Gulf stock markets rose on Thursday as Saudi Arabia released a 2015 state budget that will keep spending high, reassuring the region that economic growth is unlikely to be hurt much by the plunge of oil prices. The Saudi budget envisions state spending at a record 860 billion riyals ($230 billion) next year, up 0.6 percent from the 2014 budget plan. That would be the smallest rise […]
In Saudi Arabia, where the currency has been fixed at about the same rate for 28 years, even the tiniest swings in the futures market reflect concern the peg will be broken. So the 0.2 percent drop that traders see by next year shows this is the most worried they’ve been about it since 2009. For Standard Chartered Plc and Abu Dhabi Commercial Bank PJSC, that speculation […]
DUBAI, 2 days ago Developing countries in Asia—particularly China and India—are rapidly becoming the biggest trading partners with Gulf Co-operation Council (GCC) countries ahead of other regions, according to a new report released by the Economist Intelligence Unit (EIU) in conjunction with Falcon and Associates. The study, entitled ‘GCC Trade and Investment Flows,’ explored the GCC’s economic ties with each world region and identifies major growth drivers. […]
Watan inks strategic tie-up with Natixis RIYADH, 2 days ago Natixis, the corporate arm of France’s banking group Groupe BPCE, and Saudi Arabia’s Watan Investment & Securities Company have signed a strategic cooperation agreement. The signing, which took place at the Council of Saudi Chambers in Riyadh, Saudi Arabia, marks the start of expectantly a long-term cooperation between the two institutions on a wide range of Natixis […]
Women in the Mena region mostly seek employmentin order to be more financially independent. Majority of Mena women see gender equality in jobs DUBAI, 2 days ago While 51 per cent of women in the Mena region consider recruitment and selection opportunities are regardless of gender, 31 per cent believe that women are treated less favourably in terms of salary, a report said. Women in the Mena […]
Wireless giant T-Mobile has agreed to pay more than $90 million as punishment for placing unwanted third-party charges on phones, also known as “mobile cramming,” the Federal Trade Commission said Friday. If the announced agreement is approved by a U.S. District Court, it would resolve an FTC lawsuit filed in July that accused T-Mobile of billing customers for unwanted charges, including horoscope, love tip and celebrity gossip […]
Globally, banks will continue to make progressin restoring their financial fundamentals. Financial profiles of banks to strengthen in 2015 NEW YORK, 1 days ago The standalone creditworthiness of banks across the globe will continue to stabilise in 2015, a report said. At the same time, the number of negative banking system outlooks has risen, primarily reflecting the potential for a decline in systemic support, particularly in Europe, […]
Cyber threat… rise in malicious attacks on computers and mobiles Cyber threats increase by one billion in 2014 JEDDAH, 1 days ago A total of 6.2 billon malicious attacks on user computers and mobile devices were blocked by Kaspersky Lab antivirus products in 2014, one billion more than in 2013, the vendor of endpoint protection solutions reported. In 2014 Kaspersky Lab experts saw considerable growth in the […]
Sony Pictures Entertainment was warned by hackers to “obey” or else, now the entertainment giant is warning news organizations how to treat its stolen data in the wake of the attack. Sony Pictures attorney David Boies wrote a three-page letter to several news media outlets, noting that the Sony documents were stolen information, and that anyone who received a copy should not review them — but rather […]
|By TAP Staff| A shortage of prime office space in Dubai, which is being underpinned by robust demand, has translated into strong upward pressure on rents across the city, and a rapidly diminishing supply of Grade A space in more centrally located submarkets and freezones, according to the latest research from international real estate consultancy Cluttons. Cluttons’ Dubai Winter 2014 Commercial Market Outlook report shows that during […]
A fresh drop in the price of oil looks likely to put more pressure on Sunday on stock markets in the Gulf, where investors appear to be waiting for the commodity to stabilise before opening new positions. Brent crude dropped nearly 3 percent and settled at below $62 a barrel on Friday after the International Energy Agency cut its outlook for demand growth in 2015. A plunge […]
Sliding oil prices, leverage and sheer panic have exposed the fragility of Gulf equity markets just as they are becoming mainstream destinations for international investors. In May, MSCI upgraded Qatar and the United Arab Emirates to emerging-market status, drawing billions of dollars of new money to them. Saudi Arabia will open its bourse to direct foreign investment next year, which could draw tens of billions of dollars […]
Most Gulf firms can prosper with $70 oil DUBAI, 6 days ago Plunging stock markets in the Gulf show investors are panicking about the prospect of $70 oil next year. But heavy state spending means most firms in the region, with the big exception of petrochemical producers, are likely to do just fine. The main Saudi stock index sank 4.8 per cent on Sunday, bringing its losses […]
Shuaa Capital’s executive chairman and board director, Sheikh Maktoum Hasher al-Maktoum, will step down from both roles in February, the Dubai-based investment bank said on Sunday. Maktoum will depart after the disclosure of its full-year results for 2014, Shuaa said in a statement. A member of Dubai’s ruling family, Maktoum served in his present capacity since May 2011. During his tenure, the firm underwent a significant turn-around […]
Just days after Stephen Hawking, a preeminent British physicist, warned artificial intelligence (AI) could end mankind, MetaMind announced its new AI platform and an initial $8 million in funding from Khosla Ventures and Salesforce Chairman and CEO Marc Benioff. MetaMind has developed what it calls “deep learning” software that combines natural language processing and computer vision to solve complex data problems. The technology’s goal is to pave […]
Dubai Parks and Resorts expects to list on the Dubai Financial Market on Dec. 10 following the completion of its 2.5 billion dirham ($680.7 million) initial public offer, the company said on Wednesday. The firm, part of Meraas Holding, sold 40 percent of its shares at 1 dirham per share. Of this, 40 percent was sold to individual investors and 60 percent to institutions. The tranche open […]
Plunging stock markets in the Gulf show investors are panicking about the prospect of $70 oil next year. But heavy state spending means most firms in the region, with the big exception of petrochemical producers, are likely to do just fine. The main Saudi stock index sank 4.8 percent on Sunday, bringing its losses from its September peak to 23 percent. Dubai’s index is down 21 percent […]
Arch Capital Group Ltd. (ACGL) agreed to take complete ownership of Gulf Reinsurance Ltd. after losses on a venture that was backed by oil-producing nations. Arch will also take on liabilities from insurance contracts written in prior periods, the Bermuda-based company said yesterday in a statement that didn’t disclose terms. Gulf Re’s financial strength rating was placed under review, with negative implications, by A.M. Best in September. […]
State-owned conglomerate Dubai World will meet with its creditors next week to formally present revisions to its multi-billion-dollar debt restructuring terms, three sources aware of the matter told Reuters on Thursday. Meetings will take place in London on Dec. 1 and Dubai on Dec. 8 to put a new debt proposal to all creditors, the sources said, speaking on condition of anonymity as the information is not […]
The Deputy Prime Minister, Nick Clegg, has said EU migrants should only be able to claim out-of-work benefits after three months By Raziye Akkoc 8:55AM GMT 27 Nov 2014 Follow The Deputy Prime Minister has waded into the argument about EU migrants on benefits by giving his support for “ensuring that EU jobseekers cannot claim out-of-work benefits from day one”. Nick Clegg, in an op-ed for the […]
|By TAP Staff|Saudi billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud secured a London court ruling in his favour in a defamatory suit against Forbes for an article carried by the magazine on him in April 2013. Alwaleed maintained that Forbes defamed him by falsely accusing him of defaulting on important contractual obligations, dishonestly manipulating the share price of Kingdom Holding Company, and firing KHC’s auditor […]
Dubai’s Amlak Finance said on Tuesday it had signed a $2.7 billion debt and financing restructuring deal with creditors. The Islamic mortgage lender has been negotiating with creditors to finalise the deal, which was approved by shareholders in September. Finalising the documents completes the process, it said. “Amlak will continue to work in positioning itself for future long-term growth and restructuring its business operations while also ensuring […]
Saudi Arabia’s shares retreated to the lowest level since March as the nation’s oil minister said no one should cut output to stem falling crude prices. Dubai’s measure declined. The Tadawul All Share Index (SASEIDX) lost 1.7 percent to 9,081.27 at the close in Riyadh, the lowest since March 3 and about 162 points away from entering a bear market. Samba Financial Group led the decline with […]
Three more private companies are expected to list shares on the UAE stock exchanges’ secondary market by mid-2015, the head of the stock market regulator said after the first two firms began trading on the platform on Tuesday. Announced in September, the new platform aims to encourage many of the Gulf state’s private companies, including family-owned firms who dominate the business landscape, to trade their shares through […]
