposals are currently under evaluation, with some of them in advanced stages of negotiations,” Khalid bin Kalban, the firm’s chief executive, said in a statement. Kalban said the firm was targeting diversified sectors such as […]
The two main stock exchanges in the United Arab Emirates are trying to attract market makers but some industry professionals say Abu Dhabi is offering more generous financial terms and more liberal rules than Dubai, suggesting it may have more success. Market makers stand ready to buy and sell stocks at all times, improving liquidity on an exchange – something which may be increasingly important as Abu […]
Talhouk … turning data into insights. Microsoft summit highlights data analysis trends DUBAI, 1 days ago The second Microsoft Dynamics Summit, which concluded recently in Dubai, UAE has provided new insights on how Dynamics tools will enable organisations to more effectively make sense of data and fuel greater speed and precision in decision-making. The summit took place at Jumeirah Beach Hotel and attracted hundreds of business leaders, […]
Dubai’s drive to develop its Islamic finance sector is fuelling growth of sharia-compliant banking but the benefits are unevenly distributed, with some lenders struggling to compete against burgeoning competition. In 2013, Dubai’s government announced plans to turn the emirate into a centre for an “Islamic economy” with sharia-compliant businesses ranging from banking to asset management, trade, food preparation and certification, fashion, education and tourism. This looked like […]
Deutsche Bank must pay the largest ever fine levied by the regulator of Dubai’s financial free zone for what the watchdog described as “serious contraventions” by the German lender’s wealth management business in the emirate. The $8.4 million levy from the Dubai Financial Services Authority (DFSA) is the latest regulatory blow for the Frankfurt-based lender, which faces billions of euros in potential claims or settlements over alleged […]
|By TAP Staff| Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 30.72 million barrels per day (b/d) in March, up 800,000 b/d from February, and the highest monthly volume since November 2012, according to the latest Platts survey of OPEC and oil industry officials and analysts. In November 2012, OPEC output was estimated at 31.08 million b/d. Saudi Arabia boosted production by 280,000 […]
Deloitte appoints director forensic services in Saudi RIYADH, 3 days ago Deloitte Corporate Finance in the Middle East has appointed Abdullah Farid Shaker as principal director of forensic and financial advisory services, based in Riyadh, Saudi Arabia. “I am delighted to welcome Abdullah to our team, whose joining reflects the growing need for financial advisory services in the Middle East and in KSA specifically,” said Humphry Hatton, CEO […]
Apollo Global Management is in talks to expand its business into the Middle East for the first time through a joint venture with a local investment firm, three sources aware of the matter told Reuters on Wednesday. The move is the latest sign of interest in the region from large Western private equity funds. They are searching for opportunities in previously-unexplored markets due to low-yield environments at […]
Pacific Control Systems, a Dubai-based information and communications technology provider, has raised 1 billion dirhams ($272 million) in 72-month loans, to partly finance expansion plans. NBF Capital, a unit of National Bank of Fujairah, was financial advisor for the deal. It was joined by Al Khalij Commercial Bank QSC as lead arranger, National Bank of Fujairah said in a bourse statement on Tuesday. The syndication was a […]
As chairman of Emaar Properties, Mohamed Alabbar has shaped much of Dubai’s skyline, but rapid growth in his outside real estate interests is raising the possibility of a rarity in the Gulf – open shareholder dissent. Speculation persists that Alabbar and Emaar, the company he founded in 1997, could soon part ways despite a categorical denial from the firm last month. His involvement in other firms’ projects, […]
QATAR. Notwithstanding the weak start for the global economy, Asian economies are expected to continue to grow rapidly in 2015. We expect economic growth to average 5.7% in 2015, the same rate as in 2014. However this masks significant differences across Asian countries that mainly depend on their exposure to global headwinds. India and Myanmar stand out as bright spots for 2015, while China, Indonesia, Malaysia and […]
Borse Dubai ruled out any sale of its shares in Nasdaq OMX Group on Thursday after shedding its entire 17.4 percent stake in the London Stock Exchange (LSE). The firm had been the biggest single shareholder in the LSE prior to the sale, which occurred on Wednesday through a so-called book building process which a source familiar with the matter told Reuters on Thursday happened at 22.50 […]
|By TAP Staff| Dubai’s stock exchange operators Borse Dubai Ltd said it was selling its remaining stake of 17.4 percent in the London Stock Exchange Group. Borse Dubai holds the biggest shareholder in the premier global exchange, valued at about $2.2 billion. Borse Dubai is the holding company for Dubai Financial Market (DFM) and NASDAQ Dubai. Borse Dubai was created 6 August, 2007 to consolidate the Government […]
State-owned conglomerate Dubai World has been granted approval to end court proceedings relating to its $14.6 billion debt restructuring deal, according to a document on the court’s website. The action allows lawyers for the conglomerate to gather the signatures of creditors in support of the deal outside the Dubai World Tribunal, the special court that had been overseeing the process. Formal sign-off for the restructuring could occur […]
