Demand for aircraft leasing is expected to stay steady. Aircraft lessors wary as new rivals crowd into aviation ISTANBUL, 1 days ago By Tim Hepher Aircraft leasing companies voiced confidence in steady jetliner demand, but warned new aviation investors that they may take a painful hit when central banks start unwinding their efforts to stimulate the economy. Deterred by poor returns elsewhere as interest rates remain at […]
Vivek Uberoi, country head of Mashreq Bank Bahrain Mashreq names new country head for Bahrain MANAMA, 1 days ago UAE-based financial institution Mashreq has appointed Vivek Uberoi as the new country head of Mashreq Bank Bahrain. Uberoi has more than 20 years experience in the banking and financial sector, and has held various senior positions with international banks, said a report in the Gulf Daily News (GDN), […]
|By TAP Staff| The United Arab Emirates’ stock exchange plans to offer a trading platform for shares in private joint-stock companies so that they can raise capital with less disclosure of corporate information than publicly listed firms. Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said that trading would begin over the next few months on a special platform set up inside the country’s existing stock exchanges, state […]
The Dow Jones Industrial Average (DJIA) Index is the only stock market index that covers both the second and the third industrial revolution. Calculating share indexes such as the Dow Jones Industrial Average and showing this index in a historical graph is a useful way to show which phase the industrial revolution is in. Changes in the DJIA shares basket, changes in the formula and stock splits […]
|By TAP Staff| Dubai Duty Free (DDF) has completed re-pricing a $1.75 billion loan for the second time in about a year with more favourable terms, the leading retailer announced in a statement. It said a second facility worth $750 million has also been renegotiated. The $1.75 billion six-year loan, originally signed in July 2012 but repriced a year later, now carries an interest rate of 1.5 […]
|TAP Special| Sultan bin Nasser Al Suwaidi, who has been replaced by Emirates Investment Authority chief executive Mubarak Rashid al-Mansouri as the new UAE central bank governor, was a hardcore dollar loyalist and had all along resisted any change in the dirham’s peg to the greenback. The outgoing governor has served in that position for over two decades and the entry of a financial professional as the […]
The Dubai International Financial Centre DIFC plans $700m sukuk issue by end-October DUBAI, 1 days ago DIFC Investments, the investment arm of the company running Dubai’s financial free zone, is seeking to raise as much as $700 million by issuing a sukuk to help repay existing debt and fund real estate development, its top executive said on Sunday. The company aims to finalise the ijara-structured deal by […]
A project displayed at Cityscape Global 2014. Rory Jones for The Wall Street Journal Dubai’s showcase annual real-estate event appears to offer more substance than style this year: Cityscape Global had fewer glitzy property launches on day one than last year, and there were no backroom scuffles as investors scrambled to snap up units of premier developers. There was still plenty of real estate for sale as […]
DIFC Investments LLC, which owns properties in the Dubai International Financial Center business park, said it plans to raise about $700 million from an Islamic bond sale to repay debt and fund development as borrowing costs decline. The state-controlled company, which is planning to issue the sukuk before the end of October, will use the proceeds to repay the $650 million outstanding on a syndicated loan, DIFC […]
The Gate building at the Dubai International Financial Centre. Reuters Encouraged by strong growth in company registrations amid a resurgent Dubai economy, the emirate’s main financial free zone is now looking to double the number in the coming four years. The Dubai International Financial Centre, which was founded 10 years ago and serves as a point of entry into the Arab Gulf region for many international financial […]
David Cameron has said he will keep the Barnett Formula but Scotland must expect extra responsibility and any deal must be fair to all parts of the UK Photo: FACUNDO ARRIZABALAGA/EPA The Scottish inventor of the telephone, Alexander Graham Bell, coined the phrase “When one door closes, another opens”. His fellow Scots’ nail-biting rejection of independence shelves the debate on secession. But it prises open the possibility of […]
City skyscrapers stand on the waterfront seen from a construction site of residential apartments on Palm Jumeirah artificial island in Dubai. Bloomberg News A rebounding Dubai property market has caught everyone’s attention again. Following a colossal crash in property prices in the wake of the financial crisis, not many had expected a recovery so soon afterwards, or so swiftly. The total amount invested in the emirate’s property […]
In a move to beef up its Intercloud strategy, Cisco is acquiring a privately-held company called Metacloud. The firm deploys and operates private clouds for global organizations with an OpenStack-as-a-service model. Metacloud’s model stands out in the industry because it both delivers and remotely operates production-ready private clouds in a customer’s data center. Cisco figures the platform will accelerate its strategy to build the world’s largest Intercloud. […]
Three years after its first foray into the Islamic capital markets ended without a sale, investors piled in to buy sukuk debt from Goldman Sachs Group Inc. (GS) yesterday as the bank joined the governments of Hong Kong and the U.K. in selling debut Shariah-compliant bonds this year. The New York-based lender attracted bids for three times the $500 million of sukuk it sold yesterday, according to […]
A rush by Dubai’s retail investors to take part in the initial public offer of Emaar Properties’ malls unit put pressure on the emirate’s stock market on Tuesday, while successful fund-raising for the Suez Canal expansion lifted stocks in Egypt. Emaar said late on Monday that institutional investors had committed to buying all the shares offered to them in the flotation of its shopping malls business, only […]
|By TAP Staff| The UAE Securities and Commodities Authority plans to introduce new rules that will make it easier for local companies to raise resources from the market through dirham-denominated bonds. The new rules will also seek to reduce the cost of issuing bonds while making it faster for companies to issue and list their bonds. “We would like to see more active bond and sukuk markets […]
While it’s only a year-and-a-half old, Docker appears poised for big things in the world of distributed applications, and the company just scored $40 million in new funding to prove it. The San Francisco-based startup raised the series C funding with the help of Sequoia Capital, just nine months after it closed $15 million in funding led by Greylock Partners. Since launching in March 2013, Docker has […]
A Palestinian family looks from a window at the rubble of a collapsed tower following Israeli airstrikes in Gaza City in a Aug. 26 file photo. Associated Press The outlook for Gaza’s economic recovery is “bleak” after a 50-day war between Israel and Hamas unless there is “a fundamental change of the political status quo”, according to a sobering International Monetary Fund report released Tuesday on the […]
ANKARA, Turkey — Having spent most of his youth as a drug addict in one of the poorest neighborhoods of Turkey’s capital, Can did not think he had much to lose when he was smuggled into Syria with 10 of his childhood friends to join the world’s most extreme jihadist group. After 15 days at a training camp in the Syrian city of Raqqa, the de facto […]
By Elzio Barreto, Fiona Lau and Liana B. Baker HONG KONG/NEW YORK Tue Sep 16, 2014 11:06am IST People walk at the headquarters of Alibaba in Hangzhou, Zhejiang province, April 23, 2014. Credit: Reuters/Chance Chan/Files HONG KONG/NEW YORK (Reuters) – Alibaba Group Holding Ltd raised the price range on its initial public offering to $66 to $68 on Monday, reflecting strong demand from investors for the year’s […]
|By TAP Staff| Emaar Properties said the IPO of its shopping malls business unit has been sold out to institutional investors on the first day itself. The leading developer aiming to raise as much as AED 5.8 billion ($1.58 billion) from the offer of shares in Emaar Malls Group (EMG), which is expected to be the Gulf’s biggest stock sale since 2008. On offer are 2 billion […]
|By TAP Staff| Qatar National Bank announced the acquisition of an additional holding of 11 percent shares in pan-African bank Ecobank Transnational Incorporated (Ecobank). The cost of the additional holding is equivalent to $283 million. QNB Group’s total stake in Ecobank is now 23.5 percent. This enables QNB Group to become the largest shareholder whilst strengthening the partnership with Ecobank, a leading pan-African bank and is a […]
|By TAP Staff| Dubai added to its financial market profile when Bank of America-Merrill Lynch announced on Monday it was moving its head of frontier markets research to the city. The move reflects the bank’s plan to take advantage of growing investor interest in the Gulf and surrounding region. Global firms have been strengthening their presence in the wake of surging stock markets, index upgrades and most […]
More and more places in Hong Kong now accept Chinese yuan Photo: ALAMY Lord Patten was the last governor of Hong Kong, and still, it seems, has a keen interest in its affairs. He has written a piece for The Financial Times, extolling his views on Britain’s “moral and political obligation” to its former colony. But his words, like his actions as governor, reveal that he never understood […]
