National Bank of Abu Dhabi, the United Arab Emirates’ biggest lender, raised its full-year profit forecast and said it hired 150 senior managers amid increasing growth at its fee-generating businesses. Net profit will probably rise 8 percent to 10 percent in 2014, up from an earlier forecast of 6 percent to 8 percent, the bank said today in an emailed statement. Revenue will likely be 6 percent […]
By removing the boost to people who stay in work, the government will now be penalising those who it should be rewarding Photo: Alamy Britain’s state pension has never been known for its generosity. But one of the lesser known perks of the system is that it’s possible to get a very generous bonus if you decide to carry on working and take your state pension later. As […]
Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year, the market regulator said on Tuesday. The opening of the Saudi market, capitalized at about $530 billion, is one of the most keenly awaited economic reforms in the largest oil exporting nation. The bourse would be one of the world’s last […]
Call it a perfect market storm of wealth creation. Since the start of 2013, the Dubai stock market has registered a near 200% gain to become the best performing financial market in the world. The Gulf emirate’s securing of the World Expo in 2020 is likely one factor behind this success as is the wider UAE’s reputation as a safe-haven in a region riddled with uncertainty. Oil […]
The annual Banker Middle East Industry Awards is the Middle East’s foremost gathering of key players within the banking and financial services industry (Dubai – June, 2014) – Some 500 top bankers and financiers from around the region came together at the Gala Dinner held at Jumeirah Emirates Towers in Dubai to celebrate their achievements. The top awards went to institutions in Saudi Arabia and the UAE; […]
European Commission chief Jose Manuel Barroso is to formally sign a controversial EU-Israel research programme with Israeli Prime Minister Benjamin Netanyahu. The outgoing head of the European Union executive will hold talks with Netanyahu on Sunday before taking part in a signing ceremony the next day allowing Israel to become the only non-European country to benefit from the EU’s Horizon 2020 scientific research programme. After months of dispute, the […]
The worst Qatar stock rout in nine months is creating a buying opportunity for some of the biggest Middle East investors, who say they’re undaunted by speculation the country will lose the right to host the 2022 World Cup. Emirates NBD PJSC, whose wealth management division oversaw about $2.1 billion at the end of 2013, says it’s looking to add stocks because any impact on corporate earnings […]
The malls unit of Dubai’s Emaar Properties will hold meetings with fixed income investors ahead of a potential benchmark-sized sukuk issue, Emaar said on Thursday, in what would be a debut debt market transaction for the subsidiary. Dubai Islamic Bank, Emirates NBD, Mashreq, Morgan Stanley, First Gulf Bank , National Bank of Abu Dhabi, Noor Bank and Standard Chartered will be arranging the meetings on Emaar’s behalf, […]
WASHINGTON — For allies who speak often of their unbreakable bonds and constant communication, this has been a season of static between Jerusalem and Washington. The latest eruption was over the announcement this week that the United States would work with a new Palestinian government that emerged from reconciliation talks with Hamas. Prime Minister Benjamin Netanyahu and other senior Israeli officials have condemned the Obama administration in […]
Initial public offers of equity in Gulf Arab countries are set to boom, helped by lighter regulation and legal reforms as governments seek to diversify their oil-dependent economies, according to one of the region’s top IPO lawyers. An exemption from Dubai IPO rules granted by regulators to real estate giant Emaar Properties, which will permit an offer worth up to $2.45 billion, is a sign of the […]
UAE Central Bank data Lending to construction in the United Arab Emirates is booming again, underlining a rapid return in confidence despite the heavy toll bad real estate loans took on local banks during the global financial crisis. Banks had extended almost 181 billion dirhams ($49 billion) of credit to the construction sector last year, according to recently released central bank figures, up from AED129 billion in […]
ABU DHABI // A little boy who has overcome deafness to become an academic star at school has received a personal letter of praise from Barack Obama. “I am proud of you for pushing yourself academically,” the US president told Yusuf Batha, “and I am counting on you to continue to set a good example to help others whenever you have the opportunity.” Mr Obama also told […]
|By TAP Staff| Regulation topped the list of risks among the global banking industry– replacing 2012’s leading threat, the macro-economic environment, according to the Banking Banana Skins 2014 survey The CSFI’s biennial Banking Banana Skins survey, produced in association with PwC, revealed the overwhelming message from respondents: the weight of new regulation is becoming excessive and could dampen economic recovery and growth. The poll is based on […]
The commodity markets regulator has launched a fresh attempt to rebuild volume on domestic commodities exchanges, after their credibility was dented by last year’s failure of the National Spot Exchange Ltd (NSEL). The regulator said it had asked its capital market counterpart to require companies to disclose their commodity trading positions on domestic futures markets, seeing this as a way of boosting the credibility of those markets, […]
PineBridge Investments, a New York-based asset manager, said on Tuesday its Middle East unit had raised $140 million for a sharia-compliant fund that would invest in income-producing real estate assets in Gulf Cooperation Council countries. PineBridge Investments Middle East’s fund will acquire existing real estate assets that generate stable returns, with a focus on the logistics, social infrastructure and community retail sectors, chief executive Talal Al Zain […]
Inside a nondescript office building in central London, a roomful of men and women sit at computer screens and talk over Skype with people in faraway places. Sharp-edged Cantonese fills the air, and a flat-screen TV emits a continuous din. It’s the chanting, singing Midlands crowd at Birmingham, England’s Villa Park Stadium: Liverpool at Aston Villa. The match has just kicked off. The name of the company, […]
Qatar’s sizzling growth would slow if it lost the right to host the 2022 World Cup soccer tournament, but the tiny country is so rich that the impact on its economy and financial markets would be much smaller than the blow to its reputation. The Qatari stock market sank 1.1 percent on Monday, underperforming the region, after a British newspaper published what it said was evidence of […]
JERUSALEM — President Mahmoud Abbas of the Palestinian Authority swore in a transitional government on Monday intended to unify the West Bank and Gaza after seven years of division, though the run-up was marred by last-minute disputes over its composition. The move is likely to complicate further the Palestinians’ already fraught relations with Israel and put them under international scrutiny because the new government is supported by […]
Spain’s King Juan Carlos is abdicating after almost 40 years on the throne and his son Prince Felipe de Borbon will succeed him, the Spanish prime minister has announced. Juan Carlos, whose health is failing and has had a number of hip operations in recent years, is stepping down for personal reasons, Mariano Rajoy said on Monday. “His majesty, King Juan Carlos, has just communicated to me his […]
Iran’s smart set turned out in force for this year’s Tehran Art Auction, spending a record amount as the country’s modern and contemporary art scene thrives despite economic sanctions. The annual event on Friday was a sell-out, raising $5.1 million from the auction of works by Iranian artists, more than double the amount fetched last year. While Western sanctions since 2010 on Iran’s oil and financial sectors […]
Dubai home prices, which rose the most in the world over the 12 months through March, slowed in the first quarter after financial authorities took steps to cool the market, broker Knight Frank LLP said. Values gained 3.4 percent in the emirate, slowing from 9.2 percent a year earlier and putting Dubai behind Lithuania, Estonia and Malta for the quarter, London-based Knight Frank said in a statement. […]
The new Palestinian government, scheduled to be sworn in on Monday at 1 p.m. (6 a.m. Eastern time) in the West Bank city of Ramallah, will be led by Prime Minister Rami Hamdallah and is to consist of 16 other ministers, some handling more than one portfolio. Three ministers are to be from the Gaza Strip following a reconciliation pact signed between the Palestine Liberation Organization, dominated […]
Now that Egypt has held its elections, many in and outside the country will be turning to the new president to see how he plans to pull the domestic economy back from the brink. The economic challenges former army chief Abdel Fattah Al Sisi faces in many ways resemble those of Citadel Capital, one of Egypt’s foremost investment firms which itself is in the middle of a […]
The authority of the free zone Dubai Silicon Oasis (DSOA) announced it plans to set up Dubai Technology Entrepreneurship Centre (DTEC) in order to boost entrepreneurs in the technology field. DTEC is planned to be launched in the first quarter of 2015. DSO is set to encompass over 3,600 square meters that will provide existing and emerging high-tech entrepreneurs and start ups with a work environment that […]
